c06864b2Full suspension, Books examined
Other: Bank placed in hands of state finance commissioner; state examiners sent in.
Click image to open full size in new tab
KANSAS CITY BANK CLOSES The Federal Trust Company of Kansas City was closed late today by the board of governors and it was voted to place the bank in the hands of the state finance commissioner Heavy runs on the bank in the last two weeks caused the move, E. Laughlin, president. said. He said the board believed the depositors were amply protected. The deposits amounted to about two million dollars. The trust company did a general banking business.
Click image to open full size in new tab
ANOTHER BANK KANSAS CITY C. Termival Trust Declared Selvent FEDERAL FAILURE Had $30,000 of its Cash in Federal Trust Co., Which Failed Yesterday (By the Associated Press) Kansas City, Nov. Kansas City Terminal Trust Co., with $30,000 of its cash reserve in the Federal Trust Co., which closed yesterday, failed to open its doors today. The Terminal Trust Co., is neighborhood bank with total assets of S. McMahon, president, declared the bank was solvent and that positors were not in danger. Deposits Total Million Kansas City, Nov. Federcompany of Kansas City closed late yesterday by its board of directors and it voted was to place the bank in the hands of the state finance commissioner. Heavy runs on the bank in the last two weeks caused the move, Laughlin, president, said. He said the board believed the depositors were amply protected. The deposits amounted to about $2,000,000. The trust general banking business. Mr. Laughlin formerly was deputy in the Kansas bank commissioner's office. He later was president of the Midwest National bank, which was absorbed by the Commerce Trust company. The bank's capital was $200,000 and the surplus was $47,921.50, in the statement of June 30, 1926. The statement further showed the bank owed the Federal Reserve bank $310,469.15, while other bills payable were listed at $100,000. The Federal Trust company was opened in October, 1923, to do a general banking business. was the outgrowth of reorganization of the Federal Savings and Trust company. notice of the closing was posted late yesterday. It said: "This trust company is in the hands of the bank commissioner. Done by the board of directors this 12th day of November, 1926." 47th Bank to Close Jefferson City, Mo., Nov. Federal Trust company, Kansas City, with total resources of almost $3,000,000, closed by the board of rectors, and placed in the hands of the state finance department, was the largest state banking institution to close since the failure of the Holland Banking of Springfield in company January, 1924. The bank was the 47th state institution to close this year. Laughlin was president of the Federal Trust Company. He formerly was president of the Midwest Reserve Trust company of Kansas City, which was closed while G. Hughes was state commissioner of finance. force of state bank examiners were sent into the Federal Trust company yesterday. The closing of the institution came before the examiners had hardly gotten their work it was said at the finance department. Infant Dies Near Reeds Thelbert Lee Coates, 9-month-old son of Mr. and Mrs. Harvey Coates, residing three miles east of Reeds, died at noon today, following an illness of about week. The child suffered from Funeral arpneumonia. rangements are incomplete. Mr. and Mrs. Coates have one other child, Billy,
Click image to open full size in new tab
OVERNIGHT WIRE NEWS SUMMARY (This fills the gap between yesterday's wire nows and today's for the busy reader world events.) (By The Associated Preus) This is turkey week in Goshen county, Wyoming. Approximately 20,000 turkeys are being shipped east from Torrington and nearby points for Thanksgiving consumption. Net results of prohibition raid by federal officers at Leadville 16 prisoners, one woman. and unlimited quantities of beer and wine and whiskey. All trains of the Southern Pacific Mexico are to be heavily guarded by troops, to reports reaching Nogales in order to protect them from roving bands of Yaquis. Ten minutes after Pueblo police had arrested Floyd Forest. Bellathey were notified that his family was endeavoring to locate him by means of the radio. His father dying. The answer of Mrs Walter Hill. wife of the son of James Hill empire builder. in the suit for divorce brought by her husband at Livingston. re-filed following its withdrawal from the files and the overruling of the defendant's demurrer. Leading republicans of the house ways and means committee give only qualified approval to administration's proposal for a rebate on 1926 taxes. President and Mrs Coolidge to Washington from Kansas City: expresses sorrow death of Uncle Joe Cannon. Senator Norris, insurgent who led fight against Cannon, among first to pay tribute to him. Birger gang near Marion III., say they will get airplane used by rival gang in bombing them for souvenir. Federal trust company of Kansas City with deposits approximating $2,000,000 is closed after heavy runs by depositors. The price of food has jumped three per cent this year while nobody was Pat says his friend Murphy is out of jail because the man he killed got "I saw In The Leader."
