10384. Union Avenue Bank of Commerce (Kansas City, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 5, 1907
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
57908d60

Response Measures

None

Description

The Union Avenue Bank of Commerce was a small branch/affiliate of the National Bank of Commerce (Kansas City) that closed when the parent suspended on Dec 5, 1907. It subsequently reopened mid-December (Dec 15–17). No standalone run on this specific bank is described; closure was caused by failure/suspension of the parent institution and deposits it had with the parent.

Events (2)
1. December 5, 1907 Suspension
Cause
Local Banks
Cause Details
Closed because its parent, the National Bank of Commerce of Kansas City, suspended operations; the branch had deposits with the parent and was carried down by the parent's failure/withdrawals by outside banks causing suspension of the parent institution (Dec 5, 1907).
Newspaper Excerpt
The Union Avenue Bank of Commerce, another small branch of the National Bank of Commerce, also closed.
Source
newspapers
2. December 15, 1907 Reopening
Newspaper Excerpt
The Union Avenue Bank of Commerce which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business tomorrow morning.
Source
newspapers

Newspaper Articles (21)
1. December 5, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, December 5, 1907

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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 Bank Examiner James T. Bradley. The bank is one of the oldest and largest finanI cial institutions of this city. It was closed by order of the board of directors. Dr. S. Woods is president of the Commerce, W. H. Winants and Wm. vice Bank president of Rule cashier. the Cashier Rule said, "We made fight of our lives, but the conditions were against us. The depositors will not lose a cent." Dr. Woods is president also of the Commercial Trust t 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. Bank Examiner Bradley said he would make every effort to get the bank on its feet, but could not say definitely when it would re-open. The bank had been in a weakened condition since its last statement, August 22 last, which showed then it owed the clearing house nearly a After a million dollars. conference house last offiing all night the clearing cials could not see any way to aid the bank further. The statement of the bank in response to the last call showed that since August 22 the deposits had been reduced from thirtyfive millions to $16,942,694, and the loans and discounts cut down four millions. The statement issued this morning was as follows: Resources:-Loa and discounts, $12,895,656 real estate, $697,542; five per cent redemption fund, $50,000; cash and sight exchange, $5,343,460; U. S. Bonds ,par, $1,280,000; other high grade bonds, $4,006,771. Total, $24,276,429. Liabilities:- Capital stock, one mill ion dollars; surplus and undivided profits, $1,639,734; circulation account, $1,000,000; deposits, $16,942,694; clearing house certificates, $3,694,000. Total. $24,276,429. The President of the clearing house said: "I consider the failure due to lack of conservatism. None of the other banks here have found it necessary to ask aid of the clearing house, and I consider them perfectly sound. The Bank of Commerce failure will not affect them." The Bank of Commerce held deposits of many small banks in the southwest, and withdrawals of their funds caused the trouble. There had been no run by 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. 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 Stockyards Bank of Commerce with deposits of $300, 000, and the Union Avenue Bank of Commerce with small deposits. There were no runs on other banks of Kansas City, and deposits were made as usual. A Statement From Washington. Washington, Dec. 5.-The comptroller of the currency today issued the following statement regarding the failure of the Bank of Commerce of Kansas City: "The Comptroller's office has been advised that the officers and directors of the National Bank of Commerce of Kansas City decided not to open the doors of the bank today, and requested a national bank examiner to take charge until assets can be realized on, when it may be possible for the bank to resume. This bank is one of the largest in the West, and in September last had about thirty-four millions on deposit. Something like twenty-two millions of this was due

2. December 5, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 5, 1907

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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.

3. December 6, 1907 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, December 6, 1907

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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.

4. December 6, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 6, 1907

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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.

5. December 6, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 6, 1907

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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.

6. December 10, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 10, 1907

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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

7. December 10, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 10, 1907

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SUSPENDED BANK RESUMES BUSINESS Subsidiary of National Bank of Commerce of Kansas City Re-OpensPlenty of Assets. Kansas City, Dec. 10.-The Stock Yards Bank of Commerce a small institution that closed when its parent bank, the National Bank of Commerce failed last Wednesday, resumed business this morning with $80,000 in cash and sight exchange on hand against $120,000 of deposits. The Union Avenue Bank of Commerce, another branch of the National Bank of Commerce is in course of re-organization.

