10345. Kansas City Savings Bank (Kansas City, MO)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
670c542c

Response Measures

Books examined

Other: Run on Kansas City Savings Bank triggered by suspension/failure of American National Bank; clearinghouse examined American National but refused assistance.

Description

Newspapers from Jan 19–20, 1891 report the suspension/failure of the American National Bank of Kansas City and a contemporaneous run being made on the Kansas City Savings Bank. There is no explicit statement in these articles that the Kansas City Savings Bank suspended or closed — only that a run was in progress — so classification is run_only. Bank type not specified in articles; name suggests a savings institution but not explicitly 'state' or 'national.'

Events (1)
1. January 19, 1891 Run
Cause
Local Banks
Cause Details
Run was triggered by the suspension/collapse of the American National Bank of Kansas City; depositors on the Savings Bank panicked (the American National suspended Jan 19).
Newspaper Excerpt
the report of the collapse of the American National Bank of Kansas City and a run in progress upon the Kansas City Savings Bank.
Source
newspapers

Newspaper Articles (7)
1. January 20, 1891 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 20, 1891

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Article Text

Breadstuffs and Provisions. CHICAGO, Jan. 19,-Bear markets and bull acquiescence in the downward action of prices by a wholesale abandoument of their holdings were the features of the day's business on the board. The wh at market opened very weaz at a decline for May of 1/6c. The principal cause of the opening weakness was the report of the collapse of the American National Bank of Kansas City and a run in progress upon the Kansas City Savings Bank. Some financial trouble was also reported from New York to be the cause of the decline. The market closed dull, near the lowest figures. Corn market was weak and lower. Oats were only fairly active. Provisions were moderately active, with little change in prices. Flour unchanged. WHEAT-Cash No.2 spring 87% No. Sspring 83a8634c: No. 2 red 903/60: January May July CORN-Cash No. 2, 47/80; January 47%C; February May 50%go. OATS-Cash No. 2, 42%gc: January 42a-12% May June RYE-No. 2, 70c. FLAXSEED-NO. 1, 16. TIMOTHY SEED-81 25. MESS PORK-Cash $10 15: January $10 15a10 20a 10 17½; February! 20a10 30a10 22% LARD-Cash 85 723/9: January S5 72%; February $5 7736: May $6 15a6 25a6 173/2. SHORT RiBS $1 c0a4 90; January and February 84 90a5 COa4 90; May $5 32½a5 423/485 35. SHOULDERS-S4 short clear 25. Others unchanged. VISIBLE SUPPLY-The visible supply of grain as reported for the Board of Trade is as follows: Wheat, 24,930,000 bushels, decrease 338.000 bushels; corn, 2,718,000, decrease 54,009; oats, 8,453,600, decrease 177,000: rye, 419,000, decrease 21,000; barley. 3,515,000; necrease 297. NEW YORK, Jan. 19.-Flour, receipts 32,500 packages; exports 2,000 barrels; market heavy and dull; sales 14,000 barrets. Wheat. receipts 23,000 bushels; exports 48,000 bushels: sales 2,610.000 bushe's of futures and 40,000 bushels of spot; market dull and lower: No. 3 red 9936c; options moderate: No. 2 red January $1 014; February SI 04%4; March 81 043/21 05a1 01%; May St. 029611 033/2al 02%: June $1 00½; July 96%c: August 94%c. Stocks of grain in store and alloat January 17: Wheat, 1,952,663 bushels; corn, 625,398 bushels: eats, 1,496,603 bushels; rye, 15, 500 bushels; malt, 216,090 bushels: barley, 315,047 bushels; peas, 12,337 bushels. Corn, recelpis 36,000 bushels; exports ,000 bushels; sales 320,000 bushels of futures and 34,000 bushets of spot: market dull and weaker; ungraded mixed 58a60/2: January 59c; February 583/20; May 59c; March 57%gc. Oats, receipts 32,000 bushets: ex. ports 900 bushels; sales 4,025,000 bushels of futures and 91,000 bushels of spot: market dull and lower; January 50%c; February 601/2: May 500: No. 2 spot white olc: mixed 48c: white do 51a58c; No. 2 Chicago 513/2. Hay and hops quiet Coffee steadier and unchanged. Sugar quiet Molasses rice firm. Tallow dull and steady. Rosin quiet. Turpentine quiet. Eggs firmer: western 27c. Hides firm and quiet. Pork quiet: mess $9 75a10 75: new mess $11 50411 75; extra prime $10 50 : Cut meats fairly active. Lard weak and quiet; western steam $6 12½: January $610; February 26 10; March 86 21; May $6 40. Butter quiet and easy: western dairy 12a2t c; do creamery 19a28c: Egin 29c. Cheese active and strong; Ohio flats PHILADELPHIA, PA., Jan. 19.-Flour weak. Wheat steady; No. 2 red January 99a9936c: February SL 00al 003/2; March 021/2n1 03: April $104,481.05 Corn steady: No. 2 mixed January 59a59 4c: February 59a59 go: March and April 5936a60c. Dats steady: No. 2 mixed 49360: No. 2 white January 5:4/a50%c; February 5056a50%c: March 6134851360; April 52½c. Pork, mess, old $11 00: do new $1250: hams, smoked $10 03all 00. Butier dull and weak: Pennsylvania creamery extra 27a28c; do prints extra 29a83c. Egas firm: Pennsylvania firsts 28c. Cheese firm; part skitns GaSc. CINCINNATI, Jan. 18.-Flour dull: family $3 85 a4 CO: fancy $1 35a4 70. Wheat dull, lower; No. 2 red 96c; receipts 4,100 bushels: shipments 2 500 bushels. Corn irregular and lower; No. 2 mixed 52c. Dats quiet; No 2. mixed 473/20. Rye fair, demand firmer: No. 2 75c. Pork quiet at $10 25. Lard dull at $5 70. Bulk meats dull. Bacon dull: short clear $6 00. Whisky steady at $1 14. Butter firm; fancy elgin 80c: good to prime Ohio 20a25c Linseed oil dull at 53c. Sugar firm; hard refined 61/487c: New Orleans 5c. Eggs nominal at221/c. Cheese steady; choice full creamery Ohio fist 93/2a10c. BALTIMORE, MD., Jan. 19.-Wheat dull; No. 2 winter red spot and January 87%c: May $1 02 Corn firm: mixed spot and January 581/20; May 56%c. Oats quiet; western white 51a52c. Eye quiet at 80a82c. Hay dull; prime to choice timo thy $10 54 all 00. Mess pork quiet: old $11.50;

