Closed to Post Books. Cashier Middlekauff says the bank closed temporarily yesterday in order that it might post its books. The limited force prevented doing this yesterday during business hours. Quiet at Kansas City. Kansas City, Mo., Dec. 6.-There was no evidence of a run on any of the lo. cal banks in the early hours today. Bank officers generally gave the opin. ion that the crisis resulting from the failure yesterday of the National Bank of Commerce was over and that normal conditions will soon be restored.
K. C. BANK SUSPENDS Kansas City, Mo., Dec. 6.-The National Bank of Commerce, the seccond institution in importance in Kansas City, announced its suspension instead of opening yesterday morning after a steady run of six weeks during which the bank has paid out nineteen million dollars of its deposits. The comptroller of the currency has appointed James T. Bradley, national bank examiner as temporary receiver, and he at once took charge. He has issued no statement as to the bank's condition nor have the offcers of the bank. The directors of the bank made the statement to the public saying that the bank could not stand "the slanderous statements made against it's and saying they do not believe it possible for a depositor to lose a dollar.
3.December 6, 1907Iowa State BystanderDes Moines, IA
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BIG BANK FAILS NATIONAL BANK OF COMMERCE AT KANSAS CITY. COULDN'T WEATHER STORM Paid Out $19,000,000 in Deposits during Present Flurry-The Strain Was too Great. Kansas City, Mo. Dec. 6.-The National Bank of Com.ne ce, the second financial institution in importance in Kansas City, announced its suspenson, instead of opening yesterday morning, after a steady run of six weeks, during which the bank 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. The directors at 7 o'clock yesterday morning decided to pest notice of suspension. The failure of this bank had been predicted for several days and but little excitement followed the announcement of the news, although crowds of depositors gathered about the doors of this institution. The officials of the National Bank of 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. The
4.December 6, 1907The Norfolk Weekly News-JournalNorfolk, NE
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Washington, Dec. 5.-A statement issued from the office of the comptroller of the currency today says that the National Bank of Commerce had deposits of thirty-five millions in September. Of this amount twenty-two millions were due to other banks. Withdrawals by these smaller banks are believed to be the cause of the failure of the Kansas City bank, which was the largest financial institution in the west.
Normal Conditions in Kansas City. Kansas City, Mo., Dec. 6.-There was no evidence of a run on any of the local banks in the early hours today. The bank officers generally gave cut the opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce was over and that normal conditions will soon be restored.
NO MORE RUNS On Kansas City Banks Evident and Onlsis is Over. |By Associated Press.] KANSAS CITY. Mo., Dec. 6-There WILS no evidence this morning of a run on any of the local banks. It is believed the orisis resulting from the Inilure of the National Bank of Commerde is over.
7.December 7, 1907Los Angeles HeraldLos Angeles, CA
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NO FLURRY IN KANSAS CITY AS RESULT OF FAILURES By Associated Press. KANSAS CITY, Mo., Dec. 6.-There was no evidence of a run on any of the local banks in the early hours today. Bank officers generally gave it as their opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce is over and normal conditions will soon result. Many depositors of the Commerce bank were assured by the declarations of officials of that institution that it would not only pay depositors in full, but that stockholders also would lose nothing.
8.December 11, 1907Barbour County IndexMedicine Lodge, KS
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C. Q. Chandler gave the following statement to the Wichita papers, concerning the closing of the Bank of Commerce, Thursday morning. "The closing of the National Bank of Commerce of Kansas City, Mo., is no surprise to me. That bank has been the object of unfavorable criticism for many months, and particularly during the last few weeks. The banks at Kansas City and generally throughout the country recognized the probability of its suspension, and governed themselves accordingly. The Kansas National bank has kept very small balances with the Commerce for several months, and last night the balance was less than two thousand dollars. The same conditions exist among all the banks in which I am interested; all of them have insignificant balances with the Commerce, and we are not affected at all by its suspension."
KANSAS CITY BANK CLOSES. Second Financial Institution in That City Is in Distress. Kansas City, Mo.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension Thursday morning, after a steady run of six weeks, during which the bank had paid off $10,000,000 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 demands upon it. The comptroller of the currency appointed James T. Bradley, national bank examiner, as temporary receiver of the bank, and he at once took charge. He has issued no statement as to the bank's condition, nor have the officers of the bank. The directors of the bank made a statement to the public saying that the bank could not stand "slanderous statements made against it," and saying they do not believe it possible for a depositor to lose a dollar.
10.December 12, 1907Cameron County PressEmporium, PA
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STEADY RUN LED TO FAILURE. The National Bank of Commerce, of Kansas City, Suspends Payment. Kansas City, Mo. - The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension instead of opening Thursday 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. The comptroller of the currency appointed James T. Bradley, national bank examiner, as temporary receiver of the bank and he at once took charge. The directors of the bank made a statement to the public saying that the bank could not stand "slanderous statements made against it" and saying they do not believe it possible for a depositor to lose a dollar. Of approximately $17,000,000 in deposits tied up in the suspension about $12,000,000 belongs to out of town banks and $5,000,000 to Kansas City people. The failure of the National Bank of Commerce was followed by the closing of three small affiliated banks, one in Argentine, Kan., and two in this city.
