Article Text
MISSOURI. Another Kansas City Bank Bursts. Kansas City, Jan. 31.--The Commercial National bank has suspended, but the flurry seems about over, and confidence is beginning to be restored.
10301. Commercial National Bank (Kansas City, MO)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
- 1995
- Charter Number
- 1995
- Start Date
- January 1, 1878*
- Location
- Kansas City, Missouri (39.100, -94.579)
Metadata
- Model
- gpt-5-mini
- Short Digest
ffceb361
Response Measures
Full suspension
Other: Placed in hands of a receiver in 1878 (insolvent closure).
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1878-02-11
- Date receivership terminated
- 1882-03-09
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 29.4%
- Share of assets assessed as doubtful
- 41.9%
- Share of assets assessed as worthless
- 28.7%
Description
Contemporary papers (late Jan. 1878) report heavy withdrawals and a run after the failure/suspension of the First National Bank of Kansas City, leading the Commercial National to suspend (cashier's card states bank solvent but exhausted cash balances). Later sources note the bank was placed in the hands of a receiver/closed in 1878 and creditors received dividends in 1879. Classified as run → suspension → permanent closure (receiver).
Events (5)
1.
June 3, 1872
Chartered
- Source
- historical_nic
2.
January 1, 1878*
Receivership
- Newspaper Excerpt
- The Commercial National bank was organized in 1872 and was closed in 1878, when it was placed in the hands of a receiver. (historical summary). Also: Commercial National bank of Kansas City, Mo., third dividend, 11 per cent., making in all 31 per cent. (Aug 25, 1879 comptroller dividend notice).
- Source
- newspapers
3.
January 30, 1878
Run
- Cause
- Local Banks
- Cause Details
- Run and heavy withdrawals triggered by the failure/suspension of the First National Bank of Kansas City and large withdrawals from that institution.
- Measures
- No special measures reported; business men met and expressed confidence in other banks; later cashier announced suspension pending restoration of cash balances.
- Newspaper Excerpt
- The Commercial National bank was forced to close its doors Wednesday on account of a run caused by the failure of the First National.
- Source
- newspapers
4.
January 30, 1878
Suspension
- Cause
- Local Banks
- Cause Details
- Steady withdrawals over prior month and a severe pressure on Jan. 30–31; suspension explicitly attributed to exhausted cash balances after withdrawals (linked in other coverage to First National's failure).
- Newspaper Excerpt
- I am instructed by the Directors of the Commercial National Bank to announce a suspension of business until further notice. The bank is entirely solvent; but the steady withdrawal of deposits for the last thirty days, together with the severe pressure of to-day, has exhausted our cash balances. MEADE WOODSON, Cashier.
- Source
- newspapers
5.
February 11, 1878
Receivership
- Source
- historical_nic
Newspaper Articles (15)
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Financial Flurry in Kansas City. KANSAS, Mo., January 31.--The financial flurry is aboutover. The announcement in the evening papers of the suspension of the Commercial National Bank had little or no effect. The business men and heavy depositors have not 80 far shown any uneasiness. The withdrawal of deposits have been confined to small depositors. The opinion is, while some of our business men may be embarrassed by the reason of the lock-up of their means and being forced to pay heavy interest on loans they can weather the storm by close collections and careful dealinga. There will be sufficient capacity on the part of banks to aid all the commercial transactions. There is great confidence in the ability of the First National Bank. It sustained slight pressure to-day but its receipts were largely increased. Money came in from all quarters. Viewing this the business men took courage, and this afternoon, at a meeting of the Board of Trade, resolutions of confidence in the banks were passed. When the banks closed there was good feeling all around. Prices for grain ruled a little higher. There are 244,253 bushels in store of which 123,082 are wheat and 94,970 corn.
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tion and Labor yesterday, after a free interchange of views on the general subject, unanimously agreed that it is advisable and desirable that Chinese immigration should be checked if not limited in some way. The House joint resolution extending the thanks of Congress to Henry M. Stanley, the African explorer, was unanimously passed Thursday by the Senate. The treaty with Samoa has been ratified by the Senate. The Senate adjourned Thursday until Monday, with the understanding that the debate on the silver bill should then be closed. The steamship Metropolis, from Philadelphia to Pera, Brazil, was wrecked on the North Carolina coast Thursday. About 200 railroad laborers were on board. One hundred and sixty lives were lost. The Chicago Mining Exchange has been organized. The First National Bank of Kansas City, Missouri, has decided to discontinue business. Receiver Jewett of the Erie railroad has been arrested in New York on a charge of perjury in making false statements of the condition of the road. A messenger is in Washington in behalf of the Returning Board to present its affairs to Justice Bradley, who is over the Louisiana district. The Board members want an order transferring their cases to the United States Court. It is probable Justice Bradley will confer with his associates on the question. Thomas Lord, the aged bridegroom, has come out from his retirement and intends to contest the legal proceedings brought against him by his sons. Bank failures—Topeka (Kansas) Bank and Savings Institute; Kansas City (Missouri) Commercial National Bank; Fort Scott (Kansas) Merchants' National Bank. Three men were buried Thursday at Dubuque, Iowa, by the caving in of a shaft at the Coleman lead and coal mines. O'Leary completed half of his 400 mile walk at Cincinnati in two minutes less than the time allotted. No news had been received at Constantinople yesterday from the Peace Plenipotentiaries. Refugees from Roumelia continue to pour into Constantinople. Smallpox and typhus fever have broken out among them, and the Red Cross Society appeals to the charitable of the world for assistance. Notwithstanding the pending armistice, the Russians are pushing their advantages. They are massing troops in Roumelia, and the Turks are preparing to defend Constantinople. Ten thousand Russians are advanc, ing on Rodosto and Kenchen. It is announced in London that the Right Honorable Sir Michael Edward Hicks-Beach has accepted the Colonial Secretaryship. It is said the supplementary vote will be stoutly opposed in the House of Commons after the rejection of Foster's motion. The discussion will probably occupy two weeks. Two thousand cotton operatives are locked out at Manchester, refusing to submit to a reduction of 12 per cent. in their wages. A site has been chosen for Cleopatra's Needle on the Thames embankment, at the top of the Adelphi steps, between Charring Cross and Waterloo Bridge. Munitions of war are being shipped
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The Commercial National bank, at Kansas City, was forced to close its doors Wednesday on account of a run caused by the failure of the First National. Considerable excitement existed concerning the failures until Thursday afternoon, when everything became quiet.
