Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1900-01-20
[SEKlOUS SITUATION
FOR BANK DEPOSITORs
Books Of the fiankinlcn Concern
II Showed uads at lsisa sa2 a
Ody "a ,eet FcSads
l94alt 49, a
Bat1k 15ssstsaF 4 ~ EIfescs ~ he C0ttsA
.Fs N0t scenre Loan, Enstisation
wOuld Geiiapsc- soeposIs
tor's statemcnt.

Mitchell, S. NJ, Jan. i5.- 1he failure
Df the Bank OF PlanlgintoDtis ~ develop
| Ing into rather serious affair for the
depositors, according t5 the reports
received from that place, given out By
parties who are Ia touch witl.t..i.sss- n q
nation. That Mr. a.=-enB fully ex-
pectfd the t5anK would fan after his
departure, were ne unable 10 raise the
funds In the east that would be the
means Of placing II ON its feet again,
Is evident. ssa;ss- sIie on 7two things that
transpired when lie left. Before pass
ing through Mitchell cn the day he
left the country he telegraphed the
cashier OF the First National bank Of
this city 70 meet him at the train With
81 900, 4 portion Ofthe atloHnt he car
ried on deposit with the bank. II is
also reported that when he arrived in
ChicagO be was paid nearly $4,000 by
commission men as the result of cat
tie shipment by Lee Fininyson, and
which money was TO be credited upon
Mr.. Finlayson's paper held by the
hank. III Is not known yet whether
this was done.
A brother OF Stevens arrived i'm
Plankinton the day after the failure
and at once made the statement that
the depositors would Aot lose d 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 10 make the statement, but
when pressed for Ii said there was
nothing lie 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 S2,l85.87 left. This
money sheriff Nolan brought to this
city and placed iIi the First National
bank, and the money Is still i'm his
charge.
One Of the depositors declares that
the hank has been In a very weak con-
ditlon for several years, but 1t was not
generally known among the people,
and as evidence of IL claims that II has
loaned little, II any, money IN three
years. The shortage i'm cash, IL is
claimed, has existed for several years
and the failure was caused at this
time by the necessity for showing up
the cash or It's equivalent A jpdg-
ment for $4,000 was recently secured
against Stevens by WinsoF q Mohr, of
this city and the time had arrived
when Il had to be satisfied and other
matters were pressing for a. settle
ment. III. G. Preston and r. 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. 49,. Bank
matters took new phase when O
mortgage for $4,000 in the interest
OF one Van Norman, Of Chicago, was
placed on record against 600 head OF
cattle, which it was supposed be-
longed TO the Bank of Plankinton,
and foreclosure proceedings were in
stituted at once. Notwithslanding
riris 4 's isuo,'on A. ~ ;iyen' ouO
that tIepositors will be paid in full,
provided time is given stn 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 encouraglngly about
the condition of the Bank and the
judgment Of all the claims against 1T.