The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-12-14
FOR NATIONAL BANK
Is Decided by Directors of
Bank of Commerce.
CAPITAL TO BE INCREASED
Directory TO be Made Up of
Strong Financial Men.

Al special meeting Of shareholders OF
the Bank of Commerce. held AZ O'Clock
Monday afternoon. il was decided by unan-
imous vote al Of the shareholders being
represented 70 uationalize the bank. under
tile OF the National Bank Of Commerce,
with a fully paid-in capital OF $4,000. the
change 70 take place as soon as authority
and organization papers can be procured
from the comptroller Of the currency.
Mr.. Jobes. when asked by q reporter OF
the Eagle today why the shareholders OF
the Bank Of Commerce regarded this
change necessary. in view OF the phenome-
nal success with which The bank had met
as a state organization, said:
THE Bank Of Commerce was organized
on June IS. 1856. with an authorized cap
ital Of $4,000, but with only $3.50 Of it
paid in. The bank was then admitted by
its promoters TO be an experiment Wien
ia had but snort time previous 70 that
experienced four disastrous bank failures
ard the liquidation OF Two others win
large capital The total deposits Of al
time 10 only a little more than $4,000
Business men and capitalists, in view OF
recent experiences here, were timid and
skeptiea. in regard 10 banks and could not
be induced TO invest their money in bank
ing enterprises. The gentlemen who or
ganized the Bank OF Commerce. however.
were hopeful. ard with the fullest con-
fdence in Wichita and It's future prospects
as a business ard jobbins center went
along fearlessly. with the fullest confidence
in the success OF their venture
Within a few months the capital OF So
COO was fully paid in and the bank began
70 enjoy quite a profitable business. Il
was six months. however. before il more
than made expenses. though az the end OF
that time its deposits began to grow rap
idly, and at the end of 1897 It was IDLE 70
pay its Shareholders a dividend Of s per
cent and to carry 5000 surplus account.
Al the beginning of August. ISIS. the
banks deposits amounted 70 more than
$50 900 and on the 18th Of that month it
increased its capital 20 $500 and its SUI
plus 70 s5.000. And at present the total
surplus and net profits exceed 81 600.
"Our directors were fully aware that our
bank had not succeeded in this way be-
cause OF any special merit OF themselves.
or Of the banks officers, but because the
business conditions generally have i'm
proved. We have had b0untifuI crops and
good prices. the retail trade has been grad
Ually growing more healthy. the whole
sale trade is very much better, all job
bers reporting a volume Of business far in
joyed in their history, real estate values
are becoming very much more stable and
fixed, new buildings are being erected for
the first time in nine years and new en-
terprises, both wholesale and retail. are
locating here. Other banks have also en-
.oyed a healthy increase in deposits and
general business almost equal to our own
until now the total deposits Of the respeC-
tive banks in Wichita amount to nearly
one and one-half millions Of dollars. We
felt that this condition clearly warranted
the safe investment of more banking cap
itsL So apparent had this fact become
that outside parties were seriously con
templating the organization Of new bank
here. We felt that the field for this in
creased business properly belonged to US
by the Old town in times Of prosperity and
in times Of adversely. Fully realizing. how
ever, that if we expected 70 continue 20
enjoy our share Of the fruits Of this grow
ing trade we must also offer 10 the public
increased banking facilities. we determined
TO pursue this course.
Every share OF stock Of the Bank of
Commerce voted in favor Of the proposition
and the fun capital stock OF 500 go was
Immediately subscribed, though for ob-
vious reasons We have Withheld about So
90 Of It for the purpose OF placing II in
small blocks with such parties as We
feel viii exert the most influence for the
bank. We DO not care at present TO say
who our shareholders are. though I viii
say 10 you that they are Largely the
strongest men financially in this commun-
iry. and that 90 per cent OF the stock viii
be held right az home thing recognized
by all bankers as most desirable
rs there any foundation in the rumor