gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
88cbe1acd90c5f30
Response Measures
Borrowed from banks or large institutions, Clearinghouse loan, Full suspension
Other: American Trust Company acted as liquidation agent and member banks of the clearing house guaranteed full payment of deposits; liquidation/receivership followed.
Clearinghouse involved: Yes
(loan, examination, or other measures)
Events (5)
1.May 14, 1921Chartered
Source
historical_nic
2.July 1, 1924*Run
Cause
Rumor Or Misinformation
Cause Details
Publicity of refusal to approve reorganization aroused suspicion among stockholders and depositors, precipitating a run.
Newspaper Excerpt
his refusal...became widely known and caused a run on the bank.
Source
newspapers
3.July 14, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank because the institution was losing money and could not obtain funds to meet depositors' demands.
Newspaper Excerpt
The Republic National bank...was closed permanently today by order of the board of directors.
Source
newspapers
4.September 16, 1924Voluntary Liquidation
Source
historical_nic
5.June 27, 1925Other
Newspaper Excerpt
damage suit alleging a conspiracy to force the Republic National Bank here to close its doors ... petition alleges ... caused a run on the bank.
Source
newspapers
Newspaper Articles (16)
1.July 14, 1924Daily Republican-RegisterMount Carmel, IL
Click image to open full size in new tab
Article Text
IMMENSE LOSS IN BANK CLOSING
INSTITUTION OF ST. LOUIS WAS ON A LOSING BASIS.
(United Press)
ST. LOUIS, Mo., July 14.—The Republic National bank, with a capital of $1,000,000 and with resources of $4,090,972 was closed permanently today by order of the board of directors.
The institution was losing money, a statement said.
The claims of all stockholders will probably be made good, by members of the clearing house association, but the loss will be about $750,000, it was stated authoritatively.
2.July 14, 1924Fremont TribuneFremont, NE
Click image to open full size in new tab
Article Text
ST. LOUIS BANK DEFINITELY CLOSED
St. Louis, July 14.—The Republican National bank, capitalized at $1,000,000 with resources of $4,000,972 was closed permanently today by order of its board of directors. The institution was losing money a statement said.
Full payment of all deposits will be made, but loss to the stockholders may reach $750,000, it was stated authoritatively. The bank was organized in 1921 by William E. Sachs, wealthy oil operator, who is now under indictment by an Indianapolis federal grand jury in connection with a nation-wide investigation of housing trusts and loan societies.
3.July 14, 1924Kirksville Daily Express and Kirksville Daily NewsKirksville, MO
Click image to open full size in new tab
Article Text
St. Louis National Bank Is Closed
(By United Press)
St. Louis, July 12.—The Republic National Bank, capitalized at $1,000,000, and with resources of $1,090,972, was closed permanently by the board of directors today. The institution was losing money, a statement said.
Full payment of all depositors was guaranteed by the member banks of the Clearing House Association, but the loss to stockholders may reach $750,000, it was stated authoritatively today.
The bank was organized in 1921 by William A. Sachsm, wealthy oil operator, who is now under indictment by a Federal Grand Jury at Indianapolis in connection with a nation-wide investigation of "housing trust" and loan societies.
4.July 14, 1924Evansville PressEvansville, IN
Click image to open full size in new tab
Article Text
ST. LOUIS BANK CLOSED TODAY
By United Press
ST. LOUIS, Mo., July 14.—The Republican National bank, capitalized at $1,000,000, with resources of $4,090,972, was closed permanently today by order of its board of directors.
The institution was losing money, a statement said.
Full payment of all deposits was guaranteed by member banks of the clearing house association, but loss to the stockholders may reach $750,000, it was stated authoritatively.
The bank was organized in 1921 by William E. Sachs, wealthy oil operator who is now under indictment by an Indianapolis federal grand jury in connection with a nation-wide investigation of housing trusts and loan societies.
5.June 27, 1925Jefferson City Post-TribuneJefferson City, MO
Click image to open full size in new tab
Article Text
$80,000 Damage Suit Against Millspaugh
Republic National Bank of St. Louis Alleges Conspiracy To Close
TO TERM REFUSED HIS APPROVAL
American Trust Company Acted As Liquidation Agent and Collected July 1. Amount of Suit.
