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FEDERAL TRUST COMPANY CLOSED KANSAS Trust company KanCity was closed late today the board of governors and voted to place the bank the hands of the state finance commissioner. Heavy runs on the bank in the two weeks caused the move, Laughlin, president, said
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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,
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Bank Is Closed After Big Runs United KANSAS CITY, Mo., Nov. The Federal Trust Co. of Kansas City, with deposits of about $2,000,000 was closed today by the board of governors and the bank was placed in the hands of the state finance commissioner. P. E. Laughlin, president, said that heavy runs on the institution during the last two weeks caused the move. The depositors, he said, were amply protected.
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BANK IN KANSAS, TWO IN MINNESOTA CLOSE AFTER RUNS Federal Trust Company at Kansas City Unable to Meet Clearings Shut Up After Shootings Kansas City, Nov. Federal Trust company of Kansas City, with deposits of about $2,000,000. closed late today by board of governors who voted to place the institution the hands of the state nance commissioner. Heavy runs by depositors in the last weeks caused the E. Laughlin, president, declared. He said the board believed the depositors were amply protected. The Trust company did general banking business. The state finance department will take over the bank tomorrow. Not member of the Kansas City Clearing the bank to have meeting items presented against for the Kansas City Federal Reserve today. Thinks Deposits Safe think the safe," said President Laughlin, some years deputy the Kansas bank office. don't how they can be otherwise. The bank carefully. The Kansas the which by bonds the First National The state's deposit covered surety bond Hampered by "frozen' loans, the trust company had leaning redicount facilities the until, all paper in the institution had rediscounts placed at slightly in excess of
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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
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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
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FEDERAL TRUST FIRM IS CLOSED BY BOARD Kansas Mo., Nov. 12. Federal Kansas City, with about closed late today board voted place hands of the state finance commissioner. Heavy runs by depositors in the caused president, declared. He said board believed the positors were amply protected. trust company did general bankbusiness.
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Heavy Runs in Weeks Cause Failure, the Bank's City, Nov. Federal Trust Company of Kansas City closed late today by its board of directors and voted place the bank in the hands the state finance commissioner. Heavy runs on the bank in the last two weeks caused the move, Laughlin, president, said. the board believed the depositors were amply protected. The deposits amounted to about $2,The trust company general banking business. Had $200,000 Capital. Mr. Laughlin formerly deputy in the Kansas bank missioner's office. He later president the Midwest National bank, which absorbed by the Commerce Trust Company. The capital and surplus statement June 30, The statement further the bank owed the Federal bank while other payable were listed The Federal Trust Company was opened October. 1923, to general banking business. outgrowth reorganization the Savings and Trust Company. notice the closing posted late today. said: trust the company hands of the bank Done the board directors day of November, 1926." Jefferson City, Nov. Federal Trust Company, Kansas City, with total resources almost was closed today the board directors, and placed the hands the state finance the largest state banking institution close since the failure the Holland Banking Company Springfield in January, 1924. The bank was the state to close this year Laughlin was president Federal Trust Company. He formerly president the Midwest Reserve Trust Company of Kansas City, which was closed while Hughes state missioner of finance. force state bank examiners the Federal Trust sent Company today. The closing institution came before the had hardly gotten their aminers work under said latest financial ment The to City the bank today by the state banking department here. the financial According the institution the statement of the banking department office Federal Trust Company had loans totaling $5,334: bonds, $526.real estate, stock, and due from other cash cash Items, $23,621.49. The total listed $2,926,999. stock of the Capital the statement. according surplus amounted undivided profits were: Cashier's The deposits demand checks, and time deposits, totaled Bills payable $233.$175,000 and of the Most of the business was in Kansas, trust of the bankcording officials said that who Kansas banks than 100 Federal Few Missouri Trust Company. of stitutions were said. bank, declined to Officials here ment on causes of the bank. about the closing bank examiner, Mulligan, take charge been ordered affairs of trust the pany.
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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.
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FEDERAL TRUST COMPANY OF KANSAS CITY CLOSES KANSAS CITY, Nov. 12. - (AP) - 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, P. E. Laughlin, president, said. He said the board believed the depositors were amply protected. The deposits amounted to about $2,000,000. The trust company did a general banking business. Laughlin formerly was a deputy in the Kansas bank commissioner's office. He was later president of the Midwest National bank, which was absorbed by the Commerce Trust company.
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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.
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KANSAS BANK CLOSED Heavy Runs by Depositors Given as Reason-2 Million Deposits Kansas City, Nov. 12. (4P)-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 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. An order just issued from Salvaton Army headquarters in London forbids the Army lassies from bobbing their hair or wearing their skirts shorter than six inches from the ground.
