First National Bank (Kansas City, MO)

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Episode Information

Episode UID
345601123
Episode Type
Suspension → Run → Closure
Bank Type
national
Bank ID
34560 national
Charter Number
3456
Start Date
July 14, 1893
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
53addbdf4a83128c

Response Measures

Full suspension, Books examined

Description

OCR typos present in one article (e.g., KUNSAN ity).

Events (4)
1. February 24, 1886 Chartered
Source
historical_nic
2. July 14, 1893 Receivership
Newspaper Excerpt
the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver.
Source
newspapers
3. July 14, 1893 Suspension
Cause
Macro News
Cause Details
Steady withdrawal of deposits since the beginning of the national financial stringency/ panic led to inability to meet demands.
Newspaper Excerpt
Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver.
Source
newspapers
4. July 15, 1893 Run
Cause
Local Banks
Cause Details
Runs across the city precipitated by the failure of the National Bank of Kansas City and related bank failures.
Newspaper Excerpt
the greatest excitement was about ... the First National. Crowds were on every corner and before and around every large bank.
Source
newspapers

Newspaper Articles (7)
1. July 16, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 16, 1893

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Article Text

Kansas City Bank Rans. [By telegraph to the Dispatch.] KANSAS CITY, Mo., July 15.--The - failure of the Bank of Kansas City yesterday precipitated runs on three fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets. were thronged as they have not been in years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri national banks. The New York Life Building, in which they are located, was thronged. The Metropolitan had two paying-teller at work and the Missouri National had three. All the banks paid out money fast. but the greatest excitement was about the Bank of Commerce. the two named just above. and the First National. The Bank of Commerce had three stalwart policemen before the door. and none except those who had business with the bank were allowed to enter. There had been rumors about the bank. which has a paid-up capital of $2,000,000. for some time and last night the stockholders, realizing that the bank was in danger, owing to the excitement. signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and all the runs were stopped except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the imme. diate present 18 passed.

2. July 16, 1893 The Times Richmond, VA
Article from The Times, July 16, 1893

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Article Text

RUN ON KANSAS CITY BANKS. The Failure of One Institution Precipitates a General Storm-Bank Failures. KANSAS CITY, MO., July 15.-The failure of the Bank of Kansas City yesterday précipitated runs on three-fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets, were thronged as they have not been In years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri National Banks. The New York Life building, In which they are located, was thronged. The Metropolitan had two paying tellers at work and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before the door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid-up capital of $2,000,000. for some time, and last night the stockholders, realizing that the institution was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. About noon confidence had been in a large measure restored, and the runs were stopped. except on the Missouri National, which continued slowly. Unless some bank falls the crisis for the Immediate present is passed. STARKVILLE, MISS., July 15.-The First National Bank closed its doors yesterday, as a result of the financial stringency. It is believed that depositors will be paid in full. The bank has a paid up capital of $50,000. CARMI, ILL., July 15.-The old banking-house of Hay & Webb made a general assignment yesterday. The assets are $216,267. and liabilities $180,000. Hay & Webb have been In business for thirtyfive years. The stringency of the money market is the chief cause of the failure. KANSAS CITY, MO., July 15.-The Northrup Bank, of Kansas City, Kansas, of which J. S. Chick, of the National Bank of Kansas City, which failed yesterday, was also president, closed its doors this morning. Bank Examiner C. W. Galbreath took charge of the suspended Kansas City National Bank this morning. There was a run on the National Bank of Commerce as soon as that concern opened for business this morning. In the statement made yesterday the condition of the bank was shown to be good, and the officials assert that they will be able to stand a long run, which, however, they think will not be necessary. But little excitement prevails, and it is thought the bank will pull through all right. as it ranks with the strongest in the city.

3. July 16, 1893 The Morning News Savannah, GA
Article from The Morning News, July 16, 1893

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Article Text

RUNS ON KANSAS CITY BANKS. All the Institutions Meet the Crisis Without a Crash. Kansas City, Mo., July 15.-The failure of the Bank of Kansas City yesterday precipitated runs on three-fourths of the largest banks in the city to-day, and Delaware and Ninth streets. the bank streets, were thronged as they have not been in years. Crowds were on every corner, and before and around every large bank. At 10 o'clock there were two long double rows of dépositors in the Metropolitan and Missouri National banks. The New York Life building, in which they are located, was thronged. The Metropolitan had two paying tellers at work, and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before its door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid up capital of $2,000,000, for some time. and last night the stockholders. realizing that the bank was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and the runs were stopped, except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the immediate present is passed.

