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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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in Kansas Closed City Kansas City, Nov. The Federal Trust company Kansas City, with deposits about $2,000,000, was closed late yesterby the board of governors who voted place the institution the hands state finance sioner. Heavy runs by depositors in the last two weeks caused move, Laughlin, president, declared. said the board believed the positors amply protected. company did general business.
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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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Over Night Features (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. Apple and orange used by teachto demonstrate roundness of earth to abdicate to motion picture films in process of proparedness by Eastman Kodak Co., at Rochester, N. Y., for use in public schools. Leading Republicans of the House Ways and Means committ give only qualified approval to administration's proposal for a rebate of 1926 taxes. Presiden and Mrs. Coolidge return to Washington from Kansas City, express sorrow at death of Jossph Cannon: Senator Norris, insurgent, who led fight against Cannon, among first to pay tribute to him. Harvard stud council invites Princeton senior council to a complete and frank discussion of the grievances of each university: editor of Princetoniar 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. American ambassador to Mexico In Washington confers with Kellogg: no made of matters discussed but unusual importance is attached to conversa- 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 Princess Martha. sist of Princess Astrid. Impending cold weather causes dirigible Los Angeles enroute '0 Washington to return to Lakehurst Federal Trust Co. of Kansas City with deposits $2,000,000 is closed by board of ernors after heavy runs by depositors. Bandits. who robbed the People's Trust and Savings bank of Laporte. Ind., of $140,000 in cash and securities elude posses. Five ked hold up West Philadelphia bank messenger and escape with $35,000: robbers In Chicago rob bank messenger of $24,000. Witness in Hall-Mills case at Somerville, N. J., testifies that Mrs. Hall did not hear telephone conversation between her husband ant Mrs. Mills the afternoon of the night they were killed.
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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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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.
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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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Federal Trust Co. Closes Its Doors In Kansas City Federal Trust company Kansas City, with deposits of about $2,000,was closed late today by the board who place the institution governors In the hands the state finance Heavy runs, by depositors in the last weeks caused the the He said the believed Trust did general ing business. The state finance department will take the bank Not of the Kansas City the bank reported have lacked $100,000 against for the Kansas City reserve bank think the deposits are said they can be been The state of Missouri and City are depositors. The city the is by $330,000 govin the First ational The debond. by the trust company had been leaning heavily upon the facilithe until, was said, all the eligible paper the been were at slightly in excess of The bank's capital was $200,000 and its surplus $40,000
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Through error The News last evening stated that Louis J. Fortro, sued by James La Tour for $25,000 for alleged enticing away of the latter's wife, was La Tour's brother-inlaw. Fortro is La Tour's father-inlaw. Federal Trust company of Kansas City with deposits approximating $2,000,000 is closed after heavy runs by depositors.
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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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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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RUNS BY DEPOSITORS CLOSE BANK KANSAS Nov. The Federal Trust company of Kansas City, with of about was closed late today by the board of governors who voted to place the institution the hands state finance Heavy runs by depositors in the two caused the Laughlin, president, declared. said board lieved the depositors were amply The trust company did banking business.
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pay to ton cussion the will be glad attend Louis, finds the acts at Ark. German foreign office says Great Britain France verging military hears rumors from Stockholm of Prince Norway and of Princess cold weather causes dirigible turn avoid water in Birger they rival for Federal Trust company of Kansas City, with runs by Bandits who robbed People's and Ind., and masked robbers West up bank and with robbers in Chicago rob bank $24,000. Maid, witness in Hall-Mills Case at Somerville, Hall did not between Mrs. Mills afternoon of the night they killed.
