The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-05
National Bank of Commerce Of
Kansas City Fails to Open.
lit lis I'm Hands of Bank EX-
aminer James Il. Bradley.
1T HAS BEEN SHAKY
Since It's Statement Was Issued
August % Last.
Deposits Have Fallen Off Nearly
One.Half Since Then.
Failure is Followed by Sus-
pension of Several Branches.

Kansas City, Mo-. Dec. 5.-The Ma
tfonal Bank of Commerce of Kansas
City, Mo-, one of the largest in the
west with deposits of 16 millions.
closed it's doors this morning and was
taken In charge by a national bank
examiner on an order of the comptroI-
Ter Of currency. Later two small out
lying 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
predicted for several days and but lit
tie excitement followed the announce
ment 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 belief
that none of them will be seriously af-
fected. The failure is laid to the
with drawal by outside banks within
the past two months of eighteen mil
lion dollars of deposits. They expect
to reopen soon and say depositors will
be paid in full.
Other local banks were not serious
ly 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:
Statement of the Directors.
ITO the Public: Much as we regret
to do SO we are compelled to close the
doors of the National Bank of Com
merce because we have not been ablo
to collect money from our borrowers
as fast as the same was demanded by
our depositors, caused by unjust and
unfounded rumors, vigorously circu-
lated.
During this panic, we have re-
duced our deposits from 35 " million
dollars to about 16 " million. dollars,
thus paying out over the counter and
by transfers to other banks in this city
and other cities about 1S million dol
lars of deposits. This of Itself tells OF
our resources. We have made the
fight of our life, but could not stand
the stropg tide against US.
1--WE Hope to be able to open the
bank again in the near future for
business. We do not believe it pos
sible for a depositor In the National
We beg your Indulgence and forbear-
ance until our affairs can be arranged
to the satisfaction of all interested
parties. We appreciate sensibly 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"
The following notice was pasted on
ing:
of the board of directors. 1t is in the
hands of James T. Bradley. national
bank examiner, by order of the comp |
troller of currency"
The bank had been in a weakened
condition since it's last statement which
was issued August % last. At that time
1t was stated the bank owed the clear |
ing house close to a million dollars
When the financial disturbance came |
and the clearing house decided to issue |
clearing house checks, rumors regard
ing the Commences condition increas-
ed until within the past few days num- |
erous conferences of other national
banking officials were held and means i
of keeping the bank open were dis |
cussed.
1t Did Not Respond.
Yesterday much surprise was ex-
pressed when the request of the comp
troller for a statement of condition or
banks was not responded to by the Ma
tional Bank of Commerce. Other local
banks published their statements show
ing a healthy condition, but the off1-
ciaIs of the Commerce announced that
its statement would not be forthcom-
ing until this morning. This created
further distrust in the banks condition
and after conferences lasting into the |
early hours this morning, the clearing
house officials decided they could not
aid the failing bank
When the statement of the national
Bank of Commerce appeared In the
morning papers it showed that since the
statement of August %, last, the de-
posits had been reduced from close to
IS millions of dollars to $16,942694. The
statement showed, also, that the item
of loans and discounts had been cut
down millions of dollars. The state
ment issued this morning follows:
Statement.
RESOURCES.
Loans and discounts. ............$ .$12, SSS. 606
Real estate ACKNOWLEDGEMENTS. 697. .542 OF
Five per cent redemption fund 100000
Cash and sight ex-
change $, ,343, ,460.10
q. 8. bonds par. 1,2SO,000.uO
Other high grade
bonds ..... ....... 4,0o6, TIL .O0-S10 630 231 13
Total resources ............... .$24, ZIG, ,429. 26
LIABILITIES.
Capital stock OBSERVATION-DISCLOSURES 900 600. 90
Surplus and undivided profits. J. 639 734. 81
Circulation account ............. LOCO 900 90
Due oeposltors -.:.:----..... ,942,6S4.69
Clearing house certificates. 1854, 900. 90
Total liabilities -$24, ,276, 429. 26
The principal officers of the Ma
tionaI Bank of Commerce are Dr. w.
S. Woods, president; w. H. Win
ants, vice president, and William A
Rule, cashier. Its directors and stock
1