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Directed to Pay Depositors. St. Loius, July 11,--Receiver Spencer of the People's United States Bank was today directed by Judge McIlhenney to pay depositors on demand.
People's United States Bank (St Louis, MO)
Episode Information
- Episode UID
2779425991267- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
277942599hash - Start Date
- July 11, 1905
- Location
- St Louis, Missouri (38.627, -90.198)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
e2f243fbae405bb6
Response Measures
None
Description
Multiple receiverships: an early receivership was vacated and the bank resumed, but later directors voted voluntary liquidation and a receiver was again appointed.
Events (4)
1.
July 11, 1905
Suspension
- Cause
- Government Action
- Cause Details
- Receiver appointed on request of Missouri Secretary of State and court action; receiver ordered to pay depositors.
- Newspaper Excerpt
- Receiver Spencer of the People's United States Bank was today directed by Judge McIlhenney to pay depositors on demand.
- Source
- newspapers
2.
July 17, 1905
Reopening
- Newspaper Excerpt
- Judge McElhiney ... dissolved the receivership for the institution and discharged Receiver Seldon P. Spencer ... bank ... permitted to resume business.
- Source
- newspapers
3.
August 15, 1905
Receivership
- Newspaper Excerpt
- Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney ... granted an application for a receiver for the People's United States Bank on the request of Attorney General Hadley of Missouri. The court then appointed a receiver...
- Source
- newspapers
4.
August 15, 1905
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- Directors voted to go into voluntary liquidation after court decision and enforcement of a postal fraud order; receiver subsequently appointed.
- Newspaper Excerpt
- Following the decision ... the directors of the People's United States Bank ... have voted to go into voluntary liquidation. ... Judge McElhinney ... granted an application for a receiver ...
- Source
- newspapers
Newspaper Articles (24)
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PEOPLES BANK FAILURE More Than $600,000 Will be Lost by 65,000 Stockholders. St. Louis, July 11.-By the collapse of the Peoples United States Bank the 65,000 stockholders, scattered throughout every state and territory of the union will lose more than $600,000, even if Receiver Spencer's greatest expectations as to the value of the bank's securities are realized. According to Receiver Spencer's estimate, made Tuesday, he expects to realize from the present assets $1,826,250. This amount is necessary if he is to pay back to stock subscribers 75 per cent of their holdings. The total amount of paid up stock subscriptions are $2,435,000. The securities upon which he counts for realizing 75 cents on the dollar paid in for stock is the property pledged for collateral to secure the bank's loans. Receiver Spencer was today directed by Judge McIlhenry of the St. Louis county circuit court to pay depositors on demand and the bond of the receiver was increased from $250,000 to $1,000,000. The receiver notified the court he had engaged Senator A. El. Gardner, and Judge George Wolff as legal advisers. All depositors asking money will be paid from the funds now deposited in the various St. Louis banks. Many depositors have already made demand on the bank for the amount of their deposits and Mr. Spencer looks for a heavy rush of such demands during the next few days.
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PEOPLE'S BANK IS RELEASED TECHNICALLY St. Louis, July 17.-On - motion of attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhiney of the St. Louis circuit court, today dissolved the receivership for the instiution and discharged Receiver Seldon P. Spencer, appointed by him several days ago on request of Secretary of State Swanger of Missouri. The judge's action was based on the ground that the secretary of state failed to make a personal investigation of the affairs of the bank before making application for a receiver. The court stated that a receiver was appointed on representations, which which it was developed, were based by the secretary of state on his impressions of conditions prevailing at the bank and its methods of conducting its business, and not on facts secured by thorough investigation.
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RECEIVER DISCHARGED ST. LOUIS BANK IS DOING BUSINESS AGAIN The Court Ordered the Discharge of the Receiver of the Bank, Who Was Recently Appointed on Motion of the State Officials. St. Louis, July 17.-Judge McElhinny today dissolved the receivership of the People's United States Bank and discharged the receiver appointed a few ys ago on the motion of Secretary of Swanger. tor
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REGIEVER OF UNITED STATES BANK OUSTED ST. LOUIS, July 17.-Judge McElhinney of St. Louis county circuit court, at Clayton, this morning ousted ex-Judge Spencer as receiver of the People's United States bank.
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Receiver Ousted. St. Louis, July 17.-Judge McElhinney, of St. Louis county circuit court at Clayton, this morning ousted exJudge Spencer as receiver for the Peoples' United States bank.
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RECEIVER DISCHARGED. People's U. S. Bank of St. Louis Permitted to Resume Business. St. Louis, July 17.-On motion of the attorneys for the Peoples United States bank, capitalized at $2,500,000, Judge McElhinney of the St. Louis county circuit court, today dissolved the receivership for that institution, and discharged Receiver Seldon P. Spencer, appointed by him several days ago on the request of Secretary Swanger of Missouri.