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Another Kansas City Bank Closes KANSAS CITY, Mo., Jan. 30, 1878. I am instructed by the Directors of the Commercial National Bank to announce a suspension of business until further notice. The bank is entirely solvent; but the steady withdrawal of deposits for the last thirty days, together with the severe pressure of to-day, has exhausted our cash balances. The financial stringency of the past sixty days has been such that of the notes maturing only a small proportion have been paid, and hence it has become absolutely necessary to close our doors temporarily. I earnestly hope that no depositor will sacrifice his account, as they will all be paid very soon. MEADE WOODSON, Cashier.
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The Kansas City Wrecks. KANSAS CITY, Mo., January 31.-The financial flurry is about at an end. The announcement in the morning papers of the suspension of the Commercial National Bank, had little or no effect. The business men and heavy depositors have not thus far manifested any uneasiness. The withdrawal of deposits having been contined to small depositors. The opinion is, that while some of our business men may be embarrassed by reason of the lock-up of their means, and because of being forced to pay heavy interest on loans, they can
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WEST AND SOUTHWEST. The Secretary of the St. Louis Cotton Exchange warns cotton dealers and producers in the Southwest against certain parties who have mailed circulars from that city soliciting consignments of cotton, and using the name of the St. Louis Cotton Exchange. The names printed on the circulars are S. H. Bransen, President, Joseph Pollock, Vice-President, and D. H. Rupert, Secretary, none of whom are known to the business men of St. Louis. The trial of Gen. Anderson, of the late Louisiana Returning Board, was begun at New Orleans on the 29th The jury is composed of 10 white and two colored men. Up to that date Wells had not put in his appearance. Rumsier, one of the proprietors of a saloon and boarding-house in Bloomington, Ill., which was burned on the morning of the 30th, lost his life in the burning building. Tommy Howard, the bar-tender, barely saved his life by jumping from an upper window, after his right arm and side had been burned almost to a crisp. The First National Bank of Kansas City, Mo., H. M. Holden, President, suspended on the 30th, caused, as alleged, by the withdrawal of over $350,000 in deposits within a few days previous. The officers, in as published card to the public, say that all depositors may rest assured of being paid in full in due time. The Commercial National Bank followed in the wake of the First National and also closed its doors, attributing its inability to pay to a similar cause. The latter was only a small concern. Two masked men robbed the stage between Fort Worth and Weatherford, Texas, on the 29th. Five passengers handed over $400 in cash, three gold watches, and other valuables. The Topeka Bank and Savings Institute, of Topeka, Kansas, a State bank, closed its doors on the 31st; also, the Merchants' National Bank of Fort Scott, Kansas. William Wieners was hanged in St. Louis on the 1st, for the murder of rence, a barkeeper at the Theater Comique in that city, in January, 1877. Before he was swung off he made a short speech, saying: 'My Friends-I have to bid you ,good-bye. I committeda rash act, but not a cold-blooded one, as God is my witness: but it has at last led me to the scaffold. I hope that all men will take [warning by my fate and let bad whiskyalone Thopethat Ishall be the last one that perishes on this scaffold. Goodbye." Philip Watson, colored, who murdered his wife with a hatchet, last September, was
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WEST AND SOUTH. Replying to a telegraphic inquiry by W. E. Chandler, on the 29th, Maj. E. A. Burke, of New Orleans, disclaims all knowledge of corrupt or disreputable bargains on the part of Mr. Hayes or Southern Congressmen last winter, or that the Southern men did anything to prejudice Tilden's chances in the electoral count. He says that whatever assurances were given or derived were openly submitted to the Nicholls Legislature, and, having been voted and acted upon by eighty-five members, the subject could not be regarded as secret. Maj. Walsh, the commandant of Fort Walsh, Canada, near which Sitting Bull is camped, denies all reports that Sitting Bull has crossed the line. The First National and Commercial National Banks of Kansas City, Mo., suspended on the 30th ult. The Topeka (Kan.) Bank and Savings Institute has suspended. The Merchants' National Bank, of Fort Scott, Kan., closed its doors on the 31st ult. William Weiners was hanged on the 1st at St. Louis for the murder of A. V. Lawrence. On the scaffold he acknowledged his guilt and forgave everybody. Philip Watson (colored), a wife murderer was hanged at Covington, Ky., on the 1st. Previous to his execution he admitted his guilt and expressed repentance.
