9140. National Bank of Commerce (Kansas City, MO)

View Charter #3760 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
3760
Charter Number
3760
Start Date
December 5, 1907
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
5f5a2d9a42751a4e

Response Measures

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

Description

Contemporary articles (Dec 5–16, 1907) describe a steady run/withdrawals over several weeks that forced the National Bank of Commerce to suspend on Dec 5–6, 1907 by order of the Comptroller; a receiver was appointed. Later articles (Apr 1908) report a syndicate purchase of bad paper and the bank's planned reopening. Cause attribution: press cites both vigorous rumors and heavy withdrawals by outside/correspondent banks; I list rumor/ misinformation as the proximate trigger for the run and government action for the suspension. Dates are taken from article publication dates; April 6, 1908 reopening day inferred from April 3, 1908 article saying will open on Monday.

Events (5)
1. July 25, 1887 Chartered
Source
historical_nic
2. December 5, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
A steady run/withdrawal over weeks (reports of $18–19M withdrawn in two months), attributed in press to unjust and unfounded rumors and heavy withdrawals by outside banks/correspondents.
Measures
Paid out large sums over prior weeks (reducing deposits from ~$35M to ~$16–17M), cut loans and discounts, sold high-grade bonds, limited payments (clearing-house/lid), attempted to shore up reserves.
Newspaper Excerpt
the bank had paid off $18,000,000 of deposits ... caused by unjust and unfounded rumors vigorously circulated
Source
newspapers
3. December 5, 1907 Suspension
Cause
Government Action
Cause Details
Bank was closed/taken into receivership by order of the Comptroller of the Currency (receiver James T. Bradley appointed) after inability to meet demands following the run.
Newspaper Excerpt
closed its doors this morning and was taken in charge by a national bank examiner upon an order of the comptroller of the currency
Source
newspapers
4. April 6, 1908 Reopening
Newspaper Excerpt
all the requirements ... were complied with when Receiver George T. Cutts ... received $2,870,000 in cash from a syndicate ... The bank will open on Monday with 47 per cent of its deposits in its vaults and with Comptroller Ridgely as its president (article dated 1908-04-03).
Source
newspapers
5. September 24, 1912 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (25)
1. December 5, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 5, 1907

Click image to open full size in new tab

Article Text

$16,000.000 BANK CLOSES TS DOORS Kansas City's Largest and Oldest Financial Institution Goes to the Wall THE BANK OF COMMERCE FAILS Been in Weakened Condition Many for Has Some Time Deposits of DeposCountry Banks-Officials Say itors Will Be Paid in Full-Liabilities Amount to $24,277,000. Kansas City, Dec. 5.-The National open its of Commerce failed to the hands Bank this morning and is in The doors the national bank examiner. and the of one of the oldest here, the financial weakened bank largest is institution in city. bank has been in a on condition The since its last statement, stated that 22, when it was house the August institution owed the clearing close to $1,000,000. the financial disturbance When and the celaring house certificates, decided came issue clearing house condition to regarding the bank's in the rumors and the clearing house several concame few days has held banking past with other national means ferences here in connection, and disofficials the bank open surprise were was of keeping esterday muen of the cussed. the request for a responded to expressed comptroller when was statement not or the conby dition of banks Bank of Commerce. the National published their Other local showing banks a healthy Commerce condi| statements, the officials of the would tion, but statement announced that its till today. This further created not be forthcoming distrust in the bank's the condition. House Withholds into Aid. Clearing lasting clearing After hours conferences this morning the could not officials When the house Comaid early the failing National bank. decided Bank they of statement of the in the morning papers in merce that since the been reduced showed appeared deposits had statement $16,953,000. August close the to $35,000,000 to the item of from showed also down The loans and statement discounts had been cut Na the The Commerce are tional $4,000,000. Bank principal of officers W. H. of Winants Dr. W. Woods, president William A. Rule, Its most prominent cashier. vice S. president; some directors of and the and stockholders also presiinclude the city. Woods Trust is Company dent of the has a capital men of Kansas in City, Commerce which of $1,396,000. of $1,000,000, and deposits the deposits statement increased the Trust Company institution is believed nearly Since of its $200,000, to last be in and a sound that Affected. have condition. clearing Other F. Downing, Banks head of expressed the local James house association of the Commerce that his belief would that City not the institution. failure involve deeply and be able any other Kansas local banks would to weather held deposits num- the the other commerce the storm. part of of The small banks in this failure will southwest. have erous upon them What is effect by problematic. local the depositors, There run trouble has been outside no banks caused deposit but withdrawing many their funds The on Commerce by Commerce. and with the States depository was interested deposits were the was the Its United individual in many local bank enter- in prises. the largest of any this mornamong printed decity. Its heavy falling the ing. showing statement, a a big crowd of depositors off in posits bank drew early, evidently More intent or upon less I withdrawing to their money the news that the excitement followed closed. The crowd gradually bank had grew been in size until it stopped traffic Depositors Won't Lose the Say A. Rule, cashier of bank, this morning made William the in following the presence statement of President Woods: directors of the National to Bank at "The Commerce thought it best made the of least close temporarily but conditions We were against lose fight of our us. lives, The depositors will not ier cent.' acquiesced in what the today cashWoods said. The statement issued follows: - Loans and discounts, five Resources real estate, $698,000: cash $12,899,000; redemption fund, $50,000; States bonds per cent exchange United and in sight, other high grade bonds, $10,660,000; surplus total Liabilities-0 $24,277,000. and undivided stock, $17,000. profits, $17, account, 000; circulation $1,640,000; depositors, $16,943,000 000,000; clearing house due certificates, $3,694,000; total $24,277,000. Branch Banks Closed. National Two small branches of the closed their Two also the with doors Bank of this Yards Commerce morning. Bank of Commerce, They were Union Stock of $300.00 and the with small deposits Bank of Commerce, special exdeposits. Avenue There was these no institutions. citement around the banks did not cause At The failure of the other banks. run on any other of institutions deposmost of the usual. its were made as Little Comptroller of Currency Knows comptrolWashington, Dec. 5.-The today issued the ler of the currency

