21186. Planters & Mechanics National Bank (Houston, TX)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4463
Charter Number: 4463
Start Date: February 2, 1904
Location: Houston, Texas (29.763, -95.363)

Metadata

Model: gpt-5-mini
Short Digest: 22fe964b

Response Measures

Accommodated withdrawals

Description

News of receiverships for Kirby Lumber Company and Houston Oil Company (both affiliated with bank president John H. Kirby) triggered a short run—largely on the savings department. The bank met all demands, declined clearing-house aid, and the scare subsided by Feb 3; there was no suspension.

Events (3)

1. November 11, 1890 Chartered

Source: historical_nic

2. February 2, 1904 Run

Cause: Bank Specific Adverse Info
Cause Details: Announcement that receivers had been appointed for Kirby Lumber Company and Houston Oil Company (companies of bank president John H. Kirby) prompted withdrawals, especially from the savings department.
Measures: Cashier paid all checks of depositors who demanded their money; clearing house offered assistance (declined); savings department kept open until late as accommodation.
Newspaper Excerpt: Shortly before noon today a small run was started on the Planters' and Mechanics' National Bank. Cashier Reychardt paid all depositors who demanded their money.
Source: newspapers

3. November 7, 1907 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (12)

1. February 2, 1904 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, February 2, 1904

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FAILURE AT HOUSTON. Lumber Kirby Company in Hands of Receiver. Houston, Tex., Feb. 2.-B. F. Bonner, the personal representative of John K. Kirby and N. W. McLeod, of St. Louis, have been appointed temporary receivers of the Kirby Lumber company, one of the largest corporations of the kind in the southwest. F. A. Richardt, cashier of the Planters' and Mechanics' National bank of this city, of which Mr. Kirby is president and Thomas H. Franklin of San Antonio, have been appointed receivers of the Houston Oil company. A small run was started today on the Planters' and Mechanics' National bank. All depositors who demanded their money were paid.

2. February 2, 1904 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, February 2, 1904

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IN HANDS OF RECEIVERS. The Kirby Lumber Company and Planters and Mechanics National Bank of Houston Failed. Houston, Texas, Feb. 2-B. F. Bonner, personal representative of John K. Kirby and N. W. McLeod of St. Louis, has been appointed temporary receiver of the Kirby Lumber Company, one of the largest corporations of its kind in the southwest. F. A. Reichardt cashier of the Planters' and Mechanics' National Bank of this city of which Kirby is the president, and Thomas H. Franklin, have been appointed temporary receivers of the Houston Oil Company.

3. February 3, 1904 Evening Star Washington, DC

Article from Evening Star, February 3, 1904

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Leod of St. Louis have been appointed temporary receivers of the Kirby Lumber Company, one of the largest corporations of the kind in the southwest. F. A. Reychardt, cashier of the Planters' and Mechanics' National Bank of this city, of which John H. Kirby is president, and Thomas H. Franklin of San Antonio have been appointed temporary receivers of the Houston Oil Company. Judge Burns of the federal court for the southern district of Texas will hear an application on February 17 to make these appointments permanent. Shortly before noon today a small run was started on the Planters' and Mechanics' National Bank. Cashier Reychardt, with his assistants, paid all checks of depositors who demanded their money.

