Accommodated withdrawals, Full suspension
Other: Clearing-house association was consulted and a meeting held; some banks (Bank of Commerce) offered assistance but the National Bank of Kansas City declined help and chose to suspend so all depositors would be treated alike.
Clearinghouse involved: Yes (loan, examination, or other measures)
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The Bank Accepted. KANSAS CITY, April 2.-It was expected that a run would be made On the National when it opened. On the contrary the bank has received deposits from its old customers, and there is a general feeling of confidence in the new organization.
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BANKS THAT HAVE RESUMED AN AVERAGE OF ONE A DAY, WITH MORE IN PROSPECT. The banks that have suspended resumed during the past two weeks, as follows: Greeley National bank, Greeley, Col., Aug. 14. Armourdale bank, Armourdale. Mo, Aug. 16. First National bank, Fort Scott, Kan., suspended July 18, resumed Aug. 16. First National bank, Rico, Col., suspended June 30, resumed Aug, 16. American National bank, Leadville, Col., closed its doors July 1, resumed Aug. 17. First National Bank, Anthony, Kan., suspended July 20, resumed Aug. 18. Union National bank, Denyer, Col., suspended July 18, resumed Aug. 21. Citizens' National bank, Attica, Ind.. Aug. 21. People's National bank, Denver, Col., suspended July 19, resumed Aug. 21. Central National bank, Pueblo, Col., suspended July 5, resumed Aug. 21. Hamilton County State bank, Fort Dodge, Ia., suspended Aug. 7, resumed Aug, 21. City Saving bank, Nashville, Tenn., Aug. 22. Henning's bank, Plain, Ill., Aug 22. First National bank, The Dalles. Ore., suspended July 31, resumed Aug. 25. Fourth National bank, Louisville, Ky., suspended July 22, resumed Aug. 26. Comptroller of the Currency Eckels has fixed the time for the resumption of several suspended banks as follows: Farmers' Exchange bank, San Bern ardino, Cal., Aug. 25. The Fall River (Wis.) bank, Aug. 25. First National (Mankato, Minn.) Sept. 1. Mankato National, Mankato, Minn., Sept. 1. Citizens' National, Mankato, Minn., Sept. 1. Permission to resume has also been given to the following banks: First National, Vernon, Tex. First National, San Marcos, Tex. First National, Lockhart Tex. The stockholders of the National, bank of Kansas City, Mo., met Friday and decided to resume busin SS.
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BUSINESS. TO BE OPENED TOD KANSAS CITY, Mo., Oct. National Bank of Kansas 0 failed during the panie, will doors for business tomorrow,
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BANK FAILURE. A KANSAS CITY CONCERN GOES TO THE WALL. Claim That All the Depositors Will be Paid in Full, With Interest for Their Money. Specialto the RECORD-UNION. KANSAS CITY (Mo.), March 18.-With assets estimated at $1,880,000 and liabilities of $1,050,000, the National Bank of Kansas City, at Fifth and Delaware streets, suspended this morning and will liquidate and go out of business. At the usual hour of opening the bank, 9:30 A. M., the following notice was posted on the door: "The bank has closed." The announcement caused no excitement. A small crowd gathered about the bank, but it soon dwindled away to half a dozen loungers, and an occasional passer-by would read the notice and pass on. Stockholders and depositors called occasionally, and most of them were admitted. In almost every case they would walk to the desk and shake hands with President Chick, who in a few words would explain the situation. His explanation was in every case satisfactory. There was no loud talk and no unfavorable comment. Sinca the publication of the bank's statement on March 5th, depositors have been withdrawing their deposits, and on Saturday evening it was apparent to the officers of the bank that they could not carry on business through the day unloss the Clearing-house came to their assistance with a loan. A meeting of the Clearing-house Association was called yesterday, which was attended by the directors of the National Bank of Kansas City. President Chick said: We paid out over $60,000, and saw that we could not meet the demands this morning unless something was done. We needed about $600,000 to put us in good standing. Some of the banks were anxious to help us, but the feeling was not general, and we consequently declined the assistance. The Bank of Commerce offered to help us, but we had decided to suspend so as to pay all depositors alike, and no person will have an advantage. Every depositor will be paid in full, and no will lose a cent. We will endeavor to have a settlement just as soon as possible.' A prominent member of the Kansas City Clearing-house Association said: "The liquidation of the National Bank of Kansas City in no wise affects the other banks of this city. That the bank would have to liquidate sooner or later has been known for some time. When the bank failed on July 15, 1893, during the panic, it was doubtful whether or not it would open again." The probable assets of the bank are close to $2,000,000, but owing to the fact that much of this is represented by paper and real estate, it will be very slow for collection. In fact the closing of the bank can hardly be termed a failure, but simply a gradual dying out. There is but little doubt but what the