First National Bank (Kansas City, MO)

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Episode Information

Episode UID
345601123
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
34560 national
Charter Number
3456
Start Date
July 14, 1893
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
98c20424229baff1

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Capital injected, Full suspension, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

Receivership reported immediately on suspension; contemporaneous citywide runs tied to other bank failures.

Events (4)
1. February 24, 1886 Chartered
Source
historical_nic
2. July 14, 1893 Receivership
Newspaper Excerpt
a notice placed in the window stated it had been placed in the hands of a receiver.
Source
newspapers
3. July 14, 1893 Suspension
Cause
Local Banks
Cause Details
Steady withdrawals since May intensified after other local bank failures and the citywide banking stringency, forcing suspension.
Newspaper Excerpt
Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver.
Source
newspapers
4. July 15, 1893 Run
Cause
Local Banks
Cause Details
Failure of the Bank of Kansas City and related local bank failures precipitated runs on major Kansas City banks, including the First National.
Measures
Sent telegram to Comptroller asking him to take charge; placed in hands of receiver.
Newspaper Excerpt
the greatest excitement was about ... the First National. ... Crowds were on every corner and before and around every large bank.
Source
newspapers

Newspaper Articles (5)
1. July 16, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 16, 1893

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Article Text

Kansas City Bank Rans. [By telegraph to the Dispatch.] KANSAS CITY, Mo., July 15.--The - failure of the Bank of Kansas City yesterday precipitated runs on three fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets. were thronged as they have not been in years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri national banks. The New York Life Building, in which they are located, was thronged. The Metropolitan had two paying-teller at work and the Missouri National had three. All the banks paid out money fast. but the greatest excitement was about the Bank of Commerce. the two named just above. and the First National. The Bank of Commerce had three stalwart policemen before the door. and none except those who had business with the bank were allowed to enter. There had been rumors about the bank. which has a paid-up capital of $2,000,000. for some time and last night the stockholders, realizing that the bank was in danger, owing to the excitement. signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and all the runs were stopped except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the imme. diate present 18 passed.

2. July 16, 1893 The Times Richmond, VA
Article from The Times, July 16, 1893

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Article Text

RUN ON KANSAS CITY BANKS. The Failure of One Institution Precipitates a General Storm-Bank Failures. KANSAS CITY, MO., July 15.-The failure of the Bank of Kansas City yesterday précipitated runs on three-fourths of the large banks in the city to-day, and Delaware and Ninth streets, the bank streets, were thronged as they have not been In years. Crowds were on every corner and before and around every large bank. At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri National Banks. The New York Life building, In which they are located, was thronged. The Metropolitan had two paying tellers at work and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before the door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid-up capital of $2,000,000. for some time, and last night the stockholders, realizing that the institution was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. About noon confidence had been in a large measure restored, and the runs were stopped. except on the Missouri National, which continued slowly. Unless some bank falls the crisis for the Immediate present is passed. STARKVILLE, MISS., July 15.-The First National Bank closed its doors yesterday, as a result of the financial stringency. It is believed that depositors will be paid in full. The bank has a paid up capital of $50,000. CARMI, ILL., July 15.-The old banking-house of Hay & Webb made a general assignment yesterday. The assets are $216,267. and liabilities $180,000. Hay & Webb have been In business for thirtyfive years. The stringency of the money market is the chief cause of the failure. KANSAS CITY, MO., July 15.-The Northrup Bank, of Kansas City, Kansas, of which J. S. Chick, of the National Bank of Kansas City, which failed yesterday, was also president, closed its doors this morning. Bank Examiner C. W. Galbreath took charge of the suspended Kansas City National Bank this morning. There was a run on the National Bank of Commerce as soon as that concern opened for business this morning. In the statement made yesterday the condition of the bank was shown to be good, and the officials assert that they will be able to stand a long run, which, however, they think will not be necessary. But little excitement prevails, and it is thought the bank will pull through all right. as it ranks with the strongest in the city.

3. July 16, 1893 The Morning News Savannah, GA
Article from The Morning News, July 16, 1893

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Article Text

RUNS ON KANSAS CITY BANKS. All the Institutions Meet the Crisis Without a Crash. Kansas City, Mo., July 15.-The failure of the Bank of Kansas City yesterday precipitated runs on three-fourths of the largest banks in the city to-day, and Delaware and Ninth streets. the bank streets, were thronged as they have not been in years. Crowds were on every corner, and before and around every large bank. At 10 o'clock there were two long double rows of dépositors in the Metropolitan and Missouri National banks. The New York Life building, in which they are located, was thronged. The Metropolitan had two paying tellers at work, and the Missouri National had three. All the banks paid out money fast, but the greatest excitement was about the Bank of Commerce, the two named just above, and the First National. The Bank of Commerce had three stalwart policemen before its door, and none except those who had business with the bank were allowed to enter. There had been rumors about the bank, which has a paid up capital of $2,000,000, for some time. and last night the stockholders. realizing that the bank was in danger, owing to the excitement, signed a pledge passing their estates into the bank's assets. The sum total was about $4,000,000. At noon confidence had been in a large measure restored and the runs were stopped, except the one on the Missouri National, which continued slowly. Unless some bank fails the crisis for the immediate present is passed.

