Article Text
Bank Suspension. ET. Louis July 11. Private dispatclies report the suspension of the Piko county bank of Louisiana. It is exid that the depositors will be paid, but there will be little left for the stockholders.
10428. Pike County Bank (Louisiana, MO)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- July 12, 1877
- Location
- Louisiana, Missouri (39.449, -91.052)
Metadata
- Model
- gpt-5-mini
- Short Digest
458fe450
Response Measures
None
Description
Contemporary dispatches (July 11-16, 1877) report the Pike County Bank at Louisiana, Mo., suspended and a receiver appointed. Coverage describes liabilities exceeding assets, dividends paid from deposits, and stockholders meeting to grant time — indicating insolvency rather than a discrete rumor-driven run. Some surrounding press describes runs on other St. Louis banks at the same time, but no article explicitly describes a run on Pike County Bank itself. Dates taken from publication dates and suspended yesterday phrasing.
Events (2)
1.
July 12, 1877
Receivership
- Newspaper Excerpt
- The Pike County Bank, at Louisiana, Mo., suspended yesterday, and a Receiver has been appointed. Considerable excitement was created by the announcement of the failure.
- Source
- newspapers
2.
July 12, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Liabilities reported substantially greater than net assets (liabilities $110,000–$115,000; assets ~$50,000–70,000); dividends paid out of deposits; insolvency/poor investments led to suspension.
- Newspaper Excerpt
- Private dispatches report the suspension of the Pike County Bank, at Louisiana, Mo., to-day. It is said the depositors will be paid, but there will be little left for the stockholders.
- Source
- newspapers
Newspaper Articles (10)
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Business Embarrassments. NEW YORK, July 11.-J. Clark, Wilson & Co., hardware commission merchants, have suspended. Liabilities $100,COO. CINCINNATI, July 11.-The National Bank Examiner for Indiana has closed the First National Bank of Delphi, Ind., on account of a run upon the bank, owing to the failure of Dugan, Case & Spears, of Chicago, Dugan being President of the bank. Assets said to be $50,000 in excess of liabilities. ST. LOUIS, July 11.-Private dispatchea report the suspension of the Pike County Bank, at Louisiana, Mo., to-day. It is said the depositors will be paid, but there will be little left for the stockholders.
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California farmers are holding hack their wheat. The San Francisco Bulletin of the 28th ult., says: For the first turee weeks of the current month the deliveries of wheat in this city have.not avel aged 3,500 centais per day, against over 5,000 centers per day for the sawe period in June, 1876; and yet the crop was not SJ forward then as now. Various causes have contributed to effect the receipts this year. i he yield will be at least a third less than last year. Respecting the North of England iron trade, the L ondon News says though the production has been ten thousand ton in excess of the previous quarter, the rail trade shows a most extraordinary state of depression, being in the propor. tion of only one-ninth of the output O four years ago. The Pike County Bank at Louisiana Mo., is reported to have suspended yes. terday. It is said the depositors will b paid, but little will be left for the stock holders.
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Suspensions. ST. LOUIS, July Private dispatches report the suspension of the Pike County Bank, at Louisiana, Mo., to-day. It is said the depositors will be paid, but there will be little left for the stockholders. NEW YORK, July 12.-Butler & Leeds, manufacturers of straw goods, 558 Broadway, and at Halliston, Massachusetts, have suspended. Liabilities estimated from $150,090 to $200,000. NEW YORK. July 22.Junge & Brotherson, pork packers and grain dealers in Peoria, III., have filed a voluntary petition in bankruptcy. Liabilities, $120,000.
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FINANCIAL. Special Disputch to The Tribuna QUINCY, 111., July 1..-The - like County Bank, at Louisiana, Mo., suspended yesterday, and a Receiver has been appointed. Considerable ex. citement was created by the announcement of the failure. The Jose will be between $60, 000 and $100,000. but It is believed the depositors are safe. NEW YORK, July 12.-Buttle & Lees, in the straw.good trade, have respended. Liabilities botknown, butestimated at from 2:150, 000105200, ,000.
