Merchants National Bank (Ocala, FL)

View Charter #3815 on SPMC View balance sheet

Episode Information

Episode UID
381501165
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
38150 national
Charter Number
3815
Start Date
January 14, 1897
Location
Ocala, Florida (29.187, -82.140)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9df8e0664e5d70d8

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Receivership Details

Depositor recovery rate
23.8%
Date receivership started
1897-02-03
Date receivership terminated
1901-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
13.3%
Share of assets assessed as doubtful
37.8%
Share of assets assessed as worthless
48.9%

Description

A telegram briefly authorized resumption (Jan 21) but a receiver was ultimately appointed and the bank entered receivership.

Events (5)
1. November 21, 1887 Chartered
Source
historical_nic
2. January 14, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Weeks of steady withdrawals after rumors of shaky condition and failure to secure correspondent assistance; heavy withdrawals Jan 14 exhausted cash.
Measures
Directors decided to close the bank and posted notice; comptroller was notified.
Newspaper Excerpt
For some weeks it had been quietly rumored that the institution was in a very shaky condition and those who received the tip quietly withdrew their deposits... Yesterday a climax was reached... withdrawals by local depositors during the day footel up over $12,000.
Source
newspapers
3. January 14, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after heavy withdrawals and inadequate cash; comptroller/examiner placed in charge.
Newspaper Excerpt
A notice was placed on the door which read as follows: Bank closed by order of directors, comptroller has been notified.
Source
newspapers
4. February 3, 1897 Receivership
Source
historical_nic
5. February 3, 1897 Receivership
Newspaper Excerpt
Known receivership date (government records) and later articles refer to G. C. Stapylton as receiver of the Merchants' National bank.
Source
newspapers

Newspaper Articles (25)
1. January 14, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, January 14, 1897

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CLOSED THE DOORS. THE MERCHANTS' NATIONAL BANK OF THIS CITY SUCCUMBS TO THE FINANCIAL DEPRESSION. Our city was thrown into a state of great excitement this morning when it became known that the directors of the Merchants' National bank had decided not to open the doors. Soon after 8 o'clock the news began to spread and in a few minutes a large crowd had congregated in front of the bank discussing the situation and waiting anxiously for the usual opening hour. A few minutes before 9 o'clock a notice was placed on the door which read as follows: "Bank closed by order of directors, comptroller has been notified." This told the tale and the creditors knew that their worst fears had been realized. For some weeks it had been quietly rumored that the institution was in a very shaky condition and those who received the "tip" quietly withdrew their deposits. This has occasioned a steady run on the bank for the past three weeks. Yesterday a climax was reached. All day a steady rub was made and at night the withdrawals by local depositors during the day footel up over $12,000. This, together with the large amounts that had been drawn out, to use a plain expression, "busted the bank." The amount of deposits remaining in the bank is thought to be comparitively small, but nevertheless the blow i3 a severe one, The people of this community are not able to lose a cent in this way, and coming as it does, before we have recovered from the fearful crash of two years ago, the blow is doubly severe. What caused the failure at this time is a mystery. President McConnell is in New York trying to obtain assistance and his failure to get it is said to have forced the run yesterday. It is hoped the losses are not even as great as reported.

2. January 15, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, January 15, 1897

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AND THIS ONE FOLLOWED. Brooksville, Fla., Jan. 14.-The Brooksville state bank has closed its doors temporarily on account of the suspension of the Merchants' bank of Qcala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

