11171. Mississippi Valley Bank (Vicksburg, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1873*
Location
Vicksburg, Mississippi (32.353, -90.878)

Metadata

Model
gpt-5-mini
Short Digest
2303cab4

Response Measures

None

Description

The bank suspended payment for thirty days during the nationwide monetary panic of September 1873 (policy invoked due to deranged condition of monetary affairs). It resumed business after obtaining new capital. A decade later (November 1883) the bank closed and an assignee/receiver was appointed. No discrete run (misinformation-triggered withdrawal) is described in the articles.

Events (3)

1. January 1, 1873* Other
Newspaper Excerpt
They were able to do so by getting additional capital through Simpson Horner ... the bank then entered upon a new career of prosperity, and continued under this management until 1878 ...
Source
newspapers
2. September 26, 1873 Suspension
Cause
Macro News
Cause Details
National monetary panic and actions of other banks led the bank to suspend payments for thirty days.
Newspaper Excerpt
Owing to the deranged condition of monetary affairs throughout the country ... we have deemed it prudent ... that we should similarly suspend payment for thirty days.
Source
newspapers
3. November 1, 1883* Receivership
Newspaper Excerpt
This bank closed and in the hands of an assignee; The receiver is now engaged in preparing a schedule of assets ... attachments without number have been issued by non-preferred creditors.
Source
newspapers

Newspaper Articles (3)

Article from New Orleans Republican, September 27, 1873

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Article Text

National Bank, Second National Bank, Manufacturers' National Bank and Na tional Bank of Commerce. Vicksburg. VICKSBURG, September 26.-The follow. ing circular has just been issued: Owing to the deranged condition of mon etary affairs throughout the country, and the action of banking institutions in other cities. we have deemed it prudent and in the interest of our depositors that we should similarly suspend payment for thirty days. There can be no losa to our depositors. JOHN A. KLEIN. President Mississippi Valley Bank. B. R. THOMAS. President Vicksburg Bank. BENJAMIN A. LEE, Cashier Freedmen's Bank. London. LONDON. September 26, L-American securities excited. Large business and wide inactuations. There is much uneasiness. Later.-American securities Hat: declined heavily. Philadelphia. PHILADELPHIA, September i-A state ment i made of the assets and liabilities of Jay Cooke & Co., of Philadelphia. New York and Washington, placing their liabilities at slightly over $7,900,000: their assets, including bills receivable. bank stock, bonds. real estate and loans to the Northern Pacific Railroad Company. show a balance of nearly $16,000,000. half of which appears to be Northern Pacific railroad stock. Indianapolis. INDIANAPOLIS. September -The panic of vesterday has entirely disappeared. At the opening to-day there was a light run on Ritzingers & Sharp's and Fletcher's banks by small depositors, but all demands were promptly met. without resort to the rule adopted by the Clearing House last night. Nearly all the banks report that their de posita to-day have exceeded the amounts withdrawn. The savingsbanks have met all demands promptly. and, like the other banks. claim that their deposits have exceeded the amount called for. The general impression prevails that Woollen. Webb & Co. will resume in a few days. Cincinnati. CINCINNATI. September 26.-The second day under the new bank arrangement has a the apbe that matters were after passed Clearing peared bank satisfactorily to House hours, Association the At genera! meeting this opinion atternoon working of favorably. The banks and bankers seemed thoroughly in sympathy with the plan adopted, and there 14 manifest a cheerful acquiescence in the expressed wish of the majority in relation to all details of emovement. The association at this meeting adopted resolution, the nature of which was foreshadowed in last night's dispatches. This provides that al currency deposited here after may be drawn upon at the will of the depositor. This makes for future deposits new rule from that applying to old ones, and will invite currency from many martera where it i. now Iving unused. All the securities demanded by the committee in charge of the matter have been forth. coming. The general feeling here to-day is one of satisfaction in relation to the action of the banks. The news from Chicago had a depressing effect on Change. but did not produce a panicky feeling. There has been but little doing in general markets. Thing are nearly at a stand still. It is almost im. possible to negotiate drafts at present, and as the movement of the hog product 14 almost suspended Buyers are indisposed to make purchases, and holders have no inclination to throw stocks on a market which is unprepared to receive them. Basines. men are as rapidly as pos. sible adapting themselves to the changed circumstances and the whole temper of the people is to give and bear the pinch till con. fidence shall be restored and the blockade relieved St. Louis. St. Lour September H.-The action of the banks in this city last night seems to be generally approved by the mercantile com munity. and an improved and comparatively buovant feeling was manifested this morning. but when the news came that several Chicago bank had closed their doors a deep anxiety and apprehension immediately sprung up. and business on Change wasalmost entirely stopped. Many regular banks have so far done their usual business. paying al checks presented. while others have conformed to the rule adopted last night. and paid only small amounts. To-day has passed with no excitement, but there is deep anxiety as to the result of the present disturbed condition of affairs. Men of all classes are filled with apprehen sion. Affairs have been quiet among the banks. The non-payment of currency plan adopted last night has worked well, and has met with general approval. There have been no runs worthy of mention. Most of the savings banks have promptly met all demands and their de posita have exceeded the amount paid out. Many depositors who withdrew their accounts deposited again during the day, and confidence was largely restored. The volume of business at the regular banks decreased somewhat, but no one has suffered for want of money. The deposits in these banks have also been in excess of the amount paid out, although the day closes with an improved feeling and a brighter hope for the future. Augusta. AUGUSTA. Ga. September 26.--There is better feeling, but the stringency continues. Nothing doing in the cotton market. The First National Bank will not suspend. The deposits to-day were nearly equal to the amount checked out. No commercial paper discounted. The suspended banks are per


