Article Text
Eureka Springs Bank Failure. Eureka Springs, July 7.-Con. sternation was spread among business circles of this city toi day by the announcerment that the Citizens' bank had been put into the hands of a receiver.
Citizens Bank (Eureka Springs, AR)
Episode Information
- Episode UID
1532920891291- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
153292089hash - Start Date
- July 1, 1907
- Location
- Eureka Springs, Arkansas (36.401, -93.738)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
caef00d300b45534
Response Measures
None
Description
Multiple reports name different receivers (Digby West / J. W. Rigby) and give consistent July 1907 timing.
Events (4)
1.
July 1, 1907
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy withdrawals followed assets being tied up in real estate and disclosed overdraft with correspondent bank.
- Measures
- Doors temporarily closed; receiver appointed to protect creditors.
- Newspaper Excerpt
- there had been a run on the bank, whose assets were tied up in real estate.
- Source
- newspapers
2.
July 1, 1907
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspended after a run and because assets were tied up in real estate and overdrafts with correspondent bank.
- Newspaper Excerpt
- The Citizens' bank of Eureka Springs suspended payment today
- Source
- newspapers
3.
July 2, 1907
Receivership
- Newspaper Excerpt
- the Citizens' bank had been put into the hands of a receiver. Digby West ... being named; J. W. Rigby was appointed receiver; receiver West submitted a report of the bank's condition later in July 1907.
- Source
- newspapers
4.
March 19, 1909
Other
- Newspaper Excerpt
- the entire assets of the Citizens' bank of Eureka Springs, which went into the hands of Receiver West in July, 1907, will be sold to the highest bidder. About 20 per cent of the bank's liabilities ... have thus far been liquidated.
- Source
- newspapers
Newspaper Articles (15)
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RECEIVER FOR s BANK. Eureka) Sgrings Institution WILL Pa; Creditors, Memphis, Tenn., July 1-1 special to The Comercial-Appeal from Kurein Springs, Ark, says: On the application of officials of the institution the citizens bank of Euroki Springs, one of the oldest banking In stitutions in this section of the stat was today placed in the hands of & receiver, Digby West, vice president of the Carrol county bank being named, In a statement President W. W Duncan anounces that an unprecedent ed run on the bank made it neces sary for the protection of the gredit. ors, that the doors be temporarily closed and the receiver apointed. President Duncan states that the am sets of the bank are, ample to pay the creditors in full and promises # need be to sacrifice his personal prop. erty to 'pay claims against the bank,
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BANK SUSPENDS PAYMENT. Fort Smith, Ark., July 1.-The Citizens' bank of Eureka Springs suspended payment today, and J. W. Rigby was appointed receiver, There had been a run on the bank, whose assets were tied up in real estate. William Duncan, president of the bank, who is a wealthy man, says that every claim will be paid.
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Arkansas Bank Failure. Eureka Springs, Ark., July 2.-Chancellor Humphreys, sitting in chambers at Fayetteville Monday, appointed Digby West, vice president of the Bank of Berryville, receiver for the Citizens' bank, of Bureka Springs, which failed to open its doors.
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Bank at Eureka Springs Failed. The Citizens' Bank at Eureka Springs, one of the most important financial institutions in that city, has been thrown in the hands of a receiver. The bank had overdrawn its account with the National Bank of Commerce of Kansas City $15,000, which precipitated the assignment.
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Condition of Arkansas Bank. EUREKA SPRINGS, Ark., July 17.Digby West, receiver of the Citizens bank, which failed recently, submitted a report of the bank's condition in which the only liability listed is deposits of $258,000. There is $45,000 in loans. of which one-third is to allied interests. Included in the assets is $22,000 in city warrants. with a market value of 40 cents, and $111,000 stock in a syndicate that owns the Basin Park hotel
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The Citizens' bank of Eureka Springs, Ark., suspended payments during a run and J. W. Digby was appointed receiver. W. M. Duncan, president of the bank, says every claim will be paid.
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The Citizens' bank of Eureka Springs, Ark., suspended payments during a run and J. W. Digby was appointed receiver. W. M. Duncan, president of the bank, says every claim will be paid.
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FINANCIAL TROUBLES AT EUREKA SPRINGS. Eureka Springs July 25. A petition was filed in the federal court at Harrison today asking that the Eureka Springs Water Company be declared bankrupt. Service was had on the company here. which is cited to appear July 30. The petition was filed at the instance of Kansas City creditors. The water company. which is one of the Duncau interests, is now in the hands of a receiver. In the Chancery Court here today W. M. Duncan, president of the defunct Citizens bank, was given 30 days in which to secure the release of $107,000 of Citizens' Electric bonds held by the Fidelity Trust Company of Kansas City and pledged to cover $67,000 of personal notes of Mr. Duncan. The court held these to be a part of the bank's assets not previously shown in the receiver's report.
