Merchants National Bank (Jacksonville, FL)

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Episode Information

Episode UID
433201166
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
43320 national
Charter Number
4332
Start Date
February 16, 1897
Location
Jacksonville, Florida (30.332, -81.656)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5a8108ebb22be113

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Comptroller-appointed examiner took charge and was later named temporary receiver to protect assets pending resumption.

Receivership Details

Depositor recovery rate
71.4%
Date receivership started
1897-03-17
Date receivership terminated
1901-05-31
OCC cause of failure
Excessive lending
Share of assets assessed as good
44.2%
Share of assets assessed as doubtful
40.3%
Share of assets assessed as worthless
15.5%

Events (6)
1. June 2, 1890 Chartered
Source
historical_nic
2. February 16, 1897 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors alarmed by a December statement showing very low assets and rumors of insolvency, prompting heavy withdrawals.
Measures
Other banks loaned $20,000 in an effort to save the bank (unsuccessful).
Newspaper Excerpt
The cause of the suspension was a run by depositors, brought about by the bank statement last December showing only $5,000 assets, and it was rumored the bank was insolvent.
Source
newspapers
3. February 16, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed due to heavy withdrawals and inability to realize on securities/collections.
Newspaper Excerpt
The Merchants' National Bank of this city closed its doors to-day by order of the directors.
Source
newspapers
4. March 17, 1897 Receivership
Source
historical_nic
5. March 18, 1897 Receivership
Newspaper Excerpt
I have appointed Shubrick temporary receiver of the Merchants' National bank of Jacksonville... JAMES H. ECKELS, Comptroller.
Source
newspapers
6. July 30, 1897 Receivership
Newspaper Excerpt
Thomas V. Porter, of Jacksonville, was appointed receiver of the Merchants' National Bank of that city.
Source
newspapers

Newspaper Articles (15)
1. February 17, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, February 17, 1897

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Article Text

FAILURE NO SURPRISE. The Merchants' National, of Jacksonville. JACKSONVILLE, FLA., February 16.The Merchants' National Bank, of this city closed its doors to-day by order of the directors. The bank had a capital stock of $100,000, and was the successor of the oldest banking-house in the State. That the institution was not in a sound condition was known in banking circles for several months, and the failure was not a surprise. The heavy withdrawals of deposits within the past month, and the inability to realize on securities, are stated by the president, John L. Marvin, to be the cause of the failure. His statement to the local press was as follows: "The Merchants' National Bank was forced to close by constant withdrawals of funds by depositors and inability of the bank to realize on amounts due it from borrowers. The assets, however, are ample to pay depositors in full, but it will take a little while to realize on the securities. Comptroller Eckels has been notified, and will shortly appoint some one to take charge of the bank, which will remain closed until a receiver is appointed." The bankers of this city last Saturday held a conference and appointed a committee, consisting of Messrs. H. G. Aird, R. C. Cooley, T. P. Denham, and B. H. Barret, to investigate the bank's accounts. These gentlemen made a thorough examination, and Mr. Cooley, who was authorized as spokesman for the committee, said that it was the belief of the committee, after examining the securities, that depositors would be paid in full, but that it would take some little time. One thing the committee emphasized, and that was the failure was not brought about by anything dishonorable. The deposits amounted to $112,000, and the outstanding loans amount to $232,000. No other statements have been given out. The bank's failure has caused the failure of the large retail shoe house of Charles Marvin & Co. The president of the bank was the principal owner of the shoe house.

2. February 17, 1897 The Herald Los Angeles, CA
Article from The Herald, February 17, 1897

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Article Text

SCARED DEPOSITORS Drive the Jacksonville Merchants' National to the Wall JACKSONVILLE. Fla., Feb. 16.-The Merchants' National bank of this city closed its doors today. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors, brought about by the bank statement last December showing only $5000 assets, and it was rumored the bank was insolvent. Depositors gradually became alarmed and accounts were withdrawn in large numbers. Other banks made an effort to save the Merchants'. loaning $20,000 on Monday, but this was ineffectual. President Marvin stated that depositors will be paid in full, although the stockholders may lose. Charles Marvin & Co., an old established shoe firm, assigned this afternoon, as the result of the bank failure.

3. February 17, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, February 17, 1897

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Article Text

EXAMINER TO TAKE CHARGE. Washington, Feb. 16.-The comptroller of the currency was informed at 3 o'clock today of the failure of the Merchants' National bank of Jacksonville, He at once ordered Bank Examiner Shubrick to take charge of the bank. On Dec. 30, the date of the last examination the bank had $100,000 capital; surplus $12,000; undivided profits $3,000. It owed other banks $19,700; individual depositors $190.800, and borrowed money $52,900. Inability to make collections is assigned as the cause of the failure.

