10278. American National Bank (Kansas City, MO)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 3544
Charter Number: 3544
Start Date: January 17, 1891
Location: Kansas City, Missouri (39.100, -94.579)

Metadata

Model: gpt-5-mini
Short Digest: db7a7846

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Description

Contemporaneous articles report a heavy run (started the weekend of Jan 17–19, 1891), the National Bank Examiner taking charge (suspension) on Jan 19, 1891, and the bank later resuming business on April 1, 1891. Primary immediate cause described as loss of confidence/rumors plus strains from aiding correspondents and eastern money stringency. Clearing-house assistance was sought but collaterals were deemed insufficient; examiner assumed control. No permanent receivership reported; bank reopened.

Events (5)

1. July 29, 1886 Chartered

Source: historical_nic

2. January 17, 1891 Run

Cause: Rumor Or Misinformation
Cause Details: A long-standing 'lack of confidence' and rumors that the bank was unsound (reports gained currency months earlier) produced heavy withdrawals; eastern money stringency and publicity about borrowing/collateral worsened confidence.
Measures: Bank sought Clearing House assistance; negotiated an eastern loan using gilt-edged securities as collateral; requested Clearing House support.
Newspaper Excerpt: there had been a heavy run on the bank and that the situation looked serious.
Source: newspapers

3. January 19, 1891 Suspension

Cause: Rumor Or Misinformation
Cause Details: Continued withdrawals from loss of confidence and inability of Clearing House to agree on loan terms/accept offered collateral forced suspension and examiner takeover.
Newspaper Excerpt: the American National Bank of Kansas City, Mo., was taken in charge this morning by F. E. Marshall, National Bank Examiner for the State of Missouri.
Source: newspapers

4. April 1, 1891 Reopening

Newspaper Excerpt: The American National bank of this city, which failed January 19th, has resumed business. The bank has over $1,725,000 in cash in its vaults.
Source: newspapers

5. July 27, 1907 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (24)

1. January 19, 1891 Evening Star Washington, DC

Article from Evening Star, January 19, 1891

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AN IRREGULAR PRACTICE.-Secretary Windom has informed Secretary Blaine, in regard to the practice of presenting invoices for certification at Paso del Norte. Mexico, covering goods shipped to the United States from other consular districts, that the collector of customs at El Paso, Texas, has been instructed to cooperate with the United States consul at Paso del Norte in enforcing the law upon shippers and carriers on the Mexican Central railroad and putting an end to said irregular practice. IN FAVOR OF THE GOVERNMENT.-The Treasury Department has authorized the free entry of three cases imported at New York addressed to the Secretary of State and containing copies of a volume of the survey of India, intended for the different departments, scientific NOcieties, educational institutions and libraries. As there is no provision of law authorizing the free entry of books for private persons the collector at New York has been instructed to collect duty on copies contained in the cases in question intended for T. W. Wright, civil engineer, Schenectady, N.Y., and Peof. J. E. Hilgard, late of the geodetic survey. To HONOR MR. BANCROFT.--The following order was issued today from the Executive Mansion: The death of George Bancroft, which occurred in the city of Washington on Saturday, January 17. at 3:40 o'clock p.m., removes from among the living one of the most distinguished Americans. As an expression of the public loss and sorrow the flags of all the executive departments at Washington and of the public buildings in the cities through which the funeral party is to pass will be placed at halfmast on tomorrow and until the body of this eminent statesman, scholar and historian shall rest in the state thatgave him to his country and to the world. By direction of the President. E. W. Halford, private secretary. THE KANSAS CITY BANK FAILURE.-Mr. Lacey, controller of the currency, received a telegram this morning from Bank Examiner Marshall announcing the suspension of the American National Bank of Kansas City, Mo. He said that he received word from the examiner Saturday that there had been a heavy run on the bank and that the situation looked serious. He added, however, that he did not think the bank's liabilities exceeded $1,000,000, which is $250,000 less than its capital stock. In reply the controller instructed him to take chai ge of the bank in case the run continued this morning and, judging from the fact that the examiner had taken charge, he supposed it had. The controller mid that while he bad no definite information on the subject he supposed the bank was suffering from its efforts to assist its correspondents in Kansas, four of which had failed during the recent stringency.

2. January 20, 1891 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, January 20, 1891

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culties and will probably assign. Liabilities are between $700,000 and $900,000, chiefly due their bankers. If the house goes down. Lindsay, Gilmour & Co. must follow suit with liabilities of $300,000. The American National Bank of Kansas City, Mo., was taken in charge by the United States Examiner yesterdav. A run on the Savings Bank, occupying the same building, was at once commenced, but all demands were promptly met The National Bank is said to owe over $8,300,000. President Stimson- says the failure was caused by lack of confidence which has pervaded the business world for the past few months. Liabilities, $2,250,000; nominal assets, $500,000.

3. January 20, 1891 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, January 20, 1891

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Inten se cold weather throughout Eur po. r , ident McGrath, of the Kansas Farmers' Alliance has been asked to re-ign on account of the Turner letter, and he declines to do it. A big Alliance brawlis on. The failure of the American National bank at Kansas City has caused a desperate run on the Kansas City safe deposit savings bank. In the Sioux council yesterday the Rosebuds boldly charged that the Ogao as had committed as many crimes as they had themselves. A bad feeling was also engendered by the statement of one chief that he intended to turn over all the Indians to the soldiers as a consequence of their actions. The collection of arms has been very unsatisfactory, only 104 having been given up.

