gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f5864971f82e18cb
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
74.0%
Date receivership started
1896-12-03
Date receivership terminated
1902-06-23
OCC cause of failure
Losses
Share of assets assessed as good
35.7%
Share of assets assessed as doubtful
50.5%
Share of assets assessed as worthless
13.8%
Description
Taken possession by the Comptroller at suspension; later resumed July 31, 1893.
Events (5)
1.December 30, 1890Chartered
Source
historical_nic
2.July 15, 1893Run
Cause
Local Banks
Cause Details
Run triggered by failure of the Bank of Kansas City and resulting runs on many Kansas City banks; heavy withdrawals at Missouri National.
Measures
Published statement of resources; paying tellers working and banks paid out funds rapidly; stockholders of other banks pledged assets (general liquidity measures).
Newspaper Excerpt
The failure of the Bank of Kansas City yesterday precipitated runs on three fourths of the large banks in the city to-day... At 10 o'clock there were two long double rows of depositors in the Metropolitan and Missouri National banks.
Source
newspapers
3.July 17, 1893Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy depositor withdrawals (run) despite reported solvency; taken possession by the Comptroller of the Currency.
Newspaper Excerpt
The Missouri National bank suspended payment just before noon. The comptroller of currency took possession of the Missouri National Bank at noon.
Source
newspapers
4.July 31, 1893Reopening
Newspaper Excerpt
The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago.
Source
newspapers
5.December 3, 1896Receivership
Source
historical_nic
Newspaper Articles (21)
1.July 16, 1893Richmond DispatchRichmond, VA
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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, 1893The Morning NewsSavannah, GA
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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.
Suspended. KANSAS CITY, July 17.-The Bank of Grand Avenue and the Missouri National bank suspended payment at noon today.
4.July 17, 1893Deseret Evening NewsSalt Lake City, UT
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Article Text
Suspended Payment. KANSAS CITY, July 17.-The Missouri National bank suspended paymentjust before noon.
5.July 18, 1893The Morning NewsSavannah, GA
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Article Text
Two Kansas City Banks Fail. Kansas City, Mo., July 17.-The Bank of Grand Avenue and the Missouri National bank suspended payment at noon to-day.
6.July 18, 1893The Daily Morning AstorianAstoria, OR
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Article Text
KANSAS CITY SUSPENSIONS Kansas City, July 17.-The Missouri National Bank suspended payment just before noon. Kansas City, Mo., July 17.-The Grand Avenue Bank, a private institution, suspended this morning. Assets $201,000; liabilities $140,000. Kansas City, July 17.-The comptroller of currency took possession of the Missouri National Bank at noon. No statement has been made. The bank has a paid up capital of a quarter of a million.
7.July 18, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
TWO KANSAS CITY BANKS SUCCUMB. The Missouri National and the Grand Avenue Bank Suspend. KANSAS CITY, July 17.-The Missouri National bank suspended payment just before noon. The comptroller of the currency took possession at noon. The bank has a paid up capital of $250,000. According to the statement of the comptroller Saturday, it had cash and sight exchange of $250,000; deposits, $900,763. A later statement by the officers shows: Assets, $1,254,785; liabilities, $700,000. Assistance was on its way from the east, but did not arrive in time, as the depositors were making heavy drafts on the bank. The officers declare depositors will be paid in full. The Grand Avenue bank, a private institution, suspended this morning; assets, $200,000; liabilities, $140,000. It is expected that it will resume shortly. It is not doubted among bankers that it will pay dollar for dollar. There was no general run on any of the other national banks, although some deposits were drawn out. This evening they were given as follows: Bank of Riter & Doubleday, of Columbus: Johnson City bank of Johnson City Bank of Weir City; Caney Vally bank of Caney; and Bank of Meade at Meade center. It is impossible to obtain a statement tonight.
8.July 18, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
BUSINESS TROUBLES. Two Kansas City Banks Close Their Doors-A Denver CrashOther Failures. KANSAS CITY, Mo., July 17.-Despite assertions of strength and the publishing of a favorable statement Saturday, the Missouri National bank was taken possession of by the comptroller of the currency shortly before noon today. The officers state the assets to be $1,254,785 and tue liabilities, exceptin g capital stock, about $700,000. During the run on the different national banks here Saturday quite a run was precipitated upon the Missouri National, though the withdrawals were alone
9.July 19, 1893Morris TribuneMorris, MN
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Article Text
Two at Kansas City. KANSAS CITY, July 18.-The Missouri National and the Bank of Grand Avenue have suspended. Total assets about $1,500,000; liabilities about the same.
