10372. National Bank of Commerce (Kansas City, MO)

View Charter #3760 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
3760
Charter Number
3760
Start Date
December 5, 1907
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
14f035aa

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; syndicated purchase of slow paper and capital increase for reopening.

Description

Contemporary articles describe a steady six-week run (heavy withdrawals by correspondent/out-of-town banks and country depositors) that forced the National Bank of Commerce to suspend in early December 1907. The bank was placed in hands of a national examiner/receiver and reorganized; it reopened under new management (Ridgely et al.) and recapitalization in late March 1908. OCR errors in some articles were corrected (e.g., 'Argentine' vs 'Argentina' references).

Events (3)
1. December 5, 1907 Run
Cause
Correspondent
Cause Details
Country and small correspondent banks steadily withdrew deposits from the National Bank of Commerce over several weeks, draining reserves.
Measures
Paid out large sums ($18-19M), reduced loans and discounts, sold high-grade bonds, cut down cash resources in an effort to meet withdrawals; branches also temporarily closed.
Newspaper Excerpt
the bank had paid out $19,000,000 in deposits during the present flurry; a steady run of six weeks
Source
newspapers
2. December 6, 1907 Suspension
Cause
Correspondent
Cause Details
After sustained withdrawals by correspondent and country banks and inability of the clearing house to furnish further aid, directors posted notice of suspension and the national examiner/receiver took charge.
Newspaper Excerpt
failed to open this morning and is in the hands of National Examiner James T. Bradley. ... The bank was closed by order of the board of directors.
Source
newspapers
3. March 29, 1908 Reopening
Newspaper Excerpt
With W. B. Ridgely as President ... the National Bank of Commerce will reopen to-morrow. three months and twenty-five days after it was closed.
Source
newspapers

Newspaper Articles (24)
1. December 5, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, December 5, 1907

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NATIONAL BANK OF COMMERCE FORCED TO SUSPEND BY HEAVY WITHDRAWALS OF ITS CASH ON HAND. Clearing House Could No Longer See Its Way Toward Furnishing Aid and Officers Decided to Place Institution in Hands of Bank Exam. iners-Banks in Southwest Withdrew Holdings and Caused Trouble Kansas City, Mo., Dec. 5.-The National Bank of Commerce of Kansas City, Mo., failed to open this morning and is in the hands of National Examiner James T. Bradley. The bank IS one of the oldest and largest financial institutions in this city, and was closed by order of the board of directors. Owed Clearing House. The bank had been in a weakened condition since its last statement, August 22 lasi, when it owed the clearing house nearly a million dollars. After a conference lasting all night, the clearing house officials could not see their way to aid the bank further. Heavy Withdrawals. The statement of the Bank of Commerce, in response to the last call, showed that since August 22 the deposits had been reduced from $35,000,000 to $16,942.694 and the loans and discounts were cut down $4,000,000. Today's Statement. The statement issuer this morning is as follows: Resources-Loans and discounts, $12,895,656; real estate, $697,542; five per cent redemption fund, $50,000; cash and sight exchange, $5,343,460; United States bonds at par, $1,280,000; other high grade bonds, $4,006,771; total, $24.276,429. Liabilities-Capital stock, $1,000,000; surplus and undivided profits, $1,639,735; circulation account, $1,000, 000; due depositors, $16,942,694; clearing house certificates, $3,694,000; total, $24,276.429. Officers of Bank. Dr. S. W. Woods is president of the Bank of Commerce, W. H. Winants, vice president and William A. Rule, cashier. James F. Downing, president of the clearing house, said: "I consider the failure due to lack of conservatism. None of the other banks here has found it necessary to ask aid from the clearing house, and I consider them perfectly sound. The Bank of Commerce failure will not affect them." Small Bankers Withdrew Funds. The Bank of Commerce held deposits for many of the small banks in the southwest. The withdrawal of their funds caused the trouble. There had been no run by the local depositors, but the publication of the bank's statement this morning caused a big crowd to collect with the intention of withdrawing their money. Depositors Will Not Lose. Cashier Rule said: "We made the fight of our lives, but the conditions were against us. Depositors will not lose a cent" President of Trust Company. Dr. Wood is president also of the Commerce Trust company, which has deposits of $1,395,400, of which sixty per cent is on hand. This company, it is asserted, will not be affected by the bank failure. Will Try to Resume. Bank Examiner Bradley said he would make every effort to get the bank on its feet, but could not say deflnitely when It would re-open.

