10683. St Joseph Savings Bank (St Joseph, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
May 15, 1884
Location
St Joseph, Missouri (39.769, -94.847)

Metadata

Model
gpt-5-mini
Short Digest
3fbdf767

Response Measures

None

Description

St. Joseph Savings Bank closed around May 15, 1884 (an assignee/receiver took charge) apparently because of its intimate New York correspondent connections (Donnell, Lawson & Simpson). It later resumed operations (reported June 23, 1884). No article describes a depositor run on this specific bank.

Events (3)
1. May 15, 1884 Receivership
Newspaper Excerpt
James L. Wilson, assignee of the St. Joseph Savings Bank, which closed yesterday, has taken charge, and will investigate the condition of affairs at once.
Source
newspapers
2. May 15, 1884 Suspension
Cause
Correspondent
Cause Details
Closed after being dragged down by its intimate New York connections with the suspended New York firm Donnell, Lawson & Simpson; attachments on related property reported.
Newspaper Excerpt
James L. Wilson, assignee of the St. Joseph Savings Bank, which closed yesterday, has taken charge, and will investigate the condition of affairs at once.
Source
newspapers
3. June 23, 1884 Reopening
Newspaper Excerpt
The St. Joseph (Mo.) Savings Bank will resume to-day.
Source
newspapers

Newspaper Articles (6)
1. May 16, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 16, 1884

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Article Text

UNEASINESS IN THE SOUTHWEST. That Section Liable to Suffer Seriously Through Donnell, Lawson & Simpson. ST. LOUIS, May 15.-The situation here is practically unchanged. Bankers and business men generally have no apprehensions for the future. Much satisfaction is expressed at the resumption of the Metropolitan Bank, and while a little uneasiness was produced by the suspension of Fisk & Hatch, and a very slight flurry created by the temporary trouble at Kansas City, still, the general opinion is that nothing serious will result outside of New York. Coasiderable attention is attracted, however, to Donnell, Lawson & Simpson, and there is a considerable desire to know the condition of that firm, and to know what its future action will be. It has intimate relations with, and is correspondent of nearly one hundred banks in Missouri, some sixty in Kausas, thirty or forty in Texas, and has numerous connections in all the extreme Western States and Territories. It is not known, of course, to what extent they are involved, but their indebtedness to Western bankers may run into the millions. L. V. Stephens, of Booneville, one of the most prominent bankers in the interior of this State, estimates that, in case of a complete failure of the firm, the loss to Missouri will be fully half a million. It is also feared the loss to Texas bankers will be heavy. A dispatch from St. Joseph says attachments have been laid on Donnell's property in that city to the amount of $60,000. James L. Wilson, assignee of the St. Joseph Savings Bank, which closed yesterday. has taken charge, and will investigate the condition of affairs at once.

2. May 16, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 16, 1884

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Article Text

St. Louis' Pulse. ST LOUIS, May 15.-The situation here is practically uncha ged. Bankers and business men generally, have no apprehension for the future. Much esti-faction is expressed at the resumption of the Metropolitan bank, and while little uneasiness was produced by the suspension of Fisk & Hatch, and a very slight flurry created by the temporary trouble in Kansas City, still the general opinion is that nothing serious would result outside of New York. There is considerable attention. however, to Donnell, AWSOU & SimpSOD, and there is considerable desire to know the condition of this firm and what its future action will ba. It has extensive relations. and is correspondent of nearly 100 banks in Missouri, some sixty in K uses, thirty or forty in Texas, and numerous connections in all extreme western states and territories. It is not known, of course, to what extent they are involved in this direction. but their indebtedness to western bankers may run into millions. L. W. Stephens, or Boonville, one of the most prominent bankar in the interior of this state, estimates, in unse of the complete failure of the firm, the loss to Missouri W It be fully half a million. It is also feared the loss to Texas bank will be heavy. A dispatch from St. Joseph says attachments have been laid on Donnell's property in that city to the amount of $60,000. James L. Wilson, assignee of the St Joseph Savings bank, which closed yes. terday, has taken charge. and will Investi gate the condition of affairs at once.

