10282. Bank of Commerce (Kansas City, MO)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 15, 1893
Location: Kansas City, Missouri (39.100, -94.579)

Metadata

Model: gpt-5-mini
Short Digest: 1a18215b

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

Multiple July 15–17, 1893 newspaper dispatches describe a heavy run/large withdrawals at the Bank of Commerce in Kansas City triggered by circulating rumors and general panic after the failure of another local bank. Depositors surged, police were posted, and stockholders pledged about $4,000,000 to shore up the bank; by about noon confidence largely returned and runs subsided. There is no mention of the Bank of Commerce suspending, closing, reopening, or going into receivership in these articles, so classified as run_only. Bank charter type not specified in articles, so set to unknown.

Events (1)

1. July 15, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Runs precipitated by circulating rumors about the bank's condition following the failure of the Bank of Kansas City and a general panic; stockholders pledged about $4,000,000 to shore up the bank.
Measures: Stockholders signed a pledge passing their estates into the bank's assets (~$4,000,000); published statements and bank statements were released; police posted at doors to control crowds.
Newspaper Excerpt: The greatest excitement was about the Bank of Commerce...The Bank of Commerce had three stalwart policemen before the door...There had been rumors about the bank...last night the stockholders...signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000.
Source: newspapers

Newspaper Articles (8)

1. July 16, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 16, 1893

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Article Text

Kansas City Bank Rans. [By telegraph to the Dispatch.] KANSAS CITY, Mo., July 15.--The - failure of the Bank of Kansas City yesterday precipitated runs on three fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets. were thronged as they have not been in years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri national banks. The New York Life Building, in which they are located, was thronged. The Metropolitan had two paying-teller at work and the Missouri National had three. All the banks paid out money fast. but the greatest excitement was about the Bank of Commerce. the two named just above. and the First National. The Bank of Commerce had three stalwart policemen before the door. and none except those who had business with the bank were allowed to enter. There had been rumors about the bank. which has a paid-up capital of $2,000,000. for some time and last night the stockholders, realizing that the bank was in danger, owing to the excitement. signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and all the runs were stopped except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the imme. diate present 18 passed.

2. July 16, 1893 The Times Richmond, VA

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RUN ON KANSAS CITY BANKS. The Failure of One Institution Precipitates a General Storm-Bank Failures. KANSAS CITY, MO., July 15.-The failure of the Bank of Kansas City yesterday précipitated runs on three-fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets, were thronged as they have not been In years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri National Banks. The New York Life building, In which they are located, was thronged. The Metropolitan had two paying tellers at work and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before the door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid-up capital of $2,000,000. for some time, and last night the stockholders, realizing that the institution was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. About noon confidence had been in a large measure restored, and the runs were stopped. except on the Missouri National, which continued slowly. Unless some bank falls the crisis for the Immediate present is passed. STARKVILLE, MISS., July 15.-The First National Bank closed its doors yesterday, as a result of the financial stringency. It is believed that depositors will be paid in full. The bank has a paid up capital of $50,000. CARMI, ILL., July 15.-The old banking-house of Hay & Webb made a general assignment yesterday. The assets are $216,267. and liabilities $180,000. Hay & Webb have been In business for thirtyfive years. The stringency of the money market is the chief cause of the failure. KANSAS CITY, MO., July 15.-The Northrup Bank, of Kansas City, Kansas, of which J. S. Chick, of the National Bank of Kansas City, which failed yesterday, was also president, closed its doors this morning. Bank Examiner C. W. Galbreath took charge of the suspended Kansas City National Bank this morning. There was a run on the National Bank of Commerce as soon as that concern opened for business this morning. In the statement made yesterday the condition of the bank was shown to be good, and the officials assert that they will be able to stand a long run, which, however, they think will not be necessary. But little excitement prevails, and it is thought the bank will pull through all right. as it ranks with the strongest in the city.

3. July 16, 1893 The Morning News Savannah, GA

Article from The Morning News, July 16, 1893

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RUNS ON KANSAS CITY BANKS. All the Institutions Meet the Crisis Without a Crash. Kansas City, Mo., July 15.-The failure of the Bank of Kansas City yesterday precipitated runs on three-fourths of the largest banks in the city to-day, and Delaware and Ninth streets. the bank streets, were thronged as they have not been in years. Crowds were on every corner, and before and around every large bank. At 10 o'clock there were two long double rows of dépositors in the Metropolitan and Missouri National banks. The New York Life building, in which they are located, was thronged. The Metropolitan had two paying tellers at work, and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before its door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid up capital of $2,000,000, for some time. and last night the stockholders. realizing that the bank was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and the runs were stopped, except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the immediate present is passed.

