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BIG FAILURE. The Mullanthy Bank Sustains a Shock from the "Wave." St. Louis, Feb. 27.-After a run this morning the Mullanthy bank closed its doors, Liabilities $10,000. Cashier Kam. merer believes the assets will be the same.
10789. Mullanphy Savings Bank (St Louis, MO)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings bank
- Start Date
- February 27, 1897
- Location
- St Louis, Missouri (38.627, -90.198)
Metadata
- Model
- gpt-5-mini
- Short Digest
495b0ba8
Response Measures
Full suspension, Books examined
Other: Receiver appointed after suspension; subsequent settlement/receivership proceedings described.
Description
Multiple articles report a depositor run (~40 people, about an hour) on Feb 27, 1897; the state bank examiner promptly closed the bank the same day and it was placed in receivership (receiver appointed Mar 1, 1897). Trigger cited: Continental National refused to clear for the bank after an examiner report and a filed chattel mortgage was said to have prompted the run. No reopening is reported; receiver (ex‑Gov. W. J. Stone) was appointed.
Events (3)
1.
February 27, 1897
Run
- Cause
- Correspondent
- Cause Details
- Continental National Bank refused to clear for Mullanphy after examiner reported it unsafe; filing of a $25,000 chattel mortgage also cited as sparking depositor alarm.
- Measures
- Bank Examiner C. O. Austin promptly closed the bank and posted placard; examiner took charge.
- Newspaper Excerpt
- about forty assembled at the bank when it opened at 9 o'clock this morning, and began a run
- Source
- newspapers
2.
February 27, 1897
Suspension
- Cause
- Government Action
- Cause Details
- State bank examiner closed the bank after run and after clearing house/correspondent refused to clear for institution.
- Newspaper Excerpt
- This bank is in the hands of the secretary of state. Bank Examiner C. O. Austin today closed the Mullanphy Savings Bank
- Source
- newspapers
3.
March 1, 1897
Receivership
- Newspaper Excerpt
- Judge Valliant to-day appointed ex-Gov. William J. Stone receiver for the Mullanphy Savings Bank, which failed last Saturday.
- Source
- newspapers
Newspaper Articles (18)
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MULLANPHY BANK FAILURE The First Institution of the Kind to Fail in St. Louis for a Good Many Years. St. Louis, Feb. 27.-The Mullanphy Savings bank, a state institution, was closed today by the state bank examiner. J. H. Rottman is president of the institution. The Mullamphy Saving bank has been in operation more than twenty. five years. The statement issued February 26, was as follows. Liabilities, capital stock, $100, 000; surplus, $5,204; demand deposits, $248,182; time deposits, $396,088; certificates deposits, sight drafts, $8,208; cash. iers checks, $3,439; bills payable, $45,000; total, $806,069. Resources, bills receivable, $561,753; bonds, $54,081, real estate, $89,112; cash in vault, $42,946; cash in banks, $58 172: total $806,044. Yesterday the Continenial back, through which the Mallanphy bank cleared, noti fied the chairman of the Clearing House association, that it would not clear for the Savings institution any longer, beCRUSE of its condition. Bank Examiner Austin had examined into the banks condition, and finding it unsatisfactory 80 reported to the Continential. Last night, the exam. ining committee of the Clearing House association met to devise some means for carrying the bank over, but decided it could do nothing. This becoming known to some of the depositore, about forty this morning began a run. Exam. iner Austin promptly closed the deors and the depositors were put out. There was much indiguation among the depositors, who are mostly poor people who can ill afford to lose their savings. It caused a sensation as this is the first bank in St. Louis to fail for many years.
