A FINANCIAL CRASH. The Mississippi Valley Bank of Vicksburg in the Hands of an Assignee. The Cause of the Failure-What the Officers Say-Great Excitement Over the Break. VICKSBURG, Miss., November 21.-Like an electric shock was the announcement on the streets this morning that the Mississippi Valley Bank had closed its doors, and its affairs placed in the hands of Geo. S. Irving as receiver. This was first made public by a card posted on the door, reading, "Bank Close1; in the Hands of a Receiver." The news spread like wildfire, and in a short time the building was filled with people seeking information. It appears that the firm of A. K. Bonham & Co., of St. Louis, of which George M. Klein is the principal partner, had become seriously involved through speculation in grain futures by Mr. Bonham. On last Saturday evening Mr. Klein sentJohn F. Halpin to St. Louis for the purpose of looking into the affairs of that firm. Not being able to get any satisfactory information through Mr. Bonham, it was not until yesterday that Mr. Klein learned that Bonham & Co. were responsible for an enormous sum due on future contracts. As soon as this fact was ascertained, he determined to adopt the course he has taken for the purpose of protecting the bank's creditors. In the act of assignment Mr. Klein has endeavored to protect, as far as possible, all of his poorer class of depositors, the most of the preferred creditors being depositors in the savings department of the bank. Mr. Klein has private interests in this and other States, among which is an interest in the houses of John F. Halpin & Co. and Gus Asher, of this city; an interest in J.J. Powers's o.l-mill and the steamers Issaquena and Tributary, is very largely interested in the city gas works and owns several pieces of very valuable real estate in this city. All of i these, besides the property owned by his father, John A. Klein, sr., has been placed in the hands of the assignee. Mr. Klein thinks the assets of the I bank, and of himself and father will more t than pay his liabilities. The failure of the bank will also involve the house of J.F. i Malpin & Co., of Vicksburg, and possibly some other Vicksburg houses will be more or less affected by it. The failure caused more excitement and comment in the city f than any other business event that ever 3 occurred here. Numerous telegrams were I also received from all parts of the country in reference to the suspension. The bank officials gave everyone prompt explanations of the causes of the failure, the t status of the bank and prospects for settlement. Liabilities, $500,000; assets fully 1 as much, but slow to realize on; amount . due to preferred creditors, $369,550.
What the St. Louis Firm Says. Associated Press Report.] ST. LOUIS, November 21. - The statement in a dispatch from Vicksburg that the suspension oi the Mississippi Valley Bank at that place to-day was caused by the failure of A. K. Bonham, of this city, is denied by that firm. They say they have no private advices of trouble in Vicksburg. It is learned, however, that Jno. T. Halpin & Co., of Vicksburg, Miss., the Valley Bank and A. K. Bonham & Co. are really one concern, controlled by the same parties, George M. Klein being president of the bank; it is also learned that Bonham had been speculating in grain on his own account, and paid individual debts with the paper of the firm, Bonham & Co., which was honored by Halpin & Co., and that Bonham claims to have done it by authority. It is impossible to get definite information tonight, but the indications are that both Bonham & Co. and Halpin & Co. will suspend or assign to-morrow, or within a day or two.
3.November 22, 1883Public LedgerMemphis, TN
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THE Mississippi Valley Bank,at Vicksburg, has been swamped by dealing in futures, and closed doors yesterday, and the people of the vicinity are greatly excited over the event. It was this bank over which John A. Klein presided for many years, but it appears that his son has been President for a period. The liabilities are estimated at a half million, with preferred creditors amounting to $369,550; and the assets are sufficient to cover the amount, when they can be realized on. George S. Irving has been named as Receiver. The bank had a savings department, and it is said that the majority of the preferred creditors are several depositors in this branch of the concern. President Klein has interests in Powers' oil mill, in the steamers Issaquena and Tributary, in gas works and realty, but these will have to be carefully managed, and not hastily disposed of, to yield anything like the amount of original investment. A branch house at St. Louis, known as A. K. Bonham & Co., has been specur lating heavily in grain futures, and Mr, Klein, being a partner, was carried down by Bonham & Co., paying private debts with the firm's paper. Bonham & Co and Halpin & Co., of St. Louis, are expected to make an assignment to day.