4. February 3, 1904 New-York Tribune New York, NY

Article from New-York Tribune, February 3, 1904

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KIRBY CONCERN TROUBLES Receiverships Good Things, Mr. Kirby Says. John H. Kirby, president of the Kirby Lumber Company, is now in this city. Regarding the receivers for the lumber company and the Houston Oil Company, he said yesterday: The action taken in the courts is to be deplored, but, in my opinion, the result will be beneficial to both corporations. We resisted this action, however, in every way we could. but now that it has been forced upon us we shall endeavor to carry through the financial plans temporarily interrupted by these proceedings. Both corporations own assets of great value, and both are thoroughly solvent. The timber estate owned by the Houston Oil Company cannot be duplicated anywhere in the South, and is of enormous value. The manufacturing plants of the Kirby Lumber Company make it the largest single producer of pine lumber in the world. The business is profitable, and the only and sole cause of the present trouble lies in the fact that the securities issued by the Houston Oil Company have not been marketable. The Kirby Lumber Company,invested heavily in the preferred stock of the Houston Oil Company, dividends on which have been defaulted since January last, resulting in the calling of many loans made to the lumber company. The statement is made that Kirby interests on Monday tendered to the oil company $210,000 cash with which to meet the coupons maturing on the oil company's certificates. The offer was declined by the trustees, the Maryland Trust Company. which persisted in the receivership proceedings. None of the creditors of either corporation are a party to the court proceedings. The St. Louis and San Francisco Railroad Company, at the time of the issuance of its last annual report, owned $815,000 of the stock of the Kirby Lumber Company. Houston, Tex., Feb. 2-B. F. Bonner, the personal representative of John H. Kirby, and N. W. McLeod, of St. Louis, have been appointed temporary receivers of the Kirby Lumber Company, one of the largest corporations of the kind in the Southwest. F. A. Reychardt, cashier of the Planters and Mechanics' National Bank, of this city, of which John H. Kirby is president, and Thomas H. Franklin, of San Antonio, have been appointed temporary receivers of the Houston Oil Company. Judge Burns, of the Federal Court for the Southern District of Texas, will hear an application on February 17 to make these appointments permanent. Shortly before noon to-day a small run was started on the Planters and Mechanics' National Bank. Cashier Reychardt paid all depositors who demanded their money. At noon the other banks of the city offered to help the Planters and Mechanics' National Bank. They were not called upon, however, as the bank was able to meet every demand. The run was of short duration.

5. February 3, 1904 Evening Star Washington, DC

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RUN ON BANK SUBSIDES. Planters and Mechanics' at Houston Weathers Financial Storm. HOUSTON, Tex. February 3.-The run started on the Planters and Mechanics' National Bank, of which John H. Kirby is president, had completely subsided today when that institution opened for business. The local clearing house association announced that it was ready to render the bank any assistance necessary, but the officers of the bank stated that they were amply able to meet all demands. The temporary receiver of the Kirby Lumber Company and the Houston Oil Company have ordered a continuance of operations in the usual manner, and announcement is made that plans are being considered to terminate the receiverships when the cases are called on February 17.

6. February 3, 1904 The Daily Morning Journal and Courier New Haven, CT

Article from The Daily Morning Journal and Courier, February 3, 1904

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IN HANDS OF RECEIVERS TWO OF LARGEST CORPORATIONS IN TEXAS. Houston 011 Company With Capital Stock of $30,000,000 and the Kirby Lumber Company Capitalized at 810,000,000-Assets of Latter Said to be $12,500,000 in Excess of Liabilities Run on Houston Bank. Houston, Texas, Feb. 2.-The Kirby Lumber company and the Houston Oil company, two of the largest corporations in Texas, were yesterday placed in the hands of temporary receivers by the federal court at New Orleans B. F. Bonner, who is closely associated with John K. Kirby, and N. W. McLeod, of St. Louis, were named as receivers for the lumber company, and Captain F. A. Reichardt, cashier of the Planters' and Mechanics' National bank of this city, and Thomas H. Franklin, of San Antonio, Texas, were appointed receivers for the Houston Oil company. The application for temporary receivers was made at the instance of the Maryland Trust company. When the order was entered at New Orleans on Monday last by Federal Judge A. P. McCormick it is understood that the Kirby interests insisted on being repre= sented in the receivership. The Kirby Lumber company is capitalized at $10,000,000, of which $5,000,000 is preferred stock and $5,000,000 common stock. Of the Houston Oil company's capital stock of $30,000,000, $10,000,000 is preferred and $20,000,000 common stock. The property of the Kirby Lumber company consists of eighteen lumber mills and mercantile stores, all in Texas; 142 miles of railroad, 700 cars, fiftyfive locomotives, 240,000 acres of pine land, logging outfits and tie and piling outfits. This company's inventory shows $1,000,000 worth of lumber on hand. Its assets are claimed to be $12,500,000 in excess of liabilities. The Houston Oil company owns one million acres of pine®land, valued by experts at $30,000,000, and oil property of enormous value. It controls a large part of the Corsicana oil fields, the Sour Lake region and the Nacogdoches oil field. When the news, of the receivership was made public here to-day a run was made on the savings bank department of the Planters' and Mechanics' National bank, but not on the bank proper, where the deposits were much in excess of the withdrawals. The other banks made tenders of assistance, but they were not accepted. The savings department was kept open until 5 o'clock, but little business was done after 3 o'clock, the scare having subsided to a great extent. Captain F. A. Reichardt, cashier of the bank and one of the receivers, said: "The Houston Oil company does not owe this bank one cent, nor does Mr. Kirby owe the bank one cent; on the contrary, he has some thousands of dollars to his credit. "The bank has taken in more money to-day than we have been called upon to pay out."