2. December 5, 1907 The Daily Alaskan Skagway, AK
Article from The Daily Alaskan, December 5, 1907

Click image to open full size in new tab

Article Text

BIG BANK IS TROUBLE IN NATIONAL BANK OF COMMERCE SUFFERING FROM FINANCIAL PANIC TEMPORARILY SUSPENDS (By United Press.) Kansas City, Dec 5-The National Bank of Commerce, the largest financial institution in the Missouri Valley, unable to meet the demands of its creditors, this morning posted a notice of suspension 00 its doors stating that the bank was in financial straits but that creditors would be paid in full. The bank was closed by order of the Bank Examirers who went over the books of the institution Monday.

3. December 5, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 5, 1907

Click image to open full size in new tab

Article Text

ly In increasing the price with the assurance that the big dealers will follow your lead." KANSAS CITY FAILURE. Salt Lake Bankers Are Not Surprised By the News. In Salt Lake banking circles this morning, it was stated that the failure of the National Bank of Commerce was not unexpected. While the institution had been a very large one, its deposits amounting to $33,000,000 at one time, It was said that there had been a steady withdrawal from it for many months. The bank was presided over by Dr. Woods, who is very well known throughout the west and his policy of paying 3 per cent interest on bank balances, while other Kansas City bankers only paid 2 per cent, attracted an enormous amount of country deposits. These, however, were the first to order their money shipped them when any signs of trouble arose. The National Bank of Commerce was the Kansas City correspondent of quite a number of Utah banks, but it is said that they all have been steadily drawing away from Kansas City of late months. The action of the Kansas City banks since the recent financial troubles arose has made that city regarded almost as an "outlaw" by other banks of the country. Kansas City banks receiving remittances from their correspondents throughout the United States, simply declined to do more than pass them to the credit of the houses remitting, they would not transfer funds to New York or Chicago, where they could be used, simply returning the answer that eastern exchange was unobtainable. The result has been that credits in Kansas City banks could only be used in Kansas City exchange, and as western merchants do not buy heavily there, there has been a great deal of inconvenience in utilizing the credits. The feeling has grown so tense among western bankers, that Kansas City items are no longer accepted for either credit or collection by leading institutions.

4. December 5, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 5, 1907

Click image to open full size in new tab

Article Text

DOES NOT HURT. (Continued from Preceding Page.) thus far do not seem to be in any speclal trouble. The funds which they may have had on deposit with the National Bank of Commerce comprise such a small portion of their total resources that I do not anticipate there will be any serious disturbances. Nor is it at all unlikely that these Kansas banks will eventually recover by far the greater portion of their deposits. Of course it may tie them up for a time, but they were tied up considerably anyway, and I doubt whether it will make very much difference." Secretary of State C. E. Denton, who is the owner of a number of banks in southern Kansas, said: "Of course this is a hard blow, but it is not nearly so bad as it would have been if it had come thirty days ago. The Bank of Commerce made a gallant fight for its life, and the thing that pulled it down was its payments aggregating $19,000,000, most of which went to help its correspondent banks in Kansas. There are about forty banks in Kansas which are owned or controlled by the Bank of Commerce." Doesn't Affect State. State Treasurer Mark Tulley said: "This flurry in Kansas City does not trouble the state in the least. The state's money is absolutely secure, even though every bank in the state should break. Each depository bank has in the state treasury bonds worth several times the size of its deposit. I do not believe that there will a very serious difference in the existing conditions in Kansas, though it may be some time before the bankers take off the 'lid.' Attorney General F. S. Jackson, who is part owner of a bank in his county, said this morning: "We have known for a week that this was likely to happen, and have canvassed the situation carefully. We believe that there is no doubt that every bank will get all of its money back out of the assets of the Bank of Commerce. Consequently I am not worried about the condition of the bank in which I am interested, because I know we are safe. I have also concluded that the 'lid' which the bankers put on withdrawals was a very good thing. Up to the present time I had believed that was entirely unnecessary. I now am convinced that it was a very safe move, and will do much to allay any fear of a run, because everybody knows that no one else can start anything." No Large Santa Fe Balance. There have been persistent rumors that the Santa Fe railroad was caught with large deposits in the Bank of Commerce but this is denied by the treasurer of the road, E. L. Copeland, who said: "I do not understand how such a rumor could have been started as we have but a small balance on deposit in the suspended bank. Our large account is carried with the First National Bank of Kansas City, the largest institution in the city and the account carried with the Bank of Commerce was merely for our own accommodation in taking care of matters handled through that institution. "I just had a talk with Dr. Woods, the president of the Bank of Commerce, during which he assured me that the assets of the closed bank will liquidate all outstanding indebtedness and that the bank will pay dollar for dollar. Over $18,000,000 has been paid out by the institution during the past thirty days; a wonderful record for any banking institution and this of itself is an evidence of the solvency of the institution.