MISSISSIPPI VALLEY BANK. The Condition of Affairs Hourly Getting Worse-Liabilities will Probably Reach $800,000. VICKSBURG, Miss., November 22.-The condition of the affairs of the Mississippi Valley Bank, which failed yesterday, are hourly getting worse. Mr. Klein says the liabilities will probably reach $800,000. Halfin & Co. suspended to-day.
5.November 24, 1883The Milan ExchangeMilan, TN
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The Mississippi Valley Bank of Vicksburg closed its doors and went into the hands of a receiver Wednesday morning. 'Liabilites $500,000. Assetts sufficient to cover the debts. There was great excitement.
Bond Filed--Possession Taken. VICKABURG, Nov. 24.-General E. 87 Butts, President of the Vicksburg bank appointed receiver by Chancellor Cowman, filed a bond of $100,000 and took charge of the assets of the Mississippi Valley Bank. It Is stated that there are about $300 000 of discounted paper in the bank, which is perfectly good, a larger porsion being acceptances of merchants and business men of Vicksburg.
THE BROKEN VALLEY BANK. Gen. E. S. Butts Appointed Receiver to Take Charge of Its Affairs. VICKSBUKG, November 24.-Gen. E. S. Butts, president of the Vicksburg Bank, was appointed Receiver by Chancellor Cowan, and filed a bond of $100,000 to take charge of the Mississippi Valley Bank. It is stated that there is about $300,000 of discounted paper in the bank which is perfectly good, a larger portion being the acceptances of merchants and business men of Vicksburg.
8.November 25, 1883Daily GlobeSaint Paul, MN
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Receiver Appointed. VICKSBURG, Nov. 24.-Gen. E.S. Butte, president of the Vicksburg bank, appointed receiver by Chancellor Cownan, filed his bond of $100,000 and took charge of the assets of the Mississippi Valley bank. It is stated there are about $300,000 of discounted paper in the bank, which is perfectly good, a larger portion being the acceptances of the merchants and business men of Vicksburg.
9.November 26, 1883The Indianapolis JournalIndianapolis, IN
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The Mississippi Valley Bank. VICKSBURG, Nov. 24.-General E. S. Butts, president of the Vicksburg Bank, appointed receiver by Chancellor Cownan, has filed a bond of $100.000 and taken charge of the assets of the Mississippi Valley Bank. It is stated there are about $300,000 of discounted paper in the bank which is perfectly good, the larger portion being acceptances of merchants and business men of Vicksburg.
10.November 26, 1883Daily GlobeSaint Paul, MN
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Receiver Appointed. VICKSBURG, Nov. 24.-Gen. E.S. Butts, president of the Vicksburg bank, appointed receiver by Chancellor Cownan, filed his bond of $100,000 and took charge of the assets of the Mississippi Valley bank. It is stated there are about $300,000 of discounted paper in the bank, which is perfectly good, a larger portion being the aoceptances of the merchants and business men of Vicksburg.
11.November 28, 1883The ClarionJackson, MS
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A Great Calamity. Such is the failure of the Mississippi Valley Bank, at Vicksburg, announced on Wednesday last. The liabilities are upward of a million dollars, and the indications are that the assets will not realize ten cents on the dollar. They are in the hands of Gen. E. S. Butts, who has been appointed receiver, and who will make the most of them in the interest of all concerned. This disaster was caused by speculations in grain futures by the firm of A. K. Bonham & Co., St. Louis, of which Mr. Klein, President of the Bank, was a member. The announcement of the failure came upon the people of Vicksburg like a clap of thunder from a clear, blue sky, but they have acquitted themselves in the emergency with a forbearance, fortitude and heroism that has characterized them in other and trying ordeals.
