National Bank of Commerce (Omaha, NE)

View Charter #4270 on SPMC View balance sheet

Episode Information

Episode UID
427001296
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
42700 national
Charter Number
4270
Start Date
December 5, 1907
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cacd90bd49d867d9

Response Measures

None

Description

Closure was by the comptroller; contemporaneous details about the initial trigger (run vs. regulatory action) are limited in the provided articles.

Events (4)
1. March 24, 1890 Chartered
Source
historical_nic
2. December 10, 1901 Voluntary Liquidation
Source
historical_nic
3. December 5, 1907 Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller of the Currency (regulatory closure by comptroller).
Newspaper Excerpt
will reopen tomorrow, three months and twenty-five days after it was closed by the comptroller of the currency.
Source
newspapers
4. March 30, 1908 Reopening
Newspaper Excerpt
the National Bank of Commerce of this city will reopen tomorrow, three months and twenty-five days after it was closed by the comptroller of the currency.
Source
newspapers

Newspaper Articles (11)
1. June 13, 1893 Evening Star Washington, DC
Article from Evening Star, June 13, 1893

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Article Text

OMAHA BANKS STAND A RUN. Closing of American National Caused by the McCague Failure. OMAHA, NEB., June 13.-There WAS a run on every savings bank in the city this morning, precipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are largely interested. It was unofficially stated yesterday that the Clearing House Association would stand by its members. of which the American National is one, but when the assets of the American National Bank came to be examined they were pronounced not good enough and the aid of the associated banks was withheld. The ominous sign appeared on the door this morning and the crowd which had collected became greatly excited. The McCagues tried to reassure the depositors, telling them that every account would be paid in full. At the Omaha Savings Bank, the German Savings Bank. the American Savings Bank, the and other was a of all was out as soon as was no to it. institutions called Globe morning. for Loan and there and there Cash Trust steady Company paid apparent drain limit deposits Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National for the controller. this morning could not say much about the assets. A great deal of paper, thought not to be firstclass, figures in the resources of the bank. The falling off in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings Bank compelled its depositors to givesixty days' notice of withdrawal. This action, together with the promptness with which the other banks met all demands. is believed to have stopped what almost promised to be a panic. Caused by the Plankinton Failure. LANSING, MICH., June 13.-Advices have been received from Bank Commissioner Sherwood from Crsytal Falls. Upper Michigan, that the State Bank of Crystal Falls has suspended payment. The bank WAS organized about a year ago with a capital of $25,000. It had deposits of $60,000. The cause of the failure is the suspension of the Plankinton Bank of Milwaukee. Taking Precautions at Detroit. DETROIT, June 13.-For some time there has been uneasy feeling in the banking atmosphere of this city occasioned by the numerous failures in savings institutions that have recently occurred throughout the country, especially in the west. Although until this morning there had not been a decided run on any of the savings banks of Detroit, considerable money has been withdrawn in a quiet way. and to forestall any movement that might result disastrously to them and as all act of self-preservation the officers of these institutions met last night and decided to require the notice allowed by law in case of unusual demands. This morning depositors were handed copies of the foregoing circular and told that their deposits would be paid in full at the end of the specified time-sixty days. This seemed to allay the excitement.

2. June 14, 1893 The Times Richmond, VA
Article from The Times, June 14, 1893

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Article Text

BETTER FINANCIAL OUTLOOK. A General Feeling That the Worst is Over, Few Small Failures. WASHINGTON, June 13.-The financial condition of the country as viewed from a Treasury standpoint shows general improvement. Bank and commercial failures are fewer, Europe is buying our grain in greater quantities, gold shipments have ceased, at least for the present, confidence is being restored and money is not so tight. The Treasury net gold has increased from $89,000,000 to $91,300,000. and the demand for small money in the West will have the effect to further increase the Treasury gold. The rate of exchange is sufficiently high to warrant the shipment of gold abroad. but the fact that commercial paper is for sale in London has a deterrent effect. There is a general feeling that the worst is passed. the weaker financial institutions and business firms having suecumbed, while those that passed through so far unseathed are the stronger for having weathered the financial storm. More Bank Troubles, SALT LAKE. UTAH, June 13.-The Park City Bank suspended yesterday. The liabilities are $130,000; assets as much. A claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar. OMAHA, NEB. June 13.-The American National Bank is in the hands of the comptroller. J. L. McCague is president, and the supposed American National's connection with the McCague Savings Bank, which falled yesterday, caused its downfall. There are heavy runs on all the savings banks here this morning, WASHINGTON June 13.-The Comp= troller of the Currency has appointed Joseph W. Bennett receiver of the Oglethorpe National Bank of Brunswick, Ga.

