The herald., 1895-03-19
EANK CLOSED ITS DOORS
A Concern 10 Kansas City That Went
To the Wall
rhe Liabilities Amounted to Over . Million
Dollars and the Assets Were
Not Equal

,msas City. Mo-. March 1s.-With as
~. estimated at 81, $50. 600 and liabilities
N . M. 900. the National Bank Of Kan
,'ity. at Fifth and Delaware streets,
ended this morning and will liqui-
i.v ami 60 out OF business. At the usual
h. ur Of opening the bank. $3.50 a. M.
l.. c's Of closing were posted on the doors.
T ,c,u announcements caused no excite
m ne. A small crowd gathered about the
b i,< but it soon dwindled away to half
a lnz N loungers and an occasional passer
~ would read the notices and pass on.
Stockholders or depOsitors called occa-
ua.ly and most of them were admitted.
IL almost every case they would walk to
tis uesk and shake hands with President
Chick, who. in few words. would ex-
hin the situation. His explanation was
m every case satisfactory. There was no
loud talk and no unfavorable comment.
Since the publication OF the banks state
ment on March 9th depositors have been
withdrawing their deposits, and on Satur-
GERS Of the bank that they could not carry
on business through today unless the
clearing house came to their assistance
with loan. A meeting of the Clearing
House Association was called for yeste-
day. which was attended by the directors
OF the NaJlOnal Da0k Oh AduSdS. ITeSl-
dent Chick said:
1--WE paid out over $50. 600 and saw that
we could not meet the demand this morn
ing unless something was done. We
needed about $500. 600 70 put us in good
standing. Some of the banks were anx-
ious to help us. but the feeling. was not
assistance. The Bank Of Commerce
offered to help us, but we had decided to
suspend so as to pay all depositors alike,
and no person will have an advantage.
Every depositor will be paid in full and
no one will lose cent. We will endeavor
to have settlement just as soon as posi-
ble."
A prominent member of the Kansas
City Clearing House Association said:
tsThe liquidation of the National Bank
Of Kansas City Gin no wise aaffects the
other banks of this city. That the bank
would have to liquidate sooner or later
the bank failei on July 15, 1898. during
the panic. it was doubtful then whether or
not it would reopen again.
1.-The probable assets of the bank are
close to 81, 600, 900, but owing to the fact
that much of this is represented by paper,
and real estate, it will be very slow OF
collection. In fact the closing of the bank
nan hardly be termed failure, but
IMPLY gradual dying out. There is
but little doubt that the depositors will
receive dollar for dollar with interest for
their money although it may be some
bime before they will get their pay"
The current opinion expressed among
bankers and others who have information
3n the matter fixes the amount that will
be realized by stockholders at from Is to
40 per cent on their holdings of stock.
Cashier Rule of the Bank of Commerce
saiJ that kilograms had been sent out by
his bank to the country banks who have
hooy,- pI1Sf nr IF tho National Ro,E Of
Kansas City, informing them that all
drafts on the suspended bank will be hon.
crea by the National Bank of Commerce.
He is also notifying the wholesale mer-
chants of this city that this bank will
tnfio1 their checks if they SO desire.''