227601165 22760
national
723ba0552ade2146Capital injected, Full suspension, Books examined
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Newport, Ky., Jan. 8-The First National bank suspended this morning. capital $200,000. It is alleged that failure is due to loans to its cashier, Mr. Yountzey. A brother of the cashier, George Yountzey, made an individual assignment today, as did a carriage company of which he is president
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Three Banks Fail Newport, Ky., Jan 18.-The First National Bank failed to open this morning to the surprise of the business men. A run is anticipated on other banks. Louisville, Ky., Jan 18.-The Ger man National Bank was closed today by the National Bank Examiner. The capital is $270,000. St. Paul, Jan 18.-The Minnesota State Savings Bank closed this mornidg.
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WASHINGTON. Jan. 19.-The comptroller of the currency received a tele. gram stating that the Firat National bank of Newport, Ky., has supended. The bank had a capital of $200,000 and da Dec. 17, the date of its last report, it had a surplus and undivided protite amounting to $79,453, owed depocitors $419,805, owed other banks about $26,000. Later in the day George Youtsey, brother of the cashier of the First National, assigned individually to the Covington Trust company. This was followed by the Standard Carriage Supply company, in which Geo. Youtsey was president, also assigning to the Covington Trust company.
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More Bank Doors Close. The German National Bank of Louisville, Kv., closed its doors January 18th, instant. The capital stock was, $251,500 and the surplus, $31,000. On the same day the First National Bank of Newport, Ky., suspended business. On same day the Minnesota Savings Bank of St. Paul, closed. An affidavit places its assets at $250,000, and liabilities in the neighborhood of $130,000. On same day, the Boston Stock and Grain Exchange, with ramifications in nearly all the chief New England cities, closed. Poor business, resulting from the financial depression of the past year, is assigned as the reason.
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A BANK SUSPENDS. Washington, Jan. 18.-The comptroller of the currency has received a telegram stating that the First National bank of Newport, Ky., has suspended. The bank had a capital of $200.000, and on December 17 had a surplus and undivided profit amounting to $79,403; owed depositors $419,905, and owed other banks $26,000.
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Appointed Receiver. Washington, January 21.-George P. WIIshire has been appointed receiver of the First National bank of Newport, Ky., which failed a few days ago.
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Bank Receiver Appointed. George P. Wilshire has been appointed receiver of the First National Bank of Newport, Ky., which failed a few days ago.
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FINANCIAL TROUBLES. DES MOINES. Iowa, January 22.-No more failures seeem likely to occur here. The banks received more than a million dollars from outside sources this morning and are all standing together. Each bank has from $100,000 to $300,000 piled on its counters. All agreed to refuse to pay time deposits without sixty days' notice under the law. CINCINNATI, O., January 22.-Thomas B. Youtsey, cashier of the First National Bank of Newport which closed its doors on Monday last. has made an assignment. No statement of assets and liabilities has been made. WASHINGTON January 22 -The - comptroller of the currency has appointed Robert A. Courtney receiver of the German National Bank at Louisville, Ky.
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BANK DOORS CLOSED. utions at Newport and Louisville y., and St. Paul, Minn., Suspend. wport, Ky., Jan. 19.-The First nal bank of Newport has closed ors. The bank will be reorganized. deposits are about $370,000 and deors will be paid in full. Director les Spinks says the bank closed be, of the recklessness of Cashier sey and Director McCracken. ate and rather startling developis that Mr. John Trapp, ex-sherthe county, who was elected presof the bank a week ago to succeed unkel, who precipitately resigned. ed to accept the office unless the 's affairs were thoroughly investi1. It seems that C. W. Nagel, who elected to succeed Youtsey er, had made sufficient investigahimself to warrant him in warnis friend Trapp that all was not should be. Therefore the bank been week. without a president for nearery bank in Covington had to meet 1 Monday as best it could on short e. Citizens rushed to their places eposit by the hundreds as soon as heard the news that the First na1 had not opened its doors in the ing and drew their savings. Many y depositors were among these. uisville, Ky., Jan. 19.-The German nal bank at First and Market ts did not open its doors for busiand the announcement was made the institution was in the hands of < Examiner James Escott. The tal stock is $251,500, with a surplus 1,000. J.M. McKnight is president. e bank has been in a shaky condifor three years owing to the failof the Louisville deposit bank, by h it lost $75,000 and there are also een $250,000 and $300,000 worth of suits pending, growing out of the 's connection with the failure. e the first of the year $75,000 in ts have been withdrawn and several ago Bank Examiner Escott began nvestigation. Saturday he wired esult to the comptroller of the y and the order came for the bank e closed at once. e bank's last statement, made Deer 17, showed loans of $442,832.62 deposits of $380,375.23. The e was 8 per cent. below the 25 - One suspicious item was ties, stocks, etc.," $113,025.29. The "causing much comment. President night says depositors will be paid ill. The bank bas on hand $60.000 ish. The deposits subject to check about $205,000. There are also ficates of deposits for $60,000. Mr night hopes to have the bank nized and ready for business in ** onday night the directors decided nize the Southern national bank the business of the German al, and the comptroller of the y was telegraphed for the neces
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Examiner Tucker has completed his work at the defunct First National Bank of Newport, Ky., and Receiver Wilshire has taken charge.
