23178. Morton E. Post & Co. (Cheyenne, WY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: October 10, 1887
Location: Cheyenne, Wyoming (41.140, -104.820)

Metadata

Model: gpt-5-mini
Short Digest: 8642ad0f

Response Measures

None

Description

The bank posted a notice Oct 10, 1887 that it would 'suspend payment and make an assignment for the benefit of our creditors.' Assignees (F. E. Warren and A. J. Parshall) were named and the branch at West (Silver) Cliff, Colo., was also closed. Causes cited are large uncollectible loans to stockmen tied to the decline in the cattle business (local economic shock). No widespread depositor run on other banks is reported.

Events (2)

1. October 10, 1887 Other

Newspaper Excerpt: A notice of voluntary assignment signed by M. E. Post, Francis E. Warren and A. J. Parshall ... was filed ... The assignees say that depositors will be paid in full if time is given to realize on assets.
Source: newspapers

2. October 10, 1887 Suspension

Cause: Local Shock
Cause Details: Inability to collect large loans made to stockmen following the decline/decay of the cattle business, leaving insufficient funds to meet withdrawals.
Newspaper Excerpt: To Our Customers: Owing to the absolute impossibility of collecting moneys due us upon loans to meet the heavy and continued drawing of funds from the bank, we are forced to suspend payment and make an assignment for the benefit of our creditors.
Source: newspapers

Newspaper Articles (12)

1. October 11, 1887 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, October 11, 1887

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AN UNUSUAL EVENT, A Bank Suspends, and Nobody Skips to Canada. CHEYENNE, October 10th.-The banking house of Morton E. Post & Co. suspended to-day. The following notice was posted on the bank at the opening time this morning: To Our Customers: Owing to the absolute impossibility of collecting moneys due up upon loans to meet the heavy and continued drawing of funds from the bank, we are forced to suspend payment and make an assignment for the benefit of our creditors. We shall pay dollar for dollar just as soon as our loans are collected and business is settled up. A hurried inventory of our assets and liabilities, including the bank at West Cliff, Col., and the personal affairs of M. E. Post, show as follows: Assets, $903,570; liabilities, $494,300. Balance, $409,270. The failure created but little excitement here, and no run on other banks occurred. A few of the smaller depositors and one or two persons, enemies of Mr. Bell, the cashier, who have not a cent in the bank, have been urging violence, and to-night at 8 o'clock quite a number were talking the matter over in a state of excitement. The bank is guarded by Under Sheriff Carr. C. H. Johnson, of the Security Mining Company, and Wm. Wolff, both of whom have large deposits therein. Mr. McGill, from the Cheyenne Bank, arrived this afternoon but has been refused admission to the In an Interview this evening, he stated that the embarrasement would be but temporary, as the resources of Post and the company were in excess of the liabilities by about $500,000.

2. October 11, 1887 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 11, 1887

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A Heavy Failure-Decay of the Cattle Business. CHEYENNE, Wyo., Oct. 11.-Morton E. Post & Co., bankers, suspended today. A hasty estimate gives liabilities of $494,300, assets of $903,570. The members of the firm expect to pay dollar for dollar. It is feared the depositors will lose heavily. The failure is attributed to inability to collect large loans made to stockmen during the prosperous days of the cattle business.

3. October 11, 1887 New-York Tribune New York, NY

Article from New-York Tribune, October 11, 1887

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FAILURE OF A WESTERN BANK. DENVER, Oct. 10.-A Cheyenne, Wyo., dispatch to The Republican says that the banking house of Morton E. Post & Co. suspended to-day. The following notice was posted on the bank at opening time this morning: To our Customers: Owing to absolute impossibility collecting moneys due 118 upon loans to meet heavy, continued drawing of funds from the bank, we are forced to suspend payment and make an as. signment for the benefit of our creditors. We shall pay dol. lar for dollar just as soon as our loans are collected and busi. DESS settled up. A hurried inventory of our assets and lia. bilities, including the bank at West Cliff. Col., and personal affairs of M. E. Post show: assets-$203,370 liabilities $494,300; balance-$409,270. The failure created but little excite nent here and no run on other banks occurred. Business people have expected the failure for soine time and were very light depositors. The bank was established in 1875 by Stebbins & Mureur. Morton E. Post purchased the business in 1883 and it has been carried on in the name of Morton E. Post & Co. since that time. Morton E. Post, the leading member ot the suspended firm. is well known throughout the West as a successful business man and politician. He started in the sheep ranching business here in 1867.