5. December 6, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, December 6, 1907

Click image to open full size in new tab

Article Text

BEARS IN PANIC AS PRICES SLUMP New York, Dec. 6.-With trading on a larger scale than for many days, and increasing in volume as prices advanced, the stock market yesterday gave a demonstration of its great underlying strength which completely carried the bears off their feet and forced them to beat a hasty and disorderly retreat. In fact, at times only the term "bear panic" could adequately describe the excited condition of the market. The failure of the National Bank of Commerce in Kansas City had only a temporary effect at the opening, and when the ticker had stopped for the day the active list showed gains ranging all the way from one to more than four points. One plunger with more nerve than the res of them sold 10,000 shares of Union Pacific around 117, and in less than two hours covered them at a loss of more than $20,000. This caused a stampede among the shorts, and when they found little stock offering they became frantic and bid the prices up on one another until the market was jumping by leaps and bounds. Covering in the Hill stocks, Great Northern and Northern Pacific, sent those issues shooting up four and five points each. while Union Pacific, which had sold as low as 115 7-8, was forced up to above 120. Reading, which had gone below 93, rose rapidly to 961/2, while trading in the rest of the active list was as excited in proportion. Trading on the advance was in enormous volume, transactions up to 1 o'clock footin 645,671 shares, while the par he bonds changing hands durame period was $3,2293,000.

6. December 6, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 6, 1907

Click image to open full size in new tab

Article Text

PITTSBURG BANK CLOSES DOORS Suspension Ordered By Comptroller of Currency IS SAID TO BE SOLVENT Financial Stringency Blamed for Failure. Deposits Exceed a Million Pittsburg, Dec. 6.-The Pittsburg National bank failed to open for business today. The following notice was posted on the door: "Closed by order of the Comptroller of the Currency." The quarterly report of the condition of the Pittsburg National bank made December 3 showed loans and discounts of $3,761,606; stock securities, real estate, etc., $433,475; due from other banks $287,000. Actual cash on hand $362,725.25. The liabilities show deposits of $1,930,614, and cashier's checks outstanding of $80,419. President Andrew Herron of the bank said today that the depositors are fully protected and that the suspension was precipitated by occurrences of yesterday which made it necessary to close the bank for the protection Oi all concerned. The suspension had no apparent effect upon the other banking institutions of the city. Crisis Over in Kansas City. Kansas City, Dec. 6.-There was no evidence of a run on any of the local banks today. Bank officers generally gave the opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce was over and that normal conditions will soon be restored. State Bank at Argentine Re-Opens. Argentine, Kans., Dec. 6.-The First State Bank of Argentine, which closed its doors yesterday, re-opened for business this morning. The bank has deposits of a quarter of a million dollars and J. Q. Royce, state bank examiner, says it is one of the strongest banks in the state. Cashier Middlekauff says the bank closed temporarily yesterday in order that it might post its books. The limited force prevented the doing of this yesterday during business hours. Redeeming Clearing House Certificates in Chicago. Chicago, Dec. 6.-There were many indications here yesterdoy that the money stringency is nearing an end. No withdrawal notices were filed, while the deposits are increasing. No clearing house certificates were given out and the banks redeemed a large amount of this emergency currency.

7. December 6, 1907 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 6, 1907

Click image to open full size in new tab

Article Text

KANSAS CITY BANKS RECOVER FROM SHOCK Of The Failure-No Evidence of Run Today -Argentine Bank Opens-Normal Conditions Again Prevail Kansas City, Mo., Dec. -There was no evidence of a run on any of the local banks in the early hours toMEDICAL day, and bank officials gave it as their opinion that the crises resulting from the failure yesterday of the National Bank of Commerce was OVSOCIETY er and normal conditions would soon exist again. One of the small banks that closed HOLD THEIR ANNUAL ELECTION OF yesterday, the First State Bank of OFFICERS-MEET AGAIN Argentine, reopened for balance this JAN. 3 morning. The bank had deposits of a quarter of a million dollars and the The Grady County Medical Society cashier says it is in a perfectly sound condition. This is confirmed by the held a business meeting this mornstate bank examiner, Mr. Royce, who ing in the offices of Drs Penquite came to Kansas City last night. and Shippey. No program was renThe First State Bank of Argentine dered and the annual election of ofshould not be confused with the the ficers was held, the following being Argentine State bank. The Argentine National bank did not close its chosen: doors and was conducting business President, Dr. J. E. Stinson, rethis morning in the usual way with elected. no indications of a run. Vice president, Dr. W. L. Peters. John Swanger, secretary of state Secretary, Dr. A. M. aLfferty. of Missouri, and State Bank Examiner Cook arrived here today and Treasurer, Dr. M. Coryell. took charge of the Stock Yards Bank Censor for ensuing year, Dr. W. of Commerce and the Union Avenue L. Peters. Bank of Commerce, two small banks, The society adjourned to eet with that closed yesterday. An effort is Drs. Penquite and Shippey on Jan. y to be made to open them at once. 3, 1908. e