4. February 17, 1897 The Morning News Savannah, GA
Article from The Morning News, February 17, 1897

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Article Text

JACKSONVILLE BANK IN A JAM. THE MERCHANTS NATIONAL CLOSES ITS DOORS. Heavy Withdrawals of Deposits and Inability to Realize on Its Securities the Cause of Its Suspension. Depositors May Be Paid in Full, But It Will Require Some Time. The Deposits Foot Up $112,000 and the Outstanding Loans Amount to $232,000. Jacksonville, Fla., Feb. 16.-The Merchants' National Bank of this city closed its doors to-day by order of the directors. The bank had a capital stock of $100,000, and was the successor of the oldest banking house in the state. That the institution was not in a sound condition was known in banking circles for several months, and the failure was not a surprise. The heavy withdrawals of deposits within the past month and the inability to realize on securities are stated by the president, John L. Marvin, to be the cause of the failure. His statement to the local press was as follows: "The Merchants' National Bank was forced to close by constant withdrawals of funds by depositors and inability of the bank to realize on amounts due it from borrowers. The assets, however, are ample to pay depositors in full, but it will take a little while to realize on the securities. Controller Eckels has been notified and will shortly appoint some one, to take charge of the bank, which will remain closed until a receiver is appointed." The bankers of this city last Sunday held a conference and apopinted a committee consisting of H G. Aird, R. C. Cooley, T. P. Denham and B. H. Barnett to Investigate the bank's accounts. These gentlemen made a thorough examination, and Mr. Cooley, who was authorized to act as spokesman for the committee, said that it was the belief of the committee, after examining the securities, that the depositors would be paid in full, but that it would take some time. One thing the committee emphasized, and that was that the failure was not brought about by anything dishonorable. The deposits amounted to $112,000 and the outstanding loans amount to $232,000. No other statement has been given out. The bank failure has caused the failure of the large retail shoe house of Charles Marvin & Co. The president of the bank was the principal owner of the shoe house. Washington, Feb. 16.-The controller of the currency was informed at 3 o'clock to-day of the failure of the Merchant's National Bank of Jacksonville. He at once ordered Bank Examiner Shubrick to take charge of the bank. On Dec. 30, the date of the last examination, the bank had $100,000 capital: surplus, $12,000; undivided profits, $3,000; it owed other banks, $19,700; individual depositors, $190,800, and borrowed money, $52,900. Inability to make collections is assigned as the cause of the failure.

5. February 17, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, February 17, 1897

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Article Text

Domestic. Senator Chandler made a speech on btmetallism in the senate, in which he severely criticised Senators Palmer and Pettigrew. House passed a number of pension bills. Arthur Duestrow, the St. Louis millionaire murderer, hanged after confessing his guilt. Supreme council of Farmers' alliance in gession at Washington. Investigation of the Sugar and Rubber trusts in New York. Merchants' National bank of Jacksonville, Fla., suspends, foreing a shoe firm to assign.

6. February 17, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, February 17, 1897

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Article Text

BANK FAILURE. The Merchants' National of Jackson= ville Closes Its Doors. JACKSONVILLE (Fla.), Feb. 16.-The Merchants' National Bank of this city closed its doors to-day. The Comptroller of the currency appointed Examiner Shubrick to take charge of the bank. President Marvin stated that depositors would be paid in full, although the stockholders may lose. Charles Marvin & Co., an old established shoe firm, assigned this afternoon, as the result of the bank failure.

7. February 18, 1897 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, February 18, 1897

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FLORIDA BANK FAILS. Jacksonvine, Feb 17.-The Merchants' National bank of this city closed its doors yesterday. The cause of the suspension was a run made on the bank by its depositors. President Marvin states that the depositors will be paid in full, although the stockholders may lose.

8. February 18, 1897 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, February 18, 1897

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BANK FAILURE. Jacksonville, Fla., Feb. 16.-The Merchants' National bank of this city closed its doors at noon today and the comptroller of the currency was notified. A reply was received in the afternoon directing Examiner Schubering to take charge of the bank. The cause for the suspension was a run made on the bank by depositors, brought about by the bank statement issued last December. This showed only $50,000 in assets, and it was whispered around that the bank was insolvent. Depositors graduallly became alarmed and the deposits were withdrawn in large sums. The other banks in the city made an effort to save the Merchants'. loaning $20,000 on Monday, but this was impossible. President Marvin said the depositors would be paid dollar for dollar. although the stockholders may lose. The suspension created no excitement. Charles Marvin & Co., an old established shoe company. suspended this afternoon as a result of the bank failure.

