The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-03-19
WESTERN BANK FAILS.
Tho National Bank OF Kansas City
Forced to Closo itn Doors.
ONE OF THE STRONGEST BNNKS
In tho Wost, Il was Forced TO Susncnd
During tho Panic OF iSD3-Ycstcr.
days Suspension was Caused by n
Withdrawal OF DcpoSltG-prcsidcnt
Chicks Statcmcnt-Tho Creditors
will DO Paid In Full.

assols estimated Mt Sl.SSO,OOO and lia.
bilitics Of Sl,050,0OO. tho National Bank
OF kansaH City, nt Fifth and Delaware
streets, suspended this morning, and
will liquidato aud 60 ou. OF business.
At tho usual hour OF opening tho ba nix
$3.50 o'clock this morning, the following
notices woro posted on tho door:
To Dcpoii'0r'
Tho directors and stockholders OF this
bank have decided to discontinue busi-
ness. All deposits will be paid in full.
(Signed) J. s. CnuCK,
President.
A second notice road:
10 lIhOal II Nay Concern:
This bank is in the hands of the
undersigned.
(Signod) G. W. GALUREATH,
Comptroller OF tho Currency.
The announcements caused no ex.
element a small crowd gathered
about tho bank. but it soon dwlndled
away to half dozen louugers, and m
occasional passcr.by would read the no.
tices. say "fhat's too bad," and pass on.
Stockholders or dopostors called occa.
sionally and most OF them were ad-
mitted. In almost every case they
would walk TO tho desk and shake hands
with President Chick, who in fOw
words would explain tho situation. Ills
explanation was in every case satisfac-
tory. There was no loud talk and no
uniavorabl0 comments wero made.
Since tho publication OF tho banks
statement on March 5 depositors have
been withdrawing their deposits, and
on Saturday evening it was apparent to
the officers OF tho bank that they could
not carry on tho business through to-
day unleis tho clearing house came to
their assistance with loan. A meet
ing OF the Clearing House Association
was called for yesterday, which was at-
tended by the directors OF the National
Bank OF Kansas City.
President Chick said: Saturday we
paid out over 100000 and saw that we
could not meet the demand this morn
ing unless something was done. Some
OF the banks were anxious TO help us,
but the feeling was not general and We
consequently declined assistance. The
Bank OF Com nerce offered to help us,
but We had decided to suspend SO as to
pay Rll depositors alike, and no one per-
son will have an advantage. Every de-
posior will be paid in full, and no one
will loso cent. We will endcayor to
hit settlement. Just rs soon as possible.
The current opinion expressed among
bankers and other men fixes tho mouut
that will be realized by tho stockhold-
ors at from 50 to 10 per cent OF their
holdings OF stock. Tho principal stock.
holders were in the directory.
The bank is the Oldest financial ins;i.
tuition in the city, having been estab.
lishod by Messrs. J. II. and W. II. Chick
before the war. Until the panic OF 1893
it was ranked US one OF the strongest
banks in the west. In July. 1895, it
succumbed TO run and temporarily
closed its doora.
Although tho capital was reduced
and the stockholders paid i'll 80 per
cent assessment in the reorganization.
the institution has never recovered
from tho blow it received at that time,
and its suspension now Is directly at
tributed TO that suspension.
The officers OF the bank are closeted
with several OF the heavy dcpositors at
this time. Misunderstood thatit is the in.
tention to wind up the affairs OF the in
sti.ution and retire from business.
President J. S. Chick says that the
suspension is merely in liquidation ami
tha. not n depositor will lose cent.
Since March tho dcposi;ors have been
drawing out, and they considered tho
statement very untavorablc. On Satur.
day over $4,000 was withdrawn and
tho officers saw that II tho run con Tin
nod they would not bo able to continue
payment today. The 70 is no probabil-
ity that any OF the other banks will DO
effected i'll any way. While there was
considerable excitement when tho sus-
pension was first made public. yet there
is the best OF icoling among depositors,
for the officers report OF tho
following figures show tho falling
of in tho banks business
since the panic OF 1893. On July
IL, 1895. the total deposits were 81, $780,
900; February %. 1891, SLIT. 900;
March 5, 1894, 100000. Tho total do.
posi,s to-day aggregated 100000.
At tho other banks the suspension
was regarded as an unfortunate affair,
which will havo no direct effect except
to increase tho business OF NIL tho other
banks. In banking circles the weak.
cned condition OF tho bank had boon
known Tor long timc. and tho action
OF tho directors in deciding on suspou.
sion was no surprise. Thoro wore no
indications OF run at any OF tho other
institutions.
a Gambling Trnu,nctIon