Sage Banking Company (Alexandria, MO)

Episode Information

Episode UID
80085571382
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8008557 routing
Routing Number
80-0855
Start Date
February 21, 1915
Location
Alexandria, Missouri (40.359, -91.455)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
494b0a76bd5c7fa7

Response Measures

None

Description

Sources describe D. H. Sage as a private banker and the bank was placed in receivership and bankruptcy; no reopening reported.

Events (3)
1. February 21, 1915 Receivership
Newspaper Excerpt
McD. Turner was appointed receiver of the Sage Banking company at Alexandria; later Sage went into involuntary bankruptcy in federal court at Keokuk. (Article 1 & 3).
Source
newspapers
2. February 21, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure and insolvency of D. H. Sage leading to bank failure and appointment of a receiver.
Newspaper Excerpt
At the time of the failure of D. H. Sage, McD. Turner was appointed receiver of the Sage Banking company at Alexandria.
Source
newspapers
3. August 4, 1915 Other
Newspaper Excerpt
Judge Dyer ordered the receiver McDermott Turner to turn over to the trustee all the money, property and effects in his possession of David H. Sage doing business as the Sage Banking company. (Article 3).
Source
newspapers

Newspaper Articles (4)
1. February 21, 1915 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, February 21, 1915

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Article Text

BANK IS SAVED TO SAGE CREDITORS Decision of Missouri Judge is Given, Following Hearing in This Matter. The Sage Banking Co., assets belong to the bank creditors. according to the opinion of Judge D. P. Dyer, expressed in the federal court at St. Louis last Monday afternoon. Further be absolutely refused to interfere with the Missouri state courts as to the appointment of the receiver and order the bank affairs thrown into bankruptcy, says a Kahoka paper. At the time of the failure of D. H. Sage, McD. Turner was appointed receiver of the Sage Banking company at Alexandria. Later Sage went into involuntary bankruptcy in federal court at Keokuk. The referee is W. J. Roberts and Johnson B. Angle is trustee. A petition of the latter was made in the federal court in St. Louis by Angle to cause the surrender of the assets of the bank to him and be disposed of in the general bankruptcy proceedings. The case was set for hearing February 15, before Judge Dyer. Among those in attendance were Mr. Angle and his attorney. Mr. Roberts and McD. Turner, the receiver, with his attorney, T. L Montgomery of Kahoka, and a committee of the bank creditors, James Fulton, of Kahoka: Irwin Fox and George Cannon, of Alexandria, with their attorney, Jas. P. Gilmore, of Jefferson City. County Treasurer T. J. Daggs was also present. The presentations of the plaintiffs and defendants were received by Judge Dyer at 9:30 a. m., and at 2 p. m. the case was called and without arguments by either side he disposed

2. May 14, 1915 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, May 14, 1915

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Article Text

SAGE BANK CASE TO HIGH COURT Circuit Court of Clark County Made Decision in Favor of Johnson B. Angle, Trustee. PETITION IS CONTESTED Case is Unusual and the Question Involved Has Never Been Before High Court. KAHOKA, Mo., May 14.-In the circuit court of Clark county, Judge N. M. Pettingill decided in favor of Johnson B. Angle, trustee in bankruptcy in the D. H. Sage case, in the federal court at Keokuk, who petitioned that the receivership of the Sage Banking Co., of Alexandria, Mo., under McD. Turner, be annulled and that the assets of the bank be thrown into general bankruptcy. An appeal has been taken to the supreme court of Missouri. Angle's petition is contested by the state of Missouri through the attorney general, John T. Barker, by the receiver, McD. Turner, and the creditors of the bank, Messrs. Erwin Fox, Geo. Cannon and Jas. Fulton, et al. Barker is represented by Assistant Attorney General W. T. Rutherford and W. M. Fitch; the receiver by Attorney T. L. Montgomery, and the creditors by Jas. P. Gilmore, of Tulsa, Okla. Attorneys Boyd & McKinley are looking after the interestg of Mr. Angle. The case is an unusual one as there is a question to determine that has never been before a court of last resort. For this reason the losers in the local court are very well pleased with the decision as the supreme court decision will be final. In case they had won, Mr. Angle would have taken the case to the federal court which would be unsatisfactory in view of the above. McD. Turner, receiver, has filed a supersedas bond of $80,000 and the creditors have filed a cost bond of $200. The contention of those interested in saving the assets of the bank for the creditors are as follows: 1. An act of the Missouri general assembly in 1910 eliminated private banks from bankruptcy. 2. Under the state law, Mr. Sage dedicated a capital of $10,000 for the protection of his bank creditors and under the receivership they are foreclosing same. 3. Bankruptcy proceedings were brought in the federal court of Iowa and the federal court has no jurisdiction over a state bank of Missouri, because at the date of jurisdiction in bankruptcy the bank was not in the hands of Sage but in the state's hands, under a receiver, the foreclosure then be.ng in progress and that the state court should retain jurisdiction. The decision of the supreme court will be awaited with interest.