4. July 17, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, July 17, 1893

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Another Arrest. TACOMA, Wash., July 16.-W. S. Dusenberry, cashier of the suspended bank of Puyallup, was arrested at Yaki maya, charged with embezzling $41,000 of the bank's funds. He is a prominent man here. Dusenberry was taken to Puyallup for a hearing. Bail was fixed at $10,000, which he was unable to furnish, and he was remanded to jail. Where Are They At? ST. LOUIS, Mo., July 15.-The stockholdersof six building and loan associations, each capitalized at $600,000, are wondering today where they are at. The associations are the Western Union, Nos. 1, 2, 3, 4, 5 and 6. Yesterday, Milo T. Bogard, secretary of all the associations, and also one of the largest real estate dealers in the city, gave warranty deeds of all his property to John H. Vette, a money lender whose rates of interest are considered too high for ordinary business men to touch. For what purpose the deeds are given could not readily be ascertained. The stockholders of the six associations learned of the transaction this morning and alarmed for their own interest hastened to Bogard's office and took possession of his books. An examination was at once commenced, but it will take a long time to unravel them in their complicated condition. In the meantime Bogard could not be found and therefore no explanation of his side of the story could be obtained. Trouble in Kansas City. KANSAS CITY, Mo., July 15.-The failure of the Bank of Kansas City yesterday precipitated runs on three-fourths of the large. banks in the city today, and Delaware and Ninth streets, the bank streets, were thronged as never before in years. The Bank of Commerce had three policemen before its door, and none except those who had business with the bank were allowed to enter. There have been rumors about a bank which has a paid-up capital of $2,000,000 for some time, and last night the stockholders realizing the bank was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence in a large measure had been restored, and the runs stopped except on the Missouri National, which continued slowly. Unless some bank fails the crisis for the immediate present is passed. Tried an Unfortunate Experiment. NEW YORK, July 16.-Chancellor McGill at Jersey City, yesterday, appointed John C. Paul receiver of the Garwood Steel Works. The company was originally a Boston concern and made steel car wheels. The works are at Garwood, N. Y., and $300,000 has been lost in following a new process.

5. July 17, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, July 17, 1893

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Kansas City Uneasy. KANSAS CITY, July 17. Saturday there was a quiet but heavy run on the Bank of Commerce. The officials faced the music philosophically. They, however, pub lished a statement showing a combined wealth of $4,000,000. The flurry was gereral to all the national banks. Strange to say the savings banks escaped.

6. July 20, 1893 Warren Sheaf Warren, MN

Article from Warren Sheaf, July 20, 1893

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BORELY TRIED. Tansas City Banks Forced to Stand Heavy Run-All Demanda Promptly However-Business Troubles at Other Points. KANSAS CITY, Mo., July 16 -Saturday was trying day for the banks of Kansas City but they weathered the storm admirably The failure of the National bank of Kansas City five minutes before closing time Friday created a very panicky feeling and all the bankers opened their doors Sat urday morning expecting 'runs' of more or less consequence. The publication of the statements of all the banks in the morning papers was calcu lated to restore confidence. The banks were prepared as well as could be to withstand any attack and as soon as the doors of the Bank of Commerce the Missouri national. the Metropolitan, the Union national and the Midland were thrown open the people began to collect about them and many drew out their deposits. Only however, in the Bank of Commerce. the Missouri and the Metropolitan were there any well-defined runs, and these banks withstood them successfully A run by heavy depositors caused the suspension of the Northrup bank. the oldest financial institution in Kansas City, Kan The assets are placed at $475,000, with liabilities amounting to $315,000. The Armourdale bank at 415 Kansas avenue, Armourdale, suspended pay. exent at 3 o'clock in the afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. The liabilities are $35,000 and the assets about double that amount A number of the Karsas City banks kept openuntil 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND O. July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisinger, one of the organizers of the syndicate, says the output was reduced 25 per cent. some time ago All the mines are in Michigan and the central of fice is in Milwaukee. The plants owned by the syndicate are: The Chapin Mining company, the Buffalo Mining company, York Mining company, Arogan Mining company, Claire Mining company and Sunday Lode Mining company. These individ ual companies, all owning mines. were consolidated four years ago by Schleisinger Brothers, and, it is said. on insufficient capital. It is also said the syndicate went too deeply into railroad building Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA. Ill., July 19.-William Oberhauser's private bank failed Saturday much to the surprise of the community The liabilities are $60,422 against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at Kansas City, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmann is assignee. CARMI, III. July 17 The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000 Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community Large loans on long time. large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest wholesale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 last and since that time has conducted its business in the latter city, No financial statement has been made. NEW YORK, July 7.-Chancellor McGill at Jersey City has appointed John C. Paul, of Plainfield, N.J., receiver of the Garwood steel works. The company was originally a Boston concern The works are at Garwood, N. Y and $300.00 has been lost in following à new process in making steel car wheels CHICAGO, July The Bouton Foun dry company, located at Thirty-ninth street and Evans avenue, made an as signment in the county Saturday in favor of the Equitable Trust company. The assets are figured at 8175,000; liabilities at $200,000. CINCINNATI, July 17. The John Kauffman Brewing company went into the hands of a receiver Saturday Pressing claims and inability to obtain ready_cash caused the action. The assets are given at $600,000 and the liabilities only $150,000. WAYLAID THE SHERIFF. An Arkansas Officer Shot and Robbed of $12,000 Near Memphis. MEMPHIS,Tenn.,July 17.-Friday night heriffWerner.of_Crittenden county