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Will Pay Depositors In Full. Newport, Ky., March 30. - Receiver Wilshire of the First National bank of this city, which was closed several weeks ago, announces that on next Thursday, April 1, he would pay all depositors in full, the directors having raised the necessary $200,000.
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Payment in Full. NEWPORT, Ky., March 29.-Receiver Wilshire, of the First National bank of this city, which was closed several weeks ago, announced today that on next Thursday, April 1, he would pay all depositors in full, the directors having raised the necessary $200,000.
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Will Pay in Full. Newport, Ky., March 30.-Receiver Wilshire, of the First National bank of this city, which was closed several weeks ago, has announced that on next Thursday, April 1 he will pay all depositors in full, the directors having raised the necessary $200,000.
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CASHIER GOES TO PRISON. Wrecker of the Newport (Ky.) Bank Unable to Furnish Bonds. NEWPORT, Ky., May 14.-T. B. Youtzy, cashier of the First National Bank which failed last winte r, was arrested this afternoon on a Federal warrant charging him with a misappropriation of the bank's funds and making false reports to the Comptroller ot the Currency. Bonds were fixed at $10,000 for his appearance at the June term of court, and in default of bail he was sent to jail. When the bank failed Youtzy assigned ail his known property to the bank, thereby hoping to avoid prosecution. He is supposed to have used the money in investments. The cash of the institution had been completelv exhausted. In less than a month $70,000 had been withdrawn. Youtzv borrowed money on his own notes without giving any collateral.
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CASHIER YOUTSEY ARRESTED. Sent to Jail for Embezziement and Sending False Reports to Washington. NEWPORT. Ky., May 14.-T. B. Youtsey, cashier of the First National Bank, which closed its doors last winter on account of lack of available funds, was arrested and locked up this afternoon upon a Federal warrant charging him with misappropriating the bank's funds and with making false reports to the Comptroller of the Currency. His bond was fixed at $10,000 for his appearance at the June term of court in Frankfort. In default of bail he was sent to jail. The bank closed on Jan. 18, 1897. Youtsey assigned all his known property, valued at $162,000, to the bank. thereby hoping to avoid prosecution. He is supposed to have used the money for investments in Louisville and other land. The cash of theinstitution had been completely exhausted. In less than a month $70,000 had been withdrawn. Youtsey borrowed the money on his own note, without giving any collateral.
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Another Receiver Appointed. WASHINGTON, Oct.22.-The controller of the currency Friday appointed James B. Ross, of Union City, Ind., receiver of the First national bank of Newport, Ky., to take the place of G. B. Wilshire. the present receiver who resigned.
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Another Receiver Appointed. WASHINGTON. Oct.22.-The controller of the currency Friday appointed James B. Ross, of Union City, Ind., receiver of the First national bank of Newport, Ky., to take the place of G. B. Wilshire, the present receiver who resigned.
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Another Receiver Appointed. WASHINGTON, Oct.22.-The controller of the currency Friday appointed James B. Ross, of Union City, Ind., receiver of the First national bank of Newport, Ky., to take the place of G. B. Wilshire, the present receiver who resigned.