11.December 12, 1907Baxter Springs NewsBaxter Springs, KS
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Bank of Miami Closes. Last Saturday morning the Bank of Miami did not open its doors for business. The bank is temporarily embarrassed because of the failure of the National Bank of Commerce of Kansas City. in which the Bank of Miami had the greater part of its funds. The Bank of Miami was considered one of the solid financial institutions of this country, and it is not only hoped, but believed that its suspension of business is only temporary.
12.December 18, 1907The Birmingham Age-HeraldBirmingham, AL
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Bank Receiver Appointed. Washington, December 17.-George T. Cutts, national bank examiner of New York, has been appointed permanent receiver of the failed National Bank of Commerce of Kansas City.
13.December 19, 1907The Daily SentinelGrand Junction, CO
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A STARTLING CHARGE IS MADE A Most Interesting Statement by One of the Oldest Papers of Missouri, Published at the Old Home of . President Woods, of the Kansas City National Bank of Commerce, Regarding Failure of the Big Institution-Did Diabolical Plan Bring About the Ruin? PERHAPS NOTHING PUBLISHED ON THE FAILURE OF THE BIG KANSAS CITY BANK IN THIS PART OF THE COUNTRY HAS GIVEN AS MUCH "INSIDE" LIGHT ON THE MATTER AS THE FOLLOWING STATEMENT FROM THE PARIS, MO., MERCURY, PARIS BEING ONE OF THE STAID OLD TOWNS NOT FAR FROM KANSAS CITY. PRESIDENT WOODS OF THE DEFUNCT BANK, FOR A LONG TIME RESIDED IN PARIS. THE MERCURY IS ONE OF THE OLDEST PAPERS IN AMERICA, HAVING BEEN PUBLISHED CONTINUOUSLY FOR 70 YEARS.
14.December 27, 1907Los Angeles HeraldLos Angeles, CA
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KANSAS CITY-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business. All the small banks carried down by the National bank's failure have now been rehabilitated. -
15.January 21, 1908The Evening Star and Newark AdvertiserNewark, NJ
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MAY REORGANIZE BANK. KANSAS CITY, Mo., Jan, 21.-The receiver of the National Bank of Commerce believes that when he and the stockholders' committee meet again, probably on Thursday, it may be decided to reopen the bank.
16.February 8, 1908The Meeker HeraldMeeker, CO
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A Kansas City dispatch reports that the suspended National Bank of Commerce of that city will re-open for business March 20th. -
17.February 14, 1908The Birmingham Age-HeraldBirmingham, AL
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RIDGELY TO BECOME BANK PRESIDENT COMPTROLLER OF CURRENCY VISITS NEW YORK, BUT NO ONE LEARNS OF REAL OBJECT OF HIS TRIP. Washington, February 13.-It is stated, on what is believed to be good authority, that W. B. Ridgely, the comptroller of the currency, has decided to accept the presidency of the reorganized National Bank of Commerce of Kansas City, which suspended payment during the last financial stringency. Mr. Ridgely is now in New York arranging certain matters, it is believed, prepaartory to his taking active control of the bank. Lawrence O. Murray, now assistant secretary of the department of commerce and labor, it is understood wlil succeed Mr. Ridgely as comptroller of the currency. Unless something unusual occurs to disarrange present plans the change incident to Mr. Ridgely's retirement will take place at an early date. New York, February 13.-Comptroller of the Currency while here today discussed with Vice President Frank Vanderlip of the National City bank plans for the rehabilitation of the National Bank of Commerce of Kansas City, Mo. Mr. Ridgely could not be reached to affirm the report that he has decided to accept the presidency of the Kansas City institution, but it was learned that until the plans for the restoring of the bank's stability had been definitely concluded the selection of new officers was considered premature by those most directly concerned. What progress toward rehab!litation has been made today was not given out. Comptroller Ridgely left for Washington tonight.
18.March 19, 1908Custer County RepublicanBroken Bow, NE
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# ENDORSED FOR COMPTROLLER.
A Broken Bow Citizen in Line for
Promotion and His Chances are
Very Flattering.
Ed. Royse, Secretary of the State Banking Board, is being liberally endorsed by the bankers of Nebraska for Comptroller of the Currency.
The move was inagurated at a special meeting of the members of the board of associated banks of Lincoln Tuesday night of last week by endorsing Mr. Royse for the position, in case there should be a vacancy.
On Thursday following, the bankers of the Omaha Clearing House association gave him a unanimous endorsement for the position. Since then Mr. Royse has received the unsolicted promise of scores of endorsements from prominent bankers and others over the state, as well as the united support of our state delegation in Congress.
