Merchants National Bank (Little Rock, AR)

Episode Information

Episode UID
164800900
Episode Type
Run Only
Bank Type
national
Bank ID
16480 national
Charter Number
1648
Start Date
December 11, 1874
Location
Little Rock, Arkansas (34.746, -92.290)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7544b20321727250

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Receivership Details

Depositor recovery rate
73.6%
Date receivership started
1893-02-06
Date receivership terminated
1908-09-30
Share of assets assessed as good
28.6%
Share of assets assessed as doubtful
26.0%
Share of assets assessed as worthless
45.4%

Description

Merchants National appears as Merchant's National in one article (minor OCR/ punctuation variation).

Events (3)

1. April 2, 1866 Chartered
Source
historical_nic
2. December 11, 1874 Run
Cause
Local Banks
Cause Details
Suspension of Stoddard Bros. & Co. in Little Rock triggered depositor withdrawals from other local banks.
Measures
Allowed prominent business men to examine condition; paid checks through regular closing; assured depositors funds available as collections made.
Newspaper Excerpt
There was a slight run on the other banks-Merchant's National and Brodie's-for a short time, but they were well supplied with means and were not affected.
Source
newspapers
3. February 6, 1893 Receivership
Source
historical_nic

Newspaper Articles (4)

Article from The Wheeling Daily Intelligencer, September 26, 1873

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Article Text

[Signed Citizen's Bank N. o. Nt Bank Bank America Union Ntl Bank Germania Nu Bank Ntl Banking A TeutoniaN Bank Canal Bank Mutual Ntl Bank Louisiana Ntl Bank America Hibern an Ntl Bank People's Bank Bank of Lafayette State Ntl Bank Fike Bro &Co, bankers Clearing house certificates at the rate of 75 cents on the dollar will be issued collaterals deposited by banks and certified checks. Clearing house checks will be used instead of currency. STATEMENT FROM CLEWS & CO. NEW YORK, Sept. 25,-Henry Clews & Co. state that the liabilities which their London house describes as incurred on the account of the New York house, are largely acceptances under commercial credits for the account of various merchants in this city and elsewhere, to whom draits will be returned and who will meet them, being prepared to do so by having goods placed in their posses sion, against which acceptances were given. The apparent liabilities, there tore. of the London house will be reduced to the extent to which the acceptances under these credits are provided by the parties on whose account they were issued BRIGHTER SKIES AT PITTABURGH-LARGE ARRIVAL OF GREENBACKS. PITTSBURGH, Sept. 25 -It is learned from authentic sources that three hundred and fifty thousand dollars in greenbacks arrived here to day from New York and Washington city Other large sums are on the way which are expected to arrive to-morrow, and there is a well founded hope that the greenback stringency will be over by Saturday morning if not soon er. The entire outlook is more bright and there is reason for saying that the temporary derangement of our financial houses is to be of very brief duration. The run on the various Savings banks has stopped and no new movement of the kind is apprehended. The Security Trust Company is making arrangements to resume. The officers say that they expect to be open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days RUMORED ASSIGNMENT AT TOLEDO. TOLEDO, Sept. 25.-The rumor is current o-night that the banking house of Krans & Smith, has made an assignment. A FLURRY AT INDIANAPOLIS. INDIANAPOLIS Sept. Considerable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended, end this excitement was heightened at noon by the suspension of the private banking house of Woolen, Webb & Co. Owing mainly to the return of their draits on the suspended Trust Company of New York and public confidence became so shaken that there was quite a heavy run on Ritzingers' Bank and on the Indianapolis Savings Banks by a class of generally small depositors, and some few persons withdrew their money from other banks The First National Bank, instead of closing at the usual hour, kept open an hour later to give any depos itor an opportunity to withdraw his money if he wished, and when it closed it had received moremoney than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to have sent home the crowds who thronged the streets after the banks had closed in a better state of feeling. and it is now anticipated that there will be no fur ther trouble. The banks previous to the excitement had, after a conference together, decided to go ahead in the usual way, and this determination will be carried out. AMOUNT OF BONDS PURCHASED NEW YORK, Sept. actual dis bursement of greenbacks for the purchase of bonds by the Sub-Treasury, since Sat Furday, is $13,300,000 There is a rumor that the Jersey City Savings Bank closed this morning Hoboken banks are all quiet, and there has been no run on the Savings banks of Brooklyn or this city, to-day. AT SUSPENSION OF A BUSINESS HOUSE ATLANTA ATLANTA, Sept. 25.-The Dollar Sav ings Bank of this city suspended to-day. BANK SUSPENSION AT NEWARK, N. J. NEWARK, N. J., Jept. 25.-The State Bank of New Brunswick suspended to day. This is the bank that was crippled by the irregularities of Appletons cash ier. THE BALTIMORE BANKS TAKING IN SAIL CITY FINANCIAL INSTITUTIONS AND COMMERCE ON A HEALTHY BASIS. BALTIMORE, Sept. 5-The officers of the associated banks of Baltimore met this afternoon and resolved in view of the present financial situation not to pay out money on checks except what may be re quired for legitimate business purposes of the banks and to certify all good checks which can be used in business transac tions. It is confidently believed here that the banks in the city were never in a more sound condition than at the present, and their action this afternoon Is recognized as a prudent precaution against any panic. The mercantile and commercial interests of the city, while suffering in some de gree from the general pressure and tight ness in money are regarded as being on safe and sound basis. The trade fs very limited. The feeling to-day sympathizing with favorable dispatches from New York, is much better than for several days previous, and it is confidently expected that business will soon revive. THE LITTLE ROCK BANKS HOLDING OUT. LITTLE ROCK, ARK., Sept. 5.-The ex citement over the city currency and the reported suspension of banks in Memphis caused unusual excitement. Financial matters are the only topic of conversation. Nearly all the merchants refused to take the city money to-day, and through out the day there was a heavy run on the banks by the depositors. As yet they have met every demand promptly, and claim that they can weather the storm.


