Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-12-05
S|6,0OQ,0OO BANK
CLOSES ITS DOORS
Kansas City's Largest and Old
est Financial Institution
Goes to the Wall
THE BANK OF COMMERCE FAILS
Has Been in Weakened Condition for
Some Time-HeId Deposits Of Many
Country Banks-officals Say Depos-
itors Will Be Paid in FulI-LiabiIi-
ties Amount to s24,277, 900.

Kansas City, Dec. 5.-The National
Bank of Commerce failed to open it's
doors this morning, and is in the hands
OF the national bank examiner. The
bank is one Of the Oldest here, and the
largest financial institution in the city.
The bank has been in a weakened
condition since it's last statement, on
August %, when it was stated that
the institution owed the clearing house
close to $l,000,000.
When the financial disturbance
came and the celaring house decided
to issue clearing house certificates,
rumors regarding the banks condition
came and the clearing house in the
past few days has held several con-
ferences with other national banking
officials here in connection, and means
of keeping the bank open We're dis
cuSSed. Yesterday mucn surprise was
expressed when the request of the
comptroller for statement OF the con-
dition of banks was not responded TO
by the National Bank OF Commerce.
Other local banks published their
statements, showing a healthy condi-
ton, but the officials of the Commerce
announced that it's statement would
not be forthcoming till today. This
created further distrust in the banks
condition.
Clearing House Withholds Aid.
After conferences lasting into the
early hours this morning the clearing
house officials decided they could not
aid the failing bank. When the state
ment of the National Bank of Com
nSerce appeared in the morning papers
~ showed that since the statement In
August the deposits had been reduced
from close to $35,000,000 to $16,953, 900.
The statement showed also the item of
loans and discounts had been cut down
$4,OO0,00O.
The principal officers of the Ma
tional Bank of Commerce are DIR. w.
S. Woods, president; w. H. Winants,
vice president; and William A. Rule,
cashier. Its directors and stockholders
include some Of the most prominent
men in the city. Woods is also presi-
dent of the Commerce Trust Company
of Kansas City, which has capital Of
s1,000,00O, and deposits of $1,396,0O0.
Since its last statement the deposits
of the Trust Company have increased
nearly 100000, and that institution is
believed to be in sound condition.
Other Banks Affected.
James F. Downing, head Of the local
clearing house association, expressed
his belief that the failure of the Com
merce 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 deposits Of num-
erous small banks in this part Of the
southwest. What effect the failure will
have upon them is problematic. There
has been no run by local depositors,
but many outside banks caused trouble
by withdrawing their funds on deposit
with the Commerce. The Commerce
was the United States depository and
was interested in many local enter
prises. It's individual deposits were
among the largest of any bank in the
city. It's statement, printed this morn
ing, showing heavy falling off in de-
posits, drew a big crowd of depositors
to the bank early, evidently intent upon
withdrawing their money. More or less
excitement followed the news that the
bank had been closed. The crowd
gradually grew in size until it stopped
traffic
Say Depositors Won't Lose.
William A. Rule, cashier Of the bank,
made the following statement this
morning in the presence of President
Woods:
"The directors of the National Bank
of Commerce thought it best to at
least close temporarily We made the
fight Of our lives, but conditions were
against us. The depositors will not
lose cent"
Woods acquiesced in what the CASH
Ter said. The statement issued today
follows:
Resources - Loans and discounts,
$12,S99,O00; real estate, s69S,000; five
per cent redemption fund, $4,000; cash
in sight, exchange United States bonds
and other high grade bonds, $10,660,000;
total s24,277,o 900.
Liabilities-Capital stock, $4,000
900; surplus and undivided profits,
81, ,64O,0 900; circulation account, s17,-
100000; due depositors, s16,943,0 900;
clearing house certificates, $3,694,OOO;
total s24277,000.
Two Branch Banks Closed.
Two small branches of the National
Bank of Commerce also closed their
doors this morning. They were the
Stock Yards Bank of Commerce, with
deposits of 100000, and the Union
Avenue Bank Of Commerce, with small
deposits. There was no special ex-
element around these institutions.
The failure of the banks did not cause
O. run on any Of the other banks. At
most Of the other institutions depos-
it's were made as usual.
Com mptroIler Of Currency Knows Little.
Washington, Dec. 5.-The comptrol-
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