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

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Article Text

MARKETS BY WIRE. The Bears Get Control of the Grain Pits and Give Prices a Black Eye-Longs Demoralized-Provision Markets Also Back Water. CHICAGO-Bear news, bear markets and bull acquiescence in the downward action of prices by a wholesale abandonment of their holdings were the features of the day's business on the board. The wheat market opened very weak and at a decline for May of 5/8C since Saturday, the bulk of the transactions taking place at 943/4c. There were rumored sales of a few 5,000 bushel lots in the turmoil at the start at 947/₈c, and even 95c was said to have been paid. The principal cause of the opening weakness was the report of the collapse of the American National Bank of Kansas City and a run in progress upon the Kansas City Savings Bank. Some financial trouble was also reported from New York to be the cause of the decline of a few who were in the English Government securities. The longs were sellers and the shorts took the offerings. To such an extent of demoralization had the recent upholdings of the long side been reduced that when Pardridge commenced to buy in his short wheat on the first decline to 941/2C they were almost inclined to thank that speculator for his support to a market which no efforts of theirs could prevent from going to pieces. The selling by Pardridge later in a subsequent recovery of the price from 943/4 to 947/₈c cancelled the apparent obligation of the longs, and he continued to take in short wheat on the soft wheat spots and pile the load back again on the market upon every upturn during the remainder of the day. It may be very safely assumed that the long holdings have now become very heavily reduced, and consequently the outstanding open interest in the market is now smaller than it has been for a considerable time. Under such conditions. unless something occurs to encourage hope of an improvement in prices dull speculative markets may be looked for in the immediate future. The first decline in prices was arrested at 94½/2c; the reaction which followed carrying the market up to 943/4@947/gc for May and subsequent important fluctuations on the decline were. 943/₈c, 917/₈c, 941/4c, 943/4c, 947/8, 94c, and 941/8@93/4c. There were a few transactions at 935/8C for May, but there was no general trading under 983/4c. The market was without recuperative energy. The corn market was weak at opening. The weakness of the wheat market and the beautiful springlike weather were the incentives to the selling spirit which animated local speculators at opening, under which the first trading in May was done at 51c as compared with 511/4c at the close of the market on Sa urday. After selling at 507/8c there was a momentary reaction to 511/₈c, and afterward weakness was the rule to the close. The decline stopped at 501/2c. The oats market was only fairly active. Heavy receipts, liberal supplies for to-morrow and the weakness in the other markets were the principal bear influences. The fluctuations were frequent but narrow. The provision market sold off immediately that trading commenced, the grain commission being free sellers. The packers were sellers also, although hogs were reported to be selling well at the yards at 10 to 15c advance. There were reactions on the decline, but heaviness was the prevailing appearance of the pit. Pork at the close showed a decline compared with the closing quotation of Saturday of 7½C to 10c. Lard lost 1/8C on the same comparison and ribs from 2½C to 5c. The leading futures ranged as follows, as corrected by John M. Oakley & Co., 45 Sixth street, members Chicago Board of Trade:

