Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-12-05

other national banks 31s.29s.45O and
state banks and bankers S9.S19.49Q.
There had been no run by local de-
positors, but many 90 tho outside
banks caused the trouble BY With
drawing their funds on deposit with
the Commerce.
The National Bank Of Commerce
was United States depository and
the August statement showed these
items among It's items. L. s. deposits.
S227913; deposits OF L, S. disburs-
ing officers, &b2,OSG.
The Bank OF Commerce was interest
ed in many local enterprises It's indi-
vidual depositors were among tho larg-
est of any bank IN the city. It's state
mcnt printed this morning showing the
heavy falling of I'M deposits drew q big
crowd Of depositors 70 the bank as early
as o'clock, evidently intent on with
dra wing their money. Moro or less eN-
citemont followed the news that the
bank had been closed. and the crowd
gradually grew In size until It stopped
trafice.
CASHIERS STATEMENT.
William A. Rule. cashier Of the bank,
made the following statement this
morning In the presence OF DR.. Woods.
the president:
"The directors Of the National Bank
Of Commerce thought Il was best 20 az
least close temporarily, We made the
fight Of our lives but conditions were
against us. The depositors win not
lose q cent"
Dr. Woods acquiesced in what Cashier
Rule had said and added
You may also say that the Com
mcrce Trust company is absolutely all
right. Yesterday its statement showed
60 nor cent ~ ffc nach ON hand
James r. Bradley Of Sedan, Kan, ma
tional bank examiner, said
Il have taken charge Of the Bank Of
Commerce and. following the policy OF
the administration and doing my duty
as bank examiner. I shall make every
effort to set the bank on it's feet
have mot been able TO investigate mat
ters as yet ] cannot say definitely
when the bank win reopen"
PRESIDENT OF CLEARING HOUSE
James +. Downing president Of the
clearing house, said.
up 10 yesterday the Bank OF Com
merce owed the clearing house $500. 600
This account was settled ] consider
the failure due to lack of conservatism.
None Of the other banks here has found
Il necessary TO ask aid OF the clearing
house and ] consider them perfectly
sound. The Commerce failure will not
Meet them"
BANKS NEW HOME.
A new home for the bank. being erect
ed by Jarvis Hunt, the New York ar
chitect at "a cost Of 81 500. 900 is just
nearing completion. The Coniu roe
was 20 have moved into the building
within a few months and recently had
let contracts for expensive furnishings.
one contract was for $4,000 worth of
specially designed furniture, let to a
Boston firm.
The National Bank Of Commerce was
the outgrowth Of the Kansas City Saw
ings association organized in 1865 with
capital OF 81 900 90. was re-
organized. I'm 1852 the association
was re-organized as the National Bank
OF Commerce with n capital Of 5000 900.
In 1857 the capital was increased to ST.
600 600. In 1897 the Bank of Commerce
took over the business OF the Midland
National bank and the Metropolitan
National bank, OF Kansas City. In
June 90l. the National City bank Of
New York City was said to have made
an offer to buy a ma iority OF the stock
OF the Bank OF Commerce. but It was
refused.
DR.. W. s. Woods, president. and Will
liam A. Rule. cashier. have both been
connected with the bank for many
years DR.. Woods has been interested
Ia many enterprises. In his early
career he practised medicine IN Paris.
Mo. later he established a wholesale
grocery business at the terminal of
the Union Pacific railway. moving it
westward with the building OF the
road until he had reached Salt Lake
City. In 1869 he established the Roche
port Savings bank at Rocheport. Mo.
He came TO Kansas city IN 1850. For
a time he was a member Of the whole
10 o. zs-ffu DC
Ia Force & Co. about the same time
he engaged I'm the cattle business In
the Black HIS with his brother. James
NJ Woods. and supplied the govern
ment with beef for the fort and In
dams IN the north. He is stockhold-
or in numerous concerns. William A.
Rule came here from ST. Louis.
NEW YORK CORRESPONDENT.
New York, Dec. 5.-The New York
correspondent Of the National Bank II
Commerce OF Kansas City is the
First National bank An official OF
that institution said today that the
Kansas City bank had a large credit
balance with the First National The
stock market was affected by the
news OF the failure, but not to a SER
ious extent
CoMPTROLLER's STATEMENT.
Washington. Dec. 5-The comp
troller Of the currency today Issued
the following statement regarding the
failure Of the National 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. No, decided not 10 open
its doors today and requested tho
national bank examiner to tuke
charge until their assets could be .c-
allied on, when there IS strong hopa
that the bank may he able 20 resume
"rhls bank Is one Of the largest
I'm the west and IN September last had
about t34, 100000 on deposit. some
thing like $22.00O.O00 Of this was due
10 other banks. The failure Is doubt
less due TO calls which have been
made on the National Bank OF Com
morce for these banking balances and
their inability 20 realize on their as
sets quickly enough 20 meet them.
"It is TOO early FOR the comptroller's
office 20 give any details OF the failure.
but a. IL hoped that the bank will
be found solvent so the dcpositors
can be paid In fun n the bank is not
able 20 resume"