9152. Union Avenue Bank of Commerce (Kansas City, MO)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
state
Start Date
December 5, 1907
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
59de47433fcd0b12

Response Measures

None

Description

Union Avenue Bank of Commerce was a small outlying branch/affiliate of the National Bank of Commerce that closed when the parent suspended on Dec 5, 1907. It subsequently reopened mid-December 1907. The closure was caused by the parent bank's suspension/withdrawals by outside banks rather than an independent run on this branch.

Events (2)

1. December 5, 1907 Suspension
Cause
Correspondent
Cause Details
Closed because the National Bank of Commerce (its parent/correspondent) suspended after heavy withdrawals by outside banks; the branch closed as a consequence of the parent bank's failure.
Newspaper Excerpt
Later two small outlying banks in which the Commerce was interested, the Stockyards Bank of Commerce, and the Union Avenue Bank of Commerce, also closed.
Source
newspapers
2. December 17, 1907 Reopening
Newspaper Excerpt
The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, has reopened for business. All the small banks carried down by the failure of the National Bank of Commerce have been rehabilitated.
Source
newspapers

Newspaper Articles (21)

Article from Lewiston Evening Teller, December 5, 1907

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a K a KANSAS CITY i a I BANK CLOSES FAILED TO WEATHER FINANCIAL STORM AND IS IN HANDS OF NATIONAL BANK EXAMINER BY ORDER OF CONTROL KANSAS CITY, Dec. 5.-The National Bank of Commerce of Kansas City failed to open its doors this morning. The bank is one of the oldest and largest in the city. The following notice is posted on the doors: "This bank is closed by order of the board of directors and is in the hands of James T. Bradley, national bank examiner, by order of the controller of the currency." The bank's directors and stockholders include some of the most prominent men of the city. The bank holds the deposits of numerous small banks in this part of the Southwest. What effect the failure will have on them is problematic. The other banks issued their statements showing a healthy condition. The Bank of Commerce has been in a weakened condition since the last statement was issued. August 22. The bank was interested in many local enterprises. Its individual depositors are among the largest of any bank in the city. William A. Rule. cashier of the bank, made the following statement to Dr. S. Woods, the president: . "The directors of the National Bank of Commerce thought it best at least to close temporarily. We made the fight of our lives, but the conditions were against us. The depositors will not lose a cent." The statement shows liabilities and resources of upwards of $25,000,000. President Downing of the clearing house said the failure was due to lack of conservatism. None of the other banks have asked aid from the clearing house and he considers them perfectly sound. Two small branches of the National Bank of Commerce, one located at the Union stockyards and the other in the wholesale district on the West bottoms, have also closed their doors. They were the Stockyards Bank of Commerce, with deposits of $300,000, and the Union Avenue Bank of Commerce, with -small deposits. The failure of the banks did not cause any run on other banks, and deposits Were made as usual, A new home for the bank is being erected at a cost of $1,500,000 and is nearing completion. The bank was to have moved in a few months, and recently let a contract, for expensive furnishings.


