Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-09
THE RECEIVERS REPORT.
Condition Of the City National Bank Of
Kansas CITY,

The first report Of the receiver Of the
City National Bank of Kansas City. Mo-,
which closed it's doors on July 20, 1906 was
received today by the controller of the
currency, and shows the following classifi-
cation Of assets: Good, $849. $40 doubtful.
1851 sos: worthless. ST.. 5s5, and the lia-l-
tiles to be as follows: Individual deposits.
$24O, 917; public. $4,000; certificates Of de-
post. $59, 4S4; due to national banks. $685.
S97; due to other banks and bankers, $780,
500; outstanding drafts, S21. $50; cashiers
checks and certified checks. $11. 767; bills
payable $275; total. $1,19O,057.
MeSsrs Charles A. LOOMS and c. H. Patti
son OF Kansas City called at the control
ler's office today and had long confer
ence with the acting controller in regard to
the proposed organization Of a trust COM
pany at Kansas City to take over the as
sets and assume the liabilities of the City
National Bank. The proposition submitted
was in effect that each depositor and other
sets and assume the liabilities of the City
National Bank to the Bankers Trust Com
pany and to accept. in full payment, one
third thereof in capital stock Of the trust
company and two certificates Of deposit,
bearing interest at per cent per annum,
each for one-third of his claim. payable
March I. 1905, and September l. 1906. re-
spectively. Or in lieu of certificates of de-
post, each creditor to be allowed to main
tain an open account with the trust COM
pdiiy One-tNlFQ OF MS claim until March
]. 1905. and one-third more thereafter.
They were advised that the proposition
could not be entertained In the form pre-
scented; that there were only two plans
which could be considered in connection
with taking this bank out of the hands Of
receiver-frst, for the directors 10 pay
Into the receivers hands cash sufficient to
cover the deficiency in liabilities and the
expenses OF the recefvershfp, and, In addi-
ton thereto, to make good any impairment
OF the banks capital: second, to pay into
The receivers hands an amount OF money
sufficient to pay or the liabilities to depos-
itors and other creditors in full. including
expenses of the receivership.
Upon full compliance with the first con-
dition the assets would be turned over to
the directors and the bank permitted to re-
sumo business.
Upon compliance with the second condi-
ton. a dividend OF 100 per cent would be
declared by the receiver to all depositors
and other creditors and the assets turned
court for liquidation In the interest OF the
stockholders.
AS the second plan would accomplish in
effect the results desired to be attained by
the plan submitted by this committee. but
In more definite and legal manner, the
and confidence of being able to carry 1t
into effect without material delay, and
they were assured that the bank would be
continued In the hands OF Receiver Ames
for reasonable time to give them an OPP
portunity to see what can be done In this
out. 1t will insure the prompt payment OF
all deposltors and other creditors in full,
and enable the controller to turn over the
remaining assets to an agent elected by the
stockholders for liquidation In their inter-
Oats.