Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-28
BANKERS TRUST
CO., KANSAS CITY
Clearing House Declined to Rem.
der Aid and il Closed
Its Doors
TO PROTECT DEPoSIToRS.
Only a Temporary Suspension--It Has
Ample Assets To Meet All
Liabilities

Kansas City oct 23-The Bankers
Trust company Of Kansas CITY, Mo.
with deposits OF $500. 600. closed at
lol5 ,his morning Cashier j. G.
Hughes said that they had decided to
close temporarily because the clear
ing house association had refused 90
extend 20 them the privileges grant
ed the 80 other leading banks here
OF issuing clearing house certificates.
The Bankers Trust company was or
ganized last year. and had capital
stock Of 100000 and a surplus OF
$4,000. IL took over the business
OF The City National bank. which fail
ed ln July 1905. The Bankers Trust
cempany was not a member " the
clearing house and while no run was
experienced at this bank al the oDen-
ing ot business this morning. 10 was
decided that temporary suspension
was necessary TO protect depositOrs
ana stockholders. Cashier Hughes
said that the bank had ample assets
70 meet all liabilities Its foreign
correspondents are the Oriental Bank
Of New York and the Prairies Nation
al bank 1f Chicago.
There was no appearance Of any
INNS Ike run at any Of the other
local banks up TO 1880 o'clock.
Members Of the clearing house as
ISOLATION today advised their CORE
spondcnts IN the southwest by tele-
phone to restrict payments TO deposit
ors Co small amount until tho imam
cial FURRY had passed, and the indica-
tions we're that this advice was general
ly being accepted.
Kansas City. oct. 2s.-The Bankers
Trust company has asked aid of the
clearing house, but IL was declined be-
cause 81 the class Of collateral offered.
James r. Downing OF the clearing
house association, said thas no other
banking institution here had request
ed aid. anu he believed them IN safe
condition.
Kansas City, oct. 2S--The clearing
house yesterday having decided 10 issue
certificates. that action was put into
effect today. Il applies 70 30 princi-al
local banks and trust companies OF this
city. The rule not 70 pay over the
counter cash in excess Of 500 day.
or 5000 a week 20 any one customer an
open account was put into force also
and currency shipments 10 the country
correspondents was stopped temporar-
ily. Trust companies and savings bank
likewise enforced the time rule they
agreeing to pay out not TO exceed $50
"a week
Similar action was taken by the banks
az Kansas City. Kansas and Kansas
city suburbs and At none OF these
places was there any early excitement
The Bankers Trust company was
taken in charge by w. C.. Irwin. who
had been sent here by Secy. Of state
Swanger The bank closed upon the
advice Of Mr. Irwin and IL win be d.
quidated He said the concern had been
planning for several weeks to liquid
ate, and under ordinary conditions
would have been able 20 do so.
a statement Of the condition Of the
Bankers Trust company AT the close
OF business Saturday night last showed
loans and discounts, S65S 101 stocks and
bonds. $3.50 ISL. cash and sight ex-
change. Sl14547, deposits. s79s.245.
There was but 5000 cash on hand
when the bank opened this morning