4. July 16, 1893 The Sun New York, NY
Article from The Sun, July 16, 1893

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Article Text

THE KANSAS CITY SCARE. A BANKING COMPANY AND A SAVINGS BANK CLOSE. The National Bank Failure Starts n RunCrowds Upon the Streets-Banks Pull Through-Reports of Their Condition. KANSAR CITY. July 15.-This was the most critical day in the banking history of Kansas City. Runs were made on all the banks. The Northrup Banking Company and the Franklin Saving Bank closed their doors on account of the failure of the National Bank of Kansas City yesterday afternoon. The bankers opened their dooré this morning expecting runs of more or less consequence. The banks were prepared as well as could be expected to withstand any attack. As soon as the doors of the Bank of Commerce. the Missouri National. the Metropolitan. the Union National. and the Midland were thrown open the people began to collect about them. and many drew out their deposits. The Ferd Heim. Brewing Company dumped $33,000 at the receiving window in the Missouri National Bank as its daily deposit. and a better feeling spread among the assembled depositors. Atthe windows of this bank hung the sign: This bank will be open until 12 o'clock tonight. "D. V. RIEBER. President." Ninth and Delaware streets, the moneyed thoroughfares of the city. were lively places. Each was thronged. The crowds began gathering about 8:30 o'clock. and so steadily increased that the force of policemen was doubled. The officers kept the people moving. The Northrup Bank. which failed this morning for half a million dollars. was founded by Hiram Northrup and Joseph S. Chick. President of the National Bank of Kansas City. in the year 1857. It has always been regarded as a solid concern. and until the death of its President and founder. a few months ago. its depositors never had a thought of its failing. The eight national banks of the city have just completed statements of their condition at the close of business last Wednesday, in response to a call from the Comptroller of the Currency. They show that the banks have total deposits to the amount of $11.789.597. and cash on hand $4,426,105. or a little over 37.5 per cent. of the deposits in actual cash in the vaults. despite a long-continued withdrawal of deposits. If to the cash on hand is added assets immediately available in the form of demand loans and United States and State bonds, the total reserve is swelled to 47 per cent. of the deposite. This is considered by financial men to be an exceedingly good showing when 25 per cent. of the deposits is supposed to be sufficient to be kept on hand. Large amounts of Government. State. and. municipal bonds also are held by the banks. Concerning the condition of the National Bank of Kansas City President Chick says: Our assets will approximate $4,000,000. They consist of $3,000,000 in commercial. mercantile. and bank loans and nearly $1,000,000 worth of property. on May 1 we had a reserve fund of about $1,500,000. but soon after that time the withdrawal of deposits began and has continued ever since. increasing day by day. Since May 1 over $2,000,000 have been drawn out. and on the day that the Kansas City Safe Deposit and Savings Bank suspended we stood a drain of about $150,000. Lately we have paid out on an average $100,000 a day. and we did all that was possible to avert the crisis which we saw approaching. Thursday afternoon the bank appealed to the Clearing House for assistance. The sum asked for approximated $1,000,000. and the Clearing House responded with $35,000." It is believed that Monday will find a better feeling and no new failures.

