10343. Kansas City Safe and Savings Deposit Bank (Kansas City, MO)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 19, 1891
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
6d55b31f

Response Measures

Accommodated withdrawals

Description

Multiple papers report a 'tremendous run' on the Kansas City Safe and Savings Deposit Bank on Jan 19, 1891, triggered by the failure/takeover of the American National Bank in the same building and rumors of a connection. The savings bank paid depositors promptly and officials said they could meet obligations; there is no evidence the savings bank suspended or closed.

Events (1)
1. January 19, 1891 Run
Cause
Local Banks
Cause Details
Run triggered by failure/takeover of the American National Bank in the same building and rumors that the institutions were connected.
Measures
Paid depositors promptly; officials publicly stated they could meet all obligations.
Newspaper Excerpt
There is a tremendous run on that institution. The bank is paying all depositors promptly, and the officials claim that they can meet all obligations.
Source
newspapers

Newspaper Articles (10)
1. January 19, 1891 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 19, 1891

Click image to open full size in new tab

Article Text

Bank Troubles. KANSAS CITY, Jan. 19.-The American National Bank, of this city, WAS taken charge of this morning by F. E. Marshell, national bank examiner for the State of Missouri. The capital stock of the bank is $1,250,000. No statement of the liabilities or assets can be obtained. As a result of the failure a great deal of uneasiness has been created among the dispositors of the Kansas City Sife 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 tremenduous run on that institution. The bank is paying all depositors promptly, and officials claim that they can meet all obligations. The bank is in no way connected. with the American National.

2. January 19, 1891 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 19, 1891

Click image to open full size in new tab

Article Text

Takes Charge of a Bank. KANSAS CITY, Mo., 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 $125,000. No statement of habilities or assets can be obtained. During the early part of last week it became known to members of the Kansas City Clearing House Association that the bank was in need of assistance. A meeting of theassociation was called and a resolution adopted assuring the American that upon proper showing, assistance would be rendered to the amount of a million dollars. A committee was appointed to examine collaterals and on Saturday they reported that the paper offered was not such as the banks of the association would accept. Thisdecision made the failure of the bank inevitable and the bank examiner assumed charge of the concern. As a result of the failure a great deal of uneasiness was created among the depositors of the Kansas City Safe and Savings deposit bank and the American National bank, which are supposed by many to be connected with the American National bank. There is a run on the first named bank, which is paying all depositors promptly and officials claim that they can meet all obligations. WASHINGTON, Jan. 19. - Lacey, the comptroller of currency, received a telegrain this morning from Bank Examiner Marshal, announcing the suspension of the American National Bank, Kansas City. He said there had been a very heavy run on the bank and that the situation looked serious. He added, however, that he did not think the bank's liabilities exceeded a milNon dollars. The comptroller said he thought the bank was suffering from Its efforts to assist its correspondents In Kansas, four of which have failed recently.

3. January 20, 1891 The Record-Union Sacramento, CA
Article from The Record-Union, January 20, 1891

Click image to open full size in new tab

Article Text

IN FINANCIAL STRAITS. AMERICAN NATIONAL BANK OF KANSAS CITY SUSPENDED. Lack of Confidence of Depositors the Principal Cause of the Trouble. Special to the RECORD-UNION. KANSAS CITY, Jan. 19.-The National Bank Examiner for Missouri took charge of the American National Bank of this City this morning. The capital stock of the bank is $1,250,000. No statement of the liabilities or assets can be obtained. During the early part of last week it became known to members of the Kansas City Clearing-house Association that the bank was in need of assistance. A meeting of the association was called and a resolution adopted assuring the American that upon a proper showing assistance would be rendered to the amount of $1,000,000. A committee was appointed to examine the collaterals, and on Saturday they reported that the paper offered was not such as the banks of the association would accept. This decision made the failure of the bank inevitable, and the Bank Examiner assumed charge of the concern. As a result of the failure a great deal of uneasiness has been created among depositors in the Kansas City Safe and Savings Deposit Bank and the other banks, which are supposed by many to be connected with the American National Bank. There is a run on the first-named bank, which is paying all depositors promptly, and the officials claim they can meet all obligations. President Stimson, in a public statement says: "The cause of the failure of the American National Bank seems to have been the indefinite lack of confidence which has pervaded the business world the past few months. A rumor gained currency three months ago that the bank was not in the best condition. A withdrawal of deposits followed immediately, and with the growth of the unfavorable reports increased to an alarming extent. On the 1st of October the bank's statement showed deposits of $4,200,000. December 19th they had fallen off to $2,500,000, and on Saturday night, when the Clearing-house Committee made an investigation, they aggregated only $1,400,000. The cash available at that time was $400,000. An increase began with the stringency of the Eastern markets, itself to a of in the East it was to $800,000 money found obliged and negotiate when securities. compelled the loan bank give as collateral gilt-edged "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 Exwas notified by meeting was aminer son. A clearing-house President Stim- first called without our knowledge, and other banks voluntarily offered us assistance, if Unfortunately, the meeting beknown, causing which resulted a run on rumors needed. came publicly in increased Friday and Saturday, and we then applied for to on a plan to failed the clearing-house agree aid, of assistance, although, but they and we were obliged to close, in my opinion, this ought never to have occurred, as the bank had always been will be if the assets are and solvent. Deposits properly paid handled in full, the stockholders should get back a large part a their original investment," The liabilities are estimated at $2,250,000, and the assets nominally at $3,500,000. Other bankers do not anticipate any bad effects on other houses.

