7267. D. A. Sayre & Co. (Lexington, KY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
October 27, 1899
Location
Lexington, Kentucky (37.989, -84.478)

Metadata

Model
gpt-5-mini
Short Digest
d8ed1e0e

Response Measures

Borrowed from banks or large institutions, Full suspension

Other: Assignment to Trust and Safety Vault Company as assignee (acts like a receiver).

Description

Multiple newspaper reports (Oct 27–28, 1899) state the bank 'assigned' (made an assignment) after a slight run and inability to meet calls; an assignee (Trust and Safety Vault Company / Security Trust & Safety Vault Co.) was appointed and the firm effectively failed. The Sun explicitly labels it a 'private bank' failure. Dates derived from article datelines.

Events (3)
1. October 27, 1899 Receivership
Newspaper Excerpt
The Trust and Safety Vault Company was made assignee. The assignee states it will pay dollar for dollar, but it will take all the property belonging to J. W. and E. D. Sayre, jr., sons of the president, who are the chief stockholders.
Source
newspapers
2. October 27, 1899 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank had suffered heavy losses about 18 months earlier and was short of cash after large check cashing; inability to secure borrowed funds led to withdrawals.
Measures
Tried to borrow $25,000 to carry business over; opened bank but closed an hour or an hour and a half later.
Newspaper Excerpt
Yesterday there was a slight run on the bank, so that when business closed last night there was only $8,000 in cash in the house.
Source
newspapers
3. October 27, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assignment/suspension due to insolvency/liquidity problems: negotiable paper underdue and bank could not secure money to meet calls; president's death may have precipitated events but core reason was inability to meet calls and prior losses.
Newspaper Excerpt
The banking firm of D. A. Sayre & Co. ... assigned today. The Trust and Safety Vault Company was made assignee.
Source
newspapers

Newspaper Articles (9)
1. October 28, 1899 New-York Tribune New York, NY
Article from New-York Tribune, October 28, 1899

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Article Text

D. A. SAYRE'S BANK ASSIGNS. of Lexington Ky., Oct. -The banking firm D. A. Sayre & Co., whose president, E. D. Sayre, died on Sunday, assigned to-day. It was the oldest bank in this city, having been founded in 1820. The Trust and Safety Vault Company was made assignee Deposits are placed at $140,000. The assignee's statement is that the bank will pay dollar for dollar. but it will take all the property belonging to J. W. and E. D. Sayre, jr., sons of the president, who are the chief stockholders. They have a large amount of negotiable paper, but as it is several months underdue the bank could not secure money to meet calls.

2. October 28, 1899 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 28, 1899

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Article Text

Banking Firm Assigns. LEXINGTON, Ky., Oct. 27.-The banking firm of D. A. Sayre & Co., whose president. E. D. Sayre. died Sunday, assigned to-day. It was the oldest bank in this city, having been founded In 1820. The trust and safety vault company was made assignee. Deposits are placed at $140,000. The assignee states It will pay dollar for dollar.

3. October 28, 1899 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 28, 1899

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Article Text

LEXINGTON, Ky., Oct. 27.-The banking firm of D. A. Sayre & Co., whose president, E. D. Sayre, died on Sunday, assigned today. It was the oldest bank in the city, having been founded in 1820. The Trust and Safety Vault Company was made assignee. Deposits are placed at $140,000. The assignee states it will pay dollar for dollar, but it will take all the property belonging to J. W. and E. D. Sayre, jr., sons of the president, who are the chief stockholders. They have a large amount of negotiable paper, but as it is several months under due, the bank could not secure money to meet calls.

4. October 28, 1899 Wheeling Register Wheeling, WV
Article from Wheeling Register, October 28, 1899

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Article Text

A BANK ASSIGNS. LEXINGTON, Ky., October 27.-The banking firm of D. A. Sayre & Co., whose president, E. D. Sayre, died Sunday, assigned to-day. It was the oldest bank in this city, having been founded in 1820. The assignee states it will pay dollar for dollar.

