Midland National Bank (Kansas City, MO)

View Charter #3904 on SPMC View balance sheet

Episode Information

Episode UID
390401123
Episode Type
Run Only
Bank Type
national
Bank ID
39040 national
Charter Number
3904
Start Date
July 15, 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
d2949db3b2e32f66

Response Measures

Accommodated withdrawals, Clearinghouse loan, Public signal of financial health, Capital injected, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (3)
1. June 26, 1888 Chartered
Source
historical_nic
2. July 15, 1893 Run
Cause
Local Banks
Cause Details
Runs on Kansas City banks triggered by the failure/closing of the National Bank of Kansas City.
Measures
Banks opened doors, published statements of condition, met demands promptly; Clearing House assistance to some banks.
Newspaper Excerpt
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.
Source
newspapers
3. August 27, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
1. 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.

2. July 20, 1893 Warren Sheaf Warren, MN
Article from Warren Sheaf, July 20, 1893

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Article Text

BORELY TRIED. Tansas City Banks Forced to Stand Heavy Run-All Demanda Promptly However-Business Troubles at Other Points. KANSAS CITY, Mo., July 16 -Saturday was trying day for the banks of Kansas City but they weathered the storm admirably The failure of the National bank of Kansas City five minutes before closing time Friday created a very panicky feeling and all the bankers opened their doors Sat urday morning expecting 'runs' of more or less consequence. The publication of the statements of all the banks in the morning papers was calcu lated to restore confidence. The banks were prepared as well as could be to withstand any attack and 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. Only however, in the Bank of Commerce. the Missouri and the Metropolitan were there any well-defined runs, and these banks withstood them successfully A run by heavy depositors caused the suspension of the Northrup bank. the oldest financial institution in Kansas City, Kan The assets are placed at $475,000, with liabilities amounting to $315,000. The Armourdale bank at 415 Kansas avenue, Armourdale, suspended pay. exent at 3 o'clock in the afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. The liabilities are $35,000 and the assets about double that amount A number of the Karsas City banks kept openuntil 6 o'clock, but very few of the depositors availed themselves of the opportunity to withdraw their money. The banks are amply prepared to meet any further demands made upon them, but it is thought that the flurry is over and the excitement ended. CLEVELAND O. July 17.-A dispatch from Ishpeming, Mich., says that the Schleisinger syndicate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolf Schleisinger, one of the organizers of the syndicate, says the output was reduced 25 per cent. some time ago All the mines are in Michigan and the central of fice is in Milwaukee. The plants owned by the syndicate are: The Chapin Mining company, the Buffalo Mining company, York Mining company, Arogan Mining company, Claire Mining company and Sunday Lode Mining company. These individ ual companies, all owning mines. were consolidated four years ago by Schleisinger Brothers, and, it is said. on insufficient capital. It is also said the syndicate went too deeply into railroad building Schlesinger's properties have over $1,000,000 worth of paper held by Milwaukee banks, and it is considered probable they will help him out Schlesinger began operations four years ago and has cut a large figure in the iron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. PEORIA. Ill., July 19.-William Oberhauser's private bank failed Saturday much to the surprise of the community The liabilities are $60,422 against scheduled assets of $69,637. The assignment is due to the loss of money in the American national bank at Kansas City, and it is the first to be made here during the present financial troubles. The bank was an old-established institution. Charles Tehrmann is assignee. CARMI, III. July 17 The old banking-house of Hay & Webb has made a general assignment to P. A. Pearce. Assets, $216,267; liabilities, $180,000 Hay & Webb have been in business here for thirty-five years and enjoyed the confidence of the entire community Large loans on long time. large sums invested in real estate and the stringency of the money market caused the failure. All creditors will be paid in full. CHICAGO, July 17.-The George W. Ludlow Shoe company made an assignment in connection with its failure at Elgin. This is one of the largest wholesale shoe concerns in the country. It removed its factory and offices from Chicago to Elgin January 1 last and since that time has conducted its business in the latter city, No financial statement has been made. NEW YORK, July 7.-Chancellor McGill at Jersey City has appointed John C. Paul, of Plainfield, N.J., receiver of the Garwood steel works. The company was originally a Boston concern The works are at Garwood, N. Y and $300.00 has been lost in following à new process in making steel car wheels CHICAGO, July The Bouton Foun dry company, located at Thirty-ninth street and Evans avenue, made an as signment in the county Saturday in favor of the Equitable Trust company. The assets are figured at 8175,000; liabilities at $200,000. CINCINNATI, July 17. The John Kauffman Brewing company went into the hands of a receiver Saturday Pressing claims and inability to obtain ready_cash caused the action. The assets are given at $600,000 and the liabilities only $150,000. WAYLAID THE SHERIFF. An Arkansas Officer Shot and Robbed of $12,000 Near Memphis. MEMPHIS,Tenn.,July 17.-Friday night heriffWerner.of_Crittenden county

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

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Article Text

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.

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

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Article Text

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.