9090. First National Bank (Kansas City, MO)

View Charter #1612 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
1612
Charter Number
1612
Start Date
November 1, 1873*
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
4385997fd5ff74aa

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1878-02-11
Date receivership terminated
1881-07-06
OCC cause of failure
Losses
Share of assets assessed as good
60.9%
Share of assets assessed as doubtful
17.1%
Share of assets assessed as worthless
22.0%

Description

Contemporary articles (Nov 1873) report heavy withdrawals/run and that the First National Bank of Kansas City went into voluntary liquidation/suspension on Nov 25, 1873 (rumors about L. M. Hunter's indebtedness cited). Follow-up pieces (Jan 1874) report the bank resumed payment/ reopened (resumed on or about Jan 5, 1874). Classified as run → suspension (voluntary liquidation) → reopening.

Events (5)
1. November 23, 1865 Chartered
Source
historical_nic
2. November 1, 1873* Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals triggered by panic and a rumor of large indebtedness of L. M. Hunter to the bank (rumor described as unfounded).
Measures
Bank directors met and ultimately put the bank into voluntary liquidation; attempted to pay out but closed doors when drainage continued.
Newspaper Excerpt
the unprovoked and suicidal run made upon it ... a constant drain has been made upon the bank
Source
newspapers
3. November 25, 1873 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors placed the bank into voluntary liquidation/suspension on Nov 25, 1873 after continued heavy withdrawals and loss of confidence (panic and rumor).
Newspaper Excerpt
The First National Bank went into liquidation to-day. They promise creditors full payment.
Source
newspapers
4. January 5, 1874 Reopening
Newspaper Excerpt
The First National Bank ... suspended during the panic, have resumed payment. ... the Bank re-opened on the following Monday, the 5th [Jan 1874].
Source
newspapers
5. February 11, 1878 Receivership
Source
historical_nic

Newspaper Articles (9)
1. October 16, 1873 The Leavenworth Weekly Times Leavenworth, KS
Article from The Leavenworth Weekly Times, October 16, 1873

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The Panic 10 City. From all present indications the panic in Kansas City is about over. To-day the fullest confidence was expressed generally by our business men in regard to our banks. There was also a marked improvement in deposits, and an easier and by feeling generally. The the President and Directors of the First National has had a very good effect in allaying all apprehensions about its solvency. Certified checks were in general demand with our business men, some of our merchants paying half in currency and half in goods for them. Cattle are going forward rapidly, and large sums will be realized from that source by our banks in a short time. Currency for ordinary business purposes ie becoming more plentiful, and as soon as their is a general resumption in New York, St. Louis and Chicago, all traces of the lock-up will soon vanish in Kansas City. But our people must not expect a full resumption here prior to its taking place in the cities named.-Kunsas City Times

2. November 26, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 26, 1873

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NEWS OF THE DAY To show the very age and body of the Times." In Martinsburg, W. Va., a slander case was called up on Monday, in which a young woman was seeking to vindicate her reputation, which had been wantonly assailed by the defendant. However, before a jury was empanelled the counsel on each side agreed to settle the case. The defendant confessed to a judgment for $1,000. The plaintiff regarded this as establishing her reputation, and "immediately ordered her counsel to enter the judgment satisfied. A mass meeting of Farmers and Patrons of Husbandry was held at Atlanta, Ga., yesterday at which it was resolved that next year only one-third of the usual acreage should be planted in cotton. A resolution was also adopted deolaring cash payments to belthe only sound rule of business. It is estimated that thirty thausand French Canadians have returned to the Lower Prosince from the United States duriug the past three weeks, on account of the suspension of work by manufacturers. A large number of them have gone to Western Canada. This statement is probably exaggerated, The U. S. Cartridge Company in Boston, will commence this week to run their works day and night, with two sets of men. They have pressing orders for several millions of cartridges from the War and Navy Departments, and also large orders for commercial work. The "erisis" in France was not much of a crisis afser all. Yesterday all the Cabinet of ficers resigned, and a new Ministry was immediately organized. Only one new member was added, namely, the Duke de Cazes. The other Ministers merely exchanged portfolios. Owing to the severe illness of Mr. Busey, one of the jurors, all proceedings in the Taliaferro murder case, now pending at Martinsburg, have been suspended since Saturday last. The jury is locked up at the Everett House awaiting Mr. Busey's recovery. Two priests; claiming to be American citizens, who were expelled from Mexico, have engaged a New York lawyer to demand reparation from Secretary Fish. In Berlin a Bishop has been fined 5,400 thalers and sentenced to prison for two years for instituting priests contrary to recent pro mulgated decrees. Dr. Mary E. Walker has not yet abandoned her efforts to obtain a pension for disabilities contracted while serving iu the Union army. The First National Bank of Kansas City, Mo., has gone into voluntary liquidation,

