10599. Bank of Salisbury (Salisbury, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 30, 1895
Location
Salisbury, Missouri (39.424, -92.802)

Metadata

Model
gpt-5-mini
Short Digest
3f19f96a

Response Measures

None

Description

Contemporary reports (July 30–Aug 1, 1895) state the Bank of Salisbury closed its doors and was placed in the hands of a receiver with a reported shortage of about $40,000. No article describes a depositor run; failure appears driven by an internal shortage/defalcation and led to receivership/closure.

Events (2)

1. July 30, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed because examination revealed a large shortage in its books (reported about $40,000). Cashier J. H. (Major) Finks implicated; capital stock small relative to shortage, indicating insolvency/defalcation.
Newspaper Excerpt
Salisbury, Mo., July 30.-The Bank of Salisbury was closed this morning. No statement has been made.
Source
newspapers
2. August 1, 1895 Receivership
Newspaper Excerpt
the Bank of Salisbury ... had been placed in the hands of a receiver and that the shortage reported was about $40,000. Cashier Finks says that no one shall lose a cent and that he will make good the shortage.
Source
newspapers

Newspaper Articles (6)

Article from The Seattle Post-Intelligencer, July 31, 1895

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BANK FAILURES. West Superior, Wis. Has Lost Three in Sixty Days. West Superior, Wis., July 30.-The Keystone National bank closed its doors this morning. It was considered one of the strongest in the city. The immediate cause of the trouble was the closing of the Superior bank last Saturday, which caused a run on the Keystone National. The bank has suffered a heavy decline in recent months. The deposits have fallen from $280,000, as shown by the statement of May 8, to about $178,000 at the close of business yesterday. This condition of affairs, together with the inability to make collections, necessitated the closing of the bank. C. H. Brush, the national bank examiner, took charge. The bank stockholders will take immediate steps to reorganize. There were slight runs on some of the other banks in the city, but it is thought that everything has quieted down now. This makes three banks to have closed within the last sixty days. Denver, July 30.-Joseph T. Albert, national bank examiner for the district of Colorado, arrived in Denver today and took charge of the affairs of the Union National bank. It is thought that the examiner will be in a position to pay considerable dividends to depositors at the end of about ninety days. There were upwards of $300,000 cash in the vaults when the doors were closed yesterday, and in addition, a considerable amount is due from other banks, which will, of course, be speedily collected. It is reiterated with emphasis that the bank will pay dollar for dollar, without having to make a levy on stockholders. The city has $25,000 in the bank, the county about $70,000 and the state $50,000. Salisbury, Mo., July 30.-The Bank of Salisbury was closed this morning. No statement has been made.


Article from St. Paul Daily Globe, July 31, 1895

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DENVER BANK SUSPENDS. Over $100,000 in Its Vaults When It Closed. DENVER, Col., July 30.-Joseph T. Talbert, national bank examiner for the district of Colorado, arrived in Denver today and took charge of the affairs of the Union National bank. It is thought the examiner will be in a position to pay a considerable dididend to depositors at the end of eight or nine days. There was upwards of $100,000 cash in the vaults when the doors were closed yesterday, and in addition a considerable sum is due from other banks, which will of course be collected. It is stated with emphasis that the bank will pay dollar for dollar without having to make a levy on stockholders. The city has $25,008 in the bank, the county about $7,000 and the state about $50,000. SALISBURY, Mo., July 30.-The Bank of Salisbury closed its doors this morning. The shortage is unknown. J. H. Finks was cashier.


Article from Mexico Weekly Ledger, August 1, 1895

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FORTY THOUSAND SHORT. Major Finks' Bank at Salisbury Reported Closed-Great Excitement. Last Saturday Mr. Austin, the Bank Examiner, was in Mexico en route to Salisbury, Mo., and Tuesday the LEDGER was informed that the Bank of Salisbury, of which Major Finks was cashier, had been placed in the hands of a receiver and that the shortage reported was about $40,000. The capital stock of the Bank was only $20,000 with a small surplus, and if the shortage is reported correctly it is double the capital stock. Cashier Finks says that no one shall lose a cent and that he will make good the shortage. Major Finks is well known to many of our readers as a prominent Democratic politician. He was an applicant for Revenue Collector but President Cleveland appointed Webb Withers of Kansas City. Major Finks then became a candidate for Railroad Commissioner and was nominated by the Democratic party but defeated by the Republican nominee, Joe Flory. The Major had spent a good deal of money in the contest both before and after nomination and, in fact, never was a rich man, as many supposed. He had been connected with the Bank of Salisbury for years and had been identified with every enterprise and movement for the good of the community in which he lived, and all who know him will join with the LEOGER in the hope that matters are not as bad as reported and that in any event he will be able to meet the shortage promptly. A message to the LEDGER that night is to the effect that "Finks says no one shall lose a cent by him and that the shortage will be made good at once."


