Moses Brothers (Montgomery, AL)

Episode Information

Episode UID
8752255991099
Episode Type
Suspension β†’ Run β†’ Closure
Bank Type
private
Bank ID
875225599 hash
Start Date
July 6, 1891
Location
Montgomery, Alabama (32.367, -86.300)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4e27352630a73e62

Response Measures

None

Description

The bank suspended on July 6, 1891, due to a money stringency; the suspension triggered a large, agitated gathering of depositors (a run/agitation) at the closed doors.

Events (3)

1. July 6, 1891 Run
Cause Details
agitation and gathering of depositors following the announcement of suspension
Measures
The bank made an assignment of all property to trustees for the benefit of creditors.
Newspaper Excerpt
There was a great throng of these around the doors and in Court Square this morning.
Source
newspapers
2. July 6, 1891 Suspension
Cause
Macro News
Cause Details
stringency of the money market and heavy demands from New York
Newspaper Excerpt
Moses Brothers' bank suspended payment this morning. The failure is due to stringency of money.
Source
newspapers
3. August 6, 1891 Other
Newspaper Excerpt
It is the organization into a trust company of the depositors in the bank of Moses Bros., with a view to the protection of their own interests and to liquidate the affairs of the suspended firm. This is a trust to which there can be no reasonable outside opposition.
Source
newspapers

Newspaper Articles (9)

Article from New-York Tribune, July 7, 1891

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Article Text

T't'l pers'l est'e $298,688,883 $321,609,518 $22,921,135 Total inc. For 1891. For 1890. Total real and personal estate.$1,696.978,290 $1,785,857,338 $88,878,948 $1,785,857.388 Total assessed valuation for 1891 1,096,978,390 Total assessed valuation for 1830 $88,878,948 Increase in 1891. $88,878,948 Total increase in assessed valuation for 1891 Total decrease In assessed valuation for 1891 $88,878,948 Net increase. 1891 A PRIVATE SAVINGS BANK FAILS. SUSPENSION OF MOSES BROTHERS, OF ALABAMA -OTHER BUSINESS TROUBLES. Montgomery, Ala., July 6.-Moses Brothers' bank suspended payment this morning. The failure is due to stringency of money. The liabilities are said to be about $500,000. Moses Brothers did a savings-bank business, and have many scores of depositors among the poorer people. A local bank, after a conference Saturday, offered Moses Brothers about $100,000 to tide over, but they refused to take it. The firm stands high for integrity, and few believe that there is anything ugly about the suspension. They say their assets will more than cover their liabilities.


Article from Richmond Dispatch, July 7, 1891

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A MONTGOMERY BANK SUSPENDS. Liabilities About Half a Miilion-Nothing Ugly, Probablv. [By telegraph to the Dispatch.] MONTGOMERY, ALA., July 6.-Moses Brothers' bank suspended payment this morning. All its real estate, personal property, and bills of exchange have been included in an assignment to H. A. Sayre, R. B. Snodgrass, and S. M. Levine. The firm say their assets will amount to more than their liabilities. Neither can yet be approximately estimated. The failure is due to the stringency in money. The liabilities are said to be about half a million dollars. They did a savings-bank business and had many scores of depositors among the poorer people. There was a great throng of these around the doors and in Court Square this morning. A local bank, after a conference Saturday, offered Moses Brothers about a hundred thousand dollars to tide them over, but they refused to take it. The firm stands very high for integrity, and few believe that there 18 anything ugly about the suspension. Each individual has included his home and all his real estate and personal property in the schedule of assignment.


