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

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
June 13, 1893
Location
Kansas City, Missouri (39.100, -94.579)
Bank Type
savings

Metadata

Notes

Run began June 13 after suspension of People's Savings; bank suspended and assigned July 12, 1893.

Events (3)

1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by suspension of the People's Savings Bank in Kansas City, causing depositors to withdraw from the Safe Deposit & Savings Bank.
Measures
Invoked 30/32-day notice clause in bylaws to check withdrawals; run practically over by noon.
Newspaper Excerpt
As the result of the suspension yesterday of the People's Savings bank, a run was started on the Kansas City Safe Deposit and Savings bank this morning.
Source
newspapers
2. July 12, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and made an assignment (failed) and assignees were named, indicating insolvency following the earlier run and other problems.
Newspaper Excerpt
CLOSED ITS DOORS Kansas City, July 12.-The Kansas City Safe Deposit and Savings bank ... has assigned to Wetter J. Wales and H. D. McLeod.
Source
newspapers
3. July 12, 1893 Receivership
Newspaper Excerpt
has assigned to Wetter J. Wales and H. D. McLeod. The failure will cause much trouble among its depositors ... had over $2,000,000 in deposits.
Source
newspapers

Newspaper Articles (23)

Article from Alexandria Gazette, June 13, 1893

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Chicago last night for a purse of $2,500, resulted in a draw. Fifty-seven rounds were fought. The purse was divided. The thermometer registered nineyt-five at Ottumwa, Iowa, at S o'clock this morning. The night was unprecedentedly hot for June Early this morning a run was started on the Kansas City Safe Deposit and Savings Bank, the largest savings bank in Missouri, The Right Worthy Grand Lodge of Good Templars of the world, met at Des Moines; Iowa, to-day.


Article from The Herald, June 14, 1893

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Kansas City Bank Runs. KANSAS CITY, Mo., June 13.-As the result of the suspension yesterday of the People's Savings bank, a run was started on the Kansas City Safe Deposit and Savings bank this morning. The bank took advantage of the 30 day clause, and at noon the run was practically over. None of the other banks experienced a run.


Article from The Salt Lake Herald, June 14, 1893

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Run on Kansas City Banks. KANSAS CITY, June 13.-As a result of the suspension yesterday of the People's Savings bank, a run was started on the Kansas City Safe Deposit and Savings bank this morning. The bank took advantage of the thirty-day clause and at noon the run was practically over. None of the other banks experienced a run.


Article from The Representative, June 14, 1893

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Run on a Kansas City Bank. KANSAS CITY, June 14.-As a result of the suspension of the People's Savings bank, an insignificant institution with deposits of only $25,000, a run was started during the day on the Kansas City Safe Deposit and Savings bank. The bank took advantage of the clause of its by-laws requiring depositors to give 32 days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically over.


Article from The Austin Weekly Statesman, June 15, 1893

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Run on a Kansas City Bank. KANSAS CITY, June 13.-The People's Guaranty Savings bank has made an assignment. Liabilities $70,000; assets $65,000. As a resutt of the suspension of the People's Savings bank a run was started this morning on the Kansas City Safe Deposit and Savings bank. The bank took advantage of requiring depositors togive 30 days notice of withdrawal of deposits. That checked the run and at noon it was practically over. None of the other banks experienced a run.


Article from Bismarck Weekly Tribune, June 16, 1893

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Run on a Kansas City Bank. KANSAS CITY. June 14.-As a result of the suspension of the People's Savings bank, an insignificant institution with deposits of only $25,000, a run was started during the day on the Kansas City Safe Deposit and Savings bank. The bank took advantage of the clause of its by-laws requiring depositors to give 32 days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically over.


Article from The Dickinson Press, July 15, 1893

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CLOSED ITS DOORS Kansas City, July 12.-The Kansas City Safe Deposit and Savings bank. the largest institution of the kind in Missonri, has assigned to Wetter .1. Wales and 11 i) McLood. The failure will cause much trouble among its depositors, though it is probable they will be paid in full. The bank had over 10,000 depositors less than two months age. and had over $2.000,000 in deposit.- Its paid up capital was $300,000.


