The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-19
II E.on7,s.uas 70 Rell and the
irtlurfrv TO Suffer.
SEVERAL. BANK FAILURES
Banks Gong Into the Hands
of Receivers.
SOME WILL PAY DEPoSlToRS
The first National Bank of kep.ucky
the German National of Louisville,
the Minnesota Savings Bank
Make Assignments.


Make Assignments.
Newport, KY, Jan. 1S.-The failure OF
he First National bank of Kentucky to
>pen its doors this morning was great
surprise to the business men Of the clty.
While q statement was given out by the
officers that no one would lose anything,
there were all sorts of rumors hylng
about. Fortunately the integrity OF the
officers is such that no suggestion of
wrong doing has found credence. The
first evidence OF weakness was the refusal
of the officers TO pay on Saturday after
noon $1,000 to the treasurer of the Belle
vue School Board, which he had but re-
Gently deposited and which he had been
advised he ought to get out. This was
not made public till to-day Cashier Il.
p. Youteey has been with the bank since
its organization in 1875. The capital
stock of the bank is 100000. Its presi-
dent is John Trapp, vice-president,
Joseph Wright. President Trapp. who
was elected last week in place OF DIR.
Henry Gankel, who retired on account
Of advanced years, is q resident of Day
ton, Ky, and is one OF the wealthiest
men ia the country.
1t is learned that the directors were
In session all day last Saturday, on which
aay the bank opened with only $1,000
in its vaults. At that time it was known
the bank would not open it's doors to-day.
At the meeting Cashier Youtsey resigned
and his resignation was promptly ac-
eepted. The banks in Coyington agreed
on Saturday afternoon to loan the bank
$60,030 but later the proposition was de-
clared off Congressman A. :. Berry,
who holds $4,000 of the stock, made
special appeals, but all calls for help were
In vain. The directors, III. Dunckel, John
Greise, J. Il. McCracken, Geo. Ioutsey,
Charles Spinks, j. A. Winter, John
Trapp, Charles Weidman and Joseph
Wright all offered their individual en-
dorsements for the S250,000 liabilities, but
the cash could not be secured with which
to continue business.
Later in The day Geo. Youtsey, a broth
er of the cashier OF the First National
bank. assigned individually TO the Coging-
ton Trust Company. This was followed
by the STANDARD Carriage Supply Com
pany. Of which Geo. Youtsey was presi-
dent, also assigning to the Coyington
Trust Company. The capital stock Of
the Standard Carriage Supply Company
is $5a,0e0. The assets and liabilities of
the Standard Company and of George
Youtsey individually are not given. The
assignment Of both is due to the First
National bank closing its doors to-day.
GERMAN NATIONAL CLOSED.
Louisville KY, Jan. 18.-National
Bank Examiner Escoet this morning
closed the doors Of the German National
bank. j. NJ. Mcknight president. The
capital stock Of the institution is S25l,-
800 with surplus Of $4,000. The bank
is an old one, bat for some time past has
been regarded as unsafe. In q signed
statement President Mcknight says that
deposi5ors will he paid in full and that
ii is probable the stockholders viii re-
organize the Institution.
The last statement issued by the bank
December IT. 1896, made a very bad
showing. The figures showed that the
% per cent rule had been violated By
about s per cent.
Under the head Of resources it was
given ont that the bank held $113,025.20
in seeuFisias. stocks. etc. This was very
unsatisfactory rs the setcetera" was not
considered definite enough and since the
statement WAS issued the Withdrawals
have been steady. President Mcknight,
of the bank for years, has been proini-
nently identified with the banking busi-
ness and involved in a number Of outside
financial operations.
New York. Jan. 18.IThe cashier Of the
Third National bank, the New York cor
respondent Of The German National bank
said the latter owed the Third National
bank about $4,000, which, however, he
believed was fully protected by collateral.
SAVINGS BANK CLOSED.
st. Paul, Mimi, Jan. 1S.-The Min
nesota Savings bank closed its doors this
morning and filed deed of assignment,
naming VIM Bickel as assignee. An
affidavit was filed stating that the assets
would amount to about S25O.000, while
the liabilities are in the neighborhood of
S230.000. The officers Of the bank deem
ed this step the best under the circum-
stances to protect the depositors. The re-
cent furry in banking affairs caused the
withdrawal Of deposits TO such an extent
that, although the bank required the
sixty days notice it was unable to raise
enough money TO meet demands.
CLOSED BUSINESS.
Boston, Mass, Jan. 18.-The Boston
Stock and Grain Exchange, with offices
in nearly all the principal New England
cities, closed up business to-day. The
creditors will not suffer, it is said.
HOTEL DODSON CLOSED.
Richmond, Va. Jan. 1S.-Charles 3.
Dodson, proprietor of the Hotel Dodson,
which clesed it's doors Saturday, made
an assignment to-day. Liabilities $4,000;
assets unknown
CABINET COMPANY FAILS.
Columbus, Ohio, Jan. 1S.-The Colum-
(sab
hands OF Charles II. Wheeler, as receiver.
;nI,iI,4;nn S9n 600. nl.rl,4r u !. L. COO