8. December 6, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 6, 1907

Click image to open full size in new tab

Article Text

BANK FAILS TO OPEN Bank of Commerce of Kansas City is in Hands of Receiver. DEPOSITS ARE GREATLY REDUCED Eighteen Million Dollars Withdrawn in Two Months. UNABLE TO STAND STEADY DRAIN Loans Could Not Be Collected as Fast For. as Cash Was ed EW DAYS HOPES TO RESUME torn and Sixteen Millions Due L will President Woods Says Be Paid in Full Banks Not Affected KANSAS CITY, Mo., Dec. 5.- Na tional Bank of Commerce of Kansas west, City, Mo., one of the largest in the doors with deposits of $16,000,000. closed its by this morning and was taken in charge order of a national bank examiner upon an two the comptroller of currency. Later Comsmall outlying banks in which the Yards merce bank was Interested, the Stock Bank of Commerce and the Union Avenue Bank of Commerce, also closed. The failure of these banks had been pre- exdioted for several days, and but little ettement followed the announcement of gath- the news, although crowds of depositors ered about the doors of these institutions. is The officials of the Commerce, which in with many banks here and of the southwest express other affiliated parts seriously the belief that none of them will be affected The failure is laid to the withdrawal by outside banks within the past two months of $18,000,000 of deposits. They expect to reopen soon and say depositors will be paid in full. Business is Normal. Other local banks were not seriously atfected up to noon, and at several banks heavy deposits were made. The following statement was issued at noon by Dr. W. S. Woods, president of the National Bank of Commerce, for the board of directors: To the Public: Much as we regret to do of we are compelled to close the doors Bank of Co m cause not been able to we the so, have Nat onal collect rce the b money Hame our borrowers as fast as demanded by our depositors, was from caused'by unjust and unfounded rumors vigorously circulated. During this panic we have redyced our deposits from $36,500,000 to about $16,500,000, thus paying out over the counter and by transfers to other banks in this city and other cities about $18,000,000 of deposits. This, of itself, tells of our resources. We have made the fight of our life, but could not stand the strong tide against us. We hope to be able to open up the bank again in the near future for business. We do not believe it possible for a depositor in the National Bank of Commerce to lose dollar. We beg your Indulgence and forbearance until our affairs can be arranged e to the satisfaction of all interested parties, We appreciate senatbly the confidence our numerous customers. large and small, have placed in us, and we hope to show in the end that we have been true to this trust. Bradley will Be Receiver. James T. Bradley. the bank examiner in sharge, was this afternoon notified by the comptroller of the currency that he had been appointed receiver of the National Bank of Commerce. The following notice was posted on the floor of the bank at 8:80 this morning: This bank has been closed by order of the board of directors. It is in the hands of James T. Bradley, national bank exam. ner, by order of the comptroller of currency. The bank has been in a weakened condiHon since the last statement, which was issued August 22, last, At that time it was stated the bank owed the clearing house close to $1,000,000 When the finan~ stal disturbance came and the clearing house decided to issue clearing house oerifficates, rumors regarding the Commerce's tondition increaked until within the past lew days numerous conferences of other national banking officials here were held and means of keeping the bank open were discussed. Slow in Making Statement. Yesterday much surprise was expressed when the request of the comptroller for a statement of condition of banks was not responded to by the National Bank of Comnerce. Other local banks published their statements, showing a healthy condition. put the officials of the Commerce ansounced that its statement would not be forthcoming until this morning. This orested further distrust in the bank's condition and after conferences lasting into the early sours this morning. the clearing house officials decided they could not aid the alling bank. When the statement of the National Bank of Commerce appeared in the morning pabers, it showed that since the statement of August 22, last, the deposits had been reluced from close to $35,000,000 to $16,942,694 The statement showed, also, that the item of loans and discounts had been statement issued this 16,000,000. The early cut down morning follows: Resources.

9. December 6, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 6, 1907

Click image to open full size in new tab

Article Text

CLOSING OF BANK'S DOORS CAUSES NO DISTURBANCE By Associated Press. KANSAS CITY, Dec. 5.-The National Pank of Commerce of Kansas City, Mo., one of the largest in the west, with deposits of $16,000,000, closed its doors this morning and was taken in charge by a national bank examiner upon an order of the comptroller of the currency. Later two small outlying banks in which the Commerce was interested, the Stock Yards Bank of Commerce, and the Union Avenue Bank of Commerce, also closed. The failure of these banks had been expected for several days and but little excitement followed the news of the failure. The failure is laid to the withdrawals of outside banks within the past two months of $18,000,000 of deposit. They ex. pect to reopen soon and say depositors will be protected in full. Other local banks were not seriously affected up to noon and at several banks heavy deposits were made. .The State bank of Argentine, Kas, suburb, with small deposits, closed its doors early this afternoon following a run. The stock in this bank was owned principally by the National Bank of Commerce of Kansas City, Mo.

