William Thornton Kemper Sr.: Difference between revisions
m removed extra brackets |
m Added reference to National Bank of Commerce (Kansas City) article |
||
| Line 5: | Line 5: | ||
===Banking=== |
===Banking=== |
||
In 1906, Kemper was named president of the newly chartered Commerce Trust Company, an affiliate of the National Bank of Commerce.<ref>Rousch</ref> Following the 1916 merger of the National Bank of Commerce into Southwest National Bank of Commerce, W.T. sold his ownership in the trust company for $740 thousand in 1916 and retired in early 1917. However, following the death of W.S. Woods (who had led National Bank of Commerce from 1881 until 1908), W.T. returned in July 1917 as chair of the both banks. The National Bank of Commerce was finally consolidated with the Commerce Trust Company into a single corporation in March 1921. A year later, W.T. Kemper and others sold control of the Commerce Trust to the Theodore Gary and Associates.<ref>A Bank and Its Community, The Story of the Commerce Trust Company</ref>. for the price of $220 a share. In late 1932 W.T. Kemper and his son James reacquired control of the Commerce Trust at $86 a share.<ref>Rouch, pp 31-45</ref> |
In 1906, Kemper was named president of the newly chartered Commerce Trust Company, an affiliate of the [[National Bank of Commerce (Kansas City)|National Bank of Commerce]].<ref>Rousch</ref> Following the 1916 merger of the National Bank of Commerce into Southwest National Bank of Commerce, W.T. sold his ownership in the trust company for $740 thousand in 1916 and retired in early 1917. However, following the death of W.S. Woods (who had led National Bank of Commerce from 1881 until 1908), W.T. returned in July 1917 as chair of the both banks. The National Bank of Commerce was finally consolidated with the Commerce Trust Company into a single corporation in March 1921. A year later, W.T. Kemper and others sold control of the Commerce Trust to the Theodore Gary and Associates.<ref>A Bank and Its Community, The Story of the Commerce Trust Company</ref>. for the price of $220 a share. In late 1932 W.T. Kemper and his son James reacquired control of the Commerce Trust at $86 a share.<ref>Rouch, pp 31-45</ref> |
||
W.T.'s sons followed him into banking: [[R. Crosby Kemper]] became president of City Center, a bank W.T. had acquired personally in April 1918 (and would later become City National Bank, then UMB Financial). James M. Kemper was appointed treasurer of Commerce Trust in 1924. |
W.T.'s sons followed him into banking: [[R. Crosby Kemper]] became president of City Center, a bank W.T. had acquired personally in April 1918 (and would later become City National Bank, then UMB Financial). James M. Kemper was appointed treasurer of Commerce Trust in 1924. |
||
Revision as of 01:19, 27 December 2020
William Thornton Kemper Sr. (November 3, 1866 – January 19, 1938) was the patriarch of the Missouri Kemper family, which developed both Commerce Bancshares and United Missouri Bank to become a major banking family in the Midwest.
Life and career
Kemper was born in Gallatin, Missouri, the son of Sarah Ann (née Paxton) and James Madison Kemper.[1] He moved with his family to St. Joseph, Missouri - about sixty miles west of Gallatin - before the age of six. At the age of 14 he began sweeping the floor at his father's shoe store, and later became a shoe salesman there. One of his accounts was with the Valley Falls, Kansas, firm that his future father-in-law Rufus Henry Crosby owned.[clarification needed] He married Charlotte Crosby in 1890, and became a partner in the bank in 1891. Following Rufus Crosby's death in that same year, control of the Valley Falls bank was assumed by other relatives. W.T. and Charlotte moved to Kansas City, Missouri in 1893.
Banking
In 1906, Kemper was named president of the newly chartered Commerce Trust Company, an affiliate of the National Bank of Commerce.[2] Following the 1916 merger of the National Bank of Commerce into Southwest National Bank of Commerce, W.T. sold his ownership in the trust company for $740 thousand in 1916 and retired in early 1917. However, following the death of W.S. Woods (who had led National Bank of Commerce from 1881 until 1908), W.T. returned in July 1917 as chair of the both banks. The National Bank of Commerce was finally consolidated with the Commerce Trust Company into a single corporation in March 1921. A year later, W.T. Kemper and others sold control of the Commerce Trust to the Theodore Gary and Associates.[3]. for the price of $220 a share. In late 1932 W.T. Kemper and his son James reacquired control of the Commerce Trust at $86 a share.[4]
W.T.'s sons followed him into banking: R. Crosby Kemper became president of City Center, a bank W.T. had acquired personally in April 1918 (and would later become City National Bank, then UMB Financial). James M. Kemper was appointed treasurer of Commerce Trust in 1924.
Other Business Activities
Prior his involvement with the Commerce Trust, Kemper founded the Kemper Grain Company and the Kemper Loan and Investment Company. He was treasurer of the Kansas City Commercial Club, a club made of local businessmen to promote Kansas City's growth.
In 1917, Kemper was appointed receiver for the bankrupt assets of the Kansas City, Mexico & Orient Railroad, an incomplete railroad system intended to link Kansas City to the Pacific, which was then in its second attempt at reorganization following insolvency and bankruptcy. In May 1923, oil was discovered along the railroad's West Texas service area. However, in March 1924 the U.S. Government ordered that the Orient be sold at auction to satisfy previous loans and accrued interest. Kemper and Clifford Histed were successful bidders in that auction, with a bid of $3 million (which was approximately the amount of government debt). The Orient's final reorganization (in August 1927) provided noteholders 35 thousand common shares through subscription based on their share of the debt, valued at $71.60 per share ($2.5 million). In 1928, Kemper and Histed offered the Orient for sale to the Atchison, Topeka and Santa Fe Railway, which offered $414.50 per share, for a total value of $12.4 million. [5]
Association with Harry Truman
Kemper's history was intertwined with that of Harry S. Truman. Truman's father, John Anderson Truman, traded grain commodities futures alongside Kemper until John Truman lost his fortune. John took Harry, then a teenager, to the local Democratic functions in Kansas City where Kemper was also in attendance. Kemper arranged for Truman to be a page at the 1900 Democratic National Convention in Kansas City. As a young man Harry would go to work in the National Bank of Commerce, 1903–1905, where Kemper was a director. In 1934 during Truman's first run for the United States Senate, Kemper bought the assets of the failed Continental National Bank which included the mortgage on Truman's failed haberdashery and in turn allowed Truman to retire it for $1,000 (while at the same time also contributing $1,000 to Truman's campaign).[6][7]
Personal life
W.T. Kemper and Charlotte had three children: Rufus Crosby Kemper, Sr. (1892-1972); James Madison Kemper, Sr. (1894-1965) and William T. Kemper, Jr. (1902-1989). [8]He and Charlotte lived at 1007 Westover Road in Kansas City from 1912 until his death in 1938. He is buried in a crypt in Forest Hills Abbey, in the Forest Hills Cemetery in Kansas City.[9] He is the great-great-grandfather of actress Ellie Kemper and writer Carrie Kemper.
Notes
References
- Roush, Chris (2015). Building Commerce. Essex Publishing. ISBN 978-1-936713-10-3.
- Kerr, John (1968). Destination Topolobampo. Golden West Books.
- Garwood, Darrell (1948). Crossroads of America: The Story of Kansas City. W W Norton & Co.
- William T. Kemper resources at the Kansas City Public Library
- Ferrell, Robert Hugh (1996). Harry S. Truman: A Life. University of Missouri Press. Columbia, Missouri. ISBN 0-8262-1050-3.
- McCullough, David (1992). Truman. Simon and Schuster New York. ISBN 0-671-86920-5.