St. Louis. Mo., June 27.-A damage suit alleging a conspiracy to force the Republic National Bank here to close its doors and to enable the American Trust Company to oh tain its business was filed in Circuit Court today by the Republic paugh. former state finance com missioner. and the American Trust Effort. of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and change the form of the corporation to company and failure of these efforts through the refusal of Millspaugh to approve the organization of the trust company outlined in the
Mill paugh. the petition alleges legally refu ed to approve" the plan for reorganization and his refusal becomin widely known aroused week suspicion among the tockholder and caused a run on the bank The Republic National was closed by its directors year ago following its inability to obtain fund to meet the immediate demand of it depositor: The bank previously had charged off large amount of worth less asset and had changed the per sonnel of its management to a con siderable extent The petition ks specifically for judgment for $80.774 which " was alleged. was the amount the American Trust received in fee: and commissions for acting for liquida tion agent In addition. compensa tory and punitive damages are sought in sum to be set out in a later amended petition Henry H Hopkins first vice prestdent of the American Trust. said today there was nothing unusual in the system by which the American liquidated the Republic National He said the fee charged was reason able and the contract was volun tarily entered into
6.June 27, 1925Carthage Evening PressCarthage, MO
Click image to open full size in new tab
Article Text
With Conspiring Force St. Louis Bank to Close Its Doors to
TRUST COMPANY IS CO-DEFENDANT
(By the Associated Tress) St. Louis, June 27.-A damage suit alleging a conspiracy to force the Republic National bank to close its doors and to enable the American Trust Co., to obtain its business, was filed in circuit court today by the Republic National against Frank C. Millspaugh, former state finance commissioner and the American Trust Co.
Efforts of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and to change the form from a national bank to a state trust company and failure of these efforts, through the refusal of Millspaugh to approve the organization of the trust company, were outlined in the petition. Millspaugh, the petition alleges, "without cause, wrongfully and illegally refused to approve" the plan for reorganization and his refusal, becoming widely known, aroused suspicion among the stockholders and caused a run on the bank. The Republic National was closed by its directors a year ago, following its inability to obtain funds to meet the immediate demands of its depositors. The bank previously had charged off a large amount of worthless assets and had changed the personnel of the management to a considerable extent. The petition asks specifically for judgment for $80,774.88. which, it was alleged, was the amount the American Trust Co., received in fees and commissions for acting as liquidation agent. In addition, compensatory and punitive damages were sought in a sum to be set out in a later amended petition.
7.June 27, 1925St. Louis Post-DispatchSt. Louis, MO
Click image to open full size in new tab
Article Text
CLOSING OF BANK HERE CHARGED TO MILLSPAUGH
Republic National Alleges in Suit That Former Finance Commissioner Forced It to Suspend.
REFUSED TO CHARTER
IT AS TRUST COMPANY
American Trust Official
Says Liquidating Proceedings at Request of Clearing House. damage suit alleging spiracy force the Republic tional Bank to close its doors to enable the American Trust to obtain its business was filed today in the Circuit Court by the Republic National against Frank Millspaugh. former State nance Commissioner. and the American Trust. The Republi National closed by its directors year ago an incipient following its inability to obtain funds to meet the immediate mands of its depositors in any other than to consent to liquidation The petition for ludgment for which, alleged. was the amount the American Trust received in and cormissions for acting agent. addition. pensatory and punitive damages sought to be set out amended petition Charges Against Millspaugh Effort of Republic decrease its capitalization from and change the form the corpora tion national bank company and their through the refusal Millspaugh approve the organizati of the trust company known with the filing of the Prior to that time, was erally known the Republic Na. tional. which organized years ago by Sacks had been financial difficulties and large amount had been charged off. personnel the bank's manage had been changed to The new management prepared plan organization trust company and submitted it to Mills. approval Details Trust Plan. Concerning this detail the transaction. petition alleges: "During April. May and June of hereafter until July capital the and deposits amounted to and its positors 4000 in number and solvent condition and for an enlarged field usefulness together conditions pertaining during while and the judgment made desirable practical business standpoint change organization from such national bank trust company under of Missouri different corporate structure. then recited that the plan presented Millspaugh called stock issue surplus "Said fendant the petition set wrongfully illegally approve same permit plaintiff
Exercised His Discretion. Mayner attorney for Republic National in the pro ceeding. said Millspaugh's reply several conferences appeared have the matter and that he was not going to that discretion permit the formation of the trust Millspaugh's refusal 10 approve the plan. became widely aroused suspicion the and caused among on the bank. Negotiations undertaken with the Louis Clearing House obtain funds busines These failed and the day following the run. which was Sunday, agreement entered into with the American Trust which look over all the assets the public National and agred to depositors full This contract is alleged the Republic National Continued
8.June 27, 1925St. Joseph News-PressSt. Joseph, MO
Click image to open full size in new tab
Article Text
CONSPIRACY CHARGED
MILLSPAUGH PARTY TO ST LOUIS BANK SUIT.
