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Suspended. KANSAS CITY, July 17.-The Bank of Grand Avenue and the Missouri National bank suspended payment at noon today.
Bank of Grand Avenue (Kansas City, MO)
Episode Information
- Episode UID
7197458191123- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Bank ID
-
719745819hash - Start Date
- July 17, 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
0a53cfd92cdfdfb3
Response Measures
None
Events (3)
1.
July 17, 1893
Suspension
- Cause
- Correspondent
- Cause Details
- Bank unable to meet currency demands because a large amount of money was tied up by failure of the National Bank of Kansas City; bank made assignment of assets to an assignee.
- Newspaper Excerpt
- The Bank of Grand Avenue and the Missouri National bank suspended payment at noon today.
- Source
- newspapers
2.
July 18, 1893
Run
- Cause
- Local Banks
- Cause Details
- Depositors withdrew heavily on opening; bank had allegedly lost considerable money in the National Bank of Kansas City which tied up funds.
- Measures
- Run continued until nearly noon when the bank was forced to assign to an assignee.
- Newspaper Excerpt
- When the Bank of Grand Avenue opened its doors for business a long line of depositors had formed on the sidewalks and as soon as the paying teller appeared at the window began drawing out their money.
- Source
- newspapers
3.
July 22, 1893
Reopening
- Newspaper Excerpt
- The Bank of Grand Avenue reopened this morning and most of the old depositors returned.
- Source
- newspapers
Newspaper Articles (20)
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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.
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Kaxeas City Banks Suspond. KANSAS CITY, July 17.-The Missouri National Lank suspended at noon today. Assistance was on the way from New York, bu: did not arrive in time. Depositors will be paid. The Bank of Grand Avenue, s small private institution, has assigned.
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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.
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eastern Kansas. It had a capital stock of $300,000 fully paid in, and has always stood all runs. A run on the People's Savings Bank was started, but the thirty day law was taken advantage of, and the bank was saved from being swamped. Topeka, Kan., July 18.-State Bank Examiner Breidenthal this morning received notice of the fail. ures of the Citizens' Bank of Kansas City, Kan.; of the Bank of Richmond, and of the Farmers' and Merchants' Bank. at Ossawattomie. The concerns all did a small business. Statements are unobtainable. The opinion Is expressed that other institutions throughout the State will soon go under. Toledo, July 18.-The Citizens' Bank of Ada, the most prominent one in Hardin County, failed to open its doors this morning. Its owner, Peter Ablfield, has controlled it for over a quarter of a century, and is one of the wealthiest men of that section. No statement of assets and liabilities, or the cause of failure, can be obtained. Anacortes, Wash.. July 18.-The Bank of Anacortes failed to open its doors yesterday, owing to inability to realize on securities. The liabilities are $29,000 and the assets, $78,000. Depositors will be paid in full. Kansas City, July 18.-Although last night the bankers of Kansas City did not expect to get through to-day without trouble. none came: and the impresston prevails that to-day marked the beginning of the end of the recent financial flurry. There is evidence to-day that the people have stopped to think. It is a notable fact that no man who had money in the bank of Kansas City or the Missouri National has the slightest doubt of getting every cent of it. The banks in Kansas City which have failed are the National Bank of Kansas City. the Missouri National Bank. the Kansas City Safe Deposit and Savings Bank. and the Bank of Grand Avenue, the latter being a State bank. Armourdale, Kan July 18.-The Citizens' Bank sugpended payment to day with assets of $151.000 and liabilities of $126,500. State Bank Commissioner Breiden that took possession of the bank. Among the heavy creditors of the bank is the county of Wyandotto, which had on deposit some $40,000 of its funds.
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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.
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TWO MORE BANKS FAIL.. The Grand Avenue and Missouri National at Kansas City Suspend Payment. KANSAS CITY, Mo., July 19 - -The Bank of Grand Avenue and the Missouri National bank suspended payment to day. When the Bank of Grand Avenue ovened its doors for business this morning a long line of depositors had formed on the sidewalk and as soon as the paying-teller appeared at the window they 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 said to be $200,000. The bink cleared through the National bank of Kansas City and it is alleged lost considerable money in that in titution.