4. October 11, 1887 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, October 11, 1887

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THE SUSPENSION. For the second time in its history Cheyenne has a bank suspension. This time the well known house of Morton E. Post & Co. goes under the tide. The news of the suspension naturally created some excitement here on its announcement, but the flurry was not nearly so great as might have been expected. Every other bank in the city was prepared to meet any emergency that might arise, but as it transpires there was really no emergency to meet. A few small depositors may have taken their earnings from the other banks, but the number must have been very small for the returns from every banking institution in the city last evening showed a very decided balance in favor of the deposits as compared with the disbursements. This is exactly the result predicted by every thoughtful man in the city. Public confidence in the banking institutions of the city has not abated one jot, for everybody realizes their solidity and perfect ability to more than meet every legitimate demand made upon them. As to the M. E. Post & Co.'s failure, it is due to an attempt to spread over too much territory. Had Mr. Post's money and energy been concentrated here at home the suspension would have been impossible. The effect will be felt for some weeks to come in the conservative way in which everybody will conduct his busines and in the grim resolution with which he will hang on to his hard earned dollars. It is possible that more permanent results may follow. The prevailing system of credits may be modified and all business brought closer to a cash basis. We have good reason to believe that the failure will not be a very bad one. It has become a sort of byword to claim a dollar for dollar liquidation in all suspensions, but it certainly looks very much as though Post & Co. would be able to approximate something of the sort. They hold a good deal of paper that should be readily convertible into cash and with prudent management and a little time the showing can be made a gratifying one.

5. October 11, 1887 The Cheyenne Daily Leader Cheyenne, WY

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THREW UP THE SPONGE. Morton E. Post & Co. Closed Their Doors Yesterday. Some of the Operating Causes of the Suspension. Assets and Liabilities of the Bank Specified. M. E. Post & Co. Suspend. A few minutes before 10 o'clock yesterday morning, the usual hour for opening the banks of ths eity, the following notice appeared on the door and one of the windows of Morton E. Post & Co.: To Our Customers:-Owing to the ab solute impossibility of collecting moneys due us upon loans to meet the beavy continued drawing of funds from the bank. we are forced to suspend payment and make an assignment for the benefit of creditors. We shall pay dollar for dollar just as soon as our loans are collected and the business settled up. A hurried inventory of our assets and liabilities, including the bank at West Cliff, Colo., and the personal effects of M. E. Post, shows as follows: Assets. $903,570 Liabilities 494,300 Balance $409,270 In a few minutes after the notice had been posted the attention of pedestrians was attracted to it. It was soon sur rounded by a knot of people whose number was at once swelled into a crowd. The news then spread rapidly throughout the city and it is needless to say caused a sen sation of decidedly large proportions. IN HALF AN HOUR after the notice had been posted the suspension was the exclusive topic of conversation throughout the whole city. Nobody thought of anything else or spoke of anything else., Ramors were rife on all sides. As to the direct causes of the suspension there were many statements freely made on the street corners, some of which were as widely divergent from the truth as it was possible for them to be. The statement which received the most general credit and was apparently most satisfactory to everybody, was that Mr. Post, who owns the bank, had become involved through speculations in New York, and was therefore forced to suspend because he was unable to meet his obligations. Early in the forenoon a notice of voluntary assignment signed by M. E. Post, Francis E. Warren and A. J. Parshall, the two latter as assignees, was filed in the office of County Treasurer Bergman. THE DOCUMENT is a very formal affair and as it contains no figures is of little genuine interest to the public. The morning mail brought to many of the depositors a printed notice of the following tenor: CHEYENNE, Wyo,, Oct. 10, 1887.