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LATE NEWS ITEMS. There is no truth in the report that Sitting-Bull has crossed over into United States territory. He is peacefully encamped with all his people, near Cypress Mountain Canada, and shows no disposition to go upon the war-path at present. J. & G. Ritterhausen, of Hamburg, Germany, cotton importers, recently failed in business, and both members of the firm committed suicide. At Carpentersville, Putnam County, Ind., during services in the Methodist Episcopal Church on Sunday evening, Jan. 27, a man named Harris created a disturbance, and refusing to desist at the request of the minister, the Rev. Mr. Mason, from Bainbridge, he was forcibly ejected by the latter. Harris lay in wait at the church door, and when Mr. Mason came out he struck him down with a club and then stabbed him with a large knife, killing him almost instantly. Harris was arrested, and is now in the Greencastle Jail. The First National Bank of Kansas City, Mo., H. M. Holden, President, suspended on the 30th, caused, as alleged, by the withdrawal of over $350,000 in deposits within a few days previous. The officers, in a published card to the public, say that all depositors may rest assured of being paid in full in due time. The Commercial National Bank followed in the wake of the First National and closed its doors, attributing its inability to pay to a similar cause. The latter was only a small concern. The Secretary of the St. Louis Cotton Exchange warns cotton dealers and producers in the Southwest against certain parties who have mailed circulars from that city soliciting consignments of cotton, and using the name of the St. Louis Cotton Exchange. The names printed on the circular are S. H. Bransen, President, Joseph Pollock, Vice-President, and D. H. Rupert, Secretary, none of whom are known to the business men of St. Louis. A surplus of $80,000 of the Brandon, Vt., National Bank has been wiped out and its capital of $200,000 impaired 10 per cent. by the action of the late cashier, D. C. Bascom, in letting J.C. Batchelder have about $100,000, part on raised notes. Bascom has left town. Rumsier, one of the proprietors of a saloon and boarding-house in Bloomington, III., which was burned on the morning of the 30th, lost his life in the burning building. Tommy Howard, the bar-tender, barely saved his life by jumping from an upper window, after his right arm and side had been burned almost to a crisp. Two masked men robbed the stage between Fort Worth and Weatherford, Texas, on the 29th. Five passengers handed over three gold watches, $400 in cash, and other valuables. The Topeka Bank and Savings Institute, of Topeka, Kansas, a State bank, closed its doors on the 31st; also, the Merchants' National Bank of Fort Scott, Kansas. William Wieners was hanged at St. Louis on the 1st, for the murder of A. V. Lawrence, a barkeeper at the Theatre Comique in that city, in January, 1877. Before he was swung off he made a short speech, saying: " My Friends-I have to bid you all good-bye. committed a rash act, but not a cold-blooded one, as God is my witness; but it has at last led me to the scaffold. I hope that all men will take warning by my fate and let bad whisky alone. I hope that I shall be the last one that perishes on this scaffold. I am very glad-good-bye." Philip Watson, colored, who mur-
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LATE NEWS ITEMS. J. & G. Ritterhausen, of Hamburg, Germany, cotton importers, recently failed in business, and both members of the firm committed suicide. At Carpentersville, Putnam County, Ind., during services in the Methodist Episcopal Church on Sunday evening, Jan. 27, a man named Harris created a disturbance, and refusing to desist at the request of the minister, the Rev. Mr. Mason, from Bainbridge, he was forcibly ejected by the latter. Harris lay in wait at the church door, and when Mr. Mason came out he struck him down with a club and then stabbed him with a large knife, killing him almost instantly. Harris was arrested, and is now in the Greencastle Jail. The First National Bank of Kansas City, Mo., H. M. Holden, President, suspended on the 30th, caused, as alleged, by the withdrawal of over $350,000 in deposits within a few days previous. The officers, in a published card to the public, say that all depositors may rest assured of being paid in full in due time. The Commercial National Bank followed in the wake of the First National and closed its doors, attributing its inability to pay to a similar cause. The latter was only a small concern. The Secretary of the St. Louis Cotton Exchange warns cotton dealers and producers in the Southwest against certain parties who have mailed circulars from that city soliciting consignments of cotton, and using the name of the St. Louis Cotton Exchange. The names printed on the circular are S. H. Bransen, President, Joseph Pollock, Vice-President, and D. H. Rupert, Secretary, none of whom are known to the business men of St. Louis. A surplus of $80,000 of the Brandon, Vt., National Bank has been wiped out and its capital of $200,000 impaired 10 per cent. by the action of the late cashier, D. C. Bascom, in letting J. C. Batchelder have about $100,000, part on raised notes. Bascom has left town. Rumsier, one of the proprietors of a saloon and boarding-house in Bloomington, Ill., which was burned on the morning of the 30th, lost his life in the burning building. Tommy Howard, the bar-tender, barely saved his life by jumping from an upper window, after his right arm and side had been burned almost to a crisp. Two masked men robbed the stage between Fort Worth and Weatherford, Texas, on the29th. Five passengers handed over three gold watches, $400 in cash, and other valuables. The Topeka Bank and Savings Institute, of Topeka, Kansas, a State bank, closed its doors on the 31st; also, the Merchants' National Bank of Fort Scott, Kansas. William Wieners was hanged at St. Louis on the 1st, for the murder of A. v. Lawrence, a barkeeper at the Theatre Comique in that city, in January, 1877. Before he was swung off he made a short speech, saying: " My Friends-I have I to bid you all good-bye. committed a rash act, but not a cold-blooded one, as God is my witness; but it has at last led me to the scaffold. I hope that all men will take warning by my fate and let bad whisky alone. I hope that I shall be the last one that perishes on this scaffold. I am very glad-good-bye." Philip Watson, colored, who murdered his wife with a hatchet, last September, was hanged at Covington, Ky., on the 1st, in the presence of 5,000 spectators. Previous to the execution he made an acknowledgment of the crime and expressed repentance. Joseph Woods was hanged at Malone,
