Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1905-09-29
BANK CLOSES DOORS.
State Institution at Kansas City Goes
Into Voluntary Liqui-
dation.

KANSAS CITY, Mo. Sept. 25.-The
Kansas City State bank, Wiley o. Cox,
president, failed to open its doors today,
having gone into voluntary liquidation.
The bank had loaned $1GS.0OO to the
Bank of Salmon and Salmon at Clin
ton, O., which failed last July, catching
depOsitors for several hundred thousand
dollars.
The Kansas City State bank was or
ganized in 1888 and had capital of
100000 The last statement showed
loans Of $4,000.000; deposits. $4,750,000;
surplus, $4,000.
Ihe following notice was posted on
the door at the opening hour today:
This bank has gone into voluntary liqui
dation through the Fidelity Trust company.
Checks drawn against the bank will be
paid on presentation the Fidelity Trust
company ct Ninth and Walnut streets.
WILEY o. COX, President
The Fidelity Trust company, which is
capitalized at 81, 100000, is considered
one of the strongest banking institutions
in the southwest.
The Kansas City State bank holds
$J6I 900 of the city's money.
Wiley O. Cox, presid lent of the Kan
sas City State bank, is one of the best
known men in Missouri, where he has
lived since 1868. In 1872 he was a
clerk in the First National bank at
Springfield, Mo, coming to Kansas City
in 1881. He organized the Kansas City
served as president. In 1896 he bought
the Kansas City Times, a venture that
did not prove successful, and in 1899,
he sold the paper.
President Cox Issues Statement.
President Cox made the following
statement:
THE retirement of the Kansas City
State bank from active business is vol
untary. Our business has not been grow
ing for some time, and we found it hard
to hold our own with the larger institu
tons. In fact, it looks as if the bank
ing business, as we'll as all other lines is
concentrating into the larger ones.
The condition of the business was
thoroughly gone over by the board of
directors, and the conclusion was reached
that it was not prospecting as it ought to
do in order to be profitable, and it was
decided to go into voluntary liquidation.
One plan which might have been adopted
was to do our own liquidating, paying
depOSitOrs on demand, and taking on no
new business. This would have proved
very expensive.
Fidelity Trust Is Chosen.
Accordingly negotiations looking to
the liquidation of the business through
some other active banking institution
were begun and have resulted in the con-
summation of an entirely satisfactory
form, whereby the Fidelity Trust COM
pany. enc of our strongest banking
houses, has taken over the business OF
the bank and is paying our depositors,
in the ordinary way, on demand, the
same as we would be doing if still run
ming.
ION retiring from the banking bust
ness, for the present, after an active
career of many years, l cannot help feel
ing extremely proud that no depositor
however failed to have his checks hon
ored and paid on presentation at any
bank with which | have been con-
nected."
City Money Not Withdrawn.
The Fidelity Trust company volun-
teered to pay the city treasurer the
amount of the city's funds on deposit in
the Kansas City State bauk. but the
money was not withdrawn.