e3aab526Full suspension, Books examined
Other: Bank posted notice requiring 30-day written notice for withdrawals; receiver later waived fees and paid depositors in full during liquidation.
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PULLED OUT $30,000 IN TWO HOURS. Run On a St. Joe, Mo., Bank by Depositors On Learning That It Held $10,000 of Gillett's Paper. St. Joseph, Mo., Dec. 7.-A run was made on the Central Savings bank. of St. Joseph, yesterday afternoon, when depositors drew out $30,000 in two hours. The run was the result of the failure of Gillett, the Kansas cattle plunger, as the bank held about $10,000 of Gillett's paper. The officers of the bank posted a notice today that writ-
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$30,000 IN TWO HOURS Withdrawn From a St. Joe Bank on Account of Gillett's Failure. St. Joe, Mo., Dec. 7.-A run was made on the Central Savings bank of St. Joseph yesterday afternoon. Depositors drew out $30,000 in two hours. As a result, the bank is not transacting business today. The run was the result of the failure of the Grant Gillett, Kansas cattle plunger. The bank held about $10,000 Gillett paper. This came out in a law suit brought by a Kansas City commission firm to gain possession of some of Gillett's cattle that were attached by the bank. Officers of the bank posted notice today advising depositors that written notice would be required from those who desire to withdraw funds. The bank's deposits are half a million dollars, but it has only $70,000 cash on hand and this course was taken to prevent more serious trouble. It is probable the bank will resume business soon.
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RUN ON SAVINGS BANK. St. Joseph Institution Held Some of Gillett's Paper. St. Joseph, Mo., Dec, 7.-A run was made on the Central Savings bank of St. Joseph yesterday afternoon. Depositors drew out $30,000 in two hours. The run was a result of failure of Grant Gillett, the Kansas cattle plunger. The bank held about $10,000 of Gillett paper. This came out in a suit brought by a Kansas City commission firm to gain possession of some of Gillett's cattle that were attached by the bank. Officers of the bank posted a notice today, advising depositors that written notice would be required from those who desire to withdraw funds. The bank's deposits are half a million dollars, but it has only $70,000 cash on hand, and this course was taken to prevent more serious trouble. It is probable the bank will resume business soon.
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A RUN ON A BANK. St. Josepa, Mo., Dec. 7.-A run was made on the Central Savings bank of St. Joseph this afternoon. Depositors drew out $30.000 in two hours. The run was the result of the failure of Grant Gillett, the Kansas cattle plunger. The bank held about $10,000 of Gillett's paper.
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Run on 14 St. Joseph Bank. St. Joseph, Mo., Dec. 8.-A run was made on the Central savings bank of St. Joseph yesterday afternoon. Depositors drew out $30,000 in two hours. The run was the result of the failure of Grant Gillett, Kansas cattle plunger. The bank held about $10,000 Gillett paper. To-day the bank gave notice that depositors who wished to withdraw must give the lawful 30-day notice.
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ST. JOSEPH BANK RECEIVER. R. L. McDonald to Serve Until Monday, When the Institution Will Reopen. ST. JOSEPH, MO.. Dec. 9.-Secretary of State Lesueur came here to-day to examine affairs of Central Savings bank, which closed Tuesday on account of a run precipitated by report that the bank held $30,000 of Plunger Gillett's paper. Secretary Lesueur appointed R. L. McDonald. wholesale merchant, and one of the directors of the bank, to serve as receiver until Monday. when the bank will resume business. Mr. Lesueur said to-day: "All of the bad paper which may have been in the bank's possession was replaced by good security. There will be enough money here to transact business next Monday morning."
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In Charge of St. Joseph Bank. ST. JOSEPH, Mo., Dec. 9.-Secretary of State Leseur came here today to examine the affairs of the Central Savings bank, which closed Tuesday on account of a run precipitated by a report that the bank held $30,000 of Plunger Gillett's paper. Secretary Leseur appointed R. L. McDonald, wholesale merchant, receiver to serve until Monday, when the bank will resume business.
