The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-12-05

Kansas City, Mo-, Dec. 5.-The Ma
tional Bank of Commerce of Kansas
City, Mo. failed to open this morning,
and is in the hands of National Bank
Examiner James T. Bradley. The bank
is one of the oldest and largest finan-
cial institutions of this city. 1t was
closed by order of the board of di-
rectors.
DIR. S. Woods is president of the
Bank of Commerce, w. H. Winants
vice president and VIM. Rule cashier.
Cashier Rule said, I'VE made the
fight of our lives, but the conditions
were against us. The depositors will
not lose a cent" DR.. Woods is presi-
dent also of the Commercial Trust
| Company, which has deposits of
81 ,395, 400, of which sixty per cent is
on hand. This company, it is asserted,
will not be affected by TIE bank fail
ure. Bank Examiner Bradley said he
would make every effort to get the
bank on it's feet, but could not say
definitely when it would reopen.
The bank had been in a weakened
| condition since it's last statement
August % last, which showed then
it owed the clearing house nearly
million dollars. After conference last
ing all night the clearing house Off
cials could not see any way to aid the
bank further The statement of the
70
showed that since August % the de-
posits had been reduced from thirty
five millions to $16,942 694, and the
loans and discounts cut down four
millions. The statement issued this
morning was as follows:
Resources: Loans and discounts,
s12,S95. .656; real estate, $697,542; five
per cent redemption fund, $4,000;
cash and sight exchange, $5,343, 400;
U. S. Bonds par, S1,2S0,00O; other
high grade bonds, $4,OO6.771. Total,
s24276,429
Liabilities Capital stock, one mill
ion dollars; surplus and undivided
profits, $1,639,734; circulation account.
81 100000; deposits, $16.942.694; clear
ing house certificates, $3,694,O 900. To-
tai, $24.276.429
The President of the clearing house
said: Il consider the failure due to
lack of conservatism. None of the
other banks here have found it neces-
sary to ask aid of the clearing house,
and l consider them perfectly sound.
The Bank of Commerce failure will
not affect them"
The Bank of Commerce held depos-
its of many small banks in the south
west, and Withdrawals of their funds
caused the trouble. There had been no
run by local depositors, but the pub
Jication of the banks statement this
morning caused a big crowd to col
lect with the intention of withdrawing
their money.
Two small branches of the National
Bank of Commerce, one located at the
Union Stock Yards and the other in
the wholesale district in the West
bottoms, closed their doors this morn
ing. They were the Stockyards Bank
of Commerce with deposits of $780,
600, and the Union Avenue Bank of
Commerce with small deposits. There
were no runs on other banks of Kan
sas City, and deposits were made as
usual
A Statement From Washington.
Washington, Dec. 5.-Tne comp
troller of the currency today issued
the following statement regarding the
failure of the Bank of Commerce of
Kansas City:
THE Comptroller's office has been
advised that the officers and directors
of the National Bank of Commerce
of Kansas City decided not TO open
the doors of the bank today, and re
quested a national bank examiner bol
take charge until assets can be real
lied on. when it may be possible for
the bank to resume. This bank IS one
of the largest in the West. and in
September last had about thirty-four
millions ON deposit. Something like
twenty-five millions Of this was due