4. January 20, 1891 The Morning News Savannah, GA

Article from The Morning News, January 20, 1891

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A IN BIG BANK TROUBLE. THE OF NATIONAL AMERICAN CITY KANSAS at Its Assets Estimated $3,500,000, its at and Liabilities $2,250,000-Ite from Reduced Deposits $4,200,000 to at of the Time October $1,400,000 Closing. Jan. 19.-The American taken charge KANSAS City, of this city was national bank No National Bank by F. E. Marshall, of Missouri. The of -day for the state is $1,250,000. liabilities of to the members capital obtained. examiner statement stock known of During of its the bank the early House or part assets that the of can week to the be A at it became Clearing of assistance called Kansas City in need was the that bank upon bank was of the association assuring assistance be to would rendered An meeting which a lution proper was showing amount committee of $1,000,vestigation of the association last the by not bank were would accept. association reported 000 or night more. to that the the meeting such colletera as the This offered banks decision of the the of the made bank failure inevitable, and the bank national thereupon examiner of the affairs. charge assumed A ON RUN BANK. ANOTHER of the of the bank failure has been great created the City among Safe and lavings Deposit in the the with same As a deal result of depositors uneasiness of the Bank, Kansas American which in building is to be and by many National supposed is a it, with and tremend The sidewalis institution. the was were bank with depositors is The bank claim ous connected srun blocked on that and the doors anxious paying to recover all de officials The that they in is no bank way their crowded savings. promptly, and all the obligation the the National. American positors can meet connected largest savin its and are ings state officers bank and careful business the niost The Safe Deposit and Tg Bank Savings the bank appearances is of the those men of run the on city. the Kansas City had all plenty day. in of opinion is all bank right CANSAS money, all and to know it that THE the PRESIDENT PRESIdent Stimson CuThorizes of of the The the cause position EXPLA Jan. OF 19, 11 the following failure to Bank have seems of the con been afidence has which world pervaded the few past months. statement: American National indefinite lack the business A rumor that ago some three The bank of conditimento of the and withdrawalith ately, growth the able gained for currency was not deposits in the best follow the unfavor to reports increased 1 an withdrawals Oct. the extent. alarming of bank's showed deposits statement 12 the had Dec. deposits $1,200,000. to and fallen $2,500,000, the house clearing its they were only found The cash night off when estigation,400,000. was time available in This $400,000. decrease of the with the Saturday committee made to aggregate that deposits began money eastern stringeacy the and itself bank found markets to their obliged collatedal gilt-edged securities. FURTHER CONFIDENCE WEAKENED. the rethese When upon drains bank's confiknown, sources became generally was and and dence more more impaired, of was the house finally Clearing meeting or the on called knowledge the of sent Bank, withoutmerican National other assistbanks offered this meeting increased ant causingriday rumors the the and bank for the aid which Saturda-house clearing but and ance, became if public which known, then run applied they to had being offered, organizacorporate a of to tion plan they upon failed agrae the was bank and assistance to close, obliged Stimson President although this have never thought occurred, as the has been bank a solvent To up always business condition. will these times great is no the but there says sacrifice. be will the paid that doubt depositors if the are full, and handled. bac the get large should holders stockhold of their part original THE ASSETS No of of the the lia~ amount statement the and bank bilities has are The made been at the and estimated 2,250,000, of liabilities assets at of The solders stockhold £3,500,000. principal the the bank There seems of to as to be opinion decided to of difference the the house extend to its Clearing of the the that when sethe to-night bank's committee the cerpocket curities tified checks to over association bank. said examine bad in his to be turned should the of the President loan. warrant showingo securities the The securiproved be ties and Insurincient, assistance therefore

5. January 20, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, January 20, 1891

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DOORS CLOSED. Suspension of the American National Bank of Kan as City. KANSAS CITY, Jan. 19.-The National Bank Examiner for Missouri took charge of the American National Bank in this city this morning. The capital stock of the bank is $1,250,000. President Stimson in a public statement says that the cause of the failure of the American National Bank seems to have been the indefinite lack of confidence which pervaded the business world the past few months. A rumor gained currency three months ago that the bank was not in the best condition. The withdrawal of deposits followed immediately, and with the growth of unfavorable reports increased to an alarming extent. On the first of October the bank's statement showed deposits of 19th on off $4,200,000; when to the $2,500,000, Clearing-house December and Committee Saturday they had fallen made night an investigation they aggregated only $1,400,000. The cash available at that time was $100,000. When the bank found itself obliged to negotiate a loan of $800,000 in the East it was compelled to give as collateral gilt-edged securities. When these drains upon the bank's resources became generally known confidence was impaired. The members of the Clearing-house could not agree upon any plan of assistance, and the Bank Exatainer was notified by President Stimson. A Clearing-house meeting was first called without our knowledge, and other banks voluntarily offered us assistance if needed. Unfortunately the meeting became publicly known, causing an increase of rumors, which resulted in a run Friday and Saturday, and We then applied to the Clearinghouse for aid, but they failed to agree on a plan of assistance and we were obliged to close, although, in my opinion, this ought never to have occurred, as the bank has always been solvent. Depositors will be paid in full, and if the assets are properly handled the stockholders should gét back a large part of the original investment. The liabilities are estimated $2,250,000, and assets, nominally, $3,500,000. Other bankers do not anticipate any bad effect on other houses. ASSIGNMENTS OF BUSINESS FIRMS. TOPEKA (Kan.), Jan. 19.-W. Curdy, dry goods merchant. assigned this morning. Liabilities $39,000, assets not known. NEW YORK, Jan. 19.-A Montreal special to the Post says: McLachlen Brothers & Co., one of the largest wholesale dry goods houses in the Dominion, are in financial difficulties, and will probably assign to-day. Their liabilities are between $700,000 and $900,000. LOUISVILLE, Jan. -Von Borries & Co., wholesale clothiers, have assigned. The liabilities are $150,000 and the assets the same.

