Capital injected, Full suspension, Books examined
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Kaneas City, Dec. 1.-The bank of Westport, which kept its accounts with the Missouri National, which failed yesterday, suspended this morning for the benefit of its creditors. The failure of the Missouri National caused a run on the Westport bank. The assets are placed at $31,500; the liabilities about $20,000. Cashier Edward F. Phillips expressed the opinion that' the depositors would be paid in full.
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It Rolls in From all Parts on the "Great Tide of Prosperity." Kansas City, Mo., Nov. 30.-The Missouri National bank closed its doors this morning. This action was precipitated by the withdrawal of $50,000 by one depositor whose action was quickly followed by others. Two causes are assigned for the suspension. One is slow collections, the other reason and the prime reason was that there has been dissension among the directors. These were of such character that they finally led to a clash with the government and it was thought best to close the doors of the bank and have things straightened out.
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Kansas City, Mo.,Dec. 1.-The Missouri National bank closed its doors yesterday morning, owing to heavy withdrawals of one of its principal depositors. The deposits are $1,500,000, but the statement of the bank's assets and liabilities are not yet obtainable. The bank was classed as one of the strongest in the southwest. The officials refuse to make any statement as to the bank's condition or whether it will be likely to resume business.
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KANSAS CITY, Mo., Dec. 1.-The Bank of Westport, which kept an account with the Missouri National, which failed yesterday, suspended this morning for thebe efit of the creditors. The failure of the Missouri National caused a run on the Westport bank. The assets are placed at $31,500$ liabilities about $20,000. The assets include $27,500 securite and bills receivable and $1,200 cash. Cashier Edward F. Phillips ex. preased the opinion that the depositors will be paid in full.
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KANSAS CITY, Mo., Nov. 30.-The Missouri National Bank closed its doors this morning owing to heavy withdrawals by the principal depositors. The deposits are $150,000. The bank was classed as one of the strongest in the southwest. The following notice was placed on the door: "By order of the directors, this bank has been closed, and is in the hands of the Comptroller." This action was precipitated by the withdrawal of $50,000 in one lump by Heim, a wealthy local brewer, whose action was quickly followed by others. The last statement issued by the bank showed deposits of $1,561,000 cash, and exchanges of $546,000. In the panicof July, 1893, the Missouri National was one of the local institutions to go under, but it soon reopened, The bank had been open today just one hour when the Comptroller took charge. The officers were too excited to make a statement.
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Kansas City, Mo., Dec. 1.-The Bank of Westport, which kept its account with the Missouri National bank, has suspended. The failure of the Missouri National bank caused a run on the Westport bank and fearing another run to-day it was decided to close. The assets are placed at $31,500; the liabilities at $20,000. NEXT! New York, Dec. 1.-The reported assignment of Herman Bindseil, dealer in fur garments, at 816 Broadway, show liabilities of $54,871: nominal assets, $47,251; actual assets, $20,334.
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CONSIDERED BY MISSOURI NATIONAL BANK DIRECTORS. Final Action Deferred Until Another Meeting-Examiner Forman Has Not Completed His Statement of the Assets and Liabilities. The question of a reorganization of the for Missouri National bank was discussed the several hours yesterday afternoon by directors and several of the outside stockholders, and it will receive attention action again to-day, but there will be no final until taken with reference to that subject some of the heaviest stockholders from out of the city arrive. The formal discus- in sion of the subject yesterday resulted showing that many of the stockholders were not at all averse to a reorganiza- an tion and were quite willing to stand assessment sufficient to take up every claim against the bank and start without a cent a due to any one. With others there was of disposition to wait until some plan was organization was suggested, but there to who expressed himself as opposed of none plan. For that reason the prospect reorganization any is not discouraging. National Bank Examiner Forman, getting who is in charge, was busy yesterday as matters straightened out as rapidly and possible. He was seen during the day in said there was nothing whatever new not bank's affairs and that he had and completed the his statement of the assets days. liabilities and might not for several and was busy with other matters it. He would attend to that when he reached Until the statement of the bank's con- to is made public there is no way has know dition the exact situation. The bank legal hand, however, more