Article from Rock Island Argus, December 5, 1907

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me National Bank or omneice appeared in the morning papers it showed since the statement of Aug. 22 last deposits had been reduced from close to $35,000,000 to $16,953,000. The statement showed also the item of loans and discounts had been cut down $4,000,000. Leading Men Interested. The principal officers of the National S. Bank of Commerce are: Dr. W. Woods, president; W. H. Winants, vice president, and William A. Rule, cashier, Its directors and stockholders include some of the most prominent men in the city. Woods is also president of the Commerce Trust company of Kansas City which nas a capital of $1.000,000 and deposits of $1,396,000. Since its last statement the deposits of the trust company have increased nearly $200,000, and that institution is believed to be in a sound condition. Others Not Affected. James F. Downing, head of the local clearing house association, expressed the belief the failure of the Commerce would not involve deeply any other Kansas City institution, and that the other local banks would be able to weather the storm, The Commerce held the deposits of numerous small banks in this part of the southwest. What effect this failure will have upon them is problematic Outside Banks Cause Trouble. There has been no run by local depositors, but many outside banks caused trouble by withdrawing their funds on deposit with the Commerce. The Commerce was a United States depository and was interested in many local enterprises. Its individual depositors were among the largest of any bank in the city. Its statement printed this morning showing a heavy falling off in deposits drew a big crowd of depositors to the bank early, evidently intent upon drawing their money. More or less excitement followed the news that the bank had Deen closed, and the crowd gradually grew in size until it stopped traffic. Cashier Makes Statement. William A. Rule, cashier of the bank, made the following statement this morning in the presence of President Woods and two directors: Name National Bank-ofCommerce thought it best to at least close temporarily We made the fight of our lives, but conditions were against us. Depositors will not lose a cent." Woods acquiesced in what the cash ier said, Statement as Published. The statement issued today follows: I Resources - Loans and discounts $12,899,000; real estate, $689,000; 5 per cent redemption fund, $50,000; cash, sight exchange, United States bonds, and other high grade bonds, $10,630, 000. Total, $24,277,000. D Liabilities-Capital stock. $1,000,000; surplus and undivided profits, $1,640, 000; circulation account, $1,000,000; d due depositors, $16,943,000; clearing house certificates, $3,694,000. Total $24,277,000. Two Branches Shut Doors. Two small branches of the National rBank of Commerce also closed their to doors this morning. They were the al Stock Yards Bank of Commerce, det. posits of $300,000, and the Union Avenue Bank of Commerce, with small n deposits. There was no especial exat citement around these institutions The failure of the banks failed to cause y a run on any of the other banks and on at most of the other institutions de SS posits were made as usual. Another Small One Caught. Kansas City, Mo., Dec. 5.-The State d Bank of Argentine, a Kansas City su eburb. with small deposits, closed its ordoors early this afternoon following run. The stock of the bank was to at owned principally by the Nationa Bank of Commerce of Kansas City. erChicago Banks Debtors. reChicago, Ill., Dec. 5.-President For ial gan, chairman of the Chicago clearing house committee, said the failure o es, re the no would Kansas have City effect Bank upon of Commerce Chicago banks for the reason Chicago bank: with which it has accounts are al 1ddebtors to the Kansas City institution nd th Has Deposits in New York. at New York, Dec. 5.-The New Yor am correspondent of the National Bank o beCommerce of Kansas City is the Firs National bank. An official of that in lly uld stitution said today the Kansas Cit bank had a large credit balance wit Ily the First National. The stock marke in was affected by news of the failure but not to a serious extent. as lue Does Not Change Rate. ayLondon, Dec. 5.-The rate of discour of of the Bank of England remained un of changed today at 7 per cent. New England Factories Reopen. Boston, Dec. 5.-Signs of recover the from the business depression whic en started several weeks ago are bein unin of New England b