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CHILLICOTHE, LIVINGSTON CO., MO., THURSDAY, MAY 23, 1878. to the use of the army to put down loborGermany. In Ruchstag on Monday two inter-state freighttraffle, extends sympa WS. strikes, he said it was not in accordance to Southern Republicans. and eulogist socialists openly invited rebuke by refusing with the Republican principal of governGovernor Hartranft's administration. I to join in loyal cheers which the president GRESS. ment to keep an army to restrain any por. convention was remarkable for its unani of the chamber proposed. but no attention tion of the people from exercising any just enate on the 13th right. If these strikes gave rise to disorwas paid them. All attempts to establish ty of feeling and purpose. sting. Mr. Morrill St. Louis Blown. ders it was the duty of the States individuHoedel's insanity, as well as his independh half a dozen meally to repress them. What the governring the repeal of ence of the social Democrats, have failed. A very heavy wind and rain sto ment ought to do was to organize a Nay declare it is unpassed over the northwestern part and his crime is proved by numerous witnesses tional militia system throughout the counployed by the govtry. He was in favor of encouraging rifle and the trial will be a mere formality. burbs of St. Louis on Saturday. doing gr ht hours' work as clubs, for the Republican country need Rather Free with Jewels. for ten hours. damage and more or less injuring eight never fear disorder when the people were ter, as a question ten persons, but killing none. The sto An agent of an eastern wholesale armed. As to communism. which was e following pream1 came from the southeast, striking flaunted before Congress as the reason why jewelry firm stopping at the Lindell hotel, the army should be increased, that never ground first in the western suburbs, then in St. Louis, last Saturday was, robbed of Maryland has, by its had a footing and never would have a footd that due effect was passing northeast over the fair grounds over five thousand dollars worth of his ing in this land unless Congress should untes cast by the States Lowell, situated at the northern extrem wares. The thief entered the adjoining dertake to police the country with a stander, 1876, by reason of of the city. The wind attained a velocity ing army, then communism would break ctoral votes from the room. which is occupied by a regular ana; and out in every town in the country, but if sixty miles an hour, and in its course to boarder of the house, with a false key, communism should break out the President y Samuel B. McLin, the roofs off or otherwise damaged over o pried open the folding doors which conState canvassers of was authorized to call out the militia. If hundred houses. Trees, shrubbery, et the election held nected this room with the jeweler's, abthe militia could not be trusted. public inber, 1876, for elecstitutions were a failure. and fences and small buildings were to stracted the property. which was rolled up ice President, has Washington Notes. up and scattered in all directions. in clothes. and left the hotel unobserved. that false and fraudusuch election in that Bursted Bank. ADDRESS FROM THE REPUBLICAN CONGRESReception to Gen. Shields. of the people of that SIONAL COMMITTEE. A formal reception was given to G The dime Savings Bank at Sacramenat the action of the making such returns. The Republican Congressional comJas. Shields in St. Louis at the residence to, Cal., has suspended. It proves to have uct and promises of mittee has issued the following address to Judge John M. Krum. A large number been a sham affair, never incorporated, as now minister to the the voters of the United States. which we citizens, among them many of prominene supposed, but run by the firm of Joseph at a conspiracy existgive as furnished by the associate press: Davis & Co., infoonnection with a pawnbrokwere present. and a very cordial and ge whereby the RepubThe Democratic House of Representatives has to-day, ial evening was spent. An address of W ing business. Deposits, about $55,000; asacts of the parish of by party vote, adopted a resolution, which, under the eral election in Nopretense of an investigation. 18 to lay the foundation for sets. stocks of the nominal value of about come was delivered by Peter L. Foy, whi a revolutionary explosion of the President from his ofy withheld from the was responded to by Gen. Shields in a ve $10,000. but worth much less. A great porfice. This is the culmination of a plot which has been en exclusion by the refoot from the day Hayes and Wheeler were constitutionState of the vote happy manner, after which speeches we tion of the depositors are children. and ally declared elected. It made its first public appearelectors of President made by Col. Dan Morrison, ex-Gov. Re much indignation is manifested. ance in a resolution of the last Democratic House, and at James E. Anderwas adopted at the close of the session, declaring that England's Commune. nolds, Judge Krum and others. Music W on of East Feliciana, Tilden and Hendricks were elected. who subsequently of registration in the furnished by the United States band fro made similar public declarations themselves, A few The striking mill handsa Blackburn, in that State, in furtimid members had long held back, and some of them, the arsenal. and falsely protested England, became riotous on the 14th, and coerced to a final vote, still pretend that they will halt ecincts had not been as soon as their partial and one-rided invest igation shall Amicably Adjusted. troops were called out to preserve the be ended. in other words, after hearing the suborned evstate returning board In the case of the English strikes n peace. The soldiers did not arrive, howidence, to bring in a verdict that Hayes is usurper, and ulently excluded the that he shall not remain in office. These men have nd by means thereof, ever, until thousands of maddened men gotiations between representatives of t control of the Democratic party. They dare not even ulent action by said follow Alex. H. Stephens in 8 un't against caucus dictaand women had broken the windows in all masters and operatives, have resulted of the people of that tion to the extent of showing a semblance of fair play. rsed, that such acfavorably that a settlement has been reac the mills, and burned the house of Mr. They will be impatient: in the future as they have rson was induced and been in the past. It more difficult to believe in their ed. The conditions of which are that t Johnson. a master, to the ground. The les of Hon. Jno. Shersincerity in view of the public avowal of their party that easury of the United operatives throughout the district are residence of an older man was also parits purpose is, if possible, to displace the President. It is a matter of history that the resolution just adopted work three months at a reduction of 10 p tially demolished. these charges, the naWHB "framed to express this object. The speaker of the House was consulted in advance as to whether he would Another Riot in England. cent. the mills running full time. T hich they are reported rule that it was a privilege question. The party manadignity and position wages are to be raised at the end of thr The excitementam mill operatives gera were anxious to conceal their purpose if possible. inection with the said In this they were defeated by the speaker who would months if trade is materially improved. the same should be of England continued to spread up to the not rul it H question of privilege unless it el arly assailI the honor of the naKansas City's|Broken Banks. ed the title of the P resident. The resolution bei goffer20th, and several large mills were burned the truth as to such ed he read opinion deciding it to be a refore, be it by the strikers, who are determined to rule Comptroller of currency has declar question of the highest privilege because it involved a ommittee, consisting question of the validity of Mr. Hayes' title. or ruin. Many policemen have thus far a dividend of 75 per cent. in favor of t e, be appointed to inHere are his very words: "A higher privilege than creditors of the Commercial National bar been injured. and