5. July 20, 1893 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, July 20, 1893

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To Our Pride in the Past and Our Hope for the Future. Let Us Add Vigorous Work in the Living Present. MEXICO, MISSOURI. THURSDAY, JULY 20. 1893. IN 1 RECEIVER'S HANDS. Ironble Comes Upon the J. N. Chick Bank of KUNSAN ity. KANSAS CITY, Mo., July 14.Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver. The Bank's capital is $1,000,000. It is impossible to get figures or facts now. Considerable excitement was caused by the suspension, as it had been entirely unexpected. Its president is J. S. Chick, one of the best financiers in the West. The assets, president J. S. Chick said this afternoon, will be between 2 and 3 million dollars and the liabilities between $800,000 and 1 million. He is confident that the deposits will be paid dollar for dollar. Five minutes before the usual closing time this afternoon Cashier W. J. Anderson sent a telegram to Comptroller Eckels at Washington that the bank had suspended payment and asking him to take charge. Five minutes after the note was posted a small crowd had gathered around the entrances but there was little excitement. PRESIDENT CHICK'S STATEMENT. Hon. Champ Clark, of Pike. To a reporter, who was admitted THE FIRST SHOT PIRED. Bits of Information. into the bank, president Chick said False teeth are made from paper, that the suspension was due to a War on Slam Begun by Two French and are said to wear well and last a steady withdrawal of deposits since Men-of-War, Who Fired on the lifetime. Forts Paknam. the beginning of the financial strinThe bricks made in this gency which has prevailed throughout the whole nation during the last country were manufactured by the LONDON, July 13.-The Times few months. Virginia settlers in 1612. this morning says: "The first shot "We began to lose deposits early in the war between Siam and France Diamond cutters in Holland have has been fired. The special correin May," he said. "The demand succeeded in cutting stones so small on us went along until the failure of spondent at Bangkok last night that it takes 1,500 of them to weigh wired: a karat. the Savings Bank last Tuesday and "The French war ships, Comete every day since then the withdrawals There is a little town named of individual and bank deposits have and Inconstant, slipped across the Markneukirchen in Saxony, where been heavier. We thought we could bar this (Thursday) evening and nearly every inhabitant is engaged get through to-day, but we were exchanged shots with the Paknam in the manufacture of violins. forts. forced to quit just five minutes beThe electric railway has penetratfore the usual time. A few minutes "The two men-of-war then proed even the fastnesses of the before we closed we received deceeded to Bangkok and are now anmands for $40,000 by telegraph. chored with the gunboat Lutin opTyrolese Mountains, a road twentyseven miles long being projected We saw we could not stand another posite the British Legation. between Riva and Pinzolo. "One sailor was killed and two day's run and there was only one wounded in the exchange of shots thing left for us to do and we did it. A new glass for thermometers is

6. July 20, 1893 River Falls Journal River Falls, WI
Article from River Falls Journal, July 20, 1893

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SORELY TRIED. City Banks Forced to Stand Met. Kansas Run- All Demands Promptly Other However Heavy Business Troubles at Points. CITY, Mo., July 16. banks Satur- of KANSAS was a trying day for weathered the the day City but they of the Kansas The failare minstorm Kansas National admirably. bank of Friday City rive created before closing time all the utes panieky feeling and Sata bankers very opened their doors "runs" urday morning or less consequence. expecting all The the of publication more of the statements of s caleubanks in the morning papers The banks to restore confidence. could be lated prepared as well as soon as were any attack and as Commerce, withstand of the Bank of Metthe doors Missouri national, the and the the the Union national the people Midland ropolitan, were thrown open and many to collect about them howbegan out their deposits. Only, the drew in the Bank of Commerce, were ever, and the Metropolitan and these Missouri well-defined runs, there any withstood them successfully. the banks run by heavy depositors caused bank, the suspension A of the Northrup in Kansas financial institution placed at oldest Kan. The assets are to City, $475,000. with liabilities amounting $315,000. Armourdale bank at 415 Kansas payThe Armourdale, suspended afternoon and avenue, 3 delock in the Bank Comment at in the hands of The was placed Breidenthal of Kansas. the assets liabilities missioner are $35,000 and double that amount banks about number of the Kansas but City very few A until 6 o'clock, of keptopen depositors availed withdraw themselves their of the opportunity to prepared the The banks are amply made money. any further demands that the upon is over and to meet them, but it is excitement thought ended. flurry O., July 17.-A dispatch that the CLEVELAND Ishpeming, Mich., says largest ore Schleisinger from syndicate, the in difficulty in the world, are in the operators depression Adolf owing trade. organizers to the Schleisingc of the syndicate, one 25 per of the output was reduced mines says the ago. All the ofcent. some time and the central is are: are in Michigan in Milwaukee. The plants The fice owned by the syndicate the Buffalo Mining company, comChapin company, York Mining company, Mining Arogan Mining Sunday pany, Mining company and individClaire company. These were ual Lode companies, Mining four all owning years ago nines, by Schleisconsolidated on insufBrothers, and, it is said, the syninger It is also said railroad dicate ficient capital. went too deeply into building. Schlesinger's properties held have by over Mil$1,000,000 worth of and paper it is consi ered waukee banks, they will help him out. probable Schlesinger began operations figure four in years the and has cut a large embarrassed ten ago trade. He was Iron iron but sold the Escanaba, to the years ago, & Western railway and Mountain & Northwestern railway If matters Chicago out of difficulties probably pulled be fixed here it will other cannot trouble at his numerous all lead mines, to employing nearly 2,500 men told. Ill., July 19. William Saturday, OberPEORIA. private bank failed community. hauser's to the surprise of the against much liabilities are $60,422. The The scheduled assets of $69,637. of money assignment is due to the loss bank at KanAmerican national be made in the and it is the first to financial sas City, during the present old-estabhere The bank was an Tehrmann troubles. lished institution. Charles is assignee. III., July 17. The old made bank- a CARMI, of Hay & Webb has A. Pearce. ing-house assignment to P. $180,000. general $216,267; liabilities, business Assets, & Webb have been in enjoyed Hay for thirty-fiy years and community. here confidence of the large sums the the loans on long time, strinLarge in real estate and caused the invested the money market paid in geney failure. of All creditors will be full. CHICAGO. July 17. The George assign W. Ludlow Shoe company made its failure an at ment in This connection is one of with the largest whole- It Elgin. concern in the country. from sale shoe its factory and offices last and removed to Elgin January 1 its busiChicago time has conducted financial since in that the latter city. No ness statement has been made. McYORK, July 17. Chancellor NEW Jersey City has appointed receiver John of Gill Paul, at of Plainfield N J., The comC. Garwood steel works the was originally a Boston concern. Y., and pany are at arwood, N. a The works has been lost in following ear wheels. $300,000 in making steel Founnew process July 17 The Bouton Thirty-ninth CHICAGO, company. located at made an as1 dry and Evans avenue, Saturday street in the county court compaI signment of the Equitable Trust $175,000; in favor The assets are figured at ny. labilities at $200,000. John e CINCINNATI, July 17. The went into Kauffman Brewing company Saturday. the hands claims of and a receiver inability to The obtain asf Pressing caused the action. sets ready are cash given at $600,000 and the liabilities only $150,000.

