The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-11-05
BANKS FAIL.
A Trust Company Follows at
Pueblo, Col.
First National of Victor Closes
Its Doors.
BIZ Metallic at Cripple Greek
Joins the Procession.
DUE TO MINERS STRIKE
Bank Officials We're Interested
in the Mines.
Institution at Sheldon, Iowa, in
Hands of Receiver.
DUE TO MINERS STRIKE

Colorado Springs, Col, Nov. 5.-A
special to the Gazette from Victor states
that the First National bank of Victor
has closed its doors by order of Bank
Examiner Lazear. Shrinkage of depos-
its as a result of the long continued
miners strike is given as the reason for
suspending business. President F. M.
Woods states that all depositors will be
paid in full
The closing of the bank caused no ap-
prehension in financial circles, either in
Cripple Creek or Colorado Springs.
TRUST COMPANY QUITS.
Pueblo, Col, Nov. 5-As a conse-
quence of the failure of the First Ma
tional bank of Victor, Col, the Pueblo
Title and Trust company, capital $780,
000 will not open for business today.
The trust company is controlled by the
Woods Investment company which also
owned the Victor institution.
Secretary Small of the company an
nounce that the deposits are $250,000 and
the assets are s450,000
An assignment has been made by the
Pueblo Title and Trust company to E.
P. Shove, of Colorado Springs.
The bank did not open today, the
managers being in fear of a run.
Mr.. Shove, after examining the con-
dition of the assets stated today that
the Title and Trust company is perfectly
solvent and can pay all demands within
80 days. The banks deposits are about
$250,000 including the accounts of a
large number of working men. The as
sets are stated to be about $450,0OO.
WOODS MAKES STATEMENT.
Victor Colo, Nov. 5.-Frank M.
Woods, general manager of the WOODS
Investment company, has made the fol
oil nf l1c
Victor National bank of this city, of
which he is president:
THE strike resulted in Withdrawals
from the bank, chiefly by men who were
leaving the district, and our reserve
was depleted until T. P Kane, deputy
comptroller of the currency, ordered the
bank closed by Bank Examiner J. B.
Lazear, who is in charge. The Woods
Investment company is behind the FIRST
National and depositors will be paid in
full and the mining properties with
which the Woods Investment company
is interested will continue operations as
heretofore.
DUE TO MINERS STRIKE.
Washington, Nov. 5.-The First Ma
tional bank of Victor, Col, has been
closed by direction of the acting comp
troller of the currency, the examiner re-
porting the bank to be insolvent- James
B. Lazear. national bank examiner, has
been appointed receiver. The bank was
organized in September, 1900.
The failure, the acting comptroller
states, is due to losses sustained by
reason of excessive accommodations
extended to mining interests with
which the officers of the bank were
connected. The statement of the re-
sources and liabilities of the bank on
September 9. 1903, the date of the last
report of condition made to the comp
troller shows loans and discounts of
1921. .742: cash and cash items, $63.514;
deposits, $304 346.
FARMERS RESPONSIBLE.
Sheldon, Ia, Nov. 5.-The Sheldon
bank closed its doors and will go into
the hands of receiver. Officers of the
bank assign the cause of the failure
to the slow payment of notes by farm
ers the past two years.
RECEIVER NAMED.
Sib1ey. Ia, Nov. 5.-Judge Gaynor, on
application of the stockholders. ap-
pointed w. r. Ady receiver of the
State bank at Sheldon. The assets are
about s225.000: liabilities about $175, 900.