Article from Western Kansas World, July 29, 1893

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SANE AGAIN. Depositors Returning Their Cash to the Banks. A Mass Meeting of Depositors Only Ask Resumption and Will Take Twelve Months Time Certificates-Many New Accounts Opened. The panic at Kansas City has ceased, and ceased as suddenly as it came, and many people are now lamenting their causeless fright. Many new accounts were opened by the depositors of the suspended banks, and the regular depositors put in more money than they have deposited since the local bank disturbances began. Add to these encouraging facts, the very significant one that nearly $1,000,000 has been received from the eastern correspondents of the local banks, representing a part of eastern balances, and the situation is seen to be very encouraging indeed. One particular assurance of returning confidence is that among the depositors were seen some who had been alarmed on Saturday and withdrawn their money. As an instance of the restored confidence in this city, the depositors of the Kansas City Safe deposit and Savings bank held a meeting at Turner hall and voted confidence in the officers of the bank. The hall was packed with men and women, many of whom were forced to stand up in the aisles. None but depositors were admitted to the meeting. and each was required to show his bank book or certificate of deposit at the doors. It was claimed that there was nearly a full representation of the entire deposits of the bank, representing $1,700,000. The depositors almost unanimously tendered their help to the officers of the bank, asking them to reopen. The chairman appointed a committee of five as representatives of the depositors to confer with the officers and assignees of the Kansas City Safe Deposit and Savings bank and ascertain the practicability of issuing to the depositors time certificates of deposits for a term not exceeding twelve months and to revive the bank. The action of the meeting wrought a marked change in the feelings of the depositors present, and they all felt confident afterward that they would get their money in time. The general impression was that the people had been too hasty in forcing the bank to suspend, and that by using a little judgment and supporting the bank officers in an effort to resume, there would be a better chance of realizing fully upon the bank's assets.


Article from The Daily Morning Astorian, August 4, 1893

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ASSETS OF DOUBTFUL VALUE. Kansas City, August 3.-The assignees of the Kansas City Safe Deposit and Savings Bank, which suspended payment three weeks ago, filed an inventory of its assets this afternoon. The total assets are $2,044,217. Many of them, however, are real estate and of little value.


Article from Pawtucket Tribune, August 4, 1893

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High Figures. KANSAS CITY, Aug. 1-The assignees of the Kansas City Safe Deposit and Savings bank, which suspended payment three weeks ago, has filed an inventory of the institution's assets. The total assets are given at $2,044,217.


Article from The Sun, August 11, 1893

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Praise Is Good For any medicine you hear about. hut to be made well by its use is still better. I have for many years suffered with an irritable itching all over my body. and my left leg swelled and became so sore I had to give up work. Physicians prescribed for me for scrofula. but did not cure me. Hood's Sarsaparilla gave me immeAND diate relief. drove all disease out of my blood and gave me perfect Hood's Cures cure. O. DUNN. 21 Lampson Court. Kansas City, Mo. Hood's Pills cure constipation. Try a box. SEIZURES BY THE SHERIFF. Attachment Against the Equitable Manufacturing and Electric Company. The Sheriff has taken charge of the office of the Equitable Manufacturing and Electric Company at 44 Broadway and the factory at 611 West Thirty-sixth street on an attachment obtained by Cravath & Houston for $29,540 in favor of Wendell Goodwin for money loaned. Cravath & Houston say that the loan was long past due, and the company would not pay it. Cornelius Fellowes, banker and broker. is the President. The company was incorporated several years ago, and had. it is said, a capital stock of $1,000,000. The Sheriff has received an attachment for $8,000 against the Kansas City Safe Deposit and Savings Bank in favor of George K. Gilluly on an assigned claim of the First National Bank of Garden City. Kan.. for money deposited by the latter. The Sheriff's officers succeeded in flnding securities of the par value of $63,000 on deposit with the Equitable Mortgage Company at 40 Wall street. The Sheriff took possession of the securities. which include bank shares. electric light company shares, street railway bonds. and real estate notes. Later in the day the Sheriff received another attachment against the bank for $21,536 in favor of Gilluly on an assigned claim of the Equitable Mortgage Company for balance of deposits. The Sheriff has taken charge of the place of business of Louis H. Malkin. wholesale dealer in boys' clothing at 204 and 206 Greene street, on a confessed judgment for $365 in favor of Louis's brother. Alexander Malkin. for money loaned. Charles F. Kelley has been appointed receiver for the Pasadena Hotel and Cottage Building Company of 239 Broadway in the suit of John S. Forgotston. a judgment creditor. E. v. Machette was President of the company. which is a New Jersey corporation with a capital stock of $200,000. Elbert S. Carman has been appointed receiver of the Rural Publishing Company. Rose and Pearl streets. which publishes the Kural New Yorker and the American Garden. The company has been hard pressed for ready cash for some time past. and some of the creditors took legal action to collect their claims. It is proposed now to dissolve the company. The liabilities. it is said. amount to nearly $60,000. Mr. Carman was formerly secretary of the company. The present company has A capital stock of $140.000. and is a reorganization of a corporation formed in 1873. Deputy Sheriff Young has received an attachment for $2,000 against the United States Tobacco Company. Fulton and Front streets. which was carried on. it is said, by Charles S. Phillips. The attachment is in favor of Esther Buslin for money loaned which she alleges was obtained under misrepresentations.


