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Two small branches of the National Bank of Commerce also closed their doors this morning. They were the Stock Yards Bank of Commerce, deposits of $300,000, and the Union Avenue Bank of Commerce, with small deposits. There was no especial excitement around these institutions. The failure of the banks failed to cause a run on any of the other banks and at most of the other institutions deposits were made as usual.
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Branch Institutions Fail. Kansas City, Mo., Dec.. 5.-Two small branches of the National Bank of Commerce, one located at the Union stock yards and the other in the wholesale district in the west bottoms closed their doors this morning. They were the Stock Yarks Bank of Commerce, with deposits of $300,000, and the Union Avenue Bank of Commerce, with small deposits. There were no runs on the other banks, and deposits were made as usual.
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Kansas GIIV Bank Falls. Kansas City, Dec 5; The National Bank of Commerce of Kansas City. Mo. failed to open for business this merning. and placed in the hands: of James T. Bradler, of Sedan, Kas, na tional bank examiner. The institu tion was closed by order of the comptroller of the currency. The bank was :one of the largets and oldest in the southwest. It owed its deposiors $16,942,694. The bank has been in a weakened condition since it issued its last statement, which was in August. and which showed deposits of thirty five million dollars, mostly ow. ed to outside banks. Yesterday surprise was expressed when* the bank failed to publish its statemen at the request or the comptroller of the currency. This brought a big crowd of depositors 11 the otink this morning. to find the institution closed. There was much excitement but no disorder. The bank was a United States depository. and it held a quarter of a million dollars of goverment funds. Wm. A. Rule, the cashier, said this morning. "The directors thought it best to at least close® temporarily. We made the fight of our life but the condition were against us. The depositors will not lose a cent." Dr. W. S. Woods, the president, who is also the president of the Commercial Trust Company, said the closing would not affect the Trust Company. which has deposits of over a million dollars. Examiner Bradley said, 'I shall make efforts to get the bank on its feet have not been to investigate matters as yet. I cannot sav definitely when the bank will reopen. James F. Downing. President of the clearing house said. "Up to yesterday the Bank of Commerce owed the clearing house $3. 00,000. This socount was settled. but it was: out of the question to furnish aid to the bank. consider the failure due to the lack of conservation. None of the other banks has found it necessary to ask aid of the clearing house, and I consider them perfectly sound. The Commerce failure will not affect them." The bank was interested in many local enterprises. It was erecting an office and bank building to cost a million and a half dollars. The National Bank of Commerce was the outgrowth of the Kansas City Savings Bank, organized in 1865 It brought the business of the Midland National Bank and the Metro; olitan National Bank of this city in 1890. Dr. Woods the president. in his early career. practiced medicine in Paris, Mo., and in 1869 be established the Rocheport Savings Bank. at Rocheport, Mo. later on engaging in the wholesale grocery and dry goods business, coming to Kansas City twenty seven years ago. Two small branches of the National Bank of Commerce. one located at the Union Stock Yards. and the other in the wholesale district in the west bottoms. also closed their doors during the morning. They were the Stock Yards Bank of Commerce. with deposits of three hundred thousand dollars, and the Union Avenue Bank of Commerce with small® deposits. There was no special excitement around these institutions. The failure of these banks failed to cause any runs on any of the other banks in the city and at most of the instituions deposits were-being made as usual.
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BIG BANK FAILURE NATIONAL BANK OF COMMERCE OF KANSAS CITY SUSPENDS. This Was One Of The Largest Financial Institutions In The West And Had Sixteen Millions On Deposit. Kansas. City, Mo., Dec. 5.-The National Bank of Commerce, of Kansas City, Mo., one of the largest in the West, with deposits of $16,000,000, closed its doors today and was taken in charge by a national bank examiner upon an order of the comptroller of the currency. Later two small outlying banks in which the Bank of Commerce was interested, the Stock Yards Bank of Commerce and the Union Avenue Bank of Commerce, also closed. The failure of these banks had been predicted for several days and but little excitement followed the announcement of the news. although crowds of depositors gathered about the d'oors of these institutions. The officials of the 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.
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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."