Click image to open full size in new tab
TRUST COMPANY IN KANSAS CITY CLOSES Kansas City, Nov. 12 (AP)-The Fed eral Trust Company of Kansas City with deposits of about $2,000,000. was closed today by the board of gov ernors who voted to place the insti tution in the hands of the State F1 nance Heavy runs by depositors in the last two weeks caused the move, P. E. Laughlin president, declared. He said the board believed the depositors were amply
Click image to open full size in new tab
CLOSE MISSOURI BANK Federal Trust Co., Kansas City, Faced Heavy Run United Press KANSAS Nov. Federal Trust Co. of Kansas City, with deposits closed Friday by the board of and placed in the hands of the state president, said the Institution the last two the move. The he said were amply
Click image to open full size in new tab
News Summary State department announces replies by signatories of world court protocol to government's inquiry as to acceptability of senate reservations show confusion; president feels that Kansas City address will bear fruit. Leading Republicans of the house ways and means committee give only qualified approval to administration's proposal for a rebate on 1926 taxes. President and Mrs. Coolidge return to Washington from Kansas City president expresses sorrow at death of Unce Joe Cannon: Senator Norris, insurgent, who led fight against Cannon, among first to pay tribute to him. Harvard student council invites Princeton senior council to a complete and frank discussion of the grievances of each university; edflor of Princetonian believes Princeton will be glad to attend conference. Queen Marie at St. Louis says she finds the women of America happier than others; acts as godmother at Smackover, Ark. German foreign office says Germany, Great Britain and France are verging on agreement regard. ing military establishments in London hears rumors from Stockholm of impending engage. ment of Crown Prince Olav of Norway and Princess Martha, sister of Princess Astrid. Impending cold weather causes Dirigible Los Angeles en route to Washington to return to Lakehurst to avoid freezing of water in radiation. Birger gang near Marion, III., say they will get airplane, used by rival gang in bombing them, for souvenir. Federal Trust Co. of Kansas City. with deposits closed after heavy runs by depositors. Bandits who robbed the People's Trust & Savings bank of Laporte, Ind of $140,000 in cash and securities, elude posses; five masked robbers hold up West Philadelp bank messenger and escape with $35,000 shotgun robbers in Chicago rob bank. messenger of $24,000. Maid. witness in Hall-Mills case Somerville, N. J., testifies that Mrs. Hall did not hear telephone conversation her husband and Mrs. Mills the afternoon of the night they were killed.
Click image to open full size in new tab
Kansas City Bank Closes as Runs Deplete Funds Kansas City, Nov. 12.-(By Associated Press )-The Federal Trust Co. of Kansas City, with deposits of about $2,000,800. was closed late today by the board of governors who voted to place the institution in the hands of the state finance commissioner. Heavy runs by depositors in the last two weeks caused the inove, P. E. Laughlin, pesident, declared. He said the board believed the depositors were amply protected. The trust company did a general banking business.
Click image to open full size in new tab
KANSAS CITY TRUST COMPANY CLOSED President, Former Kansas Bank Commissioner, Believes Deposits Are Safe. By the Associated Press. KANSAS CITY, November 13.---The State finance commissioner today was in charge of the Federal Trust Co. of Kansas City, which suspended business yesterday following recent heavy withdrawals. The bank was organized under the State banking laws with a capital of $200,000 and a surplus of $40,000. Deposits totaled approximately $2,000,000 and resources were listed at nearly $3,000,000. The institution was ACcorded privileges of the Federal Reserve system, but had withdrawn its in a membership House Association the year local ago, Clearing and had cleared its city checks through the Federal Reserve Bank. Believes Deposits Are Safe. P. E. Laughlin, president, and a former deputy \bank commissioner of Kansas, said he thought the deposits were safe. A. city deposit of $300,000 was protected by Government bonds in the First National Bank. Funds of the State of Missouri were covered by a surety bond. On presentation of items calling for $100,000 at the Federal Reserve clearance yesterday. the trust company board voted to suspend. It was understood the company had presented all eligible paper for rediscount through the Federal Reserve system. The rediscounts were estimated at approximately $400,000. Labor Leader Quit As Director. Laughlin organized the Midwest National Bank and Trust Co. here 10 years ago. This institution was merged in 1920 with the National Reserve Bank under the name of the Midwest Reserve Trust Co. It closed a year later. Depositors were paid. but directors and stockholders lost investments. A short time later Laughlin became head of the Federal Trust Co. Martin F. Ryan, for 20 years general president of the Brotherhood of Railway Carmen, and a vice president of the American Federation of Labor, who was listed as chairman of the Federal Trust Co. board, last night said he resigned several weeks ago because other duties kept him out of the city.