3. January 15, 1897 The Morning News Savannah, GA
Article from The Morning News, January 15, 1897

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FLORIDA HAS THREE FAILURES. BANKS CLOSE AT OCALA, ORANGE CITY AND BROOKSVILLE. The Merchants National the One Involved at Ocala and Its Liabilities $154,000-The Orange City Bank a Private Concern Run by the Stillman Brothers-The Failure at Brooksville Brought on by the Assignment at Ocala. Ocala, Fla., Jan. 14.-The Merchants' National Bank closed its doors this morning. To many it was not a surprise, but to the public at large it was, as it was thought it had passed through its worst trials. President McConnell was absent in New York, trying to arrange with its correspondent there to get help. From statements made to the Morning News correspondent by persons, who ought to know what they are talking about, the story runs about in this way: For several weeks there has been a stealy withdrawal of deposits, amounting to about $50,000. Yesterday the climax was reached, about $12,000 being withdrawn, carrying the cash on hand down to $1,500. The directors held a meeting last night, and knowing big demands would be made this morning, decided to close the bank's doors. Long before 9 o'clock this morning a crowd began to gather, many in the hope that the bank would open, ready to demand their deposits. By 9 o'clock several hundred people were around the corner, and when the notice was posted "closed by order of the directors," the excitement became intense. Men wept in disappointment, others gesticulated wildly, and the air was lurid with hot speech, It is a sad and sore blow to Ocala. The people were just beginning to recover from the effects of the freeze, and the failure of the First National Bank, when this new calamity sends them reeling. On Monday of last week the bank examiner was here, went through the bank's accounts and pronounced it all right, at least so the public print expressed. A director said this morning the deposits ran down for the month from $120,000 to $70,000 at its close. It is also learned that a deed executed last August for $13,000 on the bank building to J. N. C. Stockton, a Jacksonville banker, was filed for record this morning before 8 o'clock. It is also stated that President McConnell's property is mortgaged. Business men say it has been next to impossible for the past six months to get any accommodation. The failure hits the Ocala newspaper men for a $1,000, notably F. E. Harris for nearly $800. A winter visitor placed $200 in the bank several weeks ago for his use and others who came to enjoy the climate small sums. While some of the Ocala people are hopeful others are the reverse. Many are finding fault at President McConnell's absence and others that the directors were not better advised regarding the condition of the bank. Washington, Jan. 14.-The controller of the currency was advised this morning by the directors of the Merchants' National Bank of Ocala, Fla., that the bank had closed its doors. The bank had a capital of $100,000. Its liabilities are $154,000, as follows: $108,000 Due depositors 38,000 Borrowed money 8,000 Due to banks Bank Examiner Shubrick has been placed in charge of the bank. Jacksonville, Fla., Jan. 14.-The Orange City Bank, a private institution of which John E. Stillman, chairman of the republican executive committee of this state, is president, has closed its doors, and R. S. Leavitt of Orange City, the assignee, is now in charge. The cashier of the bank was Arthur Stillman, a brother of the president. The Stillman brothers were the principal owners of the bank, and they have assigned all of their property to R. S. Leavitt for the benefit of their creditors. There was no warning of the failure, and within the past few weeks several northern people, who have winter homes in the vicinity of Orange City, have deNo posited various sums in the bank. statement of the assets or liabilities of the bank has yet been announced Brooksville, Fla., Jan. 14.-The Brooksville State Bank has closed its doors tem. porarily on account of the suspension f the Merchants National Bank of Ocala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

4. January 15, 1897 The Morning News Savannah, GA
Article from The Morning News, January 15, 1897

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Brooksville, Fla., Jan. 14.-The Brooksville State Bank has closed its doors tem. porarily on account of the suspension the Merchants National Bank of Ocala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

5. January 16, 1897 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, January 16, 1897

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Article Text

An Ocala, Fla., Bank Suspends. W ASHINGTON, Jan. 15.-Mr. Coffin, the acting comptroller of the currency, has received a telegram stating that the Merchants' National bank of Ocala, Fla., suspended to-day. Assets and liabilities unknown.