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A FINANCIAL CRASH. Missouri, Colorado and Kansas Banks Close Their Doors After Having Stood Heavy Runs-The Suspensions, . Surprise to Everybody. Due to the Reitrarkable Financial Distrust that Has Permeated Every Artery of Trade. KANSAS CITY, Mo., July 18.--Twenty minutes before noon yesterday the Missouri national bank suspended pay. ment. closed its doors and sent for Bank Examiner Galbraith. The comptroller of the currency at Washington Was immediately notifled, and a notice like this was posted on the door: This bank fins suspended payment. and is in the hands of the comptroller of the currency. The bank's assets are $1,254,780.50, and the liabilities, outside of its capi. tal stock, are $700,000. The Missouri national bank is a new bank with choice securities, and people Accmed to have unlimited faith in it until Saturday, when they started a run which took about $200,000 from the vaults. Yesterday morning the large depositors began to draw out their accounts, though there was no run, and men passing the bank could see no sign of anxiety in the bank's officers. as check after check for large sums were presented for payment. There was no crowd about the bank or in the bank. The public generally supposed the bank had stood the crucial test of Saturday successfully and would therefore pull through without further trouble. But the remarkable financial distrust that has permeated every artery of trade was surely doing its work, and as soon as the bank opened yesterday morning the big depositors, the friends of the bank. began to withdraw. They were not numerous, but their checks called for big amounts. The bank of Grand Avenue, which carried on business at 1401 Grand avenue, closed its doors at 9:30 yesterday morning. Assets $200,000; liabilities, $140,000. The following notice was posted on the door: The bank has made an assignment of all its assets for the benefit of its creditors to James B. Ruckett, assignee. who has possession thereof. Under the notice of assignment was an explanatory statement which read: A large amount of money being tied up by the failure of the National bank of Kansas City, we are unable to meet the demands for currency at this time. The bank has ample securities to pay its depositors in full and will have to ask your indulgence until the assets can be realized on. BANK OF GRAND AVENUE [Signed.] The closing of the doors caused no excitement in the vicinity. Some people paused out of curiosity to look at the notice, but there was no excited crowd about the bank and no angry depositors. The impression prevails in the business community that the suspension will only be temporary. The bank had a capital stock of $50.000 and $35,000 surplus. It was opened August 25, 1884. L. A. Lambert was president; Henry Steubenach, vicepresident, and H. C. Lambert, cashier.
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TWO MORE BANKS FAIL. The Grand Avenue and Missouri National at Kansas City Suspend Payment. KANSAS CITY, Mo., July 19 - -The Bank of Grand Avenue and the Missouri National bank suspended payment to day. When the Bank of Grand Avenue opened its doors for business this morning a long line of depositors had formed on the sidewalk and as soon as the paying-teller appeared at the window they 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 said to be $200,000. The bink cleared through the National bank of Kansas City and it is alleged lost considerable money in that in titution.
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Comfort for Kansas City Banks. KANSAS CITY, July 20.-Kansas City depositors have dropped the role of bank wreckers and assumed that of benefactors. Petitions are in circulation asking officers of suspended banks to reopen their doors and pledging support. Expressions of confidence and a wish that they reopeñ have been tendered the National Bank of Kansas and the Missouri National, the Kansas City Safe Deposit and Savings bank and the Bank of Grand Avenue.
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Two at Kansas City. KANSAS CITY, July 18.-The Missottri National and the Bank of Grand Avenue have su-pended. Total assets about $1,500,000; liabilities about the same.