8. December 10, 1907 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 10, 1907

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THE BIG BANK TO OPEN SOON (By Associated Press.) Ridgely refused to make Mr. Woods, Kansas City, Mo., Dec. 10.-The the former president of the bank, a Stock Yards Bank of Commerce, one co-receiver with James T. Bradley. small local bank that closed as a reThe directors are said to carry the sult of the failure of the National assurance to Mr. Ridgely from Mr. Bank of Commerce, reopened for Woods that he would personally business this morning. guarantee the prompt sale of a milThe Union Avenue Bank of Comlion dollars of new capital if the aumerce, another small branch of the thorization to increase the capital National Bank of Commerce, is in stock to that amount be given. course of reorganization. It later developed that the local The directors and stockholders are directors were misinformed about still at work upon a plan for reopenComptroller Ridgely going to Chicaing the National Bank of Commerce. go, and it is stated that the directors Last night nine of the directors went may go on to Washington from Chito Chicago to meet Comptroller of cago. the Currency Ridgely. Yesterday Mr.

9. December 12, 1907 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, December 12, 1907

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FOUR BANKS FAIL AT KANSAS CITY. National Commerce Institution Goes Down, Carrying 3 Smaller Houses With It. The National Bank of Commerce. the second largest financial institution in Kansas City, with $16,942,694 in deposits, failed to open its doors Thursday. Later three small institutions in which the Bank of Commerce was largely interested--the Stockyards Bank of Commerce, the Union Avenue Bank of Commerce, and the State Bank of Argentine, Kas., a suburb-also closed their doors. The failure of the National Bank of Commerce followed a steady run of six weeks, during which the bank had paid off $19,000,000 of its dep Sits, reduced its loans three and a halt million dollars, cut down its cash resources eleven and three-fourths million dollars, and sold two million dollars of high grade bonds in an effort to meet the demands upon it. The directors of the bank had been in conference practically all night before the decision to suspend business was reached. They gave out a statement Thursday morning saying that inability to collect money from borrowers as fast as it was demanded by the creditors of the bank was the cause o fthet closing. They said Chicago and New York bankers had offered assistance, but that it had been refused because they could not tell how long the heavy drains would continue. Certain Chicago, New York, and St. Louis bankers agreed to raise $3,750,000 to help out the National Bank of Commerce if that amount would pull the institution through. It was provided, however, the bank should be specially examined and the securities offered fo rthe loans to be made should be approved. A special examination proved conditions to be unsatisfactory and the bank was closed. A few of the Chicago banks already had advanced several hundred thousand dollars. One of the loans was secured by bonds. Another large bank, instead of making a loan, rediscontinued a large sum of commercial paper. The closing of the bank occasioned no disturbance at Kansas City. The same was true in New York. But as Kansas City is a so-called reserve city under the national banking act, a great many Kansas banks carried a part of their reserve with it. There may be some suffering in Kansas and contiguous territory on this account.

10. December 12, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 12, 1907

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MORE BANKS ARE RESUMING Three Small Institutions in Missouri and Kansas Open Doors Again. KANSAS CITY, Dec. 11.-Three additional small banks in Missouri and Kansas that suspended following the closing last week of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, a branch of the National Bank of Commerce; the private bank of D. A. Becker at Stotesbury, Mo., deposits about $20,000, and the State Bank of Admire, at Admire, Kan., with deposits of $100,000. The Union Avenue bank when it closed had $120,000 upon deposit in the National Bank of Commerce. The stock holders and patrons are to make up this amount, and the bank may resume this afternoon or tomorrow. R. M. Cook, Missouri state bank examiner, who is here, says: "There is nothing whatever to prevent the resumption of the Union Avenue bank." Mr. Cook also said that the private bank at Stotesbury would reopen within a few days. The State Bank of Admire when it closed had $28,000 on deposit in the National bank of Commerce. This amount has been covered by stock holders in the institution and Bank Commissioner Royce of Kansas, says it will reopen some time today. With the reopening of these three banks all of the small banks in this part of the country affected by the National Bank of Commerce failure will have resumed. CHICAGO, Dec. 11.-A member of the Chfcago Clearing House committee stated last night that Chicago banks are not a party to any plan for rehabilitating the National Bank of Commerce of Kansas City. James B. Forgan, chairman of the committee, said: "So far as Chicago banks are concerned, they have nothing to do with any attempt which may be made to reopen the bank." President John J. Mitchell of the Illinois Trust and Savings bank, who is a member of the Clearing House committee, was also positive that the scheme to reopen the Kansas City bank did not include aid from Chicago institutions.

11. December 13, 1907 The Ordway New Era Ordway, CO
Article from The Ordway New Era, December 13, 1907

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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.