6. January 21, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, January 21, 1897

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five ballots and was declared elected. A communication was read from C. E Eichner tendering his services to the city for the present year free of charge. Davis offered a resolution favoring the appointment of Z. C. Chambliss as receiver of the Merchants' National bank. It WSS unanimously adopted. On motion of Smith, the investigation of the trouble between tax collector Livingston and city treasurer Moody, was proceeded with. On motion of Green all witnesses not testifying were exclud ed from the room. J. H Livingston, jr., was first called and after being sworn by Mayor Bullock, related his side of the transaction. His statement revealed the fact that during the year of 1856, from Mch. 3 to Dec. 3%, he has been depositing the city funds with R. B. McConnel at the Merchants' National cank. At irregular intervals he has been turning same over to Treasurer Moody, At the close of the year McConnell owed him a balance of $2,600. The latter made him a check on the bank for the amount and which, with other checks, amounting in all to $4,000, he turned over to Moody, who gave him a receipt for the amount, but afterwards get possession of the $2,600 receipt and failed to credit it, claiming that the check was made out by McConnel in an irregular way. Mr. Moody was then called and sworn. He testified to having seen McConnell on January 11th in regard to turning over the city fundsin his possession. McConnell said the city script was in New York. He had sent it away for the purpose of entering suit and getting first judgment against the city. When told that a settlement would have to be made at once, he said that if he could not get script in time he would give cash and would issue a check to Livingston so that he could endorse it over to Moody. Two days later when he received the check, it was made out directly to Moody and he refused it on the grounds that it relieved Livingston of all responsibility and was not the kind of a check that McConnell had agreed to give him. He gave Livingston a receipt before examining the check, but afterwards got possession of the receipt and then refused to give Livingston credit until McConnel rectified the mistake. That gentleman was in New York on important business connected with the bank, and meanwhile the bank busted with over $9000 of the city's money and the band started in on another tune. Mr. Bird the special examiner and clerk Blake then gave testimony in regard to the disputed reccipt; how it was secured by Livingston, and how it was afterwards secured by the treasurer. Before any more witnesses were heard the council adjourned until next Tuesday evening when the trial will be countinued. In the , meantime the bank will hold what i money we have, and McConnell will doubtless secure a judgment I agaiest the city, and will collect the principle and interest on our own scrip.

7. January 21, 1897 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, January 21, 1897

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Flori'a Bank Suspends. The Merchants' National Bank of Ocala, Fla., has suspended. The bank has a capital of $100,000, and at the date of its las report it owed other banks $8,000. Its individual deposits amounted to $108,000. and its bills payable to $38. 000.

8. January 21, 1897 Oxford Eagle Oxford, MS
Article from Oxford Eagle, January 21, 1897

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A Florida Bank Suspends The Merchants' national bank of Oeala, Fla., with a capital of $100 000, has suspended. It is stated that the bank has not been well managed. -

9. January 21, 1897 Eagle River Review Eagle River, WI
Article from Eagle River Review, January 21, 1897

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Florida Bank Suspends. The Merchants' National Bank of Ocala, Fla., has suspended. The bank has a capital of $100,000, and at the date of its last report it owed other banks $8,000. Its individual deposits amounted to $108,000, and its bills payable to $38,000.

10. January 22, 1897 The Ocala Banner Ocala, FL
Article from The Ocala Banner, January 22, 1897

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GOOD NEWS TO DEPOSITORS. A Telegram from Senator Call says the Merchants may Resume. The following telegram has been received by the editor of this paper which will be good news to all our people and especially to bank depositors. Washington, D. C., Jan. 21st, 1897. To F. E. Harris, Oeala. Comptroller will authorize the bank to resume as now advised and not appoint a receiver. WILKINSON CALL.

11. January 22, 1897 The Ocala Banner Ocala, FL
Article from The Ocala Banner, January 22, 1897

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Ocala desires Mr. Z. C. Chambliss to be appointed receiver of the Merchants National bank. His petition is being numerously signed.

12. January 23, 1897 Macon Beacon Macon, MS
Article from Macon Beacon, January 23, 1897

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A Florida Bank Suspends. The Merchants' national bank of Ocala, Fla., with a capital of $100,000, has suspended. It is stated that the bank has not been well managed.

13. January 23, 1897 The Greenville Times Greenville, MS
Article from The Greenville Times, January 23, 1897

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A Florida Bank Suspends. The Merchants' national bank of Ocala, Fla., with a capital of $100,000, has suspended. It is stated that the bank has not been well managed.