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LATE NEWS ITEMS. The Central Savings Bank, of St. Joseph, closed last week on account of a run, resumed business. Governor Stephens invited Governors of 14 states to send delegates to the Louisiana Convention at St. Louis. While crossing the Missiesippi on the ice, near Quincy, III., a mail coach and horses broke through and Bank. A great riot took place in Havana between Cubans and Spaniards. Several persons were killed and many wounded. John Clark, a typhoid fever patient at Dodge City, Kas., was given up for dead and prepared for burial, but he surprised his friends by returning to life. In his address to the American Federation of Labor Convention at Kansas City, President Gompers scored expansion and other administration policies. The American Peace Commissionare at Paris banqueted Ambassador Porter in honor of the latter's hospitality and solicitous care of them during the treaty negotiations. M. Grousett delivered a sensational speech in the Chamber of Deputies on the Dreyfus case. Turbulent scenes were witnessed, the Deputies fighting on the floor. Several duels are on.
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St. Joseph Bank Receiver. ST. JOSEPH, Mo., Dec. 10. -Secretary of State Lesueur came here yesterday to examine affairs of the Central Sav. ings bank, which closed Tuesday or account of a run precipitated by a report that the bank held $30,000 of Secretary Plunger Giliett's paper. Lesueur appointed R. L. McDonald, wholesale merchant, and one of the directors of the bank, to serve as receiver until Monday, when the bank will resume business.
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Savings Bank Closed. ST. JOSEPH, Mo., Dec. 31.-The Central Savings Bank of St. Joseph has suspended business. It has gone into voluntary liquidation. This action is due primarily to the failure of G. G. Gillett, the Kansas cattle king. The directors say that dollar for dollar will be paid depositors. The capital stock of the Central Savings Bank is $50,000 and the deposits aggregated $600,000, largely owned by poor people and wageearners.
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GILLETT THE CAUSE OF A BANK'S FAILURE Held the Cattle Plunger's Paper, Which Caused a Run That Could Not Be Checked. ST. JOSEPH, Mo., Dec 31.-The Central Savings Bank of St. Joseph has suspended business. It has gone into voluntary liquidation. This action is due primarily to the failure of G. G. Gillett, the Kansas cattle plunger. The bank held several thousand dollars of his paper. The sum was not really large enough to do the institution even temporary injury. but when the fact became known public depositors were frightened and started a run. This was three weeks ago. The directors temporarily closed. re-established confidence and resumed business after two days. Patrons continued withdrawals, however, and the death of Louis Hax. the millionaire president of the bank. on December 25, brought matters to a crisis. Secretary of State Lessar was here to-day and held a conference with. the directors. Application was made for a receiver to Judge Woodson, in chambers, and he appointed Milton Tootle Jr., president of the TootleLemon Bank. The directors state that dollar for dollar will be paid. The capital stock of the Central Savings Bank is $50,000. and the deposits aggregated $600,000, largely owned by wage-earners.
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Bank Goes Into Liquidation St. Joseph, Mo., December 31.-The Central Savings bank has gone into voluntary liquidation. The bank held several thousand dollars of Cattleman Gillet's paper, and when the fact became public the depositors became frightened and started a run. The directors state that dollar for dollar will b paid depositors. The capital stock is $50,000 and the deposits aggregate $600,000, largely owned by poor people and wageearners.