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cleared the atmosphere and marked the first real step towards the restoration of confidence. The depositors of the Commerce were reassured by declarations of the officials that the institution would not only pay the depositors in full, but the stockholders would lose nothing. Reopen One That Closed. Kansas City, Mo., Dec. 6.-The First State Bank of Argentine, Kan., affiliated with the National Bank of Commerce that closed yesterday. reopened for business this morning. The bank has deposits of a quarter of a million dollars. and Cashier Middlekauff says it is in a perfectly sound condition. "We closed the doors yesterday temporarily only so we might post our books," said he. One of Strongest in State. Royce, state bank examiner of Kansas, said: "The First State Bank of Argentine is one of the strongest banks in the state. There was no necessity for the bank closing its doors. The First State Bank of Argentine should not be confused with the Argentine State bank." An effort will be made to open at once the Stock, Yards Bank of Commerce and the Union Avenue Bank of Commerce, the two other small concerns closed yesterday, Illinois State Banks Fare Well. Springfield, Ill., Dec. 6.-State banks of Illinois were effected little by the panicky conditions which have pre vailed in some parts of the country The decrease in the resources of state banks on Nov. 19. as compared with Aug. 20, sometime before the panic, is very small, while the decrease in time savings and individual demand deposits also show but a slight falling off.
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BIG BANK SUSPENDS Largest Institution in Kansas City Closes Its Doors. FAILURE NOT UNEXPECTED Deposits Had Decreased From $35, 000,000 on Aug. 22 to About $16,000,000 at the Present Time-Two Small Branches Also Forced to Suspend. Kansas City, Dec. 6.-The National Bank of Commerce failed to open its doors and is in the hands of a national bank examiner. The bank is oldest here and is Institution in one est of financial the posted the the larg- city. on The following notice was the door of the bank: "This bank has been closed by order of the board of directors. It is in hands of James T. Bradley, nabank by the tional the examiner, currency." order of comptroller of the The bank had been in a weakened condition since its last statement, which was issued Aug. 22 last. At that time it was stated the bank owed the clearing house close to $1,000,000. When the financial disturbance came and the clearing house decided to issue house certificates rumors the bank's regarding clearing condition in were the current and the clearing house, few has held at which means past ferences days, several of keeping conthe bank open were discussed. was when the Wednesday Much surprise request expressed of of condi- the for a statement was not tion comptroller of banks responded Commerce. to by National Bank of local banks showing a statements, the Other published healthy condi- their of tion, but the officials of the Bank Commerce announced that its statement would not be forthcoming for a time. This created further distrust in the bank's condition and after conferences lasting nearly all night the clearing house officials decided they could not aid the failing bank. When the statement of the National Bank of Commerce appeared it showed that since the statement of Aug. 22 last the deposits had been reduced from close to $35,000,000 to $16,952, 969. The statement showed also that the item of loans and discounts had been cut down $4,000,000. Officers of the Institution. The principal officers of the Naof Commerce are Dr. W. S. president; W. tional Woods, Bank William H. Winants, A. Rule, vice president, and cashier. Its directors and stockholders include some of the most promin the city. Dr. Woods also of the of Kansas City, is company inent president men Commerce which has Trust of a of $1,000,000 and Since its last capital $1,395,969. deposits statement company the deposits of the trust have increased nearly $200,000 and is believed to F. Downing, National bank that sound James institution England condition. president and be of head in the a local Clearing the belief of New tion, the expressed House that associa- would the of the Commerce bank any institution and that be able to not City failure involve deeply other weather other Kansas local the National Bank storm. banks would The numerous of Commerce held the deposits of small banks in this part of the Southwest. What effect the failure will have upon them is problematical. On Aug. 1 the Commerce bank owed other national banks $13,299,450 and and bankers $9,819,495. had been no run by state There banks local outside depositors, but many of the banks caused trouble by withdrawing their funds on deposit with the Commerce. 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 thought it was of at close temporarily. least Commerce We best made to the fight of our lives, but conditions will were against us. The depositors not lose a cent." Two small branches of the National Bank of Commerce, one located at the in stock yards and the other district in the the Union wholesale doors. west They bottoms, also closed their were the Stock Yards Bank of Commerce, deposits $300,000, and the Union Avenue Bank of Commerce, with small deposits. There was no institu- especial excitement around these tions. (as