Petition Alleges Plot to Force Repub- lic National to Close Its Doors, Thereby Enabling the American Trust to Obtain Its Business. suit alleging conspiracy force the Bank here its doors and the American to its was filed court today by the National against missioner, and the American Trust
Blocked Reorganization.
Efforts of the Republic National capitalization from to and to change the form the corporation from national bank to state trust company. failure these efforts through the refusal Millspaugh to approve the organization of the company were outlined the Millspaugh, the petition alleges "with out cause, and Illegally plan for zation and his refusal known. among the stockholders and caused run on the bank.
Closed Year Ago.
The Republic National was closed by Inability to obtain funds meet the Immediate demands of its depositors The bank had off amount of worthless assets and had changed the personnel of its manconsiderable extent. The asks specifically for Judgment for which, it was alleged. was the amount the American Trust received fees and for acting agent. In addition, compensatory and punitive damages are sought in sum to be set out in later amended petition Henry H. Hopkins. first president of the American Trust. said today there was nothing unusual in the system by which the American liquidated the Republic National He the fee charged was reasonable and the contract. was voluntarily entered into
9.June 27, 1925Columbia Daily TribuneColumbia, MO
Click image to open full size in new tab
Article Text
DEFUNCT
St. Louis Institution Alleges Conspiracy With American Trust Company.
ASK FOR DAMAGES
Petition Says Run on Republic National Was Caused Intentionally.
By The Associated Press. ST LOUIS, Mo., June damalleging conspiracy force the Republic National Bank here close its to the Amerfean Trust Company to obtain bust. in circuit court today the Republic National against Frank Millspaugh, former state finance missioner, the American Trust Efforts of the Républic National its from to $500,000 change the form the from bank trust company, and failure of these through the refusal Millspaugh approve the outlined in of the company, the petition. the petition "without cause, refused approve" the plan ganization and his refusal, becoming widely known, aroused suspicion among the stockholders and caused the bank. The Republic National was closed by its following inability obtain funds to meet the immediate demands of its depositors. had charged off The board previously large of assets ano had changed the its manto considerable extent. The asks specifically for alleged, was the amount the American Trust in fees tor liquidation agents. In punitive dam. ages sought to be set out later petition. Henry H. Hopkins, first vice. presisaid today dent of the American there nothing musual the HyK tem by the the Republic National. and the concharged tract was voluntarily entered into.
10.June 27, 1925The Daily RepublicanPoplar Bluff, MO
Click image to open full size in new tab
Article Text
[By St. Louis, June damage conspiracy to foree the alleging National Bank here to close Republic doors and to enable the American Trust Company to obtain its business, was filed in circuit court today by the Republic National against Frank Millspaugh, former state finance commissioner, and the American Trust. The petition asks specifically for judgment for $80,774.88, which, it is alleged, the amount the American Trust received in fees and commissions for acting as liquidating agent. Millspaugh, the petition alleged, without cause "wrongfully and illerefused to approve" plan for gally reorganization and refusal becoming widely known, aroused suspicion among stockohlders and caused a run on the bank. Efforts of the Republic National to decrease its capital from one million dollars to $500,000, and to change from national bank to trust comand failure of these efforts pany, through the refusal of Millspaugh to approve of the organization of the Trust Company were outlined in the petition.
11.June 28, 1925The Daily News and IntelligencerMexico, MO
Click image to open full size in new tab
Article Text
REPUBLIC NATL. BANK FILES SUIT AGAINST AMERICAN
St. Louis Institution Asks Judgement Against Trust Company for More Than $80,000.