3. June 15, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 15, 1893

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Article Text

Claims of $80,000. MOUNT VERNON, Ohio, June 14. -The Chicago Brownstone Company, engaged in extensive quarrying in Knox county, was placed in the hands of a receiver today. The claims against the concern amount to $80,000. A Run in New York. NEW YORK, June 14.-Up to 3 o'clock this afternoon, $50,000 was withdrawn by depositors from the Irving Savings Institute. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency over $600,000. Couldn't Find Aid, TOLEDO, O., June 14.-The Exchange Banking Company of Weston, capitalized at $50,000, closed its doors today. The bank had a heavy run, and was unable to obtain assistance. Citizens' Bank Suspends. INDIANAPOLIS, Ind., June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the strihgency in the money market. The capital stock is $50,000. Trouble Over at Omaha. OMAHA, Neb., June 14.-Runs on the Omaha savings banks subsided this morning, almost as quickly as they began yesterday. There were a few depositors at the Ohama Savings bank demanding their money but it became apparent that the rush was over and the anxious ones left without*taking their cash. Hard Up But Solvent, NEW YORK, June 14.-It is stated the Chicago dry goods house of James H. Walker & Co., has been forced by the stringency in the money market to secure an extension from its creditors on bills aggregating $600,000. The concern is declared perfectly solvent.

4. June 15, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, June 15, 1893

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Article Text

# A SILLY SCARE ENDED. OMAHA, June 14.--The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without taking their money.

5. June 15, 1893 Fairhaven Herald Fairhaven, Bellingham, WA
Article from Fairhaven Herald, June 15, 1893

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Article Text

Bank Run Over OMAHA, June 14-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended bank.

6. June 15, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 15, 1893

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sand dollars. It was considered a sound institution. INDIANAPOLIS, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000, assets $191,000, liabilities $130,000 to $150,000. HUDSON, Wis., June 14.-A statement of the committee on the affairs of the Hudson Savings Bank will show the asssets, according to the bank statement, are $736,127; the assets, according to the committee's appraisement, are $596,276 and liabilities $844,493. With careful handling by the assignee the loss will be comparatively small. CLEVELAND, Ohio. June 14. - The Baackes Wire Nail Company, one of the largest concerns of the kind in the country. has assigned. The inability to raise money to meet maturing paper is the sole cause of failure. The liabilities are only $225,000, while the assets will reach $900,000. The company is one of the largest manufacturers of wire nails in the United States and is backed by capitalists of Cleveland worth millions of dollars. Baackes, the vice-president and founder of the concern, is one of the pioneers of the wire-nail business in the country. President Lock wood of the concern said: "We simply got under cover to keep our creditors from slaughtering us with attachments. We can pay $3 for every $1 we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off, but the tightness of the money market caught us. The principal creditor is Nailor & Co. of New York and Philadelphia, from whom we have bought millions of dollars, worth of steel and always paid them up. They refused to grant us an extension and insisted on the individual security of the stockholders." The Baackes Company has a capital of $543,000. OMAHA, June 14. - The runs on the Omaba savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without drawing their monew. There are no new developments regarding the suspended banks. TOLEDO, Ohio, June 14.-The Exchange Banking Company of Weston County, a concern capitalized at $50,000, closed its doors this morning. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities.

