21085. Bankers & Merchants National Bank (Dallas, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4213
Charter Number
4213
Start Date
January 18, 1893
Location
Dallas, Texas (32.783, -96.807)

Metadata

Model
gpt-5-mini
Short Digest
9d433a3f

Response Measures

None

Receivership Details

Depositor recovery rate
61.4%
Date receivership started
1893-02-06
Date receivership terminated
1901-11-06
OCC cause of failure
Fraud
Share of assets assessed as good
5.4%
Share of assets assessed as doubtful
25.0%
Share of assets assessed as worthless
69.5%

Description

Articles report the directors and stockholders asked Examiner Stone to take charge and close the bank (Jan 18/19, 1893). Reports state the bank contemplated liquidation and failure to realize on large boom securities forced it to the wall. The Comptroller later ordered a receiver (reported Feb 13, 1893), indicating permanent closure. Minor OCR discrepancies in assets (reported $500k or $590k) noted but do not change classification.

Events (4)

1. January 21, 1890 Chartered
Source
historical_nic
2. January 18, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on a large amount of boom securities / unfavorable investments forced the bank to close; directors requested examiner to take charge and contemplated liquidation.
Newspaper Excerpt
Bank Examiner Stone today, at the request of the directors and stockholders of the Bankers and Merchants' National bank, of this city, took charge and closed its doors.
Source
newspapers
3. February 6, 1893 Receivership
Source
historical_nic
4. February 13, 1893 Receivership
Newspaper Excerpt
The Comptroller of the Currency has ordered the appointment of a receiver for the Bankers and Merchants' National Bank of Dallas, Texas.
Source
newspapers

Newspaper Articles (5)

Article from Richmond Dispatch, January 19, 1893

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tinues. In the Wisconsin legislative caucus last night the vote for senator was: Mitchell, 31: Bragg. 27 Knight, 20: Dodge, 1. Necessary to a choice, 41. While running to a fire in Evansville, Ind., Tuesday night 8 book-and-ladder truck was Perturned and an engine and street-car collided. injuring five firemen. two of them fatally. A. Balestier, representing the Hamilton Disston Investment Company. is in Quebec, Canada, endeavoring to induce twenty-five French-Canadian families to accompany him Florida tostart a colony. The Executive Council of the American Bankers Association, in session at New York yesterday, elected Henry W. Ford secretary. The annual convention of the association is to be held in Chicago September 6th and 7th. Fire broke out yesterday afternoon in the basement of the wholesale notion house of Guv. Curron & Co., No. 315 Ninth street, Washington. D.C., consuming their entire stock, valued at $175,000. The insurance will not cover more than half the loss. The five-story building at 432, 434, and 436 north Third street, Philadelphia, occupied by Dungan. Hood & Co., morocco dressers, was partially burned Tuesday night. The loss is estimated at about $120,000 and is fully insured. The origin of the fire 18 unknown. The Republican members of the Kansas A Legislature met in cauens last night. ballot was taken for nited States senator and resulted: Bishop A. Perkins (present incumbent). 32: Joseph W. Ady, Lucien Baker (State senator from Leavenworth county), 11-no choice. Another caucus will be held to-night. The Washington Legislature. in joint session yesterday, took five unsuccessful ballots for United States senator and then adjourned out of respect to the memory of ex-President Haves. The last ballot resulted: Ailen Republican). 48: Turner 27: Republican). 27 Griggs (Democrat) Teats (Populist) 9. The new United States cruiser Bancroft was to have started from Elizi abethport. her N.J., yesterday for Newport. R I.. for official trial-trip. but as Long Island Sound completely frozen solid is uncertain when she will be able to leave Eliza. bethport. She is now fast in the ice at Moore's Sons' yard. Secretary Tracy has sent by cable an tension of one month leave of absencet Commander Emory. late United States naval attache at London, who 18 now in Paris. child of Commander Emory died in Paris Tuesday and another child seriously ill. Secretary Tracy has cabled message of sympathy. The steamer Guiding Star, of the Cincinnati, Memphis and New Orleans Line aground at Harris' Landing. a few miles from New Madrid, Mo., will prove a total feet loss. The ice has knocked a hole 10 she long and feet wide in her bull. and de is rap:dly going to pieces. The crew serted her Tuesday. The boat is valued $80,000 and the cargo at $50,000. Hugh F. Dempsey was unanimously Dis re-elected district master workman of trict Assembly No. 3, Knights of Labor, RePittsburg, Pa., yesterday atternoon. solutions were adopted expressing confidence in Mr. Dempsey an ithat the charge the brought against him for complicity in alleged Homestead poisonings were un true. Advices from Nanticod. Md., state that there is every reason to believe that sevemen have frozen to death in small ral canoes that were caught out and frozen up several miles from land. Some of the men them started to walk before the ice in strong enough to bear them and were probably drowned Three tramps were frozen to death Sunday night near Princess Ann. Md. Bank-Examiner Stone yesterday. at th of the directors and stockholders of request the Bankers' and Merchants' National Bank, of Dallas, Texas, took charge of the liainstitution and closed its doors. The bilities of the bank amount to $80,000. yesand its assets to $500,000. The bank terday evening secured the money to liquideposits and rediscounts. The Populists now are a distinct fac in the wyoming senatorial contest. tor They have caucussed and fixed sessions upon man to be supported in all joint Their choice 18 William Brown, of Shericounty. He is a Democrat. but has dan been co-operating with the Populists re. is a workingman, made good lately cord in the Legislature, is educated. and the has taught school in the North. If can Populists stic to him, it is said they elect him. The Press Printing Company. of Little Rock. the largest concern of the kind C. in Arkansas, assigned yesterday to H. First Bateman. Liabilities. $40,000. the National Bank being a preferred credit of the $20,000. The announcement failure for created a panic among the deposiof the bank, and run which was but checked tors vesterday again to-day the was again checked by assistance from banks this city and St. Louis. The Kansas Populists have finally de. cided to submit the question of the Popu- State list house organization to the the To end this Supreme Court. sent Senate yesterday passed and the House the legislative appropria the to The House will pass t and tion bill. Governor will sign it Then the Republi- from will enjoin the Treasurer cans any payments under it on the making ground that the bill was not passed the by mat- the legally- House. Thus ter will finally get into court. The meeting last evening in the concert of Madison-Square Garden, New York, the hall aid of the Hampton Institute for in of Indians and negroes was education Although general admission success. voluntary contributors paid as seats high free, for box, while reserved as $5 at proporti onate prices. A collection the sold taken up toward the end of was also and in both ways good sums meeting. realized. A chorus of sixty students the were the Hampton institution varied from with the singing of planta speech-making Seth Low presided. and tion melodies. those who occupied boxes or among the platform were Messry. Henry Villard. were on C.P. Huntington. Carl Schurz Wager Dr Rainsford, General Rev. and others. President Low. Dr. Rainsford, Swayne. Carl Schurz. and others spoke Cablegrams Cut Down. strike of the German miners miners hasap parently The come to an end. All the