Article from Deseret Evening News, December 5, 1907

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National Bank of Commerce Closed by Order of the Board of Directors. LIABILITIES $24,276,429.26. Since Last Statement in August Institution's Deposits Had Been Reduced Half. President of Clearing House Says Other Banks Will Not be AffectedReopening is Doubtful. Kansas City, Dec. 5.-The National Bank of Commerce of Kansas City, one of the largest in the west, Mo., 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 currency. Later two small outlying banks in which the Commerce was interested, the Stockyards Bank of Commerce and the Union Avenue Bank of Commerce, also closed. The failure of these banks had been predicted for several days and but little excitement followed the announcement of the news. although crowds of depositors gathered about the doors of these institutions. The officials of the Commerce, which is affiliated with many banks here and in other parts of the southwest, express the opinion that none of them will be seriously affected. The failure is laid to the withdrawals of outside banks within the past two months of $18,000,000 of deposits. They expect 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 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 so, we are compelled to close the doors of the National Bank ef-Commerce, but we have not been able to collect money from our borrowers as fast as the same was demanded by our depositors, caused by unjust and unfounded rumore vigorously circulated. "During this panic we have reduced our deposits from $35,500,000 to about $16,500,000. thus paying out over the counter and by transfer to other banks in this city and other cities about $18,000,000 of deposits. This, of itBALL. tells of our resources. We have made the fight of our lives, but could not stand the tide against us. We hope be able to open up the bank in the tear future for business. We don't believe it possible for a depositor to lose a bilar. We beg your indulgence and Orbearance until out affairs can be aranged to the satisfaction of all. We appreciate sensibly the confidence our tumerous customers, large and small, have placed in us. We hope to show the end that we have been true to this trust." The following notice was posted on the door of the bank at 8:30 this morn213 "This bank has been closed by order of the board of directors. It is in the hands of James T. Bradley, national bank examiner, by order of the comptroller of currency. The bank had been in a weakened mndition since its last statement, which 135 issued Aug. 22 last. At that time was stated the bank owed the clearng house close to a million dollars. When the financial disturbance came Rd the clearing house decided to isme clearing house certificates, rumors regarding the Commerce's condition increased until within the past few days numerous conferences of other national banking officials here were held and means of keeping the bank open were discussed. Yesterday much surprise was expressed when the request of the comptroller for a statement of condition of banks was not responded to promptly the National Bank of Commerce Other local banks issued their statement showing a healthful condition, out the officials of the National Bank Commerce announced that its statement would not be forthcoming This treated further distrust in the bank's condition and after conferences lasting into the early hours this morning the fould Nearing house officials decided they not aid the bank The statement of the National Bank Commerce which appeared in the morning papers, showed that since the statement of Aug 22 last, the deposits had been reduced from close $35,000,000 to $16,942,694 The statement of showed also that the item loans and discounts had been out sued down $4,000,000 The statement isthis morning follows:


Article from The Montgomery Advertiser, December 6, 1907

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BIG BANK FAILURE NATIONAL BANK OF COMMERCE OF KANSAS CITY SUSPENDS. This Was One Of The Largest Financial Institutions In The West And Had Sixteen Millions On Deposit. Kansas. City, Mo., Dec. 5.-The National Bank of Commerce, of Kansas City, Mo., one of the largest in the West, with deposits of $16,000,000, closed its doors today 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 Bank of 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 predicted for several days and but little excitement followed the announcement of the news. although crowds of depositors gathered about the d'oors of these institutions. The officials of the Commerce, which is affiliated with many banks here and in other parts of the Southwest, express the belief that none of them will be seriously affected.


Article from Los Angeles Herald, December 6, 1907

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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.


Article from Deseret Evening News, December 6, 1907

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cleared the atmosphere and marked the first real step toward a restoration of confidence. DEPOSITORS SAFE. Many depositors of the Commerce were reassured by the declarations of officials of that institution that it would not only pay depositors in full, but that stockholders also would Inse nothing. James T. Bradley, appointed receiver yesterday by the comptroller of currency, had no statement to make this morning. Mr. Bradley was receiver and wound up the Iffairs of the First National Bank of Topeka, Kan., which failed as a result of the collapse of the enterprises of the late C. J. Devlin in 1905. His success in managing the affairs of that bank has inspired many of the larger depositors of the Commerce with the hope that he will be able to realize the claims of the Commerce's officials and pay out in full. The failure of the National Bank of Commerce had no apparent effect upon the Commerce Trust company, whose president, Dr. W. S. Woods, was also president of the bank. Many depositors of the National Bank of Commerce have opened accounts in the trust company, as well as with other local banks. W. F. Kempeer, vice president of the Comemree Trust company, said that they had already received close to $300,000 of new deposits from that source. ARGENTINE BANK RESUMES. One of the three small banks in the suburbs of Kansas City: affiliated with the National Bank of Commerce that closed late yesterday, the First State Bank of Argentine, Kan., re-opened for business this morning. The bank has deposits of $250,000 and W. Middlekauff, its cashier, says it is in a perfectly sound condition. "We closed the doors yesterday temporarily only so we might post our books," said he, "We did not have time to do this yesterday during banking hours with our limited force, and this was the only reason for our closing. We are receiving deposits and doing business as usual this morsing." J. Royce, state bank examiner of Kansas, who came to Kansas City last night, said: "The First State Bank of Argentine is one of the strongest banks in the state. There was no necessity of the bank closing its doors." The First State Bank of Argentine should not be confused with the Argentine State bank. The Argentine State bank did not close its doors and was conducting its business this morning in the usual manner with no indications of a run. John Swanger, secretary of the State of Missauri, and State Bank Examiner Cook arrived today and took charge of the Stock Yards Bank of Commerce and the Union Avenue Bank of Commerce, the two other small concerns that closed yesterday. An effort will be made to re-open these banks at once.