2. December 5, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 5, 1907

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ly In increasing the price with the assurance that the big dealers will follow your lead." KANSAS CITY FAILURE. Salt Lake Bankers Are Not Surprised By the News. In Salt Lake banking circles this morning, it was stated that the failure of the National Bank of Commerce was not unexpected. While the institution had been a very large one, its deposits amounting to $33,000,000 at one time, It was said that there had been a steady withdrawal from it for many months. The bank was presided over by Dr. Woods, who is very well known throughout the west and his policy of paying 3 per cent interest on bank balances, while other Kansas City bankers only paid 2 per cent, attracted an enormous amount of country deposits. These, however, were the first to order their money shipped them when any signs of trouble arose. The National Bank of Commerce was the Kansas City correspondent of quite a number of Utah banks, but it is said that they all have been steadily drawing away from Kansas City of late months. The action of the Kansas City banks since the recent financial troubles arose has made that city regarded almost as an "outlaw" by other banks of the country. Kansas City banks receiving remittances from their correspondents throughout the United States, simply declined to do more than pass them to the credit of the houses remitting, they would not transfer funds to New York or Chicago, where they could be used, simply returning the answer that eastern exchange was unobtainable. The result has been that credits in Kansas City banks could only be used in Kansas City exchange, and as western merchants do not buy heavily there, there has been a great deal of inconvenience in utilizing the credits. The feeling has grown so tense among western bankers, that Kansas City items are no longer accepted for either credit or collection by leading institutions.

3. December 5, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 5, 1907

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DOES NOT HURT. (Continued from Preceding Page.) thus far do not seem to be in any speclal trouble. The funds which they may have had on deposit with the National Bank of Commerce comprise such a small portion of their total resources that I do not anticipate there will be any serious disturbances. Nor is it at all unlikely that these Kansas banks will eventually recover by far the greater portion of their deposits. Of course it may tie them up for a time, but they were tied up considerably anyway, and I doubt whether it will make very much difference." Secretary of State C. E. Denton, who is the owner of a number of banks in southern Kansas, said: "Of course this is a hard blow, but it is not nearly so bad as it would have been if it had come thirty days ago. The Bank of Commerce made a gallant fight for its life, and the thing that pulled it down was its payments aggregating $19,000,000, most of which went to help its correspondent banks in Kansas. There are about forty banks in Kansas which are owned or controlled by the Bank of Commerce." Doesn't Affect State. State Treasurer Mark Tulley said: "This flurry in Kansas City does not trouble the state in the least. The state's money is absolutely secure, even though every bank in the state should break. Each depository bank has in the state treasury bonds worth several times the size of its deposit. I do not believe that there will a very serious difference in the existing conditions in Kansas, though it may be some time before the bankers take off the 'lid.' Attorney General F. S. Jackson, who is part owner of a bank in his county, said this morning: "We have known for a week that this was likely to happen, and have canvassed the situation carefully. We believe that there is no doubt that every bank will get all of its money back out of the assets of the Bank of Commerce. Consequently I am not worried about the condition of the bank in which I am interested, because I know we are safe. I have also concluded that the 'lid' which the bankers put on withdrawals was a very good thing. Up to the present time I had believed that was entirely unnecessary. I now am convinced that it was a very safe move, and will do much to allay any fear of a run, because everybody knows that no one else can start anything." No Large Santa Fe Balance. There have been persistent rumors that the Santa Fe railroad was caught with large deposits in the Bank of Commerce but this is denied by the treasurer of the road, E. L. Copeland, who said: "I do not understand how such a rumor could have been started as we have but a small balance on deposit in the suspended bank. Our large account is carried with the First National Bank of Kansas City, the largest institution in the city and the account carried with the Bank of Commerce was merely for our own accommodation in taking care of matters handled through that institution. "I just had a talk with Dr. Woods, the president of the Bank of Commerce, during which he assured me that the assets of the closed bank will liquidate all outstanding indebtedness and that the bank will pay dollar for dollar. Over $18,000,000 has been paid out by the institution during the past thirty days; a wonderful record for any banking institution and this of itself is an evidence of the solvency of the institution.

4. December 6, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, December 6, 1907

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BEARS IN PANIC AS PRICES SLUMP New York, Dec. 6.-With trading on a larger scale than for many days, and increasing in volume as prices advanced, the stock market yesterday gave a demonstration of its great underlying strength which completely carried the bears off their feet and forced them to beat a hasty and disorderly retreat. In fact, at times only the term "bear panic" could adequately describe the excited condition of the market. The failure of the National Bank of Commerce in Kansas City had only a temporary effect at the opening, and when the ticker had stopped for the day the active list showed gains ranging all the way from one to more than four points. One plunger with more nerve than the res of them sold 10,000 shares of Union Pacific around 117, and in less than two hours covered them at a loss of more than $20,000. This caused a stampede among the shorts, and when they found little stock offering they became frantic and bid the prices up on one another until the market was jumping by leaps and bounds. Covering in the Hill stocks, Great Northern and Northern Pacific, sent those issues shooting up four and five points each. while Union Pacific, which had sold as low as 115 7-8, was forced up to above 120. Reading, which had gone below 93, rose rapidly to 961/2, while trading in the rest of the active list was as excited in proportion. Trading on the advance was in enormous volume, transactions up to 1 o'clock footin 645,671 shares, while the par he bonds changing hands durame period was $3,2293,000.