Article from Fort Worth Gazette, August 20, 1893

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Bank Officers Arrested. KANSAS CITY, Mo., August 19.-Warrants for the arrest of J. C. Darragh, president of the suspended Kansas City Bafe Deposit and Savings bank, and Elmer C. Sattley, Its cashier, were Issued today. The specific accosation is receiving a depoidt of $1.030 from Benjamin M. Nopher July 7. four days before the bank's failure. well knowing the bank was in a failing condition.


Article from The Washburn Leader, September 23, 1893

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GRAND LARCENY. Kansas City, Aug. 22.-Warrants for the arrest of J. C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Sattley, its cashier, were issued to-day. They are each charged with the crime of grand larceny, which is a felony, and the specific accusation is the receiving of a deposit of $1,030 from Benjamin M. Sopher on July 7, last, four days before the bank's failure, "well knowing the bank was then in a failing condition."


Article from The Herald, October 17, 1893

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Bank-Wreckers in Court. KANSAS CITY, Oct. 16.--James C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Sattley, cashier, appeared in the criminal court this morning and pleaded not guilty to 22 indictments against them.


Article from The Salt Lake Herald, October 17, 1893

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Twenty-two Indictments. Kansas City, Oct. 16.-James C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Sattley, cashier, appeared in the criminal court


Article from San Antonio Daily Light, November 20, 1893

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Bank Officers on Trial. KANSAS CITY, Mo., Nov. 20.- James C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Satlee, its cashier, appeared in the Criminal court a month ago and pleaded not guilty to the 32 indictments for grand larceny by receiving deposits in an insolvent institution, which were returned against them by a special grand jury. Each gave bail, with sureties in the sum of $6,000, and their personal recognizances were taken in the sum of $10,500 for reappearance for trial today.


Article from San Antonio Daily Light, December 26, 1893

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# The Darragh-Sattley Indictments. KANSAS CITY, Mo., Dec. 26.—The grand jury recently found twenty-two indictments against ex-President Darragh and ex-Cashier Sattley, of the Kansas City Safe Deposit and Savings bank, which suspended several months ago. This makes forty-nine indictments against each officer to date. The cases are set for trial today.


Article from Pine Bluff Daily Graphic, December 30, 1893

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Granted a Change of Venue. KANSAS CITY, Dec. 30.-The application of J. C. Darragh and F. C. Sattley, president and cashier of the suspended Kansas City Safe Deposit and Savings bank, indicted for grand larceny, for a change of venue was heard before Judge Wofford of the criminal court at Independence. The defendants in the application for a change of venue had barred 13 counties, declaring that they could not get justice in them. The judge sent all the cases to Livingstone county. They will be tried at Chillicothe some time next spring.


Article from The Wilmington Daily Republican, June 27, 1894

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Peculiar Banking Methods. KANSAS CITY, June 27.-The jury that is to try Elmer C. Sattley, the cashier of the wrecked Kansas City Safe Deposit and Savings bank, has been secured. Prosecutor Brown, in his opening address, maintained that when the bank assigned it had but $11,000 in the vault. when there should have been $1,500,000. He said the officers simply helped themselves to the money of depositors and gave in return their own worthless personal notes or still more worthless securities.