7. June 15, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 15, 1893

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ABBREVIATED TELEGRAMS. The runs on the Omaha Savings banks have ceased. The Cunarder Servia ran down the ship A. MacCallum, sinking her, but saving twenty-four of the twenty-six on board. Evans, the companion of the desperado Sontag, has also been caught. He was wounded in the fight. Mrs. Philiph Kerd, wife of a well-to-do farmer near Pleasant Hill, W. Va., went insane and murdered her four children, two by poison and two by throwing them into a well, completing the tragedy by killing herself. The Lake county (O.) bank of Aaron: Wilcox & Co. has suspended temporarily. The present United States flag was adopted as the national ensign June 14, 1772, so Wednesday was the 116th anniversary of the event. Sontag, the California bandit, is, by his true name, John Contant, 32 years old, and was born in Mankato, Minn., where his stepfather keeps the Sontag hotel. Dr. James McCann, one of Pittsburg's prominent physicians, died from blood poisoning contracted while performing an operation. Every business house in Alba, Mich. except the Exchange hotel and town hail, was burned. The Iron Company bank, of Crystal Falls, Mich., has resumed business. The British house of commons has finally passed the third clause of section 1 of the home rule bill, which has been under debate since May 30. These officers have been elected by the Illinois convention of the Patriotic Order Sons of America: G. B. Smith, of Chicago, president: J. E. Aldrich, of Pullman, vice president; W. A. Saunders, of Chicago, secretary. Obituary: At St. Paul, Mrs. Caroline Warren Merritt, wife of General Wesley Merritt. At Cleveland, Mrs. Martha Haworth, mother of Joseph Haworth, the actor, aged 72. At Havana, Senor Carlos Navarreto, the Cuban poet. Large swarms of locusts have put in an appearance in Pettis county, Mo. Plumbers in session at Milwaukee are speaking our against the "plumber" joke which is such a staple article in the newspaper humorous column. Postmaster Woolley, of Long Branch City, N.J., has disappeared. He is short over $2,000 and his wife offers to make it good.

8. June 15, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 15, 1893

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FINANCIAL CRIPPLES. An Indiana Bank Suspends-Run on a Gotham Bank. INDI ANAPOLIS. June 14.-The Citi zens' bank, of Fairmount, Ind., has suspended operations owing to stringency in money markets. Capital stock, $50.000: assets, $101,000; liabilities, from $130.000 to $150,000. NEW YORK. June 14.-A run was started on the Irvings Savings Institution this morning as soon as the doors of the place at No. 96 Warren street were opened. Treasurer M. B. Latimer said the bank had on hand a million dollars and could get that much more if necessary, at a moment's notice. This is the bank in which Superintendent of Banks Preston, of the state of New York, discovered a deficiency of $70,800. Up to 2 o'clock $50.000 had been withdrawn by deposits from the institution. The paying teller was paying the depositors slowly. At 2 o'clock there were about a hundred depositors in line. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency by over $600,000. PAINE. = LLE. O., June 14. - This morning the Lake county bank of Aaron, Wilcox & Co. posted a notice on its doors as follows: This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. All depositors will be paid in full." The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. The bank is believed to be solvent. It was organized twenty years ago, and has always been considered a sound institution. TOPEKA, Kan., June14.-State Bank Commissioner Briedenthal, who has recently made an examination into the affairs of the Bank of Burr Oak. which failed last Saturday, declares the man ager, Hurlbert, of the bank conducted its affairs in such a manner as to send him to the penitentiary. Hurlbert disappeared the day after the failure, leaving a wife and two children bebind, and cannot be found. Commissioner Breidenthal says Hurlbert has made false statements to the bank commissioner. The bank's deposits amount to $45,000. and, although the assets on their face show a value of $54,000, they are nearly worthless. and will net the depositors nearly 20 cents on the dollar. OMAHA, Neb., Jane 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they started yesterday. Early there were a few depositors at the Omaha Savings demanding their money, but as soon as it became apparent that the rush was over the anxious ones left without taking their cash. RIVERSIDE, Cal., June 14,-The doors of the Riverside Banking company failed to open at the usual hour today. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." MOUNT VERNON, O., June 14. -The Chicago Brown Stone company. engaged in extensive quarrying in Knox county, has been placed in the hands of a receiver. Claims against the concern amount to $30,000. CLEVELAND, June 14.-The Baackes Wire Nail company has made an assignment. The inability to raise money to meet maturing paper was the sole cause of the failure. Liabilities of the company are only $225,000, and the assets reach $900,000. WESTON, June 14. - The Exchaneg Banking company. of this place, closed its doors this morning. The bank has had a run and was unable to get help, and the airectors decided it to the best interests to close. The directors have notified depositers that they will probably receive dollar for dollar.