5. December 6, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 6, 1907

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PITTSBURG BANK CLOSES DOORS Suspension Ordered By Comptroller of Currency IS SAID TO BE SOLVENT Financial Stringency Blamed for Failure. Deposits Exceed a Million Pittsburg, Dec. 6.-The Pittsburg National bank failed to open for business today. The following notice was posted on the door: "Closed by order of the Comptroller of the Currency." The quarterly report of the condition of the Pittsburg National bank made December 3 showed loans and discounts of $3,761,606; stock securities, real estate, etc., $433,475; due from other banks $287,000. Actual cash on hand $362,725.25. The liabilities show deposits of $1,930,614, and cashier's checks outstanding of $80,419. President Andrew Herron of the bank said today that the depositors are fully protected and that the suspension was precipitated by occurrences of yesterday which made it necessary to close the bank for the protection Oi all concerned. The suspension had no apparent effect upon the other banking institutions of the city. Crisis Over in Kansas City. Kansas City, Dec. 6.-There was no evidence of a run on any of the local banks today. Bank officers generally gave the opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce was over and that normal conditions will soon be restored. State Bank at Argentine Re-Opens. Argentine, Kans., Dec. 6.-The First State Bank of Argentine, which closed its doors yesterday, re-opened for business this morning. The bank has deposits of a quarter of a million dollars and J. Q. Royce, state bank examiner, says it is one of the strongest banks in the state. Cashier Middlekauff says the bank closed temporarily yesterday in order that it might post its books. The limited force prevented the doing of this yesterday during business hours. Redeeming Clearing House Certificates in Chicago. Chicago, Dec. 6.-There were many indications here yesterdoy that the money stringency is nearing an end. No withdrawal notices were filed, while the deposits are increasing. No clearing house certificates were given out and the banks redeemed a large amount of this emergency currency.

6. December 6, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 6, 1907

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not say definitely when It would reopen. BRANCH INSTITUTIONS ALSO CLOSE THEIR DOORS Kansas City, Dec. 5.-The branch of the National Bank of Commerce of Kansas City, Mo., at the Union Stock yards, closed its doors this morning. Deposits were $300,000. The Union Avenue branch of the National Bank of Commerce in the west bottoms also closed. Its deposits were small. The state bank of Argentine, Kas., with small. deposits, closed its doors this afternoon following a run. The stock of the bank is owned principally by the National Bank of Commerce, of Kansas City, Mo. The cashier has wired the state bank examiner to take charge and said that he hoped to be permitted to reopen by tomorrow.

