The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-05

| would not involve deeply any other
| Kansas City institution and that other
| local banks would be able to weather
| the storm. The National Bank OF
| Commerce held the deposits of numer-
| Gus small banks in this part of the
southwest. What effect the failure
will have upon them is problematical.
| On August %, last, the Commerce
| owed other national banks $13,299,4 $50
and state banks and bankers, 50, 49,
495. There had been no run by local
| depositors, but many of the outside
| banks caused trouble by Withdrawing
| merce.
The National Bank Of Commerce
| was United States depository and
the. August statement showed these
items among it's liabilities: United
| States deposits, 1927, ,913; deposits of
United States disbursing officers. $52,-
Os6.
The Bank of Commerce was inter-
| ested in many local enterprises. Its
individual depositors were among the
| largest of any bank in the city. It's
statement printed this morning show
ing the heavy falling off in deposits
drew a big crowd of depositors to the
bank as early as o'clock, evidently
intent upon withdrawing their money.
More or less excitement followed the
news that the bank had been closed
and the crowd gradually grew in size
until 1t stopped traffic.
William A Rule, cashier of the
bank, made the following statement
this morning, in the presence of DR..
W. s. Woods, the president:
''The directors of the National Bank
of Commerce thought it was best to
at least close temporarily. We made
the fight of our lives, but conditions
were against US. The depositors will
not lose a cent"
DR.. Woods acquiesced in what
Cashier Rule had said and added:
You may also say that the Com
merce trust company is absolutely all
right: Yesterday it's statement show
ed 60 per cent of its cash on hand.''
James T. Bradley, of Sedan, Kan,
national bank examiner. said:
Il have taken charge of the Bank of
the administration and doing my duty
as bank examiner, I shall make every
effort to set the bank on its feet. I
have not been able to investigate mat
tiers as yet d! can not say definitely
when the bank will reopen"
James F. Downing, president of the
clearing house. said:
up to yesterday the Bank Of Com
merce owed the clearing house SS0O,00o.
This account was settled but it was
out of the question to furnish aid to
the bank. I consider the failure due to
lack of conservatism. None of the 9TH
er banks here has found it necessary
to ask aid of the clearing house and l
consider them to be perfectly sound.
The Commerce failure will not affect
them.''
History of the Bank.
A new home for the bank, being
erected by Jarvis Hunt, the New York
architect at a cost of $1,5OO,000, is
just nearing completion. The Com
merce was to have moved into the
building within few months and re-
GENTLY had let contracts for expensive
furnishings. One contract was for
vnr-fh - in1 1Ir- deci n
furniture, let to a Boston firm.
The National Bank of Commerce was
the outgrowth of the Kansas City Saw
1ngs association, organized in 1865, with
a capital of 100000 In 1882, the asso-
citation was reorganized as the Nation
al Bank of Commerce with a capital of
100000 In 1887, the capital was in
creased to s1,000,000. In 1897, the Bank
the Midland National bank, and the
Metropolitan National bank of Kansas
City. In June, 1901, the City National
OF New York city, was said to have
made an offer to buy a majority of
the stock of the Bank of Commerce, but
it was refused.
DIR. w. s. Woods, president, and Will |
liam A. Rule. cashier, have both been
years. DR.. Woods has been Interested |
in many enterprises. In his early career
he practiced medicine in Paris, Mo-; |
later he established wholesale grocery |
business at the terminal of the Union
Pacific railway, moving it westward |
with the building of the road, until he
had reached Salt Lake City. In 1869 |
he established the Rocheport Savings |
bank at Rocheport, Mo. He came to |
City in 1880.
wholesale dry goods firm of Grimes, !
Woods, LaForce & Co, about the /
same time he engaged in the cattle |
business in the Black Hills with his
Tor M
piled the government with beef for /
the forts and Indians in the north. He |
is stockholder in numerous con-
Germs. William A Rule came here
from St. Louis.
Comptro1ler's Statement
Washington, Dec. 5.-The comptroller
Of the currency today issued the follow
ng statement regarding the failure of
the National Bank of Commerce of
City:
1.-The comptroller's office has been ad-
vised that the officers and directors of
he National Bank of Commerce of
Kansas City, Missouri, decided not to
open it's doors today and requested the
national bank examiner to take charge
until their assets could be realized on
when there is strong hope that the
oank may be able to resume.
This bank is one of the largest in
he west and in September last had
about "a millions in deposits. Some
hing like twenty-five millions of this
vas due to other banks. The failure is
doubtless due to calls which have been
made on the National Bank of Com
nerce for these banking balances and
heir inability to realize on their assets
quickly enough to meet them.
1T is too early for the comptroller's
'ffice to give any details of the failure,
,ut it is hoped that the bank will be
ound solvent, so the depositors can be
,aid in full, If the bank is not able to
esume."
Jars Wall Street.
New York. Dec. 5.-The New York