9. August 2, 1893 The Sun New York, NY
Article from The Sun, August 2, 1893

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Banks and the Time Rule, PROVIDENCE, R. L. Aug. 1.-The People's. Merchants'. and Mechanics' savings banks have decided to enforce the ninety-day rule. The three savings banks in Pawtucket posted notices to-day that they would enforce the ninety-day rule. DANBURY. Conn.. Aug. 1.-The Danbury and the Union savings banks of this city now require ninety days' notice from depositors. BOSTON, Aug. 1.-The Franklin Savings Bank now requires sixty days time for the withdrawal of more than $50. PORTSMOUTH. N. H.. Aug. 1.-The directors of the savings banks have availed themselves of the right to insist on a ninety days' notice before paying out larger sums than $50 to any depositor. OMAHA. Aug. 1.-At a meeting of the Presidents of the Omaha savings banks this morning it was resolved to require sixty days' notice for the withdrawal of deposits. AUBURN. N. Y., Aug. 1.-The two savings banks of this city have decided to demand sixty days' notice. BRIDGEPORT. Conn., Aug. 1.-The four savings banks in this city have decided to take advantage of the ninety days' clause.

10. August 2, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 2, 1893

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TELEGRAPHIC BREVITIES. The cruiser New York was put in commission yesterday. The Seven Corners, Minnesota State bank, with a capital of $100,000, has failed. William Hunt has been appointed postmaster at Clearmont, Wyo., vice Stone, resigned. The Wyandotte County bank at Upper Sandusky, 0., has suspended. Assets, $100,000; liabilities, $75,000. A receiver has been appointed for the Philadelphia Packing and Provision company. No statement, but the failure is a large one. A receiver has been appointed for the Demme & Dierkes Furniture company of Chicago, with assets of $400,000 and liabilities of $120,000. The officers and directors of all the savings banks at Cleveland, 0., have decided to require of depositors notice before withdrawal of funds. At a meeting of the presidents of the Omaha savings banks this morning, they resolved to require sixty days' notice for the withdrawal of deposits. An order has been issued at the war department detaching Captain Carpenter and troops under his command from further duty at Puyallup Indian reservation. Patents were issued yesterday to John M. Browning, of Ogden, for a breechloading gun; to Lyman E. Baldwin, of Lander, Wyo., for a stovepipe attachment. The Safe Depositor & Trust company of Denver assigned last evening. Assets $400,000, liabilities $100,000. Eastern creditors caused the assignment by pushing the concern. At Utica, o., Monday night, John Cattle, two men named Bell, two others named Bowers and Skillen, were killed and Joseph Ship fatally injured by the explosion of a threshing machine.

11. March 30, 1908 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, March 30, 1908

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e e lions in Cash, Representing If Its Deposits, in the Vaults. CITY, March 29.-Its credit re$6,000,000 in cash and exchange inch to pay a deposit account of 1000,000 and with financiers of national promience in charge, the National Bank of Commerce of this city will reopen tomorrow, three months and twenty-five days after it was closed by the comptroller of the currency. The National Bank of Commerce was the largest national bank in capital and deposits that ever failed in the United States and its resumption of business will do much toward bettering conditions in the financial world, especially in the southwest. W. B. Ridgely, who will be president of the reorganized bank and who resigned last week as, comptroller of the currency, is on the board of directors and is the largest stockholder in the new bank. His brother, Edward Ridgely, will be cashier, and George T. Cutts, who was receiver of the suspended bank, will be vice president. D. E. Francis, W. A. Pickering and Theodore Hemmelman, all of St. Louis, are members of the directorate and stockholders of the reorganized bank. The Bank of Commerce had not been closed two days before its officers and directors began planning to reopen it. Talk, they declared, had closed the bank and money could overcome the unfortunate situation. A committee was formed to represent the stockholders and the comptroller was asked for terms under which the bank could be opened. The terms were submitted and the financiers interested set to work and complied with them.