The herald., 1897-01-19
DEPOS|T0RS WILL Be PAID
According to Promises of Bank
Officials
THREE BANKING CONCERNS
Close Their Doors in Face of Heavy
Withdrawals
THREE BANKING CONCERNS
A Boston Bucket Shop and an Illinois
Paper Company Shut Up Their
Shops and Quit Business.
Associated Press Special Wire

Associated Press special Wire
NEWPORT. KY, Jan. 1S.-The failure
of the First National bank of Kentucky
to open this morning was a surprise to
the business men of the city. While the
statement was given out by the officers
that no one would lose anything, there
was all sorts Of rumors flying about.
Fortunately the integrity of the officers
is such that no suggestion of wrong do
ing has found credence
KNOWN TO BE WEAK.
CINCINNATI, O., Jan. 1S.-No ex-
citement was created in Cincinnati by
the Newport bank failure. Most of the
banks here claim to have known that the
bank has been in Strengthened condi-
tions for some time. 1t is said that Pres
ident John Trapp, who was elected pres
ident last week. is sick at home in conse-
quence of the failure and cannot be seen.
Cashier Youtzey is also indisposed and
in fact none of the officers can be seen.
Mr.. Trapp is said to have deposit of
SIS. 900 to hold $11 900 of stock and to be
endorsed for Cashier Youtzey to the
amount Of 100000 Congressman Berry.
N,
ing interested with the cashier in a land
company. 1t is charged that heavy loans
to Youtzey are among the causes of the
failure.
NO ONE SURPRISED.
LOUISVILLE, KY, Jan. 18.-National
Bank Examiner Escott this morning
closed the German National bank, ]. NJ
Mcknight, president. The capital stock
ic ~ Df
bank is an old one, but for some time has
been regarded as unsafe.
A MINNESOTA BANK.
ST. PAUL, Mimi, Jan. 1S.-The Min
nesota Savings bank closed this morn
ing and filed atdeed of assignment, nam
ing William Bickel as assignee. An affi-
davit was filed stating that the assets
would amount to $3.50, 900; liabilities in
the neighborhood of $3.50, 900. The au-
thorites of the bank deemed this step
the best way under the circumstances
to protect the depositors. The recent
furry in bank affairs caused with
drawal of deposits to such an extent that
although the bank required sixty days
notice 1t was unable to raise enough
ready money to meet the demands.
The Minnesota Savings bank was in
corporated in 1858 as the Union Savings
bank Of Rochester. Minnesota, by Sem
ator Daniels of Rochester and his
friends, and was operated in connection
with the Union National bank of that
place. In 1889, the legislature passed a
law by which such charters could be
transferred to other places than where
organized, and unoer its provisions the
Urion Savings bank was purchased by
w. F. Bicket and his associates and it's
name changed to the Minnesota Savings
bank and located here.
The assignee, William Bicket, was the
first president of the bank after it's re-
moval to ST. Paul. Though he has had
no connection with the active manage
ment of the bank, he is familiar with its
business and has the confidence Of the
depositors. The deed of assignment was
executed by the president of the bank.
w. f. Bcket and the cashier, Edward F.
Heinlein. Tho affidavit for the bond of
the assignee states that the assets will
figure about $3.50, 900 and Mr. Bicket
states the liabilities are about $3.50, 900.
The bank had on deposit SO, 900 Of the
city of ST. Paul and $1,000 of the furds of
Ramsay caunty. 1t has never had any
state deposits, so there are no preferred
creditors.
A BUCKET SHOP BUSTED.
BOSTON, Jan. 1S.--The Boston stock
and grain exchange, with offices In near
ly all the principal New England cities.
closed up it's business today. The cred
itors will no doubt be paid.
A PAPER COMPANY FAILS.
CHICAGO, Jan. 18-The Illinois Pa
per company went into the hands of
receiver today The assets are about
s65 goo; liabilities, 100000.
SHORT ON SUGAR.
NE WYORK. Jan. 18.-The failure of
Louis Nilsson has been announced on the
consolidated stock exchange. The sus-
pension is attributed to being short on
sugar and St Paul,