Article from Santa Fe New Mexican, December 10, 1907

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SUSPENDED BANK RESUMES BUSINESS Subsidiary of National Bank of Commerce of Kansas City Re-OpensPlenty of Assets. Kansas City, Dec. 10.-The Stock Yards Bank of Commerce a small institution that closed when its parent bank, the National Bank of Commerce failed last Wednesday, resumed business this morning with $80,000 in cash and sight exchange on hand against $120,000 of deposits. The Union Avenue Bank of Commerce, another branch of the National Bank of Commerce is in course of re-organization.


Article from The Spanish Fork Press, December 12, 1907

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KANSAS CITY BAN FORCED TO CLOS One of Largest Institutions in W Unable to Stem the Tide of Adverse Circumstances. Suspensnon Due. to the Fact That curities Could Not be Disposed 0 But Depositors Will Not Lose a Cent by Failure. Kansas City.-The National Ba of Commerce of Kansas City, M one of the largest in the west, WE deposits of $16,000,000, closed doors Thursday morning and taken in charge by a national ba examiner upon an order of the con troller of the currency. Later the small outlying banks in which the Commerce was interested, the Stock yards Bank of Commerce and Union Avenue Bank of Commer also closed. The failure of these banks has be predicted for several days and bi. little excitement followed the 8. nou: cement of the news, althou crowds of depositors gathered abo the doors of these institutions. T officials of the Commerce, which affiliated with many banks here a in other parts of the southwest, e press the opinion that none of the will be seriously affected. The fa ure is laid to the withdrawal of ou side banks within the past tw months of $18,000,000 of deposit They expect to reopen soon and sa depositors will be protected in ful


Article from Gilpin Observer, December 12, 1907

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Kansas City Bank Failure. Kansas City.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension instead 01 opening Thursday morning, 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. Later three small outlying banks in which the Commerce was interested, the Stock Yards Bank of Commerce, the Union Avenue Bank of Commerce and the State Bank of Argentine, also closed. The failure of these banks had been predicted for several days and but little excitement followed the announcement.


Article from The Coalville Times, December 13, 1907

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KANSAS CITY BANK FORCED TO CLOSE One of Largest Institutions in West Unable to Stem the Tide of Adverse Circumstances. Suspensnon Due to the Fact That Socurities Could Not be Disposed of, But Depositors Will Not Lose a Cent by Failure. Kansas City-The National Bank of Commerce of Kansas City, Mo., one of the largest in the west, with deposits of $16,000,000, closed its doors Thursday morning and was 'aken in charge by a national bank examiner upon an order of the comp troller of the currency. Later twc 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 has been predicted for several days and but little excitement followed the an nouncement of the news, although crowds of depositors gathered about the doors of these institutions. The officials of the Commerce, which It affiliated with many banks here and in other parts of the southwest, ex press the opinion that none of them will be seriously affected. The fail ure is laid to the withdrawal of out side banks within the past twc months of $18,000,000 of deposits They expect to reopen soon and say depositors will be protected in full


Article from The Glenwood Post, December 14, 1907

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Kansas City Bank Failure. Kansas City.-The National Bank of Commerce, the second financial institution in importance in Kansas City, announced its suspension instead 01 opening Thursday morning, 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. Later three small outlying banks in which the Commerce was interested, the Stock Yards Bank of Commerce, the Union Avenue Bank of Commerce and the State Bank of Argentine, also closed. The failure of these banks had been predicted for several days and but little excitement followed the announcement.