depositors will receive dollar for dollar, with interest for their money, although it may be some time before they will get their pay. The current opinion expressed among bankers and others who have information on the matter fixes the amount that will be realized bv stockholders at from 25 to 40 per cent. on their holdings of stock. Cashier Rule of the Bank of Commerce said that telegrams had been sent out by his bank to the country banks who have been customers of the National Bank at Kansas City, informing them that all drafts on the suspended bank will be honored by the National Bank of Commerce. He is also notifying the wholesale merchants of this city that this bank will honor their checks if they SO desire. In the panic of 1893 the national bank suspended, but through an arrangement between the depositors and stockholders it was permitted to resume business. The steady withdrawal of deposits since that time placed the bank in an embarrassing position, causing another suspension. The statement given out shows assets $1,800,000, liabilities $1,050,000. TEMPORARY RECEIVER APPOINTED. WASHINGTON, March -The Comptroller of the Currency to-day received a telegram announcing the suspension of the National Bank of Kansas City. Bank Examiner Galbraith was appointed temporary receiver. The capital stock is $1,000,000, with assets at the face value amounting to nearly $2,000,000, of which $170,000 is cash on hand and due from other banks. The liabilities are estimated at $1,084,0000.
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Receiver Applied For. KANSAS CITY, Mo., March 19.-The appointment of a receiver for the Excelsior Springs Land & Investment Co., the Excelsior Springs Bottling Co. and the Elms Hotel Co., of Excelsior Springs, Mo., will be asked of Judge Philips, of the United States circuit court, at ten o'clock Saturday morning. The indebtedness of the three companies amounts to $250,000, and suit is brought by the receiver of the suspended National Bank of Kansas City.
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Depositors Will Realize $2,250. Judge Scarritt yesterday authorized John Perry, receiver for the National Bank of Kansas City, to sell lots 3 and 4, block C., J. S. Chick place, to J. W. Thew, for $2,250. This is property conveyed to O. H. Dean as trustee by Mr. Chick to cover his indebtedness to the bank
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Judgment for $12,019 was entered yesterday against Charles E. Hasbrook in favor of John Perry as receiver of the National Bank, of Kansas City Mo.
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On instructions from the comptroller of the currency, a tenth dividend of ten per cent., in favor of the creditors of the National Bank of Kansas City, Mo., making in all 100 per cent. on claims proved, amounting to $807,222, will be paid by Receiver John Perry, of Kansas City. The bank voluntarily closed its doors in 1895.
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On instructions from the comptroller of the currency, a tenth dividend of ten per cent., in favor of the creditors of the National Bank of Kansas City, Mo., making in all 100 per cent. on claims proved, amounting to $807,222, will be paid by Receiver John Perry, of Kansas City. The bank voluntarily closed its doors in 1895.
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On instructions from the comptroller of the currency, a tenth dividend of ten per cent., in favor of the creditors of the National Bank of Kansas City, Mo., making in all 100 per cent. on claims proved, amounting to $807,222, will be paid by Receiver John Perry, of Kansas City. The bank voluntarily closed its doors in 1895.
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On instructions from the comptroller of the currency, a tenth dividend of ten per cent., in favor of the creditors of the National Bank of Kansas City, Mo., making in all 100 per cent. on claims proved, amounting to $807,222, will be paid by Receiver John Perry, of Kansas City. The bank voluntarily closed its doors in 1895.
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An Unusual Record. Kansas City, Mo., Dec. 19.-John Perry has announced that January 15 he will pay 6 55-100 per cent. interest to all depositors in the National Bank of Kansas City, of which he is receiver. Mr. Perry has paid all of the depositors in full and this payment of interest covers all deposits no matter how large or small. The banks that have paid interest on deposits after failure can be counted OH the fingers of one's hand.
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A Careful Receiver. Washington, Jan. 9.-The comptroller of the currency has declared a final dividend of 6.55 per cent in favor of the creditors of the National bank of Kansas City Mo., making in all 100 per cent of the principal and 55.31 per cent of interest on claims proved amounting to $807,231.58. John Perry is receiver.
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Can Make Assessments. Washington, February 24.-In passing upon the case of Clement Studebaker vs. John Perry, receiver of the National Bank of Kansas City, the United States Supreme Court today held that the Comptroller of the Currency can validly make more than one assessment upon the shareholders of an insolvent national banking association.