3. January 20, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 20, 1891

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Article Text

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

4. January 21, 1891 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, January 21, 1891

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PRODUCE MARKETS. NEW YORK, Jan. 19.-Flour-Receipts, 32,490 packages; exports, 2,305 bris, 9,470 sacks; heavy; dull; sales, 13,600 bris; low extras, $3.40@3.90; winter wheat, low grades, $3.45@ 3.90; tair to lancy, $3.90@5; patents, $4.40@ 5.40; Minnesota clear, $4.10@4.85; do patents, $4.60@5,40; straights, $4.35(a5.10; rye mixtures, $4@4.50. Corn mesi-Moderately active; brandywine, $3.25. Wheat-Receipts, 22.800; exports, 48,554: sales, 2,640,000 futures, 40,000spot; spot market dull; lower; unsettled; No. 2 red. $1.04%@1.05 elevator, $1.06% atloat; $1,05%@1.07% f. 0. b.; No. 3 red, 99½ @99%o; No. 1 northern, $1.09%: No. 1 hard, $1.13%. Options are down %@1c, and closed weak, as disturbed by reports of bank failures In Kansas City and large deliveries to England from the East Indies for last week. Trading only moderate: No. 2 red, Jan., closing $1.04%; Feb., $1.04%@1.05%, closing $1.04%; March, $1.04%@1.05, closing $1.04½; May. $1.02%@1.08%, closing $1.02%; June, $1.00%@1.01/4, closing $1.00½; July, 96% 97½, closing 963/4c; Aug., 94%@95%c, closing 94%c; Dec., closing 96%c. RyeSteady and quiet; western, 76@80c. Stock of grain in store and afloat Jan. 17-Wheat, 1,952,663; corn, 625,393; oats, 1,496,603; rye, 108,500; malt, 216,090; barley, 315,047; peas, 12,337. Barley-Firm. Barley malt-Easy. CornReceipts, 33.800; exports, 17.965; sales, 320,000 futures, 34,000 spot; spot market dull; weaker: No. 2. 59@591/ge elevator: 601/4c afloat: ungraded mixed, 58½@6034c; steamer 59c; No. 3, 581/2c; options depressed and %@%e lower, as through realizing on account of weakness of wheat: Jan., 59c, closing 59e; Feb., 581/2c, closing 581/20; May, 57%@58 3-16c, closing 57%c. Oats-Receipts, 32,000; exports, 865; sales, 425,000 futures, 34,000 spot; spot market dull, lower: options more active, wesker: Jan., closing 501/20; Feb., 501/2@50%c, closing 50½c; May, 50 1-16@50%c, closing 501/4c; spot No. 2, white, 50½51c; mixed western, 48@ 52c; white do., 51@58c; No. 2, Chicago, 51½c. Hay-Firm, fair demand. Hops-Weak quiet. Coffee - Options opened steady, unchanged to 5 points down; closed steady; 5 points down to 5 points up. Sales, 24,500 hags, including Jan., 16.75(c) 16.80c; Feb., 16.25@16,30c; March, 15.95@16 00c; May, 15.40@15.45c; July, 15.10@15.15c; Dec., 13.50@13.55c; spot Rio, fairly active and firm; fair cargoes, 19c; No. 7, 17½/20. Sugar-Raw, firm and in fair demand; refined quiet. Moiasses-New Orleans, firm; fair demand. Eggs-Fair demand and firmer; Western, 27c; receipts, 2,935 packages. Hidesto Firm: quiet; Texas selected, 50 60 pounds, 7@8c. Pork-Quiet; steady: mess, $9.75@10.75; new mess, $11.50@ 11.75; extra prime, $9.50@10. Cut Meats-Irregular, fairly active; pickled bellies, 5½; do shoulders, 4@41/4c; do hams, 7%@80; middles, dull, weak. Lard-Weak, quiet; western steam, $6.12½ Sales 1,250 tierces at $6.15. Options, sales, 6,500 tierces; Jan., $6.11@6.12, closing $6.10 asked; Feb., $6.12@6.14, closing $6.10 asked; March, $6.21@6.23, closing $6.21 asked: May, $6.40@6.43, closing $6.40 asked. Butter-Quiet, easy; western dairy, 12@20c; do creamery, 19@28c; Elgin, 2814@29c. CheeseActive, strong; light skims, 5@81/20; Ohio flats, 7½@9%c. CHICAGO, Jan.19.-Bear news, bear markets and bull acquiesence in the downward direction of prices by a wholesale abandonment of their holdings were the features of the day's business on the board. The wheat market opened very weak and at a decline for May of 5/80 since Saturday, the bulk of the first transactions taking place at 943/4c. There were rumored sales of a few 5,000 bu. lots in the turmoil at the start at 94½c, and even 95e was said to have been paid. The principal cause of the opening weakness was the report of the collapse of the American national bank of Kansas City and a run in progress on the Kansas City savings bank. Some financial trouble was also reported from New York to be the cause of the decline of a few points in English government securities. The longs were sellers and the shorts took the otherings. To such an extent of demoralization had the recent upholdings of the long side been reduced that when Pardridge commenced to buy in his short wheat on the first decline to 94½c, they were almost inclined to thank that speculator for his support to a market which no efforts of theirs could prevent from going to pieces. The selling by Pardridge later, however. on a subsequent recovery of the price to 9434@943/gc canceled the apparent obligation of the longs and he continued to take in short wheat on the soft spots and pile the load back again on the market upon every turn during the remainder of the day. It may be very safely assumed that the long holdings have now become very heavily, reduced, and consequently the outstanding open interest in the market is now smaller than it has been for a considerable time under such conditions. Unless something occurs to encourage the hope of any improvement in prices dull speculative markets may be looked for in the immediate future. The first decline in prices was arrested at 94½/20, the reaction which followed earrying the market up to for May and the subsequentimportantfluctuationsor the decline were 94%c, 941/@943/e, 94½c, 933/4c. There were a few transactions at 93% for May but there was no general trading under 933/4c. the market being without recuperative energy. The corn market was weak at the opening. The weakness of the wheat market and the beautiful, spring-like weather were the incentives to the selling spirit which animated the local speculators at the opening, under which the first trading in May was done at 51c as compared with 513/40 at the close of the market on Saturday. After selling at 50% there was a momentary reaction to 511/30, and after weak-