Click image to open full size in new tab
TWO KANSAS CITY BANKS ARE CLOSED KANSAS CITY, Nov. 13.-(AP)-The Kansas City Terminal Trust company, with $30,000 of its cash reserve in the Federal Trust company which closed yesterday, failed to open its doors today. The Terminal Trust company is a neighborhood bank with total assets of $617,788.33. The state finance commissioner was in charge of the Federal Trust company which suspended following recent heavy withdrawals. This bank was organized under the state banking laws with a capital of $200,000 and a surplus of $40,000. Deposits totalled approximately $2,000,000 and resources were listed at nearly $3,000,000.
Click image to open full size in new tab
KANSAS CITY BANK CLOSES ITS DOORS KANSAS CITY, Nov. The Federal Trust company of Kansas City, with deposits of about $2,000,000 was closed late today by the board of governors who voted to place the institution in the hands of the state finance Heavy runs by depositors in the last two weeks caused the move, E. Laughlin, president, declared. He said the board believed the depositors were amply protected The trust company did a general banking business.
Click image to open full size in new tab
(By Kansas City Terminal Company closed its doors today result the closing yesterday of the Federal Trust KANSAS CITY. MO., Nov. (By in the closed Federal Trust Company are to E. Laughlin, president the institution, which closed its doors late yesterday when lacked $100,000 of meeting items presented against it for clearance. Deposits total about Lonns amount to about the same total. It was The bank has been hampered by "frozen loans." according to officials. Laughlin had been hopeful the bank would weaththe storm. he said, and recently described the bank as in an Improved condition. Rather than endanger small depositors, Laughlin to place the bank in the hands of state bank commissioners, he said, after heavy runs were made on it. David M. Proctor, unsuccessful candidate for the Republican senatorial nomination in August, is of the directors of the bank. The last made or August 25, 1926 capital of total deposits bill payable re-discounts cashier's loans owned overdrafts stocks real cash and from and bankers Total reThe Federal Trust Company state depository holds of the state funds, entirely covered by bonds as security. In list 101 and trust there only listed in Missouri, the bulk of the being Laughlin, president of the comformerly finance Kansas. president and the secretary. Raf. When Citizens Security closed ngo the Fedral Trust Company deposit funds credited to the Englewood Institution. in State This Year. Nov. of the Federal Trust Company Kansas City yes. terday has been reported to State Finance Commissioner This the Missouri bank failure since first and largest depository close this state since Holland Company of field 1924. Causes led the failure Kansas City cannot had here until the which will not be for days.
Click image to open full size in new tab
RUNS UPON BANK FORCE CLOSING Kansas City, Nov. Federal Trust company of Kansas City was closed, late Friday, by the board of governors and was voted to place the bank in the hands of the state finance Heavy runs on the bank in the last caused the Laughlin, president. He said the board believed the amply protected. The deposits amount to about $2,000,000. The trust company did general banking business. Mr. Laughlin formerly was deputy the Kansas bank office. He later president of the Midwest National bank, which was absorbed by the Commerce Trust company
Click image to open full size in new tab
Trust Company Closes Deposits About KANSAS CITY, Nov. 13 Federal Trust company of Kansas City, with of about was closed yesterday by the board of governors voted place the institution in the hands the finance Heavy runs by in the two weeks caused the Laughlin, president, declared. He said the board believed the depositors were amply protected. The Trust company did general banking The state finance department will take the bank. Not member of the Kansas City Clearing House association, the bank reported to have $100,000 meeting items presented against for clearance the Kansas City Fed. eral Reserve bank yesterday. think the said President Laughlin, who some years ago deputy the Kansas bank commissioner's office. don't see how they can be otherwise. The bank been operated carefully. The state and Kansas City are depositors had $300,000 bank. which protected by government bonds deposit the First National bank. The state's deposit is covered surety bond. Hampered "frozen" loans, the had the the Federal said, all the eligible paper Institution been discounts were placed at slightly excess of $400,000.
