People's United States Bank (St Louis, MO)

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News of the Day

Before leaving the Russian battleship Kniaz Potemkine the mutineers opened the seacocks and sunk her. The Russo-Japanese peace plenipotentiaries will meet at the Portsmouth (N. H.) Navy Yard. In the British House of Lords Lord Roberts stated the British armed forces are absolutely unfitted and unprepared for war. The Franco-German agreement as to Morocco is regarded in Berlin as a German diplomatic victory over both Great Britain and France. A receiver was appointed for the People's United States Bank, of St. Louis, against which a fraud order had been issued by the postal authorities at Washington. Robert C. Hill, chief of the Bureau of Building Inspection, Philadelphia, was requested to resign. The International Convention of the Epworth League adopted resolutions protesting against the seating of Reed Smoot, the Morman elected to the United States Senate.

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PEOPLES BANK FAILURE More Than $600,000 Will be Lost by 65,000 Stockholders. St. Louis, July 11.-By the collapse of the Peoples United States Bank the 65,000 stockholders, scattered throughout every state and territory of the union will lose more than $600,000, even if Receiver Spencer's greatest expectations as to the value of the bank's securities are realized. According to Receiver Spencer's estimate, made Tuesday, he expects to realize from the present assets $1,826,250. This amount is necessary if he is to pay back to stock subscribers 75 per cent of their holdings. The total amount of paid up stock subscriptions are $2,435,000. The securities upon which he counts for realizing 75 cents on the dollar paid in for stock is the property pledged for collateral to secure the bank's loans. Receiver Spencer was today directed by Judge McIlhenry of the St. Louis county circuit court to pay depositors on demand and the bond of the receiver was increased from $250,000 to $1,000,000. The receiver notified the court he had engaged Senator A. El. Gardner, and Judge George Wolff as legal advisers. All depositors asking money will be paid from the funds now deposited in the various St. Louis banks. Many depositors have already made demand on the bank for the amount of their deposits and Mr. Spencer looks for a heavy rush of such demands during the next few days.

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RECEIVER DISCHARGED ST

LOUIS BANK IS DOING BUSINESS AGAIN The Court Ordered the Discharge of the Receiver of the Bank, Who Was Recently Appointed on Motion of the State Officials. St. Louis, July 17.-Judge McElhinny today dissolved the receivership of the People's United States Bank and discharged the receiver appointed a few ys ago on the motion of Secretary of Swanger. tor

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RECEIVER DISCHARGED

People's U. S. Bank of St. Louis Permitted to Resume Business. St. Louis, July 17.-On motion of the attorneys for the Peoples United States bank, capitalized at $2,500,000, Judge McElhinney of the St. Louis county circuit court, today dissolved the receivership for that institution, and discharged Receiver Seldon P. Spencer, appointed by him several days ago on the request of Secretary Swanger of Missouri.

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The papers that are criticising Secretary of State Swanger for his conduct in connection with Peoples' United States (Lewis') bank scandal in St. Louis are shooting at the wrong mark. Mr. Swanger's chief fault in this matter is not that he had appointed a receiver for the bank, but that he temporized with Lewis when the latter's banking troubles first be came public some weeks ago. E. G. Lewis, the promoter of this "banking" scheme is taking things easy while the papers are firing at Mr. Swanger. Lewis keeps on reiterating that his bank was "solvent;" it was able to pay the depositors dollar for dollar, and that a receiver was unnecessary. The

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By the collapse at St

Louis of the People's United States bank, the getrich-quick enterprise of E. G. Lewis, the 65,000 stockholders scattered throughout every state and territory of the union will lose more than $600,000, even if Receiver Spencer's greatest expectations as to values of the bank's securities are realized. Bank Examiner Cook, who should be thoroughly familiar with the institution's affairs, says the stockholders cannot be paid more than 50 per cent, thus entailing a loss of $1,217,500. The postoffice department has issued a fraud order against the bank and it must cease operations.