12.November 29, 1883Oxford EagleOxford, MS
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18 An Irish parish priest, Father 10 Douoy, of Loughrea, on remov 7. ing to another parish, sold his farm to one of bis o-d flock 1. named Dervin. The new priest, in Father Callaban, fancied it, and, the purchaser being unwilling to it give it up, large numbers of 0 people collected and stoned Dervin out of the place, shouting that the priest should have the land. The military were called out and arrests made. The farmers sided with Dervin. The Jackson Ledger says: A few days ago two négroes ( went to Edwards, sold some @ cotton, received their money, I got drunk and started home in 1 a wagon. After driving part of t the way they met two other net groes on the road who asked to be taken up in the wagon, and e allowed to ride part of the way home. While in the wagon the two negroes who had been tak. S en up for & ride attacked the j two drunken negroes with a sling-shot, killing and robbing TO them. No arrests to date. k 1 The Senatobia Record says: o George Smith, Jr. colored, killt ed his father, George Smith, i Tuesday night about 7 o'clock, I on the old Carrington place, I five miles north west of town. It is not yet known what the tronble was. Young George \ was enptured by 10 o'clock 11 Tuesday night and is HOW in jail The Mississippi Valley Bank t at Vicksburg than suspended. The liabilities amount to about five hundred thousand dollars and the assets about the same. f The New Mississippian states t that a land syndicate has purchased 60,000 acres of land in 3 Olay county for seventy-five Y thousand dollars. b ja John Anderson of Tate county had his arm torn to peices by a gin last week. E
Closed. VICKSBURG, Nov. 21.-A notice posted on the door of the Mississippi Valley bank reads: "Bank closed. In hands assignee" om a It fell like a thunder clear sky on the citizens generally. The assignment was caused by the failure of A. K. Bonham & Co., of St. Louis, who had been dealing largely in grain futures. President Klein had offers of large sums of money from friends but would not accept. He has large interests in several steamboats, the Vicksburg gas company, J. J. Power's oil company, and a mercantile house, besides heavy lands over this and other states, and is largely interested in mining stocks. He assigned the entire property to George S. Irving. Klein says the depositors are fully protected. Assets and liabilities are not definitely known.
14.December 1, 1883St. Landry DemocratOpelousas, LA
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MISCELLANEOUS. IT is reported that L. M. Fumford, dealer in buggies and agricultural implements at Kalamazoo, Mich., who failed a few weeks ago, has been arrested on complaint of an Auburn, N. Y., firm who charge him with embezzlement. THE people of Toronto, Ont., continue to protest against the influx of pauper immigrants. They want the British Government to refund what it will cost Canada to take care of these people. THE Northern Pacific Railway stockholders have ratified the action of the board regarding the new $20,000,000 loan. ON the 20th Jacob A. Nebinger was convicted in the United States Court at Philadelphia of embezzling Government funds while Postmaster at Steelton, Pa. ON the 20th H. H. Shepley, Fred Erby, J. H. Cook and B. Frank Moore, who represented different lotteries in Chicago, were found guilty of sending forbidden matter through the mails. Sentence was deferred. ACCORDING to a Paris dispatch of the 20th the breaking out of war with China was apparently only the question of a few hours. DURING the yellow fever epidemic the total number of cases at Brewton, Ala., was seventy-five; deaths twenty-eight. ON the 21st thirty thousand chests of tea were sold in New York. UNITED STATES Marine Hospital Surgeon Van Zandt, at San Francisco, Cal., reports two cases of yellow fever at that institution. IT is reported that the Mississippi Valley Bank at Vicksburg, Miss., has suspended. RECENT proposals made by China on the Tonquin question are not acceptable to the French. THE injunctions against the issue of the Northern Pacific Railway second mortgage have been dissolved. IT is reported that the Corean Embassy are short of funds, and trying to borrow $10,000 from the United States Treasury. IT is now proposed by the Canadians to send back undesirable immigrants to the places from which they came. A DEMONSTRATION will be made by the French fleet on the Chinese coast during the advance on Bac Ninh. ON the 21st an exceedingly severe storm prevailed over a wide area of country. Railroad washouts were numerous and telegraph service was impeded. At Piedmont, Mo., two women and three children were drowned and much property destroyed. At Fredericktown, Mo., the freshet was the highest known in seventy years. Serious damage is reported from many towns. At Indianapolis it is estimated at $250,000. THE suits of the Government against Star-route Contractor Funk, of Philadelphia, have been compromised for $928. THE Coke-works property of Mount Pleasant, Pa., have been bought by H. C. Frick & Co. AN address has been issued by a Spanish republican society threatening revolution if universal sufferage is not granted. A WEALTHY farmer named John A. Lihe, living near Vincennes, Ind., is reported as having eloped with a Mrs. William Antler. He leaves a family and is supposed to have gone West.