Article from Iron County Register, June 20, 1895

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MISSOURI STATE NEWS. Awarded Damages. In the circuit court at Mexico Mrs. Mary F. Eagleton, of St. Louis, was awarded damages in the sum of $1,450 against George Kabrich, of Mexico, and C. C. Longley, of St. Louis. Mrs. Eagleton brought suit for $5,000 for alleged false imprisonment and malicious prosecution. In January. 1894. she lived in Audrain county and ran a dry goods bill with Kabrich & Longley of $35, and later attempted to leave without settling the account. Mrs. Eagleton was pursued and arrested by an officer, returned to Mexico, and confined in jail on the charge of obtaining goods under false pretenses. Being in & delicate condition she was afterward. under guard, moved to a hotel, where she became a mother. and the charge was withdrawn. The trial lasted two days. The verdict. jury was four hours deliberating upon the How Farmer Barnard was Robbed. David A. Barnard, who lives near Macon, was robbed of $85 and a certified check for $500 the other day. Barnard was on a train, and was approaching Kearney. He had been talking to Pearl Rodgers, aged 19, of Kansas City. As Rodgers got up to leave the train. he put his arm around the old farmer's neck and told him to try and get him a job, as he was an orphan. The pecketbook was slipped from Barnard's inside vest pocket. Rodgers was seen to run rapidly away. and. being suspected by officers of doing something wrong, was pursued and captured after a long chase. The check and money were recovered. Too Bad. Mr. and Mrs. A. H. Horn, of Steelville, went outing a few days ago, and it proved a very sad affair. Mr. Horn placed a loaded-shotgun against a ledge, and Mrs. Horn knocked it down. the charge entering her side. Mr. Horn ran for assistance. and on his return found his wife stil alive. In the presence of those who returned with him she kissed him good-by, sent messages to friends, narrated how the accident occurred and said her husband was not to blame. She died in two hours. In a few weeks she would have become a mother. Mrs. Horn was Miss Minnie Davis. a teacher in the public schools. and she and her husband, both young, were popular. Bank Directors Exempt. Judge Broaddus, in the circuit court at Liberty, decided in the case of C. A. Stevenau against the directors of the Kansas City Safe Deposit and Savings bank, which failed in 1893, that the attachments run by depositors on the property of the bank directors are invalid. Eight thousand depositors, holding claims against the bank, are thus without recourse at law. Killed His Son-in-Law. An old feud which had been kept alive several years between Joe Peters and his son-in-law, John Dudley, two farmers near Seymour, terminated the other day in a row over a load of hay. Peters drew his knife and stabbed Dudley four times. Dudley died the next morning. Peters is under arrest. Gov. Stone's Appointments. Gov. Stone has appointed R. C. Culver to be judge of the criminal court of St. Joseph; Thomas H. Ryan. police commissioner of the city of St. Joseph, to succeed himself, and Dr. E. A. Donelan, a member of the Missouri fish commission, in place of H. M. Garlichs, removed. A Human Torch. Henry Schwartz was fatally burned in Kansas City by gasoline exploding. He ran several squares with his clothes aflame, jumping from a second-story window. Only three weeks before Schwartz married his sweetheart, who came from the old country. His Identity Revealed. Ben Myers, arrested for participation in Chicago & Alton hold-up in which Engineer Frank Holmes was killed, near Carlinville, Ill., proves, it is said, to be Bernard Reinagel, of Manchester, St. Louis county, and well connected. Elocutionary Contest. The Epworth league of Centenary Methodist church, south, of Nevada, will give an elocutionary contest August 28, for a $125 gold and diamondset medal. The contest is open to all


Article from Kansas City Daily Journal, December 8, 1896

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The King of Pillsis Beecham's-BEECHAM'S Vaults Belong to the Building. W. B. Clarke, receiver of the American Bank building. through his attorney yesterday filed an answer to the petition of Howard M. Holden, assignee of the Kansas City Safe Deposit and Savings bank, for permission to sell the safe deposit vauits in the bank building. Mr. Clarke states that the vaules are part of the building, and are included in the $300,000 mortgage on the structure.


Article from Kansas City Journal, August 13, 1898

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DECIDES FOR THE CREDITORS. Decision of United States Circuit Judge Williams Involves $75,000 Worth of Property. Word was received in Kansas City, Kas., yesterday announcing the decision of United States Circuit Judge Williams in the case of Assignee Howard M. Holden of the defunct Kansas City Safe Deposit and Savings bank against Receiver Samuel Maher. of the Brighton Hill property on the Kansas side. Judge Williams crowned the Kansas City, Kas., creditors of the defunct bank with victory, refusing the order prayed for by Assignee Holden and issuing an order directing Mr. Holden to turn over the tax certificates held by him on the Brighton Hill property to Maher. When the bank failed, the Kansas City, Kas., creditors attached about $75,000 worth of property located in Brighton Hill belonging to the defunct institution. Assignee Holden, in order to keep the Kansas creditors from confiscating the property to satisfy their claims. purchased tax titles to the property, the taxes on the land having not been paid for a year or more. This was done in order that he might become the legal owner of the same as assignee of the bank. The creditors enjoined the county clerk from issuing tax deeds to the property in favor of Mr. Holden when the latter presented his tax titles to the property. An injunction was granted by Judge Alden. of the district court, and then Assignee Holden filed suit before Judge Williams, asking that Attorney Samuel Maher, who was appointed receiver for the Brighton Hill property. be compelled to turn over to him a receiver's certificate to the land. Instead of doing this Judge Williams ordered Mr. Holden to turn over to the receiver the tax titles to the property. The case was argued before Judge Williams at Manitou, Col.. where the judge is spending a short vacation.


Article from The Topeka State Journal, March 2, 1899

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A test case of the legality of the action of the city of Kansas City, Kan., in levying an assessment for the repaving and recurbing of Seventh street in that city was filed in the federal court today. It is brought by Samuel Maher, receiver and trustee of the property of the Kansas City Safe Deposit and Savings bank.