10349. Kansas Trust and Banking Company (Kansas City, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 14, 1893
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
6352b06c

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Mar 13–15, 1893) state the Kansas Trust and Banking Company closed its doors/suspended and a receiver (Freeland Tufts) was appointed. Causes described are poor loan collateral (Kansas land taken at boom figures) and insufficient assets—a bank-specific solvency failure rather than a rumor or general run. No article describes a depositor run prior to suspension.

Events (2)
1. March 14, 1893 Receivership
Newspaper Excerpt
Freland Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka yesterday.
Source
newspapers
2. March 14, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses from loans on Kansas land taken in at boom figures; assets (~$700,000) less than liabilities (~$800,000) leading to closure.
Newspaper Excerpt
The Kansas Trust and Banking Company ... closed its doors at 7 o'clock last night.
Source
newspapers

Newspaper Articles (9)
1. March 14, 1893 Evening Star Washington, DC
Article from Evening Star, March 14, 1893

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Article Text

MR. INGALLS' BANK FAILS. The Kansas Statesman Will Lose About 810,000 by the Closing. KANSAS CITY, Mo., March 14.-The Kansas Trustand Banking Company. in whiches-Senator Ingalls is president, closed its doors at 7 o'clock last night. The liabilities of the concern are estimated at $800,000, and the assets will probably reach 8700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city, R. M. Manley, general manager, loses $250,000. Freland Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka yesterday. There was about 830,000 on deposit when the bank closed its doors. Senator Ingalls loses only about $10,000. The concern loaned considerable money OF Kansas property at boom figures.

2. March 14, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, March 14, 1893

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Article Text

AT BOOM FIGURES Cause of the Fall of the Kansas Trust and Banking Co. KANSAS CITY, Mo., March 14.-The Kansas Trust and Banking company, of which ex Senator Ingalls is president, closed its doors last night. Liabilities, estimated, $800,000; assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $30,000 worth of property in this city. R. M. Manley, general manager, loses $250,000. Freeland Tufts of Kansas City has been appointed receiver by Judge Foster in United court at Topeka. There was about $30,000 on deposit when the bank closed itsdoors. Senator Ingalls loses about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in and was unable to realize what had been advanced.

3. March 15, 1893 The Times Richmond, VA
Article from The Times, March 15, 1893

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Article Text

Failure of a Banking Company of Which Ex-Senator Ingalls Was President. KANSAS CITY, MO., March 14.-The Kansas Trust and Banking Company, of which ex-Senator Ingalls is president. closed its doors last night. The liabilities are estimated at $800,000. The assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. P. M. Maley, general manager, loses $250,000. Freland Tufts, of Kansas City, was appointed receiver by Judge Foster, in the United States Court, at Topeka, yesterday. There was about $30,000 on deposit when the bank closed its deors. Senator Ingalls loses about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in, and were viable to realize as much as had been advanced. Attorney L. F. Bird says that the assets will equal the Habilities, though the stockholders may be called upon for the face value of their stock. About fifty Atchison people were caught in the wreck to the extent of about $125,000. John G. Ingalls has nothing to say about the failure, but he said he got all his money out before the crash came. M. M. Manley has confessed judgement to the amount of $88,000, and has filed papers in confession of judgment to the extent of $78,000 to the estate of George Manley for advances. Judgement for $8,000 was also confessed in favor of the company.

4. March 15, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, March 15, 1893

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Article Text

INGALLS'S BANK FAILS. The Kansas Statesman Loses About $10,000 by the Crasb. KANSAS Cryy, Mo., March 14.-The Kansas Trust and Banking Company, of which ex-Senator Ingalis is president, closed its doors at 7 o'clock last night. The liabilities of the concern are estimated at $800.000, and the assets will probably reach $700,000. The company owns 30,000 acros of land in Kansas and about $20,000 worth of property in this city. R. M. Manley. general manager, loses $250,000. Freland Tutts, of Kansas Citv. was appointed receiver by Judge Foster in the United States Court at Topeka vesterday. There was about $30,000 on deposit when the bank closed its doors. Seuator Ingalls loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures. Mr. Ingalls has nothing to sav about the failure but affirms that he got all his money out before the crash came.

5. March 15, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, March 15, 1893

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Article Text

BANKING COMPANY SUSPENDS. Ex-Senator Ingalls is President of the Inatitution-He Loses About $10,000. KANSAS CITY, Mo., March 13.-The Kansas Trust and Banking Company, of which Senator Ingalls is president, closed its doors last night. The liabilities are estimated at $800,000. The assets will probably reach $700,000 The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R. M. Manly, the general manager, loses $250,000. Freland Tufts, of Kansas City, was appointed receiver by Judge Foster in the United States Court at Topeda yesterday. There was about $30,000 on deposit when the bank closed its doors. Senator Ingalls loses about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in hand, and was unable to realize as much as had been advanced.