Article from The Representative, August 7, 1895

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ANOTHER COLLAPSE. It is no pleasure for us to chronicle the misfortunes of others. We have no desire to exalt over them. But the daily papers grossly misrepresent existing conditions; and do it, for unworthy motives, to-wit: to show that the destruction of one-half the metallic money of the world may be followed by prosperity. Hence we feel that the truth should be known. It really looks as if another panic was near at hand. Read these items: Sailsbury, Mo., July 30.-The Bank of Salisbury closed its doors this morning The shortage is unknown. Cleveland, Aug. 1.-The Bedford Chair Company, of which ex-Congressman A. V Taylor is president, made an assignment today to Solomon S. Drake, of Bedford. Assets, $85,000; liabilities, $55,000. Later Mr. Taylor made a personal assignment for the benefit of his creditors. Liabilities and assets are not stated. Rockford, III., July 31.-John Farson, of Chicago, was today appointed receiver for the West End Railway Company on foreclosure proceedings instituted by the Title Guarantee and Trust Company, of Chicago. Its capital stock was $75,000. Ironton, Ohio July 31.-W. L. Bickmore, dry goods dealer, has assigned to Lot Davis. The assets, $25,000; the liabilities, $20,000. Local banks and Eastern dry goods firms are the principal creditors. Des Moines, Iowa, July 31.-The Des Moines Equalizer Company, manufacturers of fertilizer, made an assignment today for the benefit of creditors to James Belangee. The assets are $10,000, the liabilities $12,000. Louis F. Lyons, wholesale liquor dealer, failed today. The sheriff took possession of the stock on his landlord's attachment in favor of W. G. Gruss. The liabilities are not given. Pittsburg, Pa., July 31.-The Hamilton Savings Fund and Loan Association, with a capital stock of $30,000,000, was closed today by the state bank examiners and the Union Trust Company of this city placed in charge as temporary receivers. The liabilities, according to the officers of the association, are but $9,000 and the assets $11,000. The association is a national concern but the depositors are believed to be all local people, mostly workingmen. The books show about 1,000 shareholders. Denver, Colo., July 30.-Joseph T. Talbert, national bank examiner for the district of Colorado, arrived in Denver today and took charge of the affairs of the Union National Bank. It is thought the examiner will be in a position to pay a considerable dividend to depositors at the end of eight or nine days. There was upwards of $100,000 cash in the vaults when the doors were closed yesterday, and in addition a considerable sum is due from other banks, which will of course be collected. It is stated with emphasis that the bank will pay dollar for dollar without having to make a levy on stockholders. The city has $25,008 in the bank, the county about $7,000 and the state about $50,000. San Francisco, July 31.-A local paper says the Central Pacific railroad company has temporarily avoided a receivership by making arrangements with the foreign bondholders to extend the time of payment on the bonds now due three years. This transaction is made to explain the action of the board of directors in declaring a dividend of 1½ of 1 per cent this month. Sir Rivers Wilson, the representative of the English stockholders, is said to have engineered the deal, when he visited this country a few months ago, by harmonizing the differences existing between the stockholders and the bondholders. Blair. Neb., July 31.-The hardware house of J. H. Stewart was closed at noon today by the Blair State Bank, which has virtually carried the business for some time. The failure is estimated at between $40,000 and $50,000. A warrant was also issued this afternoon for the arrest of J. H. Stewart, charging him with forgery. He some time since got $4,000 from Charles McNemy and gave a note upon which the name of Grant Stewart appeared. Grant now claims that it is not his signature. The failure is not altogether a surprise to the Blair people, as it has been known for a year past that its financial affairs were somewhat mixed. J. H. Stewart will probably not go to jail as it is more than likely that he can give a satisfactory bond. West Superior, Wis., July 27.-(Special.)-The directors of the Superior National Bank today decided to go into liquidation and President Alvord was directed to turn the assets and business of the bank over to the National Bank examiner. The bank has never recovered from the shock of the Cadwalder aflair three years ago,and Mr. Alvord has not been able in the face of the continued depression to put it on a paying basis. The statement prepared in response to the call for statements from the National banks made July 11 shows that the bank has ample margin to liquidate its liabilities. It is expected that the bank exam-


Article from The News and Herald, August 8, 1895

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Miscellaneous. Two $1,000 notes were found in an upper story of the old health office in Washington. The Populist of Ohio in convention at Columbus have nominated General Coxey for Governor. The Fresno, Cal., Court House, which cost the county $180,000, was damaged by fire to the extent of $90,000. The building was fully insured. The law passed by the last Massachusetts Legislature providing for the examination of persons having anything to do with the running of boilers and engines is now in effect. The penalty for violation is very severe. The bank of Salisbury, Mo., the oldest banking system there, has been ordered closed. An examination showed that the bank's books were in bad condition, but it is thought depositors will be paid dollar for dollar. George W. Wolfe, the bicyclist who left Chicago at 3:10 p. m. Monday, July 22d, arrived at the city hall in New York Sunday night at 7:15 o'clock, having made the trip on his wheel in six days, three hours and five minutes. The previous best record was thus broken by 45 minutes.