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CLOSED BY THE EXAMINER. Failure of the Mullanphy Savings Bank of St. Louis. ST. LOUIS, Mo., February 27.-Bank Examiner C. O. Austin today closed the Mullanphy Savings Bank, a state institution, which has been in operation here for more than twenty-five years. He is unable yet to give out any figures which would show the condition of the bank, but hopes to have the books in such shape as to be able to make a report early next week. Yesterday the Centinental National Bank, through which the Mullanphy Bank cleared, notified the chairman of the Clearing House Association that it would not clear for the savings institution any longer. because of its condition. Mr. Austin had examined into the bank's condition, and finding it unsafe, had reported se to the Continental National, and its action followed. Last night the executive committee of the Clearing House Association met to devise some means of carrying the bank over, but decided that it could do nothing to help It. This becoming known to some of its depositors, about forty assembled at the bank when it opened at 9 o'clock this morning, and began a run. Examiner Austin, seeing how matters were going. promptly closed the bank. and the depositors were put out of doors. There was much indignation among the depositors, who were mostly poor people, and can il! afford to lose their savings. The failure caused somewhat of a sensation throughout the city, as this is the first bank in St. Louis to fail in many years. CHICAGO, February 27.Mr. George Schneider, former president of the National Bank of Illinois, has effected a settlement. Everything as to him has been closed up, including his indebtedness to the bank, and his release, which has been approved, is honorable and creditable. A petition for his discharge from all liability will be presented to the United States court in a day or two, and will doubtless be approved.
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CLOSED A BANK. Indignation Among the Depositors Many of Whom are Poor. ST. LOUIS, Mo., Feb. 27.-The Mullanpuy Savings bank, a state institution, was closed today by the state bank examiner. J. B. Rettman is president. The statement issued Feb. 26 by the bank 18 88 follows: | Liabilities, capital stock, $100,000; surplus, $5,204; de. mand deposits, $248,132; time deposits, $396,088; certificates deposits at eight, $8,208; cashier's checks, $3,484; bills payable, $45,000; total, $806,069. Resources: Bills receivable, $561,758; bonds, $54,061; real estate, $89,112; cash in the vault, $40,947; cash in the banks, $58,197; total, $506,069. Yesterday the Continental National bal k through which the Mullanphy bank cleared notified the chairman of the clearing house association that it would not clear forthe saving institution any longer because of its condition. Austin had examined the bank's condition and finding it unsale had reported so. Last night the executive committee of the clearing house association met to devise some means of carrying the bank over but decided that it could do nothing. This became known to some of the depositors. About forty began a run this morning. Examiner Austin promptly closed the bank and the depositors were put outdoors. There was much indignation among the depositors, mostly poor people who ,can 111 afford to lose their savings. The failure caused & sensation as this is the first back in St. Louis to fall for many years. The bank had been in operation over 25 years. T. A. Teuscher ran up his over. drafts at the bank to $80,000 recently when he tried to corner the whisky market. President Rottman said this was & dead loss. Bottman also borrowed freely from the bank to push his whisky business.
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SAVINGS BANK CLOSED. St. Louis, Feb. 27.-The Mullanphy Savings bank was slosed by the state bank examiner, on account of a run tarted on it by its depositors mostly poor people.
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'RAH FOR M'KINLEY." St. Louis Bank Goes Into the Hands of the Secretary of State. St. Louis, Feb. 27.-After a run of about an hour this morning, the Mullanphy bank, on the corner of Broadway and Cass avenue, closed its doors. Bank Examiner Austin immediately took charge and the following placard was posted on the doors: "This bank is in the hands of the secretary of state." The liabilities are estimated at $810,000, and Cashier Kammerer says the assets will reach nearly the same figures. The bank has about 1,500 depositors, and was regarded as one of the most substantial savings institutions in the city. The filing of, a chattel mortgage of $25,000 by a commission firm is said to be responsible for the run and subsequent failure. The clearing house association has appointed a committee to investigate the failure.
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BANK FAILURES STRIKE ST. LOUIS. Savings Institution Closed by the State Bank Examiner. ST. LOUIS, Feb. 27.-State Bank Examiner C. O. Austin today closed the Mullanphy Savings bank, a state institution, which has been in operation nere for more than twenty-five years. He is unable yet to give out any figures which would show the condition of the bank, but hopes to have the books in such shape as to be able to make a report early next week. The statement issued at the close of business on February 26, 1897, by the bank is as follows: Liabilities: Capital stock, $100,000; surplus, $5,204; demand deposits, $248,132; time deposits, $396,088; certificates of deposit, sight, $8,208; cashier's checks, $3,434; bills payable, $45,000; total, $806,069. Resources: Bills receivable, $561,753; bonds, $54,061; real estate, $89,112; cash in vault, $42,946; cash in banks, $58,187; total, $806,069. CHICAGO, Feb. 27.-The clothing firm of Willoughby, Hill & Co. confessed judgment today for $81,611 in favor of the Fort Dearborn National bank. The assignment was issued on a bill filed by the Stein-Block company, clothiers of Rochester, N. Y., the members of whose firm composed the minority stockholders of the Willoughby-Hill company. The bill charges the firm to be insolvent, with $150,000 of assets and $200,000 of liabilities. The confession of judgment was followed by the filing of a bill for a receiver. Judge Hanecy appointed E. B. McKey.