10.July 19, 1893New Ulm ReviewNew Ulm, MN
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Article Text
AT KANSAS CITY. Two Banks Forced to Suspend Pay. ment-More Trouble Likely. KANSAS CITY, July 18.- - The Bank of Grand avenue and the Missouri National bank suspended payment at noon. When the Bank of Grand Avenue opened its doors for business a long line of depositors had formed on the side. walks and as soon as the paying teller appeared at the window began drawing out their money. The run kept up until nearly noon, when the bank was forced to assign to John James Ruckel. The assets are stated to be $200,000. The bank c. ared through the National Bank of Kansas City, and, it is alleged, lost considerable money in that institution. The Missouri National bank was one of those which stood a heavy run Saturday. It had a paid up capital of a quarter of a million dollars and was a new institution. It had been deemed solid. though its statement issued at the close of business July 13 showed only $221,225 as a reserve against over $900,000 deposits. D. V. Reiger was the bank's president and Henry C. Kumpf, ex-mayor, vice president. The failures will probably precipitate more trouble here.
11.July 21, 1893People's VoiceWellington, KS
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Article Text
One large national bank in Kansas City failed Saturday, another on Monday and a few small institutions besides. In Denver three savings banks failed on Monday and as a result of the Kansas City failures, banks at Johnson City, Weir City, Pleasanton, Caney, Colombus, Meade Center and Armourdale suspended. Of all these disasters the Wichita Eagle, the the great daily newspaper, through which the people are supposed to get their news of events transpiring, published only an obscure item about the failure in Kansas City of the Missouri National. Perhaps the associated press failed to hear it. It is no wonder that they do not like to record the workings of the glorious system. The people have a right to know these things and they ought to profit by them. Government depositories will not be very far in the future. LATER.-On Tuesday three National and one private bank in Denver, the First National bank of Ft. Scott, a national bank in Ohio and one in Georgia, all failed, but not a line did the Eagle print about it. There may be still other failures as the associated press seems to be surpressing the reports.
12.July 21, 1893Iowa County DemocratMineral Point, WI
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Article Text
eastern banks, but the doings of the silver convention here caused them to withdraw all aid and the bank had no other resource but to assign. Kansas City, Mo., July 17. - The Grand Avenue bank, a private institution, suspended this morning, with assets $200,000; liabilities, $140,000. It is expected to resume shortly. It is not doubted among bankers that it will pay dollar for dollar. The comptroller of currency took possession of the Missouri National bank at noon. Statement by the officers shows assets $1,254,785; liabilities, $700,000. Assistance was on the way from the east but did not arrive in time as the depositors were making heavy drafts on the bank. Officers declare depositors will be paid in full.
13.July 28, 1893Iowa County DemocratMineral Point, WI
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Article Text
THEIR DOORS CLOSED. Tardy Assistance Makes Denver and Kansas City Banks Suffer. Denver, Colo., July 17.-The People's Savings bank, Rocky Mountain Dime and Dollar, and Colorado Savings banks did not open their oors this morning. The assets of the People's are $1,500,000; liabilities, $1,350,000. Prseident Lawrence says the failure will in no way affect the Pople's National. The Colorado Savings bank statement shows deposits of $486,000, with assets of $73,064 in excess of liabilities. The assets of the Rocky Mountain Dime and Dollar Savings bank are $156,803; liabilities, $105,654. The officers of all three say the debts will be paid in full. It is understood that all the assignments were preconcerted for self-protection and the protection of depositors. President Lawrence, of the People's, says the bank had about completed arrangements for temporary relief from eastern banks, but the doings of the silver convention here caused them to withdraw all aid and the bank had no other resource but to assign. Kansas City, Mo., July 17. - The Grand Avenue bank, a private institution, suspended this morning, with assets $200,000; liabilities, $140,000. It is expected to resume shortly. It is not doubted among bankers that it will pay dollar for dollar. The comptroller of currency took possession of the Missouri National bank at noon. Statement by the officers shows assets $1,254,785; liabilities, $700,000. Assistance was on the way from the east but did not arrive in time as the depositors were making heavy drafts on the bank. Officers declare depositors will be paid in full.
