gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5b59547259cd65b4
Response Measures
Full suspension
Other: Controller of the Currency provided administrative aid; a receiver was appointed for the Northern National Bank; controller later declared a dividend for creditors.
Receivership Details
Depositor recovery rate
95.5%
Date receivership started
1893-08-05
Date receivership terminated
1909-05-31
OCC cause of failure
Losses
Share of assets assessed as good
29.9%
Share of assets assessed as doubtful
69.4%
Share of assets assessed as worthless
0.7%
Description
Early reports mentioned possible resumption, but controller appointed a receiver on 1893-08-05.
Events (7)
1.June 5, 1871Chartered
Source
historical_nic
2.December 21, 1878Voluntary Liquidation
Source
historical_nic
3.December 22, 1878Restored To Solvency
Source
historical_nic
4.July 8, 1893Run
Cause
Macro News
Cause Details
Heavy withdrawals by depositors during the 1893 banking disturbances/panic context led to closure.
Measures
None beyond posting notices and directors' assurances; bank later suspended.
Newspaper Excerpt
The Northern National Bank closed its doors this morning in consequence of the withdrawal of funds by depositors.
Source
newspapers
5.July 10, 1893Suspension
Cause
Macro News
Cause Details
Bank suspended payment following heavy withdrawals and ensuing financial distress during the wider 1893 crisis.
Newspaper Excerpt
Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present
Source
newspapers
6.August 5, 1893Receivership
Source
historical_nic
7.August 5, 1893Receivership
Newspaper Excerpt
The controller of the currency today appointed receivers ... John S. Lawrence, receiver Northern National Bank of Big Rapids, Mich.
Source
newspapers
Newspaper Articles (23)
1.July 9, 1893The Morning CallSan Francisco, CA
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BUSINESS REVERSES. Failure of the Cold Storage Exchange at Chicago. CHICAGO, July 8.-Application was made to-day for a receiver for the Produce Cold Storage Exchange. The exchange has been carrying on the business of a cold storage warehouse and holds perishable goods valued at $750,000. Should the business be closed up, as is shown to be possible in view of an indebtedness of $11,290 which cannot be met, great loss will be sustained. The corporation has a ninetynine-year lease on the property where it is now doing business, and the leasehold, with the building on it, is valued at $700,000. The indebtedness of the concern amounts to $200,000. BIG RAPIDS, Mich., July 8.-The Northern National Bank closed its doors this morning in consequence of the withdrawal of funds by depositors. LE SUEUR, Minn, July 8.-The Bank of Le Sueur has failed. The liabilities and assets are given each at $225,000. The reason given for closing is to protect home depositors. DENVER, July 8.-Edwin J. Binford, a coal-dealer, assigned to-day for the benefit of his creditors. His assets are $218,770 and his liabilities $76,800.
2.July 9, 1893The Salt Lake HeraldSalt Lake City, UT
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NEWS NOTES. The Royal Clyde regatta was sailed yesterday. The Brittinia won, Valkyrie second. Comptroller Eckels has appointed Robert A. Luke receivor of the failed Phillipsburg National bank of Montana. The bank of Leseut Minn., has failed, liabilities and assets even at $225,000 The reason given for the closing is to protect home depositors. The Northern National bank of Big Rapids, Mich., closed its doors this morning in consequence of the withdrawal of funds by depositors. The official call for a meeting of the society of the Army of the Tennessee at Chicago on Sep. 12 and 13 will soon be issued by General Hickenlooper. During the reception to the Columbian minister at Rome yesterday, the pope said America would soon have a patron saint as Columbus would be beatfied shortly. The steamer New York arrived at New York yesterday. Among the passengers was Colonel Fred Grant, late United States minister to Austria, and Mrs. Grant and family. At Toledo. Ohio, yesterday afternoon, Sanger of Milwaukee, defeated Johnson of Syracuse in the bicycle race. The best time of the two day's meeting was made by Sanger in 2:20. Four thousand two hundred and sixtyfour more fourth-class postmasters were appointed on removals during the first four months of the last administration than during the corresponding period in this. It now appears that Judge Hudson's
3.July 12, 1893The StarReynoldsville, PA
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LATER NEWS WAIFS, FINANCIAL AND COMMERCIAL RED CLIFF, Col.-The Eagle County Bank nas suspended payment. Its capital is $12,100 and assets $40,000. The liabilities are 134,000. LESEUR, MINN-The bank of Leseur made an assignment. The liabilities are $225,000 and assets the same. BIG RAPIDS, MICH.-The - Northern National bank here, with a capital of $100,000, has suspended.