10. December 7, 1907 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, December 7, 1907

Click image to open full size in new tab

Article Text

NO MORE RUNS On Kansas City Banks Evident and Onlsis is Over. |By Associated Press.] KANSAS CITY. Mo., Dec. 6-There WILS no evidence this morning of a run on any of the local banks. It is believed the orisis resulting from the Inilure of the National Bank of Commerde is over.

11. December 7, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 7, 1907

Click image to open full size in new tab

Article Text

NO FLURRY IN KANSAS CITY AS RESULT OF FAILURES By Associated Press. KANSAS CITY, Mo., Dec. 6.-There was no evidence of a run on any of the local banks in the early hours today. Bank officers generally gave it as their opinion that the crisis resulting from the failure yesterday of the National Bank of Commerce is over and normal conditions will soon result. Many depositors of the Commerce bank were assured by the declarations of officials of that institution that it would not only pay depositors in full, but that stockholders also would lose nothing.

12. December 7, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 7, 1907

Click image to open full size in new tab

Article Text

HE HOPES TO RESUME, Dr. Woods Believes He Can Reopen the Bank of Commerce. Kansas City, Mo., Dec. 7.-Dr. W. S. Woods, the president of the National Bank of Commerce that closed its doors Wednesday owing its depositors close to 17 millions of dollars, asserts that the bank may resume business within a short time. Dr Woods, early today, after a meeting of directors of the bank that lasted late into the night, said: "It is the sentiment of the board of directors that the bank resume business and indeed I do not see much that's in the way of resumption. We can meet all the federal requirements without any trouble. We will be able to show that our capital is unimpaired and that we can easily meet all obligations. "We closed with practically 30 cents on the dollar cash and exchange on hands, five cents more on the dollar than the national banking laws require. We are paying out nothing now and the receiver will collect very fast. It is reasonable to conclude that it won't be a great while before he has collected 20 per cent more, giving us 50 cents on the dollar. That would be a good cash reserve, plenty strong enough to open with." Dr. Woods insists that the $1,639,734.57 surplus and undivided profits of the bank will pay several times over what bad paper the institution may have.

13. December 8, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 8, 1907

Click image to open full size in new tab

Article Text

DR. WOODS HOPES TO REOPEN President of National Bank of Commerce Hopes to Be Able to Resume Business. KANSAS CITY, Dec. 7.-Dr. W. S. Woods, the president of the National Bank of Commerce, that closed its doors Wednesday owing Its depositors close to $17,000,000, asserts that the bank may resume business within & short time. Dr. Woods early today, after a meeting of directors of the bank that lasted late into the night, said: "It is the sentiment of the board of directors that the bank resume business. And Indeed I do not see much that is in the way of resuming. We can meet all the federal requirements without any trouble. We will be able to show that our capital is unimparted and that we can easily meet all obligations. "We closed with practically 30 cents on the dolar cash and exchange on hands, 5 cepts more on the dollar than the national banking laws require. We are paying out nothing now and the receiver will collect very fast. It is reasonable to conclude that it won't be a great while before he has collected 20 per cent more, giving us 50 cents on the dollar. That would be a good cash reserve, plenty strong enough to open with." Dr. Woods insists that the $1,639,724.57 surplus and undivided profits of the bank will pay several times over what bad paper the institution may have.

14. December 12, 1907 The Greenville Journal Greenville, OH
Article from The Greenville Journal, December 12, 1907

Click image to open full size in new tab

Article Text

KANSAS CITY BANK CLOSES. Second Financial Institution in That City Is in Distress. Kansas City, Mo.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension Thursday morning, after a steady run of six weeks, during which the bank had paid off $10,000,000 of its deposits, reduced its loans $3,500,000, cut down its cash resources $11,750,000 and sold $2,000,000 of high-grade bonds in an effort to meet demands upon it. The comptroller of the currency appointed James T. Bradley, national bank examiner, as temporary receiver of the bank, and he at once took charge. He has issued no statement as to the bank's condition, nor have the officers of the bank. The directors of the bank made a statement to the public saying that the bank could not stand "slanderous statements made against it," and saying they do not believe it possible for a depositor to lose a dollar.

15. December 12, 1907 Cameron County Press Emporium, PA
Article from Cameron County Press, December 12, 1907

Click image to open full size in new tab

Article Text

STEADY RUN LED TO FAILURE. The National Bank of Commerce, of Kansas City, Suspends Payment. Kansas City, Mo. - The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension instead of opening Thursday after a steady run of six weeks, during which the bank had paid off $19,000,000 of its deposits, reduced its loans $3,500,000, cut down its cash resources $11,750,000 and sold $2,000,000 of high grade bonds in an effort to meet the demands upon it. The comptroller of the currency appointed James T. Bradley, national bank examiner, as temporary receiver of the bank and he at once took charge. The directors of the bank made a statement to the public saying that the bank could not stand "slanderous statements made against it" and saying they do not believe it possible for a depositor to lose a dollar. Of approximately $17,000,000 in deposits tied up in the suspension about $12,000,000 belongs to out of town banks and $5,000,000 to Kansas City people. The failure of the National Bank of Commerce was followed by the closing of three small affiliated banks, one in Argentine, Kan., and two in this city.