7. July 21, 1893 Griggs Courier Cooperstown, ND

Article from Griggs Courier, July 21, 1893

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SORELY TRIED. Kansas City Banks Forced to Stand Heavy Run-All Demands Promptly However-Business Troubles at Other Points. KANSAS CITY, Mo., July 16.-Saturday was a of the storm the Kansas admirably. City trying but day they The for weathered failure the banks of rive minutes created a and the National very before panicky bank closing of feeling Kansas time Friday City all bankers opened their doors Saturday morning expecting "runs" of more or less consequence. The publication of the statements of all the banks in the morning papers was calculated to restore confidence. The banks were prepared as well as could be to withstand any attack and as soon as the doors of the Bank of Commerce, the Missouri national, the Metropolitan, the Union national and the Midland were thrown open the people began to collect about them and many drew out their deposits. Only, however, in the Bank of Commerce, the Missouri and the Metropolitan were there any well-defined runs, and these banks withstood them successfully. A run by heavy depositors caused the suspension of the Northrup bank, the oldest financial institution in Kansas City, Kan. The assets are placed at $475,000, with liabilities amounting to $315,000. The Armourdale bank at 415 Kansas avenue, Armourdale, suspended payment at 3 o'clock in the afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. The liabilities are $35,000 and the assets about double that amount. A number of the Kansas City banks kept open until' 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND, o., July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisinger, one of the organizers of the syndicate, says the output was reduced 25 per cent. some time ago. All the mines are and central owned fice in is Michigan by in the Milwaukee. syndicate the The are: plants The ofBuffalo pany, Mining Chapin Mining Arogan company, company, York Mining Mining the company, comand were Claire ual Lode companies, Mining Mining company. all company owning These mines, Sunday individconsolidated four years ago by Schleisinger Brothers, and. it is said, on insufficient capital. It is also said the syndicate went too deeply into railroad building. Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out. Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA. Ill., July 19.-William Oberhauser's private bank failed Saturday, much to the surprise of the community. The liabilities are $60,422. against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at Kansas City, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmaun is assignee. CARMI, Ili., July 17.-The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000. Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community. Large loans on long time, large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest wholeale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 last and since that time has conducted its business in the latter city. No financial statement has been made. NEW YORK, July 17.-Chancellor MeGill at Jersey City has appointed John Paul, of Plainfield, N. J., receiver of the Garwood steel works. The company was originally a Boston concern. The works are at Garwood, N. Y., and $300,000 has been lost in following a new process in making steel car wheels CHICAGO, July 7.-The Bouton Foundry company, located at Thirty-ninth street and Evans avenue, made an ascourt in signment favor of in the the Equitable county Trust Saturday company. The assets are figured at $175,000; went into liabilities Kauffman CINCINNATI, at Brewing $200,000. July company 17. The John the hands of a receiver Saturday.

8. July 22, 1893 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, July 22, 1893

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SORELY TRIED. . City *anks Forced to Stand y Rur - Demands Promptly Troublis *** SAS CITY, Mo., July 16.-Satu as a trying day for the banks is City but they weathered admirably. The failure of nal bank of Kansas City rive efore closing time Friday creat y panicky feeling and all rs opened their doors morning expecting ore or less consequence. cation of the statements of all $ in the morning papers was to restore confidence. The ban prepared as well as could be tand any attack and as soon ors of the Bank of Commer Missouri national, the tan, the Union national and nd were thrown open the 1 to collect about them and out their deposits. Only, in the Bank of Commerce, uri and the Metropolitan any well-defined runs, and 8 withstood them successfully. un by heavy depositors caused nsion of the Northrup bank, t financial institution in Kan. The assets are placed 00. 00, with liabilities amounting e Armourdale bank at 415 e, Armourdale, suspended at 3 o'clock in the afternoon laced in the hands of Bank oner Breidenthal of Kansas. ities are $35,000 and the t double that amount. umber of the Kansas City open until 6 o'clock, but very e depositors availed themselves opportunity to withdraw y. The banks are amply eet any further demands them, but it is thought that , is over and the excitement EVELAND. O., July 17.-A Ishpeming, Mich., says that isinger. syndicate, the largest tors in the world, are in difficu g to the depression in . Adolf Schleisinger, one organizers of the syndica the output was reduced 25 some time ago. All the in Michigan and the central is in Milwaukee. The d by the syndicate are: in Mining company, the Buff ng company, York Mining , Arogan Mining compa e Mining company and : Mining company. These ompanies, all owning mines, olidated four years ago by - Brothers, and. it is said, on t capital. It is also said the e ling. went too deeply into properties lesinger's