3. August 4, 1915 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, August 4, 1915

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Article Text

# BANK ASSETS MUST BE TURNED OVER Judge Dyer in United States District Court Rules in Sage Case In Matter of Alexandria Bank. # TURN OVER TO TRUSTEE Administration In Bankruptcy Court is Result of Court's Order in This Important Matter. Hon, David P. Dyer, judge of the United States district court at St. Louis, Mo., has handed down his decision in the matter of the petition of the trustee of the estate of David H. Sage, bankrupt, praying that an order be made directing McDermott Turner, receiver appointed by the circuit court of Clark county, Missouri, in charge of the assets of the Sage Banking company at Alexandria, Mo., to turn over to the trustee for administration in the bankruptcy court the assets of said bank. Judge Dyer has gone into every phase of the question very thoroughly and in a well written opinion consisting of twenty-six pages, has pointed out that natural persons and unincorporated companies engaged in business as private bankers remain liable to be adjudged bankrupt, and therefore, has ordered that the receiver, McDermott Turner, to forthwith turn over to the trustee, Johnson B. Angle, all the money, property and effects in his possession of David H. Sage doing business as the Sage Banking company. After a discussion relative to the validity of the jurisdiction of the district court of the United States for the southern district of Iowa to adjudge David H. Sage, a bankrupt, the court holds that the respondent's objections to the validity of such adjudication are untenable and that the adjudication must be treated as valid. Treats of Private Bankers. The vital question discussed is whether the property of David H. Sage doing business as the Sage Banking company is such property as under the provisions of the bankrupt act passed to his trustee in bankruptcy by virtue of the adjudication of bankruptcy. The court in discussing the receiver's contentions that private bankers could not be declared bankrupts, states: "Both under the original act and under the amendment of 1910, all "natural persons, except wage earners and persons engaged chiefly in farming or tillage of the soil" and all "unincorporated companies" were liable to be adjudged involuntary bankrupts. If, therefore, a private banker is a "natural person" or an "unincorporated company" he has been liable to be adjudged an involuntary bankrupt at all times since the present bankrupt act has been in force." After the trustee in bankruptcy had made application to the circuit court of Clark county, Missouri, to order the receiver to turn over the assets of the bank to him, and said order had been made by the circuit court, an appeal was taken by the receiver to the supreme court of Missouri, and the receiver set up this fact in his answer asking the federal court to defer action until the case was decided in the supreme court of Missouri. In answer thereto Judge Dyer states: "If the supreme court of Missouri could render an authoritative judgment in the pending case, and if this court was vested with discretion to delay action upon the present petition until the supreme court of Missouri makes its decision, this court would be glad to await the action of the latter court, but this court is of opinion that the supreme court of Missouri has no jurisdiction to decide the present controversy, and that this court has jurisdiction, and that it cannot properly refuse to exercise its jurisdiction." Circuit Court Errs. Judge Dyer further states: "In this case this court is of opinion that the circuit court of Clark county made an inadvertent error in directing its receiver to retain the sum of sixteen hundred dollars to cover fees and costs. As the circuit court of Clark county had no jurisdiction over the property in possession of its receiver, it had no authority to dispose of any portion of said property or its proceeds. If any expenses have been incurred, or any services rendered in the care and preservation of the property, they will, no doubt, be allowed by the United States district court for the southern district of Iowa, which

4. October 5, 1916 The Daily Gate City and Constitution-Democrat Keokuk, IA
Article from The Daily Gate City and Constitution-Democrat, October 5, 1916

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Article Text

U. S. Circuit Court of Appeals Finds That Receiver in Sage Bank Case, Should Turn Over Assets to Trustee. € MUNGER GIVES FINDING S Bankruptcy Court Will Administer Assets of Defunct Organization at Alexandria Now. A decision has been handed down M in the United States court in the Sage bankruptcy matter in which the receiver is ordered to turn over the tl C assets to the trustee. The decision card is written by Judge Munger of the o United States circuit court of appeals p for the eighth district. The effect of th the decision is that the assets of the K Sage bank at Alexandria which went tr into bankruptcy will be administtered o by the bankruptcy court. ta The opinion was made by Judge Sa Munger on the appeal from the decision of Judge Dyer in the United sp ho States district court at St. Louis. In w his order, Judge Dyer said that the se receiver should turn over the assets m to Johnson B. Angle as trustee. This was filed in August, 1915. ul An appeal was taken by the state of Missouri, et al, and by Sam S. Hilqui der as receiver. The appeal was vi made in two ways, one asking that in the decision be revised, and the othtiv er was an appeal from the decision. ma The decision by Judge Munger is on no the question of revision. The matter Tu of appeal is dismissed for want of jurisdiction. The case is entitled the State of da Missouri VS. Johnson B. Angle as sio trustee. Judge Munger holds that Tu the petition to revise is denied and fer dismissed at the costs of the petitionSa er, and the order of the district court sta to order the receiver to turn over to bo the trustee the assets, entered Augpi ust 16, 1915, is approved and conin firmed. th The second case on which the apab peal is taken was docketed as Sam S. in Hiller, receiver as successor, vs. an Johnson B. Angle. The attorneys for te the receiver were J. T. Barker, atterney general, W. T. Rutherford, ashe sistant attorney general, William co Fitch of St. Louis, James T. Gilmore, no of Kansas City, and T. L. Montgomth ery of Kahoka. ha J. O. Boyd and L. G. McKinley of th Boyd & McKinley of Keokuk, repreth sented Mr. Angle. be