16. December 16, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 16, 1907

Click image to open full size in new tab

Article Text

BANK TO RESUME. Union Avenue Bank of Commerce of Kansas City All Right. Kansas City, Dec. 15.-The Union Avenue Bank of Commerce which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business tomorrow morning. All the small banks carried down by the national bank's failure have now been rehabilitated. Four Government bank examiners are now working on the books of the National Bank of Commerce.

17. December 18, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, December 18, 1907

Click image to open full size in new tab

Article Text

BRIEF BITS OF NEWS. The Chilean congress has reduced the import tax on all kinds of sugar by 50 per cent. Lord Kelvin, the famous English scientist, who has been dangerously ill for some time, is sinking. The king and queen of Norway, who have been on a visit to England, have left London for Copenhagen. Captain Sidney O. Neff, one of the best known captains on Lake Michigan, is dead at Milwaukee. Colonel William Clooks, the best known railroad man in the Pacific Northwest, is dead at Portland, Ore. President A. B. Stickney of the Chicago Great Western railway denies the report that he has any intention of retiring from his office. Lieutenant Clarence A. Stott of the Twelfth cavalry, serving with his troop in South Dakota in connection with the Indian troubles, is dead. George T. Cutts, national bank examiner of New York, has been appointed permanent receiver of the failed National Bank of Commerce of Kansas City. The Army Canteen association has just formed in New York for the purpose of working for the re-establishment of the canteen at army posts. The association will be incorporated and will use its efforts to induce congress to repeal the law forbidding the sale of beer and light wines at army posts.

18. December 19, 1907 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 19, 1907

Click image to open full size in new tab

Article Text

A STARTLING CHARGE IS MADE A Most Interesting Statement by One of the Oldest Papers of Missouri, Published at the Old Home of . President Woods, of the Kansas City National Bank of Commerce, Regarding Failure of the Big Institution-Did Diabolical Plan Bring About the Ruin? PERHAPS NOTHING PUBLISHED ON THE FAILURE OF THE BIG KANSAS CITY BANK IN THIS PART OF THE COUNTRY HAS GIVEN AS MUCH "INSIDE" LIGHT ON THE MATTER AS THE FOLLOWING STATEMENT FROM THE PARIS, MO., MERCURY, PARIS BEING ONE OF THE STAID OLD TOWNS NOT FAR FROM KANSAS CITY. PRESIDENT WOODS OF THE DEFUNCT BANK, FOR A LONG TIME RESIDED IN PARIS. THE MERCURY IS ONE OF THE OLDEST PAPERS IN AMERICA, HAVING BEEN PUBLISHED CONTINUOUSLY FOR 70 YEARS.

19. December 19, 1907 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 19, 1907

Click image to open full size in new tab

Article Text

A STARTLING CHARGE IS MADE A Most Interesting Statement by One of the Oldest Papers of Missouri, Published at the Old Home of President Woods, of the Kansas City National Bank of Commerce, Regarding Failure of the Big Institution-Did Diabolical Plan Bring About the Ruin? PERHAPS NOTHING PUBLISHED ON THE FAILURE OF THE BIG KANSAS CITY BANK IN THIS PART OF THE COUNTRY HAS GIVEN AS MUCH "INSIDE" LIGHT ON THE MATTER AS THE FOLLOWING STATEMENT FROM THE PARIS, MO., MERCURY, PARIS BEING ONE OF THE STAID OLD TOWNS NOT FAR FROM KANSAS CITY. PRESIDENT WOODS OF THE DEFUNCT BANK, FOR A LONG TIME RESIDED IN PARIS. THE MERCURY IS ONE OF THE OLDEST PAPERS IN AMERICA, HAVING BEEN PUBLISHED CONTINUOUSLY FOR 70 YEARS.