6. January 20, 1891 Evening Journal Wilmington, DE

Article from Evening Journal, January 20, 1891

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A KANSAS CITY CRASH. The American National Bank Has Gone Under. RUINED BY A CONTINUED RUN Liabilities Very Large-President Stimson Believes That the Bank Was in Good Condition, but Other Financiers Say It Was Ruined by Bad Management. KANSAS CITY, Jan. 20.-The run which was started on the American National bank Saturday was continued yesterday, and in accordance with orders from Mr. Lacey, comptroller of the currency at Washington, F. G. Marshall, national bank examiner for the state of Missouri, took charge of the bank. It is believed that its liabilities will reach $2,250,000; nominal assets, $8,500,000. It was rumored in this city that Secretary Blaine is one of its stockholders to the extent of $30,000. He was interested in the bank when it started, but drew out and loses nothing. All the stockholders are said to be eastern men. President Stimson's Statement. President H. P. Stimson, of the bank, authorized the following statement: "The cause of the failure of the American National bank seems to have been the lack of confidence which has pervaded the business world for the past few months. A rumor gained currency some three months ago that the bank was not in the best condition. The withdrawal of deposits followed immediately, and with the growth of unfavorable reports the withdrawals increased to an alarming extent. "On Oct. 1 the bank's statement showed deposits of $4,200,000. "Dec. 12 the deposits had fallen off to $2,500,000, and Saturday night when the clearing house committee made its investigations they were found to aggregate only $1,400,000. "Cash available at that time was $400.000. This decrease in deposits began with the stringency of the eastern money markets, and when the bank found itself obliged to negotiate a loan of $800,000 in the east it was compelled to give as collateral its gilt edge securities. Confidence Was Impaired. "When these drafts upon the bank's resources became generally known contidence more and more was impaired, and finally a meeting of the clearing house was called, without the consent or the knowledge of the American National. However, at this meeting a resolution was unanimously adopted extending an offer of as sistance. When it became known that the meeting had been held a run on the bank began. Then the bank called on the clearing house to make good its offer. The bank's securities were examined and declared to be sufficient, but the members of the clearing house could not agree as to the amount of loan which each should pay. The discussion of the matter finally closed without any agreement having been reached, and then the bank examiner was notified by President Stimson. Will Be Paid in Full. "Our shinkage was especially great on account of the large volume of country business handled, and this was made more conspieuous by the fact that a few months ago had several large temporary deposits. During the ninety days we collected considerably over a million dollars and paid off deposits amounting to nearly two and a balf millions, or about 60 per cent. of our deposits. 11 "Last Thursday morning we had an ex cellent were p tion for two than showing nearly and continued in months, easier condi- with every prospect of improvement in spite of malicious rumors industriously circulated among our depositors and corr respondents. Ultimately we were obliged to close, although in my opinion this to have as bank N has been a To a times b ought close always never up such involve in business occurred, solvent in these condition. sacrifice, the will necessarily great but there is no doubt that depositors will d be paid in full." Bad Management Charged. One of the thirteen bank presidents who met to devise means for saving the American says that the bank had been run on such risky principles that it would have b been ruined long ago had it not been for the fact that during the recent panicky at ford the get and times while to the let bankers it go. depositors of The the failure city will could probably is complete, not G their in will was inprobably money be time, left. the The other bank creditors le corporated under the national banking laws in August, 1886. Its capital was $1,250. 000, and its shareholders are liable for as much more if necessary. th fi: DARING TRAIN ROBBERS.

