First National Bank - Kansas City, MO

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3456
Charter Number: 3456
Start Date: July 14, 1893
Location: Kansas City, Missouri (39.100, -94.579)

Metadata

Model: gpt-5-mini
Short Digest: e8f021b3

Response Measures

Accommodated withdrawals, Capital injected, Full suspension

Other: Stockholders pledged personal estates to support banks; comptroller was notified and a receiver was requested.

Description

Multiple contemporary papers (dated July 15, 1893) report runs on Kansas City banks precipitated by the failure of the Bank of Kansas City; a separate report (datelined July 14) states the First National suspended and was placed in the hands of a receiver. Cause of initial runs was distress from another local bank and broader financial stringency. Suspension led to receivership (closure).

Events (3)

1. July 14, 1893 Receivership

Newspaper Excerpt: a notice placed in the window stated it had been placed in the hands of a receiver.
Source: newspapers

2. July 14, 1893 Suspension

Cause: Local Banks
Cause Details: Steady withdrawals since the national financial stringency and immediate heavy demands (telegraphed demands for $40,000) forced the bank to suspend and ask the Comptroller to take charge; precipitated by local runs and nationwide stringency.
Newspaper Excerpt: Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver.
Source: newspapers

3. July 15, 1893 Run

Cause: Local Banks
Cause Details: Runs on many Kansas City banks were precipitated by the failure of the Bank of Kansas City and ensuing heavy withdrawals across the city's banks during the national stringency.
Measures: Banks paid out money rapidly; paying-tellers were put to work; police maintained order; stockholders of some banks pledged assets to shore up confidence.
Newspaper Excerpt: the greatest excitement was about the Bank of Commerce, ... and the First National.
Source: newspapers

Newspaper Articles (4)

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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Article Text

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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Article Text

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 20, 1893 Mexico Weekly Ledger Mexico, MO

Article from Mexico Weekly Ledger, July 20, 1893

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Article Text

To Our Pride in the Past and Our Hope for the Future. Let Us Add Vigorous Work in the Living Present. MEXICO, MISSOURI. THURSDAY, JULY 20. 1893. IN 1 RECEIVER'S HANDS. Ironble Comes Upon the J. N. Chick Bank of KUNSAN ity. KANSAS CITY, Mo., July 14.Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver. The Bank's capital is $1,000,000. It is impossible to get figures or facts now. Considerable excitement was caused by the suspension, as it had been entirely unexpected. Its president is J. S. Chick, one of the best financiers in the West. The assets, president J. S. Chick said this afternoon, will be between 2 and 3 million dollars and the liabilities between $800,000 and 1 million. He is confident that the deposits will be paid dollar for dollar. Five minutes before the usual closing time this afternoon Cashier W. J. Anderson sent a telegram to Comptroller Eckels at Washington that the bank had suspended payment and asking him to take charge. Five minutes after the note was posted a small crowd had gathered around the entrances but there was little excitement. PRESIDENT CHICK'S STATEMENT. Hon. Champ Clark, of Pike. To a reporter, who was admitted THE FIRST SHOT PIRED. Bits of Information. into the bank, president Chick said False teeth are made from paper, that the suspension was due to a War on Slam Begun by Two French and are said to wear well and last a steady withdrawal of deposits since Men-of-War, Who Fired on the lifetime. Forts Paknam. the beginning of the financial strinThe bricks made in this gency which has prevailed throughout the whole nation during the last country were manufactured by the LONDON, July 13.-The Times few months. Virginia settlers in 1612. this morning says: "The first shot "We began to lose deposits early in the war between Siam and France Diamond cutters in Holland have has been fired. The special correin May," he said. "The demand succeeded in cutting stones so small on us went along until the failure of spondent at Bangkok last night that it takes 1,500 of them to weigh wired: a karat. the Savings Bank last Tuesday and "The French war ships, Comete every day since then the withdrawals There is a little town named of individual and bank deposits have and Inconstant, slipped across the Markneukirchen in Saxony, where been heavier. We thought we could bar this (Thursday) evening and nearly every inhabitant is engaged get through to-day, but we were exchanged shots with the Paknam in the manufacture of violins. forts. forced to quit just five minutes beThe electric railway has penetratfore the usual time. A few minutes "The two men-of-war then proed even the fastnesses of the before we closed we received deceeded to Bangkok and are now anmands for $40,000 by telegraph. chored with the gunboat Lutin opTyrolese Mountains, a road twentyseven miles long being projected We saw we could not stand another posite the British Legation. between Riva and Pinzolo. "One sailor was killed and two day's run and there was only one wounded in the exchange of shots thing left for us to do and we did it. A new glass for thermometers is