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A FINANCIAL CRASH. Missouri. Colorado and Kansas Banks Close Their Doors After Having Stood Heavy Runs-The Suspensions, a Surprise to Everybody. Due to the Remarkable Financial Distrust that Has Permeated Every Artery of Trade. KANSAS CITY, Mo., July 18.-Twenty minutes before noon yesterday the Missouri national bank suspended payment, closed its doors and sent for Bank Examiner Galbraith. The comptroller of the currency at Washington was immediately notified, and a notice like this was posted on the door: This bank has suspended payment, and is in the hands of the comptroller of the currency. The bank's assets are $1,254,780.50, and the liabilities, outside of its capital stock, are $700,000. The Missouri national bank is a new bank with choice securities, and people seemed to have unlimited faith in it until Saturday, when they started a run which took about $200,000 from the vaults. Yesterday morning the large depositors began to draw out their accounts, though there was no run, and men passing the bank could see no sign of anxiety in the bank's officers, as check after check for large sums were presented for payment. There was no crowd about the bank or in the bank. The public generally supposed the bank had stood the crucial test of Saturday successfully and would therefore pull through without further trouble. But the remarkable financial distrust that has permeated every artery of trade was surely doing its work, and as soon as the bank opened yesterday morning the big depositors, the friends of the bank, began to withdraw. They were not numerous, but their checks called for big amounts. The bank of Grand Avenue, which carried on business at 1401 Grand avenue, closed its doors at 9:30 yesterday morning. Assets $200,000; liabilities, $140,000. The following notice was posted on the door: The bank has made an assignment of all its assets for the benefit of its creditors to James B. Ruckett, assignee, who has possession thereof. Under the notice of assignment was an explanatory statement which read: A large amount of money being tied up by the failure of the National bank of Kansas City, we are unable to meet the demands for currency at this time. The bank has ample securities to pay its depositors in full and will have to ask your indulgence until the assets can be realized on. BANK OF GRAND AVENUE. [Signed.] The closing of the doors caused no excitement in the vicinity. Some people paused out of curiosity to look at the notice, but there was no excited crowd about the bank and no angry depositors. The impression prevails in the business community that the suspension will only be temporary. The bank had a capital stock of $50,000 and $35,000 surplus. It was opened August 25, 1884. L. A. Lambert was president; Henry Steubenach, vicepresident, and H. C. Lambert, cashier.
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BY THE WHOLESALE. Bank Failures in the West Multiplying Daily-On Monday There Were Six in the State of Kansas, Two in Kansas City and Three in Denver. TOPEKA, Kan., July 18.-State Bank Commissioner Breidenthal was on Monday notified of the suspension of six state and private banks in Kansas, all due to the suspension of Kansas City banks in which they had deposits. The banks reported are the Bank of Johnson City, the Bank of Weir City, Hood & Kincaid's private bank of Pleasonton, Caney valley bank of Caney, Ritter & Doubleday's private bank of Columbus and the Bank of Meade of Meade Center. KANSAS CITY, Mo., July 18. - The Missouri national bank, which was looked upon as one of the stoutest houses in the west, closed its doors at noon. Its assets are nearly $2,000,000, while its liabilities are only one-half of that figure. At 9:30 a. m. the Bank of Grand avenue failed for $250,000. DENVER. Col., July 18. - The first bank failure in Denver since 1874 occurred Monday morning when the People's savings, the Colorado savings and the Rocky Mountain dime and dollar savings banks closed their doors. The assets of the People's savings bank are $1,500,000; liabilities. $1,350,000. The Colorado savings bank has assets over liabilities, it is claimed, amounting to $73,000. The assets of the Rocky Mountain dime and dollar savings bank are $156,803.53; liabilities, $105,654.32. It is understood that all the assignments were preconcerted and the step was taken for self-protection and for the protection of the depositors. The direct cause of the failures was the universal hard times and the inability to realize on securities. The president of each bank declares that every depositor will be paid in full and that the institutions will resume.
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Confidence Restored at Kanone City. KANSAS CITY, July 22 -This week, which begun so inauspiciously for Kansas City financially, closed with confidence restored and with faith in the prospects and prosperity of Kansas City as firm as ever. One of the banks forced to suspend payment early in the week resumed business today. and evidence that two others will resume within a fortnight is favorable. The Bank of Grand Avenue resumed this morning, and most of the old depositors returned.