12. December 14, 1907 The Garland Globe Garland, UT
Article from The Garland Globe, December 14, 1907

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KANSAS CITY BANK FORCED TO CLOSE One of Largest Institutions in West Unable to Stem the Tide of Adverse Circumstances. Suspensnon Due to the Fact That Securities Could Not be Disposed of, But Depositors Will Not Lose a Cent by Failure. Kansas City.-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 Thursday morning and was *aken in charge by a national bank examiner upon an order of the comp troller of the currency. Later two small outlying banks in which the Commerce was interested, the Stockyards Bank of Commerce and the Union Avenue Bank of Commerce also closed. The failure of these banks has been predicted for several days and but little excitement followed the an nouncement of the news, although crowds of depositors gathered about the doors of these institutions. The officials of the Commerce, which is affiliated with many banks here and in other parts of the southwest, ex press the opinion that none of them will be seriously affected. The fail ure is laid to the withdrawal of out side banks within the past twc months of $18,000,000 of deposits They expect to reopen soon and say depositors will be protected in full

13. December 16, 1907 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, December 16, 1907

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BANK TO REOPEN. Kansas City, Dec. 15-The Union Avenue Bank of Commerce which was obliged to close by the suspension of the National Bank cf Commerce, will reopen for business tomorrow morning. All the small brake carried down by the National Bank's failure have now been rehabilitated.

14. December 16, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 16, 1907

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BANK TO RESUME. Union Avenue Bank of Commerce of Kansas City All Right. Kansas City, Dec. 15.-The Union Avenue Bank of Commerce which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business tomorrow morning. All the small banks carried down by the national bank's failure have now been rehabilitated. Four Government bank examiners are now working on the books of the National Bank of Commerce.

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

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APPEARS TO BE SOUND. National Bank of Commerce of Kansas City Will Probably Reopen. Kansas City, Dec. 15.-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business tomorrow morning. All the small banks carried down be the National bank's failure have been rehabilitated. Four government bank examiners are working on the books of the National Bank of Commerce, and upon their report will depend whether the bank shall be reopened or liquidated. George F. Cutts of New York, one of the examiners, succeeded James T. Bradley of Kansas City. Checks on the suspended bank are accepted at par by many business houses, and the financial situation has been mitigated thereby. The Vienne Bakery

16. December 17, 1907 The White Pine News Ely, NV
Article from The White Pine News, December 17, 1907

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APPEARS TO BE SOUND. National Bank of Commerce of Kansas City Will Probably Reopen. KANSAS CITY, Dec. 16.-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business tomorrow morning. All the small banks carried down by the national bank's failure have been rehabilitated. Four government bank examiners are working on the books of the National Bank of Commerce, and upon their report will depend whether the bank shall be reopened or liquidated. George F. Cutts of New York, one of the examiners, succeeded James T. Bradley of Kansas City. Checks on the suspended bank are accepted at par by many business houses, and the financial situation has been mitigated thereby.

17. December 17, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 17, 1907

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UNION AVENUE BANK OPENS Receiver will Soon Be Ready to Report on National Bank of Commerce. KANSAS CITY, Dec. 16.-The Union Avenue Bank of Commerce, one of the small banks affiliated with the National Bank of Commerce, which closed when the parent institution failed ten days ago, resumed business this morning. With the opening of the Union Avenue bank all of the banks affected by the National Bank of Commercé failure have now reopened. James T. Bradley, receiver of the National Bank of Commerce, and his assistants are working on their report of the condition of that bank and expect to have it ready for submission to the comptroller within a few days.

18. December 19, 1907 Washington State Journal Ritzville, WA
Article from Washington State Journal, December 19, 1907

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Kansas City Bank Reopens. Kansas City, Mo., Dec. 17.-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, has reopened for business. All the small banks carried down by the failure of the National Bank of Commerce have been rehabilitated.

19. December 19, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, December 19, 1907

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THREE BANKS TO REOPEN. Small Missouri and Kansas Institutions Will Resume Business. Three additional small banks in Missouri and Kansas which suspended following the close of the National Bank of Commerce of Kansas City are to reopen. They are the Union Avenue Bank of Commerce of Kansas City, a branch of the Commerce; the private bank of D. A. Becker at Stotesbury, Mo., deposits about $20,000, and the State Bank of Admire, at Admire, Kan., with deposits of $100,000. The Union Avenue Bank had $120,000 on deposit in the National Bank of Commerce when it closed. The stockholders and patrons are to take up this amount. With the reopening of these three banks all of the small institutions in that part of the country affected by the Commerce failure will have resumed.

20. December 19, 1907 Mexico Missouri Message Mexico, MO
Article from Mexico Missouri Message, December 19, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.

21. December 20, 1907 The Montgomery Tribune Montgomery City, MO
Article from The Montgomery Tribune, December 20, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.