Article from The Morning News, July 7, 1891

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Article Text

PANKERS ASSIGN. The Stringency of the Money Market the Cause. MONTGOMERY, ALA., July 6.-Moses Bros.' bank suspended payment this morning. All the real estate, personal property, and bills of exchange have been included in the assignment to H. A. Sayre, R. B. Spodgrass and S. M. Lavine. The members of the firm say their assets will amount to more than the liabilities. Neither figure can be approximately estimated. The failure is due to the stringency of money. OWE HALF A MILLION. The liabilities are said to be about $500,000. They did a savings bank business and have many scores of depositors among the poorer people. There was a great throng of them around the doors and in the court square this morning. The local bank, after the conference Saturday, offered Moses Bros. about $100,000 to tide them over, but they refused to take it. The firm stands very high for integrity, and few believe that there is anything ugly about the suspension. Each individual has included his home, all his real estate and personal property in the schedule of assignments.


Article from Fort Worth Gazette, July 7, 1891

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BANK SUSPENDS. Private and Savings Bankers at Montgon ery, Ala., Close Their Doors. Plenty of Real Estate. MONTGOMERY, ALA., July 6.-Moses Bros. large private and savings bankers. closed their doors this morning. They had many depositors who are poor people, a number of them negroes, whose deposits run from $500 to $2000. The firm, it is believed. have assets more than double their liabilities. and are the largest real estate owners in the city. Some of their property is the most aluable in Montgomery. The following notice is posted on the door: "This bank has been suspended, and all the property of Moses Bros. has been transferred and assigned to the undersigned for the equal payment of all debts. Signed, H. A. Sayres, S. M. Levin, R. B. Snodgrass, trustees. The deposits of the firm were about $400.000, and the liabilities are estimated at $500,000. The cause of the suspension is that the firm found it impossible to realize on securities and property to meet heavy demands from New York.


Article from St. Paul Daily Globe, July 7, 1891

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Article Text

A BANK GOES UNDER. Moses Bros., in Alabama, Make an Assignment. MONTGOMERY, Ala., July 6.-Moses Bros.' bank suspended payment this morning. All their real estate, personal property and bills of exchange have been included in their assignment to H. A. Sayre, R. B. Snodgrass and N. M. Levin. They say their assets will amount to more than their liabilities. Neither figure can yet be approximately estimated. The failure is due to stringency of money. The liabilities are said to be about $500,000. They did a savings bank business, and have many scores of depositors among the poorer people. There was a great throng of them around the doors and in the court square this mornIng. A local bank, after a conference Saturday, offered Moses Bros. about $100,000 to tide over, but they refused to take it. The firm stands very high for integrity, and few believe that there is anything ugly about the suspension.


Article from The Roanoke Times, July 10, 1891

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A Suspended Bank Resumes. NASHVILLE, Tenn., July 9.--[Special]-The Bank of Commerce of Sheffield, Ala., which has been embarrassed for the past two days, has provided to meet all its obligations in cash as called for and resumed business this morning as usual. The bank was, and is now, perfectly solvent, but for lack of currency to meet the rush that was expected to result from the failure of Moses Brothers, bankers of Montgomery, on Monday, it was decided to temporarily suspend until the currency could he shipped back with which to meet all the demands. This has been done.