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Receiver Spencer Ousted. ST. LOUIS, Mo., July 18.-Judge McElhinney of the St. Louis county circuit court at Clayton has rousted ex-Judge Spencer as receiver of the Peoples' United States Bank.
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By the collapse at St. Louis of the People's United States bank, the getrich-quick enterprise of E. G. Lewis, the 65,000 stockholders scattered throughout every state and territory of the union will lose more than $600,000, even if Receiver Spencer's greatest expectations as to values of the bank's securities are realized. Bank Examiner Cook, who should be thoroughly familiar with the institution's affairs, says the stockholders cannot be paid more than 50 per cent, thus entailing a loss of $1,217,500. The postoffice department has issued a fraud order against the bank and it must cease operations.
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RECEIVER IS DISCHARGED. People's United States Bank Again in Hands of Officers. St. Louis, July 19. - On motion of the attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinny, of the St. Louis county circuit court, yesterday dissolved the receivership for that institution and discharged Receiver Selden P. Spencer, appointed by him several days ago on the request of Secretary of State Swanger of Missouri.
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RECEIVER IS DISCHARGED. People's United States Bank Again in Hands of Officers. St. Louis, July 19. - On motion of the attorneys for the People's United States bank, capitalized at $2,500,000, Judge McElhinny, of the St. Louis county circuit court, yesterday dissolvea the receivership for that institution and discharged Receiver Selden P. Spencer, appointed by him several days ago on the request of Secretary of State Swanger of Missouri.
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Receiver took charge of People's United States bank in St. Louis and say it will pay deposits in full.
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Does anyone on earth think that Receiver Spencer is entitled to twelve thousand dollars for the ten days services as receiver of the People's United States bank at St. Louis?
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VOLUNTARY LIQUIDATION. Result of Adverse Decision by United States Judge. ST. LOUIS, August 15.-Following the decision of United States Circuit Judge Van DeVenter, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States Bank, on the advice of their attorneys, have voted to go into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney of the St. Louis county circuit court today granted an application for a receiver for the People's United States Bank on the request of Attorney General Hadley of Missouri. The court then appointed a receiver, but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the attorney general, after a previous order appointing a receiver had been vacated by the court on the application of the bank directors, who claimed that the procedure was illegal.
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U. S. Bank Quits. St. Louis, Aug. 15.-Following the decision of United States Circuit Judge Van Deventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States bank, on the advice of their attorneys, have voted to 50 into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney. of the St. Louis County circuit court, today granted an application for a receiver for the People's U. S. bank. on the request of Attorney General Hadley of Missouri The court then appointed a receiver, but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the attorney general, after a previous order appointing a receiver had been vacated by the court on the application of the bank directors. who claimed that the procedure was illegal.
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RESULT OF FRAUD ORDER. United States Bank Decides to Quit Business. St. Louis, Aug. 16.-Following the decision of United States Circuit Judge Vandeventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities, the directors of the People's United States bank, on the advice of their attorneys, have voted to go into voluntary liquidation. The following resolution was adopted: "That as the order issued by the honorable postmaster general July 6, 1905, against this bank prevents the proper and regular operation of the bank by the use of the United States mails, although the bank is solvent and sound in all respects, it is deemed by this board for the best interests of the depositors and stockholders to go into liquidation and to take at once all proper steps for the protection against unnecessary expense and loss to its stockholders and depositors." Notwithstanding the decision of the directors to go into voluntary liquidation Judge McElhinney of the St. Louis county circuit court granted an application for a receiver for the People's United States bank on the request of Attorney General Hadley of Missouri. The court then appointed a receiver, but announced that his name would be temporarily withheld.
