Baxter Bank (Baxter Springs, KS)

Episode Information

Episode UID
3673705491164
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
367370549 hash
Start Date
December 5, 1896
Location
Baxter Springs, Kansas (37.024, -94.736)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9a514d9f16c63cdb

Response Measures

None

Description

Receiver appointed and bank described as defunct; insolvency mentioned.

Events (2)

1. December 5, 1896 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in hands of state bank commissioner/ceased operations due to insolvency and regulatory intervention
Newspaper Excerpt
Baxter bank, Baxter Springs, Kas., closed 118 doors this morning
Source
newspapers
2. January 9, 1897 Receivership
Newspaper Excerpt
OPEN TODAY. R. H. Sande, receiver of the defunct Baxter bank, has taken charge and will open up the matter of winding up affairs today.
Source
newspapers

Newspaper Articles (14)

Article from Deseret Evening News, December 5, 1896

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BRIEF TELEGRAMS. The President has appointed Polk W. O'Sullivan register at the land office at Prescott, Ariz, Baxter bank, Baxter Springs, Kas., closed 118 doors this morning and 18 in the bands of the state bank commissioner. In the United States circuit court, St. Louis, Judge Caldwell has granted the Frisco receiver's request to be discharged and to release the surety. The North German Gazette declares that President Cleveland's tonnage dues contention 18 disputed by the German government, which has lodged a protest. The grand jury has voted indictments against five Western Union officials, in Chicago, on the charge of alding and abetting bucket shop keepers. District Attorney John R. Fellows, New York, lies at the point of death. His family have given up hope. John R. Fellows Jr., who 1a in the south traveling for his health, has been summon ed. At Newport, R. I., a hundred naval apprentices made a dash for liberty this evening and two escaped. The trouble IS said to be the outgrowth of the denial of the boys' request for lurlough for the Christmas bolidays. McKinley was engaged most of the morning with Charles G. Dawes of Chicago. Dawes left for Washington this alternoon. Several congressmen eq route to Washington stopped to call on McKinley today. Charles Bollin, who established the first dry goods store in Denver in 1867 and became ene of the city's leading merchants, is dead, aged 63, The death was the result of an operation for cancer. The Cunard steamer Etruria from New York which arrived at Queenstown AL 10 o'clock last night and proceeded on her voyage has signaled that she has lost a propeller blade, which will delay her arrival in Liverpool. An official of the Western Union said this afternoon: "The report that officials of the Western Union company were indicted by the grand jury today for aiding and abetting bucket shops, 18 untrue." The great Virginius mine, Colorado, is closed down on account of the etrike of the employes, who have a grievance against the shift bosser. It IS believed a settlement of the trouble will soon be reached, as A. E. Rey. nolds, the owner, is coming from Denver.