Article from Highland Recorder, August 9, 1895

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THE NEW be because William Foley, despon lent killed himself could Miss not secure em; loyment, Jennie Knox was Sisterville, W. Va. 1, a discarded in killed by James Powe George Yeager, in Fruita, W. charged suitor, with murderin Ca cold Daniel blood in Stitzel, amhim down is discharged near Ku'z'owo, Judge bush, by from shooting Reading jail, a free Pa., commonwealth man, was End. had declaring that the to hold him. lich sufficient evidence and Walter Burke not shown W. Va., John Bates a guAt Eagle, angry over a political revolvers ment, and Lecame q carreled. and both Both were drew bit. Bates can and began firing, hurt that he b so badly injured. ported to Burke 'B very seriously "Bill" not live, and Westbrook shot and killed Nashville, Thom's on Broad street, in Williamson Williamson, after demanding that Westbrook Tenn., his gister, with whom intimate. marry Williamson had Leen E. charged M. Greene, a shipswriter has at mysteriously the training ion, at Newport, R. I, upon which to sta eared, "leaving no elue second writer disap work to find him. He is the to disappear within a year. senGeorge and John Pierce, who hang were at Fort by Judge Parker to been granted tenced for murder, have United Smith, take appea's Ark., to the Supreme Court will of the not and their execution from the State, explosion resulting of the Place. of An gun c tton occurre in one at CarIgnition of the Dupont Powder Works, N. J., and houses near Penns Grove, badly burnel the about body. neys Point, an employe, was who came John Torton, Charles Eckly, two from Pitt,burg Pa., to Allentown, to follow his trade as third-story a painter, weeks ago by falling from the killed of schoolhouse he was death paint near window Garten was stabbed to Joseph Ed his grandfather, Murray, Ky., case of It was by a clear self-defense heavy stick Elliott. attacked him with a The boy had Frank P. Smcot, a Washingtra Wayae, of wood. has been arrested in Company, Fort of Ind.-The absconder, Standard Wagon Edward Michie. Cincinnati, has assigned to The $300,000; liabilities, $400,000. ago, and Assets, assigned several years Chinese excompany recovered. The never fully be tested in the United States clusion law Chicago. will The Bedford Chair Court in of Cleveland, made an assignment Assets, Company. Solomon S. Drake, of Bedford. to $85,000; llabilities, $55,000. H. Edwards, a traveling photographer, and comH. his wife and two children -James poisoned sulcide at San Francisco. outhern mitted a prominent official of the has di, D. Cook, Railroad at an Francisco, Kansas, Pacific Governor Morrill, of an appeared. received from the State Department do all in has that this government will the proissurance to afford John L Waller, entitled by its power to which he may be found Sevlection of his American citizenship. the colreason people were badly injured by new mile lapse III. oral of the Amphitheater at the Duncan, race & prominent track at citizen Peoria, of Stillwater, -Sanford River Ok, bank was murdered on the Arkansas found the line of the Pawnee reservation. closed near bank at Salisbury, Mo., has been The The order of the state bank examiner. by Gas Fixture Works, at Bridgetown, $25,000. N. Acme were destroyed by fire. Loss BethleStoudt's J., Excelsior Paning Mill, at insurince $4,500. tem, Pa., was burned. Loss $10,000; armored launch of the United States on the The Brooklyn, which has been about two cruiser, Cramp's shipyard for and years, is during the Well. ways at being to take actively place prepared for, at coming is expected cyc.one and cloudburst dam ston, month. o., flooded A streets and and drowned cellars, carried some beaway waterworks working in a street railway cut could escape. Italians they Upon Dallas report made of fore Master Crawford, Judge Circuit Court Special in the United States Philadelan order the receivers of the ourauthorizing Reading Railroad Company to on phia and some new equipments in carrying The Irving chase company's coal trade. of Augu the Brewery and the residence destroyed Cliff in Honesdale, Pa., were the second Hartung The fire originated on to have by fire. of the brewery, and is supposed loss is $50,floor been of incendiary $22,000. origin. News The that all the 000 insurance list missionaries in China, who shanghai were Metbo danger, are now safe in narrow in has grave been receive They bad Chang many Tu. on their way from families who escapes colored farmers and their Liberia, The dup ed into migrating to - meet- are we penniles', in Philadelphia. and rived, men prominent in shipbuilding held in ing of interests, which was asking agricultural Philadelphia, passed resolutions for An protection of those two insurance interests. comthe Albany court decided that exhume the panies baye not the right to bod e3 of policy-holders. King, California heirs of Cornelius a few The at the Napa Insane Asylum worth over who died ago, leaving property York, have months to four nephews in New over his $200,000 decided to make a vlgorous contest love caused Disappointment in out at Aragon to blow his of He was at the house Paso, notorious Mexican estate.- Valente Texas. the brains revolution- sat down, Victor El L. Ochoa, and, going to the parlor, he in his mouth ist, the muzzle of a pistol Allen, placed his brains out George o. o. and of blew the men who kidnapped Lawyer arrestel in one for ransom, has been granted Cottle Vice Chanceilor Bird why a a Buffalo. at Trenton, N. J., to show cause for the Rubb er Company of 'reaton receivership rule should not be which pointed ex Mayor