By The Associate Press. ST. LOUIS, June 27.-A damage suit alleging a conspiracy to force the Republic National Bank to close its doors and to enable the American Trust Company to obtain its business was filed in circuit court today by the Republic National against Frank C. Millspaugh, former state finance commissioner and the Amer ican Trust. Efforts of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and to change the form of its corporation from a national bank to a state trust company and failure of these efforts thru the refusal of Millspaugh to approve the organization of the trust company were outlined in the petition.
Millspaugh the petition alleged alleged "without cause, wrongfully and illegally refused to approve" the plan for reorganization and his refusal becoming widely known around aroused suspicion among the stockholders and caused a run on the bank.
The Republican National was closed by its directors a year ago following its inability to obtain funds to meet the immediate demand of its depositors. The bank had previously charged off a large amount of worthless assets and had changed the personel of its management to a considerable extent. The petitions asks specifically for judgement of $80,774.88 which it was alleged was the amount the American Trust received in fees and commissions for acting for liquidation agent. In addition compensatory and punitive damages are sought in a sum to be set out in a later amended petition.
12.July 1, 1925The Weekly Kansas City StarKansas City, MO
Click image to open full size in new tab
Article Text
Republic National of
Louis damage suit alleging conspiracy force the Republic National Bank here to close its doors and enable the American Trust Com pany obtain its business filed circuit court Saturday by the Republic National against Frank formerly finance and the Trust petition and illegally refused plan organization and his refusal widely known. suspicion among the stockholders and caused run the The petition asks specifically for ment for $80,774.88
Lightning Kills Mexico. Mo., Boy Mexico Hendrix 16. son Mr and Mrs. Walter killed when lightning struck shed which gone to care for some Saturday
13.July 2, 1925The Fulton GazetteFulton, MO
Click image to open full size in new tab
Article Text
LOUIS BANK ST.
Republic National
June damage suit, St. Louis, to force the alleging conspiracy National Bank here to close public and enable the American doors to Trust to obtain its business, Company court today by the filed circuit National against Frank Republic former state finance commissioner, and the American trust. Efforts of the Republic National to its capitalization from decrease $1,000,000 to $500,000 and to change the status of the corporation from national bank to state trust comand failure of these efforts pany, refusal of Millspaugh to through the the organization of the trust approve outlined in the peticompany, were tion. Millspaugh, the petition alleges, "without wrongfully and illegcause, refused to approve" the plan for ally, and his refusal, bereorganization, coming widely known, aroused the stockholders and picion among caused run on the bank. The Republic National was closed by its directors year ago, following its inability to obtain funds to meet the immediate demands of its positors. The bank had previously charged off large amount of worthless assets and had changed the sonnel of its management to considerable extent. The petition specifically for of which, it judgment alleged, was the amount the American Trust Company received in fees and commissions for acting as liquidation agent. In addition, compensatory and punitive damages are sought for to be set out in later amended sum petition.
14.July 2, 1925The Milan StandardMilan, MO
Click image to open full size in new tab
Article Text
MILLSPAUGH SUED AS BANK WRECKER
Conspiracy to Force Run on Institution and Close Its Doors Is Charged.
St. Louis, June 27.-A damage suit, alleging a conspiracy to force the Republican National Bank here to close its doors and to enable the American Trust company to obtain its business, was filed in circuit court today by the Republican National against Frank C. Millspaugh, former state finance commissioner, and the American Trust Company. Efforts of the Republican National to decrease its capitalization from $1,000,000 to $500,000 and to change the form of the corporation from national bank to a state trust company, and failure of these efforts through the refusal of Millspaugh to approve the organization of the trust company, were outlined in the petition. Millspaugh, the petition alleged, "without cause, wrongfully illegally refused to approve" the plan for reorganization and his refusal becoming widely known, aroused suspicion among the stockholders and caused a run on the bank. The Republican National was closed by its directors a year ago, following its inability to obtain funds to meet the immediate demand of its depositors. The bank previously had charge of a large amount of worthless assets and had changed the personnel of its management to a considerable extent.