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AT THE RIALTO A one-time football player. baseball pitcher and all-around athlete to di rect motion picture with a football theme. What better choice The director is Fred Newmeyer who has just completed work on Richard Dix's latest Paramount starring vehicle "The Quarterback, which comes to the Rialto today Newmeyer obtained gridiron expertence in Denver while starring on the high school team. From amateur football he stepped into professional baseball, pitching until his arm "went bad." Fred played with Wichita and Denver in the Western League with Chattanooga in the Southern and Waco in the Texas That Newmeyer hasn't forgotten football was forcefully exhibited last year in Harold Lloyd's "The Freshman. As co-director of that picture. he inserted some of the most realistic football scenes ever filmed Director Newmeyer is highly enthuslastic about "The Quarterback After completing the film and conferring with Dix, Esther Raiston, and the authors. William O. McGeehan sports editor of the New York Herald Tribune, and William Slavens McNutt he said that the production afforded greater dramatic and comedy possible lities than any football story he'd ever made. This man has probably finer record of comedy hits than any other director in the industry. After working as an extra, property man and as sistant director, Hal Roach gave him his first chance in 1918 joined the Lloyd forces that he began But it Was only after Newmeyer to be heard from He directed "Grandma's Boy." "A Sailor Made Man. "Dr. Jack." "Never Weaken, "Safety Last, "Why Worry?' and "I Do"; in addition to acting as co-director on three of Harold Lloyd's more recent films, "Hot Water. "Girl Shy" and The Freshman.' BANK IS CLOSED By the Associated Press NSAS CITY. Nov. 12. 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 flnance commissioner Heavy runs on the bank in the last two weeks caused the move P. E Laughlin, president, sald. The de. posits amounted to about 000 000. The trust company did a general banking business. Short Talks by Thoughtful Mothers. A Pennsylvania mother speaks first "T know the worth of Foley's Honey and Tar Compound. We used It for years, and it never failed US. For croupy children. feverish colds, disturbing night coughs, it gives us a feeling of security to have Foley's Honey and Tar Compound in the house." No opiates. no chloroform. made under rigid sanitary control. Foley's Honey and Tar Compound car ries strong appeal to thoughtful mothers everywhere Ask for it. Sold
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KANSAS CITY BANK FORCED TO SUSPEND Kansas City, Nov. 12.-(P)- 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, P. E. Laughlin, president, said. He also said the board believed the depositors were amply protected. The deposits amounted to about $2,000,000 The trust company did general banking business.
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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.
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Kansas City Federal Trust Closes Doors After Heavy Run Failed to Meet Obligations by $100,000, Estimates Reveal. SPECIAL DISPATCH THE MO., November Federal Trust Company. 111 East Tenth street, was closed this afternoon by the Board of Gov. ernors, voted to place the bank In the hands of the State FiHeavy runs on the bank in the last caused the move, E. Laughlin, president, said. He said the board believed the deposiamply protected. The posits amounted about $2 The Trust Company, which did general banking business, was not member of the Kansas City Clear Ing House Association. The bank's was $200,000 the was in the statement of June 30, The statement the bank owed the Federal Reserve Bank $310,469,15. while other bill payable listed at $100,000. Hampered by 'frozen'' loans. the trust had been leaning heavily on the rediscount facilities of the Federal Reserve system until. in been presented The rediscounts were placed at slightly in excess of $400,000 Other officials of the bank the ferty. secretary Harry Warren, vice president board members, Martin Ryan, chairman: Baylis Steele, M J. Barry, Louis R. Ash. Milton David M. Proctor, D. M. Nigro. E. Murphy J. A. McLiney. F. L. Guy E. Lee Williams Earl Townsdin. The notice that appeared on the door this "This trust company is in the hands of the Bank Commissioner Done by the Board of Directors this 12th day of November, 1926." The notice signed by P. E. Laughlin formerly was deputy in the Kansas Bank Commissioner's office. He later president of the Midwest National Bank, which was Continued on Page 8, Column 7.
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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.
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K. C. BANK CLOSED KANSAS CITY. Nov. 13. Federal Trust Cmpany of Kansas City with deposits of about was closed late Friday by the board of governors who voted place the institution the hands of the state finance commissioner, Heavy runs by depositors in the last two weeks caused the move. P. declared He said the board believed the depositors were amply protected. The Trust Company did general banking business
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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
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FEDERAL TRUST COMPANY OF KANSAS CITY CLOSES KANSAS CITY, Nov. 12. (AP) 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 Laughlin formerly was a deputy in the Kansas bank commissioner's office. He was later president of the Midwest National bank, which was absorbed by the Commerce Trust com-
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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
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Bank Shuts Down After Heavy Run 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 place the institution in the hands the state finance Heavy runs by depositors in the last weeks caused the move He said the board believed the depositors were amply protected. The company did general banking business.
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BECKER NOTE IS LOCATED Had Up No Security For Note On Missouri Press Publishing Co. KANSAS CITY, Dec 4-Assets of the closed Federal Trust Company included an unsecured note for $18,made by the Missouri Press Publishing Co., nad endorsed by Chas. U. Becker, Secretary of State, it was learned by investigators here. It was unexplained that Becker had verbal agreement with the bank officers to keep a certain balance the Kansas City officers motor car license fees in the bank. It was also learned that the Trust Company held $13,500 of the Nixon Farm Mortgage Company's paper. Nixon who was head of the defunct mortgage company at Boonville is a figitime from justice. Queen Marie at Home. BUCHAREST. Dec 4-Queen Marie returning from her American tour to an ill husband and a political situntion which may constitute one of the cricis of her dramatic career, arrived in Bucharest today from Paris. EarthQuake in Armenia LENINKAN, Armenia, Dec. 1devastating earthquake comparing in intensity to the tumblers which wrought havoe hree in October 22, has destroyed the vilage of Kapii.