7. December 6, 1907 Watertown Weekly Leader Watertown, WI
Article from Watertown Weekly Leader, December 6, 1907

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BANK FAILURE AT KANSAS CITY, MO. Large Financial Institution Is Forced to Close Its Doors. NATIONAL EXAMINER IN CHARGE News of the Failure Brings a Crowd to Bank Which Stops Street Traffic. Deposits of the Institution, the Nation. al Bank of Commerce, Have Fallen Off Heavily Other Banks Closed. Kansas City, Mo., Dec. 6.-The Na. tional Bank of Commerce of Kansas failed to open in and is in the the City, the morning, Mo., hands its doors of national bank examiner. The bank is oldest here and is larginstitution in est one financial of the the the city. The following notice was posted on of the bank at m.: the door 8:30 by a. "This bank has been closed order board of directors. It is in the of James T. hands of the Bradley, of the national bank examiner, by order comptroller of the currency." Bank in Weakened Condition. The bank has been in a weakened since its last condition statement, last. At which was issued Aug. 22, that time it was stated the bank owed the clearing house close to a million dollars. When the financial disturbance came and the clearing house decided to issue clearing house certificates, rumors regarding the bank's came, and the clearing in the past few days, condition house, has national held several conferences of other banking officials here in this connection, and means of keeping the bank open were discussed. No Response to Comptroller. Much surprise was expressed when the request of the comptroller for a of condition of was to by the statement not responded National banks Bank of Commerce. Other local banks pubtheir statements, a but of lished healthy condition, the showing officials the Commercial announced that its statement would not be forthcoming till morning. This created further distrust in the condition and after into the early bank's lasting hours conferences officials of the morning, the clearing house decided they could not aid the failing bank. Heavy Reduction in Deposits. the statement of the of Commerce the Bank When appeared that National in since morning papers it showed the statement of Aug. 22. last, the deposits had been reduced from close to $35,000,000 to $16,952,969. The statealso, that the item of discounts had been loans ment and showed, showing cut down $4,000,000. Its statement the off in deposits drew a of depositors to as big heavy crowd failing evidently the bank intent early as 9 o'clock, withdrawing their money. More excitement followed bank had been upon that or less the closed, the and news the crowd gradually grew in size until it stopped traffic. Depositors Will Not Lose. William A. Rule, cashier of the bank, made the following statement the in the presence of Dr. W. S. Woods, president: "The directors of the National Bank Commerce thought it was best to at of least close temporarily. We made the fight of our lives, but conditions were against us. The depositors will not lose cent." Dr. Woods acquiesced in what the cashier said and added: "You may also say that the Commerce Trust company is absolutely all right. Yesterday's statement showed 60 per cent of its cash on hand." Branch Banks Close. small branches of the Two located the National at Bank of Commerce, one the Union Stock Yards and the other in wholesale district in the west bottoms, also closed their doors during the morning. They were the Stock Yards Bank of Commerce, deposits. $300,000. Union Avenue Bank of Comwith small merce, and the deposits. around There was no especial excitement these institutions. The failure of these banks failed to cause a run on any of the other banks in this city. The State bank of Argentine, Kan., suburb, with small deposits, closed fola its doors early in the afternoon lowing run. Statement of Comptroller. Washington, Dec. 6. The comptrolcurrency, in a statement rethe failure of the Commerce of garding ler Bank of of the Kansas National City, says: bank is one of the largest in and in September of the about "This west $34,000,000 deposits. last Some- had due like $22,000,000 of this was thing other banks. The failure is doubt- made less to due to calls which have been National Bank of Commerce for banking to realize on their on ability these the balances them. and assets their quick- inly enough to meet "It is hoped that the bank will be be found solvent, so the depositors can paid in full if the bank is not able to resume."

8. December 6, 1907 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 6, 1907

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KANSAS CITY BANKS RECOVER FROM SHOCK Of The Failure-No Evidence of Run Today -Argentine Bank Opens-Normal Conditions Again Prevail Kansas City, Mo., Dec. -There was no evidence of a run on any of the local banks in the early hours toMEDICAL day, and bank officials gave it as their opinion that the crises resulting from the failure yesterday of the National Bank of Commerce was OVSOCIETY er and normal conditions would soon exist again. One of the small banks that closed HOLD THEIR ANNUAL ELECTION OF yesterday, the First State Bank of OFFICERS-MEET AGAIN Argentine, reopened for balance this JAN. 3 morning. The bank had deposits of a quarter of a million dollars and the The Grady County Medical Society cashier says it is in a perfectly sound condition. This is confirmed by the held a business meeting this mornstate bank examiner, Mr. Royce, who ing in the offices of Drs Penquite came to Kansas City last night. and Shippey. No program was renThe First State Bank of Argentine dered and the annual election of ofshould not be confused with the the ficers was held, the following being Argentine State bank. The Argentine National bank did not close its chosen: doors and was conducting business President, Dr. J. E. Stinson, rethis morning in the usual way with elected. no indications of a run. Vice president, Dr. W. L. Peters. John Swanger, secretary of state Secretary, Dr. A. M. aLfferty. of Missouri, and State Bank Examiner Cook arrived here today and Treasurer, Dr. M. Coryell. took charge of the Stock Yards Bank Censor for ensuing year, Dr. W. of Commerce and the Union Avenue L. Peters. Bank of Commerce, two small banks, The society adjourned to eet with that closed yesterday. An effort is Drs. Penquite and Shippey on Jan. y to be made to open them at once. 3, 1908. e

9. December 6, 1907 The Marshall Republican Marshall, MO
Article from The Marshall Republican, December 6, 1907

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Closed its Doors. The National Bank of Com. merce of Kansas City one of the largest banks in the West closed its doors yesterday, caused by a run OD it since the flurry began. It is in good condition, having assets of $24,000,000 and liabilities of only about $16,000,000 and depositors will lose nothing. As the bank was a national depositary and the rural mail carrier had just been paid with drafts on that bank, they are now "holding the bag" till the government makes these drafts good.