7. January 20, 1891 The Sun New York, NY

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BIG BANK FAILURE WEST THE AMERICAN NATIONAL BANK OF KANSAS CITY GOES UNDER. It is Said to Owe Over $800,000 Borrowed Money-The Failure Causes sa Run on so Big Savings Bank-Other Banks Willing to Help Could Get No Good Security. KANSAS 19.-The American National Bank of this city was taken charge of this morning by F. E. Marshal. National Bank Examiner for the State of Missouri. The capital stock of the bank* is $1,250,000. During the early part of last week it became known to the members of the Kansas City Clearing House Association that the American National Bank was in need of assistance. A meeting of the association was called. at which a resolution was adopted assuring the American National Bank that upon a proper showing assistance would be rendered to the amount of $1,000.000 or more. But the collaterals offered by the American National Bank were not such as the banks of the association would accept. This decision made the failure of the bank inevitable and the National Bank Examiner thereupon assumed charge. The deposits of the bank are about $1,200,000. Since Oct. 1 last the deposits have decreased from over $4,000,000 to the present amount. It is ascertained that the bank owes over $800,000 borrowed money. A gentleman who is in a position to know the condition of the other national banks of this city said this morning that they are in an unusually good condition and would not be materiaMy affected by the failure. As a result of the failure a great deal of uneasiness was created to-day among the depositors of the Kansas City Safe and Savings Deposit Bank. which is in the same building with the American National Bank. and is supposed by many to be connected with it. and a tremendous run began on that institution. The sidewalk was blocked. and the doors of the bank were crowded with depositors anxious to recover their hard-earned savings. The bank is paying all depositors promptly. and the officials say that they can meet all obligations. The bank is in no way connected with the American National. It is the largest savings bank in the State. and its officers are the most careful and conservative business men of the city. The run continued all day. At the hour of closing the crowd of depositors waiting their turn to withdraw their deposits was. if anything. larger than in the morning. To all apbearances the bank had plenty of money. and it is the general opinion of those in a position to know that the bank is all right and there is no occasion for the scare. President Stimson late this afternoon sent the following to the newspapers: Will you kindly permit me to reply briefly to the many inquiries made as to the immediate cause of the closing this morning of the American National Bank of this city, of which I was the President. The bank naturally experienced a heavy shrinkage in business and deposits during the recent long-continued and almost unprecedented stringency. Our shrinkage was especially great on account of the large volume of country business handled. and this was made more conspicuous by the fact that a few months ago we had several large temporary deposits. During the ninety days we collected considerably over $1,000,000 and paid out de-

8. January 20, 1891 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, January 20, 1891

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LACK OF READY CASH Compels the American National Bank of Kansas City to Suspend. IN CHARGE OF THE EXAMINER. Its Troubles Cause a Heavy Run Upon a Savings Bank. LATTER'S DEPOSITORS RAPIDLY PAID KANSAS CITY, Jan. 19.-The American National Bank of this city was taken in charge this morning by F. F. Marshall, National Bank Examiner for the State of Missouri. The capital stock of the bank is $1,250,000. No statement of liabilities or assets can be obtained. Examiner Marshall said this morning: "There is absolutely nothing to say except that the bank is in my charge." During the early part of last week it became known to the members of the Kansas City Clearing House Association that the American National Bank was in need of assistance. A meeting of the association was called, at which a resolution was adopted assuring the American National Bank that, upon a proper showing, assistance would be rendered to the amount of $1,000,000 or more. A committee consisting of Messrs. Whitten McDonald, President of the Midland National Bank; Dr. W. S. Woods, President of the National Bank of Commerce, and F. P. Neal, President o the Union National Bank, were appointed to be in readiuess to act for the Association. The Collaterals Not Sufficient. Friday evening H. P. Stimpson, President of the American National Bank, requested a conference with the committee. The conference resulted in a recommendation that the association render the American National Bank assistance. At a meeting of the Clearing House Association on Saturday evening the committee was instructed to examine the security offered by the American National Bank and ascertain the amount of money needed. Yesterday the committee, calling to its assistance National Bank Examiner Marshall, examined the collaterals offered as securities for $1,000,000 or more, which the association agreed to loan. The committee reported to a meeting of the association last night that the collaterals offered by the American National were not such as the banks of the association would accept. This decision made the failure of the bank inevitable, and the National Bank Examiner thereupon assumed charge of the bank's affairs. Uneasiness Among the Banks. As a result of the failure of the American National Bank to-day a great deal of uneasiness has been created among the depositors of the Kansas City Safe and Savings Deposit Bank which is in the same building with the American National Bank and is supposed by many to be connected with it, and there is a tremendous run on that institution. The sidewalk is blocked and the doors of the bank are crowded with depositors anxious to recover their hardearned savings. The bank is paving all depositors promptly, and the officials claim that they can meet all obligations. The bank is in no way connected with the American National. It is the largest savings bank in the State, and the officers are the most careful and conservative business men of the city. Later on the run ceased. The deposits of the American National Bank are about $1,200,000. Since October 1 last the deposits have decreased from over $4,000,000 to the present amount. It is ascertained that the bank owes over $800,000 borrowed money. A gentleman who is in a position to know the condition of the other national banks of this city, says this morning that they are in an unusually good condition, and would not be materially affected by the failure. Much Surprise in New York. The announcement in New York today that the American National bank of Kansas City had been taken in charge by the bank examiner caused a decided surprise in banking and financial circles here as the bank was considered solvent. President Williams of the Chemical bank, one of the correspondents here of the American National Bank said that his bank was abundantly secured against any loss. At the Seaboard National Bank and the United States National Bank the other two correspondents here of the American National Bank it was said that the Kansas bank did not owe them money. A dispatch from Washington says that Controller Lacey expresses the opinion that the bank's liabilities exceed $1,000,000, which is $250,000 less than its capital siock.