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The Woman in the Case. Brown, who is a widower. visited Yellowstone park last summer, and a certain Cincinnati woman wanted to accompany him, but this was denied her. When she ascertained. some time afterward. that another woman was with Brown on his Western trip. the Cincinnati woman gave the bank officials information that brought about a crisis. The only farewell letter that Brown is known to have left was to this woman. whose apartments are on Ninth street in Cincinnati, and in this letter he admits that he had secured about all that he could get and at the time had come to say farewell. Brown was a great poker player, with the limit. it is said. never too high, and he has been a plunger on horse races for years. His bets on the races, it is alleged. were frequently too high for the pool rooms in Covington, Ky., and he had brokers in both Chicago and New York. The officers of the German bank are wealthy and responsible men. and they will be able to make the losses good. May Be Serious Trouble. Among the directors is Paris C. Brown, the father of the defaulting man. who is known from Pittsburg to New Orleans as the head of the stores for boat supplies. The cashier of this bank is also the paying teller. and Brown relieved him as paying teller when the cashier went to dinner. It is stated that Brown did most of his work during the noon luncheon for the past year. There was quite a run on the bank yesterday. but the usual announcement was press made. until and It after continued midnight. the to bank be made More to of the a rush is expected at tomorrow. even if there has been a notice posted, and there may be serious trouble, even to the extent of violence. The First National bank of Newport was wrecked two years ago by Cashier Youtsey. and now. with the German National closed. Newport has but one bank left. CINCINNATI, Nov. 18-The German National bank has about 1,500 depositors, among them being the nine building assoclations that have savings of many paor people. These classes talked more today about the statements given out last Thursday and since then, than about Brown's defalcations. Brown wrote to a woman in Cincinnati that he was bound for South America. but the Enquirer will say tomorrow that it has good authority for saying that Brown sailed from New York yesterday, and that his destination Is Chipa
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SO much to go on and seems gone the full limit for a small bank in a city of less than 30,000 inhabitants. The First National bank of Newport was wrecked two years ago by Cashier Youtsey, and now with the German National closed Newport has only one bank left. For two weeks there have been rumors that Brown was short and some depositors withdrew their accounts. Three weeks ago the bank examiners made a good statement for the bank, and the officers and directors allayed suspicion by referring to the report of this examination and to their last statement. Last Wednesday Brown left and it was announced that he had gone hunting on a vacation. He got a ticket for Odin, Ills., but it is learned now that he did not go there, and it is generally believed that he is out of this country with plenty of money in his possession. It is learned that Brown was suspended last Tuesday pending an investigation and that experts have been at work all the past week while the officers and directors have been making announcements that everything was all right. Last Friday the officers and directors over their own names published in the papers of this city a statement that the bank had been found to be all right and that the rumors about Brown were false. They continued making these statements to the press as late as last midnight, but the statements were not accepted by the Commercial Tribune, which exposed the alleged shortage and caused a panic in Newport to-day, SO that the bank had to be taken in charge by the examiner. The wildest scenes were witnessed in Newport to-day and serious trouble is feared to-morrow. Brown, it is alleged, was living a fast life with wine, women and gàmbling in his repertoire. His career was not cut short by any discovery at the bank till a jealous woman gave him away. Brown is a widower with one son, aged ten years, who lives with Brown's father, Paris G. Brown, ex-Mayor of Newport, and one of the leading business men of Cincinnati. Last summer Brown visited Yellowstone Park and a certain Cincinnati woman wanted to accompany him, but this was denied her. When she ascertained some time afterward that another woman was with Brown on his western trip the Cincinnati woman gave the bank officials some information that brought about a crisis. The only farewell letter that Brown is known to have left was to this woman, whose apartments are on Ninth street, in Cincinnati, and in this letter he admits that he had secured about all that he could get and that the time had come to say farewell. Brown, it is said, was a great poker player with the limit never too high and he had been a plunger on horse races for years. His bets on the races, it is reported, were frequently too high for the pool rooms in Covington, Ky., and he had brokers in both Chicago and New York. The officers of the German National Bank are wealthy and responsible men and they will be able to make the losses good. Among the directors is Paris C. Brown, father of the missing bookkeeper, who is known from Pittsburg to New Orleans at