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NEWS IN SUNDAY'S JOUR NAL Resume of Chief Events Printed in the Issue of Jan. 1. The highest wages received by mill hands in India is $4.50 per month. One train crashed into another at Tuscola, Ill., and killed a fireman. The coinage at the San Francisco mint for December amounts to $10,062,000. The United States has 33,914 soldiers in Cuba and is hurrying more to the island. Controller Dawes in an address at Chicago outlined his views on currency legislation. Governor General Brooke is to be given a cabinet to assist him in administering the affairs of Cuba. A ministerial crisis has been brought about at Berlin by the Emperor's insistency in expelling the Danes. Mrs. Cordelia Botkin, convicted of the murder of Mrs. John P. Dunning and her sister, will ask for a new trial. A delegation of Iowa negroes called upon President McKinley Saturday in regard to the recent troubles in the South. Attorney General Monnett, of Ohio, will proceed against the American Biscuit Company as a trust to oust them from the State The Central Savings Bank of St. Joseph, Mo., voluntarily suspended owing to withdrawals of deposits, due to Gillett episode. No losses. Henry Watterson nominates Admiral Dewey for President and Fitzhugh Lee for Vice President on the platform of "stars and stripes." The Sultan's chief eunuch has died suddenly, leaving an immense property, which goes into the treasury of the Sultan. Poison is hinted at. Buckwa lowered the two miles and a quarter world's record on the Oakland, Cal., track, which has stood for twenty-five years, to 3:51 flat. Joseph Vacher, the "fiend of the century," who is known to have murdered twentythree persons without any object save to destroy life, was put to the guillotine in France. Ambassador Cambon has left London for Paris, bearing England's terms regarding a settlement of many of the disputes between France and Britain. The terms are said to be harsh. A noted British astronomer advances the opinion that the moon formerly was a part of the earth and that the end of the world will be brought about by the sea breaking into the center of the earth and causing a volcanic eruption. One battalion of the One-hundred-andsixtieth Indiana Volunteers will probably sail from Charleston, S. C., for Cuba about Jan. 10 on the transport Saratoga. Three trips will be necessary to convey the whole regiment to the island.
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formation concerning Confederate cemeteries near Austin, Texas. President Kruger has prohibited the celebration of the defeat of the Jameson raiders. Don Matias Romero, Mexican ambassador to the United States, died in Washington Friday. A ministerial crisis has been brought about at inBerlin by the emperor's sistency in expelling the Danes. The Washington government proposes to negotiate a special commercial treaty with Switzerland, Three men engaged in a desperate fight at Lulu, Miss., Saturday, and are all dead as a result. Marquis Ito of Japan says nothing can prevent a collapse of the Chinese Empire. The torpedo boat destroyer Farragut has been turned over to the government. It is said that the Louisiana troops, now in Cuba, will form part of the carrisons of Morro Castle and La Cabanas. The Central Savings bank, of St. Joseph, Mo, voluntarily suspended, to of due owing withdrawals deposits, to the Gillett episode. No losses. Henry Watterson nominates Admiral Dewey for president and Fitzhugh Lee for vice-president, on the platform of "Stars and Stripes." A delegation of Iowa negroes called upon President McKinley Saturday in regard to the recent troubles in the South. Mrs. Cordelia Botkin, convicted of the murder of Mrs. John P. Dunning and her sister, will ask for a new trial. The German minister says that no significance is to be attached to the presence of the warship Irene at the surrender at Iloilo. Italy will send a warship to Colombia to demand satisfaction for an alleged insult growing out of the Ceruta affair. The Sultan's chief eunuch has died n suddenly, an which leaving immense property, goes into the treasury of the sultan. Poison is hinted at. , Gen. Otis has telegraphed the war not the department that he has heard 3 result of Gen. Miller's landing at Iloilo. t The secretary of war has disapproved the concession made by the Hawaiian government to the Pacific S company an Cable for exclusive right of laying a cable to Hawaii. There are serious differences bei tween the German emperor and his chancellor, Prince Hohenlohe, and it n is believed the prince will be forced to resign. Ambassador Cambon has left London for Paris bearing England's terms a of the regarding settlement many of disputes between France and Britain. The terms are said to be harsh. n The case of Congressman-elect Rob. erts, of Utah, may cause the house e considerable worry should an effort be e made to unseat him on the grounds that he is a polygamist. The worst blizzard of the winter struck A Central Kansas Saturday. o was Elec'8 cars not and tric hard rain could turned into sleet. pull along, trains were hours behind. e Ic An eruption of Mt. Vesuvius has OC: e curred from the crater formed in 1875. la Two strems of lava, each twenty me tres broad, have already reached the d slopes of Montesomma, which flanks Mount Vesuvius on the north. d Joseph Vacher, the "flend of the century," who is known to have murd dered twenty-three without n any save to was object destroy persons life, put to the guillotine in Paris Satur g day. h 10 A noted British astronomer ad vances the opinion that the moon g h, formerly was a part of the earth, and e that the end of the world will b brought about by the sea breaking 2 into the center of the earth and caus g ing a volcanic eruption. W
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St. Joseph Bank Steps Out. The Central Savings Bank of St. Joseph. Mo., has suspended business and gone into voluntary liquidation. This action is due primarily to the failure of G. C. Gillett, the missing Kansas cattle king. The bank held several thousand dollars of his paper.
