5915. Northrup Banking Company (Kansas City, KS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 15, 1893
Location
Kansas City, Kansas (39.114, -94.627)

Metadata

Model
gpt-5-mini
Short Digest
a553f5a3595008d4

Response Measures

None

Description

Multiple articles (July 15–18, 1893) report a run precipitated by the failure of the National Bank of Kansas City; the Northrup Banking Company closed its doors and voluntarily placed itself in charge of the State Bank Commissioner. Later reporting (Jan 1894) references a receiver (A. B. Hovey) and dividend payments, indicating the institution did not resume normal independent operations and entered receivership. Cause of initial run was contagion from another local bank's failure (local_banks).

Events (3)
1. July 15, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by the failure/suspension of the National Bank of Kansas City; contagion produced withdrawals from Northrup.
Measures
Officers did not wish to jeopardize assets by meeting a run; bank closed doors and voluntarily placed itself in charge of the state bank commissioner.
Newspaper Excerpt
The Northrup Banking company closed its doors today, the result of a run consequent upon the closing of the National Bank of Kansas City.
Source
newspapers
2. July 15, 1893 Suspension
Cause
Local Banks
Cause Details
Voluntary suspension of payments/closure as a direct consequence of runs following the National Bank of Kansas City's failure; officers cited good condition but refused to meet a run to avoid jeopardizing assets.
Newspaper Excerpt
The Northrup bank ... closed its doors this morning. The Northrup Banking company closed its doors and voluntarily placed itself in charge of the State Bank Commissioner Breidenthal.
Source
newspapers
3. August 1, 1893* Receivership
Newspaper Excerpt
The suspension of the Northrup bank last August ... Receiver A. B. Hovey receiving a deposit ... Yesterday Mathias was handed a check for $1050 as a part of his share of dividend declared some time ago, ... refused to accept it until persuaded by his lawyer to do so. (Fort Worth Gazette, Jan 1894). (OCR-corrected). (paraphrased). (original text truncated). The Northrup Banking Company ... voluntarily placed itself in charge of State Commissioner Broidenthal. Assets, $475,000; liabilities, $315,000. (Wheeling Daily Intelligencer, Jul 17, 1893).
Source
newspapers

Newspaper Articles (14)
1. July 15, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 15, 1893

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THE PEOPLE SWINDLED By More Busted Banks in Kansas City. KANSAS CITY, Mo., July 15.The North Rup bank of Kansas City, Kansas, of which J.S. Chick, of the National bank of Kansas City, Mo., which failed yesterday, was also president, closed its doors this morning. The examiner, Galbreath, took charge of the suspended Kansas City National bank this morning. There was a quiet run on the National Bank of Commerce, as soon as that concern opened for business this morning. In a statement made public yesterdy, the condition of the bank was shown to be in good condition, 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.

2. July 15, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 15, 1893

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ANOTHER KANSAS CITY BANK GONE. KANSAS CITY, July 15, 1893. - The Northrup Bank of Kansas City, Kan., 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 Galbreath took charge of the suspended Kausas City National this morning. There was a quiet run on the National Bank of Commerce as soon as that concern opened for business this morning. In a statement made yesterday, the condition of the back was shown to be good, and the officials assert that they will be able to staud a long run, which, however, they think will not be necessary. The statement shows cash on hand of $1,141,655, with deposits of $2,977,327, showing more than the twenty-five per cent. reserve required by law. The capital IS $2,000,000. But little excitement prevails, and it is thought the bank will pull through all right. as it ranks with the strougest in the city,

3. July 15, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, July 15, 1893

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Their Doors Closed. STARKSVILLE, Miss., July 15.-The First National bank closed its doors yesterday. Its depositors will be paid in full. CARMILLS, III., July 15.- The old banking house of Hayes & Webb made a general assignment ,yesterday. Assets, $216,267; Liabilities $180,000. KANSAS CITY, Mo., July 15.-The Northrup bank of Kansas City, Kan., of which J. S. Chick of the national bank of Kansas City which failed yesterday is also president, closed its doors this morning. RICHMOND, Va., July 15.-Speet & Spect, jewelers, have assigned. Liabilities $10,000; assets $17,000.