Click image to open full size in new tab
FORTY-SEVENTH BANK CLOSES Federal Trust Company of Kansas City Goes Into Hands of State DEPOSITORS PROTECTED Resources Total About $3,000,000, Against $400,000 Liabilities Federal Trust company of Kansas City, was closed late today by its board of directors and It was voted to place the bank in the hands of the state finance Heavy runs on the bank in the Inst two weeks caused the move, P. E. Laughlin, president, said. He said the board believed the depositors were amply protected. The deposits amounted to about two milHon dollars. The trust company did general banking business. Mr. Laughlin formerly was a deputy in the Kansas bank commissioner's office. He later was president of the Midwest National bank. which was absorbed by the Commerce Trust company. The bank's capital was and the surplus was $47,921.50, in the statement of June 30, 1926. The statement further showed the bank owed the federal reserve bank $310. 469.15, while other bills payable were listed at $100,000. Opened In 1923. The Federal Trust company was opened in October. 1923, to do general banking business. It was the outgrowth of a reorganization of the Federal Savings and Trust company A notice of the closing was posted late today. It said: "This trust company is In the hands of the bank commissioner Done by the board of directors this 13th day of November, 1926." Federal Trust company. Kansas City, with total resources of almost three million dollars, was closed late today by the board of directors, and placed in the hands of the state finance department. It was the larg. est state banking institution to close since the failure of the Holland Banking company, Springfield, The Bank the forty-seventh state institution to close this year P. E. Laughlin was president of the Federal Trust company He was formerly president of the Midwest Reserve Trust company of Kansas City, which was closed while J. G Hughes was state commissioner of Examiners on Hand the closing of the bank. L. MulA. force of state bank examiners ligan, state bank examiner. has were sent Into the Federal Trust been ordered to take charge of the company today. The closing of the affairs of the trust company. Institution came before the exammers had hardly gotten their work under way. It was said at the finance department. The latest financial statement of the bank was sent to Kansas City today by the state banking department here, It was said at the office of the state banking commissioner According to the latest financial statement of the Institution in the office of the banking department here. the Federal Trust company had loans totaling bonds stock real estate cash and due from other banks cash Items $23,621.49 The total resources were listed at Capital stock of the trust company, according to the statement, amounted to $200,000; surplus $40,000: undivided profits $8,544. The deposits were cashier's checks demand and time deposits Bills payable totaled $175,000; and rediscounts 100 Kansas Banks Affected. Most of the business of the trust company was in according to officials of the banking departwho said that more than 100 of the Federal Trust company Very few Missouri institutions were correspondents of the closed was said Officials here declined to comment on the causes which brought about
Click image to open full size in new tab
WITHDRAWALS FROM KANSAS CITY BANK CAUSE SUSPENSION State Officials Take Charge of Federal Trust Company KANSAS CITY. Nov. 13. state finance today was in of the Federal Trust company of Kansas City, suspendyesterday following reed heavy withdrawals. The bank was organized under the state banking laws with capital and surplus of $40,000. Deposits totaled $2,000,and were listed at nearly $3,000,000. The was accorded of the federal reserve but had withdrawn its into the local clearing membership house ago and had checks through the cleared its city federal reserve. Laughlin, president, and former edputy Kansas commissioner, said he thought the deposits deposit of $300.were safe. city 000 protected by government was bonds the First National bank. of the state of Missouri Funds covered by surety bond. calling for On items $100,000 at the federal reserve clearyesterday, the trust company ance suspend. was unboard voted the company had presented derstood for re-discount all eligible paper the federal reserve system. were estimated at The approximately City Terminal Trust The Kansas of its cash rein Federal Trust serve the yesterday, failed to open which its today. Trust company a The Terminal bank with total assets of $617,788.33.
Click image to open full size in new tab
Boston Stocks New York Grain New York, Nov. 12-Wheat: Spot weak; Northern Spring. No. hard Winter fob New lake and No. mixed durum do. to No. ManItoba. lake and rail, to arrive 1.58% in Corn: Spot No. yellow track New York, and 84% No. yellow Do. Oats: Spot easy; No. white Bank In Difficulty. Kansas City, Nov. Federal Company of Kansas City, with deposits of about $2,000. was closed late today by the Board of Governors who voted place the Institution in the hands of the State Finance Heavy by in the must two weeks caused the move, P. said the board believed the depositors were amply protected. The Trust pany did general banking busi- Quoted by Hernblower & Weeks High Low Close Bigelow Hart Bingham Mines Boston Me Me pr 105 Elevated Cal & Hecle Copper Range Eastern Eastern Groc Edison Elec European Shares Gilchrist Gillette Granby Hardy Coal Hood Rubber Island Creek Isle Royale Kidder Libby McNeal Mass Ga. Co. Mergen Lino Cornelia ET Srv Nor Butee Old Colony Old Dominion Pacific Mills Swift Co Swift Inter S-A Invest Torrington United Shoe Mch. See pt pd Utah Waldorf Waltham Watch Walworth Warren Bros 53
Click image to open full size in new tab
Federal Trust Co., Kansas City Bankers, Closes KANSAS City, Mo., November 13 The Federal Trust company of Kansas City, with deposits of about $2,000,000, was closed yesterday by the board of governors who voted to place the institution in the hands of the state finance commissioner Heavy runs by depositors in the last two weeks caused the move, P. E. Laughlin, president, declared. He said the board believed the depositors were amply protected The trust company did a general banking business.