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withhold all claims. The First National Bank of Newport was recently wrecked by its cashier, who has since been sentenced by the Federal Court, and if the German National is closed it leaves the city with only one bank. While Newport has only 30,000 inhabitants, it is surrounded by suburban towns with an aggregate of more than thirty thousand people. A dispatch from Washington says: "Controller of the currency has appointed Oliver P. Tucker, national bank examiner, temporary receiver of the German National Bank of Newport, Ky. Mr. Tucker telegraphed the controller that he had taken charge owing to the discovery of a defalcation amounting to about $192,000, and thereupon the controller appointed him temporary receiver. The officials here consider it astonishing that a defalcation amounting to more than the reserve of the bank could have remained undiscovered for any length of time, but they attempt to offer no explanation as Mr. Tucker has not yet furnished any details. The following is a statement of the condition of the bank as shown by its sworn report to the controller of the currency under date of Sept. 5, 1900: Liabilities-Capital stock, $100,000; surplus and undivided profits, $50,630.45. Circulation $25,000. Due to other banks, $16,178.45; deposits, $534,904.22; borrowed money, $10,000; Total, $736,713.14. Resources-Loans and discounts, $513,451.51; United States bonds to secure circulation, $25,000; premium on bonds, $1,031.25; banking house, furniture and fixtures, $32,012.29; real estate owned, $34,992.63; cash on hand and with banks, $130,225.46. Total, $736,713.14.
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HE WRECKS A BANK. Old and Trusted Employe Accused of Embezzlement. Assistant Cashier of a Newport (Ky.) Institution Missing-Said to Be Guilty of a Shortage Exceeding Every Asset. Cincinnati, Nov. 19.-United States Bank Examiner Tucker took possession of the German national bank at Newport, Ky., and posted a notice that the bank would remain closed pending an examination. Examiner Tucker also announced unofficially that Frank M. Brown, the individual bookkeeper and assistant cashier, was missing and that a partial investigation showed that Brown's alleged shortage was about $201,000. Brown had been with the bank 18 years, was one of the most trusted men ever connected with this old bank, and it is stated by the experts that his operations extended back as far as ten years. Went the Limit. The captial stock of the bank is only $100,000. Brown's shortage is double that amount and more than the reserve and all the assets, including their real estate. While Alvord got away with $700,000 in New York he did it in a large bank, but Brown did not have so much to go on and seems to have gone the full limit for a small bank in a city of less than 30,000 inhabitants. The First national bank of Newport was wrecked two years ago by Cashier Youtsey, and now with the German national closed Newport has only one bank left. For two weeks there have been rumors that Brown was short and some depositors withdrew their accounts. Three weeks ago the bank examiners made a good statement for the bank and the officers and directors allayed suspicion by referring to the report of this examination and to their last statement. Last Wednesday Brown left and it was announced that he had gone hunting on a vacation. He did get a ticket for Odin, Ill., but it is learned now that he did not go there, and it is generally believed that he is out of this country, with plenty of money in his possession. Caused a Panic. It is learned that Brown was suspected last Tuesday, pending an investigation, and that experts have been at work all the past week, while the officers and directors have been making announcements that everything was all right. Last Friday the officers ant! directors over their own names published in the papers of this city' a statement that the bank had been found to be all right and that the rumors about Brown were false. They continued making these statements to the press as late as Saturday midnight. but the statements were not accepted by the Commercial Tribune, which exposed the alleged shortage and caused a panic in Newport, so that the bank had to be taken in charge by the examiner. The wildest scenes were witnessed in Newport Sunday and serious trouble is feared to-day. Brown, it is alleged, was living a fast life, with wine, women and gambling in his repertoire. His career was not cut short by any discovery at the bank till a jealous woman gave him away. Stampede Expected. Bank Examiner Tucker took possession on Sunday because of the panic in Newport that followed at once on the publication of Brown's flight and alleged defalcations. The bank examiner posted notice that the bank would not be opened to-day pending investigation, but it is generally believed that this proceeding on Sunday will not prevent a stampede to-day, as the excitement in o late hour in