15.December 2, 1883Savannah Weekly EchoSavannah, GA
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LATER NEWS COMMODORE JOHN M. BERRIEN, a retired officer of the United States navy, died the other day in Philadelphia, He was a mid shipman on the frigate Constellation, over fifty-eight years ago. WILLIAM McWILLIAMS, a Waterford (Penn.) octogenarian, awoke the other night and found the cold arms of his dead wife clasped around his neck. FORTY masked and armed men took possession of the mine at Marshall Basin, Colorado, and made the workmen quit after shooting and killing one. A STATEMENT of the recent gales on the great lakes shows a loss of fifty-five lives and sixty vessels, Twenty-six vessels, representing a value of $400,000, are total losses. THE Mississippi Valley bank, of Vicksburg, Miss., has suspended. GENERAL AUGUSTUS C. DODGE, formerly United States Senator and minister to Spain for eight years, diel in Burlington, Iowa, a few days since, aged seventy-two years. Ex-SENATOR GEORGE E. SPENCER. of Ala bama, was arrested at Austin, Nev., by order of Attorney-General Brewster for contempt of court in not appearing as a witness in the star route cases, Spencer denied eluding the officers. He left Austin with two deputy marshals for Washington. DURING a severe rain storm a dozen houses at Piedmont. Mo., were swept away by the rising waters of a creek, and two womenand three children were drowned. THE propeller Manistee, from Duluth. Minn., bound for Ontonagon, foundered in Lake Superior during the recent heavy gales and twenty-five persons on board are sup pose to have been lost. EDWARD PAYNE, cashier of the First National bank at Rushville, Ind., was shot dead by a burglar, who had entered bis house for the evident purpose of robbery. THE attention of the United States government has been invited to the International Forestry exhibition to be held in Edinburgh in the summer of 1854. The exhibition will be open to contributors from all countries, and is designed to include every thing connectel with or illustrative of the forest products of the world. MOODY and Sankey, the evangelists, are holding largely attended meetings in Wads worth, England. THE Chinese government is reported to have issued a call for 150.000 troops, in an. ticipation of a war with with France. THE American ship Thomas Dana arrivel at Fayal having on board twenty-one men whoha formed part of the passengers and rew of the French brig Rocaberg, sunk by a collision. The remainder of the passengers and crew, numbering eighty-eight, per ished. JAMES DAVIS, secretary of the London and San Francisco bank, absconded from London with $250,000 of the institution's funds. SPANISH Republicans threaten a revolt it miversal suffrage is not granted at the next sossión of the Cortes.
The Mississippi Valley Bank. VICKSBURG, December 1.-Gen. Butts, receiver of the Mississippi Valley Bank, furnished Sheriff Beck a statement of the condition of the bank. The assets in cash, bills receivable, overdrafts and real estate are about $120,000. The liabilities-due depositors on demand in the savings department, and protested exchange refurned-areabout$915,000. There are offsets and claims against overdrafts and bills receivable which materially decrease the amount of the assets.