Article from The Columbia Herald, July 10, 1891

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three elergy repentance and the hope of pardon. He met his fate with firmness. A novel feature of the occasion was that tickets of admission to the jall issued the by the Sheriff were eagerly sought for, being peddled around at from 50 cents to & apiece, The crime for which he tumn. was indicted was committed last auThe private banking firm of Moses Bros., at Montgomery, Ala., closed their doors last Monday. The failure is due to stringency of money market; they say their assets will amount to more than their liabilities; the liabilities said to be about a half million dollars. are They did a savings bank business and have the many scores of depositors among poorer people, The firm stands high all for integrity, and have given their property, of every description. up The distressing feature of the failure was the loss of the savings of the poor. Nearly every laboring man, clerk and sewing woman in Montgomery who was trying tosave money had deposits in the suspended bank. Among the deposit are hundreds of negroes, who have deposits from $5 or $10 to $1,500 or $2,000 each. Among those who stood gasing wistfully at the closed doors was a negro washwoman. Within the walls of the splendid building was $200 of her earnings, which she had been years in accumulating, and tears coursed down her dark cheeks as she besought every white man she knew, who passed, for assistance in securing her money from the bank. The firm paid depositors 6 per cent. interest, and hundreds of widows had deposited the Insurance money collected on their husbands' death. One woman, recently bereaved, had flected $4,000 life insurance money within the past ten days, and, putting with it two or three thousand she had saved bosides, she deposited the entire sum with Moses Bros. She was among the anxious growd this morning. In the streets stood a poor old negro woman, who runs a huckster stand in the City Market, crying like a child, She held in her hand pass- book, showing her deposits. She said she had been saving up her money to keep her in old age, and had accumulated $700, which went in the crash. One of the ludicrous in cidents was a negro woman who ran up to the crowd, and when she found for sure that the bank had failed she threw herself down on dry goods box and cried out, "Give me back my money; fore God, I had a dollar in that bank." The shouting and yelling was kept up until a gentleman stepped up, handed the woman a dollar and asked her to shut up. An intelligent and observant Northern man, who was in the city, said "I am surprised at the quietness of the people who have deposits in the bank. If a similar failure had taken place in the North, with the same class of depositors, the crowd down." would have tried to tear the building John Bardsley, ex-City Treasuer Philadelphia, was sentenced this week of to fifteen years hard work and solitary continement in the penitentiary, for misappropriation of public funds. When the sentenced was pronounced of the thousands he had called friends, but one man was by his side. William Henry Gladstone, the eldest son of the Right Hon. Wm E. Gladstone, died in London on the 4th, aged 51 years. Ex Vice President of the United States, Hannibal Hamlin died very sud denly on the evening of the fourth at Bangor, Maine, in the rooms of the Tarrotine Club. He was elected Vice President Lincoln. on the ticket with Mr. At Dubuque, Iowa., a man opened n saloon at Elkadar, the county seat Claytown County, Ia. Realta E. Price of the who has been prominent in enforcing of prohibition law there, and his is commanded the man to close his saloon son at On his refusing, Price secured the As Marshal's aid and closed the saloon City Price and his son were going home across the bridge after dark a mob or forced tacked and out them badly. They were at ip to fly into an adjoining building on and barricaded the doors to keep the he nob from executing their threat o ip lynching them. The latest reports from in Elkadar are that Price and his son are a critical condition. d et A cyclone struck the little city O y Baton Rouge, La., last Monday, unroof ing fifty houses and the penitentiary m and killing ten convicts and injuring thirty-five others. of A son of Rev. Josiah Carneal, y Trenton, while Ky., got in front of the mowe near in the team was resting and th st workmen saving hay, and when the 10 machine was again started he was a amputation over and one foot became was SO badly cut tha rur hand. also had three fingers necessary. cut from He to The boy is about 11 years of age one hStonewall Jackson Bivouac of Ex Confederate soldiers will hold a en union at McKenzie July 21. Every ex re as Confederate soldier is invited and st general invitation is extended to oth a ers. Prominent speakers will delive ad appropriate addresses. Ex-Confeder nt ate songs will be sung by thirteen young ladies representing the States st the Confederacy. There will be an o abundance for every one to eat. co de It develops that Robert Knight, Pres d ident of the National Loan and Invest vo ment Company, of Middlesborough CO Ky., with :,000,000 capital, IS an conviet. He has disappeared, and Cin ex cinnati, Chicago and New York bank suffered through him, as did also man Middlesborough people. A reward offered for his capturo. It is reported that the East Tennes ik see, Virginia and Georgia Company has en purchased the Birmingham, Sheflield and West Tennessee River railroad for th Point Terminal Company, while another report says the Louisville ts bid Nashville wants the road and, will out it. the East Tennessee's offers. es St. Louis is anxious to have the nex Democratic the National Convention, nt Mercantile Exchanges are makin an arrangements claims. to push that city The second trial of ex-State I Noland, of Missouri, for embezziln Treasure in about $88,000 of the State's funds, is progress at Jefferson City,


Article from The Yazoo Sentinel, July 16, 1891

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MONTGOMERY, ALA July 7.-Moses Brothers, large private bankers and sayings bank, closed their doo.s, this morning. They have over . ... depositors, many of whom are poor people, and a number of the negroos, whose deposits ran from $5 or $10 to $2,000. The firm. it is believed, have assets more than double the amount of their liabilities as they are the largest owners of city property in Montgomery, and some of their property is the most valuable in the city.


