11114. Merchants & Farmers Bank (Oxford, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 8, 1914
Location
Oxford, Mississippi (34.362, -89.528)

Metadata

Model
gpt-5-mini
Short Digest
07e88fe0

Response Measures

None

Description

The Merchants & Farmers Bank of Oxford closed and was placed in receivership on Jan 8, 1914 and went into liquidation. There is no article describing a depositor run; receivers were appointed and the bank remained closed (receivership) with dividends paid later. Classified as suspension_closure (suspension leading to permanent closure/receivership).

Events (3)
1. January 8, 1914 Receivership
Newspaper Excerpt
E. O. Davidson, a director, and J. F. Matthews, cashier of the bank, were named receivers and made surety bond of $28,000 before Chancellor James G. McGowan.
Source
newspapers
2. January 8, 1914 Suspension
Cause
Government Action
Cause Details
Bank closed and went into liquidation; receivers named by chancery court following retirement of president and stringency of the money market.
Newspaper Excerpt
OXFORD BANK GOES INTO THE HANDS OF RECEIVERS Oxford, Miss., Jan. 8. - The Merchants and Farmers' Bank, of this city, capitalized at $68,000, went into liquidation today.
Source
newspapers
3. February 25, 1915 Other
Newspaper Excerpt
RECEIVERS DECLARE DIVIDEND. Oxford, Miss., Feb. 25.-E. O. Davidson and J. T. Mathews, receivers for the defunct Merchants and Farmers Bank at Oxford, have recently declared a twenty-five per cent dividend for the depositors.
Source
newspapers

Newspaper Articles (10)
1. January 10, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, January 10, 1914

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Article Text

OXFORD BANK GOES INTO THE HANDS OF RECEIVERS Oxford, Miss., Jan. 8. - The Merchants and Farmers' Bank, of this city, capitalized at $68,000, went into liquidation today. Retirement of the president, W. E Porter, who severed his connection from the institution recently on account of ill-health and the stringency of the money market, were given as causes for the closing of the doors of the institution. The bank was organized in 1889 and has always been a financial power in this part of Mississippi. Officers of the institution state that assets will exceed the liabilities by $80,000. E. 0. Davidson, a director, and J. F. Matthews, cashier of the bank, were named receivers and made surety bond of $28,000 before Chancellor James G. McGowan. A detailed statement of the bank's affairs is promised tomorrow.

2. January 29, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, January 29, 1914

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Article Text

THURSDAY, JAN., 29, 1914. THE MERCHANTS AND FARMERS BANK FAILURE. In our last week's issue we published an article about the affairs of the M. & F. Bank. We have heard that certain persons connected with the affairs of this bank, have taken offense to what was then said and criticised us very freely. Now, we assure each one that no offense was meant to any person. We had something straightforward to say, we thought something was nec essary to be said. Hundreds of people and many of them very poor people, have lost their all; savings for years went down in the crash. It is said that they will be paid, some say in full. We surely hope so. We impute to no man then connected with this bank, nor now connected as being dishonest; we are perfectly willing to let the accountants and those concerned determine the fact. We say further, in fairness to the receivers that Mr. Frank Matthews, we believe to be thoroughly capable and honest. He has given his life work to this bank. He is the man of, all the men they could get, the man for the place. It is commonly reported that he had very little, if anything to do with the running of the bank. Hé acted only upon the orders of his superiors. Then too, we do not believe that Mr. E. O. Davidson would do anyt thing wrong in the winding up of this bank. He is a fine business man and we feel sure will do what is right. There are many that say a director ought not to . have this job; we do not know whether that is proper or not. One thing is sure, the bank has failed, as to who is to blame for the wrecking of the bank the duty of the auditors and depositors should determineth What we desire is that the facts be brought out, Others are as much interested as the officials, whoever they may be. That so large a bank should fall flat and crush the life out of the business of this city and country is of no small consequence; it means everyhing almost to the parties conerned and the general public. et the men in charge see to it that the people concerned and the general public have the facts early. If they can't pay all then let them know how much to expeet. These people have debts to pay; they are entitled to know hat to expect. We are willing ) do justice to everybody. We have no desire to even criticise any person too severely, but even honest mistakes cannot be overlooked in this sort of case. There are many honest mistakes that cannot be excused at times. We sympathize with the fallen bank, but at the same time we owe a duty to the public to see that no right of theirs is neglected. Some may answer there is no reason to think the rights of the depositors will be neglected. Possibly so, we hope their rights will not be neglected, and yet they were neglected and thats' why the bank failed, was it not? We only trust no mistakes will be made this time.