the presence of the millgations 28 to the contheon here involved, and broadly and frectly present ed, as to the rightful occupancy of the chief executive aforesaid, in respect tary at other points was all that prevented of Kansas City: and 15 per cent. in favor chair of the government, and the connection of high govthe alleged false and the creditors of the First National bank ernment officials with the frauds alleged, the chair is the greatest excesses on the part of mobs. return of the votes by unable to conceive. The chair exumerated among d precinct officers in A Shocking Murder. Kansas City. the question of privilege set down in the manual the 1 Florida, and into all In Demand. following: Election of President.' The chair thereKansas City has at least its share of ent of said committee fore rules that the preamble and resolution embrace nent thereto, and that question of privilege of the hishest character, and rethe crime of the day. On Friday last a woThe syndicate have anticipated the urpose of executing cognized the right of the gentleman from New York to man named Ludwig was found dead with a options for August and September, a e power to send for offer the same." Upon Republicans minister the oath, and the struggle against the revolutionary scheme. which ope around her neck, and circumstances have taken $10,000,000 of the 414per ce after five days duration, terminate in the success of eir discretion to deconnected with the case indicate that she bonds. Total amount thus far taken $3 the conspirators. like full authority of The Republicans offered to favor the fullest investiwas murdered by her drunken husband. 000,000. particular, and with gation into all alleged frauds, by whichever varty chargLouisiana, which subLast of the Four Per Cents. who has been arrested and bound over for ed to have been committed, but the Democracy purmittee of this House, sued its course shamelessly and relentlessly, and shifted trial. It is reported that the Rothschilds h shall be authorized to all inquiry into attempts at bribery in Oregon, South said committee and A Desperado Captured. Carolina Florida, and murder and violence in eral taken the remaining $15.000,000 of 41/p y stenographers, and States. Neither amendment nor debate as allowed : The detectives have arrested, near cent. Syndicate contract. The price of 4 a deputy sergeant-atthe inexorable previous question was applied and enthe sessions of this forced This scheme, if pursued (and it is now fully inFort McKinney, Sam Kelly, a desperatecatper cent. bonds advanced to $1.021/2 and a ion. angurated), can only have the effect of further paralyzcrued interest. tle thief and murderer, for whom $5,000 reing business of all kinds, preventing the re-toration of cussion, the SpeakA Turkish Job. confidence which seemed pending, casting a gloom over ward has been offered. Kelly resisted, but nble and resolution every household, and bring our nation into reproach Snyder and a posse of soldiers captured The Providence Tool Company h before our civilized world. The peace of the country is the highest privithe first consideration of patriots. This new effort of him and confoderates, as far as can be ased. Parliamentary started up to complete the original Turki the Democ acy to inaugurate anarchy and Mexicanize play by the Repubcertained. egovernment by throwing doubts upon the legitimacy contract, of which about 10,000 rifles a lay a vote on the of the title of the President, is in keeping with the The Fenians) Again. still to be made. records of that party, one wing of which rebelled against se adjourned. the government, while the other wing gave aid and comThe Fenian scare is not yet over. Fatal Boiler Explosion. on repeal bill was fort. We call therefore, upon all who opposed the reFour companies of infantry and a battery A boiler at a coal mine in Tamaro bellion of 1861, withont distinction or party. to rally Senate, on the 14th. again to the support of law. order and stable governare held under marching orders at Fort e post office approIll., exploded on Monday, killing John W ment, and to overwhelm with lefeat the reckless agit at was laid aside Erie to prevent the breaking of the neutraltors who to gain political power, would add to the loughby, John Sympson, and woundi present distress of the country by shaking the founda ) committee on mility laws. three small boys who have since died. tions of the government they failed in a four-years' war vorably on the SenA Defaulting Feller. to destroy. Death of Lord Russell. Secretary of war to By unanimous order of the committe. Feller, the defaulting cashier of a TifI over the graves of Earl Russell died on the 15th ins EUGENE HALE, Chairman. fin, Ohio, bank, has been arrested an the regular or volREPUBLICAN RESISTANCE. at the advanced age of eighty-seven yea ited States during brought back to the scene of his crookedAfter the adjournment of the House nd who have been He was England's oldest peer. ness for trial. ries. on the 15th the Republican members of the Disastrous Frost. ker announced the House held a caucus to determine how far GENER Heavy frosts in all parts of New Yo
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WASHINGTON. Dividends to Stockholders of Suspended National Banks-Silver Shipments, Etc. DIVIDENDS DECLARED. WASHINGTON, Aug. 25.-The comptroller of the currency has declared the following dividends to creditors to be paid as soon as the necessary schedule can be prepared: German National bank, Chicago, first dividend. 25 per cent.; National bank of the State of Missouri, St. Louis, fifth dividend, 20 per cent., making in all 70 per cent. Also the following dividends to the share holders of the insolvent national banks, 100 per cent. and interest having previously been paid to creditors: Farmers' National bank of Platte City, Mo., first dividend, 13 per cent. Commercial National bank of Kansas City, Mo., third dividend, 11 per cent., masing in all 31 per cent. SILVER SHIPMENTS. Shipments of standard silver dollars by the treasury for August aggregate $511,500. Today's shipments amount to$ 55,500, as follows: Illinois, $12,000; Pennsylvania, $11,000; Wisconsin, $10,000; Ohio. $6,000; Virginia, $4.000; Colorado, $4,000; Iowa. $3,000; Indiana, $2,000; Ken:ucky, Michigan and Missouri, $1,000 each; Kansas, $500. DELINQUENT LANKS. WASHINGTON, Aug. 25.-The unsettled accounts of banks on subscriptions to the 4 per cent. loan amount to $32,000,000. This amount is due from the First National bank, New York, and Bank of Commerce, New York. Reported Outrages by Yanktonias Sioux" YANKTON, Aug. 25.-A gentleman who arrived to-day from Sprink county, on Jim river, a hundred and fifty miles above Yankton, brings intellegence that Fighting Goose's band of Yanktonias Sioux are making trouble with settlers. Sunday three of them attempted to outrage a woman, but she stood them off with a revolver. John Bell, mail carrier between Foster City and Jamestown, is missing, supposed to be murdered by Indians, His horses strayed into the station last Sunday, and one of them had an Indian lariat tied to the halter. The wagon has not been found. These are the Indians whom the President has just given three townships of the choicest land on Jim river. Since the order conveying this land was issued, they have become imbued with the notion that they are backed by the government and will be protected in any excess they may commit. The Crow Creek agency is one hundred miles west of Sprink county.