Article from Perrysburg Journal, December 12, 1896

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The town of Flippen, Ky., was wiped out by fire. of Secretary of total the The annual report shows that the June number Interior of Francis acres disposed leaving of up to public 30 last was still 043,000,000, vacant estimated the district at over of with Alaska, 000 600,000,000, domain not an including area of over 369,000,DuSupervising acres. Inspector steamboat General inspection that in his were carried on service, mont. of the passengers annual the report year says and that vessels lost, a decrease from 600,000,000 steam 221 lives were of during 173. the O., previous year of Montezuma, Arthur Palmer, of Emlenton, at Pa., St. and E. oil L. men, Godfrey, were drowned Mary's, Behme was of his both Fred O. Ill., for the executed murder in last. Mc. Leansboro, Easter Sunday cost wife ship is said to be The government and battle child on $4,125,000, Texas. which the a complete failure. dealer in hardware Tex., and agricultural W. E. Dupree, implements at Waco, race failed An international for $250,000. began six-day in bicycle Madison 28 starters York. Square with garden, New buildings and Miss., five Twenty-one were store burned at Shaw, dwellings of $100,000. a the navy, entailing secretary loss of report warns Hilary the A. Herbert, The in his annual insufficiency of There its navy vessels country requirements of the of war. 8,165 for the in commission, and in the apprentices navy. $13,002,625. listed 42 men The and department 1,378 expending durCobb, ing The the lumber year Me., schooner was Nathan wrecked F. on the Florida of Rockland, coast and three men were drowned. An earthquake shock Minn. was distinctly felt at Smith Lake, collision between Pacific road two A head-end the Southern in the death near freights Waelder, of on two engineers, Tex., resulted two firemen and a brakeman. the great lakes during In navigating closing 62 lives years were the season now with previous list is much William Bourke, this lost. Compared Conn., below the average. Hartford, 11 years old; years Ryan, 6 years were old, drowned mob Burns, Daniel 7 At 10 old; years Josie old, Bourke, and the Martin while counMo., skating. of farmers broke into secured Jesse ty A jail at and Lexington, James Nelson, and held her for two the Winner of Mrs. Winner them. and John murder babies, and lynched and Ella Alpha Blanche were Bishop drowned at Hawley, Pa., while skating. A. F. Gleisner, wife shot of her a infant glassblower Mrs. at Newark, and O., then shot insane. herself. child in the thought head to have Vicksburg been and She The was new gunboats launched from the each. yards Newport Me. were They cost $229,400 and her daughat Bath, Lawrence boarder Mrs. Sarah nine, and a gas named in ter Sophie, Sawyer aged were suffocated by Fire Boston. destroyed Flaspoller the wholesale & Sons grocery in New house of B. H. being $100,000. Orleans, the loss six tollgates in A mob tore down Ky., making over three 300 destroyed Mercer county, in the state in the last The its doors. months. Baxter bank at Baxter Springs, huntKan.. closed named Davis while sons of out his emA with negro the two young near Pine Bluff, ing ployer, killed Joe both Williams, the boys and at escaped. Clinton, its Mo., closed Ark., The Henry county doors with bank liabilities of has lodged $125,000. German gevernment with the state The energetic protest Washington against ton- the an in imposing ports. action partment nage duties of the on president German in ships entering American total receipts of the $82,499,208.40 government during The the past expenditures year were were $90,- over and the total increase of receipts and 626,296.84 an of $5,516,080.21, an increase the previous of year expenditures of $3,836, in witness 124.02. O'Connor, a and the famous connected Henry Owen Cronin murder trial with the 39th the to of meet the persons death, killed himself at his case home in Chicago. were killed injured and ten Three persons or less seriously & Ohio in others more on the Baltimore O. a collision Storrs Station, railway near National bank of New OrThe Union suspended business. leans, 1896, has resumed message to to affairs tember his which 9, congress payment President de- in Cleveland, In in referring in spite of Spain's rebellion Cuba, says that down the have cannot the termination Cubans to put and gained says it strength presentatarms and men, that the be insenably titude of be the expected United States will olddefinitely maintained. Loveland, aged in the 70, the AdironFrederick best-known guide falling tree. est dacks, and was killed by a 77 years, living and 76, George Deacon, killed aged his wife. aged near Argos, took Ind., his own life by drowning


Article from Baxter Springs News, December 19, 1896

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Article Text

We are informed that parties who have paid their taxes through the Baxter Bank will get their receipts as soon as a receiver is appointed.


Article from Baxter Springs News, January 9, 1897

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OPEN TODAY. R. H. Sande, receiver of the defunct Baxter bank. has taken.charge and will open up the matter of wind. ing up affairs today. As soon as a correct statement is issued we will give it to our readers.


Article from Baxter Springs News, January 16, 1897

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F. D. Gill is assisting Receiver Sands in clearing away the wreck of the Baxter Bank. It has not been ascertained yet just how much the salvage is worth.