9. January 20, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, January 20, 1891

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BEARS TAKE CHARGE. CHICAGO, Jan. 19.-Bear news, bear markets and bull acquiescence in the downward direction of prices by a wholesale abandonment of their holdings were the features of the day's business on the board. The wheat market opened very weak and at a decline for May of 5/8C since Saturday, the bulk of the first transactions taking place at 943/4c. There were rumored sales of a few 5,000-bu lots in the turmoil at the start at 947/8C, and even 95c was said to have been paid. The principal cause of the opening weakness was the report of the collapse of the American National Bank of Kansas City, and a run in progress upon the Kansas City Savings bank. The first decline in prices was arrested at 941/2c, the reaction which followed carrying the market up to 9434@947/8c for May, and the subsequent important fluctuations. on the decline were 943/sc, 947/8c, 941/4c. 9434.-937s@94c, 941/8c, 933/4c. There were a few transactions at 935/8C for May, but there was no general trading under 9334c; the market was without recuperative energy. The corn market was weak at the opening. After selling at 505/sc there was a momentary reaction to 51½c, and afterward weakness was the rule to the close. The decline stopped at 501/2c The fluctuations were frequent, but narrow. The provision market sold off immediately that trading commenced, the grain commission men being free sellers. The packers were sellers also. although hogs were reported to be selling well at the yards at 10c to 15c advance. There were reactions on the decline. but heaviness was the prevailing appearance of the pit. Pardridge was a seller of ribs as of everything else on the floor in which speculation was active. Pork at the close showed a decline compared with the closing quotation on Saturday of 71/2C to 10c: lard lost 242C on the same comparison, and ribs from 242C to 5c. The leading futures ranged as follows:

10. January 21, 1891 New-York Tribune New York, NY

Article from New-York Tribune, January 21, 1891

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THE KANSAS CITY BANK FAILURE. IT CAUSES ANOTHER INSTITUTION TO CLOSE ITS DOORS-THE RUN ON THE SAVINGS BANK MODERATING Kansas City, Mo., Jan. 20.-Pank Examiner J. F. Marshall. with a large corps of assistants, was busy to-day examining the condition of the American National Bank, which suspended yesterday. He declined to make any statement concerning the bank's affairs, and said his report to the Controller would probably not be made for three weeks. There is some talk of the bank's resuming business. President Stimson says that if the stockholders care to repair the impatred capital of the bank. he sees nothing to prevent resumption. The stock of the bank was held principally in the East. and inasmuch as the depositors will probably be paid in full, the effect upon local business men will be slight. A dispatch to "The Star" from Atchison, Kan., says: "The Bank of Downs, at Downs, Mitchell County, closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained." The run which was begun on the Kansas City Safe Deposit and Savings Bank yesterday, continued to-day. As early as 7 o'clock this morning fully 250 people were standing in line in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock, the crowd was as large as at any time yes terday. and there was a wild rush for the paying teller's counter. As the day wore away a feeling of contidence began to appear among the weary depositors, and at noon many had dropped out of line, having decided to leave their money with the bank. When the hour of closing approached the crowd had thinned out measure ably. It is believed now that the backbone of the run has been broken. and that in a day or two complete confidence will be restored. In the two days during which the run has been made. about $60,000 has been withdrawn from the bank. The officials of the bank say they are amply able to meet demands on sight. The failure of the American National Bank was not wholly unexpected in this city. Bankers had been growing cautious in view of the extent to which the Southwestern land speculations had been carried. and their own necessities in last December prevented the far Western institutions from securing relief from seaboard. There was no new word here as to the the condition of the bank, and the city correspondents are believed to be well protected. George G. Williams, president of the Chemical National Bank, one of the correspondents, said yesterday that lie believed the depositors of the Western bank would be paid in full. From all that he had heard. he said, President Stimson was a man of integrity and the deposits had been reduced so much that there should be a successful liquidation of the affairs. He thought that Mr. Stimson's published statement was a clear exposition of the situation.

11. January 21, 1891 The Semi-Weekly Tribune Great Falls, MT

Article from The Semi-Weekly Tribune, January 21, 1891

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KANSAS CITY BANK FAILURE. The American National Suspends With Liabilities of $3,250,000. KANSAS CITY, Jan. 19.-The American National bank of this city was taken charge of this morning by F. E. Marshall, national bank examiner for the state of Missouri. The capital stock of the bank 18 $1,250,000. President Stimson authorized the following statement: The cause of the failure of the American National bank seems to have been indefinite lack of confidence which has pervaded the business world for the past few months. The rumor gained currency some three months ago that the bank was not in the best condition. Withdrawal of deposits followed immediately and with the growth of unfavorable reports withdrawals increased to an alarming extent. On the first of October the bank's statenent showed deposits had fallen off to $2,500,000, and Saturday night when the clearing house committee made its investigation there were found to aggregate only $1,400,000. The cash available at that time was $400,000. This decrease in deposits began with the stringency of eastern money markets and when the bank found itself obliged to negotiate a lone of $800,00 at least it was compelled to give as collateral their gilt-edged securities. When these drains upon the banks resources became generally known confidence was more and more impaired and finally a meeting of the clearing house was called, without the consent or knowledge of the bank. However, at the meeting a resolution was unanimously adopted extending an offer of assistance. When it became known the meeting had been held a run on the bank began extending over last Friday and Saturday. Then the bank called on the clearing house to make good its offer. A meeting was called last night. The bank's securities were examined and declared to be sufficient, but members of the clearing house could not agree, as to proportion of the whole amount of loan which each should pay. The discussion finally closed without any agreement having been reached and then the bank examiner was notified by president Stimson. No statement of assets and liabilities of the bank has been made. It IS estimated at $3,250,000 liabilities, $3,500,000, nominal assets. The principal stockholders of the bank reside in the east.