3. November 26, 1873 New-York Tribune New York, NY
Article from New-York Tribune, November 26, 1873

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BUSINESS PROSPECTS. THE STATE OF TRADE. IMPROVEMENT IN THE MASSACHUSETTS MILLS. The gun manufactory of Boyd & Stevens, in Hyde Park, Mass., is doing quite a large business. No reduction in time. pay, or force has been made, and with a large number of orders on hand, the prospects are good for a brisk Winter. In Abington there is more activity in the shoe manufacture, and a more hopeful expectation of a fair trade in the Spring goods, to commence at an early day, is felt among the manufacturers. By the middle of next month, it is thought. most of the manufactories will be in operation again. In Webster the mills of S. Slater & Sons have started up again, all on full time, with a small reduction of wages. The numerous mille of the Grosvenor Dale Company, after a vacation of five weeks, have started up on full time all round, with a reduction of 20 per cent on wages. Josiah Perry's mill at Perryville continues to run on full time without stopping, as also does the Messrs. Buffum's mill in Oxford. Two of the largest establishments in Penbody-Proster's tannery and Jacobs's sheepskin factory -started on full time Monday. There are signs also of an early resumption of work at other places in the town. RAILWAY STRINGENCY AT PORT JERVIS - THE TROUBLES OF MANUFACTURERS. FROM AN OCCASIONALCORRESPONDENT OF THE TRIBUNE.] PORT JERVIS, N. Y., Nov. 25.-Although this village has not been so much affected by the late panic as other villages in this county, the lack of money has been quite severely felt. Port Jervis is what is known as a "railroad town, not relying on its manufactories, of which it contains but few, but almost entirely on the Erie Railway. This road, while under the management of Gould and Fisk, made an arrangement with its employés at the time of the strike in 1869 to pay them every month on or before the 15th. This promise was carried out by them. and also by the present management, until within the past three months. The employes of the road, who comprise over one-half of the population of the village, receiving their wages in this manner, are accustomed to trade with the merchants on the credit system, and the merchants rely on the promptitude of the Company in paying its employés to meet their liabilities. It is when the Company fails to de this that the stringency of money is felt. The Company, instead of living up to the obligation with its employes, failed to pay them for the month of September until the beginning of the present month, and has not yet paid them for the month of October. In addition, they have reduced the working hours of the mechanics employed at this point-in some of the shops to three-quarter time and in others to nine hours. When they will get back to their usual routine it is impossible to tell. The manufactories in this place have been reducing both their forces and the pay. St. John & Malven, proprietors of a large foundery and machine-shop, have been discbarging a number of men, and contemplate a still further reduction of their force. They have also reduced the pay of all from 25 to 50 cents per day. The glove factory of F. W. Stowell, which employs about 150 men and women, has thus far been doing a large business, but will close in a few weeks for the Winter. The large tannery of Cooper & Swasey at Sparrowbush, about two miles from this place, has been more severely affected than any other establishment in this immediate vicinity. The proprietors have made a large reduction in their force, and have worked the rest on half time. and will continue to do 80 until the market is easier. The large steam saw-mill and tannery at Gilman's Station, Sallivan County, was stopped last week. and a large force of men thrown out of employment. It will probably resume before many weeks. ANOTHER BANK FAILURE. KANSAS CITY, Nov. 25.-The First National Bank of Kansas City, Mo., has gone into voluntary liquidation.

