Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-07-14
1T TAKES In ANOTHER BANK.
NATIONAL BANK OF COMMERCE WILL
ABSORB MIDLAND NATIONAL.
Agreement of the Two Institutions
Awaits the Approval of the
Comptroller Of the
Currency.

The following formal notice that the Ma
tionsl Bank of Commerce had absorbed the
Midland National bank, subject to the APP
proval of Comptroller Eckels. was made
yesterday morning:
kansas City. Mo-, July l3, 1897.
ITO the Public:-In view of the fact that
inquiries are being made with reference TO
whether or not the interests of the Mid
land National bank are in some way TO be
consolidated or merged with the National
Bank OF Commerce. we deem It fair to the
public TO say that there have been negotia-
tions looking to that end. which will doubt
less so result; but they are not yet con-
summated, and must first be approved by
the comptroller of the currency, without
whose consent no national bank can make
any such arrangement. The board of di-
rectors of the Midland National bank and
the Armour interest therein are DESTROYS
OF making an arrangement with the Ma
tional Bank Of Commerce because IL al
ready being a bank of large capital. with
deposits of over s.. OOO.O 900, perfectly sound
in all respects, will then become the larg-
est bank in the West, outside of Chicago.
If We can carry out our arrangement, ii
will receive the hearty support of those in
terested in both banks, X. B. Armour, be-
coming a director and W.. H. Winants vice
president of the National Bank of Com
merce. We cannot, of course, give the plan
to the public in advance Of the comptroI-
er's action, because he may require some
changes il the details. In the meantime,
both banks will continue as usual, and we
trust that the high stanoln and reputa-
ton of the officers of each bank will be a
sufficient guarantee to everybody concern
ed in either institution that their interests
are, perfectly secure, and 1t is the desire OF
and make no changes with reference to
president National Bank Of Commerce.
President Midland National bank
It had been an open secret in financial
and newspaper circles for several days that
negotiations for the consolidation Of the
two banks were in process. and the card of
Presidents Woods and Armour caused no
the Midland National. and Elijah Robin
son, Of the National Bank of Commerce,
have gone to Washington with the agree
ment for consolidation, which they will
present to Comptroller Eckels to-day for
his approval. There is every expectation
that he will approve IL. and that the ar
rangement will be carried out at a very
early date. Pending the order from the
comptroller both banks will continue as
usual.
No statement Of the terms on which the
consolidation was based are given. The
officers say that such terms are subject to
the approval of the comptroller, and prior
TO his Endorsement nothing can be said.
The Consolidation Of interests is expected
to take the Armour influence into the Bank
of Commerce with all that goes with their
connection with the bank. X. B. Armour
will be on the board of directors Of the
The absorption of the business Of the
Midland National bank will make the Ma |
tional Bank of Commerce one Of the great |
financial institutions of the West. It has |
a capital stock of 1000. 0oO, with deposits of
over S.OO0.OGn. The business of the Midland /
in its last statement showed over
S4,O00.0o. which, if added to that OF the /
Of Commerce. will give it deposits
a long ways ahead of anything in the /
West 1t places the bank in a command |
ing position for business in the surround
prominent in the financial world. The Ma
tional Bank of Commerce absorbed the
Metropolitan National bank a few weeks
since. /
The fact that negotiations for the con-
of the two banks were actively
in progress has been so well known that
the premature publication OF the fact yes
terday morning caused no furry, but many
small depositors were made uneasy and the
effect was appreciable during the fore
The Midland National, which, by the alb
sorption, passes out of existence, is the
Of the consolidation of the Mid
and and the Armour bank in 1889. Tn Ar
Bros bank was organized in 1873
with the Armours and John Plankington
as the owners. Its capital has never ex-
ceeded the present figure, 10000.
The National Bank of Commerce had it's
citation, founded in 1865. with a capital OF
10000. Later this was increased to a much
sum, and in the years that followed
bank was ~nationaliZed and the capital
run up to a large figure. DR.. W. S. Woods,
he president, has been in that position
since 1881.
A special 10 The Journal from Washing
on says: Comptroller Eckels is still alb
sent from the city, but is expected back
Thursday morning. The delegation from
City, representing the consolidation
scheme affecting the merging of the Mid
and and the National Bank of Commerce.
ire expected in the city tomorrow. The
lnly person authorized TO speak now on
iuty at the comptroller's Office is Deputy
Coffin, who declares that the
whole matter is in the hands of Comptrol-
er Eckels. and he does not. therefore. de-
1re TO make any statement in reference to
he PROPOSED consolidation"