10804. People's United States Bank (St Louis, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1907*
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
57f8dc5e

Response Measures

None

Description

Articles indicate the People's United States Bank in St. Louis was forced into receivership by the Missouri Secretary of State after Postoffice Inspector investigations and newspaper attacks. The receivership was later 'lifted' (assets distributed), depositors were paid in full and the bank did not continue as an operating concern. No contemporaneous run is described in the articles. Date of suspension/receivership is not explicitly given; referenced in a Nov 1907 trial and described as having been forced earlier.

Events (3)

1. November 1, 1907* Receivership
Newspaper Excerpt
after the bank went into a receiver's hands she received in exchange for her stock ... a trustee's note; ... forced the bank into the hands of a receiver, which receivership has since been lifted2E The depositors of the bank were paid dollar for dollar and the stockholders fared nearly as well. - reporting in 1907-1908 articles indicating receivership and subsequent settlement. (Note: combined reporting from Nov 1907 trial and Aug 1908 report.)
Source
newspapers
2. November 1, 1907* Suspension
Cause
Government Action
Cause Details
Missouri Secretary of State forced the bank into receivership following Postoffice Inspectors' investigation and press reports.
Newspaper Excerpt
Secretary of State John E. Swanger forced the bank into the hands of a receiver
Source
newspapers
3. August 24, 1908 Other
Newspaper Excerpt
The depositors of the bank were paid dollar for dollar and the stockholders fared nearly as well. Receivership has since been lifted. - Aug 23, 1908 article describing resolution of receivership
Source
newspapers

Newspaper Articles (2)

Article from The Weekly Corinthian, November 14, 1907

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Article Text

MRS. VAN ALSTINE'S FIRST GRIEVANCE IS BEING A WITNESS. THE MISSOURI LAW IS READ Counsel For Defendant Would Show Statutes Were Complied WithWitnesses Lean Forward and Listen to Every Word. St. Louis, Nov. 12.-"Up to this time I have nothing to complain of in my transactions with Mr. Lewis," said Mrs. Mary C. Van Alstine, a witness for the government, upon cross-examination Monday forenoon in the trial of E. G. Lewis in the United States district court. Mrs. Van Alstine, who said her home was at Richfield, Summit county, Ohio, was a stockholder to the extent of $16 in the People's United States bank, which Lewis organized. She testified that after the bank went into a receiver's hands she received in exchange for her stock, from Lewis, a trustee's note for $16, payable in three years, with interest payable semi-annually at 5 per cent. She testified that so far the interest payments had been met. "Then," asks Attorney O'Brien for the defense, "up to this time you nothing nothing to complain of in the matter. The witness hesitated, but after the question had been repeated twice, she replied, with considerable emphasis: "No, I have not." She said she had come to St. Louis as a witness and had turned over certain letters and papers to the governd ment at the solicitation of the postoffice inspectors. b Mrs. Van Alstine, who is about 45 years old, said she was a dressmaker. Jury to See State Law. C The importance which counsel for t the defense attaches to the manner in c which the People's United States bank was organized and how it was conductt ed during its brief career was indicated early Monday. Shepard Barclay, representing Lewo is, told Judge Carland, in arguing for t permission to read certain sections of t the Missouri banking law to the jury, t that it was the purpose of the defense a to show that everything in connection u with the bank was entírely regular under the law. He wished especially, t he said to bring to the attention of a the jury that section referring to the b powers of the secretary of state. S Judge Carland, who had interrupted the reading, permitted Mr. Barclay to proceed, although, he said, it would p not be within the province of the jury to decide whether Lewis' bank has been organized in accordance with the law of the state. la At the opening of court Monday 3 morning United States District Attor0 ney Blodgett requested that all with nesses in: the cases against Lewis othS er than the one now on trial be exS cused for another week. It became apV parent that the government expects a the present case to last at least a W week longer. The witnesses first ree, ported at the opening of the Lewis t] trial last Tuesday and then were exc cused until Monday morning of this week. in b Miss A. C. Penninan of Albion, N. Y., in testified that she and her sister inIX vested $500 each in the Lewis bank tl and had recovered 85 per cent. The government still has a large c number of witnesses available for use 0 in the trial of E. G. Lewis on a charge B of using the mails to defraud before B Judge Carland in the United States district court. B B Many of these are women, 20 to 25 a of whom, seated together in the court ra room, were highly interested spectaa tors of the proceedings in the case last week. It S Not infrequently one of them W would rise in her place and lean as far th forward as possible in her eagerness to catch the words of a witness. p


Article from The Cairo Bulletin, August 24, 1908

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Article Text

BUYS NEWSPAPER TO GET REVENGE E. G. LEWIS HAS ABOUT COM. PLETED PURCHASE OF ST. ST. LOUIS STAR. FIGHT POST DISPATCH Lewis Has Had Desire to Retaliate With That Paper for Attack on Him in Connection With Fail. ure of His Bank. St. Louis, Aug. 23.-Edward G. Lewis, publisher of the Woman's Na tional Daily and the presiding genius of numerous other enterprises; Mayor of University City, which he founded at the western limits of St. Louis, has practically completed negotiations for the purchase of the St. Louls StarChronicle, nowe owned by Nathan Frank. Mr. Lewis has long entertained a desire to enter the newspaper field of St. Louis proper, believing that an en terprising and fearless a'trooon newspaper would succeed against the Post-Dispatch, against which he has wished to retaliate since the attak of that paper on the now extinct People's United States Bank. a postal sav ings institution which Mr. Lewis orig inated. As a result of the articles in refer ence to his bank published in a local newspaper Mr. Lewis now has pending against its publisher damage suits aggregating $750,000. Subsequent to these attacks in the paper referred to and the report of their investigation of the institution by Postoffice Inspectors Secretary of State John E. Swanger forced the bank into the hands of a receiver, which receivership has since been lifted. Litigation of both a criminal and civil nature followed against Mr. Lew is and his monthly prblications, which for a time jeopardized not only his liberty, but his possessions as well. Maintaining from the outset that he was being unjustly accused and that the attacks of the Government upon his properties were of a tyranical na ture, Mr. Lewis fought to vindicate himself. and finally triumphed when a jury in the United States District Court here some months ago acquitted him of any wrong doing. The depositors of the bank were paid doliar for dollar and the stockholders fared nearly as well.