6744. 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
61d1d0b6

Response Measures

Full suspension, Books examined

Other: Bank voluntarily placed itself in charge of state bank commissioner (state supervision).

Description

Multiple contemporaneous newspaper reports (15–16 July 1893) state the Northrup Banking Company of Kansas City, Kan., closed its doors after runs precipitated by the failure of the National Bank of Kansas City. The bank voluntarily placed itself in the hands of the state bank commissioner (reported July 18). Later material (1897) describes the Northrup bank as having failed. Classification: run led to suspension/placement with state commissioner and ultimately did not resume (closure).

Events (3)
1. July 15, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by failure/closing of the National Bank of Kansas City (contagion from other local bank failure).
Measures
Officers chose not to meet the run to avoid jeopardizing assets; directors/owners pledged private fortunes at other banks (related context).
Newspaper Excerpt
The Northrup bank ... closed its doors this morning. The Northrup Banking company closed its doors as the result of a run consequent on the closing of the doors of the National bank of Kansas City.
Source
newspapers
2. July 18, 1893 Suspension
Cause
Local Banks
Cause Details
Voluntary suspension/placement with state bank commissioner following run caused by National Bank failure and related contagion.
Newspaper Excerpt
The Northrup Banking company of Kansas City, Kansas, closed its doors and voluntarily placed itself in charge of the state bank commissioner, Breidenthal.
Source
newspapers
3. February 7, 1897 Other
Newspaper Excerpt
The late Hiram Northrup was, in March, 1893, president of the Northrup Banking Company, which failed. ... The Northrup bank failed (reference in 1897 suit regarding estate).
Source
newspapers

Newspaper Articles (12)
1. July 15, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 15, 1893

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Article Text

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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Article Text

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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Article Text

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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Article Text

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 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.

7. July 16, 1893 The Herald Los Angeles, CA
Article from The Herald, July 16, 1893

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EMBARRASSED BANKS. Several More Failures at Kansas City and Vicinity. KANSAS CITY, July 15.-The Northrup bank of Kansas city, Kan., of which J. S. Chich, president of the National bank of Kansas City which failed yesterday, is also president, closed its doors this morning. A run was begun on the National bank of Commerce this morning. The officials say it will be able to stand a long run, which, however, they do not expect. Their statement yesterday shows cash, $1,141,655; deposits, $2,977,327; capital, $2,000,000. 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 represent $2,000,000. The Northrup Banking company closed doors as the result of a run consequent on the closing of the doors of the National bank of Kansas City. It is claimed the bank's position is exceptionally good, but the officers did not care to jeopardize the assets by meeting the run. The bank has a capital of of $100,000; liabilities, $315,000. It is believed the depositors will ultimately be paid in full. The failure of the National bank of Kansas City also precipitated the City. All met every demand promptly and by noon the excitement was practically over. Savings banks were not affected. The bank at Armourdale, Kan., suspended payment this afternoon and was placed in the hands of Bank Commissioner Breidenthal of Kansas. Liabilities, $35,000, and assets about double that amount. The officers believe the depositors will be paid in full. PEORIA, Kan., July 15.-The private banking house of William Oberhauser closed its doors this afternoon. It is one of the oldest institutions in the city and has always wooll regardett ao substantial. Excited crowde are standing round the bank.

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

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Article Text

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.

9. July 16, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 16, 1893

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They Sinn Togethe KANSAS CITY, Mo., July 15.-The Northrup 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. Bank Examiner Galbreath took charge of the suspended Kansas City National bank this morning. There was quite a run on the National Bank of Cominerce 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 officers 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, The directors of the Bank of Commeree held a meeting to consider the financial situation to-day. After very carefully examining into the condition of the bank, the member of the directory signed an agreement individually pledging their entire estate for the security of depositors. There was not a member of the board who hesitated to sign the paper that made him liable for the entire amount of deposits held by the bank. so great was their confidence in its ability and stability. The directorate represent a combined wealth of $2,000,000.

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 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.

12. 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.