5. October 28, 1899 The Sun New York, NY
Article from The Sun, October 28, 1899

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Article Text

KENTUCKY PRIVATE BANK FAILS. The Firm of D. A. Sayre & Co. of Lexington Goes to the Wall. LEXINGTON. Ky., Oct. 27. -- The banking house of D. A. Sayre & Co., founded in 1820. and the oldest institution of its kind west of the Alleghanies. made an assignment to-day. Its President. E. D. Sayre. Sr., died on Sunday. He owned $7,000 stock in the bank. His sons. J. Will and E. D. Sayre. Jr., owned $15,000 each. The capital stock was $37,000. The deposits reach $145.000. The bank was established by the late David A. Sayre. a Scotchman and itinerant silversmith. who could scarcely read and could only write his name. He amassed R. fortune. established the Sayre Female Institute here, and left $200,000 to E. D. Sayre. Sr., his nephew. who was his confidential adviser and bookkeeper. About eighteen months ago the bank lost heavily. but its depositors and other creditors feeling that E. D. Sayre. Sr., was backing the house and would use his private fortune to keep it from failing. continued to do business with the bank. and its deposits actually increased. On Saturday last Milton Young cashed a check for nearly $75,000. Yesterday there was a slight run on the bank. so that when business closed last night there was only $8,000 in cash in the house. J. Will Sayre. cashier. consulted with friends and tried to borrow $25,000 to carry over the business to-day. but failed. He opened the bank this morning. but an hour or A half later he closed and made the assignment. In an interview to-night he said that the assignment would wipe out all his legacy from his father and that he and E. D. Sayre, Jr., would be penniless.

6. October 29, 1899 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 29, 1899

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Article Text

Oldest Bank in Lexington Assigns. LEXINGTON, Ky., Oct. 28.-The banking firm of D. A. Sayre & Co., whose president, E. D. Sayre, died Sunday, assigned today. It was the oldest bank in this city, having been founded in 1820. Deposits are placed at $140,000. It is announced it will pay dollar for dollar, but it will take all the property belonging to J. W. and E. D. Sayre, jr., sons of the president. who are the chief stockholders.

7. October 31, 1899 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, October 31, 1899

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Article Text

BANK ASSIGNS. The Oldest Institution in Lexington, Ky., Is Forced to Suspend Business. Lexington, Ky., Qct. 30.-The banking firm of D. A. Sayre & Co., whose president, E. D. Sayre, died Sunday, assigned Friday. It was the oldest bank in this city, having been founded in 1820. The Trust and Safety Vault company was made assignee. Deposits are placed at $140,000. The assignee states it will pay dollar for dollar, but it will take all the property belonging to J. W. and E, D. Sayre, Jr., sons of the president, who are the chief stockholders. They have a large amount of negotiable paper, but as it is several months under due the bank could not secure money to meet calls,

8. November 2, 1899 Cameron County Press Emporium, PA
Article from Cameron County Press, November 2, 1899

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Article Text

Bankers Assign. Lexington, Ky., Oct. 28.-The banking firm of D. A. Sayre & Co., whose president, E. D. Sayre, died Sunday, has assigned. It was the oldest bank in this city, having been founded in 1820. Deposits are $140,000. The assignee says the bank will pay dollar for dollar.

9. November 3, 1899 The Hickman Courier Hickman, KY
Article from The Hickman Courier, November 3, 1899

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Article Text

STATE NEWS PICK-UPS. OTT'S RESIGNATION. BANKING FIRM FAILS. Become First Vice President of An Assignee Appointed for D. A. Sayre Plant ystem, the South's Most & Co., Lexington-The Bank in Time Extensive Railway System. WILL Pay Dollar for Dollar. VILLE, Ky., Oct. 30.-Stuart R. LEXINGTON, Ky., Oct. 29.-The bank. whose resignation as first vice ing firm of D. A. Sayre & Co., whose of the Louisville & Nashville president, E. D. Sayre, died Sunday, has been accepted by the assigned Friday. It was the oldest directors, is to become first bank in the city, having been founded sident of the Plant system, the in 1820. The Security Trust & Safety largest railway system. He is Vault Co. was made assignee. The charge of traffic transportabank was capitalized at $37,000. The general operations and will deposits are placed at $140,090. The be the head of the big sysassignee states it will pay dollar for dollar, but it will take all the R. Erwin, who was elected property belonging to J. W. and E. D. of the Plant system upon Sayre, jr., sons of the president, who of President Plant a short are the chief stockholders, to pay out. is a lawyer and not a practiThey have a large amount of negotiable roader. Consequently he will paper, but as it is several months under after the financial affairs of due the bank could not secure money to meet the calls. pany, leaving everything else T