People's Pilot, Volume 3, Number 5, Rensselaer, Jasper County, 21 July 1893 — BY THE WHOLESALE. [ARTICLE]

BY THE WHOLESALE.

Bank Failures in the West Multiplying Daily—On Monday There Were Six in the State of Kansas. Two in Kansas City and Three in Denver. Topeka, Kan., July 18.—State Bank Commissioner Breidenthal was on Monday notified of the suspension of six state and private banks in Kansas, all due to the suspension of Kansas City banks in which they had deposits. The banks reported are the Bank of Johnson City, the Bank of Weir City, Hood & Kincaid’s private bank of Pleasonton, Caney valley bank of Caney, Ritter & Doubleday’s private bank of Columbus and the Bank of Meade of Meade Center. Kansas City, Mo., July 18.—The Missouri national bank, which was looked upon as one. of the stoutest houses in ths west, closed its doors at noon. Its assets are nearly 82,000,000, while its liabilities are only one-half of that figure. At 9:30 a. m. the Bank of Grand avenue failed for 8250, WO. Denver, Col., July 18.—The first bank failure in Denver since 1874 occurred Monday morning when the People’s savings, the Colorado savings and the Rocky Mountain dime and dollar savings banks closed their aoors. The assets of the People’s savings bank are $1,500,000; liabilities. $1,350,000. The Colorado savings bank has assets over liabilities, it is claimed, amounting to $73,000. The assets of the Rocky Mountain dime and dollar savings bank are 8156,803.53; liabilities, $105,654.32. It is understood that all the assignments were preconcerted and the step was taken for self-protection and for the protection of the depositors. The direct cause of the failures was the universal hard times and the inability to realize on securities. The president of each bank declares that every depositor will be paid in full and that the institutions will resume.