7. February 3, 1904 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, February 3, 1904

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TOTAL CAPITAL $40,000,000 Assets Said to Largely Exceed the Liabilities. Application to Courts Made by Maryland Trust Company, Which Has Recently Had Financial Troubles of Its Own. Houston, Tex. Feb. 2.-The Kirby Lumber and the Houston Oil Comtwo of the largest in placed in Texas, pany, Company were yesterday corporations the the federal hands of receivers by B. associated H. court who temporary is at closely New Orieans, with of F. St. John Bonner, Louis, Kirby and N. W. McLeod were named as receivers for the former company, and Captain F. A. Reichardt, cashier of the Planters and Mechanics National Bank of this city, and Thomas H. Franklin of San Antonio, Texas, were appointed receivers for the Houston Oil Company. The application for temporary receivers was made at the instance of the Maryland Trust Company. When the order was entered at New Orleans Monday last by Federal Judge A. P. McCormick, it is understood that the Kirby interests were and insisted on being represented In At the the order was a present the applicant, receivership. the hours, instance made but of secret one for forty-eight it leaked out today and was later confirmed by Floyd McGowan, of the law firm of Dunman, Franklin and McGowan of San Francisco, who passed through Houston today en route from New Orleans. Mr. McGowan gave out a statement in part as follows: Purpose of Receiverships. "It is quite evident that the receiverships are merely for the purpose of holding the properties of the two companies intact until an amicable adjustment pending now can be brought about. I believe that this will be done before February 17, which is the day set for final orders in the case. I feel satisfied that there will be an adjustment and settlement of everything by that time and that no permanent receiver will be appointed. The business of the two companies will proceed as usual and no interests will be involved thereby, (The receiverships will be bro ght about through-the application the Maryland Trust Company, holders of timber certificates of the Kirby Lumber Company and guaranteed by the Houston OIL Company on which interest was not paid when due. It is understood that the trust company is itself in the hands of a receiver and it was on this account that that officer 'brought about the application for-temporary receivers, He did not feel that was authorized to make any further's tensions, although everything indicated that $700,000 due the trust company would be paid within a few days. "I feel sure that every cent due will be paid and that the receivership will be of only temporary duration. I feel also at liberty to state that Mr. Kirby's individual Interests and his other investments throughout the State are in no way affected. The Companies Involved. The Kirby Lumber Company is capitalized at $10,000,000, of which $5,000,000 is preferred stock and $5,000,000 common. Of the Houston Oil Company's capital stock of $30,000,000, $10,000,000 is preferred and $20,000,000 common stock. The property of the Kirby Lumber Company consists of eighteen lumber mills and mercantile stores, all in Texas; 142 miles of railroad, seven hundred cars, fifty-five locomotives; 240,000 acres of pine land, logging outfits, tie and piling outfits. This company's inventory shows $1.000,000 worth of lumber on hand. Its assets are claimed to be $12,500,000 in excess of liabilities. The Houston Oil Company owns 1,000,000 acres of pine land valued by experts at $30,000,000 and oil property of enormous value. It controls a large part of the Corsicana oil, field, the Sour Lake area and the Nacogdoches oil field. When the news of the receivership was announced here today, a run was made on the savings department of the Planters and Mechanics National Bank, but not on the bank proper, where the deposits were much in excess of the withdrawals The other banks of the city at once made tenders of assistance, but they were not accepted. The savings department was kept open until 5 Q'clock for the accomodation of those wishing to withdraw their savings, but little business was done after 3 p. m., the scare having to a great extent subsided. Captain F. A. Reichardt, cashier of the bank and one of the receivers. was asked what the effect of the receivership would be on the local institution and said: "The Houston Oil Company does not this bank one cent nor does Mr. the owe Kirby owe the bank one cent. On contrary he has some thousands of dollars to his credit. The bank has taken in more money today than we have been called upon to pay out. President Kirby Talks