Article from Baxter Springs News, January 23, 1897

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4.5 Muthateu com and currency 1,200.00 Planing mill and ground Lots 5 and 6 in block 6, lots 4 and 5 in block 9. lots 3 and 4 in block 2. all in Dunbar's first addition 370.00 20.00 Lot 20 in block 7. Barnes' add'n Lots 5 and 6 in block I. lots I, 2. 3.4. 5. ,6,7, 8 and 13 in block 2, lots I. 2 and 14 in block 3, 280.00 all in Brewster's first add'n. 20.00 Lot 4 in block 4. Van Epps add. 300.00 Block 5. Griswold & Hawks ad. Forty acres raw land 3 miles 500.00 northwest of town Rents due from tenants in bank 60.00 building Bills receivable (these are notes, many of which are 6 y'rs old) 19 890.86 Fifty shares U. S. Fibre stock, not known Bond of the Sunflower county, 100.00 Miss.. railroad Two thousand shares of Baxter Springs Investment Company 80.00 stock, market value Judgment against school district No. 734.17 1,756.49 Overdrafts Due from Metropolitan Nation880.00 al Bank of Kansas City Due from Merchants Exchange 2.45 National Bank of New York. 341.09 Stock of groceries, invoiced at 400.00 Bahk fixtures, worth probably Total, $26,971.48 In the estimates on the value of the real estate, we are satisfied we have appraised the different pieces of property high enough. The half interest in the flouring mill is not included by us in the assets for the reason that that matter is in litigation in the supreme court. The Metropolitan National Bank of Kansas City holds personal notes to the Baxter as given money loaned Bank the amount security for to of but as the will be gets even, $22,000, lucky if it Metropolitan out there is no earthly use of counting of this amount as have included the any not bank assets. build- We in the assets mortfor three is gaged ing "blanketed" because times what it is to it worth, being the amount of $9,278.44. The bills receivable amount to $19,890.86, but we have them, as our we over judge inspected wouldn't and give God $100 for the whole batch. The overdrafts amount to $1,756.49, and are not worth, in our estimation, to exceed $400. Take the difference between the bills receivable and the overdrafts and what they are worth and the assets will be reduced to $5,824.12. We will rest here for a few lines and speak of the assets again farther down the column. LIABILITIES $16,458.14 Deposits Due the Metropolitan National 20,299 35 Bank of Kansas City Due Merchants' Exchange Na6,500.00 tional Bank of New York Due Miners' Bank of Joplin, on overdraft 5.45 Protested drafts outstanding(protest fees not included)2,710.76 subject to correction Total, $45,943.70 We understand courts have long held that protested drafts are pre: ferred claime. If this is go, subtract the amount At and no.. protested drafts rooable expenses of receiver ship from the assets and you can form some idea of what per cent the depositors will probably realize. Of course, the figures given may not be absolutely correct, and are subject to change. We hope that Mississippi railroad bond and the fifty shares of U. S. Fibre stock will increase the assets to that point where the depositors will get one hundred cents on the dollar, but It might be worth while for some of the depositors to trade their claims to Receiver Sands for fibre stock. Still we hope for the best. In fact we never despair. MORE ROTTENNESS- MAYBE. The county records, we understand, show that the north half of lot 12 in block 6, which is the corner lot, just across the street south from Bischofsberger's livery stable, was deeded to Naylor on the 4th of December, the same day the Baxter Bank closed its doors. We do not include this lot in the assets for this reason. The lot is worth probably $300. Of course the depositors will be pleased to learn this. If the balance of the real estate, which is included in the assets, should prove to be mortgaged or sold for taxes, of course they will have more cause for joy. But, seriously, wouldn't the whole business cork you? [TO BE CONTINUED.]


Article from Baxter Springs News, February 6, 1897

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RECEIVER'S NOTICE. All persons knowing themselves indebted to the Baxter Bank for overdrafts, on notes or in any other manner, are hereby notified to call and make settlement at once. R. H. SANDS. Receiver.


Article from Baxter Springs News, February 6, 1897

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,R. H. Sands, receiver of the Baxter Bank, was in Kansas City this week on business connected with his position.


Article from Baxter Springs News, February 6, 1897

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BLUFF DIDN'T WORK. It has been suggested to us that all the blame for the condition of the Baxter Bank should not be laid to Col. Alexander Warner, and the reason given for it is that Bank Commissioner Breidenthal should have closed up the bank several months before it failed. The party suggesting this says: "Early in September Bank Commissioner Breidenthal called for a statement and it was published. That statement showed the bank insolvent and not carrying more than onehalf the cash and exchange required by law. It should have been closed up at that time by the bank commissioner, but Breidenthal al. lowed that bank to run, knowing it was violating the banking laws from September 1, 1896." There is no doubt of it at allthat the bank violated the banking laws from September 1, 1896. But for the edification of the party making the suggestion we will say that there is no law giving the bank commissioner power to close an insolvent bank. He may notify the bank officials that they are violating the banking law, but he has no power under the statute to close them up, although it is generally believed that such is the case. The law governing the duties and powers of the bank commissioner is sadly deficient, but only a few people are aware of it. We get these facts from a gentleman connected with the bank commissioner's office, and he tells us that they sometimes close a bank by bluff, but that they have no power under the statute to do it. This, we suppose, is a case where the bluff didn't work. But the fact that the bank com missioner is unable to have a bank closed does not absolve the officials from blame. Not a bit of it. And the penalty for violating the state banking laws is very severe.


Article from Baxter Springs News, February 13, 1897

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Receiver Sands, although one of the best bookkeepers in the state, is, we think, learning something about the business since he has mixed up with the Baxter Bank affairs.


Article from Baxter Springs News, February 20, 1897

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We understand Colonel Alexander Warner and his son, Ben, are going to turn their residence property over to Receiver Sands for the benefit of the creditors of the Baxter Bank.


Article from Baxter Springs News, March 6, 1897

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Receiver Sands is at his post of duty again in the defunct Baxter Bank. He has been confined to his home by illness.


Article from Baxter Springs News, March 27, 1897

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Depositors in the Baxter Bank will look in vain for comfort in the official statement of Receiver Sande which appears elsewhere in these columns.


Article from Baxter Springs News, April 23, 1898

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Receiver Sands' financial statement of the condition of the Baxter Bank, which appears elsewhere in this issue, is very interesting reading.