3. May 16, 1884 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 16, 1884

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very by the temporary trouble in Kansas City, still the general opinion is nothing serious will result outside of New York. Considerable attention is attracted to Donnell, Lawson & Simpson, and there is considerable desire to know the condition of that firm, and what its future action will be, It has intimate relations with, and is a correspondent of nearly one hundred banks in Missouri, some sixty in Kansas, thirty or forty in Texas, and has numerous connections in all extreme western states and territories. L. V. Stephens, of Booneville, one of the most prominent bankers in this state, estimates, in case of o the complete failure of the firm, the loss to Missouri will be half a million. It is feared also the loss to the Texas bankers will be heavy. A dispatch from St. Joseph says: Attachments have been laid on Daniels' property in that city to the Tamount of $60,000. James L. Wilson, assignee of the St. Joseph Savings bank, which closed yesterday, has taken charge .and will investigate the condition of affairs at once. DALLAS, TEXAS. DALLAS, Texas, May 15.-The Fort Worth Water Works company to-day began suit in the United States court against the suspended firm of Donnell, Lawson & Simpson, of New York, for $13,000, alleged to be due on the sale of bonds, the proceeds being on deposit with the firm at New York at the time of its suspension. The marshal levied on a two story brick business house and lot on Main street to satisfy the claim. ST. JOSEPH, MO. ST. JOSEPH, Mo., May 15.-A better feeling has prevailed here to-day, and it is generally believed that the worst of the panic is over. The banks opened their doors a little earlier than usual this morning, and have met the demands of depositois, besides doing the usual discount business. There was no perceptible run on any bank. The bankers and business men are unanimous in the opinion that the State Savings bank was in good condition and would not have failed, had it not been dragged down by its intimate New York connections. It is confidently believed it will pay dollar for dollar. . PATERTON, N. J. PATERSON, N. J., May 15.-A slight run on the Paterson savings institution to-day, was promptly met. MISSOURI STATE BANK. JEFFERSON CITY, Mo., May 15.-Secretary of State McGrath, is in receipt of reports from the banks of the state, up to the first of the month, and says: The statement shows the banks to be in a flourishing condition, and show a better financial standing than at any previous time. THE OIL EXCHANGE. PITTSBURG, May 15.-A feverish feeling prevailed in the petroleum exchange during the early hours of this morning, owing to the fear that the broker's sheets would not pass the clearing house dealers refused to buy or sell, and the market was almost at a stand still. Exaggerated reports of failures were circulated, and the general trade is awaiting with anxiety the clearing house report, fortunately the fears proved almost groundless. One dealer, Geo. Bingham, was nnable to fulfill his contracts. He bought 25,000 yesterday at 92c which he was unable to take take to-day, and Vice President Fisher sold that amount under the rule to his account at 85% The loss will not exceed $2,000, and will be arranged it is thought to-morrow. The market which opened at 82c, declined to 80c recovered to 83% settled down, and closed steady at 831/4C with a better feeling. Bradford dispatches report the closing of the doors of the Tuna Valley bank to prevent a run. The affairs are reported in excellent shape CINCINNATI, CINCINNATI, o, May 15.-Aside from a little more caution on the part of bankers, there has been no effect here from the disturbances in New York. The business shows no less volume. The news of the failure of Fish & Hatch was received too late to affect the day's business, but is regarded as a proof that the causes of this trouble are to be found outside legitimate and actual business. BRIDGEPORT. CONN. BRIDGEPORT, May 15. The raid on the banking house of Watson & Co., resumed business this afternoon, but excitement subsided by 10 o'clock.

4. May 16, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 16, 1884

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respondent of nearly a hundred banks in Missouri, some sixty in Kansas, thirty or forty in numerous has and Texas, connections in all extreme Western states and territories. It is not known, of course, to what extent they are involved in this direction, but their indebtedness to Western bankers may run into millions. L. W. Stephens of Boonville, oneof the most prominent bankers in the interior of this state, estimates that in case of the complete failure of the firm, the loss to Missouri will be fully half a million. It is also feared the loss to Texas bankers will be heavy. A dispatch from St. Joseph says attachments have been laid on Donnell's property in that city to the amount of $60,000. James L. Wilson, assignee of the St. Joseph Savings bank, which closed yesterday, has taken charge and will investigate the condition of its affairs at once.