14. January 23, 1897 Chicago Eagle Chicago, IL
Article from Chicago Eagle, January 23, 1897

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Florida Bank Suspends. The Merchants' National Bank of Ocala. Fla.. has suspended. The bank has a capital of $100,000, and at the date of its last report it owed other banks $8,000. Its individual deposits amounted to $108,000, and its bills payable to $38,1000.

15. January 29, 1897 The Ocala Banner Ocala, FL
Article from The Ocala Banner, January 29, 1897

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Ocala desires Mr. Z. C. Chambliss to be appointed receiver of the Merchants National bank. His petition is being e numerously signed.

16. February 17, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, February 17, 1897

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ONE FOR JACKSONVILLE. THE MERCHANTS NATIONAL BANK OF THAT CITY CLOSED ITS DOORS YESTERDAY. The Merchants' National Bank of Jacksonville was forced to suspend yesterday. About n on tha same cld notice was found tacked to the door which read as follows: This bank closed by order of the directors. The comproller has been notified." The Metropolis, of that city, in speaking ot the affair, says: "The news quickly spread that the 'Merchants National Bank had closed," and soon quite a crowd gathered in front of the doors, but there was really very little excitement, for the failure was not unexpected, as it had been known ever since the publication of the last bank statement on December 17th, that the deposits in the bank were not as large as they ought to have been One of the principal causes, tco, of this weakness was the failure ot the Merchants' National Bank of Ocale, and many people confounded the two banks, causing many timorous people to withdraw their deposits from the Merchants' National Bank in this city. The bankers of this city were apprised of the serious situation of the bank last Sunday and held a conference and appointed a committee, consisting of Messrs. H. G. Aird, R. C. Cooley, T. P. Denham and B. H. Barnett, to investi gate the bank's accounts. These gentlemen made a thorough examination, and Mr. Cooley, who was authorized as spokesman for the committee, said that it was the belief of the committee, after examining the securities, that depositors would be paid in full, but that it would take some little time. One thing the committee emphasized and that was the failure was not brought about by anything dishonorable. The failure came because the depositors drew out their money faster than the bank could realize on its securities.

17. March 11, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, March 11, 1897

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The inquiries that are being received by G. C. Stapylton, receiver of the Merchants' National bank, indicate an early settlement of the question in favor of a new bank for this city.

18. June 6, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 6, 1897

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Defaulter Suicides. Ocala, Fla., June 5.-R. B. McConnell, the defaulting president of the defunct Merchants' National bank, committed suicide this evening. shooting himself when an officer appeared at his home to arrest him on a warrant sworn out by the receiver of the bank.

19. June 6, 1897 The Herald Los Angeles, CA
Article from The Herald, June 6, 1897

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A Banker's Suicide OCALA, Fla., June 5.-R. B. McConnell, the defaulting president of the defunct Merchants' National bank, committed suicide this evening, shooting himself when an officer appeared at his home to arrest him on a warrant sworn out by the receiver of the bank.

20. June 6, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, June 6, 1897

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A Defaulter Suicides. OCALA (Fla.), June 5.-R. B. McConnell, the defaulting President of the defunct Merchants' National Bank, committed suicide this evening, shooting himself when an officer appeared at his home to arrest him on a warrant sworn out by the receiver of the bank.

21. June 6, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 6, 1897

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Banker Kills Himself. OCALA, Fla., June 5.-R. B. McConnell, the defaulting president of the defunct Merchants' National bank, committed suicide this evening by shooting himself when an officer appeared at his home to arrest him on a warrant sworn out by the receivers of the bank.