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Caused by Bold Disciples of Gillett. SOLD MORTGAGED CATTLE And Defied Creditors -- Involves Innocent Party. Deputy United States Marshal Fred C. Trigg was at Beaumont, Kan., Monday on official business in connection with a cattle case, the details of which unearth the brazen deeds of two young Jackson county farmers. Their names were not material to the case which Mr. Trigg attended to, and could not be learned. However, these young men are fit disciples of the audacious Gillett, but much his superior in gall and adroitness. About a year ago these two young farmers, of near Horton, bought 402 head of 3year-old steers, and borrowed from the Central Savings bank of St. Joseph, Mo., $13,000 with which to pay for them. Soon afterward, seeing they were getting involved seriously, they sought to sell the entire bunch. They found a buyer in A. H. Van Arsdale, owner of the Oak Grove cattle ranch at Beaumont. The cattle were represented to Van Arsdale as being clear of any judgments or debts. They were offered to him for $11,000, $2,000 less than the mortgage on them. Mr. Van Arsdale is a good judge of a bargain, and he took the entire bunch and paid for them on delivery at his ranch. Then the Gillettic speculators called on their credit. ors, the Central Savings bank, and told them they had come to take up the mortgage, but they had only $11,000. The bankers demanded $13,000. The debtors, with an audacious air, told the bankers that they would have to take less th $11,000, for they considered that they ought to have something out of the deal themselves. For $250 less than the $11,000 they would "square off," and no other offer would be considered. Gillett would never have thought of such audacity. But these young men were onto their job. The cattle were sold and out of their possession, and they were independent and so informed the officers of the bank. This bank had already been forced into a receiver's hands by Gillett paper, and the receiver, Mr. Tootle, did not intend to get left on any more cattle deals. He refused to consider the young men's offer, and started after the cattle. Mr. Trigg was sent down to take charge of th herd, replevined by Receiver Tootle. He held them until Monday night, when Mr. Van Arsdale gave a redelivery bond in the sum of $27,000. He has splendid financial credit, as is evidenced by the fact that John R. Mulvane, the Topeka banker, became surety on the bond. The suit brought by the Central Savings bank is for $14,000, $13,000 representing the amount of mortgage and $1,000 damages. It will come up in the march term of the United States court in this city, and will be a most important and interesting case, especially for Mr. Van Arsdale, the defendant. It is said that if he loses the case he cannot recover a cent from the young speculators from whom he bought the cattle. The bank officials claim they had the mortgage legally recorded in Jackson county, while Mr. Van Arsdale claims the title to the cattle was clear. It is understood that the Central Savings bank of St. Joseph has interests in several other herds of cattle in southern Kansas on which similar action to the above will be taken. The speculative fever has become so great and money in banks so plentiful that almost any kind of a schemer could get unlimited credit on herds, and the dishonest speculator is having a very successful inning.
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Generous Bank Receiver. St. Joseph, Mo., Jan. 19. - Receiver Milton Tootle, of the Central Savings bank, has sprung a surprise on the court and depositors by serving a notice that he will not accept one cent for his services. He is entitled to $10,000. R. A. Brown, the receiver's attorney, voluntarily surrendered one half of his fees, or $2000. The bank will pay depositors in full Feb. 1. It failed one year ago. The receiver was warmly commended by the court for the for the successful and speedy manner in winding up the bank affairs.