4. July 15, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, July 15, 1893

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RUN ON A KANSAS BANK. The National Bank of Commerce Stands the Attack. KANSAS CITY, July 15.-Northrup bank of Kansas City Kansas, of which J. S. Chick, president of the National bank of Kansas City which failed yesterday, also is president, closed itsdoors this morning. A IUD was begun on the National Bank of Commerce this morning. The flicials say they will be able to stand a long run, which, however, they do not expect. Their statement made yesterday shows, cash $1,141,655, deposits $2,977,327, capital two millions. It is believed It will pull through all right. It is one of the strongest banks in the city. The members of the directory, at a meeting yesterday individually pledged their private fortunes for the security of depositors. Collectively they are worth two millions. The Northus Banking company closed its doors 18 a result con. sequent on the closing of the doors of the National bank, Kansan City. It is claimed that the bank's condition is exceptionally good but the officers did not care to jeopardize the assets by meeting a run. The bank has a capi. tal of $100,000 and liabilities of $315,000. It is believed the depositors will ultimately be paid in full. The failure of the National bank, Kansas city, precipitated a run on every national bank in the city. All met every demand promptly and by noon the excitement was practically over. The Savings bank was not alfected.

5. July 15, 1893 Evening Star Washington, DC
Article from Evening Star, July 15, 1893

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SEIZED BY THE SHERIFF. Milo T. Bogard, a St. Louis Real Estate Man, in Financial Difficulty. ST. LOUIS, Mo., July 15. -Sheriff Stead has just taken possession of the office and books of Milo T. Bogard, one of the largest real estate men in the city. Mr. Bogart is also heavily interested in many building and loan associations. No statement of the liabilities and assets can be obtained at present. The Kansas City Banks. KANSAS CITY, Mo., July 15.-The Northrup Bank of Kansas City, Kan., 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 G. W. Galbreath took charge of the suspended Kansas City National Bank this morning. There was R run on the National Bank of Commerce, but its condition was shown to be good. and it is thought it will pull through all right.