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CREDIT BALANCE ABROAD IS BRINGING GOLD HERE the president, Secretary Cortelyou and Representative Tawney of Minnesota, chairman of the house committee on Movement of Crops Facappropriations, at which the financial situation was discussed. Secretary tor in Relieving Need Cortelyou reiterated his statement that the financial situation was substantially improved. He stated also that for Money. the government now has on deposit in national banks $213,615,242 and that if it becomes necessary to secure additional funds to deposit in banks, he MUCH GOLD ENGAGED could use the bonds for Panama canal construction work, as was done by Secretary Shaw. It is stated the president approved the adoption of that Western Banks Take Measplan, should the expedient be deemed necessary. Iowa Conservative. ures to Safeguard Their SupDes Moines, Iowa, Oct. 29.-Four ply of Currency. Iowa cities have adopted precautionary measures for the protection of their cash reserves, Des Moines, Sioux New York, Oct. 29.-The financial City, Dubuque and Council Bluffs. In Des Moines the rule was receive situation was without notable developin good spirit and there was no disments today. Abating interest indiplay of uneasiness at the bank councated the public had pretty well gotters. Reports from many other Iowa ten over its scare. The stock market cities indicate a normal condition with was a little unsteady but without exabsolutely no restrictions upon the treme agitation. The announcement business. Burlington banks have a that the Imperial Bank of Germany surplus cash and were sending out had raised its discount rate from 51/2 some of it yesterday. The state audito 61/2 per cent in order to protect its tor, who supervises Iowa banks. exgold holdings was not unexpected by pressed confidence in the stability of bankers here. Iowa's banks. "Their condition is and England May Follow. has been excellent," he said. It is thought quite likely that the Legal Holiday in Oregon. Bank of England will follow suit by Portland, Ore., Oct. 29.-At the reraising its rate at the regular meeting quest of the Portland Clearing House Thursday. Last year when the Unite association, Governor Chamberlain last States was absorbing English gold the night declared the next five days rate was raised by the Bank of Englegal holidays in order to prevent a land at a special meeting and it will money famine in the state. The banks be a favorable sign if the matter is of this city are absolutely sound, and not taken up until the regular weekly there has been no run on any of them, meeting of the directors. nor has one been threatened. New York High Bidder. Banks All Closed. The scramble for gold is such at all Oklahoma City, Okla., Oct. 29.the financial centers, London, Paris, Every bank in Oklahoma City remainBerlin and New York, that metal will ed closed yesterday, in accordance go to the highest bidder, and under with orders issued by Charles Filson, present conditions New York is likely acting territorial governor. It is unto appear for a time in this role. Its derstood that the order affects all naability to get gold is due not only tional banks in Oklahoma and Indian to the need for it, but large credits Territory. which are being established by the The action was taken because the movement of crops and other products. banks of Kansas City and St. Louis notably, wheat, cotton, copper, bacon refused to forward cash to the banks and meats and by the sale of Amerof the southwest. It is said that a teiican securities. ephone consultation of many of the Should Restore Normal Balance. bankers of Oklahoma, Indian Terri These influences are usually more tory, Arkansas and northern Texas potent than artificial measures to obtook place during the early hours yestain yellow metal, It is believed terday morning and that all decided this will be effective to place sufficient upon similar action. gold at the command of the New York One Bank Absorbs Another. market and to maintain credit and Kansas City, Oct. 29.-The Wyandott cause a resumption of banking operaState bank of Kansas City, Kan., with tions in the usual manner within a few deposits of half a million dollars, was days. Runs upon banks have practiabsorbed this morning by the Commercally ceased since the banks adopted cial National bank of Kansas City, the policy of paying the large depositMo. The absorption caused no comors in checks. ment and is considered only an inciGold Will Help Relieve. dent. New York, Oct. 29.-Great assistance
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cantile banks. and one year later the FEDERAL RESERVE Merchant's National bank. The Metropolitan National was absorbed by the National Bank of Commerce BANK KING PIN IN in 1897. The private banking house of Lombard Brothers, established in 1885, BUSINESS DEALING was conducted for one year when its interests were merged into the tional bank. First Institution of Commerce Started The Missouri National bank. organized in 1891, continued in busiHere in 1850 by Private Firm, ness until 1896 when it went into the hands of a receiver. The German- American National bank, estabHistory Reveals. lished in 1888, ceased business in 1890 By PAUL E. FLAGG. tional bank. From one private bank with little capital in Westport The Merchants National bank, Landing, Kansas City's "Wall Street" in seventy-five years which had been organized in 1879, closed its doors in 1891 when it volunhas grown to be the financial capital of the Southwest, with tarily retired from business. forty-three banks having combined deposits of more than First National Founded in 1886. $250,000,000. The American National bank, or In addition to the many resident commercial banking ganized in 1886, was reorganized in houses, Kansas City is the home of the Federal Reserve bank 1902 and called the National Bank of for the Tenth Federal Reserve district. the Republic. The government institution, By special permission of the con- established in 1914, occupies a twenty-two story building, northeast corner of Tenth street and Grand avenue. The district is the largest of the twelve