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Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. LF. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. %-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situa19-Citizens' tion. State bank of Firth, Neb., closed by state. 18-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens bank of Eureka Springs, Ark., suspended. -Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug 3-People's State bank of Brownstown, Ind., closed by state authorities. It-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank. of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 13-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 4-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 5-Six more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 6-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. -Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 2-Merchants' National bank of Portland, Ore,, California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 8-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 7-American Silk Co. capital stock, $11,000,000, which operated mills in several cities. placed in hands of receiver. Dec. 2 Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier. closed. -National Bank of Commerce, one of largest
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FINANCIAL Jan Merchants' and Farmers' bank of Fairmont, Minn. suspended. Feb.2-F D. Gilman, former president suspended Home bank of Goodland, Ind. found guilty of embezzlement. LF D. Gilman, Indiana banker sentanced to term of one to three years in state prison. Disappearance of $ 3,000 from subtreasury at Chicago made public. Mar. 14 Virtual panic in Wall street; Secretary Cortelyou relieved the situation Citizens State bank of Firth, Neb., closed by state Corbin Banking company of New York, assigned assets, $3,000,000; Habillties, $1,700,000. pr. -Maj H. W. Salmon of Warsaw. Mo. convicted of illegal banking, sentenced three years in penitentlary 11-Bank of Conception, at Clyde, Mo., ordered closed 10-Ex-Judge Smith of Chicago, found utity of conspiring to defraud stock holders and depositors of Bank of America, of which he was president; Denalty imprisonment and $1,000 fine Citizens' bank of Eureka Springs, Ark. suspended -Fort Dallas National bank of Miami, Fla. closed. -Farmers' National bank of Boyertown. Pa. ordered closed. Aug. 1-People's State bank of Brownstown, Ind. closed by state authorities. Receivers appointed for Pope Mfg Co., of Hartford, Conn. failure ascribed to stringency of money market ep. 5-5 Watson & Co. members of New York stock and produce exchanges and of Chicago board of trade failed. Oct. -Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutiona closed doors &-Collapse of Heinze corner in copper caused violent slump in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange New York clearing house committee declared that the Heinze Morse and Thomas interests had been eliminated from banking organizations of New York -Krickerbocker Trust Co. New York's second largest financial institution, forced to suspend great slump in securities: call money at 70 per cent. Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed 84 Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala. filed involuntary petition in bankruptcy -8ix more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. -Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. -California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. T-Three small banks in Kansas closed United States Steel corporation secured controlling Interest in Tennessee Coal & Iron Co. Receiver appointed for Arnold Print works of North Adams, Mass. one of largest textile concerns In country 22-Merchants' National bank of Portland, Ore California bank of Oakland, Cal. and Farmers' & Merchants' bank of Sapulpa, I T. suspended 22 Secretary of Treasury Cortelyou or dered issue of $ 50,000,000 of Panama bonds and $100,000.00 certificates of indebtedness as means relieving financial situation City National bank of Frederick, Okla., falled -American Silk Co capital stock $11. 000,000, which operated mills in several cities placed In hands of receiver Dec. 2 Chelsea Savings abnk of Chelsea. Mich owned by State Treasurer Glazler, closed. 5 National Bank of Commerce, one of largest financial Institutions of Kansas City, suspended -Fort Pitt National bank of Pittsburg, closed 17-Jewelers' National bank at North Attleboro, Mass., In hands of receiver
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3an. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Teb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. -F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. B-Citizens' State bank of Firth, Neb., closed by state. 88-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. XI-Bank of Conception, at Clyde, Mo., ordered closed. 9-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 08-Fort Dallas National bank of Miami, Fla., closed. 80-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 9-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 12-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 33-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 04-Three minor banks in New York rforced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 3-Six more minor banking institutions Voniin Ne
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Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 5-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. -Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced. three years in penitentiary. -Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. M-Receivers appointed-for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. ep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. ct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. I-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. -New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. -Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. -Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. M-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. M-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. -California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed. United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 22-Merchants National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. B-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 7-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers® National bank at North Attleboro, Mass., in hands of receiver.
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Merchants' and Farmers' bank rinont, Minn., suspended. F. D. Gilman, former president I ded Home bank of Goodland, found guilty of embezzlement. D. Gilman, Indiana banker, sen> ed to term of one to three years in e prison. asappearance of $173,000 from subreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situa19-Citizens' tion. State bank of Firth, Neb., closed by state. 28 Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking. sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. 14-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., BUSpended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from: banki organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities: call money at 70 per cent. -Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. -Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to preven draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. California Safe Deposit & Trust Co Finan bank, at San Fran isco, closed cial conditions in New York practicall normal again. Nov. 4-Three small banks in Kansa closed United States Steel corpora tion secured controlling interest in Ten nessee Coal & Iron Co. -Receiver appointed for Arnold Prin works of North Adams, Mass., one largest textile concerns in country. 12-Merchants' National bank of Por land, Ore., California bank of Oaklan Cal., and Farmers' & Merchants' ban of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou O dered issue of $50,000,000 of Panam bonds and $100,000,000 certificates of il debtedness as means of relieving fina cial situation City National bank Frederick, Okla., failed. -American Silk Co. capital stock, $11 000,000, which operated mills in sever cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Che sea, Mich., owned by State Treasur Glazier, closed. National Bank of Commerce, one largest financial institutions of Kans City, suspended. Fort Pitt National bank of Pittsbur closed. M-Jewelers' National bank at Nor Attleboro, Mass in hands of receiver
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By order of Chancellor T. H. Humphreys, the entire assets of the Citizens' bank of Eureka Springs, which went into the hands of Receiver West in July, 1907, will be sold to the highest bidder. No bid for less than $50,000 will be entertained. About 20 per cent of the bank's liabilities, aggregating over $250,000, have thus far been liquidated. The principal asset is $50,000 of bonds in the syndicate company, which represents the Basin Park hotel.