Kansas City Safe Deposit & Savings Bank (Kansas City, MO)

Episode Information

Episode UID
2366084791093
Episode Type
Run Only
Bank Type
savings
Bank ID
236608479 hash
Start Date
January 19, 1891
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d9a3f206b8fa4501

Response Measures

None

Events (1)
1. January 19, 1891 Run
Cause
Local Banks
Cause Details
Run began after the American National Bank of Kansas City suspended, causing depositor panic and heavy withdrawals from the Safe Deposit & Savings Bank
Measures
Paid depositors as presented; officials stated they were amply able to meet demands and continued paying out funds
Newspaper Excerpt
The failure to open its doors this morning caused a run on the Kansas City Safe Deposit and Savings Bank
Source
newspapers

Newspaper Articles (11)
1. January 19, 1891 Evening Star Washington, DC
Article from Evening Star, January 19, 1891

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DEPOSITORS WILL NOT LOSE. Suspension of the American National Bank of Kansas City. KANSAS CITY, Mo., Jan. 19.-The American National Bank of Kansas City has suspended. The bank had a capital of $1,250,000 and was a member of the Kansas City clearing house and carried on a special department for bank and mercantile collections. Its surplus was $55,000 and undivided profits $70,000. The National Bank examiner of this state has taken charge of the bank. The bank had made a heavy loan and was not able to get enough money in to meet the demand of the depositors. A loan of $1,000,000 was asked from the clearing house and was refused by the committee which was in session yesterday and until 3 o'clock this morning. The depositors will probably not lose anything as the stockholders are liable for twice the amount of the bank's capital. It has loans and discounts amounting to $3,000,000 and a surplus of over $300,000. The deposits amount to about $2,000,000. The failure to open its doors this morning caused a run on the Kansas City Safe Deposit and Savings Bank in the same building and the entrance to the building and streets surrounding were crowded by a great throng. This bank has 80 far paid everybody and it is believed it will tide through the day.

2. January 20, 1891 Evening Capital Journal Salem, OR
Article from Evening Capital Journal, January 20, 1891

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FINANCIAL. RUN ON A BANK. KANSAS CITY, Mo,, Jan. 20.- The run on the Kansas City Safe Deposit and Savings bank continued to-day. When the bank opened this morning the crowd was larger than at any time yesterday. The Kansas City Car and Wheel Works at Birmingham, a suburb of the city, shut down to-day for an indefinite period. Superintendent Suoerland says the works will probably remain closed until they can get a freight rate that will permit of their doing a profitable business. ANOTHER BANK IN TROUBLE. PALEMRO, Neb., Jan. 20.-There was a heavy run on the Deposit bank yesterday resulting in a rumor that the institution is in an unsafe condition. The bank paid all demands in full, and Cashier Shipley has gone to Omaha to arrange for funds to tide over the crisis. INTERNATIONAL COIN COMMISSION. WASHINGTON, Jan. 20.-The finance committee of the semate to day direct a favorable report be made upon the nominations of Nathaniel B. Hill, of Colorado, Lambert Tree, of III, and William A. Russell, of Massachussetts, for commissioners to consider the establishment of international coins.

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

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BUSINESS TROUBLES. KANSAS CITY, Mo., Jan. 20.-The American National bank, of this city, was taken charge of this morning by F. E. Marshall. national bank examiner for the state of Missouri. The capital stock of the bank is $1,250,000. Since Oct. 1 last the deposits have decreased from from over $5,000,000 to the present amount It is ascertained that the bank owes over $800,000 borrowed money. The run on the Kausas City Safe Deposit and Savingsbank continued all day. At the hour of clos ing the crowd of depositors waiting their turn to withdraw their deposits was, if anything, larger than the morning. To all appearances the bank has plenty of money. and itis the general opinion of those in a position to know that the bank is all right and there is no occasion for the scare. The statement of the assets and liabilities of the bank has been made. Tt is estimated at $3,250,000 liabilities, $3,500,000 nominal assets. The principal stockhoiders of the bank reside in the East. MONTREAL, Jan. 19.-McLachlen Bros. & Co., one of the largest wholesale dry goods houses in the dominion, are in financial difficulties and will probably assign to-day. The liabilities are between $700,000 and $900,000, chiefly due to their bankers, the Banks of Toronto, Commerce. Merchants and Molson's. English houses are also creditors to the extent of $100,000. TOPEKA, Kan., Jan. 19.-W. W. Curder, the leading dry goods merchant of this city, assigned this morning to L. L. Turner. cashier of the Kausas National bank. Liabilities are $39,000. The assets cannot be ascertained. LOUISVILLE, Ky., Jan. 19.-Von Borries & Co., wholesale cloths. of this city, made an assignment to-day. Liabilities. $150,000; assets about the same. The causes given are the stringency in the money market and slow collections. The firm is one of the oldest in the city. and has had a high reputation.