12. January 21, 1891 Telegram-Herald Grand Rapids, MI

Article from Telegram-Herald, January 21, 1891

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The Bank May Resume. KANSAS CITY, Mo., Jan. 20.-Bank examiner Marshal, dechned to make any statement concerning the affairs of the American National bank which suspended yesterday. There is some talk of the bank resuming business. President Stimson says if the stock. holders can repair the impaired capital of the bank, he sees nothing to prevent its resumition.

13. January 22, 1891 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, January 22, 1891

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KANSAS CITY, Mo, Jan. 21.-While the run inauguarted on the Kansas City Safe Deposit and Savings Bank last Monday morning continued this morning, the indications that the end is near are very strong. At the hour of opening there were not over 125 persons standing in line. Since then the line has decreased very materially. This, taken in connection with the fact that the bank bad over $900,000 in deposits on Monday morning, and that less than $70,000 has been paid out, shows that there is a strong undertone of con fidence among the depositors. There is nothing new this morning in connection with the American National Bank fuilure,

14. January 22, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, January 22, 1891

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FINANCIAL REVERSES. Aftermath of the American National Bank Failure. ATCHISON, Kan., Jan. 21.-The Cawker City State bank has failed and is in the hands of a receiver. The liabilities and assets cannot be ascertained. This makes the third bank in Mitchell county that has failed this week, and the fourth within a week. NEW YORK, Jan. 21.-The property in this state of the American National Bank of Kansas City, Mo., has been attached by order of the supreme court in an action brought by the Bowery Savings bank to recover $429.

15. January 23, 1891 The Big Stone Post Big Stone Gap, VA

Article from The Big Stone Post, January 23, 1891

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BANK FAILURE. The American National Bank of Kansas City Closes Its Doors-Depositors Will be Paid in Full. KANSAS City, Mo., Jan. 22-The American National Bank of this city has suspended. The bank had a capital of $1,250000 and was a member of the Kansas City Clearing House, and carried on a special department for bank and mercantile collections. Its surplus was $500,000 and undivided profits 70,000. The national bank examiner of this State has taken charge of the affairs of the bank. The bank had made a heavy loan. and was not able to get enough money in to meet the demands of the depositors. A loan of one million dollars was asked from the Clearing House and was refused by the committee, which was in session yesterday and until four o'clock this morning. The depositors will probably not lose anything, as the stockholders are liable for twice the amount of the bank's capital. It has loans and discounts amounting to $3,000,000 and a surplus of over $300,000. The deposits amount to about $2,000,000. The failure to open its doors this morning caused a run on the Kansas City Safe, Deposit and Savings Bank in the same building, and the entrance to the building and streets surrounding were crowded by a great throng. This bank has SO far paid everybody, and it is believed it will tide through the day.

16. January 25, 1891 New-York Tribune New York, NY

Article from New-York Tribune, January 25, 1891

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A NUMBER OF ATTACHMENTS. Judge Newburger, of the City Court, has appointed Louis Grunhut receiver of Antonio Gallo, builder, of One-hundredand-twelfth-st. near Lenox-ave., on the application of Randolph W. Townsend, a judgment creditor. His latest operation, it is said, was building two flats to cost $18,000 each, in One-hundred-and-sixth-st. west of Eighth-ave., the lots costing $21,000, all on mortgage. Judge Beach, of the Court of Common Pleas, has appointed Armour C. Anderson receiver for John E. Walsh, stevedore, who lives at No. 30 Charlton-st., on the application of Robert E. Walsh. John E. Walsh was formerly in business on his own account, but is now in the employ of his brother. His property consists of thirteen acres of land at Pallaskenny, Limerick, Ireland and some notes of Richard M. Watson, over which there is a lawsuit. He formerly had a Government contract for work at Hoffman Island, the price being $36,000, but he claims he made no money out of it. Another attachment has been issued against the suspended American National bank of Kansas City by Judge Lawrence of the Supreme Court, for $2,222, in favor of Horace B. Ball. Deputy Sheriff Fox has taken possession of the store of Saul Frey, dealer in trunks, at No. 158 East Onehundred-and-twenty-flfth-st., on executions for $1,127. He was in business for seven years at No. 656 Third-ave., and opened in One-hundred-and-twenty-fifch-st in May, 188.. Deputy Sheriff Carraher has taken possession of the office of the Martime Reporter Publishing Company, which publishes "The Scaboard" at No. 19 Barelay-st., on an execution for $1,395, in favor of Charles R. Smith. The company was incorporated in January, 1885, with a capital stock of $4,000. Assignee Lincoln, of the firm of John F. Plummer & Co., drygoods merchants, has ordered the sale at auction on February 4, at the Real Estate Exchange, by Peter F. Meyer, of a lot of stocks and bonds belonging to the late firm, and to Mr. Plummer individually. They consist of 3,500 shares of the Coinstock Tunnel Company, 6 bonds of the Comstock Tunnel Company, 5 bonds of the Riding Club, 5 second mortgage bonds on Nother wood Hotel property, 5 shares in the Union and Middl sex Counties Mutual Agricultural Association, 47 shares in the Yaryan Company, and a certificate of deposit for 223 shares Julien Electric Traction Company. Judge Lawrence has granted an attachment against J. Ensign Fuller, formerly president of the Consolidated Re. frigerating Company, for $3,000, in favor of John Glass, who alleges that Fuller induced him to buy 100 shares of the company's stock at $36 a share by misrepresentation. the stock, it is claimed, having no value