6. October 11, 1887 The Cheyenne Daily Leader Cheyenne, WY

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SIR: You are hereby notified that your amounting to $ and interest thereon, due and owing to Morton E. Post & Co., has been this day assigned to as as the assignees of Morton E. Post, doing business under the firm name and style of Morton E. Post & Co., and that the said amount is payable to us. ADRIAN J. PARSHALL, FRANCIS E. WARREN. Assignees. It has been known in banking circles for a short time past that the old estab lished house of M. E. Post & Co. was in a pinched condition, but that there was absolute DANGER OF IMMEDIATE SUSPENSION was known to perhaps one or two individuals beyond the bank's own officials last Saturday night. By that time the suspension was looked upon as inevitable by Mr. Post and Cashier Parshall. Sunday afternoon and evening a dozen or two interested parties became aware of the fact that it was exceedingly improbable the bank would open its doors on yesterday morning, but until the actual announcement was posted the fact was neither generally known nor expected to follow so suddenly. It was thought by some who didn't know the temper of Cheyenne people that the result of the suspension would precipitate a run on the other banking institutions of the city, but in this they were mistaken as every thoughtful person knew they would be. The fact of the matter is the rank and file of depositors in this town know what IS what as well as anybody can tell them. The other four banks threw open their doors as usual, and a few timid ones came in and withdrew their hordes. But accompanying those who wished to draw a dollar were half a dozen who wished to deposit ten, and it is a high compliment to the intelligence of the people, as well as to the reputation of the banks for stability, that there was actually less perceptible withdrawals of money than on ordinary business days. THE UNITED STATES BANK EXAMINER, Mr. Pierce, was in town and made curso ry examinations of the national banks at both the opening and closing hours. The result, Mr. Pierce stated to a LEADER reporter, was eminently satisfactory. Every bank in the city showed larger deposits than disbursements at the close of the day's business, in amounts ranging as high as $6,600. "In fact," said Mr. Pierce, "this suspension will put the national banks in better condition than they ever were before, for the public is given complete confidence in them." "What caused the suspension was a question to be heard on every hand. When this question was put to Cashier Parshall he replied "Lack of money," which sums the case up in a nutshell. Three and a half years ago the deposits in the bank footed up a $1,000,000 in round numbers; yesterday they showed $250,000. This shrinkage alone was sufficient to dam-

7. October 11, 1887 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 11, 1887

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The banking house of Morton E. Post & Co., Cheyenne, Wy., suspended yesterday. An inventory of assets and liabilities shows: Assets, $903,570;; liabilities, $494,300; balance. $409,370. The losses fall heavily upon the working people.

8. October 11, 1887 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, October 11, 1887

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Failure of Cheyenne Bankers. CHEYENNE, Wy. T., Oct. 11.-Morton E. Post & Co., bankers, suspended Monday. In a notice posted on the door the liabilities are stated to be $494,300 and assets, $903, 750 The failure created no excitement and no run on other banks occurred. Business men had expected the failure for some time. The assignees say that depositors will be paid in full if time is given to realize on assets. The failure is attributed to inability to collect large loans made tostockmen during the prosperous days of the cattle business The branch bank at Silver Cliff, Colo., will also be closed by this failure.