Click image to open full size in new tab
OVERNIGHT NEWS (By The Associated Press) State department announces replies by signatories of world court protocol to government's inquiry as to acceptability of senate reservations show considerable confusion, president feels that Kansas City address will bear fruit. Leading Republicans of the house ways and means gives only qualified approval to administration's proposal for a rebate on 1926 taxes. President and Mrs. Coolidge return to Washington from Kansas City; president expresses sorrow at death of Uncle Joe Cannon; Senator Norris, insurgent, who led fight against Cannon, among first to pay tribute to him. Harvard student council invites Princeton senior council to a complete and frank discussion of the grievances of each university; editor of Princetonian believes Princeton will be glad to attend conference. Queen Marie at St. Louis says she finds the women of America happier than others; acts as godmother at Smackover, Ark. German foreign office says Germany, Great Britain and France are verging on agreement regarding military establishments in Germany. London hears rumors from Stockholm of impending engagement of Crown Prince Olav, of Norway, and Astrid. Princess Martha, sister of Princess Impending cold weather causes dirigible Los Angeles, en route to Washington, to return to Lakehurst to avoid freezing of water in radiators. Birger gang, near Marion, III., say they will get airplane used by rival gang in bombing them for souvenir. Federal Trust Company of Kansas City with deposits approximating $2.000,000 depositors. is closed after heavy runs by Bandits who robbed the People's Trust and Savings Bank of La Porte, Ind., of $140,000 in cash and securities elude posses; five robbers hold up West Philadelphia bank messenger and escape with $35,000: shot gun robbers in Chicago rob bank messenger of $24,000. Maid, witness in Hall-Mills case at Somerville, N. J., testifies that Mrs. Hall did not hear telephone conversation between her husband and Mrs. Mills the afternoon of the night they were killed. etc., and spraying at this time insures a healthy growth for the trees in the spring. If the fall application of fertilizer has not already been given, it should at this time, Mr. Heuck states. A fertilizer consisting of a low per cent of ammonia and a high per cent of potash is generally used at this time for all citrus trees. OMAHA-Scientific "thubling" is to be taught. The national convention of hoboes has decreed that a field agent shall instruct hikers in the ethics of stopping motorists and indicating that a life is wanted.
Click image to open full size in new tab
HEAVY RUNS CAUSE CLOSE OF BANK IN KANSAS CITY Federal Trust company of Kansas City, was closed late Friday by the board of governors and it was voted to place the bank in the
Click image to open full size in new tab
Heavy Runs Cause Failure of Federal Trust Company; Depositors Protected KANSAS CITY. Nov. 12 Federal Trust company Kansas City closed was late day by the board of and was voted the bank the hands of the state finance commissioner. Heavy runs on the bank in the last two weeks caused the Laughlin, president. said. He said the board believed the deposiwere amply protected. The posits amounted about two lion dollars. The company did general banking business. Laughlin formerly was deputy in Kansas bank missioner's office. He later president of the National bank. which absorbed by the Trust company. The capital was the surplus was the statement June statement further the bank owed the Federal Reserve bank while other bills were listed at $100,000 The Federal Trust company was opened in 1923. was the outgrowth of the Federal Savings and Trust company. notice of the closing was postlate today. "This trust in the company hands the bank Done the board of twelfth day of November,
Click image to open full size in new tab
GLIMPSES OF EARTH thousand rounds of ammunition, believed to have been smuggled from the United States, were at Nueva Laredo, Mexico. The Ford Motor company has increased its wage scale workmen can make much money in they formerly made in philanthropy, Henry Ford says, but good Secretary Mellon Monday declared would be to permit taxpayers saving of at least per cent on next income levies; but there definite indications the treasury that congress turns down the proposed credit plan no tears will be shed. The Federal Trust company of Kansas City, Mo., closed by the board of governors Friday and placed in the hands of the state finance commissioner. runs on the bank in the last weeks caused its closing. had capital of $200,000 and posits of about two millions. "Uncle Gurney Cannon, died at his home at Danville, Friday, aged 90 years. He spent more than fifty years in the United States and became famous speaker of the house. His first public service county and his first election to congress was in 1872. A dog owned by Carl Westcott directly will be witness against his master, accused of the murder of his father. Charles Grant Westcott, former Minneapolis capitalist, Los Angeles. Witnesses testify that few minutes before was shot from the doorway of his home, the dog, which had been left with his father by Carl, barked loudly and ciously. few murmured and the dog's growls changed to whines friendly greeting.