10887. Middleton Bank (Waverly, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1908*
Location
Waverly, Missouri (39.209, -93.518)

Metadata

Model
gpt-5-mini
Short Digest
25859950

Response Measures

None

Description

Articles describe the Middleton Bank at Waverly being put out of business after an absconding/defaulting cashier (E. H. Lewis) and a receiver (C. Lyons) being appointed; depositors expected to lose ~5-10%. No run or depositor panic is described — this is a failure/receivership from bank-specific malfeasance.

Events (1)
1. August 1, 1908* Receivership
Newspaper Excerpt
C. Lyons, as receiver of the old Middleton bank of Waverly, which was put out of business by the absconding cashier, E. H. Lewis, brought suit against the directors of the bank on the ground that they had not exercised due vigilance in watching the cashier.
Source
newspapers

Newspaper Articles (5)
1. August 29, 1908 The Lexington Intelligencer Lexington, MO
Article from The Lexington Intelligencer, August 29, 1908

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Article Text

The Circuit Court Held That the Jurymen Went Against Evidence. AN APPEAL WAS TAKEN It Will Probably Be Some Time Before the Middleton Bank Matters Can Be Settled-Becker's Writ Refused. After listening to many arguments on both sides Tuesday, Judge Davis of the Circuit court gave his decision setting aside the verdict of the jury in the case of Chas. Lyons, receiver, vs. John E. Corder et al. Judge Davis gave as his reason that the verdict was against the weight of the evidence. The plaintiff immediately made a motion for an appeal, which was allowed. So it will be some time before this case gets out of the courts. C. Lyons, as receiver of the old Middleton bank of Waverly, which was put out of business by the absconding cashier, E. H. Lewis, brought suit against the directors of the bank on the ground that they had not exercised due vigilance in watching the cashier. A jury last week gave a verdict for the plaintiff for $18,955.90. Mr. Lyons also got a verdict of $10,000 from the National Surety company, which was on the bond of the defaulting cashier. The defendant appealed and the decision has not been given. The case of E.C. Becker, relator, vs. County Court of Lafayette County et al took up most of the time of the Circuit court Wednesay. The case was argued all day. The relator filed a motion to strike out part of the respondant's answer, which motion was overruled by the court and a writ of mandamus refused. The relator then filed a motion for a new trial, this motion being overruled also. Anappeal was taken to to the Kansas City Court of Appeals. The case of the Hy dralic Press Brick Company V8, John E. Burden was dismissed by the plaintiff.

2. October 8, 1908 Morgan County Republican Versailles, MO
Article from Morgan County Republican, October 8, 1908

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NOMINEES FOR CONGRESS. 1st District-Wilbur F. Chamberlain, Hannibal. % 2nd-Edward F. Haley, Moberly. 3rd-Henry L. Eads, Pattonsburg. % X X 4th-Morris A. Reed, St. Joseph. 5th-Edgar C. Ellis, Kansas City. % % 6th-William O. Atkeson, Butler. % 7th-John Whitaker, Weaubleau. 8th-William C. Irwin, Jefferson % City. 9th-Reuben F. Roy, New London. % 10th-Richard Bartholdt, St. Louis. % 11th-William T. Findlay, St. % Louis. % 12th-Harry N. Coudrey, St. Louis. % 13th-Politte Elvins, Elvins. 14th-Chas. A. Crow, Caruthersville. % 15th-Chas. H. Morgan, Joplin. 16th-Arthur P. Murphy, Rolla. department has been entirely self-supporting. The fund which had accumulated in this department during the ten years of the operation of the banking law was $3,638.61. During the four years just preceding the present incumbency nothing whatever was added to that fund. During the three and one-half years of Mr. Swanger's administration the fund has been increased to $8,330.56. Examinations of banks have been rigid, impartial and complete. The reports of the several examiners have been subjected to the most thorough scrutiny. and any violation of the banking laws, or the essential rules of good banking have been called to the attention of the bank without fear or favor and a strict compliance of the law required. During the present administration several banks have been closed. others that were unsafe required to liquidate; others have consolidated, making stronger institutions, and everything done that could be accomplished to place the banking business of the State upon an absolutely safe and stable basis. During Mr. Swanger's administration only four banks and trust companies he has closed resulted in loss to the depositors. One of these was the Middleton Bank at Waverly (resulting from a defaulting cashier). where the depositors will probably lose about 5 to 10 per cent of their deposits. Another is the Joplin Savings Bank, caused by the reckless investments of the president of the institution, where the depositors will lose a percentage of their deposits. Another is the Bankers Trust Company of Kansas City caused by the Brady failure. Reckless investments by the officers of the institution and a slump in their values caused by the panic will cause a loss to the depositors of about 57 per cent of their deposits. Last, but not least, the Salmon & Salmon Bank of Clinton. The most disastrous by far, the causes of the failure of which are well known to the people of the State. It has been the earnest effort of the present administration, whenever It was possible, to prevent receiverships for banks, and many thousands of dollars have been saved to depositors and stockholders by the efforts of Mr. Swanger to