8. February 3, 1904 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, February 3, 1904

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RECEIVERS FOR KIRBY LUMBER CO, Two Big Texas Corporations in Trouble WILL PAY OFF EVERY CENT Two Concerns Have Combined Capital Stock of $40,000,000-The Maryland Trust Co. Made Application for Temporary Receivership. Houston, Tex., February 2.-The Kirby Lumber company and the Houston Oil company, two of the largest corporations in Texas, were yesterday placed in the hands of a temporary received by the federal court at New Orleans. B. F. Bonner, who is closely associated with John H. Kirby and N. W. McLeod of St. Louis, were named as receivers for the former company, and Capt. F. A. Reichardt, cashier of the Planter's and Mechanic's National Bank of this city, and Thomas H. Franklin of San Antonio, Texas, were appointed receivers for the Houston Oil company. The application for temporary receivers was made at the instance of the Maryland Trust company. When the order was entered at New Orleans on Monday last by Federal Judge A. P. McCormick, it is understood that the Kirby interests were present and insisted on being represented. At the instance of the applicant, the order was made a secret one for forty-eight hours, but it leaked out today, and was later confirmed by Floyd McGowan of the law firm of Franklin & McGowan of San Antonio, who passed through Houston today en route from New Orleans. Mr. McGowan gave out a statement in part as follows: Pending Amicable Adjustment. "It is quite evident that the receiverships are merely for the purpose of holding the properties of the two companies intact until an amicable adjustment pending negotiations can be brought about. I believe that this will be done before February 17, which is the day set for final orders in the case. I feel satisfied that there will be an adjustment and settlement of everything by that time, and that no permanent receiver will be appointed. The business of the two companies will proceed as usual, and no other interests will be involved thereby. "The receiverships were brought about through the application of the Maryland Trust company, holders of timber certificates of the Kirby Lumber company. and guaranteed by the Houston Oil company upon which interest was not paid when due. It is understood that the trust company is itself in the hands of a receiver, and it was on this account that that officer brought about the application for temporary receivers. He did not feel that he was authorized to make any further extensions, although everything indicated that $500,000 due the trust company would be paid within a few days. Every Cent Will Be Paid. "I feel sure that every cent due will be paid and that the receivership will be of only temporary duration. I feel also at liberty to state that Mr. Kirby's individual interests and his other investments throughout the state are in no way affected." The Kirby Lumber company is capitalized at $10,000,000, of which $5,000,000 is preferred stock and $5,000,000 common. Of the Houston Oil company's capital stock of $30,000,000. $10,000,000 is preferred and $20,000,000 common stock The property of the Kirby Lumber company consists of eighteen lumber mills and mercantile stores all in Texas: 142 miles of railroad, 700 cars, 55 locomotives, 24,000 acres of pine land, logging outfits, tie and piling outfits. This company's inventory shows $1,000,000 worth of lumber on hand. Its assets are claimed to be $12,500,000 in excess of liabilities. The Houston Oil company owns 1,000,000 acres of pine land, valued by experts at $30,000,000. and oil property of enormous value. It controls a large part of the Corsicana oil field. the Sour Lake area and the Nacogdoches oil field. Run on Savings Bank. When the news of the receivership was announced here today, a run was made on the savings department of the Planters' and Mechanical bank, but not on the bank proper. where the deposits were much in excess of the withdrawals. The other banks of the city at once made tenders of assistance but they were not accepted. The savings department was kept open until 5 o'clock for the occommodation of those wishing to withdraw their savings, but little business was done after 3 p. m., the scare having to a great extent subsided. Captain F. A. Reichardt. cashier of the bank. and one of the receivers, was asked what the effect of the receivership would be upon the local institution and said: "The Houston on company does not owe this bank one cent. nor does Mr. Kirby owe the bank one cent. On the contrary he has some thousands of dollars to his credit. "The bank has taken in more money today than we have been called upon to pay out."