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cleared the atmosphere and marked the first real step toward a restoration of confidence. DEPOSITORS SAFE. Many depositors of the Commerce were reassured by the declarations of officials of that institution that it would not only pay depositors in full, but that stockholders also would Inse nothing. James T. Bradley, appointed receiver yesterday by the comptroller of currency, had no statement to make this morning. Mr. Bradley was receiver and wound up the Iffairs of the First National Bank of Topeka, Kan., which failed as a result of the collapse of the enterprises of the late C. J. Devlin in 1905. His success in managing the affairs of that bank has inspired many of the larger depositors of the Commerce with the hope that he will be able to realize the claims of the Commerce's officials and pay out in full. The failure of the National Bank of Commerce had no apparent effect upon the Commerce Trust company, whose president, Dr. W. S. Woods, was also president of the bank. Many depositors of the National Bank of Commerce have opened accounts in the trust company, as well as with other local banks. W. F. Kempeer, vice president of the Comemree Trust company, said that they had already received close to $300,000 of new deposits from that source. ARGENTINE BANK RESUMES. One of the three small banks in the suburbs of Kansas City: affiliated with the National Bank of Commerce that closed late yesterday, the First State Bank of Argentine, Kan., re-opened for business this morning. The bank has deposits of $250,000 and W. Middlekauff, its cashier, says it is in a perfectly sound condition. "We closed the doors yesterday temporarily only so we might post our books," said he, "We did not have time to do this yesterday during banking hours with our limited force, and this was the only reason for our closing. We are receiving deposits and doing business as usual this morsing." J. Royce, state bank examiner of Kansas, who came to Kansas City last night, said: "The First State Bank of Argentine is one of the strongest banks in the state. There was no necessity of the bank closing its doors." The First State Bank of Argentine should not be confused with the Argentine State bank. The Argentine State bank did not close its doors and was conducting its business this morning in the usual manner with no indications of a run. John Swanger, secretary of the State of Missauri, and State Bank Examiner Cook arrived today and took charge of the Stock Yards Bank of Commerce and the Union Avenue Bank of Commerce, the two other small concerns that closed yesterday. An effort will be made to re-open these banks at once.
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ONE BANK REOPENS. First State at Argentine Resumed Business This Morning. Kansas City, Dec. 6.-One of the three small banks in the suburbs of Kansas City affiliated with the National Bank of Commerce that closed late yesterday, the First State bank of Argentine, reopened for business this morning. The bank has deposits of a quarter of a million dollars and W. Middlekauff, its cashier, says it is in a perfectly sound condition. "We closed the doors yesterday temporarily only SO we might post our books," said he. "We did not have time to do this yesterday during banking hours with our limited force, and this was the only reason for our closing. We are receiving deposits and doing business as usual this morning." J. Q. Royce, state bank commissioner of Kansas, who came, to Kansas City last night, said: "The First State bank of Argentine is one of the strongest banks in the state. There was no necessity of the bank closing its doors." The First State bank of Argentine should not be confused with the Argentine State bank. The Argentine State bank did not close its doors and was conducting its business this morning in the usual manner with no indications of a run. John Swanger, secretary of state of Missouri, and State Bank Examiner Cook arrived today and took charge of the Stock Yards Bank of Commerce and the Union Avenue Bank of Commerce, the other small concerns that closed yesterday. An effort will be made to reopen these banks at once.
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BANK TO REOPEN. Plan to Buy Kansas City Institution from Receiver. KANSAS CITY, Mo., Dec. 9.-Arrangements were practically completed today for the reopening tomorrow of the Stock Yards Bank of Commerce, which failed last week following the closing of the National Bank of Commerce. The institution will be bought outright from the receiver of the National Bank of Commerce. This will be the second bank to resume since the flurry last week. The directors of the National Bank of Commerce are working hard on a plan for the reorganization of the bank, and hope to make a sufficiently good showing.
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STOCKYARDS BANK OF COMMERCE TO RE-OPEN. Kansas City, Dec. 9.-Arrangements were practically completed today for re-opening tomorrow morning the Stockyards Bank of Commerce, with deposits of $250,000, which failed last week following the closing of the National Bank of Commerce. The institution was bought outright from the receiver of the National Bank of Commerce. This will be the second bank to resume since the flurry of last week. The directors of the National Bank of Commerce are working hard on a plan for the re-opening of that bank and hope to make a sufficiently good showing.