Article from Iowa Voter, October 2, 1873

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Article Text

Wm. R. Taylor, Governor; Charles D. Parker, Lieutenant-Governor; Ferdinand Kuhn, Treasurer; Peter Doyle, Secretary; A. Scott Sloan, Attorney-General; Edward Seuring, Superintendent of Schools; M. J. Argand, Commissioner of Immigration. Resolutions were adopted favoring cheap transportation, the improvement of the Wisconsin, Fox and other navigable rivers of Wisconsin at the expense of the General Government, opposing protective tariff laws, back pay, monopolies, free passes to members of the Legislature, CreditMobilier, and corrupt legislation, and declaring that the party would vote for no person whose nomination was the fruit of his own importunity or a combination among partisan leaders. The State Liberal Democratic Convention of Minnesota met at St. Paul on the 24th, and decided to make no nominations. Resolutions were adopted advising all Democrats and Republicans to yield a cordial support to the nominees of the Owatonna Convention. The South. The Grand Lodge of the I. O. of O. F. in session at Baltimore, Md., adjourned on the 20th, having first voted to hold the next annual Communication at Atlanta, Ga. A Memphis dispatch of the 20th says the ravages of the yellow fever in that city had been stayed somewhat. The disease had appeared in New Orleans, and the dengue or break-bone fever raged also as an epidemic. In Shreveport the fever exhibited no abatement. New cases were notso numerous, but the ratio of deaths had been fully as great as at any time since the appearance of the scourge. An Augusta, Ga., dispatch of the 22d says that on the 19th a terrific storm passed over Florida in the vicinity of Tallahassee. A large number of dwellings had been blown down, and the crops in all that section ruined. Three or four lives had been lost, several persons injured and a large number of cattle killed. The town of St. Marks had been completely washed away, only two houses being left standing, and twenty families had been made homeless. The town of Newport had also been swept out of existence. A dispatch from Richmond, Va., of the 23d, says that the Merchants' National, the Planters', the Mechanics', the Peoples', the First National, and the Citizens' banks, of Petersburg, had suspended. A Baltimere telegram of the 24th announced that all the banks of that city had stopped currency payment. Brown, Lancaster & Cowell, agents of the Chesapeake and Ohio Railway, having houses in Baltimore, New York and Richmond, had also suspended. A Little Rock, Ark., dispatch of the 24th says the money panic in that city continued, caused not so much by Eastern financial complications as by the refusal of the city banks to take the shinplasters that have been current there. A dispatch from Richmond, Va., says that the Richmond Dollar Savings Bank had suspended, and that Taylor & Williams, bankers, had failed. A dispatch to the Associated Press, from Brownsville, Texas, of September 24, says that a series of butcheries and robberies had recently been committed in Mexico, the victims in every case being Americans. The perpetrators of these crimes were arrested, and their guilt fully established, yet not one of them had been punished, the authorities being either indifferent or powerless. The facts had been reported by the Consuls to Washington, in the hopes that redress would be demanded.


Article from Memphis Daily Appeal, December 12, 1874

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LITTLE Rock was considerably excited yesterday over financial matters, caused by the suspension of the bankinghouse of Stoddard Bros. & Co. A run was made on all the other banks, with what result is not stated. The assets of the suspended bank are greater than the liabilities.


Article from The Van Buren Press, December 15, 1874

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Stoddard's Bank Suspended. From the Little Rock Republican of Saturday. we get the following in regard to the suspension of Stoddard & Bros., Bank at Little Rock This, we believe, is one of the mushrooms that spring up under the Clayton & Co's dynasty: Considerable excitement prevailed in moneyed circles yesterday on account of the suspension of the bank of Stoddard Brothers & Co. The bank did not open at the usual hour. and of course, rumor was busy for a time, and as many stories as there are sections in Gantt's digest, were bandied about the streets during the morning. The suspension was caused by a damaging report sent from here by the correspondent of the St. Louis commercial agency that the institution was in a fail ing condition. The report coming back, caused a run on the bank. Wednesday and Thursday, all checks, however, being paid up to the regular hour of closing Thursday. In an interview with Mr. John Stoddard, we learned that the assets of the are more than fifty per cent. above the liabilities. and depositors will receive their money as soon as collections can be made, and the suspension will be but temporary. The commercial agent denies that he sent the report to St. Louis that the bank was in a failing condition, but claims that he said it was not doing as much business as formerly, and was weakened by funds drawn out by the county collector. There was a slight run on the other banks-Merchant's National and Brod ie's-for a short time, but they were well supplied with means and were not affected. Several prominent business men called at these institutions and were permitted to examine into their condition, and we are assured they found them even in a better state than was anticipated.