10. December 6, 1907 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 6, 1907

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BIG BANK FAILS NATIONAL BANK OF COMMERCE AT KANSAS CITY. COULDN'T WEATHER STORM Paid Out $19,000,000 in Deposits during Present Flurry-The Strain Was too Great. Kansas City, Mo. Dec. 6.-The National Bank of Com.ne ce, the second financial institution in importance in Kansas City, announced its suspenson, instead of opening yesterday morning, after a steady run of six weeks, during which the bank paid off $19,000,000 of its deposits, reduced its loans $3,500,000, cut down its cash resources $11,750,000 and sold $2,000,000 of high grade bonds in an effort to meet the demands upon it. The directors at 7 o'clock yesterday morning decided to pest notice of suspension. The failure of this bank had been predicted for several days and but little excitement followed the announcement of the news, although crowds of depositors gathered about the doors of this institution. The officials of the National Bank of Commerce, which is affiliated with many banks here and in other parts of the southwest, express the belief that none of them will be seriously affected. The

11. December 6, 1907 New-York Tribune New York, NY
Article from New-York Tribune, December 6, 1907

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THE NEWS THIS MORNING. CONGRESS.-Senate: Mr. Frye was re-elected president pro tem. House: The session lasted only ten minutes, and no business was Both branches adjourned until transacted. Monday. FOREIGN.-Minister Hayashi announced that Japan will limit all emigration to the United Secretary Taft left States and Canada. St. Petersburg for Berlin. where he will spend The Mauretania a few hours this evening. established a new eastbound transatlantic record, beating the Lusitania's best time by 21 Chancellor von Bülow's appeal minutes. to the Reichstag was regarded as meaning the future responsibility of the ministry to the Baron Takahira was formally aphouse. pointed Japanese ambassador to the United Japan's complaints against China's States. plans may result in an indefinite postponement The Anflous of the Manchurian loan. tribesmen won a decisive victory over the troops According to the terms of Mulai Hafig. of the Congo treaty. King Leopold loses control of the crown domain. DOMESTIC-The question of Presidential candidates was discussed by members of the Republican National Committee, which is to James J. Hill meet in Washington to-day. addressed the National Rivers and Harbors Congress in Washington: a committee presented a memorial to Vice-President Fairbanks and Speaker Cannon asking an appropriation of $20,000,000 a year for waterway improvement. A project for a National Council of Commerce was launched at a conference held in President the office of Secretary Straus. Roosevelt's order directing more severe physical tests for army officers was made public. The National Bank of Commerce, of Kansas City, Mo., failed to open its doors and went into the hands of the national bank examiner; the bank. one of the oldest in Kansas City, had withstood a six weeks' run. paying General Funston was out $19,000,000. instructed by the War Department to send to Goldfield, Nev., such troops as might be necessary to preserve order in the mine strike: surprise was expressed at Goldfield, where it was John A. Steele, said there was no disorder. paroled from the Danvers insane asylum last month, went to the State House in Boston to shoot Governor Guild, but. finding the door to his office closed. wounded three labor leaders, one A dispatch from Baltimore anfatally. nounced that Clara Bloodgood. the actress, had taken her life. Secretary Cortelyou in his annual report to Congress. asked for the speedy passage of a remedial currency law. but made no specific recommendations. Monsigneur CITY.-Stocks were strong. McCready, it became known, attacked Jews at a dinner given in his honor on Wednesday The police raided an alleged poolnight. room and found fine books and evidence of The Edison and domestic surroundings. Consolidated companies said they had nothing to conceal from Public Service Investigators and would not hamper an inquiry in any way. The Connecticut, Rear Admiral Evans's flagHorace ship, sailed for Hampton Roads. Havermeyer would succeed his father as head Commisof the Sugar Trust, it was said. sioner Chadwick of the Water Board said it was unlikely that any of its members would resign as a result of the Ashokan dam inquiry. Gen. McCoskry Butt was again a witness before The ordinthe Wainwright Commission. once against noises near hospitals will be enforced. THE WEATHER.-Indications for to-day: Partly cloudy. The temperature yesterday: Highest, 31 degrees; lowest, 19.

12. December 6, 1907 Albuquerque Citizen Albuquerque, NM
Article from Albuquerque Citizen, December 6, 1907

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Normal Conditions in Kansas City. Kansas City, Mo., Dec. 6.-There was no evidence of a run on any of the local banks in the early hours today. The bank officers generally gave cut the opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce was over and that normal conditions will soon be restored.

13. December 7, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 7, 1907

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NO FLURRY IN KANSAS CITY AS RESULT OF FAILURES By Associated Press. KANSAS CITY, Mo., Dec. 6.-There was no evidence of a run on any of the local banks in the early hours today. Bank officers generally gave it as their opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce is over and normal conditions will soon result. Many depositors of the Commerce bank were assured by the declarations of officials of that institution that it would not only pay depositors in full, but that stockholders also would lose nothing.