than the lot of on in cash and it carried a nice into reserve that can be easily be turned it paper on short notice, so that in case would cash into the hands of a receiver it goes to declare a big dividend. possibly bank be ready cent, within a short time. statement The 50 per while making no formal in sayofficers, the condition of the bank, unite holds is of that much of the paper it and ing and its assets are all right first-class sufficient to meet all obligations they quite carefully handled. They admit is slow. when accumulated some paper that contend have banks do that, but the officers be All have not allowed themselves to that they and they have no paper overloaded cannot be realized on nicely with proper management. President Rieger said: and "I give proYesterday to remain here in the bank the pose entire time to assisting in carrying every my of settlement forward so that at as work may secure full payment faith depositor a date as possible. I have do full not inearly value of our assets and had in the the depositors shall suffer. They to tend in the bank and its ability not be confidence and that confidence shall repay, I have no statement to make bank. abused. the definite condition of the who is garding come from the examiner I do, I It must charge. Knowing the assets as ample in hesitate to say that they are As to do meet not the obligations of the bank. that has to reorganization of the bank, myself, I the been determined on. For way. not retire from the business. any twentyshall been in the business for I two have years and do not care to continue longer in it." of the business men who carried any None in the bank has met with banks deposits hardships from the closing, as other of them stepped in and taken care have also have The other banks against promptly. to depositors their claims would stated closed bank were good and they This is the them and wait for dividends. feel help indication of what other banks value an concerning the closed bank and the of claims held against it. the of the other banks in the city ex- its None any trouble yesterday from Missouri perienced and the closing of the the usual depositors did not interfere with National of business. The other banks are run amply fortified with cash.
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Kansas City, Mo., Dec. "1.-The Bank of Westport, which kept its account with the Missouri National Bank, has suspended. The failure of the Missouri National caused a run on the Westport Bank, and fearing another run to-day it was decided to close. The assets are placed at $31,500; the liabilities at $20,000.
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Kanses City, Dec. 1.-The Bank of Westport, which kept an account with the Missouri National. which failed yesterday, has suspended for the benefit of the credftors. The failure of the Missourt Nationat caused a run on the Westport bank. The assets are placed at $31,500; liabilities about $20,000. The assets include $27,500 of accounts and bills receivable and $2,000 cash. Cashier Edward F. Phillips expressed the opinion that the depositors will be paid in full.
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Washington, December 3.-Thomas B. Wallace, a prominent attorney of Kansas City, has been appointed receiver for the Missouri National bank of that city, which recently falled.
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KANSAS CITY, Dec. 1.-The Missouri National bank has closed its doors owing to heavy withdrawals of one of its principal depositors. Deposits are $1,500,000, but a statement of the bank's assets and liabilities is not yet obtainable, The bank was classed as one of the strongest in the Southwest.
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KANSAS CITY, Dec. 2.-The bank of Westport, which kept its account with the failed Missouri National bank, has suspended. The failure of the Missouri National caused a run. The assets are placed at $31,500; the liabilities at about $20,000.
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KANSAS CITY, Dec. 1.-The Missouri National bank has closed its doors owing to heavy withdrawals of one of its principal depositors. Deposits are $1,500,000, but a statement of the bank's asseta and liabilities is not yet obtainable. The bank was classed as one of the strongest in the Southwest.
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KANSAS City, Mo., Nov. 30.-The Missouri National Bank closed its doors this morning owing to heavy withdrawals by the principal depositors. The deposits are 8150,000. The bank was classed as one of the strongest in the sorthwest The following notice was placed on the door: "By order of the directors, this bank has been closed, and is in the hands of the Comptroller." This action was precipitated by the withdrawal of 850,000 in one lump by Heim, a wealthy local brewer, whose action was quickly for llowed by others. The last statement issued by the bank showed deposits of $1,561,000 cash, and exchanges of $540.000. In the panic of July, 1893, the Missouri Na. tional was one of the local institutions to go under, but it soon reopened, The bank had been open today just one hour when the Comptroller took charge. The officers were too ex cited to make a statement.