17.December 15, 1883The Greenville TimesGreenville, MS
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David Mayer to fill the road cuts in the levee near their stores, and to personally see that said cuts are filled by them; and upon their failure to promptly comply with this order to report such failure at once to the attorneys of the Board that legal steps may be taken to enforce it. This order also applies to the out in the levee near wood-yard at lower end of Cam mack levee in front of Ben Joylers. Ordered, That the following accounts be and are hereby allowed and ordered paid: T. W. Helm, assistant engi$134 25 neer, services, &e., G. M. Helm, Chief Engineer, traveling expen21 35 ses, &e., W. E. Hunt, Sheriff, sum29 50 moning jury, &e., Jas. Stone, Collector, tax 18 00 paid twice, In the matter of the application of J. B. Green, for drainage of Cat Fish Point, Ordered, That action thereon be postponed for further investigation. In the matter of cotton tax on deposit in the Mississippi Valley Bank at Vicksburg at the time of its suspension, it is Ordered, That it be referred to the attorneys of the Board, who shall report to the final meeting of this Board the status of the fund and the duty of the Board in the premises. It is ordered, That upon the adjournment of the Board the President be requested to convene the Board in extra session on Saturday, January 12th, 1884, at the office of the Board in Greenville, Miss. Ordered, That the Chief Engineer at once repair the weak point in angle of levee at Rosedale, in Bolivar county. In the matter of the account of J. H. Biscoe and others, referred te the attorneys on 4th Septomber last, Ordered, That said account be and is hereby rejected upon report of attorneys. It is ordered, That the German National Bank, of Memphis, Tenn., be hereafter the designated depository of all funds belonging to the treasury of the Levee Board in excess of $10,000. Ordered, in the matter of D. Sessious' petition for drainage, that it be referred for proper action to the Chief Engineer and Commissioner Stokes. Ordered, That the claims of members for mileage and per diem at meetings of yesterday and today be allowed as follows, to-wit: . Clay, 4 days, 124 miles, $23.44 28.00 J.F. Stokes, 4" 200 " 14.76 M. Williams,3 " 46 " 11.00 J.T. Atterbury, "
18.September 17, 1884Press and Daily DakotaianYankton, SD
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Business Troubles. Ironton, Ohio., Sept. 17-D. Lynn & Co., wholesale dealers in grocery and fancy goods assigned. Liabilities estimated at $20,000. Troy, N. Y., Sept. 17-A. M. & C.M. Clements, of Fort Edwards, assigned, causes by the failure of Edward's bank. Liabilities $40,000. New York, Sept. 17-Judge Donohoe of the supreme court, to-day granted an attachment against the property of the Mississippi Valley bank, of Vicksburg, Miss., in an action brought by the National Park bank of this city. to recover $434.66, claimed due the plaintiff.
19.May 27, 1885The Indianapolis JournalIndianapolis, IN
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A Serious Loss to Poor People. VICKSBURG, Miss., May 26.-From a partial report of the receiver of the Mississippi Valley Bank, it appears that the assets will fall about $900,000 short of the liabilities, and that most of the loss will fall on poor people.
20.May 30, 1885Huntsville GazetteHuntsville, AL
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CONDENSED TELEGRAMS. MRS. HUNTING, the keeper of the babyfarm at Peres and Wood streets, Chicago, was on the 23d indicted for manslaughter by the grand jury. THE Department of State was closed on the 23d as a mark of respect to the memory of the late Secretary Frelinghuysen. BEN ROGERS, colored, was arrested on the 23d, charged with attempting to rob and murder Mrs. Madden, who lives on a farm four miles below Memphis, on the Arkansas side. SAMUEL THOMAS the rich Pennsylvania iron-maker, arrived at Birmingham, Ala., on the 23d with half a dozen other Pennsylvania iron men. He at last succeeded in impressing iron and coal men with the belief that only a few unimportant details remain to be settled before he begins developing his iron properties near that city on a big scale. MR. JOHN SCOTT, general manager of the Cincinnati, New Orleans and Texas Pacific Railroad Company, has resigned, to take effect June 1st. THE Senate Committee on Indian Aflairs arrived in the Indian Territory on the 25th. Their visit is creating great interest. IN view of the alleged prevalence of yellow fever in the Northern States, the Secretary of the Treasury has been requested to re-appoint the sanitary inspectors on the border line of Arizona. PROF. RILEY says the seventeen-year locusts, whose visit he has predicted, are harmless to growing crops, and do no injury except to the twigs of forest and fruit trees. THE discovery of oil is claimed near Vance's Station, on the Alabama Great Southern railroad. The test of igniting gas above a stream there having been several times made, the discovery is regarded with much interest. WILSON and Williams, counterfeiters, were sentenced to five years imprisonment in the penitentiary at Nashville, on the 26th. FROM a partial report of the receiver of the Mississippi Valley Bank, of Vicksburg, which failed some time ago, it appears that the assets will fall about $900,008 short of the liabilities, and that most of the loss will fall upon poor people. CYCLONES visited Northeastern Kansas on the 27th, doing great damage to property. A number of persons were injured, two fatally. THE National Wool-growers' Association met at St. Louis on the 27th. MILLIONS of young grasshoppers are reported coming out of the sandy soil on the south side of the Arkansas river, near Pueblo, Col., destroying early vegetables and tender shrubs. THE Tennessee Legislature met in extra session at Nashville on the 25th.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