5. January 21, 1891 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, January 21, 1891

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KANSAS CITY'S WRECKED BANK. It Is Responsible for the Causeless Run on Another Institution. KANSAS CITY, Jan. 20.-Bank Examiner J. F. Marshall, with a large corps of assistants, was busy to-day examining into the condition of the American National Bank, which suspended yesterday. He declined to make any statement concerning the bank's affairs, and said his report to the Controller would probably not be made for three weeks. There is some talk of the bank's resuming business. President Stimson says that il the stockholders care to repair the impaired capital 01 the bank he sees nothing to prevent resumption. The only effect of the failure in financial circles here is the run on the Kansas City Savings Bank, which was unfortunate enough to be located in the same building with the American Bank. The stock of the bank was held principally in the East, and inasmuch as the depositors will probably be paid in full, the effect upon local business men will be alight.

6. January 22, 1891 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, January 22, 1891

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CLOSED ITS DOORS. The American National Bank of Kansas City SuspendsGreat Excitement. Special Dispatch to the Ledger. KANSAS CITY, Mo., Jan. 19.There is much excitement here in consequence of the suspension this morning of the American National Bank, one of the largest financial institutions in the West. The capital stock of the American National was $1,200,000.00, and its solidity has never been questioned. A big run 18 being made on the Kansas City Savings Bank, a poor man's institution, and this adds largely to the panic caused by the failure of the American National.

7. January 30, 1891 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, January 30, 1891

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A Big Crash in Kansas City. KANSAS CITY, Mo., Jan. 20.-The American National bank, capital $1,250,000. one of the largest snstitutions in the city, closed its doors yesterday morning. A run is being made on the Kansas City savings bank, a poor man's institution, and great excitement prevails. No statement of the liabilities or assets can be obtained. During the early part of last week it became known to the 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 the paper offered 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. The deposits of the bank are about $1,200,000. having fallen to that amount from $4,000,000 since the first of last October. It is ascertained that the bank owes over $800,000 borrowed money. Gentlemen in a condition to know the condition of the other national banks of this city said this morning they are in an unusually good condition and would not be materially affected by the failure. A big run was made on the Kansas City safe deposit company on account of the American national bank failure, and the institution was forced to suspend. It is the largest concern of the kind in the state and is situated directly under the American national.