14.August 1, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
A Kaneae City Bank Resumes. KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused suspension two weeks ago.
15.August 1, 1893The HeraldLos Angeles, CA
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Resumed Business. 1 KANSAS CITY, Mo., July 31.-The Miesouri National bank resumed business this morning. having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago.
16.August 1, 1893The Durham Daily GlobeDurham, NC
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Article Text
11--4277, Washington National bank, Spokane
Falls, Wash.
12-4486, National Bank of Commerce, Provo
City, Utah.
13-4134, First National bank, Cisco, Tex.
14-4494, Missouri National bank, Kansas
City, Mo.
Many more will reopen, as the majority
of those recently failed are absolutely
solvent and only closed through an un-
warranted lack of confidence in them,
causing disastrous runs.
To resume: Number now in operation,
3785; number failed since January 1, 1893,
105; number reopened, 14; number in
hands of receiver, 33; number in hands
of bank examiners with application to
comptroller for resumption, 58.
17.August 1, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
A Kansas City Bank Resumes, KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago.
18.August 1, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
A Bank Resumes. KANSAS CITY, Mo., July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension just two weeks ago today. There was no run on the bank when it opened today. Deposits were received from many old depositors and several new accounts were opened. President Rieger and Vice President Kumpf were kept busy all the morning receiving congratulations.
19.August 3, 1893Democratic NorthwestNapoleon, OH
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Article Text
ECKELS' LESSON. He Shows How Foolish These Bank Runs Are. WASHINGTON, July 28.-Comptroller Eckels has made public a part of the of. ficial report of D. A. Cooke, the exam iner in charge of the Missouri National bank of Kansas City, as follows: "This bank suspended July 17 be cause of a run on the partof its deposit ors. There was nothing in its condition to warrant this run, or to occasion suspicion as to its solvency. It seems to have been prudently managed, and its resources are unusually free from items of questionable value, there being no bad debts. The bank is solvent and should be permitted to resume. The depositors very generally express a de sire to have the bank resume, and prom. ise every assistance in their power. The available assets of the bank amount tc $964,283.95 and its liabilities to $708,258.75. The remainder of its resources consist of cash and items readily convertible into cash." The idea of the comptroller making this statement public is to show the fallacy of the theory that everything is going to rack and ruin because banks are closing their doors here and there. If the people who have money on deposit were not panic-stricken, and did not join in wild and unjustifiable runs. many banks which are now closed would have remained open and be doing healthy business. The comptroller thinks that to give publicity to such cases will show the public the folly of being frightened without cause.
20.August 12, 1893The Cape Girardeau DemocratCape Girardeau, MO
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Article Text
Resumed Business. The Missouri national bank of Kansas City has resumed business, having fully recovered from the effects of the senseless panie which caused its suspension. The close of the first day's business there was a net gain in deposits over and above all disbursements of $61,329.98 It is evident the failure of the bank was caused solely by the run made upon it by its depositors. An inspector had previously reported the institution solvent. PREPARING TO RESUME. The comptroiler of the currency has been notified that the bank which recently failed at Harrisonville, Mo., is taking steps to resume business.
21.November 26, 1898The HeraldLos Angeles, CA
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A HUNG JURY Saves Two Crooked Kansas Bankers From Prison KANSAS CITY, Nov. 25.-A - jury in the United States District Court, which has been trying D. V. Rieger, ex-president, and Robert D. Covington, ex-eashier of the failed Missouri National Bank, on indictments charging embezzlement and misapplication of that institution's funds, disagreed and were discharged today. The jury had been out since Wednesday. A new trial will doubtless be set for the April term of court. The doors of the Missouri National Bank were closed by the United States Bank Examiner on October 26, 1896. The bank had between 2200 and 2300 depositors and carried $1,500,000 in deposits. It had failed in the panic of July, 1893, but was promptly reopened. Shortly after the second failure, Messrs. Rieger and Covington were indicted by the Grand Jury on three counts, embracing embezzlement, abstraction and willful misapplication of the, moneys and credits of the bank. When National Bank Examiner Foreman took charge of the institution he had E. P. Moxey expert the books. The trial has been in progress for the past week, and Mr. Moxey was the principal witness for the government. He attempted to show how thousands of dollars of the bank's money had been used by Rieger and Covington to support enterprises in which they were interested. The receiver has been able to Day but a small dividend to the depositors,
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