14. December 7, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 7, 1907

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HE HOPES TO RESUME, Dr. Woods Believes He Can Reopen the Bank of Commerce. Kansas City, Mo., Dec. 7.-Dr. W. S. Woods, the president of the National Bank of Commerce that closed its doors Wednesday owing its depositors close to 17 millions of dollars, asserts that the bank may resume business within a short time. Dr Woods, early today, after a meeting of directors of the bank that lasted late into the night, said: "It is the sentiment of the board of directors that the bank resume business and indeed I do not see much that's in the way of resumption. We can meet all the federal requirements without any trouble. We will be able to show that our capital is unimpaired and that we can easily meet all obligations. "We closed with practically 30 cents on the dollar cash and exchange on hands, five cents more on the dollar than the national banking laws require. We are paying out nothing now and the receiver will collect very fast. It is reasonable to conclude that it won't be a great while before he has collected 20 per cent more, giving us 50 cents on the dollar. That would be a good cash reserve, plenty strong enough to open with." Dr. Woods insists that the $1,639,734.57 surplus and undivided profits of the bank will pay several times over what bad paper the institution may have.

15. December 8, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 8, 1907

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DR. WOODS HOPES TO REOPEN President of National Bank of Commerce Hopes to Be Able to Resume Business. KANSAS CITY, Dec. 7.-Dr. W. S. Woods, the president of the National Bank of Commerce, that closed its doors Wednesday owing Its depositors close to $17,000,000, asserts that the bank may resume business within & short time. Dr. Woods early today, after a meeting of directors of the bank that lasted late into the night, said: "It is the sentiment of the board of directors that the bank resume business. And Indeed I do not see much that is in the way of resuming. We can meet all the federal requirements without any trouble. We will be able to show that our capital is unimparted and that we can easily meet all obligations. "We closed with practically 30 cents on the dolar cash and exchange on hands, 5 cepts more on the dollar than the national banking laws require. We are paying out nothing now and the receiver will collect very fast. It is reasonable to conclude that it won't be a great while before he has collected 20 per cent more, giving us 50 cents on the dollar. That would be a good cash reserve, plenty strong enough to open with." Dr. Woods insists that the $1,639,724.57 surplus and undivided profits of the bank will pay several times over what bad paper the institution may have.

16. December 8, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 8, 1907

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BANK LIKELY TO RESUME Failed Kansas City Institution Not in Such Bad Shape, According to the President. Kansas City, Mo., Dec. 7.-Dr. W. S. Woods, president of the National Bank of Commerce, which closed its doors Wednesday owing its depositors close to $17,000,000. asserts that the bank may resume business within a short time. Dr. Woods early today, after a meeting of directors of the bank that lasted late into the night, said: "It is the sentiment of the board of directors that the bank resume business and, indeed, I don't see much that is in the way of resumption. We can meet all the federal requirements without any trouble. We will be able to show that our capital is unimpaired and that we can easily meet all obligations. "We closed with practically 30 cents on the dollar cash and exchange on hand, 5 cents more on the dollar than the national banking laws require. We are paying out nothing now, and the receiver will collect very fast. It is reasonable to conclude that it won't be a great while before he has collected 20 per cent more, giving us 50 cents on the dollar. That would be a good

17. December 10, 1907 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, December 10, 1907

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CRASH CAUSED BY BIG RUN National Bank of Commerce in Kansas City Closed. Country Banks Had Been Drawing Heavily and It Could Not Sell Its Securities. Kansas City, Mo.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension, after a steady run of six weeks, during which the bank had paid off $19,000,000 of its deposits, reduced its loans $3,500,000, cut down its cash resources $11,750,000 and sold $2,000,000 of high grade bonds in an effort to meet the demands upon it. The directors were in session all night considering plans for continuing business. Chicago and New York banks had offered substantial assistance, but officers of the National Bank of Commerce saw no prospect that the steady drain would be checked, even with this assistance, and decided just before the opening hour to post notice of suspension. The Controller of the Currency appointed James T. Bradley, National Bank Examiner, as temporary receiver of the bank, and he at once took charge. He has issued no statement as to the bank's condition, nor have the officers of the bank. The directors of the bank made a statement to the public, saying that the bank could not stand "slanderous statements made against it," and saying they do not believe it possible for a depositor to lose a dollar. Of approximately $17,000,000 in deposits tied up in the suspension, about $12,000,000 belongs to out-oftown banks and $5,000,000 to Kansas City people. The failure of the National Bank of Commerce was followed by the closing of three small affiliated banks, one in Argentina, Kan., and two in the west bottoms in this city. Reports from Kansas, Oklahoma and Missouri are that no bank in those States will be carried down by the tying up of its reserve in the National Bank of Commerce. President Woods, who is reputed to be a multi-millionaire, it is reported, has given his personal indorsement to $3,000,000 of collateral pledged to secure his depositors. Jackson County has its entire balance of $238,000 in the suspended bank but it is protected by bond. The local postoffice has $34,000 and the city $450,000 on deposit, both of which are protected by bond.