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FINANCIAL.-The First National Bank of Delhi, Indiana, has been closed by the Examiner, on account of a run upon it. The cause of the run was the failure of Dugah, Case & Shears, of Chicago, Dugan being President of the bank. It is said the bank's assets are $50,000 in excess of its liabilities. The Pike County Bank at Louisiana, Mo., is reported to have suspended Wed. nesday. It is said the depositors will be paid, but little will be left for the stockholders. J. Clarke Wilson, hardware commission merchant, of New York, has suspended. His liabilities ase $10,000. The failure of Buttle & Leeds, straw goods manufacturers, of New York, is also reported. Their liabilities are stated at upwards of $150,000. The Directors of the German Bank of St. Louis resolved on Tuesday to discontinue its business, and place its assets in the hands of an assignee. The business of the bank has been insufficient to pay expenses for some time past.
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ST. LOUIS. Run on the Banks Continues. North St. Louis Savings Association Closes its Doors. Sr. LOUIS, July 16.-At this hour, ten o'clock, everything at the various banks is quiet. There are a few ladies at the Boatmens Bank taking small deposits out, and the same may be said of one or two other savings institutions, but there no excitement, and no indications that anything that can be called a run will be made on any of the banks to-day, CLOSED ITS DOORS. The North St. Louis Savings Association closed its doors at 10:30 A. M. No statement has yet been made by its offi. cera or directors. BANK OF ST. LOUIS CLOSED. The Bank of St. Louis has closed its doors. Its President Jacob S. Merrill saya that the depositors will be paid in time. This bank should not be confound with the National Bank of St. Louis, which is regarded at a very staunch institution. There are rumors about Home other small Saving Associations, but at this writing they have not been verified. ANOTHER RICKETY BANK. A special to the Globe-Democrat from Louisiana, Mo; says: At: meeting of the stockholders of the Pike County Bank to. day the directors reported that the total libilities of the bank were $110,000, net value of assetsabout $50,000. Statements were made that the depositors would receive dollar for dollar if time was granted. The capital of the bank is $400,000, with 15 per cent paid in. A majority of the stockholders are solvent and there seems to be no doubt but the banks indebtedness will soon be paid. Depositors passed resolutions granting the bank six months to pay balances due them providing the directors will pay 10 per cent of the installments as fast as their assets are realized upon, and that the directors will call on the stockholders within 30 days for such amounts as will meet all liabilities not met by the present assets. A statement by A. M. Weir, cashier, shows the first speculations made by him were for the purpose of trying to make up some losses by the bank. He also confesses that the two dividends were paid out of deposits, there being no profits of which to make dividends. SMALL DEPOSITORS DRAWING THEIR MONEY. Contrary to expectation, the flurry of Saturday regarding the condition of the brnks did not subside yesterday, but continued to-day, and was materially strengthened towards noon by the closing of the North St. Louis Savings Association and the Bank of St. Louis. As on Saturday, however, the persons engaged in the run were almost wholly confined to small depositors of Savings Institutions and small shop-keepers, no merchants or business men of any pretentions taking partin it. The closing of the Northern Apsociation is attributed to the shortage of $10,000 at the clearing house this morning. The Bank of St. Louis did its clearing through the North St. Louis Savings Bonk, and when the latter closed it had $27,000 of paper belonging to the Bank of St. Louis. This forced the latter to suspend. The action of the North St. Louis Savings Bank has given rise to severe comments. The banks run on to-day were the 4th National, Provident Savings, Franklin Avenue, German and Boatmens' Savings Banks. All of the current accounts were promptly met however, and there was at no time any noticeable excitement. Everything was done in a quiet manner, and the crowds, if they can be called such, at the various banks were quitesmall. Before noon it was agreed that time certificates, which were freely paid on Saturday and early this morning, should be subject to except cases the in rule of where 30 and urgent 60 days need notice, of money could be shown. This had the effect of reducing the demands to a considerable extent and the vigor of the run was good'deal relaxed, and several other say: ings institutions were more or less besieged, but they all asserted their ability to pay all just demands. The commercial banks are pursuing the even tenor of their way, being very little if any affected.