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RECEIVER IS DISCHARGED

People's United States Bank Again in Hands of Officers. St. Louis, July 19. - On motion of the attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinny, of the St. Louis county circuit court, yesterday dissolved the receivership for that institution and discharged Receiver Selden P. Spencer, appointed by him several days ago on the request of Secretary of State Swanger of Missouri.

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RECEIVER IS DISCHARGED

People's United States Bank Again in Hands of Officers. St. Louis, July 19. - On motion of the attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinny, of the St. Louis county circuit court, yesterday dissolvea the receivership for that institution and discharged Receiver Selden P. Spencer, appointed by him several days ago on the request of Secretary of State Swanger of Missouri.

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General.

Buddy Ryan of Chicago was awarded the welter weight championship in the twentieth round of a twenty-five round fight with George Peterson of San Francisco.

The Farmers' bank of Spring Valley, Ohio, a private institution owned by George W. Snyph, has closed its doors and a reciver has been appointed. The assets are $16,000, with liabilities in excess.

Within nine days recently eighty-two infants under one year have died in Cleveland and the city health authorities are making a close investigation into sanitary conditions and the milk supply.

As the result of a conference between team owners and team drivers of Chicago, the owners will not compel the drivers to deliver to boycotted houses, the owners to make such deliveries themselves.

The directors of the American Shipbuilding company declared a dividend of 4 per cent on the common stock, payable quarterly, out of the net earnings of the last fiscal year, which ended on June 30 last. The first dividend will fall due on Sept. 1.

On the authority of the National Tube company the statement is made that John P. Shaddick, superintendent of the Lorain, Ohio, tube mills, has decided to refuse the offer of the mikado of Japan to assume charge of the steel industries of the latter country.

The United States Steel corporation is beginning to receive large orders for material from railroad companies, which have made up their minds that large crops are assured and that they can safely contract ahead for requirements for next year. This indicates that the corporation's mills will continue to run day and night with the present big force of workmen. It also means continued prosperity throughout the iron mill districts.

The new judiciary system of Rhode Island has been inaugurated. In place of the supreme court as it has existed for more than a century, a new supreme court has been formed to carry on the work of the former appellate division. while a superior court is substituted for the old common pleas division. The new system was adopted by the last legislature.

On motion of the attorneys of the People's United States bank, capitalized at $2,500,000, Judge McElhinney of the St. Louis county circuit court, dissolved the receivership for that institution.

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VOLUNTARY LIQUIDATION

Result of Adverse Decision by United States Judge. ST. LOUIS, August 15.-Following the decision of United States Circuit Judge Van DeVenter, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States Bank, on the advice of their attorneys, have voted to go into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney of the St. Louis county circuit court today granted an application for a receiver for the People's United States Bank on the request of Attorney General Hadley of Missouri. The court then appointed a receiver, but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the attorney general, after a previous order appointing a receiver had been vacated by the court on the application of the bank directors, who claimed that the procedure was illegal.

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U. S. Bank Quits. St. Louis, Aug. 15.-Following the decision of United States Circuit Judge Van Deventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States bank, on the advice of their attorneys, have voted to 50 into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney. of the St. Louis County circuit court, today granted an application for a receiver for the People's U. S. bank. on the request of Attorney General Hadley of Missouri The court then appointed a receiver, but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the attorney general, after a previous order appointing a receiver had been vacated by the court on the application of the bank directors. who claimed that the procedure was illegal.

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RESULT OF FRAUD ORDER

United States Bank Decides to Quit Business. St. Louis, Aug. 16.-Following the decision of United States Circuit Judge Vandeventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States bank, on the advice of their attorneys, have voted to go into voluntary liquidation. The following resolution was adopted: "That as the order issued by the honorable postmaster general July 6, 1905, against this bank prevents the proper and regular operation of the bank by the use of the United States mails, although the bank is solvent and sound in all respects, it is deemed by this board for the best interests of the depositors and stockholders to go into liquidation and to take at once all proper steps for the protection against unnecessary expense and loss to its stockholders and depositors." Notwithstanding the decision of the directors to go into voluntary liquidation Judge McElhinney of the St. Louis county circuit court granted an application for a receiver for the People's United States bank on the request of Attorney General Hadley of Missouri. The court then appointed a receiver, but announced that his name would be temporarily withheld.

