People's Pilot, Volume 2, Number 53, Rensselaer, Jasper County, 23 June 1893 — SMALL BANKS FAIL. [ARTICLE]

SMALL BANKS FAIL.

The Monetary Stringency Causes Institutions in Oregon, Tennessee and North Carolina to Close Their Doors. Albany,Ore., June 20.—The Linn county bank of this city has closed its doors owing to the stringency in the money market. J. L. Cowan, president of the bank, says the deposits amount to about $50,000, and that the assets will exceed the liabilities by about SBO,OOO. J. A. Crawper, the wealtiest citizen in Albany and one of the directors, personally guarantees every depositor. Among the deposits is $33,000 of the county’s money. The Linn county bank at Lebanon also closed its doors at noon. The Bank of Oregon, this city, also closed its doors. Cashier Blaine says the assets are 50 per cent more than the liabilities. The amount of the deposit is small. Both failures were caused by the steady withdrawal of deposits for several weeks. Wilmington, N. C., June 20.—Owing to the withdrawal of more than $320,000 of deposits and notices of over $150,000 intended withdrawal maturing in a few days and also to its inability to realize quickly upon its assets on account of the stringency of the times the Bank of New Hanover has been forced to make an assignment to Junius Davis in the interest of all concerned. Depositors will receive dollar for dollar. The assets are estimated at $1,250,000; the liabilities, SBOO,OOO. Chattanooga, Tenn., June 20.—The City savings bank at a late hour Monday night made an assignment. The capital stock is $200,000, all paid in. There is on deposit $225,000. It is claimed tbe depositors will be paid in full Topeka, Kan., June 20.—The state bank commissioner has ordered the State bank of Plainville closed. The capital stock is $50,000, but the aihount of liabilities is not obtainable. The officers of tbe bank claim that depositors will be paid in full.