17. January 29, 1891 Thomas County Cat Colby, KS

Article from Thomas County Cat, January 29, 1891

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American National Failure. KANSAS CITY, Mo.-The failure of the American National bank was caused by distrust. For weeks there have been rumors to the effect that the bank was unsafe. The quarterly statement made by the American National October 2 showed that it had nearly $4,200,000 on deposit. The distrust caused by the failures in the east added to reports set in circulation adverse to the bank caused its deposits to fall off $1,800,000 between the statement of October 2 and that of December 13. The deposits on December 19 were shown by the statement of that date to have been about $2,500,000. More than half of these were drawn out up to last Saturday night, when there remained $1,200,000, offset by cash and sight exchange to the amount of $400,000. The liabilities this morning are fixed at $3,500,000. The assets $2,250,000. The run which was begun on the Kansas City Safe Deposit and Savings bank continues to-day. As early as 7 o'clock there was a long line of depositors in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock there were more than 200 people in the line, and there was a rush for the paying teliers counter. Every one is paid as fast as their accounts can be settled. By noon the crowd had decreased somewhat and it is thought that the worst is over. While the paying teller has all he can attend to the receiving teller is not idle. There is much confidence in the ability of the bank and many are not afraid to show their confidence by entrusting their money to its keeping.

18. January 30, 1891 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, January 30, 1891

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FAILURES. KANSAS CITY, Mo., Jan. 29.-The Union Investment company of this city is in the hands of the sheriff, by virtue of a writ of attachment. The company has a capital stock of -1,000,000. The officers of the company are W. H Rice, president; H. P. Stimpson, vice-president; O. F. Page, secretary and treasurer. It has been known for some time that the company was pressed for funds. The failure of the American National bank undoubtedly had much to do with its suspension. Nothing can be learned AS to the amount of the liabilities and assets. ATCHISON, Kan Jan. 9.-James W. Parker yesterday gave deeds and mortgages covering real estate in this county and city aggregating $60,000. Mr. Parker is the president and practically the owner of the National Mail company, which has mail contracts in nearly every state in the union, and was one of the defendants in the famous "Star route" suits, but escaped a judgment. He was supposed to be a millionaire. AUGUSTA, Kan., Jan. 29.-The Farmers' bank, capital $25,000, of Augusta, and the Augusta Mercantile company, failed this morning. Both were controlled by E. R. Grant, who owns half of the town of Augusta.

19. January 31, 1891 Western Kansas World Wakeeney, KS

Article from Western Kansas World, January 31, 1891

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The Liabilities Reach $3,500,000. KANSAS CITY, Mo.-The failure of the American National bank was caused by distrust. For weeks there have been rumors to the effect that the bank was unsafe. The quarterly statement made by the American National October 2 showed that it had nearly $4,200,000 on deposit. The distrust caused by the failures in the east added to reports set in circulation adverse to the bank caused its deposits to fall off $1,800,000 between the statement of October 2 and that of December 13. The deposits on December 19 were shown by the statement of that date to have been about $2,500,000. More than half of these were drawn out up to last Saturday night, when there remained $1,200,000, offset by cash and sight exchange to the amount of $400,000. The liabilities this morning are fixed at $3,500,000. The assets $2,250,000. The run which was begun on the Kansas City Safe Deposit and Savings bank continues to-day. As early as 7 o'clock there was a long line of depositors in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock there were more than 200 people in the line, and there was a rush for the paying tellers counter. Every one is paid as fast as their accounts can be settled. By noon the crowd had decreased somewhat and it is thought that the worst is over. While the paying teller has all he can attend to the receiving teller is not idle. There is much confidence in the ability of the bank and many are not afraid to show their confidence by entrusting their money to its keeping.

20. February 14, 1891 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, February 14, 1891

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and about 65 years old. The estate of the deceased is estimated at about $503,000. General von Braun, of the German army, committed suicide at Berlin by shooting himself. All the mill weavers in the Cornell mills, at Fall River, Mass., have struck, and 960 looms are idle. Fire on the British steamer Calliope, at Newport, Eng., caused the death of two of the crew, and badly damaged the vessel. Dr. Breyfogle, president of the Monon road, denies the stories about the sale of his road to Senator-elect Brice or anybody else. By a boiler explosion in Outley's flour mill, at Windsor, Mo., Hugh L. Smith and Thomas Tilberry, boiler-makers, were killed. The stockholders of the American National bank, at Kansas City, have voted to re-open for business with a capital stock of $500,000. Mary Ann Reardon and Mrs. Kehoe, two old women living alone in a shanty in Chicago, were killed this morning by the burning of their dwelling. Flint & Co., of New York, have received the following cablegram from Chili: Pisaqua has been bombarded, and is burning. The blockade .has ceased at Valparaiso. At Evansville, Ind., Charles Ritter, teller of the First National bank, is short in his accounts $50,000. Ritter has confessed using the funds, and savs he will make the loss good. The combination pulp and straw board mill at Elkhart, Ind., exploded with terrific force, demolishing the large brick mills and utterly ruining the plant. Schuyler Neswander and George Hickman were killed; two others were badly hurt. Excitement was caused in the lower branch of the Missouri legislature when Representative Ernst introduced a resoI lution setting forth the fact that exPresident Cleveland had taken a stand against free coinage, and could not therefore be the choice of the Demo1 cratic party for president. After a heated debate the resolution was tabled. The annual trade number of the San Francisco Journal of Commerce gives the value of the imports, foreign and I domestic, into San Francisco for the 1 year 1890, at $83,500,000; of exports, $167,000,000. The wheat and flour ex$ ports aggregate 16,268,000 centals. The total tonnage, domestic and foreign, steam and sail, entered at this port in 1900 060 000 tens The