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BANK CLOSES DOORS. Directors Objected to Ruling of United States Court. St. Louis, Aug. 15-Following the decision of United States Circuit Judge Van Deventer, denying an application for an injunction to prohibit the enforcement of a fraud order by the postal authorities. the directors of the Peoples United States Bank, on the advice of their attorneys, have voted to go into voluntary liquidation. The following resolution was adopted: "That as the order issued by the honorable Postmaster General July 6, 1905, against this bank prevents the proper and regular operation of the bank by the use of the United States mails, although the bank is solvent and sound in all respects, it is deemed by this board for the best interests of the depositors and stockholders to go into liquidation and to take at once all proper steps for the protection against unnecessary expense and loss to its stockholders and depositors." Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhenny of the St. Louis County Court today granted an application for a receiver for the Peopies United States Bank on the request of Attorney General Hadley of Missouri. The Court then appointed a receiver but announced that his name would be temporarily withheld. The action of the court in appointing a receiver was taken on a supplementary petition filed by the Attorney General, after a previous order appointing a receiver had been vacated by the court on the application of the bank's directors who claimed the procedure was illegal. Immediately upon the announcement that Freck Essen of St. Louis County was the court's selection for receiver, attorneys for the bank filed two motions, the first to vacate the appointment of Essen and the second appealing from Judge Mcflhany's order authorizing a receivership
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PEOPLE'S BANK LIQUIDATES St. Louis Institution Forced to Wind Up Its Affairs. Fohowing the decision of Federal Judge Vandeventer at St. Louis, Mo., denying the application for an injunction to prohibit the enforcement of the fraud order by the postal authorities, the directors of the People's United States Bank have voted to go into voluntary liquidation. Notwithstanding the decision of the directors to go into voluntary liquidation, Judge McElhinney Tuesday granted the application for a receiver for the People's United States Bank on request of Attorney General Hadley. The court appointed the receiver, but announced his name woull be temporarily withheld.
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IS MOST THROUGH ANYHOW Missouri Supreme Coart Annu's neceivership of the People's United States Bank. St. Louis.-The Misscuri supreme court in Jefferson City reversed Friday the action of the St. Louis county circuit court in appointing Fred Essen receiver for the $2,500,000 People's United States bank, of which E. G. Lewis is president. An opinion defining the scope of the decision will not be handed down for several weeks. The decision means, lawyers say, the end of Essen's receivership, and replaces the affairs of the bank in the hands of the directors. It is said, however, that the directors can not continue the operation of a bank without obtaining a new charter and starting anew. Receiver Essen, when told by a reporter that the supreme court nad set aside the receivership, said: "Good. I'm glad of it. I'm about through with the bank, anyhow. What do I mean? Merely that every debt has been paid. the depositors have got every dollar due them and there's only between $35,000 and $40,000 stock outstanding. "We've made two payments on the stock, the first 50 cents on the dollar. the second 35 cents. We are paying out 85 cents on the dollar.
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Partial Revocation of Postmaster General's Order. Washington, July -Postmaster General Cortelyou today suspended his order of July 6, 1905, to the postmaster of St. Louts forbiding the delivery of mail and the payment of money orders to the Peoples United States Bank, its officers and agents and E. G. Lewis, so far as it effects E. G. Lewis personally. This suspension said the postmaster general in a public statem it, was upon the clear understanding that the resumption of the use by Mr. Lewis or his name for the purpose of reviving the Peoples United States Bank would be deemed sufficient ground for revoking the order of suspension putting the order of 1905. in all respects again in force.
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LIFTS BAN AGAINST LEWIS Fraud Order by Postal Department Partially Revoked for St. Louisan. Washington, July 11.-The postmaster general has suspended his order of July 6, 1905, to the postmaster of St. Louis forbidding the delivery of mail and payment of money orders to the People's United States bank; its officers, agents, and L. G. Lewis SO far as it affects Lewis personally.
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SUSPENDS A FRAUD ORDER People's Bank of St. Louis and Pos. tal Department Come to Terms By Associated Press. WASHINGTON, July 10. -Postmaster General Cortelyou today suspended his order of July 6, 1905, to the postmaster of St. Louis forbidding the delivery of mail and the payment of money orders to the People's United States bank, its officers and agents and E. G. Lewis, so far as it affects E. G. Lewis personally, The postmaster general says the operations of the bank are understood to be. at an end and the concern is practically out of existence. This suspension, the postmaster general continues, was upon the clear understanding that the resumption of the use by Mr. Lewis of his name for the purpose of reviving the People's United States bank would be deemed sufficient ground for revoking the order of suspension and putting the order of 1905 in all .respects again into force.
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WASHINGTON, July 10.-Postmaster General Cortelyou today suspended his order of July 6, 1905. to the Postmaster of St. Louis forbidding the delivery of mail and the payment of money orders to the People's United States Bank, its officers and agents, and E. G. Lewis, 80 far as it affects E. G. Lewis personally.
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PEOPLE'S BANK ORDER RAISED. Can Receive Mail if No Deposit Money Is Accepted. WASHINGTON, D. C., July 10.Postmaster General Cortelyou today suspended his order of July 6. 1905. to the postmaster of St. Louis, forbidding the delivery of mail and the payment of money orders to the People's United States bank. and E. G. Lewis personally. The use by Lewis of his name for the purpose of reviving the People's United States bank will be deemed sudicient ground for revoking the order of suspension. The postmaster general says the concern is practically out of existence.