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"RAH FOR M'KINLEY." St. Louis Bank Goes Into the Hands of the Secretary of State. St. Louis, Feb. 27.-After a run of about an hour this morning, the Mullanphy bank, on the corner of Broadway and Cass avenue, closed its doors. Bank Examiner Austin immediately took charge and the following placard was posted on the doors: "This bank is in the hands of the secretary of state." The liabilities are estimated at $810,000, and Cashier Kammerer says the assets will reach nearly the same figures. The bank has about 1,500 depositors, and was regarded as one of the most substantial savings institutions in the city. The filing of. a chattel mortgage of $25,000 by a commission firm is said to be responsible for the run and subsequent failure. The clearing house association has appointed a committee to investigate the failure.
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Mullanphy Savings Bank. ST. LOUIS, Feb. 27.-Assistant Attorney General Jeffries applied to Judge Valiant this afternoon for the appointment of a receiver for the Mullanphy Savings bank. He placed the bank's total liabilities at $807,630; available assets, $567,114. He stated that the bank had lost $204,000 on bad paper. T. A. Teuscher ran up his overdrafts at the bank to $80,000 recently. when he tried to corner the whisky market. President Rottman said this was a dead loss. President Rottman has also borrowed freely from the bank to push his whisky business. Yesterday the Continental National bank, through which the Mulianphy bank cleared. notified the chairman of the Clearing House Association that It would clear for the savings institution no longer, because of its condition. Examiner Austin has examined the bank's condition, and, finding It unsafe, had reported 80 to the Continental. Last night the executive committee of the Clearing House Association met to devise some means of carrying the bank over, but decided It could do nothing. This became known to some depositors. About forty began a run this morning. Examiner Austin promptly closed the bank and the depositors were put out of doors. There was much indignation among the depositors, mostly poor people who can not afford to lose their savings. The failure caused a sensation, as this is the first bank In St. Louis to fall for many years. The bank had been in operation for over twenty-five years. Willonghby, HIII & Co. CHICAGO, Feb. 27.-Willoughby. Hill & Co., clothiers, confessed judgment in the circuit court today for $81,611 in favor of the Fort Dearborn National bank. Mr. Hill has been in New York, but is expected home tonight. His son, who is in charge of the business in his absence, says the financial troubles can be arranged. "It was a complete surprise," said he today. "I guess we will get in shape again in & day or two." The assets are given at about $135,000.
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ST. LOUIS BANK CLOSES. Assets Said to Nearly Equal Liabilities, Over $800,000. St. Louis, Feb. 27.-After a run of an hour this morning the Mullanphy Bank, corner of Broadway and Cass streets, closed its doors. Bank Examiner C. O. Austin immediately took charge, and a placard was posted on the doors bearing: "This bank is in the hands of the secretary of state." The liabilities are estimated at $810,000, and Cashier Kammerer says the assets will reach nearly the same figures. The bank has about 1,500 depositors and was regarded as one of the most substantial savings institutions in the city. Examiner Austin is inclined to the belief that the bank will not resume. The filing of a chattel mortgage of $25,000 by a commission firm is said to be responsible for the run and subsequent failure.