3. March 5, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, March 5, 1914

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Article Text

mem They have a large number ( their representatives to contend wit Gras, in the house-aimost double th The number they ought to ha ve, an forbid. the result is it takes much longe lands for the house to do its work tha is inthe senate. Some bills require law or rather receive quite A lot o its what discussion, and this takes time is hard There have been over twelv not 80 hundred bills introduced thu herefar and they are still coming; th what house has introduced over twic any as many as the senate. Of cours gressive most of these have been or wi of nbers be killed as they ought to. ye of the there are many worthy measure for which ought to be carefully work in proed out. The trout is we hav cortoo many laws, and the new legi land. slator feels that he just MUST g" pursued through something new, or els years they won't think he has dor have anyt ing. If the state coul long manage to select its very be have men for lawmskers and keep they them there for some years, th some laws would be uniform, simple and and much less in number But newhat, as stated, the new fellow MUST ge stranthrough, if possible a larg up number of bills, or else the peo it into ple at home will disown him whe are as he sha run ag in. re It would be a treat for the av It was erage man to visit the legislature caused Should all the citizens of thi to state visit the capital for one da land and the sessions, they would g until home and see they had a grea have duty to perform in the selectio would of men for this most importar of its position. Some people are care is it a less enough to say its a "grea sucshow" to see the legislature i by "action" -especially to see som Such of the members "perform." o recourse, we think we d., matter arefully up right, but I only wish ever citizen has not h it will the la would indeed wak next up a endeavor to use his ver the best best judgement as to this ffi more tha than toward any other I have often called attention stir to our people at home. house Bu: I am making this letter to remem long. I shill (ry to make i sh rter next time. vestiI shall see my friends at cour Judge next week: will be at home t allowlook a ter court matters there. lawyers Very respectfully, bank LEE M. RU-SELL. rted a fee him mmittee STATE another Statement of Appraisal Value its filed MERCHANTS & and of Oxford, M deAssets Considered Goodmater Loans and discounts Accrued interest to Jan. 1st 1914 very Overdrafts of the Stocks by Real estate. book value came Less estimated epre intion was Furniture and Fixtures, book value that Less estimated depreciation chinery Due from banks of all County warrants Cash and 6 ash items and is sidera Total asset considered good bill will Assets con idered doubtful or worthle law at Loans and discounts Overdrafts by Stocks held up -many Total have Current Liabilitiesappoint Bills Pay ble made Cashiers checks Time deposits amendDeposits judges people, Total current liabilities had Capit 1 stock"and surplus account them. Capital stock out tanding will not Surplus and undivided profits keepTotal capital and surplus account until and Total an elecWe, the undersigned have caref those ties of the Merchants & Farmers B I in seats the values shown herein are conserva creditors and depositors will be paid returned to the stock holders in liqui causing Signe that e have examined sta Genera Ledger the praisal values of various items in lien We are the di that will be show in our rep : of this exa nination, will reduct unt for Sig Oxfo d, Miss, Mare 2, 1914. -ince the e ose of the Merchants have collected from all sources $26,50 Preference Tax Collee ors claims and the $21,283.21 and have now on hand tow 84,800 00 which we are adding to as T to apply to the Court for snch disbur spe hand. Si for and into in all Netice of Stockholders Meeting ( consi the Oxford Oil Mill Co. that the time of

4. April 9, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, April 9, 1914

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Article Text

Notice to Creditors of Merchants and Farmers Bank. The receivers of the Merchants and Farmers Bank of Oxford, Mississippi, will at the May term of the Chancery Court of Lafayette county, Mississippi, which convenes on the Fourth Monday or the 25th. day of said month of May, make application to said Court asking for approval and allowance of the claims of depositors and creditors of said Bank in such amounts as are shown on the books of said bank to be due to such depositor or creditor. Any one who is not satisfied with the correctness of his account as shown by the books of said Bank may at said term present on the first day there of any other or different account for examination and allowance by the Court. Those who are satisfied with their accounts as they stand on the books of said Bank are not called upon to take any action under this notice. E. O. DAVIDSON, J. F. MATTHEWS. Receivers of Merchants & Farmers Bank.

5. May 21, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, May 21, 1914

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ROYAL BAKING POWDER A Pure, Grape Cream Tartar Baking Powder Royal Baking Powder Improves the flavor and adds to the healthfulness of the food. Petitioners Make Request. The following request has been delivered to the receivers of the M. & F. Bank, signed by a number of depositors: Oxford, Miss, May 15, 1914. Messrs E. 0. Davidson and J. F. Matthews. Receivers of the Merchants & Farmers Bank of Oxford. Miss. Gentlemen-We, the undersigned depositore in said bank hereby respectfully request of you that you furnish us at once a copy of the report of your accountant who examined, as we are informed, the boc ks of your bank. Second, we also desire permission to examine through any committee that may be selected by us (which said committee may also be represented by an expert accountant, if they 80 desire) your bank books. This request is made in good faith for the reason that we are interested parties and have a right to know exactly the status of the affairs of this institution at first hand; this institution has now been in the hands of receivers since about Jan. Sth, and we, nor any of the depositors or stockholders, so far as we are advised, have any definite idea of the condition of this bank. Respectfully submitted, (Signed.) A number of depositors. FALKNER, RUSSELL & FALRNER, Attys. for Petitioners.

