Suspicion Follows Bank Collapse in Roslyn
Depositors in the coal mining town of Roslyn find their bank's assets mishandled, leading to calls for a receiver.
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A general meeting of the Roslyn depositors of the defunct firm of Ben E. Snipes & Co. was held here this afternoon to consider the condition of affairs. Dr. W. H. Harris, the Roslyn member of the board of trustees, stated in an interview that the business of closing up the failed bank's affairs was not progressing satisfactorily. Mr. Snipes was given authority to dispose of securities only with the consent of the trustees, and it is reliably stated that this express provision has been violated by him to the extent of over $100,000. The matter is now in such shape that the bank's affairs will probably be turned over to a receiver.
“Mr. Snipes was given authority to dispose of securities... and it is reliably stated that this express provision has been violated by him to the extent of over $100,000.”
Small town banking failures were common during the economic instability of the 1890s, often leaving entire communities without access to their life savings. The Roslyn case highlights the precarious financial existence of workers in regional industrial company towns.
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