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Missouri National, at Kansas City, Fails -Was a Strong Institution. Kansas City, Mo., Dec. 2.-The Missouri National Bank closed its doors Monday morning. It was classed as one of the strongest institutions in the southwest. The immediate cause was the withdrawal of $50,000 in one lump by Heim, the wealthy local brewer, whose action was quickly followed by others. The last statement issued by the bank showed deposits of $1,561,000, and cash and exchanges amounting to $546,000. In the panic of July, 1893, the Missouri National was one of other local institutions to go under, but it soon reopened. The bank had been open for just one hour when the comptroller took charge of its affairs. The closing came as a surprise to the officers. The same surprise was evidenced everywhere, other banks believing the Missouri National to have regained its prestige and to be in a flourishing condition. No fea: were expressed by other leading bankers that the failure would spread. The bank had between 2,200 and 2,300 depositors, most of them for small amounts, and there are probably 120 stockholders of the concern.
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Kansas City, Dec. 2.-The Bank of Westport, which kept its account with the Missouri National bank, which failed Monday, suspended Tuesday morning for the benefit of its creditors. The failure of the Missouri National bank caused a run on the Westport bank Monday, and fearing another run Tuesday, it was decided to close.
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T. B. WALLACE, a prominent attorney of Kansas City, and a brother of Rev. A. A. Wallace, of this city, has been appointed receiver of the Missouri National Bank at Kansas City. The honor was well bestowed.
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"TVNOILVN MEN 03 Calvin Hood Will be President and Charles Lantry Cashier. : (From Saturday's Kansas City Journal) J If success, which now seems assured, $1 crowns the efforts to reorganize the Il Missouri National bank, an entirely : new bank will rise under a new name, officered and managed by new men, 7 backed by ample capital and starting X out with clean books. *1 When the new bank is organized as a in result of the meetings of stockholders B and depositors to be held early next L. week, it will be Calvin Hood, of Emporia, Kas., as president; Charles J. L. 5 Lantry, of Strong City, Kas., as cash1 ier and H. P. Clark, as assistant cash00 ier. Old management and methods will p be done away with, and new men and methods will take their places. u As has already been announced a o meeting of the stockholders of the Miso souri National will be held at 2 o'clock Il Monday afternoon to discuss and vote J upon the plan of reorganization which a has been approved by Comptroller Eckels. This plan as well understood, 1 means simply the wiping out of exisA tence of all stock of the old bank and p the sale of 75 per cent of the assets of p the old bank to the men who will go 0 into the new organization. Those of the old stockholders who do not go into J the reorganization will no longer have any interest in the bank and this, in all u probability, means the retirement of p D. V. Reiger, Henry C. Kumpf, Paul S Covington and others who were activep ly connected with the management of the old bank. p Speaking of the stockholders' meet7 ing, Mr. H. P. Clark, who for a short time was assistant cashier and who is A slated for that important position again S said yesterday: "The $250,000 of the a capital stock of the bank is held by 120 u stockholders and at the meeting MonA day the vote of the holders of two0 thirds of the stock must be cast in favI or of the proposition to liquidate and 71 reorganize for it to carry. A canvass p of the situation makes it certain that u p the new proposition will be approved a and that a new bank will be organized. a Of course, this must first be ratified by B a majority of the depositors and after u that must be approved by Comptroller Eckels, but it is believed there will be no opposition from the depositors and that the reorganization will be readily . approved by the comptroller, if the suggestions made by him are carried u out. The main idea, of course, is to do away with the expense of a receiver and to accomplish that the stockholders 4 a and the depositors must agree upon a plan of settlement. As soon as the is stockholders and depositors have reached an agreement a charter will e of be applied for. It will be an entirely new bank, under a new management and with a new name, but it has not yet been christened." e Sam B. Hough, speaking for the deJ positors' committee, said: "I believe 18 the plan of reorganization which has 71 been proposed will be ratified by both u I the stockholders and depositors. know that a majority of the orginal u depositors are in Yavor of the plan, but 71 there is some fear that certain parties, p who were never friendly to the Missouri -1 National, and who would just as soon there would not be another new and e strong bank started here, may try to e) defeat the plan by buying up enough A claims of depositors to defeat the rate ification of the proposition when it comes to a vote. I hardly think, myin self, that there is anything