9. February 20, 1897 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, February 20, 1897

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A BAD BANK FAILURE, IN FLORIDA. Merchants' National of Jacksonville Ran Out of Funds. Jacksonville, Fla., Feb. 16.-The Merchants' National bank of this city closed its doors today. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors brought about by the bank statement last December showing only $5000 assets, and it was' rumored the bank was insolvent. Depositors gradually became alarmed and accounts were withdrawn in large numbers.

10. February 20, 1897 The Greenville Times Greenville, MS
Article from The Greenville Times, February 20, 1897

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A Florida Bank Closes. The Merchants' national bank of Jacksonville, Fla., closed its doors the other day. The comptroller of the currency appointed Examiner Shubrick to take charge of the bank. The cause of the suspension was a run by depositors, brought about by the bank statement last December, showing only $5,000 assets. Depositors gradually became alarmed, and accounts were withdrawn in large numbers.

11. February 21, 1897 The Morning News Savannah, GA
Article from The Morning News, February 21, 1897

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by Mary Jane Harris, colored, the widow of John Harris, the fisherman drowned by being thrown from a fish-boat, which was run over by the schooner about Jan. 30, and the other by Carl Gustafson, the owner of the boat which was wrecked in the collision with the schooner. If it becomes necessary to appoint a permanent receiver for the Merchants National Bank of Jacksonville, D. G. Ambler wil probably be named. He founded the bank, but has had no connection with it in recent years. John F. Howard, Sr., died at Jacksonville Friday, after an illness of several weeks. Mr. Howard has been an invalid for nearly two years. He was a native of Columbus, Ga., but moved to Jacksonville eleven years ago with his family. Daytona Gazette-News: In front of the studio is hanging the saw of a large sawfish. The saw is nearly four feet long, and the fish weighed 800 pounds. This large specimen of the finny tribe was caught in the Halifax river by Capt. E. W. Bennett of Port Orange. O. S. Perkins went to South Beach, near St. Augustine, a few days ago, to locate for the purpose of exhibiting a pet seal. While at the Casa Marina Mr. Perkins left his seal for a moment, and when he returned he saw it disappearing into the ocean. Mr. Perkins says that he had refused $1,000 for the seal. Capt. E. R. Mehaffey of the schooner S. B. Hubbard, now at Jacksonville, received a letter from Darien, Ga., Friday, announcing the safe arrival of the schooner Howard B. Peck, Capt. Hamilton, at Darien, Wednesday. The vessel has been out from New York thirty-two days, and much anxiety was felt for her. Peach orchards are still being planted in Volusia county. Thousands upon thousands of trees have been planted, mostly of the Angel, Oviedo, Waldo and Bidwell varieties. Six four-year-old trees at DeLand last season paid the grower net over $50, and the fruit was sold for little upward of $1 per ubshel. The state board of education has fixed the 5th day of every month for its regular business meetings at Tallahasse. Should that date fall on Sunday, the meeting will be held on the following day. All bills for previous month must be presented at these meetings, and no bills of more than sixty days' standing will be considered by the board. The direct-tax fund, now between $7,000 and $8,000, which was turned over to Gov. Bloxham on Jan. 5, was deposited in the Merchants' National Bank of Jacksonville, and was in that institution when it suspended. It is amply secured by interest-bearing bonds of Duval county, While It is in no sense state money, all that remains of the fund on March 7 will revert to the state. James Anderson, who is said to have shot and killed John Ivey, another negro, in Alachua county, has been captured. Instead of fleeing from that part of the state, Anderson stopped around Wade and waited for the Plant system pay train, expecting to draw money. The constable who made the arrest was apprised of this and lay in wait for him. He will be brought to Gainesville. Dr. R. IT. Peak of Orlando has been experimenting for several years to demonstrate the medicinal properties of the berries of the native saw palmetto. He has produced a sort of cordial or elixir from it, which is said to be of great value, and latterly has made a wine from the berries. He hopes for the wine that it will prove as valuable as a medicine. or that It will retain the peculiar qualities of the elixir, while it will be more palata. ble. Senator T. C. Platt of New York, accompanied by Mrs. Platt, reached Sanford Friday in a private car from Titusville. All the prominent republicans of the town called upon him, and paid their respects. He left town in the afternoon over the Sanford and Lake Eustis road to see his orange grove near Mount Dora. The senator is in good health, and is well pleased with the appearance and prospects of Florida. President George F. Miles of the East Coast Line Canal and Transportation Company, to save time in condemnation suits, has purchased the right-of-way for canal which be cut between. Inn.