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Confidence Restored. KANSAS CITY. July 22.--This week. which began so inauspiciously for Kansas City, financially, closed with confidence restored and with faith in the prospects and prosperity of Kansas City as firm as ever. One of the banks forced to suspend payment early in the week. resumed busi+ ness to-day. and the evidence that two others will resume within a fortnight is favorable. The Bank of Grand avenue reopened this morning and most of its old depositors returned.
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CONFIDENCE RESTORED. The Bank Panic at ansas City a Thing of the Past. KANSAS CITY, July 22.-This week which began 80 inauspiciously for Kansas City financially, closes with confidence restored and with the faith of the prospects and prosperity of Kansas City as firm as ever. One of the banks forced to suspend payment early in the week resumed business today and the evidence that two othera will resume within a fortnight is favorable. The Bank of Grand Avenue reopened this morning and most of the old depositors have returned.
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KANSAS CITY'S OUTLOOK. Confidence Is Restored and Two of the Banks Reopen. KANSAS CITY, July 22.-This week, which began so inauspiciously for Kansas City, financially, closed with conficence restored and with faith in the prospects and prosperity of Kansas City as firm as ever. One of the banks forced to suspend payment early in the week resumed business today and evidence that two others will resume within a fortnight is favorable. The Bank of Grand Avenue reopened this morning and most of the old depositors returned.
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KANSAS CITY RECOVERING. One of the Failed Banks Resumes Business. KANSAS CITY, July 23.-Last week, which began 80 inauspiciously for Kansas City financially, closed with confidence restored and with the faith of the prospects and prosperity of Kansas City as firm as ever. One of the banks which was forced to suspend payment early in the week resumed business yesterday. and the evidence that two others will resume. within a fortnight is favorable. The bank of Grand avenue was the one which reopened this morning. Most of the old depositors returned.
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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL. TACOMA, WASH. -The Trader's Bank suspended. An early resumption is expected. MILWAUKEE-The Commercial Bank has assigned. THE Johnson County Savings Bank, Missouri, suspended Thursday. Depositors will be paid in full. SAN BERNARDINO, CAL. The First National bank reopened by permission of Comptroller Eckels. The bank is in fine condition. The Farmers exchange bank will reopen in a short time. Confidence is again restored. PITTSBURG BANKS SOUND. -The report of the Comptroler of the Currency shows that the 29 National banks of Pittsburg are in sound condition. The reserve held by the n July 12 was 24 35 per cent, This Comptroller Eckles regards as indicating that there is no alarm or distrust in the community. The First National Bank, of Russell, Kas., has failed. The announcement Saturday that the First National Bank of Vernon, Tex., has failed was erroneous. The New Hampshire Trust Company, of Manchester, N. H., one of the heaviest financial institutions in the State, has been enjoined from continuing business. The Bank of Grand Avenue, Kansas City, Mo., on Saturday resumed business. The First National Bank of Santa Anna, Cal., which closed four weeks ago, reopened its doors again Saturday. The Kentucky National Bank, Louisville, a government depository, suspended. Liabilities of $2,742,624 01, balanced by resources. The Milwaukee National Bank of Wisconsin and the Southside savings bank, both of Milwaukee, closed their doors.
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ALL RIGHT IN KANSAS CITY. Confidence Has Been Restored-Banks Are Resuming Business. KANSAS CITY, July 22.-This week, which began so inauspiciously for Kabsas City, financially, closes with confidence restored and with the faith of the prospects and prosperity of Kansas City, as firm as ever. One of the banks forced to suspend payment early in the week resumed business today and the evidence that two others will resume within a fortnight is favorable. The Bank of Grand avenue reopened its doors for business this morning. At the bank the utmost bood humor provailed. Depositers were congratulating the officers of the bank on re-opening SO soon after the S tuation of business on Monday. Each depositor was given a new book, and time deposit certificates for the old accounts were issued. These certificates run three, six, nine and twelve months, with 4 per cent interest and each certificate is for oneourth of the total. The deposits of the entire amount will be paid depositors in a year,