6. July 16, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 16, 1893

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The Daily Record or nanea Failures. LONDON, July 15.-The failure is announced today of Ernest M. E. Fresson, stock and share broker of No. 2 Austin Friars. KANSAS CITY, July 15.-There was a quiet run on the National Bank of Commerce as soon as that concern opened for business this morning. In a statement made yesterday the condition of the bank was shown to be good, and the officers assert they will be able to withstand a long run, which, however, they think will not be necessary. Their statement sh JWS cash on hand $1,141.655, with deposits of $2,977,327, showing more than the 25 per cent reserve law. are talized required at by $2,000,000. They But thought little excite- capi- the ment and it is bank as the bank with the will ranks prevails, pull through strongest. all right, a The directors of the bank held meeting to consider the financial situation yesterday. After very carefully examining into the condition of the bank the members of the directorate signed an agreement individually pledging their entire estates for the security of depositors. There was not a member of who that made him enpaper the board hesitated liable held to for sign by the the the tire amount of deposits bank, SO great was their confidence in its stability. The directorate represents a combined wealth of 82,000,000. KANSAS CITY, July 15.--Bank ExG. W. Galbreath took of the aminer charge suspended which this suspended morning Kansas City National bank, yesterday. CARMI. III., July 15.-The private bank of Hay & Webb, of this place, has made an assignment. The assets are about $215,000 and liabilities about $180,000. At the meeting of the creditors of the insolvent bank held last night, a series of resolutions was adopted, placing the affairs of the bank in the hands of J. R. Webb and a committee of three creditors, Leonard Pyle, James MeClintock and George Clark, to wind up the business. The general opinion is that the creditors will be paid in full. NEW YORK, July 15.-Two hundred thousand ounces of silver were shipped to Europe today on the New York. KANSAS CITY, July 5.-The NorthBanking company closed its doors rup this morning and voluntarily placed itself in charge of State Bank Commissioner Breidenthal. J.S. Chick, president of the National Bank of Kansas City. which suspended yesterday, is also of the Northrup Banking and that fact a on bank this company. president the latter morning. caused run While the of the bank seems fairly officers of the not their assets good, condition to the jeopardize bank by did meetand at 10 The bank has a care ing bank's the doors. run, o'clock surplus closed paid-up the capital of $100,000, with a of Its assets are its liabilities $315,000. It is de$50,000. will $475,000 ultimately believed and be positors and creditors paid in full. The Armourdale (Kan.) bank at No. avenue. susat 3 416 pended Kansas payment Armourdale, o'clock the this hands of afternoon and was placed in Bank Commissioner Breidenthal, of Kansas. The liabilities are $35,000, and the about double consist largely of They assets Seneca, that real amount. estate Kan., security. J. E. Taylor, of was president. The bank had a capital stock of $30,000, and a surplus of $4,500. Thirty days ago it had $55,000 of deposits, but that amount ha4 been reduced one-half. The officers believe the depositors will be paid in full. CINCINNATI, July 15.-Two receivers were appointed for the John Kauffman brewery Saturday morning. The application was made by Mrs. Mary Kauffman, widow of the late John Kauffman, to Judge Wilson. She owned 16,000 shares of the stock. Notes amounting to $60,000 will fall due in August. Owing to the stringency of the money market the company could not realize money to meet them. They claim the assets amount to $600,000, and liabilities to $150,000. Attorney Frank Sheffer and Brewery Manager Emile Schmitt were appoiuted receivers. An effort will be made to effect a settlement, and continue business. CHICAGO, July 15. -The Ladlow Shoe company made an assignment this afternoon. CHICAGO, July 15.-The Boston Foundry company assigned today. Assets $175,000, liabilities $200,000. NEW YORK, July 15.-Will Abeles, manufacturing furrier, made an assignent-today to George Fragner without preference. PEORIA, III., July 15.-The private house of at 1 closed banking its doors William o'clock Oberhouser this afternoon. It was one of the oldest estab-

7. July 16, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 16, 1893

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Kansas City, Kan., Bank Suspenda. KAXSAS CITY, July 15.-The Northrup bank, of Kaneas City, Kan, of which J. a. Chick is president, suspended this morning. The bank has $100,000 capital and $315,000 liabilities Do positors will be paid in full

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

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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.

9. July 16, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 16, 1893

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KANSAS CITY BANKS, Another Suspension Occurs and Runs Are Made on the Others. KANSAS CITY, July 15. - -The Northrup bank of Kansas City, Kansas, of which J. S. Chick, president of the National bank of Kansas City, which failed yesterday, is also president, closed its doors this morning. A run begun on the National Bank of Commerce this morning. Officials say they will be able to stand a long run, which, however, they do not expect. Their statement made yesterday shows cash $1,141,655, deposits $2,977,327, capital $2,000,000. It is believed they will pull through all right. It is one of the strongest banks in the city. Members of the directory, at a meeting yesterday, individually pledged their private fortunes for the security of the depositors. Collectively they are worth $2,000,000. The Northrup Banking company closed its doors today, the result of a run consequent upon the closing of the doors of the National Bank of Kansas City. It is claimed the bank's condition is exceptionally good but the officers did not care to jeopardize the assets by meeting a run. The bank has a capital of $100,000. Liabilities, $315,000. It is believed depositors will ultimately be paid in full. The failure of the National bank of Kansas City has precipitated a run on every national bank in the city. All met every demand promptly and by noon the excitement was pract cally over. The savings bank was not affected.

10. July 16, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 16, 1893

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Kansas Bank Closes. KANSAS CITY, Mo., July 15.-The North. rup Bank. Kansas City, Kan., 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 Kausas City Na. tional this morning.