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MULLANPHY SAVINGS BANK A St. Louis Savings Bank Porced to Suspend. IS IN CHARGE OF A BANK EXAMINER Clearance Through the Continental National Bank Was Refused and Suspension Followed at Once. St. Louis, February 27.-State Bank Examiner Austin today closed the Mullanphy Savings bank, a State institution which has been in operation here for more than twenty-five years. He is unable yet to give out any figures which would show the condition of the bank, but hopes to have the books in such shape as to be able to make a report early next week. The statement issued at the close of business on February 26, 1897, by the bank is as follows: Liabilities, capital stock $100.000; surplus $5204; demand deposits $218,132; time deposits $326,083; certificates of deposit, sight $2208; cash and checks $2434; bills payable $45,000. Total, $806,068. Resources-Bills receivable $561,753; bonds $54,061; real estate $89,112: cash in vault $42,946; cash in bank $48,197. Total, $806,068. Yesterday the Continental National bank, through which the Mullanphy bank cleared, notified the chairman of the Clearing House association that it would not clear for the savings institution any longer, because of its condition. Mr. Austin had examined into the bank's condition and finding It unsafe had reported so to the Continental National and its action followed. Last night the executive committee of the Clearing House association met to devise some means of carrying the bank over, but decided that it could do nothing to help it. This became known to some of its depositors, about forty of whom assembled about the bank when It opened at 9 o'clock this morning, and began a run. Examiner Austin, seeing how matters were going, promptly closed the bank and the depositors were put out of doors. There was much indignation among the depositors, who are mostly poor people who can ill afford to lose their savings. The failure caused somewhat of a sensation throughout the city as this is the
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While Speculators' Collateral is Transmitted Into the Wherewithal-Big Chicago Clothing Firm Goes Down-Other News of Failures and ReceivershipsBethlehem Works Cut Wages-Cotton Mills Reduce Output-Railway News. St. Louis, Mo., Feb. 27.-State Bank Examiner C. O. Austin today closed the Mullanphy Savings Bank, a state institution which has been in operation here for more than twenty years. He is unable yet to give out any figures which would show the condition of the bank, but hopes to have the books in such shape as to be able to make a report early next week. The following statement, issued at the close of business on February 26, 1897, by the bank, is as follows: Liabilities: Capital stock, $100,000: surplus, $5,204; demand deposits, $248,132; time deposits, $396,088; certificates of deposit, sight, $8,208; cashier's checks, $3,344; bills payable, $45,000. Total, $806,069. Resources: Bills receivable, $561,753; bonds, $54,061; real estate, $89,112; cash in vault, $42,946; cash in bank, $58,187. Total, $806,069. Yesterday the Continental National bank through which the Mullanphy bank cleared, notified the chairman of the clearing house association that it would not clear for the savings institution any longer, because of its condition. Mr. Austin had examined into the bank's condition and, finding it unsafe, had reported SO to the Continental National bank, and its action followed. Last night the eexcutive committee of the clearing house association met to devise some means of carrying the bank over, but decided that It could do nothing to help it. This becoming known to some of the depositors, about forty of them assembled at the bank when it opened at 9 o'clock this morning. and began a run. Examiner Austin, seeing how matters were going, promptly closed the bank and the depositors were put out of doors. There was much indignation among the depositors, most of whom are poor people who can ill afford to lose their savings. The failure caused somewhat of a sensation throughout the city as this is the first bank in St. Louis to fail for many years. Ever since the panic of 1893 the Mullanphy Savings bank has been in had shape. The officials have strugled along in the hope of pulling out, but the continued business depression coupled with bad loans, was more than they were able to overcome. Other banks in the city were cognizant of the condition of affairs, but there was no disposition to crowd matters. The disposition was rather to the contrary. Although not a member of the clearing house, aid would have been extended by this association could It have been of any avail. How great a proportion of the bills receivable, bonds and real estate can be realized upon will develop after the receiver begins to straighten out the tantangle. In view of the fact that the clearing house refused to go to the front. It cannot be large.
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ST. LOUIS' BROKEN BANK. Depositors Apt to Get Only 10 or 15 Cents on the Dollar. St. Louis, Mo., March 1.-Judge Valliant to-day appointed ex-Gov. William J. Stone receiver for the Mullanphy Savings Bank, which failed last Saturday. The affairs of the bank are conceded to be in very bad condition, and it is doubtful if the depositors will realize more than 10 or 15 per cent. on their deposits.
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St. Louis Bank Fails. ST. LOUIS, March 1.-After a run of about an hour the Mullanphy bank closed its doors Saturday. Bank Examiner Austin took charge and the following placard was posted on the door: "This bank is in the hands of the secretary of state." The liabilities are estimated at $810,000 and Cashier Kammerer says the assets will reach nearly the same figure. The Mullanphy bank has about 1,500 depositors and was regarded as one of the most substantial savings institutions in the city. Examiner Austin is inclined to the belief that the bank will not resume.