Article from The Western Sentinel, August 6, 1891

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# GENERAL NEWS ITEMS. The property of the Old Colony Distillery Company, of New Haven, Conn., has been attached for $150,000 in the interest of a New York brewing company. The Shah of Persia is developing into a kodak fiend, and his courtiers all say that his pictures are wonderful successes. It wouldn't be healthy for them to say anything else. Col. F. A. Olds of Raleigh has resigned his position as adjutant General of the N. C. State Guards. He has made an efficient officer and his resignation is to be regretted. A special from Indianapolis says: The anti-Administration Republicans have an agent organizing every county in the State against Harrison, and a fight will be made to gain control of the State Committee. We have received the sad intelligence of J. Wesly Jones, Jr., death at Tarboro Sunday. He was a bright Christian young man of 20 years and would have graduated from Trinity College the next session. A bill has been filed in the Chicago Circuit Court to declare illegal the assignment made some time ago by the Consolidated Ice Machine Company. It is said that $50,000 worth of stock subscribed for by William B. Bushnell has never been paid for. The Southern Assembly of the Woman's Christian Temperance Union has accepted the gift of the citizens of Waynesville, N. C., of $3,000 and five acres of land, and hereafter that site will be its annual meeting place. Arrangements have been perfected for the erection of the pavilion. News comes from Laurinburg that McDougald, the man who so brutally murdered his uncle, in Richmond county, a few months ago, and who succeeded in escaping from the State, has been captured in Oregon. He was identified by means of letters found on his person. There seems to be a considerable stir in Raleigh over the collection of the Merchants Purchase Tax under schedule "B". The sheriff is endeavoring to collect and the merchants refuse to pay. It is not known how the matter will be disposed of, but probably will be settled by the Supreme Court. Ex-United States Senator Sawyer of South Carolina died at his home in Shawnee, Tenn., Saturday afternoon at 3 o'clock. Sawyer was a reconstruction figureβ€”a deep dyed republican and distinguished himself in the Senate by voting himself a back salary to which he was not entitled. A new kind of trust is proposed in Montgomery, Ala. It is the organization into a trust company of the depositors in the bank of Moses Bros., with a view to the protection of their own interests and to liquidate the affairs of the suspended firm. This is a trust to which there can be no reasonable outside opposition. The business failures during the last seven days number for the United States 229 and for Canada 18, or a total of 247 as compared with a total of 254 and 274 the week previous to the last. For the corresponding week of last year the figures were 189, representing 167 failures in the United States and 22 in the Dominion of Canada. A special from Staunton Va, says: Saturday night when the east-bound C. and O. train was between Waynesboro and Basic City, a man entered the sleeper and going to a berth occupied by Mr. Connel of Portsmouth, Ohio, demanded his money. Mr. Connell refused to give it to him and started to make a defence when the robber shot him, inflicting a dangerous wound. The assailant escaped. Mr. Connell is now at Charlottesville in a critical condition. A Harrisburg (Penn.) correspondent writes: "We have a few rural legislators here who can scarcely take care of themselves, let alone looking after the interest of their constituents. Only yesterday a gentleman from one of our neighboring counties, who had just received his order for stamps, went to the postoffice to get them. "What denomination?" inquired the clerk. "Lutheran," said the member, modestly."β€”New York Tribune. A Picayune's San Antonio, Tex., special says: The terrible drought prevailing in southwest Texas for the past nine weeks, was broken last night by a storm, followed by a drenching rain. Only two showers had fallen for nine weeks in a vast area south of San Antonio for two hundred miles, and west for four hundred miles. Cotton bolls had begun to drop from the stems. The corn crop was ruined.