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FEDERAL TRUST CO. DEPOSITORS LOANS BLAMED. $300,000 ProtectedMeet $100,000 State's Hands Today. Trust East bank which has operated the clearing house associa$100,000 meeting items for clearance at the Reserve Bank yesterday. president, man who termed optimist," modest Tenth street door and posted notice: company directors this 12th 1926. about million dollars. approximately the same are safe," the the deposits night. don't see last be otherwise. The bank can operated carefully." OF $300,000 PROTECTED. The trust company was one of the funds, let by bid, of city deposited in the bank city funds However, the funds are $330,000 government deposit the First Jaudon, city director of by "frozen" loans, the FedCompany leaning Trust rediscount facilities the paper the trust had been placed at slightly in Laughlin has been constantly an and recently had his bank as in an improved con- DIRECTORS ASSURE adverse clearings yesterday amounted Mr. termed the bank." He said he had from directors, the small the face large withWhen the directors concurred in clos the Mr. Laughlin office City. The state will be the bank today CLEARING HOUSE YEAR AGO. The Federal Trust Company ceased Items through the clearing year resigning associate member. Mr. Laughlin that under the law bank reserve system his city through the Federal Reserve trust company exempted from rules the clearing house its No unfriendly feeling was marked. but one was the Federal Trust rather apart from other down. banks. CAPITAL $200,000; SURPLUS $40,000 The bank's capital was $200,000 and surplus organization three the FedSavings Trust operated on small scale for two previous. officers of the Federal Trust ComLaughlin, president Harry Warren and secretary secretary. directors: general president Railway Carmen America, listed by the Federal Trust Company director and night he had resigned from the board ago because his absence from the city had prevented personal contact with the trust com- Pointing out the caliber of the directors, Mr. Laughlin declared last night should be possible to reorganize the company. Laughlin came to Kansas City ten form the Bank and Company. bank examiner Kansas later governor the Federal Reserve Bank Mr. by the fact banker more personal mail, majority the carrysalutation his first Midwest Bank and Trust October, with National Reserve Bank, the Huttig The resulting institution, the MidReserve Trust Company, survived No depositors Directors stockholders, however, forfeited investment and suit being against signers million-dolgiven in guarantee of deposits. LAUGHLIN'S FAITH SURVIVED. Laughlin emerged from this optimist, still abounding faith his and in himself. He whelmed personal indebtedThe Laughlin family consists eight children. the former discouraged. assembled creditors and settleeffected. 10 cents the dollar He parted with good wishes the men whom had but some bit their recent debtor afterwards appeared as the active head bank. CIRCUMSTANCES," SOME SAY. victim of circumstances Laughlin his friends That say. sympathetic heart toward the borrower, none deny. desk piled papers. Above harsh warninterruptions, probably heeded by those who note that
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THE MORNING NEWS SUMMARY State department announces replies by signatories of world court protocol to government's inquiry as to acceptability of Senate res. ervations show considerable fusion. President feels that Kan sas City address will bear fruit Apple and orange used by teachers to demonstrate roundness of earth will be used in motion picture films, Eastman Kodak company announces, for use in public schools. Leading Republicans of the House ways and means commit tee give only qualified approval to administration's proposal for a relate on 1926 taxes. President and Mrs. Coolidge return to Washington from Kansas City: express sorrow at death of 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; ed itor of Princetonian believes Princeton will be glad to attend Queen Marie at St. Louis, says she finds the women of America happier than others; acts as god mother at Smackover, Ark. American ambassador to Mexico. in Washington, confers with Secretary Kellogg. No announce ment made of matters discussed. but unusual importance is attached to conversations. German foreign office says Germany, Great Britain and France are verging on dispute regarding military establishments in Ger many. London hears rumors from Stockholm of impending engage. ment of Crown Prince Olav of Norway and Princess Martha, sister of Princess Astrid of Belgium. Impending cold weather causes dirigible Los Angeles en route to Washington to return to Lake hurst. Federal Trust company of Kan sas City with deposits approximating $2,000,000. is closed by board of governors after heavy runs by depositors. Bandits who robbed the Peo ples Trust and Savings bank of Laporte, Ind., of $140,000 in cash and securities. elude posses Five masked robbers hold up West Philadelphia bank messen ger and escape with $35,000: shot gun robbers in Chicago rob bank messenger of $24,000. Witness in Hall-Mills case at Somery ille. N. J., testifies that Mrs. Hall did not hear telephone conversations between her hus band and Mrs. Mills the after noon of the night they were that a Sunday baseball bill would be presented to the next legislature and that he was confident it would pass. Dartmouth's track prospects look brighter than for several seasons, with indications that the college may produce the intercollegiate hurglles cham pion. Monty Wells, 28, has shattered the college records in both the 60-yard and 120 yard hurdles formerly held by Earl Thompson. Coach Cohn also has much excellent material available for other track and field events. Fencing is growing in popularity with the Dartmouth boys. Sixty men answered the call for candidates for the fencing team, most of them from the lower classes. The biggest preparatory school foot ball contest of the east is scheduled for to-day when Exeter and Andover traditional rivals, clash at Andover
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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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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.
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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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Kansas City Bank Closes Doors With Million Deposits KANSAS CITY. Mo., Nov. 12. (United News)- The Federal Trust company of Kansas City with deposits of about $2,000,000. was closed today by the board of gov. ernors 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, be said, were amply protected. The bank's capital was $200,000 and the surplus was $47,921.50. according to the last statement which further showed the bank owed the federal reserve bank $310,469.15. while other bills were listed at $100,000. Large withdrawals were made at the bank today. and It was estimated that the institution was unable to meet its obligations by
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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.