4. January 21, 1891 New-York Tribune New York, NY
Article from New-York Tribune, January 21, 1891

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THE KANSAS CITY BANK FAILURE. IT CAUSES ANOTHER INSTITUTION TO CLOSE ITS DOORS-THE RUN ON THE SAVINGS BANK MODERATING Kansas City, Mo., Jan. 20.-Pank Examiner J. F. Marshall. with a large corps of assistants, was busy to-day examining the condition of the American National Bank, which suspended yesterday. He declined to make any statement concerning the bank's affairs, and said his report to the Controller would probably not be made for three weeks. There is some talk of the bank's resuming business. President Stimson says that if the stockholders care to repair the impatred capital of the bank. he sees nothing to prevent resumption. The stock of the bank was held principally in the East. and inasmuch as the depositors will probably be paid in full, the effect upon local business men will be slight. A dispatch to "The Star" from Atchison, Kan., says: "The Bank of Downs, at Downs, Mitchell County, closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained." The run which was begun on the Kansas City Safe Deposit and Savings Bank yesterday, continued to-day. As early as 7 o'clock this morning fully 250 people were standing in line in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock, the crowd was as large as at any time yes terday. and there was a wild rush for the paying teller's counter. As the day wore away a feeling of contidence began to appear among the weary depositors, and at noon many had dropped out of line, having decided to leave their money with the bank. When the hour of closing approached the crowd had thinned out measure ably. It is believed now that the backbone of the run has been broken. and that in a day or two complete confidence will be restored. In the two days during which the run has been made. about $60,000 has been withdrawn from the bank. The officials of the bank say they are amply able to meet demands on sight. The failure of the American National Bank was not wholly unexpected in this city. Bankers had been growing cautious in view of the extent to which the Southwestern land speculations had been carried. and their own necessities in last December prevented the far Western institutions from securing relief from seaboard. There was no new word here as to the the condition of the bank, and the city correspondents are believed to be well protected. George G. Williams, president of the Chemical National Bank, one of the correspondents, said yesterday that lie believed the depositors of the Western bank would be paid in full. From all that he had heard. he said, President Stimson was a man of integrity and the deposits had been reduced so much that there should be a successful liquidation of the affairs. He thought that Mr. Stimson's published statement was a clear exposition of the situation.

5. January 21, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 21, 1891

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THE KANSAS CITY BANK PANIC. Depositors Still Alarmed K ansas and Nebraska Failures. KANSAS CITY, Jan. 20.-The run on the Kansas City Safe Deposit and Savings bank continued today. When the bank opened, at 9 o'clock this morning, the crowd was larger than at any time yesterday. It is believed that the backbone of the run was broken today, and that confidence will soon be restored. The officials of the bank say they are amply able to meet all demands on sight. The bank examiner is still working on the books of the American National. ATCHISON, Kan., Jan. 20. - The Bank of Douns, at Douns, Osborne county, Kan., was closed this morning. It was connected with the American National bank, of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained. PALMER, Neb., Jan. 20.-There was a heavy run on the Deposit bank yesterday, resulting from a rumor that the institution was in an unsafe condition. The bank paid all demands in full, and Chashier Shipley has gone to Omaha to arrange for funds to tide over the crisis.