5. May 20, 1884 The Sedalia Weekly Bazoo Sedalia, MO
Article from The Sedalia Weekly Bazoo, May 20, 1884

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put out over $800,000 on his "puts." Sages action, it was said would lift one of the clouds which had hung over the situation. Dimmick & Co.'s failure did not cause the surprise as the house has not been in high repute for some time. The failure is not connected with the troubles of Wednesday. Anthony W. Dimmick, a member of the firm, is president of the Bankers' and Merchants' Telegraph Co. Dimmick & Co. were the heaviest stockholders of the Telegraph company, whose stock sold at $1.19 Wednesday and after the failure dropped rapidly to 45. The firm assigned to Charles P. Smith. MISSOURI BANKS, St. Lonis, May 15.-A Post-Dispatch, Jefferson City, special says: Secretary of State McGrath is in receipt of reports from all banks in the state up to the tirst of the month and says the statements show the banks to be in a flourishing condition and show a better financial standing than at any previous time. The situation here is practically unchanged. The bankers and business men generally have no apprehensions for the future. Much satisfactic n is expressed at the resumption of the Metropolitan bank. While a little uneasiness was produced by the suspension of Fisk & Hatch, and a very slight flurry was created by the temporary tronble in Kansas City, still the general opinion is nothing serious will result outside of New York Considerable attention was attracted, however, to Donnell, Lawson & Simpson, and there is considerable desire to know the condition of that firm and what its future action will be. It has intimate relations with and is correspondent of nearly a hundred banks in Missouri, some in Kansas, thirty or forty in Texas and has connections in all the extreme western states and territories It is not known to what extent they are involved and in what direction, but their indebtedness to Western bankers may run into the millions. L. V. Stephens of Boonville, one of the most prominent bankers of the interior of this state estimates in case of a complete failure of the firm the loss to Missouri will be fully half a million. It is also feared the loss to Texas bankers will be heavy. A dispatch from St. Joseph says attachments have been laid on Donnells' property in that city to the amount of $60,000. Jas L. Wilson, assignee of the St. Joseph savings bank which closed yesterday, has taken harge and will investigate the concondition of affairs at once. IN KANSAS CITY. Kansas City May 15.-There is no truth in the report of the suspension of the bank of Kansas City. The bankers of the city met this morning and agreed to pay 20 per cent. cash to depositors, and to give certified checks for the balance. This agreement includes all except Armour's bank, which prefers to pay dollar for dollar. The balance at the clearing house will be announced at 1 o'clock, when the plan of settlement will be agreed upon, It 18 thought the plan decided upon in New York will be adopted here. There was some excitement this morning but this had materially subsided at noon. The slight flurry of the morning disappeared this afternoon. A large number of deposits were drawn out in the morning, but nearly all were small amounts, the larger depositors appearing confident the scare was merely an artificial one. The concerted action of the banks, coupled with the encouraging eastern advices brought about an early reaction, and the excitement gradually subsided. The report which got abroad that the bank of Kansas City was involved seems to have originated in the impression that the bank had a large account with Donnell, Lawson & Simpson. Their books show they had only a $34.000 with the New York firm, comparatively a small amount. The feeling now is that the occasion for apprehension of serious trouble is over. The bank clearings to day were $522,000 against $593,000 the corresponding day last year, being an increase of $71 000. This is regarded as a favorable showing under the circumstances. All the banks have settled their balances without hesitation, obviating the necessity for adopting any special plan of settlement and the situation appeared altogether reassuring. The Citizens National and Traders banks paid out in full during the afternoon, though it is understood they were included in the original agreement to pay 20 per cent. cash and use certified checks. THE SCENE THIS MORNING on Deleware street, where most of the banks are located, was quite exciting Large crowds gathered about the doors of several banks, though their numbers were made up to a great extent by mere curiosity seekers. As the day wore on confidence was restored, and by 12 o'clock even the latter had dispersed. The feeling to-night among business men is that the crisis which threatened is past, unless further failures in the east should bring about fresh complications. Governor Glick, of Kansas, Secretary of State Smith and Treasurer Howe passed through the city to-day en route to New York, purposing to effect a settlement of the affairs of the state of Kansas with Donnell, Lawson & Simpson, and appoint a new fiscal agent. The announcement of the suspension of Fisk & Hatch came too late to visibly affect the business of the day. The only disturbance to-day was in the condition of the banks. The condition of business generally is unusually healthy, and financiers say the business of the city was never more prosperous than it has been this

6. June 23, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 23, 1884

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NEWS BRIEF. The St. Joseph (Mo.) Savings Bank will resumo to-day. Chas. B. Hall, a prominent citizen of Marietta, O., is dead, Ex-Judge Isaac B. Sbarp, of Wyandotte, Kansae, committed suicide on account of ill-health. The propristors of the Volta Iron Works, at Apollo, Pa., signed the Amalgamated ecale, and work will resume today. Citizens of Mount Sterling, Ky., are much excited over a threatened outbreak between the white and colored races. Four desperate characters attempted to break jail at Franklin, Ky., but their el. forts were thwarted by the Jailer's vigilanco. A receiver is reported to bave been appointed for the Howe Scale Company, of Rutland, Vt. The company denies it. Miss Alice M. Wells, of Boston, viewing the machinery in a Chicago grain elovator, was caught and instantly crushed to death. There is promise of the arrest of a number of prominent business men at Washington for alleged defrauding of the Government. Miss Augusta Rohrbach, daughter of a prominent merchant of Hegerstown, Md. committed euicide. The causs is attributed to mental depression. Mrs. Rebecca Arbuncle, aged 72, and Georga W. Hall, committed suicide at Mayaville, Ky. Both are believed to have been temporarily insano, Duncan McMillan, of Ladlow, Ky., foremau of the O., N. O. & T. P. coach repair shops, W88 killed in the switching yard by being run over by the tender oi a backing engine. Peter McCormick, 8 wealthy resident of Hunter's Point, L. I., was shot and; killed yeareday by Patrick Kiernan, one of his tenants, who kept a liquor storo, on a dis. pute about rent. In a wrestling match at Youngatown, O., between Duncan O. R 088 and Charles Math, the former was the victor. Math has iseued a challenge to Matsoda Sorakeohi, the Japanese athlete, to lift heavy weights or is to wrestle. Two freight trains on the Grand Trunk Railroad collided at Toronto yesterday. The engines and several cars were wreck II ed. Walls, a brakeman, Tremillion, a d fireman, were killed, Two others were seriously injured,