This spontaneous endorsement of Mr. Royse for this high position is gratifying not only to him but to his many friends in Broken Bow where Mr. Royse still claims his residence and to where he makes his annual visit to cast his ballot at the general election.
In commemting on the endorsement, by the bankers of Lincoln the Lincoln Daily Star Says:
"The splendid record of the state during the recent financial storm, during which not a single failure was reported and in which all the banks appeared to be in excellent shape, is credited in a measure to Secretary Royse, and his excellent work with the banking board in previous years is taken by the associated banks as sufficient basis for the unanimous endorsement accorded him.
"The action of the board follows upon the current rumors in regard to the resignation of Comptroller Ridgely. As receiver for the National Bank of Commerce, of Kansas City, it is said that Mr. Ridgely was offered the presidency of the reorganized institution. This would be an important private position and would lend much prestige to the reorganized bank. No definate indication of Mr. Ridgely's intentions has been reported, but the Lincoln bankers proposed to provide for any contingency."
BOOSTING THE PRICE PACKERS ADD ONE TO FIVE CENTS PER POUND ON ALL THEIR PRODUCTS EXCEPT VEAL. Farmers Will Not Share in Raise, As They Sold Their Stock During the Panic and Have no Cattle to Offer -National Bank of Commerce at Kansas City Ready to Reopen With Comptroller Ridgeley at Head
20.April 9, 1908Shiner GazetteShiner, TX
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DOMESTIC. Kansas City, Mo.-The National Bank of Commerce, which suspended payment last fall, opened for business again this week with $2,870,000 cash on hand.
21.November 20, 1908The Topeka State JournalTopeka, KS
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Charles H. Moore, re-elected; cashier, James T. Bradley, Sedan, Kansas. The new cashier was the first receiver to take charge of the affairs of the bank for the government immediately after its close. Three new directors for the bank were named and Dr. Woods was elected chairman of the board of directors, which position he accepted. The new directors are: John Kelley, Kansas City: J. T. Bradley and W. T. Kemper. W. B. and Edward Ridgley announced that they intend to make Kansas City their future home. No announcement was made as to their business intentions. Mr. Cutts left for his home in St. Louis. In a statement to the directors and shareholders, issued by the Ridgleys and Mr. Cutts, a resume of the bank's business since its reorganization in March, last, following its failure in November, 1907, is given. It is shown that under the management of the Ridgleys, the deposits have increased from $11,000,000 to $18,500,000; that the gross earnings have shown a steady increase each month and the expense has as steadily diminished. The retiring officers say they are resigning "rather than prolong any contest for the control of the management in a way which might injure the business of the bank," and in closing, say, "We wish it abundant success." When the bank was reorganized, W. B. Ridgley resigned the position of comptroller of the currency to become its head. He named Mr. Cutts, who acted as receiver for the bank, as vice
22.May 14, 1912The Topeka State JournalTopeka, KS
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# LEGAL.
No. 17,828.
No. 18,053.
The Holden Land and Live Stock Company, and Howard M. Holden, Appellants,
vs.
The Inter-State Trading Company, The National Bank of Commerce, of Kansas City, Missouri, and George T. Cutts, Receiver of said Bank, Appellees.
The Holden Land and Live Stock Company, and Howard M. Holden, Appellees,
VS.
The Inter-State Trading Company, The Nauonal Bank of Commerce, of Kansas City, Missouri, and George T. Cutts, Receiver of said Bank, Appellants.
Appeal from Shawnee County.
(First Division.)
MODIFIED.
Syllabus. By the Court. Mason, J.
1. An agreement by a mortgagor that he will forfeit all interest in the mortgaged property, if he fails to pay the debt secured by a fixed time, will not be enforced, although made after the execution of the mortgage.
2. Where by the agreement of the mortgagor and mortgagee the note secured, and a deed for the mortgaged property from the mortgagor to the mortgagee, are deposited in escrow, both to be delivered to the mortgagor if he pays his debt by a certain date, otherwise the note to be delivered to him and the deed to the mortgagee, the delivery of the deed in accordance with the agreement does not devest the mortgagor's title.
3. If such a deed is regarded as taking effect at the time of its deposit in escrow, the continued existence of the indebtedness thereafter characterizes it as a mortgage. If it is regarded as taking effect at the end of the designated period it is invalid as an absolute conveyance of title because it is an attempt to procure in advance a release of the equity of redemption.
4. When a deed has been given under such circumstances that it amounts to a mortgage, the fact that the grantor accepts and signs a lease of the property from the grantee does not preclude him from asserting his right to redeem.
5. Where a party asks a court to declare a deed to be in effect a mortgage, he may be required, as a condition to receiving such equitable relief, to forego the advantage of any statutory penalties for the exaction of usury, and submit to a charge of the principal of the debt and legal interest.
All the Justices concurring.
A true copy
Attest: D. A. VALENTINE.
[Seal.] Clerk Supreme Court
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
