| Show FAILURE AT KAiTSAS CITY One of the Strongest National Banks of That City Closed CAUSE OF THE FAILURE I A Steady Withdrawal of Deposits for Some Time Past sets Aro Double the Liabilities Tho 1Jknl Forced to Quit Just ITivo 31m ute Before Closing Time Help from the Clearing House KANSAS CITY Mo July 14The National Na-tional Bank ofY ms City suspended payment this aft J and is now in the hands of the co nrolior if the currency The assets T T csident o S Chick said I I < will be betwe 2an > OOT and 53000000 i and liabilities 1 > tween f1 I JOOO and1000 000 He is conhutjr wapositors will be paId dollar for dollar lresident Chick said the suspension was due t the steady Withdrawal of deposits de-posits since the beginning of the financial finan-cial stringency We began to lose deposits de-posits early in May he said and the demand on us went along until tho fail ure of the Savings bank last Tuesday and every day since then the withdrawals of deposits have been heavier We thought k ve could get through today L hut we were I i lorced to quit just live minutes oeiore Ul r usual time Last night we asked the clearinghouse clearing-house for help and that fact was telegraphed tele-graphed to creditors and depositors out of town and caused the run to be heavier We asked for ample aid from the clearinghouse clearing-house and this morning we received 35030 Orders for currency came in so heavily however that we could not possibly pos-sibly fill them Four of the other national banks in this city publish tonight a report of their con litionst the close of business on July 12 and all of them being exceptionally favorable are expected t allay in a great measure the uneasiness caused by todays failure i The National bank of Kansas City had 1 capital stock of gl003000 The last statement on May 4 showed a surplus lund of 5200000 and undivided profits of 24660 It has outstanding in loans about 3500000 As b result of the failure of the National Bank of Kansas City today the Franklin savings bank this evening male an assignment as-signment for the benefit ol its creditors The latter bank cleared through the Kansas Kan-sas City National and considerable of its I money is tied up in the latters failure The bank carried a line of deposits amounting now only to 553000 Assets considerably in excess of that sum |