governmental areas. It comprises the western half of Missouri, east half of New Mexico, and all of Kansas, Nebraska. Wyoming, Colorado. and Oklahoma. Branches of the Kansas City bank are maintained in Omaha and Oklahoma City. The Federal Reserve bank does not transact a general banking business. It is a depository for and makes loans to more than 1.000 member banks holding membership in the Federal Reserve system in the district. Lexington Then Center. During the early days in Kansas city, the nearest banks were in Lexington, and to that point prospective borrowers and holders of large checks and drafts were compelled to go. In the winter season little business requiring exchange was transacted. Such accommodations could be obtained from the government in Fort Leavenworth. Branches of banks, organized under state laws, were established in the early fifties in Liberty and Independence, and the banking facilities for local pioneers were brought closer home. The first bank established in Kansas City was that of Northrup & Chick, private bankers, in 1850. according to Henry C. Schwitzgebel, vice president of the Commerce Trust company, who has been an active banker here fifty-four years. The bank was at the intersection of Walnut and Levee streets. In 1863 it was sold to the private banking house of J. Q. Watkins and Company. A branch of the Mechanics' bank of St. Louis was established here in 1857. The troubles attending the Civil war reduced profits and caused complications, but the bank continued until 1871, when it was closed. Closed in 1861. In the same year a branch of the Union bank of St. Louis was started in Kansas City. The business of this bank, like the Merchanics' bank, was satisfactory until the Civil war. In 1861 the bank moved its local funds to St. Louis and closed its affairs here. The next bank organized was the Kansas City Savings association. in 1865, with capitalization of $20,000. In 1873 Dr. James Buchanan Bell became president and C. J. White cashier. W. A. Powell bought the holdings of Dr. Bell. He sold his interests in 1881 to W. S. Woods. The statutes regulating banks were changed by the legislature and the stockholders surrendered their charter as a savings bank and organized the Bank of Commerce. The affairs of the old bank were abscrbed by the new and former officers were retained. In 1887 the bank was placed under government control and it became known as the National Bank of Commerce. The old First National bank was organized in 1865 and two years later Howard M. Holden bought a controlling interest in the bank. The bank was prosperous and in 1872 its capital was increased from $225,000 to $500,000. Suspended in 1873. The bank temporarily suspended payment on September 25. 1873, as the result of the national financial panic. A short time later it was reopened. It closed its doors January 1878 and its affairs were closed up three years later. A private banking house operating under the name of John J. Mastin & Co. was organized in 1871. The German Savings association was organized in 1868. In 1871 it was consolidated with the Union German Savings bank under the name of the Union German Savings bank. The bank was closed in the 1873 The Kansas City National bank was opened in 1871 and continued until 1875 when it went into voluntary liquidation. Its affairs were transferred to the Bank of Kansas The Commercial National bank was organized in 1872 and was closed in 1878, when it was placed in the hands of a receiver. The Bank of Kansas City, organized in 1875, which took over the Kansas City National bank, became a national bank in 1878 under the name of the National Bank of Kansas City. Larger Here Then. From 1884 to 1887 it was the largest bank in Kansas City. It was closed in 1893 during the financial panic. It was reorganized and continued until 1896 when it was closed. The Armour Brothers Banking company was organized in 1878. A. W. Armour was president, S. B. Armour, vice president, and C. H. Prescott, cashier. The bank was bought in 1889 by the Midland National bank, which was absorbed eight years later by the National Bank of Commerce. The Citizens National bank. organized in 1882. was sold in 1898 to the Union National bank. The Kansas City Safe Deposit & Savings bank, established in 1883, failed ten years later during a national financial panic. In 1883 the Trader's bank was founded by James T. Thornton. The chief purpose of the organizer was to accommodate cattle dealers and facilitate the handling of cattle paper. It was purchased in 1887 by the Union National bank. The leading Kansas City banks had large interests at the stock yards from the time of the founding of the packing industries here. Before the organization of a bank at the yards, business was transacted by clerks appointed for the purpose. System Not Satisfactory. The system later proved unsatisfactory and in 1884 the Kansas City Stockyards bank was organized with $200,000 capital by C. F. Morse. president of the Kansas City Stockyards company. The bank was reorganized in 1890 under the name of the Inter-State National bank. In 1889 the New England Safe Deposit & Trust company was established. The officers were A. W. Armour. president; J. F. Downing, vice president: and A. W. Childs, treasurer. The banking trust and safe deposit business was profitable. but a supreme court decision requiring Missouri trust companies to pay interest on deposits caused the firm to separate the trust and safe deposit departments from the banking division. This action resulted in the organization of the New England National bank in 1896. The bank of H. S. Mills was organized in 1889 with a capital of $100,000. After conducting successful business for a short time, it was purchased by the newly or ganized Western Exchange bank. The Aetna National bank, organized in 1890, went into voluntary liquidation three years later. Private Bank Last Year. The Metropolitan National bank, established in 1890 absorbed the Gerin man-American National and the Mer- founding of the present First Nawhen it was absorbed with the Mer cantile bank by the Metropolitan Na troller of the