4. November 26, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 26, 1873

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KANSAS CITY, MO. Special Dianatch to The Chicago Troune. KANFAS CITY, Mo., Nov. 25.-The First National Bank wont into liquidation to-day. They promiso creditors full payment. A boavy diecount lino, the inability of partion to meat maturing paper, togothor with the distrust produced by the rumor of the heavy indelitedness of L. M. Huntor to the bank, caurod the action. The indebtednoss of Huutor to the bank is only 880,000, and it is fully secured ; hence the rumor is unfounded. Tha awsets of the bank are more than the liabilities.

5. November 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 29, 1873

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KANSAS CITY. CAUSES OF THE SUSPENSION OF THE FIRST NATIONAL BANK-HOW IT WILL AFFECT THE TRADE OF THE KAW VALLEY. From the Kansas City Times, Nov. 25. To those who know anything about Kansas City and the mon who have labored most to build up this city, the suspension of such a banking-house as the First National impllos more than the more failure of the bank to meet calls upon it by its depositors. It indicates a loss of confidence in a corporation formed by & combination of fifteen of the soundest fluancial business men in the West-such men au Michael Dively, Kersoy Coats, William St. Clair, Edward H. Allen, Thomas K. Hanna, John D. Baucroft, M. W. St. Clair, Howard M. Holden, Adain Long, T. B. Bullene, Matt Foster, J. A. Bachman, 0. Chanute, Francis Foster, and J. N. Packard. These are the class of men who have plodged their all to indomnify the depositors in this bank. These gentlemen are known to this community as identified in this city with nearly all important public or business enterprises known to our people. The more fuot of their identification with this bank should silence the clainor now raised by the uninformed, and, in a majority of cases, the uninterested portion of the community. In conversation with Mr. Holden, our reportor learned for the first time how severely this bank has been drained since the financial panic set in, and learned for the first time how steady and remorseless has been the drain made upon this, the largest and most prominent bank in Kansas City ; and when it is taken into consideration that this bank was always, and is to-day, solvent, and that its life was the vitality of hair the business interests of the city, the unprovoked and suicidal run made upon it can only be designated by two words-incondiary panic. But that such a rush has been made, no oue will deny who will inquire into the affairs of the bank. When the present fluancial crash swept over the country, the First National Bank of Kansas City was found to have $1,750,000 of liabilities. Had the Bank been forced into liquidation at that time, a general crash among Western business houses would have resulted. The bank could better have closed thon than at this time, since thon it had liabilities amounting to $1,750,000. But, since the panic has sot in, the bank has paid out $1,000,000. But, while the bank has been straining every norve to withstand the pressure brought to bear upon its resources, there has been no abatoment in the exactions of its depositors. Whou it resumed payment, it did 80 with the expectation that the deposits would continue to keep up in bulk and value, but in this they were mistaken. Since the 1st of November deposits have declined in amount over $200,000, and during the past ten days more than $100,000. and on Monday last, when the last meeting of the Board of Directors was called, the day's drainage of currency for that day had been $42,000. Thus, day after day, a constant drain has been made upon the bank, until it has become absolutely necessary to close the doors and go into liquidation. The action of the First National Bank of this city in going into liquidation at this time will have a material effect upon the interests of this city. For instance in the live stock trade alone a difference of $28,000 in one day's trade is reported, and this in the first day's suspension of the bank. Upon the working classes this calamity will fall with & blighting effect. The packing interests will be affected, the manufacturing interests will be staguated, and the retail busiliess paralyzed. And for what Merely to satisfy the excitable and panicky spasm of those who have drawn from circulation thoir wealth, which will now lio dormant and inactive, stowed away in old ten-pots, old stockings, or rusting or rotting in chimney-corners and old trunks, while the business of the city is nt a stand-still.