12. March 6, 1897 The Morning News Savannah, GA
Article from The Morning News, March 6, 1897

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TALLAHASSEE TOPICS. Military Companies Transferred. The Direct Tax Fund. Tallahassee, Fla., March 5.-The Leon Guards of this city, have been mustered into the state service, as company C of the Fourth battalion, and the following changes have been made in the state troops: The Halifax Rifles of Daytona, is transferred from the Fourth to the Fifth battalion; the Gem City Guards of Palatka, from the Fourth to the Second battalion. The direct tax funds, amounting to $8,093.66 has reverted to the state. The money is tied up in the suspended Merchants National Bank of Jacksonville, but Gov. Bloxham holds Duval county bonds of the face value of $10,000, as security, for which he has been offered par, with accrued interest, Mrs. Ellen Call Long, Florida commissioner to the Tennessee centennial, is off for Nashville, where she will look out for adequate space for Florida. J. H. Horne of this county, has entered the race for door-keeper of the lower House of the state legislature.

13. March 19, 1897 The Brunswick Times Brunswick, GA
Article from The Brunswick Times, March 19, 1897

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RECEIVER APPOINTED For a Suspended Jacksonville Bank By the Comptroller. Jacksonville, March 18.-Bank Examiner E. T. Shubrick, who has been in charge of the Merchants' National bank here since its suspension, has been appointed temporary receiver of the bank by the following telegram : "I have appointed Shubrick temporary receiver of the Merchants' National bank of Jacksonville in order to protect assets of the bank pending resumption. "JAMES H. ECKELS, Comptroller."

14. May 28, 1897 The Morning News Savannah, GA
Article from The Morning News, May 28, 1897

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They were unable to save anything but themselves and their night clothes. Carrie Williams, a colored girl 5 years old, died at Jacksonville, Wednesday, from injuries that she received from burns last Tuesday night at her home. The Hotel Hendry at Fort Myers is now the property of H. O'Neil of New York, who will thoroughly repair and add to the same and completely refurnish it. A large pinery is being established by the Home and Plantation Company, at Kissimmee, in which Maj. Russel and Mr. Tell are largely interested. None but choice varieties will be planted-smooth Cayene, Abaka, and Queens. Thomas R. Roberts, aged 21 years, son of Mrs. E. A. Hill of the Crescent hotel, at Tampa, who was employed as clerk in the store of City Marshal J. O. T. Brown, at Tarpon Springs, fell under a train at Port Tampa Monday night, while trying to board it and had both legs so horribly crushed that he died Tuesday morning. At St. Augustine, Wednesday, Judge Drysdale issued a marriage license to H. C. Weston and Hattie L. Miller and immediately after started the marriage ceremony, when the brother of the young lady appeared and forbade the marriage, claiming that the man has a wife living. The ceremony did not take place. It is now reported that Weston will commence action for divorce from his present wife, so as to leave no obstacle in the way of his marrying Miss Miller. A new suit has been instituted in the circuit court, at Jacksonville, in which H. R. Duval, as trustee, has begun proceedings against the Merchants' National Bank of Jacksonville, E. T. Shubrick, receiver of said bank, and the Penn Mutual Life Insurance Company. The bill of particulars states that the bank is indebted to the Florida Central and Peninsular Railroad Company to the amount of $30,000. Duval also holds as security deeds of trust to the north half of lot 4, block 6, the Madison Hartridge place, and a part of lot 5, block 21, Bay street. Additional details of the assassination of William Edwards at Trilby Tuesday night make it appear that he was the ninth victim of the Whitehurst-Stevenson feud in Hillsborough county. The deceased was a one-armed man and had no enemies other than those connected with the family feud above mentioned. He was closely related to the Whitehurst family, but had never taken active interest in the family feud, of which the deceased is the ninth victim. He was shot through an open window of his home, about 8 o'clock Tuesday night. No clew as to the identity of the murderer, or murderers, was left behind. However, his family, has strong suspicions. Mr. Edwards was, some years ago, a members of the United States army, but having lost an arm from the explosion of a cartridge while firing a salute to President Garfield in New York city in the spring of 1881, he was honorably discharged and pensioned by the government. He was born in Hernando county in 1860, and was a widower, with only a boy 7 years old.

15. July 30, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, July 30, 1897

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Thomas V. Porter, of Jacksonville, was appointed receiver of the Merchants' National Bank of that city.