3. October 8, 1908 The Rich Hill Tribune Rich Hill, MO
Article from The Rich Hill Tribune, October 8, 1908

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Article Text

department has been entirely self-supporting. The fund which had accumulated In this department during the ten years of the operation of the banking law was $3,638.61. During the four years just preceding the present incumbency nothing whatever was added to that fund. During the three and one-half years of Mr. Swanger's administration the fund has been increased to $8,830.56. Examinations of banks have been rigid, impartial and complete. The reports of the several examiners have been subjected to the most thorough scrutiny, and any violation of the banking laws, or the essential rules of good banking have been called to the attention of the bank without fear or favor and a strict compliance of the law required. During the present administration several banks have been closed. others that were unsafe required to liquidate: others have consolidated, making stronger Institutions, and everything done that could be accomplished to place the banking business of the State upon an absolutely safe and stable basis. During Mr. Swanger's administration only four banks and trust companies he has closed resulted in loss to the depositors. One of these was the Middleton Bank at Waverly (resulting from a defaulting cashier), where the depositors will probably lose about 5 to 10 per cent of their deposits. Another is the Joplin Savings Bank, caused by the reckless investments of the president of the institution, where the depositors will lose a percentage of their deposits. Another is the Bankers Trust Company of Kansas City caused by the Brady failure. Reckless investments by the officers of the institution and a slump in their values caused by the panic will criuse a loss to the depositors of about 57 per cent of their deposits. Last, but not least, the Salmon & Salmon Bank of Clinton. The most disastrous by far, the causes of the failure of which are well known to the people of the State, It has been the carnest effort of the present administration, whenever It was possible, to prevent receiverships for banks, and many thousands of dollars have been saved to depositors and stock-

4. October 9, 1908 The Marshall Republican Marshall, MO
Article from The Marshall Republican, October 9, 1908

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department has been entirely self-supporting. The fund which had accumulated in this department during the ten years of the operation of the banking law was $3,638.61. During the four years just preceding the present incumbency nothing whatever was added to that fund. During the three and one-half years of Mr. Swanger's administration the fund has been increased to $8,330.56. Examinations of banks have been rigid, impartial and complete. The reports of the several examiners have been subjected to the most thorough scrutiny, and any violation of the banking laws, or the essential rules of good banking have been called to the attention of the bank without fear or favor and a strict compliance of the law required. During the present administration several banks have been closed, others that were unsafe required to liquidate; others have consolidated, making stronger institutions, and everything done that could be accomplished to place the banking business of the State upon an absolutely safe and stable basis. During Mr. Swanger's administration only four banks and trust companies he has closed resulted in loss to the depositors. One of these was the Middleton Bank at Waverly (resulting from a defaulting cashier), where the depositors will probably lose about 5 to 10 per cent of their deposits. Another is the Joplin Savings Bank, caused by the reckless investments of the president of the institution, where the depositors will lose a percentage of their deposits. Another is the Bankers Trust Company of Kansas City caused by the Brady failure. Reckless investments by the officers of the institution and a slump in their values caused by the panic will cause a loss to the depositors of about 57 per cent of their deposits. Last, but not least, the Salmon & Salmon Bank of Clinton. The most disastrous by far, the causes of the failure of which are well known to the people of the State. It has been the earnest effort of the present administration, whenever it was possible, to prevent receiverships for banks, and many thousands of dollars have been saved to depositors and stockholders by the efforts of Mr. Swanger to

5. October 9, 1908 The Montgomery Tribune Montgomery City, MO
Article from The Montgomery Tribune, October 9, 1908

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Article Text

department has been entirely self-supporting. The fund which had accumulated in this department during the ten years of the operation of the banking law was $3,638.61. During the four years just preceding the present incumbency nothing whatever was added to that fund. During the three and one-half years of Mr. Swanger's administration the fund has been increased to $8,330.56. Examinations of banks have been rigid, impartial and complete. The reports of the several examiners have been subjected to the most thorough scrutiny, and any violation of the banking laws, or the essential rules of good banking have been called to the attention of the bank without fear or favor and a strict compliance of the law required. During the present administration several banks have been closed. others that were unsafe required to liquidate; others have consolidated, making stronger institutions, and everything done that could be accomplished to place the banking business of the State upon an absolutely safe and stable basis. During Mr. Swanger's administration only four banks and trust companies he has closed resulted in loss to the depositors. One of these was the Middleton Bank at Waverly (resulting from a defaulting cashier), where the depositors will probably lose about 5 to 10 per cent of their deposits. Another is the Joplin Savings Bank, caused by the reckless investments of the president of the institution, where the depositors will lose a percentage of their deposits. Another is the Bankers Trust Company of Kansas City caused by the Brady failure. Reckless investments by the officers of the institution and a slump in their values caused by the panic will cause a loss to the depositors of about 57 per cent of their deposits. Last, but not least, the Salmon & Salmon Bank of Clinton. The most disastrous by far, the causes of the failure of which are well known to the people of the State. It has been the earnest effort of the present administration, whenever it was possible, to prevent receiverships for banks, and many thousands of dollars have been saved to depositors and stockholders by the efforts of Mr. Swanger to