9. October 11, 1887 The Sun New York, NY

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FAILURE OF 4 BANK. Many Workmen Among the Victims-The Bank Promises to Pay in Full. CHEYENNE, Wy., Oct. 10.-The banking house of Morton E. Post & Co. suspended today. This notice was posted on the]bank: To OUR CUSTOMERS: Owing to the absolute impossibility of collecting money due us upon loans to meet heavy continued drawing of funds from the bank, we are forced to suspend payment and make an assignment for the benefit of our creditors. We shall pay dollar for dollar just as soon as our loans are collected and business settled up. A hurried Inventory gives our assets $903,570; liabilities, $494,300; balance, $409,270. Business people have expected the failure for some time, and were very light depositors. The losses. however, fall heavily upon working people, the railway employees especially being a numerous class of depositors with whom the bank was & favorite place to loan money, on account of the high rates of interest paid. The bank was established in 1875 by Stebbins & Murcur. Morton E. Post purchased the business in 1883, and it has been carried on in the name of Morton E. Post & Co. since that time. F. E. Warren and A. J. Parshall are assignees. They say if time is given them for the colleetion of assets depositors will be paid in full. Mr. Post has turned in to the assignees' hands his handsome residence here, together with his horses, carriages, and other property.

10. October 18, 1887 Daily Yellowstone Journal Miles City, MT

Article from Daily Yellowstone Journal, October 18, 1887

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The Cheyenne Failure. There can no longer be any doubtof the failure of Moreton E. Post & Co., the Cheyenne bankers. The failure was owing to losses sustained by the cattle interest last winter and failure of stock men to repay the large loans made to them by the bank during the prosperous stock growing in that territory. According to a hasty examination of the books their assets are $903,570 and liabilities $464,000. The Post Percheron Horse association was not afflicted by the bank failure. The failure created but little excitement at Cheyenne, and no run on the other banks was made. Business people had expected the failure for some time and were very light depositors. The losses, however, fall heavily upon working people, the railway employes especially being a numerous class of depositore, with whom the bank was a favorite place to loan money on ac. count of the high rates of interest paid. The bank was established in 1880 by Stebbins & Mund. Morton E. Post purchased the business in 1883 and the business has been carried on in the name of Morton E. Post & Co., since that time. F. E. Warren and A. J. Parshall are the assignees. They state that if time is given them for the collection of the assets that deposItors will be paid in full. Mr. Post has turned into his assignees his handsome residence, together with his horses carriage and other personal property. Morton E. Post, the leading member of the suspended firm, is well known throught the west as a successful business man and politician. He started in the sheep rasing business in Wyoming in 1867, and until the depression in the cattle busines of the past three years had been fortunate in all his business undertakings.