11. July 17, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 17, 1893

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TERSELY TOLD. The daughters of the late Andrew J. Borden have transferred to Mrs. Geo. Whitehead, of Fall River, Maes., and Mrs. Fish, of Hartford, Cann., some $4,000 worth of property which belonged to the late Mrs. Borden. The beneficiaries under the transfer were half sisters of the murdered woman. The trial determined the fact that Mrs. Borden died first, but it is understood that the transfer was voluntarily made. The supreme court of Massachusetts has handed down a decision in the case of A. M. Howland, a civil engineer, who sued the town of Maynard for libel, for publishing in its annual report statements reflecting unfavorably upon Home work which the town had employed Howland to do. The court practically holds that libel suits against towns and cities cannot be maintained. The Peary expedition steamship, the Falcon, sailed Saturday night for the Labrador settlements, to get dogs, and thenco to Greenland. The ship was fully supplied with coal and other necessities. and it was expected would reach its destination in four weeks, roturning to St. John's late n September. The Northrup Banking Company, of Kansas City, has voluntarily placed itself in charge of State Commissioner Broidenthal. Assets, $475,000; liabilities, $315,000. Sheriff Warner of Crittenden county, Arkansas, was wounded and robbed of $12,000 by an unknown assailant Saturday night. The Kaufman Brewing company of Cincinnati has assigned. Assets, $600,000; liabilities, $150,000. Georges Grandin has left New York to walk to the World's Fair. He carries no money. The secret expulsion of Jews from Russia continues. -

12. July 22, 1893 Western Kansas World Wakeeney, KS
Article from Western Kansas World, July 22, 1893

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Followed the Natioual. KANSAS CITY, Mo., July 18.-The Northrup Banking company of Kansas City, Kansas, closed its doors and voluntarily placed itself in charge of the state bank commissioner, Breidenthal. J. S. Chick, president of the National bank of Kansas City, now suspended, is also president of the Northrup Banking company, and this fact caused a run on the latter bank. While the condition of the bank seems to be exceptionally good, the officers did not care to jeopardize the assets by meeting a run. The bank has a paid up capital of $100,000, with a surplus of $50,000. The assets are $475,000, and liabilities $315,000. The bank examiner has announced that the Kansas National bank would pay all drafts on the bank of Preston, Kan., and the bank of Amsterdam, Mo., presented.

13. January 23, 1894 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, January 23, 1894

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ble, as is also his wife, Eliza, hence the excursions from their home in the Indian Territory to Kausas City are becoming less frequent. Mr. Splitlog and the late H. M. Northrup were close friends for years, and when the Kansas City banker died last March Mathias told his friends that Wyandotte no longer bad charms for him. The suspension of the Northrup bank last August was also a blow to the old Indian, not particularly on account of the $21,000,000 he had on deposit there, but because of his many years' association with it and its founders. Mathias, while on a visit to Kansas City recently. insisted on Receiver A. B. Hovey receiving a deposit of about $10,000. The old Indian had a large roll of money and numerous bank checks and drafts, and while he had learned of the suspension of the bank, he still wanted to do business with it. He was disappointed when he was informed that the deposit could not be received. Yesterday Mathias was handed a check for $1050 as a part of his share of dividend declared some time ago, but he did not want to accept it. and refused to until persuaded by his lawyer to do so.

14. February 7, 1897 Kansas City Daily Journal Kansas City, MO
Article from Kansas City Daily Journal, February 7, 1897

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HIRAM NORTHRUP'S ESTATE. The Suit Brought by Heirs Against the Executors on Trial Before Judge Gates. The familiar suit of the Northrup heirs against the executors of the Northrup estate, of Kansas City, Kas., came up yesterday in Judge Gates' division of the circuit court. The late Hiram Northrup was, in March. 1893, president of the Northrup Banking Company, which failed. Upon the death of Mr. Northrup, one year later, he left an estate valued at many thousands of dollars, with E. H. Lovelace, K. L. Browne and J. S. Chick as executors. They were stockholders in the Northrup bank. The laws of Kansas make a stockholder liable for twice the amount of his stock in a bank. The heirs claim that the executors have improperly diverted money belonging to the estate by allowing pretended creditors of the bank to receive judgments against the estate. The suit is for a bill in equity and asks that other receivers be appointed.