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53,708.34 A HISTORICAL SKETCH. Tue Butchers' & Drovers' Bank was organized In 1807 with a nominal capital of $250,000, of which 80 per cent was paid in. From time to time dividends were declared, and were credited to stock on the books until to per cent was paid up, making a working capital of $125,000. The bank did a flourishing business from the start, and. in addition to a heavy list of large depositors, because popular with small depositors, of which it had a host. This gave the bank such a prestigo that two years ago, when only 40 per cent of the stock was paid up, shares were selling from TO to 72 per cent, or a little over 75 per cent prenuum. THE NEW BANKING LAW TO DE RESISTED. As the suspension of the Butchers' & Drovers' is chargeable to the new Banking law which takes effect on Aug. 1, and as it is freely stated that several other Institutions will owe their demise to the same cause' If the law be enforced, a Republican reporter made a call upon several of the State banks to learn how that law was regarded. He found It in email favor; but this was not all. He found that in view of possible trouble, cousel learned In the law had been consulted, and the position had been taken that the new law cannot be upfiled to existing banks, but can only affect banks organized after Aug. 1. The reporter visited the offices of several prominent lawyers to learn ou what ground this stand is taken, and was successful. They hold that the charters under which the banks were organized constitute a contract between the State and the corporation, under a decision of the United States Supreme Court that all chartered corporations are contractors with the State. They hold that the Constitution of the United States declares against the right of any Legislature to impair the obligations of a contract. They therefore Shold that this now Banking law. making restrictions and requirements not contained in the original charters, is an attempt at the Im: urment of contracts and cannot stand. Nearly all of the State banks were organized under the general law of 1835, and that law constituted their charter. Those lawyers who Insist ou the validity of the new law as against existing banks, hold that the general law of 1855 contained a section which gave to the Legislature the right to pass amendatory laws whenever deemed necessary, and, although the revised law, in Vol. 1 of Waguer's Statutes, repeals that original law, and does not re-enact this particular section, yet the fact stands that by organizing under the original law the banks agreed to such amendment of their charter as subsequent Legislatures might desire to make, and consequently are bound by the amendatory provisions of the new law. This involves n very nico law point, and there is a probability that some of the banks will Join in refusing to qualify under the nuw law and resisting its enforcement. THE PIKE COUNTY BANK. LOUIS, Mo., July 16.-The Glube Democrat's special from Louisiatia, Mo., says at the meeting 01 the stockholders of the Piko County Bank to-day, the Directors reported the total liabilities of the bank were $115,000; the net value of assets about 870,000. Statements were made that the depositors would receive dollar for dollar If time was granted. The capital of the bank is $400,000, with 15 por cent paid in. The majority of the stockholders are solvent, and there seems to be no doubt that the bank's Indeptedness will eoon be paid. The depositors paid passed resolutions granting the bank six months to pay the balances due them, providing the Directors will pay 10 por cent Installments as fast as their assets are realized upon, and that the Directors will call upon the stockholders within thirty days for such amounts us will meet all liabilities not met by the present assets. A statement by A. M. Weir, Cashier, shows that the first speculations ulade by him were for the purpose of trying to make upsome Josesa by the bauk. lle also confesses that two divideuds were paid out of the deposits, there being no profits out of which to wake dividends.