6. March 15, 1893 The Morning News Savannah, GA
Article from The Morning News, March 15, 1893

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Article Text

1KANSASTRUST COMPANY FAILS. Ingalls Its President, but His Loss Only $10,000. KANSAS CITY, Mo., March - -The Kansas Trust and Banking Company, of which Senator Ingalls is president, closed its doors last night. The liabilities are estimated at $800,000. The assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R. M. Manley, the general manager, loses $250,000. Freland Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka yesterday. There was about $30,000 on doposit when the bank closed its doors. Senator Ingalls loses about $10,000. The concern loaned considerable money on Kansasi property at boom figures and was compelled to take it in and was unable to realize as much as had been advanced. Attorney L. F. Bird says that the assets will equal the liabilities, though the stockholders may be called upon for the face value of their stock. About fifty Atchison people were caught in the wreck to the extent of about $125,000. Ex-Senator Ingalls has nothing to say about the failure, but he said be got all his money out before the crash came. M. G. Manley has confessed judgment to the amount of $88,000 and has filed papers in confession of judgment to the extent of $78,000 GO the estate of George Manley for advances. Judgment for $8,000 was also confessed in favor of the company.

7. March 18, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, March 18, 1893

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Article Text

INGALLS A LOSER. The Kansas Trust Company, of Which the Ex-Senator Is President, Fails for $800,000. KANSAS CITY, Mo., March 14. - The Kansas Trust and Banking company, of which Senator Ingalls is president, closed its doors at 7 o'clock Monday night. The liabilities of the concern are estimated at $800,000, and the assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R. M. Manley, general manager, loses $250,000. Freland Tufts, of Kansas City, was appointed receiver by Judge Foster in the United States court at Topeka Monday. There was about $30,000 on deposit when the bank closed its doors. Senator Ingalls loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in, and was unable to realize as much as had been advanced.

8. December 30, 1893 The Providence News Providence, RI
Article from The Providence News, December 30, 1893

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BUSINESS TROUBLES. Some of the Wrecks Caused by the Grea. Financial Depression. JANUARY. 6. Wickham & Co., wholesale fish dealers o. Huron, O., failed for $250,000. FEBRUARY. 2. The First National bank of Little Rock suspended. 8. The banking house of F. V. Rockafellow at Wilkesbarre, Pa., closed its doors. 93. Beaupre, Keogh & Davis, wholesale gro eers, assigned in St. Paul: liabilities over $400,000. MARCH. 13. The Atkinson House Furnishing company of Maine assigned in Boston: liabilities $1,500,000. 14. The Kansas Trust and Banking company at Kansas City, suspended, with liabilities of $800,000. 23. Dobbins & Dary. cotton brokers, assigned in Nashville: liabilities, $1,000,000. APRIL. 7. The Northwestern State bank of Sibley, la. closed its doors; liabilities, $150,000. 12. The English, Scottish and Australian Char tered bank failed. with liabilities of £8, 000,000. 20. The Australian Joint Stock bank failed fo. £13,000,000. 22. The Bank of Milbank, S. D., assigned. with liabilities of $100,000. 25. The Union Loan and Trust company o Sioux City closed its doors: liabilities, $750, 000. 30. The National Bank of Australasia failee for £7,500,000. MAY. 1 F. H. Weeks. president of the Land ane River Improvement company, West Supe rior, Wis., assigned. a. H. H. Warner, the patent medicine manu facturer of Rochester, assigned: liabilitie. estimated at $500,000. 9. The Bank of Victoria, at Melbourne, sus pended. with £2,400,000 liabilities. 11. The Capital National bank, at Indianapo lis, suspended. R. R. Robinson & Co., bankers of Wilming ton, Del., failed, with liabilities of over $326,000. 12. The Sieux City (Ia.) Engine works suspend ed; liabilities, $200,000. Thomas & Sons, whisky dealers in Louis ville. failed owing from $150,000 to $400,000. 13. Bank failures at Orleans and Rossville Ind., at Freeport, O., and Rockford, Mich. Steel company at Bellville, Ills., placed it hands of a receiver. Kendall & Smith, grain dealers of Lincoln Neb., failed for over $250,000. 15. Erastus Wiman, a New York capitalist made an assignment. 26. Ex-Secretary of the Treasury Charles Fos. ter of Fostoria, O., assigned, with liabilities of nearly $1,000,000. 28. National banks at Fargo and Lakota, N D., closed by the comptroller. JUNE. & The Kansas Grain company, owning 106 el evators, failed. JULY. 18. Exciting bank panic in Denver. 25. The Erie railway went into the hands o receivers: the floating debt is $6,000,000. AUGUST. 2. The North American Packing and Provi sion company assigned in Chicago, with $750,000 liabilities. a Receivers were appointed for the busines. of J. H. Walker & Co., dry goods dealers who succeeded to the Chicago trade of A T. Stewart & Co.: debts. $2,000,000. N. L. Carte & Co., the old tin plate import ers, assigned in New York city: liabilities $350,000. 9. R. H. Coleman, the "Iron King" of Leba non, Pa., assigned. DECEMBER. 1. Abe Stein & Co., heavy importers of goa. skins, hides, etc., failed in New York for over $1,000,000. 4. Green B. Raum. Jr., general merchant and Indian trader at Perry, O. T., failed. The Citizens' National bank of Grand Island Neb., closed its doors. 6. N. J. Schloss & Co., wholesale clothiers it New York, assigned.