20. December 21, 1907 The Parma Herald Parma, ID
Article from The Parma Herald, December 21, 1907

Click image to open full size in new tab

Article Text

RESUME OF THE WEEK'S DOINGS General Review of Important Happenings Presented in a Brief and Comprehensive Manner for Busy Roadere-National, Political, Historical and Commercial. A Montana forest ranger has been killed for a deer. French troops have repulsed an attack of tribesmen near Ain Sfa, Algeria. The Japanese ambassador to France denies that his country is after another foreign loan. Carnegie would base the issue of paper money on the gold reserve instead of government bonds. The Northern Pacific railroad will reduce grain rates from Montana points to St. Paul and Minneapotis. Findlay, Ohio, was badly shaken by the explosion of a glycerine factory Much property damage was sustained. Hill told the Interstate Commerce commission that it means a loss of #80 V a car to keep the old lumber rate in effect. Secretary Taft is havinga rough passy age across the Atlantic and his vessel fi will be a day or two late in reaching e New York. t to Goldfield mineowners have asked the t government to diesolve the Western a Federation of Miners and prosecute it as treascnable. to $ Liquor men propose to fight river and e1 harbor appropriations by congress for te dry states. They say twe-thirds of the national revenue is derived from the el liquor business. tu of England has just been visited by a severe storm. p fa The Colorado State bank, of Durango, la has suspended. 20 ta The revolationary agitation is growing in Portugal. U th The Xaqui Indians are again on the ve warpath in Mexico. ed The National Bank of Commerce, of ly Kansas City, will reopen. a go Japan and Russia have combined to freese China out of Manchuria. The bridal gifts of Marshall Field's daug or were stolen in England. C The peace conference of the Central American republics has been concluded. Scotchmen in London are again pe adopting the kilt as a regular wearing Go apparal. W The East has just exeprienced a great th storm. Heavy snow fell and many the wires are down. ga the Premiums are being offered for the me new gold pieces without the motto "In OV God We Trust." elo A petition to allow women to vote ma on municipal affairs in Paris was greetbe ed with laughter by the council. no General Funston finds the Goldfield tee situation serious. of : Commissioner of Indian Affairs OW Leupp says Indians are losing millions any yearly in timber lands. be has A house-to-house canvass at Mononfee gab, W. Va., shows 18 still missing as qui a result of the mine disaster. che Mo Plans are complete for re-organizing E. the Merchants' National bank at Port. land and it is expected to open soon. 8 District Attorney Langdon, of San ept Francisco. also admits that the evidence mil of Ruef will be required to convict Calhoun. ma Oil gus The American Can company has conpet trol of the Pacific coast, having absorbued ed the United Can company, of San a di Francisco. me Thi

21. January 21, 1908 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, January 21, 1908

Click image to open full size in new tab

Article Text

MAY REORGANIZE BANK. KANSAS CITY, Mo., Jan, 21.-The receiver of the National Bank of Commerce believes that when he and the stockholders' committee meet again, probably on Thursday, it may be decided to reopen the bank.

22. February 21, 1908 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, February 21, 1908

Click image to open full size in new tab

Article Text

TOT the new ponce or w federal troops at Goldfield. Indictments alleging against perjury former were returned in New York of New Jerrey, Foster and Frank H. governor Voorhees, Combes, into the fol- M. lowing a grand jury inquiry acts of two men while they were the Bankers' Life on what was It was good stated authority to be that W. B. officials company. these of Insurance believed Ridge- has ly, of the currency, to the of decided comptroller accept presidency of the reorganized National Bank Commerce of Kansas City, Mo., which suspended payment during the late financial stringency. Mrs. Martha Anderson was found dead, lying on a cot in her room in Janesville, Wis., with her throat cut from ear to ear. Investigations by the police indicate she was murdered. George H. Norman, who as an offlcer on the gunboat Gloucester during the Spanish-American war took Admiral Cervera of the Spanish fleet off the burning flagship Infanta Maria Teresa, died in Brookline, Mass. former of territory and of the National at of aged 88 Yankton Newton Dakota Yankton Edmunds, paralysis, bank, president governor years. died The 11 laundries in Cincinnati under indictment for organizing a combine to raise prices pleaded guilty and each was fined $50 and costs. The trust also agreed to dissolve. Violation of the postal laws by carrying first-class mail matter was charged against the American Express company in a suit filed in the United States district court at Cincinnati by District Attorney McPherson. Clyde Gant of Belleville, Ill., was convicted of the murder of Henry Dickerman and sentenced to 14 years in the penitentiary. That the fight of the administration against the Standard Oil company was the "only a bluff" was asserted in house of representatives by Mr. Rainey of Illinois, who spoke at length on his bill placing on the free list petroleum, crude or refined, or its products. John E. Venson set a new American record by jumping 116 feet on skis at the Duluth tournament. Sir James Knowles, founder and proprietor of the Nineteenth Century, died in London. The Mississippi senate passed the house statutory prohibition bill. It is announced that there is a prospect of Raisuli, the Moroccan bandit, don. appearing on the variety stage in LonThe Chicago, Cincinnati & Louisville Railroad company was put in the hands of a receiver. Mrs. Clara C. Hoffman, president of the Missouri W. C. T. U., died at Kansas City after a long illness, aged 55 years. Charles Peccorino, said to be the leader of a Black Hand society which caused the murder of a wealthy Italian at Lake Charles, La., was arrested at Hastings, Col. The British steamer Roda, Capt. Burdis, from Huelva for New York with a cargo of iron ore, went ashore during a thick fog abreast of the Jones life-saving station, just below Amityville, Long Island. Capt. E. B. Underwood has been chosen for the command of the cruiser Colorado, vice Capt. Sidney Stanton, of who will be appointed a member the general board of the navy. One boy was stabbed to death and three wounded during a fight among inmates of the correctional institution in Randalls Island, New York. After an exciting debate lasting six hours which developed into a riot on floor of the Japanese house of was representatives, the the financial budget passed by a majority of 102. Col. Andrew Wendell, a member of squad of soldiers which captured Abrathe Wilkes Booth, the assassin of J. Lincoln, and who was present his ham when Booth was shot, died at home in Chicago. Arthur Sullivan, a pioneer of Mont., southern Montana, died at Dillon, aged 90. The Michigan Republican state cen- the committee fixed May 12 as place tral and Grand Rapids as the deledate state convention to elect Repubfor gates-at the large to the national lican convention. H. Cline, a prominent killed lumber by A. shot and instantly of man, Luke was Banner, a wealthy merchant Elk Park, N. C. W. H. Wallace of Kansas SunJudge who has been enforcing the himCity, observance law, announced Democratic day candidate for the Missouri. self as a for governor of in nomination six automobiles contesting started the The New York-to-Paris race Forty-second from Times square, New York, street and Broadway, thou cheered her

