The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-06
KANSAS CITY
BANK FORCED
TO SHUT DOOR
Largest Financial institution in
the City Unable to Stem Tide
of Adverse Circumstances.
DEP0SIT0RS WILL NOT
LOSE AGENT BY FAILURE
SUSPENSION DUE TO THE FACT
THAT SECURITIES COULD
NOT BE DISPOSED OF.

Kansas City, Dec 5.-The National
Bank of Commerce of Kansas City,
Mo, one of the largest in the west,
with deposits of $4,000 ,OOO 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 Commerce was in
terested, the StOckyards Bank of Com
merce and the Union Avenue Bank of
Commerce also closed.
The failure of these banks has been
predicted for several days and but lit
tie excitement followed the announce
ment of the news, although crowds of
depositors gathered about the doors of
these institutions. The officials of the
commerce, which is affiliated with
many banks here and in other parts of
the southwest, express the opinion that
none of them will be seriously affected.
The failure is laid to the withdrawal of
outside banks within the past two
months of $4,000 5000 of deposits. They
expect to reopen soon and say deposit
Ors will be protected in full.
Other local banks were not seriously
affected up TO noon, and at several
banks heavy deposits were made,
Statement of the President.
The following statement was issued
at noon by DIR. W. S. Woods, president
of the National Bank of Commerce, for
the board of directors;
ITO the Public:
Much as we regret to do so, we are
compelled to close the doors of the Ma
tiOnal Bank of Commerce, but we have
not been able to collect money from
our borrowers as fast as the same was
demanded by our depositors, caused by
unjust and unfounded rumOrs vigor-
ously circulated.
During the panic we have=reducea
our deposits from SS5, 600 to about
SIC, 500 900. thus paying out over the
counter and by transfers to other
banks in this city and other cities
about $4,000. 900 of deposits. This Of
itself tells of our resources. We have
made the fight of our lives, but could
not stand the tide against US. We
hope to be able to open up the bank IN
the near future for business We don't
believe it possible for a deDositor to
lose dollar. We beg your indulgence
and fCrbearance until our affairs can
be arranged to the satisfaction of all.
We appreciate sensibly the confidence
our numerous customers, large and
small, have placed in us. We hope to
show in the end that We have been
true t. this trust"
James T. Bradley, the bank exam
liner in charge. was this afternoon no
titled by the comptroller of currency
that he had been appointed receiver of
the National Bank of Commerce.
President Woods il is announced.
has given his personal endorsement TO
So, 000 00N of collateral pledged to secure
his depositors. President Woods is re
puted TO be a millionaire many times
owed and has valuable real estate hold
ings. Jackson county has its entire
balance of $23S, 600 in the suspended
bank, but it is protected by a bond
The LEGAL postoffice has $34, 900 on &C.
post, also protected by bond This
city has S450.000 on deposit, also pro-
tectsd bV a bond