Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-20
LACK OF READY CASH
Compels the American National Bank
Of Kansas City to Suspend.
In CHARGE OF THE EXAMINER.
Its Troubles Cause a Heavy Run Upon a
Savings Bank.
LATTER's DEPOSITORS RAPIDLY PAID

KANSAS CITY, Jan. 19.-The American
National Bank of this city was taken in
charge this morning by F. f. Marshall,
National Bank Examiner for the State of
Missouri.
The capital stock of the bank is 81, $780,
600. No statement of liabilities or assets
can be obtained. Examiner Marshall said
this morning: "There is absolutely moth
ing to say except that the bank is in my
charge"
During the early part of last week it be-
came known to the members of the Kansas
City Clearing House Association that the
American National Bank was In need OF
assistance. A meeting of the association
was called, at which a resolution was
adopted assuring the American National
Bank that, upon a proper showing. assist
ance would be rendered to the amount OF
81 200, 900 or more A committee consisting
OF MesSrs. Whitten Mcdonald, President of
the Midland National Bank; DR.. w. S.
Woods, President of the National Bank of
Commerce, and T. P. Neal, President o the
Union National Bank, were appointed to be
IN readiness to act for the Association.
The ColIaterals Not Sufficient.
Friday evening h. P. Simpson, Presi-
dent of the American National Bank, re.
quested conference with the committee.
The conference resulted in recommended
tion that the association render the
American National Bank assistance. At a
meeting of the Clearing House Association
on Saturday evening the committee was in
structed to examine the security offered by
the American National Bank and ascertain
the amount of money needed. Yesterday
the committee, calling TO its assistance
amined the collaterals offered as securities
ior 81, 900, 900 or more, which the association
agreed to loan.
The committee reported to a meeting of
the association last night that the collaterals
offered by the American National were not
such as the banks of the association would
accept This decision made the failure of
the bank inevitable, and the National Bank
Examiner thereupon assumed charge of the
banks affairs.
Uneasiness Among the Banks.
AS a result of the failure OF the Ameri-
can National Bank to-day great deal of
uueasiness has been created among the
depositors OF the Kansas City Safe and
Savings Deposit Bank which is in the same
building with the American National Bank
and is supposed by many to be connected
with 1t, and there is Tremendous run on
that institution. The sidewalk is blocked
end the doors of the bank are crowded with
depositors anxious to recover their hard
earned savings.
The bank is paving all depositors
promptly, and the officials claim that they
can meet all obligations. The bank is in no
way connected with the American National.
1t is the largest savings bank IN the State,
and the officers are the most careful and con-
servative business men of the CITY. Later
on the run ceased.
The deposits of the American National
Bank are about $1,000, 600. Since Oc-
tober l last the deposits have decreased
from over 81, 900, 600 to the present
amount. 1t is ascertained that the bank
owes over $500, 900 borrowed money. A gen
tIeman who is in position to know the con-
dition of the other national banks of this
city, says this morning that they are in en-
unusually good condition, and would not be
materially affected by the failure.
Much Surprise in New York.
The announcement in New York to-
day that the American National
bank of Kansas City had been taken in
charge by the bank examiner caused a de-
cided surprise in banking and financial cir
cles here as the bank WAS considered sol
vent. President Williams of the Chemical
bank, one of the correspondents here of the
American National Bank said that his bank
W as abundantly secuEed against anv loss
At the Seaboard National Bank and the
United States National Bank the other two
correspondents here of the American
National Bank it was said that the Kansas
bank did not owe them money.
A dispatch from Washington says that
Controller Lacey expresses the opinion
that the banks Liabilities exec ed 81 ,O0O, ,OO0
which is $3.50, 900 less than its capital STOCK