18. December 16, 1907 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, December 16, 1907

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BANKS ARE REOPENING. Kansas City. Dec. 15.-The Union avenue Bank of Commerce, which was obliged to close by the suspension of ill 'the National Bank of Commerce. All re-open for business to-morrow. the small banks carried down by the National Bank of Commerce's failure have now been rehabilitated.

19. February 21, 1908 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, February 21, 1908

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TOT the new ponce or w federal troops at Goldfield. Indictments alleging against perjury former were returned in New York of New Jerrey, Foster and Frank H. governor Voorhees, Combes, into the fol- M. lowing a grand jury inquiry acts of two men while they were the Bankers' Life on what was It was good stated authority to be that W. B. officials company. these of Insurance believed Ridge- has ly, of the currency, to the of decided comptroller accept presidency of the reorganized National Bank Commerce of Kansas City, Mo., which suspended payment during the late financial stringency. Mrs. Martha Anderson was found dead, lying on a cot in her room in Janesville, Wis., with her throat cut from ear to ear. Investigations by the police indicate she was murdered. George H. Norman, who as an offlcer on the gunboat Gloucester during the Spanish-American war took Admiral Cervera of the Spanish fleet off the burning flagship Infanta Maria Teresa, died in Brookline, Mass. former of territory and of the National at of aged 88 Yankton Newton Dakota Yankton Edmunds, paralysis, bank, president governor years. died The 11 laundries in Cincinnati under indictment for organizing a combine to raise prices pleaded guilty and each was fined $50 and costs. The trust also agreed to dissolve. Violation of the postal laws by carrying first-class mail matter was charged against the American Express company in a suit filed in the United States district court at Cincinnati by District Attorney McPherson. Clyde Gant of Belleville, Ill., was convicted of the murder of Henry Dickerman and sentenced to 14 years in the penitentiary. That the fight of the administration against the Standard Oil company was the "only a bluff" was asserted in house of representatives by Mr. Rainey of Illinois, who spoke at length on his bill placing on the free list petroleum, crude or refined, or its products. John E. Venson set a new American record by jumping 116 feet on skis at the Duluth tournament. Sir James Knowles, founder and proprietor of the Nineteenth Century, died in London. The Mississippi senate passed the house statutory prohibition bill. It is announced that there is a prospect of Raisuli, the Moroccan bandit, don. appearing on the variety stage in LonThe Chicago, Cincinnati & Louisville Railroad company was put in the hands of a receiver. Mrs. Clara C. Hoffman, president of the Missouri W. C. T. U., died at Kansas City after a long illness, aged 55 years. Charles Peccorino, said to be the leader of a Black Hand society which caused the murder of a wealthy Italian at Lake Charles, La., was arrested at Hastings, Col. The British steamer Roda, Capt. Burdis, from Huelva for New York with a cargo of iron ore, went ashore during a thick fog abreast of the Jones life-saving station, just below Amityville, Long Island. Capt. E. B. Underwood has been chosen for the command of the cruiser Colorado, vice Capt. Sidney Stanton, of who will be appointed a member the general board of the navy. One boy was stabbed to death and three wounded during a fight among inmates of the correctional institution in Randalls Island, New York. After an exciting debate lasting six hours which developed into a riot on floor of the Japanese house of was representatives, the the financial budget passed by a majority of 102. Col. Andrew Wendell, a member of squad of soldiers which captured Abrathe Wilkes Booth, the assassin of J. Lincoln, and who was present his ham when Booth was shot, died at home in Chicago. Arthur Sullivan, a pioneer of Mont., southern Montana, died at Dillon, aged 90. The Michigan Republican state cen- the committee fixed May 12 as place tral and Grand Rapids as the deledate state convention to elect Repubfor gates-at the large to the national lican convention. H. Cline, a prominent killed lumber by A. shot and instantly of man, Luke was Banner, a wealthy merchant Elk Park, N. C. W. H. Wallace of Kansas SunJudge who has been enforcing the himCity, observance law, announced Democratic day candidate for the Missouri. self as a for governor of in nomination six automobiles contesting started the The New York-to-Paris race Forty-second from Times square, New York, street and Broadway, thou cheered her