23. March 19, 1908 Custer County Republican Broken Bow, NE
Article from Custer County Republican, March 19, 1908

Click image to open full size in new tab

Article Text

# ENDORSED FOR COMPTROLLER. A Broken Bow Citizen in Line for Promotion and His Chances are Very Flattering. Ed. Royse, Secretary of the State Banking Board, is being liberally endorsed by the bankers of Nebraska for Comptroller of the Currency. The move was inagurated at a special meeting of the members of the board of associated banks of Lincoln Tuesday night of last week by endorsing Mr. Royse for the position, in case there should be a vacancy. On Thursday following, the bankers of the Omaha Clearing House association gave him a unanimous endorsement for the position. Since then Mr. Royse has received the unsolicted promise of scores of endorsements from prominent bankers and others over the state, as well as the united support of our state delegation in Congress. This spontaneous endorsement of Mr. Royse for this high position is gratifying not only to him but to his many friends in Broken Bow where Mr. Royse still claims his residence and to where he makes his annual visit to cast his ballot at the general election. In commemting on the endorsement, by the bankers of Lincoln the Lincoln Daily Star Says: "The splendid record of the state during the recent financial storm, during which not a single failure was reported and in which all the banks appeared to be in excellent shape, is credited in a measure to Secretary Royse, and his excellent work with the banking board in previous years is taken by the associated banks as sufficient basis for the unanimous endorsement accorded him. "The action of the board follows upon the current rumors in regard to the resignation of Comptroller Ridgely. As receiver for the National Bank of Commerce, of Kansas City, it is said that Mr. Ridgely was offered the presidency of the reorganized institution. This would be an important private position and would lend much prestige to the reorganized bank. No definate indication of Mr. Ridgely's intentions has been reported, but the Lincoln bankers proposed to provide for any contingency."

24. April 3, 1908 The Coalville Times Coalville, UT
Article from The Coalville Times, April 3, 1908

Click image to open full size in new tab

Article Text

Kansas City Bank Will Reopen. Kansas City.-All the requirements laid down by the comptroller of the currency for the reopening of the National Bank of Commerce, of this city, were complied with when Receiver George T. Cutts on Thursday received $2,870,000 in cash from a syndicate which took over all the slow paper of the bank and all the assets termed "bad" by the government officials. The bank will open on Monday with 47 per cent of its deposits in its vaults and with Comptroller Ridgely as its president.

25. May 14, 1912 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, May 14, 1912

Click image to open full size in new tab

Article Text

# LEGAL. No. 17,828. No. 18,053. The Holden Land and Live Stock Company, and Howard M. Holden, Appellants, vs. The Inter-State Trading Company, The National Bank of Commerce, of Kansas City, Missouri, and George T. Cutts, Receiver of said Bank, Appellees. The Holden Land and Live Stock Company, and Howard M. Holden, Appellees, VS. The Inter-State Trading Company, The Nauonal Bank of Commerce, of Kansas City, Missouri, and George T. Cutts, Receiver of said Bank, Appellants. Appeal from Shawnee County. (First Division.) MODIFIED. Syllabus. By the Court. Mason, J. 1. An agreement by a mortgagor that he will forfeit all interest in the mortgaged property, if he fails to pay the debt secured by a fixed time, will not be enforced, although made after the execution of the mortgage. 2. Where by the agreement of the mortgagor and mortgagee the note secured, and a deed for the mortgaged property from the mortgagor to the mortgagee, are deposited in escrow, both to be delivered to the mortgagor if he pays his debt by a certain date, otherwise the note to be delivered to him and the deed to the mortgagee, the delivery of the deed in accordance with the agreement does not devest the mortgagor's title. 3. If such a deed is regarded as taking effect at the time of its deposit in escrow, the continued existence of the indebtedness thereafter characterizes it as a mortgage. If it is regarded as taking effect at the end of the designated period it is invalid as an absolute conveyance of title because it is an attempt to procure in advance a release of the equity of redemption. 4. When a deed has been given under such circumstances that it amounts to a mortgage, the fact that the grantor accepts and signs a lease of the property from the grantee does not preclude him from asserting his right to redeem. 5. Where a party asks a court to declare a deed to be in effect a mortgage, he may be required, as a condition to receiving such equitable relief, to forego the advantage of any statutory penalties for the exaction of usury, and submit to a charge of the principal of the debt and legal interest. All the Justices concurring. A true copy Attest: D. A. VALENTINE. [Seal.] Clerk Supreme Court