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Stockyards Bank to Resume. KANSAS CITY, December 9.-Arrangements were practically completed today for the reopening tomorrow of the Stockyards Bank of Commerce, deposits $250,000, which failed last week following the closing of the National Bank of Commerce. The institution will be bought outright from the receiver of the National Bank of Commerce. This will be the second bank to resume since the flurry last week. The directors of the National Bank of Commerce are working hard on a plan for the reorganization of that bank, and hope to make a sufficiently good showing.
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g Another Branch of the Come merce Resumes Business. The One at the Stock Yards Put h o on Its Feet. S 1 . THE PARENT CONCERN. Is in a Fair Way to Start Up Again Soon. Directors Go to Chicago to See Ridgely About It. Kansas City, Mo., Dec. 10.-A second small bank affiliated with the National Bank of Commerce, that closed when the parent institution failed last Wednesday, resumed business this morning. It was the Stock Yards Bank of Commerce and it reopened with $80,000 in cash and sight exchange on hand, against $120,000 deposits. The bank was a state institution and had been taken in charge by R. M. Cook, state bank examiner under direction of Secretary of State Swanger. The Commerce Trust company, which also is affiliated with the National Bank of Commerce, took part of the assets of the Stock Yards bank and furnished cash and sight exchange sufficient to meet the demands of Secretary Swanger. The Union Avenue Bank of Commerce, another small branch of the National Bank of Commerce is in course of reorganization. "I have the plan for the reopening of that bank also," said Mr. Cook. today, "which I hope will be put through in the next few days.' The directors and stockholders continue to work on their plan for reorganizing the National Bank of Commerce and last night nine directors went to Chicago to meet William B. Ridgley comptroller of the currency, and talk with him of the affairs of the bank. They will be met there by David R. Francis of St. Louis and perhaps several St. Louis stockholders in the bank. At Washington yesterday Comptroller Ridgley declined to appoint Dr. W. S. Woods, the former president of the bank. as co-receiver with James T. Bradley. Now it is stated that the St. Louis stockholders of the bank. who are said to oppose the plans of the Kansas City directors, will ask that George L. Edwards of St. Louis, be made the permanent receiver. It was stated yesterday that Comptroller Ridgley was going to Chicago and it was arranged to have a conference with him today. The directors who left Kansas City for Chicago include some of the most prominent men in the city. They are R. A. Long, J. J. Heim, J. J. Swofford, Hugh C. Ward, H. F. Hall, J. C. T James, L. M. Jones, Edward Dickinson and W. A. Pickering. They are said to carry to Comptroller Ridgley assurances from Dr. Woods that he will personally I guarantee the prompt sale of one milt lion dollars of new capital of the t company. He said he could himself take care of half a million of this if t the capital stock of the bank is to be n increased to one million dollars, as has c been suggested. P J. J. Heim, a millionaire brewer, said last night: "If it is found advisable to increase t the capital stock to two millions, I n am sure that can be subscribed within 48 hours." P Mistake About Ridgely. p f Kansas City, Dec. 10.-It developed I late today that the local directors were misinformed about Comptroller Ridgely p going to Chicago, and that the latter is in Washington and has no intention of going away at present. It was stated at the National Bank of Commerce that the directors who left here last night would spend the day conferring C with Chicago bankers and with any of the St. Louis stockholders who may hat altu during the day and
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STOCK YARDS BANK RESUMES Kansas City Branch of National Bank of Commerce will Be Bought of Receiver. KANSAS CITY. Dec. 9.-Arrangements had practically been completed today for the reopening tomorrow of the Stock Yards Bank of Commerce, deposits $250,000, which failed last week following the closing of the National Bank of Commerce. The institution will be bought outright from the receiver of the National Bank of Commerce. This will be the second bank to have resumed since the flurry last week. The directors of the National Bank of Commerce are working hard on a plan for the reorganization of that bank and hope to make a sufficiently good showing to gain the permission of Receiver Bradley .to reopen. An incident of self-sacrifice connected with the failure of the National Bank of Con.merce has just come to light. William A. Rule, for many years cashier of the bank, it develops. mortgaged his magnificent home in the south side to pay certain individual notes given by him to pay for bank stock. Some time ago the direct. ors urged that Mr. Rule should personally own more stock than ha then held in the bank. He was onableads pay cash for R and borrowed the money outside the bank/ giving his personal notes therefore. These notes would not have fallen due. for some time yet, but to protect the holder of them Mr. Rule mortgaged his home on the day before the failure and took them up.