15.October 2, 1927St. Louis Post-DispatchSt. Louis, MO
Click image to open full size in new tab
Article Text
NATIONAL CITY BUYS REPUBLIC BANK BUILDING
Depository, Now Being Liquidated, Acquires Universal Building at Olive and Beaumont Streets.
By Berry Moore. A transaction has been concluded embracing the building at 716 Locust street, formerly occupied by the Republic National Bank and the Universal building. at the northwest corner of Olive and Beaumont streets, involving approximately $800,000. Final papers in the transaction will be executed Monday. The bank building was purchased by the National City Bank for approximately $300,000 and the Universal building by the Republic National Bank, now in process of liquidation. for $500.000. to Julius R. Van Raalte, who handled the deal. The bank building was bought from the Pine Co., which had acquired it in exchange for the Universal build. ing. Simon Van Raalte. with offices in the Arcade building, is president of the Pine Investment Co. Including the re-sale by the Pine Investment Company of the lank building to the National City Bank. the operation totaled more than $1,000,000 it is believed. The National City Bank, it is understood, proposes to remodel the building for new quarters for the bank which now occupies a sectien of the ground floor of the Central National Bank building at Seventh and Olive streets. The National City's lease of its present quarters still has years to run, but is said the space can be sublet at an price. B. F. Edwards is president of the National City Bank. Modern Banking Equipment. The building acquired by the National City has frontage on Locust street of 60 feet, with an easement on both sides, and has all the equipment, including large vaults, of modern banking building. Prior to its occupancy by the Republic National. the building was the quarters of the American Trust Co., which now is in the Compton building at the southwest corner of and Locust streets. Opposite the home of the Mercantile Trust Co., and in the heart of the business district. the Locust street location is regarded as one of the best in the city for banking The Republic National Bank acquired the Universal Building. subject to deed of trust of $300.000. but in exchange for the Locust street building received from the Pine Investment Co. $100,000 in cash. in adjustment of the differences in the valuation of the two buildings. Resell Universal Building. The $300.000 deed of trust represents the building loan made by Simon Van Raalte as head of the Pine Co., on the Universal Building. which was afterwards taken over by the Van Raalte Three in height the building is of fire. proof construction. with a frontage on Olive street of 300 feet by a depth on Beaumont of 150 feet to an The Universal Building probably will be resold by the Republic National Bank. which suspended business several years ago, and Those assets are now in process of liquidation. Since the building was erected. property on Olive street has undergone substantial increase in value, as a result of the widening of this thoroughfare Negotiations throughout the real estate market were more or less suspended in many instances as a result of the tornado. affecting many valuable holdings in the devastated sections. This also appiles to deals pending for several large holdings in the central busiDess district. which were halted
16.June 24, 1931Springfield Leader and PressSpringfield, MO
Article Text
HOLLAND PATRONS LOSE SUIT ON REPUBLIC BANK
A claim of $100,000 against the Republic National bank of St. Louis for depositors in the defunct Holland Banking company of Springwas overruled in the state supreme court. division two, today. The court affirmed ruling of the Boone county circuit court which held the Holland Banking company liquidation agents had no claim against the Republic National bank, which also is in liquidation The state finance department, charge of liquidation of the closed bank. which failed in alleged the Republic National bank owed the Holland bank $100,000 funds had received in payment of notes by officers of the Holland bank Testimony was that E. Randall and Hine purchased jority of stock in the Holland bank, borrowing $100,000 from the Republic National bank and giving personal notes. Later they sold their stock to who was president of the Holland bank when closed. Sanford agreed to off pay the $100,000 He used
Holland bank funds for this puraccording to the The trial court held the notes were individual notes and not for the benefit of the bank, but also ruled that the Republic National bank could accept drafts in ment of the notes without becomliable to the Holland bank for the amount thereof Arthur M. Curtis, attorney for the Holland Banking company in the case, explained here today the claim against the Republic bank never listed asset of the Holland company, and loss of the appeal would have no affect on the depositors in the closed bank. The decision in the Holland against the St Louis bank will in no affect somewhat similar claim for $112,000 which Mr. the Holland bank has pending against the Continental National bank of Kansas City Judgment in favor of the Holland bank has been entered in this latter case, and the receiver's attorneys now are fighting to force early payment of this judgment.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