21. April 1, 1891 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, April 1, 1891

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In Business Again. KANSAS CITY, April 1.-The American National bank of this city, which failed January 19th, has resumed business. The bank has over $1,725,000 in cash in its vaults. It was predicted that there would be a run on the bank when it opened, but such was not the case. On the contrary the bank has received deposits from its old customers, and there is a general feeling of confidence in the new organization.

22. April 1, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, April 1, 1891

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BUSINESS TROUBLES. The Whitney Car Wheel Failure-A Kansas Insurance CompanyInsolvent. PHILADELPHIA, March 31.-The Whitney Car Wheel Works, with assets of $726,457; liabilities of $558,240, were granted four years extension by creditors today. TOPEKA, Kan., March 31.-Insurance Commissioner Wilder has revoked the license of the Capital Insurance Company, mutual, on the ground that the company is insolvent. He says the liabilities are $25,000, and that the company has on hand only $1,000 to meet obligations. The company will appeal to the courts. The officers say the company is solvent. CHICAGO, March 31.-The grand jury today returned an indictment against Banker S. A. Kean. It charges him with embezzlement in having accepted deposits of money within thirty days of the failure of his bank. Kean appeared this afternoon and gave bail in the sum of $50,000. KANSAS CITY, March 31.-The American National bank, of this city, which failed January 19, resumed business this morning with over $1,750,000 in cash in its vaults. It was predicted there would be a run on the bank when it opened, but on the contrary the bank has received deposits from its old customers, and there is a general feeling of contidence in the new organization. NEW YORK, March 31.-The property in this state of James A. Waddell, of Key West, Fla., has been attached by order of the supreme court in an action to recover $146,000 brought by the Western National bank. Waddell has done business in Key West under the name of the John White bank.

23. April 2, 1891 Grant County Herald Lancaster, WI

Article from Grant County Herald, April 2, 1891

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Business Resumed. KANSAS CITY, Mo., April 1.-The American national bank of this city, which failed January 19, has resumed business. The bank has over $1,725,000 in cash in its vaults. It was predicted that there would be a run on the bank when it opened, but such was not the case. On the contrary, the bank has received deposits from its old customers, and there is a general feeling of confidence in the new organization.

24. April 5, 1891 Tombstone Epitaph Tombstone, AZ

Article from Tombstone Epitaph, April 5, 1891

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General Wings' residence at Yonkers was destroyed by tire yesterday. The family escaped in their night clothes. La Grippe is raging in New York. There were 900 deaths in Chicago last week from La Grippe. Railroad traffic in Pennsylvania is suspended on account of the heavy snow. The American National Bank of Kansas City resumed business to-day. Eleven thousand members have been initiated in the Farmers Alliance since the November election. The discovery was made in the treasury department at Washington that thousands of counterfeit $2 silver certificates are in circulation. Retail butchers in Wyoming have advanced the price of poterhouse steak from 15 to 20 cents and all cuts of other meats+xcept pork in proportion. They say beef on the hool has advane. ed from 3 to 41 per cent in a month. The range men are greatly elated over their prospects especially as the market continues fine. The director of the mint, Leech, said today that after July next it was possible no silver dollars would be coined but silver certificates issued instead. George W Shepard, who owned the ground on which the Tomb of Mary Washington mother of George Washington is situated gave to Colbert and Keithy real estate brokers, an option on the property. The brokers at once advertised the tomb for sale at public auction in Washington. This aroused indignation and Mr. Shepard notified the brokers that be could not give a clear title to the ground. Thereupon they withdrew the advertisement and instituted suit for $20,000 damages. The decision was in favor of Shepard. Governor Francis has issued a proelamation ordering strict quarantine against southern cattle on account of the Texas fever, which the United States department of agriculture declares is prevalent south of a line from the northern border of the Indian Territory and thence east to the Blue Ridge mountains. All cars carrying cattle from these sections and entering Missouri must be labeled "southern cattle" and all stock yards at which such cattle are unloaded shall be considered infections and must thereafter be set apart for the accomodation of "southern cattle." A French syndicate have purchased the Mickery mines at Durango, Col. for $1,500,000. Senator Stanford is back in San Francisco, confined to the house with . la grippe. The story from Chicago that Wm. T. Gentry of that city, has discover d the mierobe of la grippe and that be believes that they develop when the earth is passing through large spaces at "star dust" has caused a sensation among physicians of the old world. Senator Daniels, of Virginia says that Cleveland has killed his chances in the south by his gold bug letter. California horses are being sent east in considerable quantities. As many as three to five carloads a day are being shipped