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RUMORS BROKE KEAN Run on Deposits Caused the Firm's Assignment. BONDS WILL PAY CREDITORS. W. C. T. U. Building Funds in Broken Bank-Failure of Owings Bros. at Providence, R. I. CHICAGO, Dec. 18.-S. A. Kean, doing business under the name of S. A. Kean & Co., assigned this morning, as arranged for last night. Fennell, attorney for the bank, says the failure is the work of a steady drain on the finances of the institution for the past two weeks. Reports detrimental to the bank were circulated, resulting in the withdrawal of over $200,000 within that time. While there were plenty of securities in the bank, they were not marketable under the present monetary conditions without sacrincing them. The attorney says the bonds are ample to pay the liabilities in full. It is expected that a complete statement of assets and liabilities will be made tomorrow. It is learned that the deposits amount to $450,000. Most of the depositors are wellto-do people, who will not suffer severely through their losses. Very few poor people did business with the bank. This afternoon a warrant was taken out for the arrest of Mr. Kean and his cashier, George B. Warner, for receiving money when the bank was known to be insolvent. Arrangements are being made to reorganize the concern as a National bank. An investigation of the affairs of the institution began before Judge Scales this afternoon. According to replies made by assignee Jacobs, the assets, exclusive of Kean's personal estate, would aggregate approximately $1,353,000 and the liabilities $1,400,000. The assets consist of land scrip, various municipal and other bonds, cash on hand to the amount of $57,000, etc. Of the liabilities a half-million are due depositors, and $900,000 due banks on bonds deposited for loans. Assignee Jacobs is a close friend of Kean's. He said that last Saturday Kean came to him and told him the deposits were going very fast, and he would like to have some gentleman look into the affairs of the bank and tell him what to do. Over a quarter of a million had been drawn out within ten days. Kean said someone had circulated reports that the bank was unsound, and a rush to withdraw deposits followed. A meeting of bankers was held yesterday afternoon, and they decided to loan Kean $70,000 is he could get $30,000 more. They wanted a guarantee for the $70,000, however. Kean and Jacobs secured a promise of aid from Fowler, the packer, and William Decring, the harvester manufacturer, but could get no one else. Then they were informed an attachment had been filed against the bank by one of its creditors, and decided to assign. Warrants for the arrest of Kean and his cashier were served this afternoon. Both were released on bail. Considerable interest was aroused by the report that the funds of the building committee of the National Woman's Christian Temperance Union had been deposited at the bank. The W. C. T. U. is erecting a magnificent temple in Chicago, the work on which has been under way but a short time. The investigation this evening showed that not only the W. C. T. U. Building Association, but nearly all the numerous organizations that cluster around the big temperance union were depositors at the bank. The "gift fund" of the Temple Association withdrew its account a month ago, but returned it again. A deposit of several thousand dollars was made just before the bank closed for the last time. The treasurer of the W. C. T. U. itself has an account there, as did also the Woman's Temperance Publication Company, the two W. C. T. U. restaurants in this city and the treasurer of the lecture bureau. Altogether the temperance organizations have, it is estimated, upwards of $30,000 in the institution. Nearly all the Methodist ministers in the city did their banking with Kean, but it is understood that the most of them had been withdrawing their deposits recently. Mr. Kean is a Methodist and a profound Prohibitionist. He has stood high in the lay circles of his church, and is prominently identined with miscellaneous religious movements. Undoubted trust was placed in him, and the brethren thought their deposits could not be in a safer place. His bank became the repository for the savings of preachers and the little funds of church societies. The failure affects the business element in but a limited way, though the vast number of small depositors swells the deposits to a sum that has excited comment. PROVIDENCE,R. ,Dec. 18.-Owings Bros., agents of the Atlantic Mills, have assigned. Their liabilities are large. The mills continue running under the management of Stephen O. Metcalf. The assignee of Owings Bros. refuses to give any figures. The failure is a serious one. The cause is the stringency in the money market. Five years ago the woolen mills at St. Croix, N. B., failed, owing about $700,000. The concern had been largely backed by Owings Bros., and they have since been taking up notes for its indebtedness. The last of these fell due this month. but owing to the great stringency of the money market the Owings were unable to obtain the loans necessitated by this drain. BOSTON, Dec. 18.-The managers of the Atlantic mills state that the mills are not affected by the failure of Owen Bros., and that the latter's liabilities are $1,000,000. NASHVILLE, Dec. 18.-Mieghers & Co., of Rome, Ga., wholesale grocers and cotton