11. October 20, 1887 The Republican Journal Belfast, ME

Article from The Republican Journal, October 20, 1887

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Generalities. Morton E. Post & Co., bankers, of Cheyenne, have suspended; liabilities nearly half a million. deposit of gold, yielding at the rate of 8800 a ton, has been discovered in Buckingbam township, Que. The result of the sham topedo attack on the cruiser Atlanta in Newport harbor was a victory for the defence. It is stated that Michael Davitt has been made a Knight of Labor, with authority to organize assemblies in Ireland. Robert Garrett has resigned the presidency of the Baltimore & Ohio, and the board of directors have accepted the resignation. Thomas Courtland Manning. of Louisiana, United States Minister to Mexico, died at the Fifth Avenue Hotel, New York, Oct. 11. The Niobrara Cattle Company, incorporated Ill., which a was a dollars for its made offered in East St. million Louis, cattle, year has ago an assignment. The Hon. J. R. Hawley is variously called Senator, Governor and General, but his old soldiers call him "Joe" Hawley, and he says he likes that best of all. A man died it St. Louis the other day who, so it is reported, once had an opportunity afforded him of buying a plot of Western land for $10 that now is worth $25,000,000. There is much excitement at White Cliff, Col., on account of the suspension of the West Clin Bank of that place. The house is a branch of M. E. Post & Co., of Cheyenne, Wy.' Miss Ethel Sprague, the daughter of Mrs. Kate Chase Sprague and the granddaughter of the Salmon P. is predebut on the theatrical paring late for Chief her Justice Chase, stage. to the New York Sun Thomas has severed his Nast, According the cartoonist, practically and is to a on hisown relations start with Republican Harper's pictorial Weekly, paper likely account. A large Spanish force has been ordered to the Caroline Islands to punish the natives for their rebellious acts. The American corvette Essex has been ordered to protect the missionaries on the islands. A two-thirds vote against sympathy with the Anarchists in the Knights of Labor General Assembly is a cheering sign. If the laboring men did but know it. the Anarchist class are their worst enemies. One of the most disastrous storms ever known on the southern coast of Mexico occurred recently. The city of Quelito, a town of more than 8000 inhabitants. was totally destroyed and many lives lost. One of the most active members of the Interstate Commission, speaking of the law and changes which might be made in it, said: "I, for one. don't know what it means, and I don't think any one else does." Preparations for hanging the seven Anarchcounty jail have been begun. are quietly at work the ropes have been and Carpenters ists seaffold. in the The Chicago purchased building tested and the suits and black caps ordered. The constitutionality of the new Michigan Liquor law is to come before the State Supreme Court, October 25, on a motion on behalf of liquor dealers for a mandamus to the Wayne County Auditor to pay for the maintenance of police in townships. One of the most important cases to come up for argument before the United States Supreme Court in its fall session is the case of Myra Clark Gaines, who was awarded by the lower court a claim for land in New Orleans worth about six millions of dollars. The Manitoba government has decided to issue bonds of the province to the amount of $300,000, which will be placed for negotiation with the Imperial Bank of Canada. If money enough is realized from their sale, work on the River railroad will be begun this fall. Dr. E. O. Shakespeare, a cholera expert. says he has experimented with bacilli from the cholera patients on the infected steamer Alesia at New York, diffinds that they developed exactly the same way as those in Italy, Spain and other cholera districts of southern Europe. The New York Sun says that the principal sugar country are for formation refiners of of the trust, negotiating similar to the a sugar the cotton, oil and rubber trusts. Firms senting all about $50,000,000 capital, including reprenearly the retiners in America, except Claus Spreckels, are in the scheme. Secretary Fairchild has increased the amount which may be held by a depository bank from half a million to a million dollars, and has increased the percentage of funds which banks may hold upon bonds deposited, thus putting about live million of the Treasury surplus into circulation in New York city alone. The gift of Emperor William to the Pope on the occasion of the latter's jubilee will consist of a jeweled mitre valued at $4000. Empress Augusta will present the Pope with a costly set of robes to be used in celebrating mass. The Queen of Saxony's gift will be a basin for consecrated water containing $1000. The Prince Regent of Bavaria will give two stained glass windows representing Pope Gregory and Pope Leo the Great for the Seala Regina in the Vatican.