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patches report the suspension of the Pike County Bank at Louisana, Missiouri to-day. It is said that the depositors will be paid, but there will be little left for the stockholders. CINCINNATI, July 11.-The National Bank Examiner for Indiana has closed the First National Bank of Delhi on account of a run upon the bank, owing to the failure of Dugan, Case & Spears, of Chicago, Dugan being president of the bank. The assets are said to be $50,000 in excess of liabilities. Sr. LOUIS, July 14.BB M. Chambers, president of the Butchers' and Dovers bank of this city: makes an announcement this morning of the suspension of that bank. He says only fifty per cent. of the capital stock has been paid in, leaving $130,000 to be derived from that source if found necessary to secure depositors. Sr. LOUIS, July 14.-A run was started this afternoon On the Boatman's Savings bank, but the bank kept its doors open until 6:30 o'clock this evening, and promptly met all demands. The run was not very general, the largest single amount drawn being $300. The business of the bank progressed nearly as usual, and the amonnt received by it amounts to nearly half as much as was paid out. Runs were also made on the Union Savings association, North St. Louis Savings association, Franklin avenue German Savinger Lucas bank, Lafayette bank, Citizens' and Bank of St. Louis; but they were in no sense extensive. The demands were almost exclusively made by small depositors of the laboring class, and were met promptly, except in some cases where time deposits were called for and the banks stood upon the usual sixty day's notice. The aggregate drawn from each bank was comparatively small, and was easily met. Very few, if any, regular merchants or business men joined in the rans Sr. LOUIS, July 16. The North St. Louis Savings Association closed. its doors at half past ten. No statement has yet been made by its officers or directors. The Bank of St. Louis has closed its doors. The President, Jacob S. Merrill, says the depositors will be paid in time. 6P. M.-It is stated on good authority that all the large banks have declared their purpose to pay no more time certificates, except.in cases where distress or an unusual need of money is clearly shown. The Globe-Democrat special from Louisana, Missouri says at a meeting of the stockholders of the Pike county bank to-day, the directors reported the total liabilities of the bank at $115,000; net value of the assets about $70,000. The statement 16 made that depositors would receive dollar for dollar if time is granted. The capital of the bank was $400,000 with filteen per cent. paid in. The flurry of Saturday, occasioned by the condition of the banks, contrary to expectation, did not subside yesterday, but continued to-day and was materially strengthened towards noon by the elosing. of the North St. Louis Saving Association and the Bank of St. Louis. As on Saturday, however, the persons engaged in the run are almost wholly confined to small depositors of savings institutions and small shop keepers. No merchants or business men of any pretensiors are taking part in it. The four per cent. Government bonds and all securities, even those which command a premium, are being sought after or investment. BOSTON, July 17.-The Commissioner of Savings Banks has enjoined the Havenbill, Mass., Savings Bank from doing further business. ST. LOUIS, July 17,--The enforcement of the 30 days notice rules has stopped theyrunned the banks. The Brewer Savings bank closed to-day.
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Donaldsonbille Chief. Two Dollars a Year. Frank II. Wilson, a colored murderer, was hanged at Harrisburg, Pa. An explosion occurred in a coal mine near Wheatland, Pa. Fourteen miners were killed. The officers' quarters at Camp Supply,I.T., were destroyed by fire. The Council and Union of Hebrew Congregations held an annual session in Philadelphia last week. Baltimore was chosen as the next meeting place. A heavy thunderstorm prostrated a number of buildings at Springfield, Mass. James Russell Lowell, new minister to Spain, sailed from Boston Satarrday. A parting. salute of fifteen guns was fired. The Secretary of the Navy informs Captain Howgate he cannot detail a civil officer or loan instruments belonging to the navy for his proposed expedition to the North Pole. Two negroes who murdered and robbed a young white man near Charleston. in May, were hanged in that city last week. The first bale of new Texas cotton reached Galveston on the 13th. John T. Blanc committed suicide at New Orleans by taking laudanum and hanging himself. Pike County Bank, Louisiana, Mo., suspended. The proposed sale of the Memphis and Little Rock railway was enjoined. Universal Life Insurance Company of New York is on its last legs. It is claimed that over 30,000 colored people in South Carolina have expressed a williagness to emigrate to Liberia. A slight earthquake shock was felt at Memphis on the 14th. Ail employees of the New York post office will wear blue uniforms. The Charter Oak Life Insurance Company of Stamford, Conn., is on the point of dissolution. A ruffian who murdered an inoffenive eitizen was lynched at San Juan, California. Rev. A. J. Sams of St. Albans, Vt., is a defaulter for a large amount to several estates of which he was executor. The St. Lonis Lumbermen's and Mechanics' Life Insurance Company decided to reinsure all their risks and retire from business. An express train jumped the track while en route from Washington to New York, killing the fireman, and severely injuring the engineer and one passenger.