4. January 20, 1891 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 20, 1891

Click image to open full size in new tab

Article Text

risan BIG BANK FAILURE. American National, at Kansas thy City, Goes Under. fa EIN LIABILITIES MILLIONS. n. of he United States Bank Examiner in at Charge of the Institution--The e Excitement Causes a Run on te Other Banks...The Details. 1 te a KANSAS CITY, Mo., January 19,-The gAmerican National Bank, of this city, It was taken charge of this morning by F. a F. Marshal, National Bank Examiner J the State of Missouri. The capital stock of of the bank is $1,250,000. No statement of the liabilities or assets can be ob. tained. To the Associated Press correspondent, Examiner Marshal said this e morning: "There is absolutely nothing to say except that the bank is in my charge." a During the early part of last week it 0 became known to the members of the Kansas City Clearing House Association that the American National Bank wasin need of assistance. A meeting of the association was called, at which a resolation 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 Measrs. Witten McDonald, President of the Midland National Bank: Dr. W.S. Woods, Prealdento the National Bank of Commerce, and F. P. Neal, Vice President of the Union National Bank, were appointe.l to be in readiness to act for the association Friday evening. Mr. H. 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 Saturday evening the committee was instructed to examine the securito offered by the American NEtional Bank and ascertain the amount of money needed. Yesterday the committee, cailing to its assistanca National Bank Examiner Marshall, examined the collaterals offered as securities for one million dollars or more which the Asic ciation agreed to loan. The commitee reported to a meeting of the Associati n last night that the collaterals offered y the American National were not such his the banks of the Association would accept. This decision of the Association made the failure of the bank inevitable, and the National Bank Examiner thereupon assumed charge of the bank's affairs. As a result of the failure 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 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 auxious to recover their hard-earned sarings. The bank is paying 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 its officers are the most careful and conservative busineas men of the city. The deposits of the bank are about $1,200,000; since October 1 last the deposits bay 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. No statement of the amounts of li-bilities and assets of the bank has been made. They are estimated at $2,250,000 liahilities and $3,500,000 nominal assets.

5. January 20, 1891 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, January 20, 1891

Click image to open full size in new tab

Article Text

A MISSOURI BANK FAILS. The American National of Kansas City Goes to the Wall. KANSAS CITY, Jan. 19.-[Special]The national bank examiner, T. E. Marshall, for the State of Missouri, took charge of the American National Bank of this city this morning. Capital stock of the bank, $1,250,000. The receivership is due to the fact that a large part of the collateral was found to be not such as a bank should carry. Asa result of the failure 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 ov that institution. The sidewalk -was blocked and the doors of the banks are crowded with depositors anxious to recover their savings. The bank is paying 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 its officers are the most carefel and conservative business men of the city.

6. January 20, 1891 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 20, 1891

Click image to open full size in new tab

Article Text

FAILURE OF BANK. The American National of Kansas City in an Examiner's Charge-Run on a Savings Bank. KANSAS CITY, Mo., Jan. 19.-The American National bank of this city was taken charge of this morning by F. E. Marshal, national bank examiner for Missouri. The capital stock of the bank is $1,250,000. No statement of the liabilities or assets can be obtained. The examiner would only say: "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 bank that upon a proper showing assistance would be rendered to the amount of one million dollars or more. A committee consisting of Messrs. Witten McDonald, president of the Midland National bank; Dr. W. S. Woods, president of the National bank of Commerce, and F. P. Neal, vice president of the Union National bank, were appointed to be in readiness to act for the association. On Friday evening, H. P. Simpson, president of the American National bank, requested a conference with this committee. The conference resulted in a recommendation that the association render the bank assistance. At a meeting of the Clearing House association on Saturday evening the committee was instructed to examine the security offered by the bank and ascertain the amount of money needed. Yesterday the committee, calling to its assistance Examiner Marshal, examined the collaterals offered as securities for the $1,000,000 or more which the association agreed to loan. The committee reported last night that the collaterals 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 its affairs. As a result of this failure 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 and is supposed by many to be connected with it, and at this hour (11:30 o'clock) there is a tremendous run on that institution. The bank is paying all depositors promptly, and the officials claim that they can meet all obligations. The 1 bank is in no way connected with the 1 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.