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Temperature at Omaha yesterday: Hour. Deg. 5a. m THIS The 37 6am SUITS 36 7a.m 33 8 a. m 30 9a. m 29 10 a. m 29 11 a, m 29 12 m 28 1p.m 28 2p.m 29 3p.m. 29 4p.m 5p.m 6pm 7p.m 8 p. m ### 9p.m DOMESTIC. Kansas City men will buy the Stock Yards Bank of Commerce from the receiver of the National Bank of Commerce Page 1 President D. F. Walker of the California Safe Deposit and Trust company was arrested in Santa Barbara on a charge of irregularity in connection with the comPage 1 pany Owners of the mines at Monongah claim the death list will not be as large as estimated, while the men assert this is Page 1 untrue. Governor Hughes has not engaged rooms at the Auditorium hotel for the Page 1 convention as reported. Admiral Evans takes place on the flagship of the Pacific fleet and active prePage 1 parations for voyage begin. 1 Three brothers are drowned at at Page 1 Tama, Ia. Prominent attorney of Minneapolis asks for the impeachment of the supreme court Page 1 of Minnesota. Rebating cases against the packers are advanced in United States supreme court Page 1 on request of government. Cotton shortage grows according to Page 1 latest reports of government. Oklahoma representative introduces bill for initiative and referendum in United Page 2 States. Testimony given in the Haywood trial will in part be accepted by stipulation in Page 1 the Pettbone case. Posse of citizens kills two robbers at Page 1 Winlock, Wash. Wharton Golden testifies that his conscience and not a money payment prompt his testimony in the Powers case. Page 1 Senator Tillman introduces resolutions in the senate asking for an Investigation of the acts of Secretary Cortelyou in issuing bonds and certificates and also inquiring into the legality of clearing Page 2 house checks. Former Supervisor Gallagher, one of the prosecution's most important witnesses in the bribery cases in San Francisco, disPage 1 appears. FOREIGN. Mrs. Taft has narrow escape in severe storm' while being transferred from tender Holland to the President Grant. Page 1 The secretary of the admiralty defends the position of the government on the shorter life of battleships before the budget committee of the reichstag. Page 1 The funeral of King Oscar will be delayed for two weeks by necessary preparaPage 1 tions. NEBRASKA. Governor Sheldon listens to final plea of Harrison Clarke for commutation (f Page 3 his sentence. LOCAL R. J. Dunham, personal representative of J. Ogden Armour, heads the Union Stock Yards company, succeeding General Charles F. Manderson, who served unexpired term of the late W. A. Paxton. The rearrangement of directors on stock Page 1 yards company board. Grain pours into the Omaha market after two weeks of unusual quiet, while buying on the floor of the grain exchange is spirited and forty-two cars are sold in one day. Railroads have cars released during the flurry and are in good position to handle shipments. Thieves managed to move five tons of brick and stone in a vain effort to secure contents of conerstone of St. Philomena's cathedral at Ninth and Harney streets, the stone containing little of value except to the church. Ex-Mayor "Jim" Reed of Kansas City "handed it" to some executive officer of the people who wears and has been a cowboy at some time in his life, when addressing the democrats at Dahlman Page 10 banquet, COMMERCIAL AND INDUSTRIAL Live stock markets, Page 7 Grain markets. Page 7 Stocks and bonds. Page 7
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BANK OF COMMERCE TO REOPEN. Bought Outright from Receiver of National Bank of Commerce. Kansas City, Mo., Dec. 10.-Arrangements were practically completed yes. terday for the reopening to-day of the Stock Yards Banks of Commerce, deposits $250,000, which suspended last week, following the closing of the National Bank of Commerce. The institution will be bought outright from the receiver of the National Bank of Commerce. This will be the second bank to resume since the flurry last week. The directors of the National Bank of Comemrce are working hard on- a plan for the reorganization of the bank and hope to make a sufficiently good showing.