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BANK CLOSES DOORS

Directors Objected to Ruling of United States Court. St. Louis, Aug. 15-Following the decision of United States Circuit Judge Van Deventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities. the directors of the Peoples United States Bank, on the advice of their attorneys, have voted to go into voluntary liquidation. The following resolution was adopted: "That as the order issued by the honorable Postmaster General July 6, 1905, against this bank prevents the proper and regular operation of the bank by the use of the United States mails, although the bank is solvent and sound in all respects, it is deemed by this board for the best interests of the depositors and stockholders to go into liquidation and to take at once all proper steps for the protection against unnecessary expense and loss to its stockholders and depositors." Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhenny of the St. Louis County Court today granted an application for a receiver for the Peopies United States Bank on the request of Attorney General Hadley of Missouri. The Court then appointed a receiver but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the Attorney General, after a previous order appointing a receiver had been vacated by the court on the application of the bank's directors who claimed the procedure was illegal. Immediately upon the announcement that Freck Essen of St. Louis County was the court's selection for receiver, attorneys for the bank filed two motions, the first to vacate the appointment of Essen and the second appealing from Judge Mcflhany's order authorizing a receivership

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PEOPLE'S BANK LIQUIDATES St

Louis Institution Forced to Wind Up Its Affairs. Fohowing the decision of Federal Judge Vandeventer at St. Louis, Mo., denying the application for an injunction to prohibit the enforcement of the fraud order by the postal authorities, the directors of the People's United States Bank have voted to go into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney Tuesday granted the application for a receiver for the People's United States Bank on request of Attorney General Hadley. The court appointed the receiver, but announced his name woull be temporarily withheld.

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Hundreds of letters have been received at the Postoffice Department during the past few weeks requesting information about the issue of a fraud order against the People's United States Bank, of St. Louis, which was put out of business some weeks ago by the Postoffice Department. They have been addressed to almost every official in the department, and many of them to the President.

The writers seem to have an idea that the President has the matter directly in charge, and they want his "square deal." A reply is sent to each letter, giving the desired information so far as possible. All are directed to write to the receiver of the bank at St. Louis. The amount of the deposits of writers of these letters ranges from $1 to $1,000. Most of them are pathetic epistles, but many contain expressions that afford much amusement to department officials.

For instance, one young lady, who lives in New England, not far from the birthplace of many Revolutionary heroes, got the impression that she had committed some fraud and wrote to know how it happened. She had sent a letter to the bank and in course of time it was returned marked "fraudulent" in great big letters.

### Conscience Relieved.

Her conscience smote her and she innocently wrote an apology to Uncle Sam, adding that she had paid full postage on the letter and did not understand how any fraud had been committed. Her conscience was promptly relieved. Another woman, whose trouble is very real, wrote the Postmaster General that

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TWO INDICTMENTS

RETURNED AGAINST PRESIDENT OF DEFUNCT BANK

One Charges Conspiracy and the Other Use of the Mails to Defraud. Secretary and Assistant Also Caught.

St. Louis, Dec. 1.-Two indictments, one charging the use of the mails to defraud, and the other alleging the existence of a conspiracy to defraud, were returned this afternoon by the federal grand jury against E. G. Lewis, president of the defunct People's United States bank.

In the indictment charging conspiracy to defraud, true bills are returned against Wiliam E. Miller and Frank J. Cabot, as well as against Lewis. Miller was assistant secretary and Cabot secretary of the defunct concern. None of the men were arrested, arrangements having been made to have them in court Saturady morning. The indictments are the outgrowth of the operations of the bank against which a fraud order was issued some months ago by the postoffice department. The institution had upward of $2,000,000 capital and deposits, all supplied in small sums by investors in every state of the union and many foreign countries. The bank's affairs are now in the hands of a receiver named at the solicitation of Attorney General Hadley of Missouri.