20. March 19, 1908 Custer County Republican Broken Bow, NE
Article from Custer County Republican, March 19, 1908

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# ENDORSED FOR COMPTROLLER. A Broken Bow Citizen in Line for Promotion and His Chances are Very Flattering. Ed. Royse, Secretary of the State Banking Board, is being liberally endorsed by the bankers of Nebraska for Comptroller of the Currency. The move was inagurated at a special meeting of the members of the board of associated banks of Lincoln Tuesday night of last week by endorsing Mr. Royse for the position, in case there should be a vacancy. On Thursday following, the bankers of the Omaha Clearing House association gave him a unanimous endorsement for the position. Since then Mr. Royse has received the unsolicted promise of scores of endorsements from prominent bankers and others over the state, as well as the united support of our state delegation in Congress. This spontaneous endorsement of Mr. Royse for this high position is gratifying not only to him but to his many friends in Broken Bow where Mr. Royse still claims his residence and to where he makes his annual visit to cast his ballot at the general election. In commemting on the endorsement, by the bankers of Lincoln the Lincoln Daily Star Says: "The splendid record of the state during the recent financial storm, during which not a single failure was reported and in which all the banks appeared to be in excellent shape, is credited in a measure to Secretary Royse, and his excellent work with the banking board in previous years is taken by the associated banks as sufficient basis for the unanimous endorsement accorded him. "The action of the board follows upon the current rumors in regard to the resignation of Comptroller Ridgely. As receiver for the National Bank of Commerce, of Kansas City, it is said that Mr. Ridgely was offered the presidency of the reorganized institution. This would be an important private position and would lend much prestige to the reorganized bank. No definate indication of Mr. Ridgely's intentions has been reported, but the Lincoln bankers proposed to provide for any contingency."

21. March 24, 1908 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, March 24, 1908

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KANSAS CITY BANK TO RE-OPEN MONDAY Reorganization of Commerce National Has Been Perfected-Ridgleys to Control. Kansas City, March 24.-The National Bank of Commerce, which failed recente with habilities of thirtynine will re-open for business on Monday next, with W. B. Ridgely, comptroller of the currency, as president; George T. Cutts, formerly of New York, and St. Louis, vicepresident; Edward Ridgely, New York, cashier. The first legal move in the re-organization plan was taken yesterday when the stockholders met and formally voted to increase the capital stock from one million to two million dollars and to increase the number of directors from fifteen to twenty-one. Tomorrow the stockholders will meet and formally pay over to Receiver Cutts $2,850,000. This money will represent the additional one million dollars capital and the money subscribed to take up slow paper held by the bank.

22. March 24, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, March 24, 1908

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BANK OF COMMERCE SOON WILL REOPEN (By Associated Press.) Kansas City, Mo., Mar. 24.-The National Bank of Commerce, which failed during the recent panic with liabilities of $39,000,000, will reopen for business on Monday next with W. B. Ridgely, comptroller of the currency, as president. George Cutts, formerly of New York and St. Louis, will be vice president, and Edward Ridgely of New York cashier. The first legal move in the reorganization plan was taken yesterday when the stockholders met and formally voted to increase the capital stock from $1,000,000 to $2,000,000 and to increase the number of directors from 15 to 21. Tomorrow the stockholders will formally pay over to Receiver Cutts $2,850,000. This money will represent the additional million capital and the money subscribed to take up slow paper held by the bank.

23. March 27, 1908 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, March 27, 1908

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SYNDICATE BUYS SLOW PAPER Nearly Three Million in Cash Taken Over by Moneyed Men of Kansas City, KANSAS CITY, March 26.-All of the requirements laid down by the comptroller of the currency for the reopening of the National Bank of Commerce of this city were completed with when Receiver George T. Cutts today received $2,870,000 in cash from a syndicate which took over all the slow paper of the bank and all the assets termed "bad" by the government officials. The bank will open next Monday with 47 per cent of its deposits in its vaults and with Comptroller Ridgely as its president.

24. March 30, 1908 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 30, 1908

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BANK REOPENS With W. B. Ridgely as President Bauk of Commerce WIII Open Doors. KANSAS CITY. MO., March 29.-With its credit restored, with $6,000,000 in cash and exchange, with which to pay & deposit account of $12,000,000 and with financiers of national prominence in charge. the National Bank of Commerce will reopen to-morrow. three months and twenty-five days after it was closed. The National Bank of Commerce was the largest national bank in capital and deposits that ever suspended in the United States, and its resumption of business will do much towards bettering/conditions in the financial affairs of the Southwest, it is said. W. B. Ridgely, who resigned last week as Comptroller of the Currency to become president of the bank. is the largest stockholder in the new bank. His brother. Edward Ridgely, will be cashier, and George T. Cutts, who has been receiver of the suspended bank, will be vice,president.