Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1900-01-20
lSERI0US SITUATION
| FOR BANK DEpOSITORS
Books Of the PIankinton Concern
\ Showed Funds of S32, ,000--
Only $4,000 Found,
THE FAILURE WAS ANTICIPATED
Bank Oficial Knew, 1f He Could
Not Secure q Loan, Institution
Would CoIiapsc-.Deposi-
tors Statement.

Mitchell, s. d., Jan. 1j-1he failure
OF the Bank of Plankinton is develop
Ing into a rather serious affair for the
uepositors, according TO the reports
received from that place, given out by
parties who are i'm touch with the sit
uation. That Mr.. Stevens fully eX-
pected the bank would fail after his
departure, were he unable TO raise the
funds i'm the east that would be the
means of placing il on its feet again,
is evident from one or two things that
transpired when he left. Before pass
ing through Mitchell on the day he
left the country he telegraphed the
cashier of the First National bank of
this city 10 meet him at the train with
81, 900, u portion Of the amount he car
ried on deposit with the bank. IL is
also reported that when he arrived in
Chicago he was paid nearly $1,000 by
commission men us the result OF cat
tie shipment by Lee Finlayson, and
which money was to be credited upon
Mr.. Finlayson's paper held by the
bank. IL is not known yet whether
this was done.
A brother of Stevens arrived in
Plankinton the day after the failure
and at once made the statement that
the depositors would not lose dollar,
but would be paid in full. This com
ing TO the ears Of an attorney interest
ed i'm the matter for several depositors
he called the brother before them and
asked him to make the statement, but
when pressed for il said there was
nothing he could do, as he had no
money 10 put into the concern in its
present condition. The sheriff took
charge of the bank the morning after
the failure under attachment and
Thursday the safe in the bank was
opened The books showed that the
deposits amounted TO $4,000, but
when the cash in the safe was counted
there was only $2.lS5.37 left. This
money Sheriff Nolan brought TO this
city and placed i'm the First National
bank, and the money is still in his
charge.
One Of the depositors declares that
the bank has been in very weak con-
dition for several years, but it was not
generally known among the people,
and as evidence Of il claims that it has
loaned little, il any, money in three
years. The shortage in cash, 1t Is
claimed, has existed for several years
and the failure was caused at this
time by the necessity for showing up
the cash or its equivalent. y judg-
ment for So, 900 was recently secured
against Stevens by Winsor d Mohr, of
this City, and the time had arrived
when il had TO be satisfied and other
matters were pressing for settle
ment. ii. {. Preston and i. j. Spang-
Ter, of this city, have been detained by
the heaviest depositors to represent
them in the settlement Of the affairs
of the bank.
Plankinton, S. d., Jan. 15.-Bank
matters took new phase when
mortgage for $4,000 in the interest
of one Van Norman, of Chicago, was
placed on record against COO head of
cattle, which il was supposed IS be-
longed to the Bank Of Plankinton,
and foreclosure proceedings were in
stituted at once. notwithstanding
this transaction il is still given out
that depositors will be paid in full,
provided time is given in which TO
realize on the available assets of the
bank. Mr.. Stevens is still absent, but
his brother, from Michigan, is here
and talks very encouragingly about
the condition of the bank and the
judgment of all the claims against it,