6. January 21, 1891 Evening Journal Wilmington, DE
Article from Evening Journal, January 21, 1891

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A Big Run on a Bank. KANSAS City, Mo., Jan. 21.-The run on the Kansas City Safe Deposit and Savings bank continued yesterday. As early as 7 o'clock fully 250 people were standing in line in front of the bank waiting for the doors to open. When the bank was opened there was a wild rush for the paying teller's counter. The majority of those who have presented themselves for their money have thus far been small depositors. Money sharks are buying the accounts of the savings bank depositors when they can do so. One woman having an account of $800, representing the savings of years, sold it for ninety cents on the dollar. Many similar instances are reported. The officials of the bank say they are amply able to meet its demands on sight.

7. January 21, 1891 The Morning News Savannah, GA
Article from The Morning News, January 21, 1891

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KANSAS CITY'S BANK CRASH. No Let Up in the Run on the Savings Department. KANSAS CITY, Mo., Jan. 20.-The run which was commenced on the Kansas City Safe Deposit and Savings Bank yesterday continued to-day. As early as 7 o'clock this morning fully 250 people were standing in line in front of the bank, waiting for the doors to open. When the bank was opened at 9 o'clock the crowd was as large as at any time yesterday, and there was a wild rush for the paying teller's counter. CONFIDENCE RETURNING, As the day wore away a feeling of confidence began to appear among the weary depositors, and at noon many had dropped out of line, having decided to leave their money with the bank. When the hour of closing approached the crowd had thinned out measurably. very It is believed now that "the backbone of the run has been broken, and that in a day or two complete confidence will be restored. In the two days during which the run has been made about $60,000 has been withdrawn from the bank, $30,000 yesterday and over $20,000 to-day. The officials of the bank say they are amply able to meet any demands on sight. A special to the Star from Atchison, Kan., says: "The Bank of Downs, at Downs, Mitchell county, Kansas, closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained."

8. January 22, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 22, 1891

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MANY BUSINESS FAILURES. Two Big Ones in Montreal-Westinghouse Applies the Air-Brakes. MONTREAL, Jan. 21.--The firm of Gilmour, Lindsay & Co. had two demands for assignment made upon them today. Their total liabilities are $225,000. McLachian Bros. & Co., whose troubles were noted a few days ago, have assigned, with liabilities of $800,000. NEW YORK, Jan. 21.-The Equitable Insurance Company, because of small capital affairs. and unprontable business, will wind up its The Mound City Distillery Company has secured in New York attachments for $1,291 against Bamberger & Keanpfer, wine dealers, San Francisco. The Suffolk National bank, of Boston, hold a note for $5,000 against Higgins & Co., Brooklyn, N. Y., soap makers. The bank learns that the company has transferred, hence an attachment has been sued out. PITTSBURG. Jan. 21.-A letter from London states that Westinghouse has received $250,000 for airbrake patents from a London company. He is also to receive $30,000 a year to cover any airbrake inventions he may produce. It is the expectation here that Westinghouse will now rescue his electric company, which is in sad financial straits. OMAHA, Jan. 21.-For some unknown cause a run was made on the South Omaha branch of the Nebraska Savings and Exchange bank this afternoon. The bank was kept open till a late hour to pay all the depositors in full. President Miles says the bank is fully prepared to meet every obligation. ATCHISON, Jan. 21.-The Cawker City state bank has failed and is in the hands of a receiver. The liabilities and assets cannot be ascertained. CHICAGO, Jan. 21.-George M. Bogue was this morning appointed receiver of the Pacitic Railway Company, of Los Angeles. Cal., on complaint by judgment creditors. The bill sets forth that the company, which was organized in 1889 by C. B. Holmes, a well-known cable road man, and other capitalists with a capital of $25,000,000, is insolvent. It is stated as probable that the company will shortly be reorganized. A confession of judgment the other day for $1,628 on a note executed January 6, to Edward W. Russell by C. B. Holmes, is said to be the entering wedge in that direction. The Pacific railway is a cable road operated by C. B. Holmes. its president. Thestockholders are mostly Chicago men. Over $1,000,000 was raised in this city alone. Instead of being a paying investment the road has lost money from the start, and now its indebtedness is said to reach $500,000. The trouble seems to be that the investment was too heavy for the amount of business to be done. The recent judgment is said to be the first move by the Chicago stockholders to put the Pacific railway on a new basis. It is, "in fact, a preconcerted movement on the part of the creditors to obtain other judgments and have the road placed in the hands of a receiver. It is the intention to completely reorganize the company. It is said that the road is now earning $350,000 a year net, and that by cutting down expenses and running it on close business principles it can be made to pay, or at least clear expenses. There is a side issue in connection with this matter. A corporation known as the National Railway Company met yesterday. It is one of C. B. Holmes' street car syndicates, and it seems that some of the stock of its St. Louis lines was transferred to the Los Angeles road. The stockholders were inclined to trake a row about it, until explanations were made and a 7 per cent. dividend declared. KANSAS/CITY, Jan. 21.-While the run on the Kansas City Safe Deposit and Savings bank was continued this morning, the indications were that the end is near.