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IS MOST THROUGH ANYHOW Missouri Supreme Coart Annu's neceivership of the People's United States Bank. St. Louis.-The Misscuri supreme court in Jefferson City reversed Friday the action of the St. Louis county circuit court in appointing Fred Essen receiver for the $2,500,000 People's United States bank, of which E. G. Lewis is president. An opinion defining the scope of the decision will not be handed down for several weeks. The decision means, lawyers say, the end of Essen's receivership, and replaces the affairs of the bank in the hands of the directors. It is said, however, that the directors can not continue the operation of a bank without obtaining a new charter and starting anew. Receiver Essen, when told by a reporter that the supreme court nad set aside the receivership, said: "Good. I'm glad of it. I'm about through with the bank, anyhow. What do I mean? Merely that every debt has been paid. the depositors have got every dollar due them and there's only between $35,000 and $40,000 stock outstanding. "We've made two payments on the stock, the first 50 cents on the dollar. the second 35 cents. We are paying out 85 cents on the dollar.

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A Victory for E. G. Lewis.

The supreme court has announced its decision that the St. Louis county circuit court acted without authority when it appointed a receiver for the $2,500,000 People's United States bank of St. Louis of which E. G. Lewis is president. The decision knocks out the receivership of Fred Essen.

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Partial Revocation of Postmaster General's Order. Washington, July -Postmaster General Cortelyou today suspended his order of July 6, 1905, to the postmaster of St. Louts forbiding the delivery of mail and the payment of money orders to the Peoples United States Bank, its officers and agents and E. G. Lewis, so far as it effects E. G. Lewis personally. This suspension said the postmaster general in a public statem it, was upon the clear understanding that the resumption of the use by Mr. Lewis or his name for the purpose of reviving the Peoples United States Bank would be deemed sufficient ground for revoking the order of suspension putting the order of 1905. in all respects again in force.

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LIFTS BAN AGAINST LEWIS Fraud Order by Postal Department Partially Revoked for St. Louisan. Washington, July 11.-The postmaster general has suspended his order of July 6, 1905, to the postmaster of St. Louis forbidding the delivery of mail and payment of money orders to the People's United States bank; its officers, agents, and L. G. Lewis SO far as it affects Lewis personally.

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SUSPENDS A FRAUD ORDER People's Bank of St. Louis and Pos. tal Department Come to Terms By Associated Press. WASHINGTON, July 10. -Postmaster General Cortelyou today suspended his order of July 6, 1905, to the postmaster of St. Louis forbidding the delivery of mail and the payment of money orders to the People's United States bank, its officers and agents and E. G. Lewis, so far as it affects E. G. Lewis personally, The postmaster general says the operations of the bank are understood to be. at an end and the concern is practically out of existence. This suspension, the postmaster general continues, was upon the clear understanding that the resumption of the use by Mr. Lewis of his name for the purpose of reviving the People's United States bank would be deemed sufficient ground for revoking the order of suspension and putting the order of 1905 in all .respects again into force.

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WASHINGTON, July 10.-Postmaster General Cortelyou today suspended his order of July 6, 1905. to the Postmaster of St. Louis forbidding the delivery of mail and the payment of money orders to the People's United States Bank, its officers and agents, and E. G. Lewis, 80 far as it affects E. G. Lewis personally.

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PEOPLE'S BANK ORDER RAISED

Can Receive Mail if No Deposit Money Is Accepted. WASHINGTON, D. C., July 10.Postmaster General Cortelyou today suspended his order of July 6. 1905. to the postmaster of St. Louis, forbidding the delivery of mail and the payment of money orders to the People's United States bank. and E. G. Lewis personally. The use by Lewis of his name for the purpose of reviving the People's United States bank will be deemed sudicient ground for revoking the order of suspension. The postmaster general says the concern is practically out of existence.

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United States Bank of St. Louis.

Editor of The Times-Dispatch: What were the existing conditions that prompted the courts of the State of Missouri to appoint a receiver for the People's United States Bank, of St. Louis, Mo.; E. G. Lewis, president; and what were the charges brought against Lewis? SUBSCRIBER.

It was charged that bank the bank was a scheme to defraud. Stockholders have received 85 per cent., and another small dividend may come. Lewis's mail was seized by the government.