Omaha daily bee., 1907-12-06
BANK FAILS TO OPEN
Bank Of Commerce Of Kansas City is
in Hands Of Receiver.
DEPOSITS ARE GREATLY REDUCED
Eighteen Million Dollars Withdrawn
in Two Months.
UNABLE TO STAND STEADY DRAIN
Loans Gould Not Be Collected as Fast
as Cash Was : ed For.
HOPES TO RESUME Ew DAYS
~
Sixteen Millions Due L tors and
Preaident Woods says WIN
BE Paid in Full
Banks Not Anectes II
Eighteen Million Dollars Withdrawn
in Two Months.
UNABLE no sTAND sTEADY pRAIy


tional Bank Of Commerce Of Kansas City,
Mo-. one OF the largest in the west,
with deposits Of s16.0oOO00. 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 Com
n9erce bank was Interested. the Stock Yards
Bank Of Commerce and the Union Avenue
Bank OF Commerce, also closed.
The failure OF these banks had been pre-
dioted for several days, and but little ex-
oitement followed the announcement of the
news. although crowds OF deposltoFs gath
cred about the doors Of these institutions.
Tho officials Of the Commerce. which Is
AFFILIATED with many banks here and In
other parts OF the southwest express the be-
lief that none OF them will be seriously
affected The failure is laid to the With
drawai by outside banks within the past
two months Of Sls.OO0O0O Of deposits They
expect 70 reopen soon and say depositorS
viii be paid in full.
Business f. Normal.
Other iocs banks were not seriously af-
fected up 70 noon. and at several banks
heavy deposits were made.
The following statement was issued at
noon by DR.. w. s. Woods president OF the
eN~fANAAAA RAAA VI 1oAhAAfeNN|t AVN NAo b0aE4
OF directors;
10 the Public; Much as we regret to DO
90, we are compelled to close the doors OF
the Nat opal Bank OF Co m rec eau Sc
from our borrowers as fast as the same
Was demanded by our depositors, caused by
unjust and unfounded rlmors vigorously
bsTiinE this gsqio, We have REDUCED our
trsnslers ~ othey banitr a. 9his o,tn Hno oy
Qthar cities about t1s.0O0.000 of deposits.
Ihls, OF Itself, tells OF our resources. We
not stand the strong tide against us.
we hope to be able to open up the bank
sgaln tn the near future for business. We
~ the National Bank Of Commeroe q lose
z dollar. We beg your indulgenee and for
% ne sstisfaction Of sii interested ter psrties
We aPfreciate senafbAy the confld0noe OF
pur nunietyus customer. large and small,
the end that we have been true TO this
Braaloy wm ne Rseeiver.
James a. Bradley the bank examiner In
sharge, was this Afternoon notified by the
poInptrollsr OF the currency that he had
been appointed receiyer Of the National
Bank OF Commerce.
The following notice was posted on the
hoor OF the bank at $50 this norning,
HE board Of directors. It is Ia the hanSe
H James braqley, national bank exam
ner, by order OF the coEnptroller OF cur
The bank hes been IN weakened copdi-
hon since the last statement, which was
issued August q. last. At that time Il
vas stated the bank owed the clearing
house CLOSE to S1.OOoOoA When the fnan-
hal disturbance came and the clearing
fouse decided to issue clearing house GER
hnoafes. rumorB regarding the Commsroe's
tonditon inoreahed unti1 within the past
'ew days numerous conferences OF other
hational banking officials here were held
ma means Of keeping the bank open were
discussed
slow in Making statement.
Yesterday much surprise was expressed
when the request Of the comptroller for a
tatement Of condition Of banks was not
responded to by the National Bank Of Com
aeree. Other local banks published their
statements, showing a healthy condition.
lut the OFFICIALS OF the Commerce an
iounced that its statement would not be
orthcoming until this morning. This ore
Hed further distruHt in thu banks condition
lnd after oopferenoes lasting iHto the early
Aosrs this morning. the clearing house
sfieiaia decided they could not aid the
aiiing bank.
When the statement of the NatIonal Bank
u Commerce appeared IN the morntaT pa-
pers II showed that since the statement OF
August q, last. the deposits had been re-
lueed fFom close 10 s35.OOO.OOo to Slsssa ss4
rhe statement showed. also. that the item
" loans and discounts had been cut down
AoOoooa The statement issued early this
morning follows;
RenOuroea.