7. July 22, 1893 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, July 22, 1893

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ANOTHER ACCOUNT. KANSAS CITY, Mo., July 15.-The Northrop Banking company closed its doors as the result of a ruo consequent on the closing of the doors of the National Bank of Kansas City. The bank has a capital stock of $100,000; liabilities, $315,000. The failure of the National Bank of Kansas City also precipita'ed a run on every national bank in the city. All met every demand promptly and by noon the excitement was practically over. Thesavings banks are not affected. PEORIA, Ill., July 15.-The private banking house of Wm. Obenhouse closed its doors thisafternoon. It was one of the oldest institutions in the city. It has always been regarded as unusually. substantial. No statement is made. An excited crowd is standing around the bank. ANOTHER KANSAS CITY BANK. KANSAS CITY, Mo., July 15.-Another bank, of Kansas City, Kansas, of which J. D. Chick, president of the National Bank of Kansas City. which failed yesterday, is also president, closed its doors this morning. A run began on the National bank of Commerce this mornit g. Its officers say they will be able to stand a long run, which, however, they do not expect. Members of the directory, at a meeting yesterday, individually pledged their private fortunes for the security of depositors. Collectively they are worth $200,000. STILLWATER, Minn., July 15.-Shortly after 3 o'clock this afternoon 8 cyclone struck this city, doing much damage to property, besides killing two `persons and injuring a number of others. The dead are William Anez and Sam Simonson. The weather was very sultry before the storm and at about 2:30 the storm cloud was seen approaching from the west and south. They met near the city and immediately after the storm descended and tore a path fifty feet wide through a large portion of the town. Several buildings were completely destroyed and much damage done. KINGMAN, Ariz., July 15.-At a largely attended meeting of citizens of Mohave county, held in the court house last evening, the following resolutions were enthusiastically adopted: Resolved, That we, the people of Mohave county, Arizona, in mass convention assembled, do endorse unequivocally the remarks and declarations of Governor Waite, of Colorado, delivered to the state silver league of Colorado in Denver on July 11th. It is further Resolved, That we are unalterably opposed to the repeal of the Sherman silver purchase act unless substituted by an act for the free and unlimited coinage of silver.