6. December 4, 1873 The Manitowoc Tribune Manitowoc, WI
Article from The Manitowoc Tribune, December 4, 1873

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HOME NEWS. G. T. Brooks, late president of the Merchants National Bank, of Petersburg. Va. charged with embezzling the funds of the bank. has been held in $15,000 bail to appear in the United States Cir cuir Court. A mass meeting of farmers and patrons of husbandry was held at Atlanta, Ga Tuesday. They resolved to plant only one-third of their crop, next year. in cot ton; 10 favor cash payments, and declare their right 10 control the price of cotton Navigation on the Hadson River from New York to Albany IS suspended, the steathers going into winter quarters This is the earliest closing during the present century. Frank Harris, mate of the ship Sunri-e. tried in San Franci-co for cruelry to seamen. has been found guilty on twenty nine counts of the indictment against him. The First National Bank of Kan-a City, Mo, has gone into voluntary liqui dation. A fire at Somerset. Ohio, Wednesday, destroyed Skinner & Bros. N drug store. M. Bowman'-grivery and J. H Graves boot and shoestore. Loss $20.000 A vein of coal has been discovered at a depth of 330 feet in Wenona. Ill The Wa-hington, Arkansas. postoffice was robbed on Tuesday night of $1,100. Col Robert Morrow, payma-ter of out of the Arizona departments of the army -uicided in San Francisco on Thur-day. About four-fifths of the hides sold at Matamoras. Mexico, bear Texas brands Albert S. Garcia. chief of the Mexican bandits who robbed the store of Mr. Scheubert. at Conception. Texas. some and days ago of about $30 000 in cash. Mexi arms and other good>. and fled to has been captured by the authorities CO. and brenght to Matamoras where he iheld for extradition. This arrest has been made with more promptues than any previous one for years. The round house of the Central Pacific Radroad. at Rockton, Placer county with California, was burned on Thursd nine locomotives and as many cars. The sa-h factory and planing mill of Wilson & Son, in Balaim re. was burned ou Thur-day Less $40,000, insurance $20,000 Thank-giving day was genearally ob served throughout the country. Harry E. Murray is the name of the man with Tiffany &Co. New York. who sales robbed that firm of $12 000 worth of jewelry. When arrested he confe-himself guilty. and his wife a-sisted the police ⑉ recovering some of the articles stolen The Dayton View flour mills, at Day top. Ohio, were burned ou Wednesday evening. Loss $11.000. G it Martin McMahon has been elected President of the Cuban League in in New York A'Boston dispatch reports that a nuur ber of Teastern mile are about resuming The Sprague trust deed was signed at Providence. on Friday evening, by the A. & W. Sprague manufacturing corpo ration and the individual members of the family. The copy 18 withheld from the the public until i CHO be executed by three trustees named in the instrument Completed estimates for building the De Moines and Minnesota Narrow Guage Ratiroad show that the Cost will not erc ed $5.000 per mile. A Polander named John Czalkosky. Friday niuts in a drunken spree. at South Bend, Ind, shot another named Marten Sasses in the head, instantly killing him $ W. W Williams, ex-sheriff of Warr ick county. Ind. shot and killed drew Ww. a Thornburg, a desperado, who to resist his arrest at Beenville, woman Mrs. Slobd. a German while Friday. showing how it 798 done rhot and killed Jacob Birtenger. 13 years old. ty w United Circuit Cours t

7. January 16, 1874 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, January 16, 1874

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city treasury. SOUTH. The municipal election in Memphis, on Jan. 1. resulted in the election of John Logue (Rep.) for Mayor, by 800 majority, and the entire Republican ticket. The Texas Pacific Railroad was completed to Texarkana, the proposed junction with the Cairo and Fulton road, on Dec. 29, and it was announced that regular trains would commence running at once. The First National Bank of Memphis and the First National Bank of Kansas City, both of which suspended during the panic, have resumed payment. The Louisiana Legislature convened on Jan. 5. Gov. Kellogg in his message states that the total debt of the State is $24,283,336,