9. January 2, 1894 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, January 2, 1894

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Article Text

BUSINESS TROUBLES. Some of the Wrecks Caused by the Great Financial Depression. JANUARY. 6. Wickham & Co., wholesale fish dealers of Huron, O., failed for $250,000. FEBRUARY. 2. The First National bank of Little Rock suspended. 8. The banking house of F. V. Rockarellow at Wilkesbarre, Pa., closed its doors. 93. Beaupre, Keogh & Davis, wholesale grocers, assigned in St. Paul: liabilities over $400,000. MARCH. 13. The Atkinson House Furnishing company of Maine assigned in Boston: liabilities, $1,500,000. 14. The Kansas Trust and Banking company, at Kansas City, suspended, with liabilities of $800,000. 23. Dobbins & Dazy, cotton brokers, assigned in Nashville: liabilities, $1,000,000. APRIL. 7. The Northwestern State bank of Sibley, Ia., closed its doors: liabilities, $150,000. 12. The English, Scottish and Australian Chartered bank failed, with liabilities of £8,4 000,000. 20. The Australian Joint Stock bank failed for £13,000,000. 22. The Bank of Milbank, S. D., assigned, with liabilities of $100,000. 25. The Union Loan and Trust company of Sioux City closed its doors: liabilities, $750.00 000. 30. The National Bank of Australasia failed for £7,500,000. MAY. 1. F. H. Weeks, president of the Land and River Improvement company, West Superior, Wis., assigned. 8. H. H. Warner, the patent medicine manufacturer of Rochester, assigned: liabilities estimated at $500,000. 9. The Bank of Victoria, at Melbourne, suspended, with £2,400,000 liabilities. 11. The Capital National bank. at Indianapo lis, suspended. R. R. Robinson & Co., bankers of Wilmington, Del., failed, with liabilities of over $326,000. 12. The Sioux City (la.) Engine works suspended: liabilities, $200,000. Thomas & Sons, whisky dealers in Louis ville, failed owing from $150,000 to $400,000. 13. Bank failures at Orleans and Rossville Ind., at Freeport, O., and Rockford, Mich. Steel company at Bellville, Ills., placed in hands of a receiver. Kendall & Smith, grain dealers of Lincoln, Neb., failed for over $250,000. 15. Erastus Wiman, a New York capitalist, made an assignment. 26. Ex-Secretary of the Treasury Charles Foster of Fostoria, O., assigned, with liabilities of nearly $1,000,000. 28. National banks at Fargo and Lakota, N. D., closed by the comptroller. JUNE. 5. The Kansas Grain company, owning 106 elevators, failed. JULY. 18. Exciting bank panic in Denver. 25. The Erie railway went into the hands of receivers: the floating debt is $6,000,000. AUGUST. 2. The North American Packing and Provision company assigned in Chicago, with $750,000 liabilities. 4. Receivers were appointed for the business of J. H. Walker & Co., dry goods dealers, who succeeded to the Chicago trade or A. T. Stewart & Co.; debts, $2,000,000. N. L. Carte & Co., the old tin plate import. ers, $350,000. assigned in New York city; liabilities, 9. R. H. Coleman, the "Iron King" of Lebanon, Pa., assigned. DECEMBER. 1. Abe Stein & Co., heavy importers of goat skins, hides, etc., failed in New York for over $1,000,000. 4. Green B. Raum. Jr., general merchant and Indian trader at Perry, O. T., failed. The Citizens' National bank of Grand Island, Nob., closed its doors. 5. N. J. Schloss & Co., wholesale clothiers in New York, assigned.