Article Text
RECEIVER APPOINTED FOR ST. LOUIS CONCERN St. Louis, July 10.-Judge Mc.Elhinney has appointed Selden P. Spencer receiver for the People's United States Bank against which a fraud order had been issued by the postal department.
People's United States Bank (St Louis, MO)
Episode Information
- Episode UID
2779425991267- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
277942599hash - Start Date
- July 10, 1905
- Location
- St Louis, Missouri (38.627, -90.198)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
244ac59cb3b771b5
Response Measures
None
Description
Initial receivership followed an official postal 'fraud order'; directors later voted voluntary liquidation leading to winding up.
Events (6)
1.
July 10, 1905
Suspension
- Cause
- Government Action
- Cause Details
- Receiver appointed after a fraud order issued by the Postoffice Department prohibiting mail and money-order services.
- Newspaper Excerpt
- RECEIVER APPOINTED FOR ST. LOUIS CONCERN St. Louis, July 10.-Judge Mc.Elhinney has appointed Selden P. Spencer receiver for the People's United States Bank against which a fraud order had been issued by the postal department.
- Source
- newspapers
2.
July 17, 1905
Reopening
- Newspaper Excerpt
- Judge McElhiney ... today dissolved the receivership for the institution and discharged Receiver Seldon P. Spencer ... The fraud order of the postmaster general has been enjoined and the bank is again free.
- Source
- newspapers
3.
August 15, 1905
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- Directors voted to go into voluntary liquidation after courts refused injunction against enforcement of the postal fraud order.
- Newspaper Excerpt
- Following the decision of United States Circuit Judge Van Deventer ... the directors of the People's United States bank ... have voted to go into voluntary liquidation.
- Source
- newspapers
4.
August 16, 1905
Suspension
- Cause
- Government Action
- Cause Details
- Court-appointed receiver on supplementary petition by the Attorney General despite directors' vote to liquidate.
- Newspaper Excerpt
- Notwithstanding the decision of the directors to go into voluntary liquidation Judge McElhinney ... granted an application for a receiver for the People's U. S. bank ... The court then appointed a receiver, but announced that his name would be temporarily withheld.
- Source
- newspapers
5.
March 30, 1906
Other
- Newspaper Excerpt
- RECEIVERSHIP KNOCKED OUT. Missouri Supreme Court Reverses Decision of Circuit Judge. ... The supreme court today announced the decision that the St. Louis county circuit court acted without authority when it appointed a receiver for the ... Peoples' United States bank ... The decision knocks out the receivership.
- Source
- newspapers
6.
July 11, 1906
Other
- Newspaper Excerpt
- Postmaster General Cortelyou today suspended his order of July 6, 1905 ... forbidding the delivery of mail and the payment of money orders to the People's United States bank ... so far as it affects E. G. Lewis personally.
- Source
- newspapers
Newspaper Articles (24)
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To Pay on Demand. St. Louis, July 12.-Receiver Spencer of the People's United States bank was directed by Judge McIlhenny of the St. Louis county circuit court to pay depositors on demand. he order was issued at the request of Receiver Spencer. On Spencer's suggestion also the bend of the receiver was increased from $250,000 to $1,000,000.
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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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PEOPLE'S BANK IS RELEASED TECHNICALLY St. Louis, July 17.-On - motion of attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhiney of the St. Louis circuit court, today dissolved the receivership for the instiution and discharged Receiver Seldon P. Spencer, appointed by him several days ago on request of Secretary of State Swanger of Missouri. The judge's action was based on the ground that the secretary of state failed to make a personal investigation of the affairs of the bank before making application for a receiver. The court stated that a receiver was appointed on representations, which which it was developed, were based by the secretary of state on his impressions of conditions prevailing at the bank and its methods of conducting its business, and not on facts secured by thorough investigation.
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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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TROUBLE ENDS PEOPLES UNITED STATES BANK'S RECEIVER DISCHARGED BY JUDGE. St. Louis, July 17.-On motion of the attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinney of the county circuit court today dissolved the receivership for that institution and discharged Receiver Spencer, appointed by him several days ago on request of Secretary of State Swanger. The judge's action is based on the ground that the secretary failed to make a personal investigation of the affairs of the bank before asking for a receiver.
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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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FOLK TO THE RESCUE. Governor of Missouri Comes to the Aid of the People's Bank of St. Louis. St. Louis, July 19.-On motion of attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinney of the county circuit court today dissolved the receivership for that institution and discharged Receiver Spencer, appointed by him several days ago on request of Secretary of State Swanger. The fraud order of the postmaster general has been enjoined and the bank is again free. Judge McElhinney's action was based on the ground that the secretary of state failed to make a personal investigation of the affairs of the bank before making the application for a receiver. The court stated that a receiver had been appointed on this representation, which, it had developed, was based by Secretary Swanger on his impression of conditions prevailing at the bank and its method of conducting its business, and not on facts secured through investigation.
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FOLK TO THE RESCUE. Governor of Missouri Comes to the Aid of the People's Bank of St. Louis. St. Louis, July 19.-On motion of at. torneys for the People's United States bank. capitalized at $2,500,000, Judge McElhinney of the county circuit court today dissolved the receivership for that institution and discharged Receiver Spencer, appointed by him several days ago on request of Secretary of State Swanger. The fraud order of the postmaster general has been enjoined and the bank is again free. Judge McElhinney's action was based on the ground that the secretary of state failed to make n. personal investigation st the affairs of the bank before making the application for a receiver. The court stated that a receiver had been appointed on this representation, which, it had developed. was based by Secretary Swanger on his impression of conditions prevailing at the bank and its method of conducting its business, and not on facts secured through in. vestigation.
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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 eightytwo 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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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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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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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 Géneral Hadley of Missouri. The court then appointed à receiver, but announced that his name would be temporarily withheld.
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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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RECEIVERSHIP KNOCKED OUT. Missouri Supreme Court Reverses DeCision of Circuit Judge. Jefferson City, Mo., March 30.-The supreme court today announced the decision that the St. Louis county circuit court acted without authority when it appointed a receiver for the $2,500,000 case of the Peoples' United States bank of which E. G. Lewis was president. The decision knocks out the receivership.
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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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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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# 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.