22. June 19, 1897 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, June 19, 1897

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DOMESTIC. Five men were killed and several badly injured in a collision between a freight train and work train near Hudson, Wis. At Ardmore, I. T., James Williams, editor of the Daily Chronicle, was shot through the heart by Clarence Douglass, a politician. William J. Calhoun, who was sent to Cuba as a special commissioner to investigate the circumstances of the death in prison of Dr. Ruiz, an American citizen. arrived in New York. In an interview Mr. Calhoun said Cuba was rapidly being devastated by a relentless, cruel and bitter civil war. so that in a short time it would not be worth anything to anyone. The fire loss of the United States and Canada for May amounts to $10,193,600, against $10,618,000 in May, 1896. The total loss since January 1 amounts to $52,250,000, against $58,283,300 in the first five months of 1896. At Columbus, O., John C. Short, late receiver of the Lancaster & Hamden railroad was charged with being $71,195 short in his accounts. A hailstorm completely destroyed crops of all kinds north of Rogers, Tex., great damage was done to houses and two persons were killed. Emma Techannan, five years old, was killed by the cars at Defiance, O. She was the third member of the family killed on the railroad within a year. The Wilcox & White Organ company, one of the largest manufacturers of organs in the United States, failed at Meriden, Conn., for $100,000. In referring to the recent fatal riot in Urbana, O., Gov. Bushnell said the members of the national guard only did their duty and were entitled to the support of the state. In a riot at a coal mine in Minonk, III., Andrew Morgan and John Veloski were killed. Rev. Berry Lawson, a Methodist minister near Barbourville, Ky., was shot and killed by his 15-year-old son. The lad was angry because his father had punished him. Jerome Smeathers and his wife and seven children were poisoned at Yedvington, Ky., with paris green. One child was dead, two were dying and possibly none would recover. Joseph Richardson, an eccentric man worth $20,000,000, died in New York, aged 84 years An explosion of fireworks wrecked a building in Chicago, caused the death of Mrs. Maggie Kenney, the injury of nearly 100 persons and a damage of $50,000 to property. Florence Williams killed her lover in McDowell county, W. Va., after a quarrel, and escaped. Both are members of prominent families. W. J. Calhoun, of Danville, Ill., the special commissioner to Cuba, returned to Washington and made his report to the president. The Pennsylvania legislature has passed a bill taxing each unnaturalized adult male employed in the state two cents a day. The reports as to the condition of the crops throughout the country show that cold weather and frosts did damage in many states. R. B. McConnell, the defaulting president of the defunct Merchants national bank at Ocala, Fla., committed suicide. Rear Admiral Samuel Phillips Lee, U. S. N., retired, the last of the commanders of great squadrons during the civil war, died at his home at Silver Springs, near Washington. During the past week wolves and coyotes have slain hundreds of head of calves and sheep in southwstern Kansas and Oklahoma. The exchanges at the leading clearing houses in the United States during the week ended on the 4th aggregated $886,971,775, against $917,628,059 the previous week. The decrease compared with the corresponding week of 1896 was 8.6.

23. June 6, 1898 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, June 6, 1898

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SHERIFFSS SALE Under and by virtue of an execution issued out of and under the seal of the circuit court in and for Marion county in a certain cause wherein G. C. Stapylton as receiver of the Merchants' National Bank of Ocala. a corpora tion.etc., is plaintiff and Mrs. Jeffle E Beil is defendant. dated March 12, 1898. I have levied on and will on

24. July 16, 1898 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, July 16, 1898

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Judge Locke of the United States court in Jacksonville, decided, Thursday, that the assessment made against the property of the Merchants' National Bank of Ocala was properly made, and is a legal and valid lien, and should be paid by Receiver G. C. Stapylton.

25. June 5, 1899 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, June 5, 1899

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NOTICE Receiver's Sale Notice is hereby given that, pursuant to an order made on the 17th day of April, A. D. 1899, by the Honorable James W. Locke, Judge of the UNITED STATES CIRCUIT COURT for the Southern District of Florida, I will sell for cash, to the highest bidder, at public auction, in front of the Court House at Ocala. Florida, MONDAY, THE 12th DAY OF JUNE, A.D., 1899. at 10 o'clock a. m., the remaining assets of the MERCHANTS NATIONAL BANK of OCALA, FLORIDA, excepting only such as are involved in litigation now pending. G. C. STAPYLTON, Receiver of the Merchants' National Bank of Ocala. Florida.