4. July 16, 1893 The Sun New York, NY
Article from The Sun, July 16, 1893

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Article Text

THE KANSAS CITY SCARE. A BANKING COMPANY AND A SAVINGS BANK CLOSE. The National Bank Failure Starts n RunCrowds Upon the Streets-Banks Pull Through-Reports of Their Condition. KANSAR CITY. July 15.-This was the most critical day in the banking history of Kansas City. Runs were made on all the banks. The Northrup Banking Company and the Franklin Saving Bank closed their doors on account of the failure of the National Bank of Kansas City yesterday afternoon. The bankers opened their dooré this morning expecting runs of more or less consequence. The banks were prepared as well as could be expected to withstand any attack. As soon as the doors of the Bank of Commerce. the Missouri National. the Metropolitan. the Union National. and the Midland were thrown open the people began to collect about them. and many drew out their deposits. The Ferd Heim. Brewing Company dumped $33,000 at the receiving window in the Missouri National Bank as its daily deposit. and a better feeling spread among the assembled depositors. Atthe windows of this bank hung the sign: This bank will be open until 12 o'clock tonight. "D. V. RIEBER. President." Ninth and Delaware streets, the moneyed thoroughfares of the city. were lively places. Each was thronged. The crowds began gathering about 8:30 o'clock. and so steadily increased that the force of policemen was doubled. The officers kept the people moving. The Northrup Bank. which failed this morning for half a million dollars. was founded by Hiram Northrup and Joseph S. Chick. President of the National Bank of Kansas City. in the year 1857. It has always been regarded as a solid concern. and until the death of its President and founder. a few months ago. its depositors never had a thought of its failing. The eight national banks of the city have just completed statements of their condition at the close of business last Wednesday, in response to a call from the Comptroller of the Currency. They show that the banks have total deposits to the amount of $11.789.597. and cash on hand $4,426,105. or a little over 37.5 per cent. of the deposits in actual cash in the vaults. despite a long-continued withdrawal of deposits. If to the cash on hand is added assets immediately available in the form of demand loans and United States and State bonds, the total reserve is swelled to 47 per cent. of the deposite. This is considered by financial men to be an exceedingly good showing when 25 per cent. of the deposits is supposed to be sufficient to be kept on hand. Large amounts of Government. State. and. municipal bonds also are held by the banks. Concerning the condition of the National Bank of Kansas City President Chick says: Our assets will approximate $4,000,000. They consist of $3,000,000 in commercial. mercantile. and bank loans and nearly $1,000,000 worth of property. on May 1 we had a reserve fund of about $1,500,000. but soon after that time the withdrawal of deposits began and has continued ever since. increasing day by day. Since May 1 over $2,000,000 have been drawn out. and on the day that the Kansas City Safe Deposit and Savings Bank suspended we stood a drain of about $150,000. Lately we have paid out on an average $100,000 a day. and we did all that was possible to avert the crisis which we saw approaching. Thursday afternoon the bank appealed to the Clearing House for assistance. The sum asked for approximated $1,000,000. and the Clearing House responded with $35,000." It is believed that Monday will find a better feeling and no new failures.

5. July 20, 1893 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, July 20, 1893

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Article Text

To Our Pride in the Past and Our Hope for the Future. Let Us Add Vigorous Work in the Living Present. MEXICO, MISSOURI. THURSDAY, JULY 20. 1893. IN 1 RECEIVER'S HANDS. Ironble Comes Upon the J. N. Chick Bank of KUNSAN ity. KANSAS CITY, Mo., July 14.Just before closing hour this afternoon the First National Bank of Kansas City suspended, and a notice placed in the window stated it had been placed in the hands of a receiver. The Bank's capital is $1,000,000. It is impossible to get figures or facts now. Considerable excitement was caused by the suspension, as it had been entirely unexpected. Its president is J. S. Chick, one of the best financiers in the West. The assets, president J. S. Chick said this afternoon, will be between 2 and 3 million dollars and the liabilities between $800,000 and 1 million. He is confident that the deposits will be paid dollar for dollar. Five minutes before the usual closing time this afternoon Cashier W. J. Anderson sent a telegram to Comptroller Eckels at Washington that the bank had suspended payment and asking him to take charge. Five minutes after the note was posted a small crowd had gathered around the entrances but there was little excitement. PRESIDENT CHICK'S STATEMENT. Hon. Champ Clark, of Pike. To a reporter, who was admitted THE FIRST SHOT PIRED. Bits of Information. into the bank, president Chick said False teeth are made from paper, that the suspension was due to a War on Slam Begun by Two French and are said to wear well and last a steady withdrawal of deposits since Men-of-War, Who Fired on the lifetime. Forts Paknam. the beginning of the financial strinThe bricks made in this gency which has prevailed throughout the whole nation during the last country were manufactured by the LONDON, July 13.-The Times few months. Virginia settlers in 1612. this morning says: "The first shot "We began to lose deposits early in the war between Siam and France Diamond cutters in Holland have has been fired. The special correin May," he said. "The demand succeeded in cutting stones so small on us went along until the failure of spondent at Bangkok last night that it takes 1,500 of them to weigh wired: a karat. the Savings Bank last Tuesday and "The French war ships, Comete every day since then the withdrawals There is a little town named of individual and bank deposits have and Inconstant, slipped across the Markneukirchen in Saxony, where been heavier. We thought we could bar this (Thursday) evening and nearly every inhabitant is engaged get through to-day, but we were exchanged shots with the Paknam in the manufacture of violins. forts. forced to quit just five minutes beThe electric railway has penetratfore the usual time. A few minutes "The two men-of-war then proed even the fastnesses of the before we closed we received deceeded to Bangkok and are now anmands for $40,000 by telegraph. chored with the gunboat Lutin opTyrolese Mountains, a road twentyseven miles long being projected We saw we could not stand another posite the British Legation. between Riva and Pinzolo. "One sailor was killed and two day's run and there was only one wounded in the exchange of shots thing left for us to do and we did it. A new glass for thermometers is