Article from The Clarion, November 28, 1883

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Article Text

Sketch of the Mississippi Valley Bank. Vicksburg Post.] The bank was organized in 1870 by John A. Klien, Geo. M. Klien, D. W. Flowerree and C. C. Flowerree as a partnership; it did a fine business but was compelled to suspend in 1873. The stockholders executed a deed of trust on real estate and other property to the value of $600,000 dollars, but so great was the confidence of the customers of the bank in its proprietors that they declined toaccept the deed and told them to go on. This they were able to do by getting additional capital through Simpson Horner, Esq., of Pittsburg, Pa. The bank then entered upon a new career of prosperity, and continued under this management until 1878, when D. W. Flowerree died. C.C. Flowere and Sampson Horner then retired, and John A. Klien and G. M. Klien continued the business. The Kliens and other connections then managed and controlled the bank entirely, with the exception of the employment of Thomas McGehee as cashier for about two years-commencing sometime in 1881 and ending in 1883. Mr. McGehee resigned his position to take a responsible position in the, Louisville, New Orleans & Texas Railroad Company. Many expressions of regret at this step are now heard, as the opinion is freely expressed that had he continued with the bank the issue of affairs would ha been different. During all these years the bank continued to grow in public confidence. Rich and poor, the business man, the laborer, the widow and guardian, deposited from time to time until it had a deposit account of nearly $800,000, representing the savings of a great portion of the community for ten years. When on Tuesday last the notice was posted on the bank, "This bank closed and in the hands of an assignee," no one who had not seen the notice would believe it. Mr. Geo. M. Klien, the President, has been foremost in every public enterprise here. He was a large owner in Powers' Oil Mill, the Gas Company, etc. He has been a charitable, generous and public spirited man, and expressions of sympathy for him are heard on all sides. The receiver is now engaged in preparing a schedule of assets, which will be. completed in the next week. Attachments without number have been issued by non-preferred creditors in the hope that the assignment may be broken. The scene at the Sheriff's office and at the different justices' offices beggars description-one magistrate issued 250 writs of attachment in 24 hours. The Sheriff and his deputies and all the constables are completely broken down. On yesterday every attachment blank in the whole city was used up, and all the job offices went to work to print large lots of them.


Article from Public Ledger, November 28, 1883

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Article Text

The Bank That Broke at Vicksburg. Post, 24. The Mississippi Valley Bank was organized in 1870 by John A. Klein, George M. Klein, D. W. Flowerree and C. C. Flowerree as a partnership. It did a fine business, but was compelled to suspend in 1873. The stockholders executed a deed of trust on real estate and other property to the value of $600,000, but so great was the confidence of the customers of the bank in its proprietors that they declined to accept the deed and told them to go on. This they were able to do by getting additional capital through Simpson Horner, Esq., of Pittsburg, Pa. The bank then ens tered upon a new career of prosperity, and continued under this management until 1878, when D. W. Flowerree died. C. C. Flowerree and Simps son Horner then retired, and John A. Klein and G. M. Klein continued the business. The Kleins and other connections then managed and controlled the bank entirely, with the exception of the employment of Thomas McGehee as cashier for about two years-commencingsome time in 1881 and ending in 1883. Mr. McGeheere signed his position to take a responsible position in the Louisville, New Orleans and Texas Railroad Company. Many expressions of regret at this step are new heard, as the opinion is freely expressed that had he continued with the bank the issue of affairs would have been different. During all these years the bank continued to grow in public confidence. Rich and poor, the business man and the laborer, the widow and guardian, deposited from time to time until it had a deposit account of nearly $800, 000, representing the savings of a great portion of the community for ten years. When on Tuesday last the notice was posted on the bank, "This bank closed and in the hands of an assignee," no one who had not seen the notice would believeit. Mr. George M. Klein, the President has been foremost in every public enterprise here. He was a large owner in Powers' Oil Mill, the Gas e Company, etc. He has been à d charitable, generous and public spirited man, and expressions of symg pathy for him are heard on all sides. The Receiver is now engaged in d preparing a schedule of assets, which d will be completed in the next week. Attachments without number have been issued by non preferred creditors = in the hope that the assignment may be broken. The scene at the Sheriff's d office and at the different justices' or offices beggars description. One magistrate issued 250 writs of attachment 11 in 24 hours. The Sheriff and his "dep" ar uties and all the constables are completely broken down. On yesterday es every attachment blank in the whole city was used up, and all the job e offices went to work to print large lots or of them. in