6. May 21, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, May 21, 1914

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Article Text

Chancery court, meets here next Monday, May 25th. There are only a few important matters to come up at this term, but the most important matter will be the report of the receivers of the defunct Merchants & Farmers Bank.

7. May 28, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, May 28, 1914

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Notice to Time Depositors. All holders of Time Deposit Certificates in the Merchants & Farmers Bank are required to present their certificates for allowance of the authorized 20 per cent dividend on June 1st., 1914. The dividend cannot be paid without certificates being presented E. O. DAVIDSON, J.F. MATTHEWS, Receivers.

8. January 22, 1915 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 22, 1915

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MISSISSIPPI STATE BRIEFS At the meeting of the stockholders of the Bank of Clinton, Cashier A. C. Powell made a full showing of the business of the closing year. The in stitution is in splendid condition. Ike Shapiro of Clarksdale has filed a voluntary petition in bankruptcy with the clerk of the United States court. The petition was referred to Hon. J. D. Magruder, referee, Tunica, for ad judication. Queen & Crescent passenger train No. 3, which left Cincinnati for New Orleans, was wrecked at Basic City, Miss., on the tracks of the New Orleans & Northeastern railroad. A news agent was the only person hurt. Despondent and melancholy over continued ill health, L. P. Finch, foreman at the Bullard brick yard in Jackson, placed the muzzle of a Winchester pump gun against his breast and, pulling the trigger, killed himself in stantly. E. L. Patrick of North Dakota and Jack Lewis, Jr., of Pittsburgh, Pa., were arrested in Sardis. They were arrested as suspicious characters the men who robbed the bank in Lit tle Rock, Ark. Circuit Judge W. W. Venable will convene his first term of circuit court at Waynesboro. Judge Venable took the oath of office before Circuit Clerk R. L. Harbour, and is ready and thoroughly equipped for the work before him. The Meridian council Friday passed an ordinance placing the salary of the city physician at $100 per month and assistant city physician at $50. The increase in salary was made because meat inspection has been added to the duties of Dr. M. J. L Hoye. Dr. T. J. Houston was confirmed as assistant physician and meat inspector. The hearing of the timber land owners before the deputies of the state revenue collector on his charge that timber lands are underassessed and that the figures for 1913 and 1914 should be increased will be held in Gulfport. A stiff fight is looked for and a large delegation is expected to attend the hearing, which will take place in the court house. Resolutions requesting the repeal of the state law requiring that cattle shipped in Natchez for immediate slaughter be dipped twice will be sent to the state sanitary live stock board by the board of supervisors of Adams county, according to an announcement made by the board at its initial meeting. The board made this statement to R. Lee Parker, who asked relief. Some substitute measure proba bly will be recommended. Chancellor J. G. McGowan, holding a special court in Oxford, heard the annual report of the receivers of the Merchants' and Farmers' Bank. This bank, which went into the hands of receivers Jan. 8, 1914, and paid a dividend in June of 20 per cent, was reported on in full by the receivers and showed a total collection of $150,000 for the year. The chancellor ordered the receivers to pay on Jan. 14 a second dividend of 30 per cent. The court also allowed the attorneys $5,000 and the receivers $5,000 as compensation fo their work to date. Representatives of a Philadelphia syndicate were in conference with Columbus citizens with the view of selecting a site for the establishment of a mill for the manufacture of paper from cotton stalks. The entire southern field is being canvassed and it is expected that several mills will be established in, various localities. The partyawas in charge of F. E. Resler, land and industrial agent of the Southern Railway company, and they were shown over the city by Secretary Carter of the chamber of commerce It is stated that the practicability of making paper from cotton stalks has already been established, and the industry is destined to be a profitable one. Natchez business men announced that plans for forming a cotton loan fund of their own had been perfected and that more than $100,000 already had been subscribed to advance on cot ton in this section at $25 a bale. For mation of the local pool was effected in order that small planters might obtain loans on their cotton. It is claimed certain features embodied in the

9. February 25, 1915 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, February 25, 1915

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RECEIVERS DECLARE DIVIDEND. Oxford, Miss., Feb. 25.-E. O. Davidson and J. T. Mathews, receivers for the defunct Merchants and Farmers Bank at Oxford, have recently declared a twenty-five per cent dividend for the depositors. This is the second dividend declared since the bank closed its doors more than a year ago. Depositors have received fifty per cent of their deposits and the receivers claim they will be able to pay in full as soon as industrial conditions are normal. The liabilities are $80,000 while the assets are set at $120,000.

10. June 24, 1915 Oxford Eagle Oxford, MS
Article from Oxford Eagle, June 24, 1915

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Maj. L. E. Oldham has bought from the Receivers, the entire furniture and fixtures of the old Merchants & Farmers Bank. The plans and intentions of the Major in regard to the disposition of this complete banking equipment or the occupancy of the building which he has owned for some years, are not known, but the location is such a favorable one, having been occupied by the defunct banking institution for some 35 years, it is thought that possibly a new bank is contemplated. This is denied by Maj. Oldham. who is, and has been for many years, the Vice-president of the Bank of Oxford.