Other: Made assignment for benefit of creditors (closure).
Description
Multiple articles (dated Dec 1โ2, 1896) report a run on the Bank of Westport triggered by the failure of the Missouri National Bank (a correspondent). The Westport bank suspended and made an assignment for the benefit of creditors / closed its doors, indicating permanent closure rather than a temporary suspension.
Events (3)
1.December 1, 1896Other
Newspaper Excerpt
After making an assignment for the benefit of its creditors. The assets aggregate $32,000; liabilities, $20,000.
Source
newspapers
2.December 1, 1896Run
Cause
Correspondent
Cause Details
Run triggered by failure of the Missouri National Bank, with which Westport kept its account (loss of correspondent/clearing funds).
Measures
None reported to stem the run prior to closure; bank soon suspended and made assignment for benefit of creditors.
Newspaper Excerpt
The failure of the Missouri National bank caused a run on the Westport bank.
Source
newspapers
3.December 1, 1896Suspension
Cause
Correspondent
Cause Details
Management suspended/payments and made an assignment for creditors after the run caused by the Missouri National Bank's failure.
Newspaper Excerpt
The Bank of Westport ... suspended this morning for the benefit of its creditors. ... closed its doors last evening, after making an assignment for the benefit of its creditors.
Source
newspapers
Newspaper Articles (9)
1.November 27, 1896The TimesOwosso, MI
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Article Text
Another Bank Suspends. Kansas City, Dec. 2.-The Bank of Westport, which kept its account with the Missouri National bank, which failed Monday, suspended Tuesday morning for the benefit of its creditors. The failure of the Missouri National bank caused a run on the Westport bank Monday, and fearing another "un Tuesday, it was decided to close.
2.December 1, 1896Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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Article Text
Bank of Westport Fails. Kaneas City, Dec. 1.-The bank of Westport, which kept its accounts with the Missouri National, which failed yesterday, suspended this morning for the benefit of its creditors. The failure of the Missouri National caused a run on the Westport bank. The assets are placed at $31,500; the liabilities about $20,000. Cashier Edward F. Phillips expressed the opinion that' the depositors would be paid in full.
3.December 1, 1896Deseret Evening NewsSalt Lake City, UT
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Article Text
Another Bank Closes. KANSAS CITY, Mo., Dec. 1.-The Bank of Westport, which kept an account with the Missouri National, which failed yesterday, suspended this morning for thebe efit of the creditors. The failure of the Missouri National caused a run on the Westport bank. The assets are placed at $31,500$ liabilities about $20,000. The assets include $27,500 securite and bills receivable and $1,200 cash. Cashier Edward F. Phillips ex. preased the opinion that the depositors will be paid in full.
4.December 2, 1896The Daily ArdmoreiteArdmore, OK
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Article Text
Westport Bank Suspended. Kansas City, Mo., Dec. 1.-The Bank of Westport, which kept its account with the Missouri National bank, which failed yesterday. suspended this morning for the benefit of its creditors. The failure of the Missouri National caused a run on the Westport bank and, fearing another run today. it was decided to close. Assets are placed at $31,500 and liabilities at about $20,000.
5.December 2, 1896The San Francisco CallSan Francisco, CA
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Article Text
Closed by a Kun. KANSAS CITY, Mo., Dec. 1.-The Bank of Westport, Mo., closed its doors last evening, after making an assignment for the benefit of its creditors. There was a run on the bank just before it closed. Its capital is $10,000. The assets aggregate $32,000; liabilities, $20,000. The failure of the Missouri National Bank in this city was the cause of the run.
6.December 2, 1896The Copper Country Evening NewsCalumet, MI
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Article Text
Another Bank Suspends. Kansas City, Dec. .-The Bank of Westport, which kept its account with the Missouri National bank, which failed Monday, suspended Tuesday morning for the benefit of its creditors. The failure of the Missouri National bank caused a run on the Westport bank Monday, and fearing another run Tuesday. it was decided to close.
7.December 2, 1896The Roanoke Daily TimesRoanoke, VA
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Article Text
ANOTHER BROKEN BANK. Kansas City, Mo., Dec. "1.-The Bank of Westport, which kept its account with the Missouri National Bank, has suspended. The failure of the Missouri National caused a run on the Westport Bank, and fearing another run to-day it was decided to close. The assets are placed at $31,500; the liabilities at $20,000.
8.December 2, 1896San Antonio Daily LightSan Antonio, TX
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Article Text
CAUGHT IN THE CRASH. Kansas City, Mo., Dec. 1.-The bank of Westport, which kept its account with the Missouri National bank, which failed yesterday, suspended this morning for the benefit of its creditors. The failure of the Missouri National bank caused a run on the Westport bank and fearing another run today it decided to close. The assets are placed at $315,000; liabilities at about $200,000.
9.December 9, 1896The True NorthernerPaw Paw, MI
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Article Text
Another Bank Suspends. Kansas City, Dec. 2.-The Bank of Westport, which kept its account with the Missouri National bank, which failed Monday, suspended Tuesday morning for the benefit of its creditors. The failure of the Missouri National bank caused a run on the Westport bank Monday, and fearing another run Tuesday, it was decided to close.