currency, the First National bank was organized in 1886. Another bank of the same name had been in existence, but it had gone into receivership and its affairs had been closed. The second First National was new and separate estabishment. E. F. Swinney, who became cashier in 1887, now is president of the institution. In 1887 the Bank of Commerce, which had grown out of the Kansas City Savings association, was organized as a national institution and became the National Bank of Commerce, to 1897 the bank absorbed the Metropolitan National bank. The Midland National bank, which bought the Armour Brothers Banking company in 1889, was consolidated with the National Bank of Commerce in 1897. The Missouri Savings association bank was organized in 1891 with Watt Webb as president and W. S. Webb as cashier. The Fidelity Trust company, established in 1899, was converted into a national bank and is known as the Fidelity National Bank and Trust company. Commerce Trust Largest. The Traders' bank was founded in 1900. The Pioneer Trust company was organized in 1903. The Commerce Trust company was opened for business in 1906. Two years later it absorbed the Union National bank. In 1921 the Commerce Trust company merged with the National Bank of Commerce under the name of Commerce Trust company, making it the largest bank between St. Louis and San Francisco. Other banks founded in the last eighteen years are: Trust company Gate City bank, Jones Bros. bank. Trust company, Westport Avenue bank. Bank National bank, National the Produce Exchange bank. -Drovers' National bank Midland State bank, National bank Savings Trust company Main Street bank National Reserve bank, Park National bank. Security National bank, Southwest Boulevard State bank. National bank. Central Savings Trust ManufacNational and Bank Mechanics' bank, Southwest 1913-Citizens' Savings Trust company. City Center bank, Kansas City Terminal Trust company State bank. Merchant's bank. Midwest National bank, Union State Savings Trust company. American State bank. Liberty Peoples Stock Trust State bank. Mercantile Trust company, Southside bank, bank. Colonial State bank. Columbia Centropolis National bank, bank, Home Trust Independence Avenue bank. Inter City State bank, Metropolitan State bank, Northeast Swope State Park bank, bank, Waldo 1920-Corn Side Exchange bank. State First Mortsage Trust Mutual company, Marlborough State bank 1921-East Side bank. Jackson Avenue State Twelfth -Community Street State bank, bank. Linwood 1923-Federal bank Trust company. Old Systems Gone. Banking was done in a primitive way fifty years ago, according to Mr. Schwitzgebel. "For example the kind of files we use in present day banking were unknown, he said. "The method used in 1870 might be found today in small country postoffice in wooden box, partitioned off in sections with a name pasted above the openings for filing purposes. There were no impression books and typewriters. "The pass books were without unit lines. It was the custom to balance these books by entering both debits and credits and the number of the checks. "That was the day of the older men. The young men could look on only. The present day financial institution with its mechanical devices and modern methods, peopled largely by men and women under 85, would be marvelous revelation to the bankers, who died before the 90's. There are twelve bankers in Kansas City with more than twenty-f years banking experience. The list is headed by Mr. Schwitzgebel, who began his career in May, 1870, when he was thirteen years old, was a messenger boy for the German Savings bank. Others include E. F. Swinney, 1887, First National bank; K. L Browne, 1887, Northrup Banking company W. S. Webb, 1889, New England Loan and Trust company J. R. Dominick, 1893, American National bank: H. T. Abernathy, 1894, First National bank; W. Goebel, 1897, Commercial National bank; J. F. Downing. 1899, New England Safe Deposit and Trust company A. D. Rider, 1899, Fidelity Trust company; C. L. Brokaw, 1892, Wyandotte National bank; C. H. Moore, 1896, National Bank of Commerce: H. C. Flower, 1899, Fidelity Trust company. To facilitate the work of the banks in reaching an adjustment and payment of the daily balances due from each other at one time in one place each day. the Kansas City Clearing House association was founded in 1873. Sixth Oldest in U. S. The local association is the sixth oldest in the United States. The first clearing house was established in 1853 in New York. Others were founded as follows: Boston, 1856: Philadelphia. 1858; Chicago, 1865. and St. Louis, 1868. The records of the Kansas City Clearing house for the first two years destroyed. but records from 1875 have been maintained According to Jerome Thralls of New York, former manager of the local association, clearing houses are of comparative recent origin. He cites the mechanism of credits dates back to the civilization of antiquity and that the Assyrians in the seventh century before Christ used checks in the form of burnt clay tablets. Bank clearings today are accepted as an indication of business activity in cities. For example. clearings today are larger daily than for 1875, when the association was founded. In 1875 the clearings for the year amounted to 0,407,967. The population then was 32,000. It is more than 350,000 today. Clearings of Kansas City banks have doubled each ten years during the last half century. The comparisons: 1924 Kansas City today has forty-three banking houses. Of this number, ten are national banks while the remaining thirty-three are state banks and trust companies.
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morning wore on. He scores who passed to shake his hand tears streaming down his face Owens, general manager of the klahoma Gas and Electric Company. today from homa City and deposited Mr. Fink made public telegram from and Scott Yeargin of said: We have 000 in and in good se curities. You can use it all if boys I used to work H. Gibson of the Kansas City reserve bank, said the run had been effectively stopped. The reserve bank behind the Commercial Na. tional to the limit. he declared.