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BANK WILL REOPEN. KANSAS CITY, Dec. 9.-Arrangements have practically been completed today for the reopening tomorrow of the Stock Yards Bank of Commerce, which failed last week following the closing of the National Bank of Commerce. The institution will be bought outright from the receiver of the latter.
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Kansas City Stockyards Bank of Commerce Resumed Business This Morning. UNION AVENUE REORGANIZING Directors and Stockholders of National Bank of Commerce Working On a Reopening Plan. Kansas City, Dec. 10.-A second small local bank affiliated with the National Bank of Commerce, that closed when the parent Institution failed last Wednesday, resumed business this morning. It was the Stockyards bank of Commerce. It re-opened with $80,000 in cash and sight exchange on hand. against 120,000 depositors. The bank was a state institution and had been taken in charge by R. N. Cook, state bank examiner under direction of Secy. of State Swanger. The Commeree Trust company, which also is affillated with the National Bank of Commerce, took part of the assets of the Stock Yards Bank of Commerce and furnished cash and sight exchange sufficient to meet demands of Secy. Swanger. The Union Avenue Bank of Commerce, another small branch of the National Bank of Commerce, is in the course of re-organization. "I have a plan for the re-opening of that bank also," said Mr. Cook today "which I hope will be put through in the next few days." The directors and stockholders continue to work on their plan for rebening the National Bank of Commerce and last night nine directors went to Chicago to meet William B. Ridgel. comptroller of the currency, and talk with him of the affairs of the bank. They will be met there by David R. Francis of St. Louis, and perhaps St. Louis stockholders in the bank. At Washington yesterday Comptroller Ridgley declined to appoint Dr. W. S. Woods, the former president of the bank, as co-receiver with James T. Bradley. Now It is stated that the St. Louis stockholders of the bank, who are said to oppose the plans of the Kansas City directors, will ask that George L. Edwards of St. Louis be made permanent receiver. It was stated yesterday that Comptroller Ridgely was going to Chicago and it was arranged to have a conference with him today. The directors who left Kansas City for Chicago include some of the most prominent men in the city, They are R. A. Long, J. J. Heim, J. J. Swofford, Hugh C. Ward, H. F. Hall, J. C. James, L. M. Jones, Edward Dickinson and W. A. Pickering They are said to carry to Comptroller Ridgely assurance from Dr. Woods that he will personally guarantee the prompt sale of $1,000,000 of new capital of the company. He said he could himself take care of $500,000 of this if the capital stock of the bank is to be increased to $1,000,000, as has been suggested. J. J. Heim, a millionaire broker, said last night: "If it is found advisable to increase the capital stock to $2,000,000, I am sure that it can be subscribed within 48 hours," It developed later today that the local directors were misinformed about Comptroller Rigdely going to Chicago, and that the latter is in Washington and has no intention of going away at present. It was stated at the National Bank of Commerce that the directors who left here last night would spend the day conferring with Chicago bankers and with any of the St. Louis stockholders who may arrive in that city during the day, and might go on to Washington later.
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Examiner Re-Opens Bank. Kansas City, Dec. 11.-State Bank Examiner Cook has re-opened the Stockyards Bank of Commerce, one of the small banks affiliated with the National Bank of Commerce, and closed when the latter suspended. The Stockyards bank is the second small bank to re-open. It had $80,000 cash on hand! against $120,000 of deposits, and is amply backed to pay off every dollar if necessry and still remain in business.
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Suspended Bank Resumes. Kansas City, Dec. 11.-The second small local bank affiliated with the National Bank of Commerce that closed when the parent institution failed last Wednesday has resumed business. It was the Stock Yards Bank of Commerce and it reopened with $80,000 in cash and sight exchange on hand, against $120,000 deposits. The bank was a state institution and had been taken in charge by State Bank Examiner Cook.
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Kansas City Bank Failure. Kansas City.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension instead 01 opening Thursday morning, 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. Later three small outlying banks in which the Commerce was interested, the Stock Yards Bank of Commerce, the Union Avenue Bank of Commerce and the State Bank of Argentine, also closed. The failure of these banks had been predieted for several days and but little excitement followed the announcement.