12. October 21, 1887 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, October 21, 1887

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GENERAL NOTES ATTORNEY GENERAL HUNT is of the opinion that the record in the Anarchist case does not involve any federal ques tion THE cobblers of Natick, Mass. are about to erect monument to the late Vice President Henry Wilson. MR S.V NILES. wealthy resident of Washington, relative of the late Vice President Hendricks, died Wednes day night. MR. CALDWELL, American Consul Gen eral at Cairo, Egypt, reports that 6,000 in in are attendance native pupile schools in the Nile Valley, established by American missionaries. THE disease known as the glanders has been discovered among the animals on a farm a mile east of Elgin, Ill THE Cleveland (Ohio) Drug Company made an assignment Thursday, owing $50,000. The are said to be about $60,000. THE banking house of Morton E. Post & Co, of Cheyenne, Wy. T., has closed its doors and its failure carries down with branch bank at West Cliff, Col. men THERE are 25,000 Hebren business in California. and they are accounted. even by busines com petitors. among the most desirable citizens of the state. ALEXANDER POLACK. clothing merchant of Omaha, Neb. failed Monday. It said the liabilities will reach $115,000. number of creditors are secured THE Piedmont Exposition at Atlanta Ga. was opened Monday addr be ing delivered by H. W. Grady Governor Gordon, and the Hon. S J. Randall. THE trouble at the Pipestone (Minn. Indian has been settled by the white settlers agreeing to be moved They also sign an agreement to stay off the reservation. A SMALL fire that burned down some telegraph poles and thus off ication with the city was the cause of the romor that Charleston had been visited by another earthquake THE remains of General Kilpatrick were landed at New York Thursday from the Newport, and will be interred in the United States Military Cemetery at West Point IT stated that the principal sugar re finers of the are endeavoring to form "trust," for the better protection of their and that the combined resources of the firms mentioned is about $50,000. Elkhart, Ind., Tuesday the Erwin Lane Company extensive paper manu facturers, assigned A. Hill. Assets and liabilities are unknown HON THOMAS C. MANNING late United States Minister to Mexico, died in New York Oct. 11 Judge Manning has for many years been prominent lawyer and jurist of New Orleans IN an address Sunday night at Dubu the in que Coffin stated that past nine years the old-fashioned coupler and handbrake had killed 441 railroad employes in Iowa, and crippled life for 1,439 persons. MAN must have good-sized bank ac count if he wishes to reside in Pasadena. and the rent Cal. House enormous, Star says that room that leased for $80 then vided at $45 per quarter, the room for or $1,80 THE Italian residents of Philadelphia have decided to give an entertainment the 12th of October each year until 1892 to raise funds for the erection of a statue of Columbus. The location of the statue has not yet been determined on It may be Philadelphia and it may be n Washington. CITIZEN of Pittsburgh Pa. has patent ed new method of propelling steamers. in He has working model of boat he wheels uses which or propelling power of the boat to support and claims that by this device his boat can be run at the of mile minute. Missou THE Masonic Grand Lodge of ri in session at St. Louis Thursday, sus tained the law forbidding lodges to ac cept as members any person engaged in the There business. are at saloon pres ent number of liquor dealers in the ranks. THE Railway Commission of Minnesota have notified all railways within the State that lines failing to supply each passen ger and sleeping with two fire-extin guishers, according to law, will be prose cuted by the Attorney General, A GRAND ARMY celebration will be held at Oct. 26-28. Cincinnati tives of all the posts in Ohio Indiana and Kentucky are expected and Grand Army men from other States are expected to participate. General Hickenlooper will be commander of the gathering. PRESIDENT of the Minnesota and Northw restern Road is credited with saying that he intends to reduce the price of one-thousand mile tickets on his road from $25 to $20. QUEEN VICTORIA has the largest book ever bound. measures eighteen inches across the back, and weighs over thirty pounds. It the volume with the jubi lee addresses of congratulation from the Habitations of the Primrose League. Miss IDA H. ADDIS. the leading literary to woman of the Pacific coast, is about bring $500,000 breach of promise suit against ex Governor Downey, of San makers What love Francisco. terrible those California politicians are! It must be the "glorius climate. MISS STELLA BURKE, of Denver. whose father is wealthy, concluded that she ought to earn her own living. Patting on calico dress. she took service with family under an assumed name. The girl must have been reading Count Tols novels. Os the first of July, 1886, there was $309,000,000 in the United States and $1,250,000,000 the hands of the people. October 1887, there was $302. 000,000 in the United States treasury. and $1,350,000,000 in the hands of the people During the fifteen months. the treasury had lost $7,000,000, and the people had gained $100.000.000 MORTON E. POST & Co., bankers at Cheyenne, Wy T., failed Monday, and later made assignment for the benefit of their creditors, A statement gives the assest as $903,570. with liabiliti of $464,300, but notwithstandin this en couraging showing it is feared that the depositors will lose heavily. The branch bank at West Cliff, Col., will also be clos ed. f FROM the disclosures made at the trial of number of negro Masons for murder at Greenwood Missi sippi, it would ap pear that the lodges among the colored people in that vicinity are criminal or ganizations whese principal business is to exterminate such persons as have been unfortunate enough to incar the enmity of the members. DR. PERRY. a medical missionary in g Africa, returned home to Indianspolis few weeks ago, bringing with him 10g year-old Indian prince, whom he intended to educate. But the little fellow hates school, is dreadfully homesick, and will sent back home at the first opportunity He will notassociate with colored boys, whom he regards with more aversion than he does the whites.