Article from St. Paul Daily Globe, January 19, 1893

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BANKS IN TROUBLE. DALLAS, Tex.. Jan. 18.-Bank Examiner Stone today, at the request of the directors and stockholders of the Bankers and Merchants' National bank, of this city, took charge and closed its doors. The liabilities of the bank deposits and rediscounts amount to $80,000, and its assets to $590,000. It was organized in 1890 with a capital stock of $500,000. about one-half of which is held in Kentucky. The bank this evening secured money to liquidate the deposits and rediscounts. LITTLE Rock, Ark., Jan. 18.-The Press Printing company, the largest concern of the kind in the state, assigned this morning to H. C. Bateman. Liabilities, $40,000, the First National bank being a preferred creditor for $20,000. The announcement of the failure created a panic among the depositors of the bank, and the run which was checked yesterday began today, but was checked by assistance from banks in this city and St. Louis.


Article from Daily Texarkana Democrat, January 21, 1893

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Bank Failure at Dallas. The suspension of the Bankers' and Merchants' Nationl Bank of Dallas, Tex., under unfavorable, if not hopeless circumstances, will prove a general surprise to the financial circles of Texas, as this bank was generally regarded as one of the sound, and in every way solid banking institutions of the State. The failure is reported from Dallas as follows: The doors of the Bankers' & Merchants' National Bank were closed to-dav and the announcement posted that Examiner George Stone was in charge. The only statement obtainable at the bank with reference to the condition of the institution was from President Gano, to the effect that the bank contemplated going into liquidation and retiring from business. The report on the street is that failure to realize on a large amount of boom securities forced the bank to the wall.


Article from The Portland Daily Press, February 13, 1893

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BRIEFLY TOLD. The Panama investigation at Washington is progressing slowly The evidence so far is insignificent. The four-masted collier John Paul went ashore on Quonocontaug beach Saturday, and it is feared she will prove a total loss. The Comptroller of the Currency has ordered the appointment of a receiver for the Bankers and Merchants' National Bank of Dallas, Texas. The paint factory of Henry Woods, Son & Co., of Natick, Mass., was burned yesterday. Loss, $50,000; partially covered by insurance. Blizzards are still raging throughout the Northwest. There is a general blockade of railroads in South Dakota. The tracks are covered with snow to the depth of 10 feet. Daniel Sweeney, an American merchant, who returned Friday from a three months' trip through Central America, reports that Honduras, Nicaragua and Salvador are still under martial law, and that it is dangerous for a stranger to travel in those countries. Pugilist Cerbett says: "I accept Peter Jackson's challenge with this provision: this acceptance is void if I succeed in arranging a match with Charles Mitchell. The only stipulation made in regard to the fight is that it shall take place next December." The latest advices from Santos state that the scourge of yellow fever, which was so disastrous last summer and which has been partially dormant since then, has again broken out with renewed violence and is increasing daily. It reached the highest pitch Thursday when 88 deaths occurred. At present it shows no prospect of abating.


Article from The Republican Journal, February 16, 1893

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commence surveys for the work immediately. The Senate has already adopted the conference report and the House no doubt will do the same It is reported that an agreement has been reached between the secretary of state and the commissioners, by which the Hawaiian Islands will be annexed to the United States The Panama investigation is progressing slowly. The evidence SO far is insigniticant The Comptroller of the Currency has ordered the appointment of a receiver for the Banker's and Merchant's National bank of Dallas, Texas Senator Frye made a speech in the Senate Monday, favoring the Nicaragua canal bill The judiciary committee have reported Judge Jackson's confirmation favorable, but on objection the Senate has post poned its consideration. POLITICAL Points. Rockland Republicans used the Australian ballot at their city cances. Saturday night. Col. Frank 1. Knight was nominated for mavor At latest advices that "business men's cabinet. which Mr. Cleveland pomponsiv announced a fortnight ago that he was going to gather about him, contains three lawyers and UN- Private Secretary Dan La mont Hon. J. B. Denovan. Hon. S. Brown. Representative Parker, Col. C. B. Morton Capt. Charles Baker and other Democratic politicians had a conference at the Arignsta House last Sunday ever ing. Among the matters understood to have been discussed were the police board bill and the druggists bill.