Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1905-09-27
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 it's doors today.
having gone into voluntary liquidation
The bank had loaned $16S,000 to the
Bank of Salmon and Salmon at Gin
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 a capital of
100000. The last statement showed
loans of $4,000.000; deposits. 81 75O, 600;
surplus, $4,000.
The 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 on the Fidelity Trust
company at 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
$o67 900 of the city's money.
Wiley O. Cox, presid ent 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 q
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 well 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 iquidating, paying
depositors on demand, and taking on no
new business. This would have proved
very expensive.
Fidelity Trust Is Chosen.
Accordingly negotiations looking 10
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, one of our strongest bankin :
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
Of foo
ing extremely proud that no depostor
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 voluu-
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 Withdra Wn.