Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-12-05

the National Bank Of Commerce APP
peared in the morning papers it show
ed since the statement of Aug. % last
deposits had been reduced from close
to $35, 900, 600 to $16,953, 900. The state
ment showed also the item of loans
100000.
Leading Men Interested.
The principal officers of the National
Bank of Commerce are: DR.. w. S.
Woods, president; w II. Winants, vice
president, and William A Rule. cash
ier. Its directors and stockholders in
clude some of the most prominent men
in the city. Woods is also president
of the Commerce Trust company of
Kansas City which mas capital of ST.
100000 and deposits of $1,39G,000.
Since its last statement the deposits
Of the trust company have increased
nearly 100000, and that institution is
believed to be in sounO condition.
Others Not Affected.
James F. Downing, head of the local
the belief the failure of the Commerce
would not involve deeply any other
Kansas City institution, and that the
other local banks would be able to
weather the storm. The Commerce
held the deposits of numerous small
banks i'll this part of the southwest.
What effect this failure will have upon
them is problematic.
Outside Banks Cause Trouble.
There has been no run by local de-
positors, but many outside banks caus-
ed trouble by Withdrawing their funds
on deposit with the Commerce. The
Commerce was a United States deposi-
tory and was interested in many local
enterprises. Its individual depositors
were among the largest OF any bank in
| the city. Its statement printed this
morning showing a heavy falling off
in deposits drew. a big crowd of de-
positors to the bank early, evidently
intent upon drawing their money. More
! or less excitement followed the news
that the bank had Deen closed, and the
/
stopped traffic.
| Cashier Makes Statement.
| William A. Rule, cashier of the bank,
made the following statement this
morning IN the presence of President
4, Woods and two directors:
si3EsS--.gs.Ffhe National Bank of Commerce
thought it best to at least close tenn
lporarily. We made the fight of our
Hives, but conditions were against us.
Depositors will not lose a cent"
Woods acquiesced in what the cash
Ter said
| Statement ns Published.
The statement issued today follows
Resources - Loans and discounts
s12,S99, coo; real estate, S6S9,OO0; ) pc;
Icent redemption fund, $4,000; cash
lsight exchange. United States bonds
land other high grade bonds, $1O,63O,
GOO. Total, $24,277,OO
Liabilities-Capital stock, 81 900 600;
surplus and undivided profits, S1,640,
, 1000; circulation account, $1,000. 900;
ldue depositors, $1G.943 900; clearine
house certificates, $3,694,OOO. Total
$24,277OO0
Two Branches shut Doors.
Two small branches of the Nationa
Bank of Commerce also closed thei
doors this morning. They were thu
Stock Yards Bank of Commerce. de
:. posits of 100000, and the Union Ave
: nue. Bank of Commerce, with small
i n rTbGpo nI
l element around these institutions
1.-THE failure of the banks failed to caus
run on any of the other banks an,
n at most of the other institutions dc
S lpOsits were made as usual.
Another Small One Caught.
Kansas City, Mo. Dec. 5.-The Stat
d Bank of Argentine Kansas City ST
= burb. with small deposits, closed it
r doors early this afternoon following
O run The stock of the bank wa
It owned principally by the Nation;
r Bank of Commerce of Kansas City.
Chicago Banks Debtors.
E. Chicago. H.. Dec. president Fo
al gan. chairman of the Chicago clearin
S, house committee, said the failure {
e the Kansas City Bank of Commerc
would have no effect upon Chicag
banks for the reason Chicago bank
d. with which it has accounts are a
Id debtors to the Kansas City institution
tn Has Deposits in New York.
at New York, Dec. 5.-The New Yor
m correspondent of the National Bank (
e. Commerce of Kansas City is the Fir
ly National bank An official of that i
Id stitution said today the Kansas Ci
ly bank had a large credit balance vii
in the First National. The stock mark
was affected by news of the failuT
as but not to serious extent.
ue Does Not Change Rate.
~ London, Dec. 5.-The rate of discou
of lof the Bank of England remained u
of changed today at per cent.
New England Factories Reopen.
Boston, Dec. 5.-Signs of recove
ne from the business depression whi
en- started several weeks ago are bel
Col -, oil Of o1a