7. January 20, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 20, 1891

Click image to open full size in new tab

Article Text

A GREAT BANK FAILS. The American National, of Kansas City, a Wreck. RUMORS CAUSED A BIG RUN. The Clearing House Would Have Helped, but Matters Were Hopeless -Allied Institution Besleged. KANSAS CITY, Jan. 19.-The national bank examiner for Missouri took charge of the American National Bank, of this city, this morning. The capital stock of the bank is $1,250,000. No statement of the liabilities or assets can be obtained. During the early part of last week it became known to members of the Kansas City Clearing-house Association that the bank was in need of assistance. A meeting of the association was called and a resolution adopted assuring the American that upon a proper showing assistance would be rendered to the amount of $1,000,000. A committee was appointed to examine the collaterals, and Saturday they reported that the paper offered was not such as the banks of the association would accept. This decision made the failure of the bank inevitable, and the bank examiner assumed charge of the concern. As a result of the failure a great deal of uneasiness was created among the depositors of the Kansas City Safe and Savings Deposit bank, which was supposed by many to be connected with the American National bank. There was a run on the first-named bank all day. To all appearances the bank has plenty of money, and it is the general opinion of those in a position to know that the bank will be all right and there is no occasion for the scare. The deposits of the American National bank are about $1,200,000, having fallen to that amount from $4,000,000 since last October. It has been ascertained that the bank owes over $800,000 of borrowed money. A gentleman in a position to know the condition of the other national banks in the city says they are in good condition, and will not be affected by the failure. President Stimson, in a public statement, says the cause of the failure of the American National bank seems to have been the definite lack of contidence which has pervaded the business world in the last few months. A rumor gained currency three months ago that the bank was not in the best condition. Withdrawal of deposits followed immediately, and with the growth of the unfavorable reports, increased to an alarming extent. On the 1st day of October the bank statement showed deposits of $4,200,000; on December 19 they had fallen off to $2,500,000, and Saturday night, when the clearing-house committee made an investigation, they aggregated only $1,400,000. The cash available at that time was $400,000. The decrease began with the stringency in the Eastern money market, and 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 and confidence was impaired, the clearing-house could not agree upon any plan of assistance, and the bank examiner was notified by President Stimson. "The clearing-house meeting was first called without our knowlekge," said President Stimson, "and other banks voluntarily offered assistance, if needed. Unfortunately, the meeting became publicly known, causing increased 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 always has been solvent. Deposits have been paid in full and if the assets are carefully handled the stockholders should get back 8 large part of their original investment." The liabilities are estimated at $2,250,000; assets nominally $3,500,000. Other bankers do not anticipate any bad effects on other houses. There seems to be a decided difference of views as to the failure of the clearinghouse to extend assistance to the embarrassed bank. A prominent member of the association tonight said, when the committee met, the chairman certified checks for $17,000,000 to be turned over to Stimson, should the showing warrant the loan. The examination, he said, proved the securities entirely insufficient, and assistance therefore was withheld. CHICAGO, Jan. 19.-The Merchants' National bank of this city, correspondent of the bank at Kansas City that failed today

8. January 20, 1891 The Sun New York, NY
Article from The Sun, January 20, 1891

Click image to open full size in new tab

Article Text

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-

9. January 20, 1891 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 20, 1891

Click image to open full size in new tab

Article Text

IN CHARGE OF THE BANK EXAMINER. A Big Institution in Kansas City ClosedLiabilities Unknown. [By telegraph to the Dispatch.) KANSAS CITY, Mo., January 19.-The American National Bank of this city was taken charge of to-day by F. E. Marshal, national bank examiner for the State of Missouri. The capital stock of the bank is $1,250,000. No statement of the liabilities or assets can be obtained. During the early part of the week it became known to members of the Kansas City clearing-house 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 bank that upon a proper showing assistance would be rendered to the amount of $1,000,000 or more. An investigating committee reported to a meeting of the association last night that the collaterals offered by the American National Bank were not such as a bank 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. RUN ON A NEIGHBORING BANK. KANSAS CITY, Mo., January 19.-As a result of the failure of the American National Bank a great deal of business 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 savings. The bank is paying 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 its officers are the most careful and conservative business-men of the city. THE BANK ALL RIGHT. Later.-The run on the Kansas City SafeDeposit and Savings Bank continued all day. To all appearances the bank had plenty of money, and it is the opinion of those in a position to know that the bank is all right.

10. January 20, 1891 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, January 20, 1891

Click image to open full size in new tab

Article Text

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.