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ten the enforce to George Palmer, who kilei Hazel Marshall near North Bend. Wis., W S convicted. The faculty of Mount Holyoke College announces the gift to the college of $40,000 for a dormitory. Edward Chase, for twenty-six manager of the St. Louis Cerring house association, is dead. At Jacksonville, Fla., Judge Lock ordered the release of the fillibusting 10g Dauntless on a bond of $15,000. President Seth Low, of Columbia University, is being urgel to become a candidate for mayor of New York Fire in the American Phte Gless company's factory in Anderson, Ind. did damage to the extent of $40 000. The Missouri house, after a vote of 74 to 47. passed a bill to make railroad fares in that state two cents per mile. California's supreme court approved the decision of the lower court in the Durrant case, and the murderer mus hang. The Arkensas State senate passed a bill appropriating $65,000 for the relief of the drought sufferers of the state. The building trades unions of New York city are effecting a more powerfu organization than has ever ex sted in that place before. Ex-Gov. William Stone has been appointed receiver of the Mullanphy Savings bank of St. Louis. H: gave a bond of $1,000,000. At an annual meeting of Sorosis in New York Mrs. Mary Lyon Dane Hall was elected president to succeed Mrs Wiliam Todd Helmuth. The shortage of Otis Smith, the defaulting cashier of the George Security and Banking Company, will be settlel by friends and relativ Duluth had a bad fire. W. J. Bryan made a speech in N. Y. in which he intimated that he did no want sound currency advocates 10 return to the democratic party. J. S. Bartley, ex-treasu er of Nebraska, was arrested at Linco n on charge of embezzling several hu idred thousand dollars of state funds. Alex. Condot, a French halfbreed, a ul Black-hawk, a negro halfbreed. have been arrested for the murder of the Spicer family at Winona, N. D. The grand jury of Lou sville Ky. Indicted J. M. McKnig it, Sterling Edmunds and six aldermen 0.1 the charg of conspiring to defraud that city. Rev. George S. Mallery, editor of the Churchman, who, with his brother, 01rected the Madison Square theatre, in New York. some years ago, is dead Ex P.e ident J. M. McKnight of the German National bank of Lo inville .y., and Ald Britt have been ind ed for conspiracy to misappropriate f n 8 The X-ray has Leer used success ully at Toledo to locate a bullet in a mans brain, leading to is Tem val, with every prospect that the patient will live. Mr. and Mrs. Oliver H. P. Belmont and Harold Vanderbilt, Mrs. Belmont's on, have sailed for England They 1 go to Blenheim as guests of the duke and duchess of Marlborough Later they will visit Paris and expect to return for the Newport season W. J. Koerner, a newspaper rti t has been sentenced to be electrocu ed during the week of April 19 or te murde: of Rose A. Re m te in New York President Cleveland's boundary commission reported without declaring the true divisional line between Venezuela and British Gulana, arbitration having most interested. The East Pennsylvania United Even gelical conference, in ses ion at Alle town. passed resulutions condemn nz the United Sta es senate for ho Fin Sunday sessions. General Booth-Tucker, of the salvation army, is trying to have vac n land in Chicago cultivated for t ben efit of the poor, as WSS done by Ma 01 Pingree in Detroit Bishop Bonacum of Lincoln, Neb has appealed to Archbishop Mar ine from the decision against him by Metropolitan court of Dubuque in controversy with priects. The North Dakota bouse of represent tatives has passed abil extending from three months to one ear u.e. period of residence in that state neces SELV for person who for
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# Clever $100 Counterfeit. A marvelous counterfeit $100 bill of the series of August 10, 1892, is now in possession of the receiver of the defunct Mullan-phy Bank, St. Louis, Mo. It is printed on genuine government bank note paper, and is such a clever imitation that it has twice passed through the treasury department and has been reported genuine on each occasion. The bill is well worn and one mistake in printing appears upon the back. Where the numerals "100" are printed in double column on one end they read "001." Many of these bills are thought to be in circulation.
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# A Wonderful Counterfeit. A marvelous counterfeit one-hundred-dollar bill if the series of August 10, 1862, is now in possession of Receiver W. J. Stone, of the defunct Mullanphy Bank, of St. Louis, Mo. It is printed on genuine Government bank-note paper, and is such a clever imitation that it has twice passed through the Treasury Department, and been reported genuine on each occasion.
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SETTLING UP. St. Louis, Mo., May 17-Receiver W. J. Stone of the defunct Mullanphy Savings bank, reports a final settlesooner ment will be reached much than was expected.