8. January 24, 1874 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, January 24, 1874

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A Wide-Awake Home Newspaper-Subscription Price, Three Dollars per Annum. DONALDSONVILLE, LA., SATURDAY, JANUARY 24, 1874. the First National Bank of Kansas City, both d on this continent priPresident's Message in Reference to NEWS SUMMARY. man-about three times of which suspended during the panic, have the Virginius. resumed payment. V found living throughPERSONAL AND POLITICAL. Among the carnivores Henry Clews & Co., bankers, of New York, W ASHINGTON, Jan. 5.-The President The municipal election in Memphis, on Jan. 1 species of foxes and resumed payment on Jan. 5, and announced to-day. sent the following message to the 1, resulted in the election of John Logue S of the cat family, and Senate and House of Representatives: their ability to pay all demands against them ena. Some of the skulls (Rep.) for Mayor, by 800 majority, and the in full. In my inaugural message of December last, I animals exhibited the that when the fill and 00 antire Republican ticket.

9. January 21, 1875 The Saline County Journal Salina, KS
Article from The Saline County Journal, January 21, 1875

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a his practically settled all question as the speedy re opening of the First On the 12th of December the through a committee consisting of Dively, Foster and Buttene, re to the call by the assurance that tie basis of bank the would resume increase of expital to $500,000 by the ing In $250,000 cash, thus relieving strengthening it, 80 that when onet it could push out again into active into and vigorous business. With this was submitted the report of Spee Bank Examiner Talmadge, who was here by the Comptroller of the Cur especially to examine int , the ex condition of the bank. Mr. Tal ége's report was indeed a marked opliment to the bank management, be fficially declared the assets more sufficient to pay all liabilities and its capital wholly unimpaired a happy New year present to the and country at large, the Bank, on 1st. 1874, flietally announced formal reopening of the Bank on the lowing Monday, the 5th. Every dol of the addi ional $250,000 had been oseribed, and with the approval and congratulations of Comptroller of John J. Knox, the Bank re business. The fifth of January was thus made a of general rejoičing throughout the and confidence once more freely commerce rapidly assumed its Mettled condition. On Friday, Janu 16th, 74, the First National publish first statement ur der the new or of 11 ings, a statement by the way spoke mest emphatically of the undertal vitality of the institution. total resources of $1 347.824 11. cash means were $232,164.17 and deposits $622 710 17. In addition to the bank had $280,000 asse N on representing the old surplus. have thus run over the bistory of panie as it particulary affected the National. thinking it most timely the opening of the new year. " more conclusively than could of compliment in general terms gallant manner in which the noble itution weathered the fearful gale wreeked many older ones. From day the First National re-opened, old success has Leen e en more than dicated. The trial by worse than through which it passed endeared than estranged friends as is un ivocally demonstrated by the follow statement of business done during : pasopaisn! year 500.000.00 Stock 00 000 18 Deposits for the year y deposit for the year 1408 Exchange amazingly large are these figures one has to read them over TWO or times to ed%prehend their extent, even then fails to realize to the The sum of forty-four millions hundred and twenty-one thousand hundred and seventy-two dollars nine cents in deposits, and of seven million eight hundred and twenty eighthundred and sixty dollars cohange. It is simply beyond the of words to convey a proper real of so vast a business. and We the figures of January 14. 1875, the announcement of January 1874, as to the resumption of busi leaving it to the public to decide whether or not every pledge then has been fulfilled to the very letconclusion we have to say that there never was a banker to whom any community ever felt kindly and warmly than the peoKansas City do towards Mr. How. Holden. hile from his exten business connection he has in the nature of things been brought in to men and measures that have created jentonsies and hard yet we feel safe in saying that in his position could have made triends and fewer enemies than he