9. February 3, 1904 The Savannah Morning News Savannah, GA

Article from The Savannah Morning News, February 3, 1904

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BIG TEXAS CONCERNS IN RECEIVERS' HANDS. The Kirby Lumber Company and the Houston Oil Company. Houston, Tex., Feb. 2.-The Kirby Lumber Company and the Houston Oil Company, two of the largest corporations in Texas, were yesterday placed in the hands of temporary receivers by the federal court at New Orleans. B. F. Bonner, who was closely associated with John H. Kirby, and N. W. McLeod of St. Louis, were named as receivers for the former company, and Capt. F. A. Reichardt, cashier of the Planters and Mechanics' National Bank, of this city, and Thomas H. Franklin, of San Antonio, Tex., were appointed receivers for the Houston Oil Company. The application for temporary receivers was made at the instance of the Maryland Trust Company. When the order was entered at New Orleans on Monday last by Federal Judge A. P. McCormick, it is understood that the Kirby interests were present and insisted on being represented in the receiverships. At the instance of the applicant, the order was made a secret one for fortyeight hours, but it leaked out to-day and was later confirmed by Floyd McGowan of the law firm of Denman Franklin & McGowan, of San Antonio, who passed through Houston to-day en route from New Orleans. Mr. McGowan gave out a statement, in part as follows: "It is quite evident that the receiverships are merely for the purpose of holding the properties of the two companies intact until an amicable adjustment pending negotiations can be brought about. "I believe this will be done before Feb. 17, which is the day set for final orders in the case. I feel satisfied there will be an adjustment, and séttlement of everything by that time, and that no permanent receiver will be appointed. The business of the two companies will proceed as usual, and no other interests will be involved thereby. "The receiverships were brought about through the application of the Maryland Trust Company, holders of timber certificates of the Kirby Lumber Company, and guaranteed by the Houston Oil Company, upon which interest was not paid, when due. It is understood that the trust company is, itself, in the hands of a receiver, I and !t was on this account that that e officer brought about the application for temporary receivers. He did not feel that he was authorized to make any further extensions although everyI thing indicated that $700,000 due the trust company would be paid within a few days." ) When the news of the receivership ) was announced here to-day a run was made on the savings department of the 3 Planters and Mechanics' National Bank I t but not upon the bank proper, where the deposits were much in excess of 1 t the withdrawals. The other banks of 1 the city at once made tenders of assistance, but they were not accepted. e The savings department was kept open until 5 o'clock for the accommodation of those wishing to withdraw their s savings, but little business was done after 3 o'clock, the scare having to a great extent subsided.

10. February 3, 1904 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, February 3, 1904

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BIG CONCERNS WINCE Receivers Named for Texas Lumber and Oil Companies. HOUSTON, Tex., Feb. 2.-The Kirby Lumber company and the Houston Oil company, two of the largest corporations in Texas, have been placed in the hands of temporary receivers by the federal court at New Orleans. B. F. Bonner, who is closely associated with John M. Kirby, and N. W. McLeod, of St. Louis, were named as receivers for the lumber company, and Capt. F. A. Reichardt, cashier of the Planters' and Mechanics' National bank, of this city, and Thomas H. Franklin, of San Antonio, Tex., were appointed receivers for the Houston Oil company. The application for temporary receivers was made at the instance of the Maryland Trust company. Floyd McGowan, of the law firm of Denman Franklin & McGowan, of San Antonio, said here today: "It is quite evident that the receiverships are merely for the purpose of holding the properties of the two companies intact until an amicable adjustment pending negotiations can be brought about. I believe that this will be done before Feb. 17, which is the day set for the final orders in the case. "The receiverships were brought about through the application of the Maryland Trust company. holders of timber certificates of the Kirby Lumber company and guaranteed by the Houston Oil company, upon which interest was not paid when due. The trust company is itself in the hands of the receiver and it was on this account that the officer brought about the application for temporary receivers. Mr. Kirby's individual interests and his other investments throughout the state are in no way affected." The Kirby Lumber company is capitalized at $10,000,000. The Houston Oil company's capital stock is $30,000,000. The Kirby Lumber company's assets are claimed to be $12,500,000 in excess of liabilities. A run was made on the savings department of the Planters' and Mechanics' National bank, but not on the bank proper, where the deposits were much in excess of the withdrawals. The other banks of the city at once made tenders of assistance, but they were not accepted.

11. February 4, 1904 Arizona Republican Phoenix, AZ

Article from Arizona Republican, February 4, 1904

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A BANK SCARE OVER. Houston, Tex. Feb. 4.-The run started on the Planters and Mechanics' National bank had completely subsided when that institution opened today. It is announced that the receivership of the Kirby Lumber company and the Houston Oil company will be terminated on February 17.

12. February 4, 1904 The Savannah Morning News Savannah, GA

Article from The Savannah Morning News, February 4, 1904

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RUN ON BANK CEASED. Aid of the Clearing House Association Was Offered and Declined. Houston, Tex., Feb. 3.-The run started on the Planters and Mechanics' National Bank, of which John H. Kirby is president, had completely subsided to-day when that institution opened for business. The local Clearing House Association announced that it was ready to render the bank any assistance necessary, but the officers of the bank stated that they were amply able to meet all demands. The temporary receivers of the Kirby Lumber Company and the Houston Oil Company have ordered a continuance of operations in the usual manner, and announcement is made that plans are being considered to terminate the receiverships when the cases are called on Feb. 17.