Article from The Topeka State Journal, December 16, 1907

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LAST BANK OPENS. All Those Carried Down by the Commerce, Now Doing Business. Kansas City, Dec. 16.-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, reopened for business this morning. All the small banks carried down by the National bank's failure have now been rehabilitated. Four government bank examiners are working on the books of the National Bank of Commerce, and upon their report will depend whether the bank shall be reopened or liquidated. George E. Cutts of New York, one of the examiners, will probably take charge of the bank as receiver in a few days succeeding James T. Bradley of Kansas. Checks on the suspended bank are accepted at par by many business houses and the financial situation has been mitigated thereby.


Article from The Times Dispatch, December 16, 1907

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BANK TO REOPEN Closed by Failure of Bank of Commeree. It Will Reopen To-Day. KANSAS CITY. MO.. December 15.The Uniรณn Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, will reopen for business to-morrow. All the banks carried down by the National Bank of Commerce's fallure have been rehabilitated. Four government bank examiners are working on the books of the National Bank of Commerce, and upon their re. port will depend whether the bank shall be reopened or liquidated. Checks on the suspended bank are accepted at par by many business houses.


Article from The White Pine News, December 17, 1907

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APPEARS TO BE SOUND. National Bank of Commerce of Kansas City Will Probably Reopen. KANSAS CITY, Dec. 16.-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 been rehabilitated. Four government bank examiners are working on the books of the National Bank of Commerce, and upon their report will depend whether the bank shall be reopened or liquidated. George F. Cutts of New York, one of the examiners, succeeded James T. Bradley of Kansas City. Checks on the suspended bank are accepted at par by many business houses, and the financial situation has been mitigated thereby.


Article from The Western News, December 18, 1907

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Kansas City Bank Reopens. Kansas City, Mo., Dec. 17.-The Union Avenue Bank of Commerce, which was obliged to close by the suspension of the National Bank of Commerce, has reopened for business. All the small banks carried down by the failure of the National Bank of Commerce have been rehabilitated.


Article from Morgan County Republican, December 19, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.


Article from Wood County Reporter, December 19, 1907

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THREE BANKS TO REOPEN. Small Missouri and Kansas Institutions Will Resume Business. Three additional small banks in Missouri and Kansas which suspended following the close of the National Bank of Commerce of Kansas City are to reopen. They are the Union Avenue Bank of Commerce of Kansas City, a branch of the Commerce; the private bank of D. A. Becker at Stotesbury, Mo., deposits about $20,000, and the State Bank of Admire, at Admire, Kan., with deposits of $100,000. The Union Avenue Bank had $120,000 on deposit in the National Bank of Commerce when it closed. The stockholders and patrons are to take up this amount. With the reopening of these three banks all of the small institutions in that part of the country affected by the Commerce failure will have resumed.


Article from The Plymouth Tribune, December 19, 1907

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CLOSED BANKS ARE TO REOPEN. Three that Quit After Kansas City Trouble to Resume. Three additional small banks in Missouri and Kansas that suspended following the closing of the National Bank of Commerce of Kansas City are to resume. They are the Union Avenue Bank of Commerce of Kansas City, a branch of the National Bank of Commerce; the private bank of D. A. Becker at Stotesbury, Mo., with deposits about $20,000, and the State Bank of Admire, at Admire, Kan., with deposits of $100,000.


Article from Mexico Missouri Message, December 19, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.


Article from The Montgomery Tribune, December 20, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.


Article from The Farmington Times, December 20, 1907

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Banks Will Reopen. Kansas City-Three small banks in Missouri and Kansas that suspended following the close of the National Bank of Commerce are to resume. They are the Union Avenue Bank of Commerce of Kansas City, the private bank of D. A. Becker at Stoesbury and the State Bank of Admire, Kas.