9. January 23, 1891 The Big Stone Post Big Stone Gap, VA
Article from The Big Stone Post, January 23, 1891

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BANK FAILURE. The American National Bank of Kansas City Closes Its Doors-Depositors Will be Paid in Full. KANSAS City, Mo., Jan. 22-The American National Bank of this city has suspended. The bank had a capital of $1,250000 and was a member of the Kansas City Clearing House, and carried on a special department for bank and mercantile collections. Its surplus was $500,000 and undivided profits 70,000. The national bank examiner of this State has taken charge of the affairs of the bank. The bank had made a heavy loan. and was not able to get enough money in to meet the demands of the depositors. A loan of one million dollars was asked from the Clearing House and was refused by the committee, which was in session yesterday and until four o'clock this morning. The depositors will probably not lose anything, as the stockholders are liable for twice the amount of the bank's capital. It has loans and discounts amounting to $3,000,000 and a surplus of over $300,000. The deposits amount to about $2,000,000. The failure to open its doors this morning caused a run on the Kansas City Safe, Deposit and Savings Bank in the same building, and the entrance to the building and streets surrounding were crowded by a great throng. This bank has SO far paid everybody, and it is believed it will tide through the day.

10. January 23, 1891 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 23, 1891

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Prepared to Pay Depositors in Full. KANSAS CITY, Jan. 22.-There was a run on the Kansas City Safe Deposit and Savings bank this morning. Since Monday it has paid out $150,000, and is prepared to pay the full amount of the deposits, $900,000. The Central bank was absorbed to-day by the Merchants' National bank, which will pay all claims. The Central bank went out of business because its profits

11. January 31, 1891 Western Kansas World Wakeeney, KS
Article from Western Kansas World, January 31, 1891

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The Liabilities Reach $3,500,000. KANSAS CITY, Mo.-The failure of the American National bank was caused by distrust. For weeks there have been rumors to the effect that the bank was unsafe. The quarterly statement made by the American National October 2 showed that it had nearly $4,200,000 on deposit. The distrust caused by the failures in the east added to reports set in circulation adverse to the bank caused its deposits to fall off $1,800,000 between the statement of October 2 and that of December 13. The deposits on December 19 were shown by the statement of that date to have been about $2,500,000. More than half of these were drawn out up to last Saturday night, when there remained $1,200,000, offset by cash and sight exchange to the amount of $400,000. The liabilities this morning are fixed at $3,500,000. The assets $2,250,000. The run which was begun on the Kansas City Safe Deposit and Savings bank continues to-day. As early as 7 o'clock there was a long line of depositors in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock there were more than 200 people in the line, and there was a rush for the paying tellers counter. Every one is paid as fast as their accounts can be settled. By noon the crowd had decreased somewhat and it is thought that the worst is over. While the paying teller has all he can attend to the receiving teller is not idle. There is much confidence in the ability of the bank and many are not afraid to show their confidence by entrusting their money to its keeping.