in this. but at strange things sometimes happens in Kansas City banking circles, and you can't always tell. The meeting of the S! depositors will be held early next week, at but the day has not been set and will not be until after the stockholders' -1 meeting on Monday." SE Receiver T. B. Wallace was in ChicaII go yesterday, partly for the purpose of J holding a consultation regarding the p reorganization of the bank with Compis troller Eckels, and partly to look after u the valuable Omaha building in that n. city, which is a part of the assets of the Ja Missouri National. Mr. Lantry will arrive in Kansas City this morning and will meet with sever: or al local capitalists, who have promised to take good blocks of the stock in the et new bank. When the stockholders meet on Monday those who control an ample majority will have fully deterS mined on just how they are going to -$ proceed. A Professor Blackmar, of the Kansas
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T. L. BACON Sued for Alleged Delinquent Assessment on Bank Stock A complaint was filed in the circuit court yesterday with Theodore B. Wallace, receiver of the Missouri National bank of Kansas City, plaintiff and T. L. Bacon of Los Angeles defendant. The complaint alleges that on November 30, 1896. the National Bank of Missouri failed: that the plaintiff was appointer receiver of said bank on the 30th of July, 1897. It is further alleged that the defendant is a stockholder in the bank in the amount of 100 shares; that an assessment of $100 a share was levied upon the stockholders to pay the bank's indebtedness, July 30, 1897, which assessments were to be paid, so it is claimed, prior to August 30, 1897. Since, according to the revised United States statutes, stockholders are held individually liable in such cases, the plaintiff therefore prays for a judgment against defendant in the sum of $10,000, with interest of 7 per cent from August 30, 1897.
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In the United States Circuit Court at Springfield, Ill., Judge Allen rendered judgment in favor of Receiver Theodore Wallace of the defunct Missouri National Bank of Kansas City, Mo., against the former president, David V. Reiger, and the former cashier, Robert D. Covington, in the sum of $600 and $10,000 respectively, being the amount of stock they held in the concern. These are the two officers who have been indicted by a special grand jury at Kansas City in the Federal Court on the charge of wrecking the bank of which they were officers. They are out on $10,000 bonds each.
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uralization does not increase the vote of this county.
The circuit court adjourned yesterday to Monday, February 28th. Allen P. Nichols was admitted to practice in the circuit court on motion of J. S. Chapman. Lynn Helm, Esq., was admitted to practice in the circuit court on motion of Shirley C. Ward. J. I. Harris and Geo. Cardwell will be tried for the murder of old man Hilton of Las Virgenes on May 2d. The case of Theodorie B. Wallace, receiver of the Missouri National bank of Kansas City, vs. T. L. Bacon has been ordered continued in the circuit court until March 1st. Continuance to Monday, February 28th, was ordered yesterday in the suit brought by the Pomona Land and Water company to establish their rights in certain lands purchased from the Southern Pacific Railroad company. The sentence of B. Solomon, who was convicted of buying a lot of good clothes, which he knew to have been stolen from a Santa Monica tailor by a drunken old soldier, for a song, was continued at the request of prisoner's attorney until February 24th. In the case of the United States vs. Messrs. H. P. Sweet, Wilson and Howard, who were indicted by the last grand jury and charged with an attempted land deal swindle, a demurrer to the indictment was confessed, in the district court, and Judge Wellborn dismissed the indictment. In the case of the London and San Francisco bank vs. the Willamette Steam Mill, Lumber and Manufacturing company, on motion of Borden & Carhart, solicitors for the complainant, an order confirming the sale of real property was yesterday signed and ordered entered by Judge Wellborn, in the circuit court.
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New Trial for Bank Officers Alleged to Have Used the Bank's Funds in Speculation. Kansas City, Nov. 25.-The jury in the United States district court trying D. V. Rieger, an expert, and Robert D. Covington, ex-cashier of the failed Missouri national bank, on indictments charging embezzlement and application of funds, have disagreed. A new trial will be set for the April term of court. Reiger and Covington were indicted on three counts embracing embezzlement, abstraction and willful misapplication of the moneys and credits of the bank. When National Bank Examiner Foreman took charge, he had E. P. Moxey expert the books. Moxey was principal witness for the government. He attempted to show how thousands of dollars had been used by Rejger and Covington to support an enterprise in which they were interested. The receiver has been able to pay but a small dividend. Since the failure, Rieger and Covington have been engaged in the insurance business at Springfield, Ill.