Big Rapids Bank Suspends, BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of lia. bilities.
5.July 13, 1893River Falls JournalRiver Falls, WI
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Big Rapids Bank Suspends. BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.
6.July 13, 1893Warren SheafWarren, MN
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Big Rapids Bank Suspends. BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.
7.July 13, 1893The Middleburgh PostMiddleburg, PA
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LATER NEWS WAIFS. FINANCIAL AND COMMERCIAL RED CLIFF, Col.-The Eagle County Bank has suspended payment. Its capital is $12,100 and assets $40,000. The liabilities are $34,000. LESEUR, MINN-The bank of Leseur made in assignment. The liabilities are $225,000 and assets the same. BIG RAPIDS, MICH.-The - Northern Nation. al bank here, with a capital of $100,000, has suspended.
8.July 14, 1893Griggs CourierCooperstown, ND
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Big Rapids Bank Suspends. BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.
9.July 24, 1893The Jersey City NewsJersey City, NJ
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A BRIGHTER OUTLOOK Banks Getting on Their Feet Again With Treasury Aid. WASHINGTON, July 24, 1893.-As - viewed at the Treasury Department, the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville, Ind., and the failed Northern National Bank of Big Rapids, Mich., would probably resume : business this week. The First National Bank of Santa Anna, Cal., which resumed busidess on Saturday after a short suspension, received in deposits $12,000, while the withdrawais amounted to only $6,000. This is regarded here as ad evidence that confidence is being practically restored on the Pacific coast.
10.July 24, 1893Evening StarWashington, DC
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Treasury View of the Financial Situation. As viewed at the Treasury Department, the week begins with brighter financial prospects. A number of the recently-failed banks are taking the necessary steps to resume, and Controller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville. Ind., and the failed Northern National Bank of Big Rapids, Mich., would probably resume business this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturday after a short suspension. received in deposits $12,000, while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is bing gradually restored on the Pacific coast.
CONFIDENCE RESTORED. Failed Banks Resuming Business : With Bright Prospects. WARNINGTON, D. C., July 24.-As viewed at the treasury department the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville, Ind., and the failed Northern National Bank, of Big Rapids, Mich., would probably resume. business this week. The First National Bank of Santa Anna, Cal., which resumed business Saturday after a short suspension, received in deposits $12,000, while the withdrawals amounted to only $6,000. This is regarded-here as an evidence, that confidence is being practically%re stored on the Pacific coast.
12.July 26, 1893Morris TribuneMorris, MN
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CONFIDENCE IS RETURNING. Nearly All Suspended Banks Will Resume-Situation Brighter. WASHINGTON, July 25.-As - viewed at the treasury department, the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified that the failed First National bank of Kendallville, Ills., and the failed Northern National bank of Big Rapids, Mich., would probably resume this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturdey after a short suspension, received in deposits $12,000 while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is being practically restored on the Pacific coast.
13.July 27, 1893The Russellville DemocratRussellville, AR
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RECONFIDENCE PARTIALLY STORED. The re is a Brighter Outlook at the Treas" ury Department. WASHINGTON, D. C., July 24.As viewed at the treasury department the week begins with brighter financial prospects. A number of recently failed banks are taking the necessary steps to resume, and Comptroller Eckles is lending them all the aid possible. He was notified this morning the failed First National Bank of Kendallville, Ind, and the failed Northern National Bank of Big Rapids, Mich., will probably resume business this week. The First National Bank, of Santa Ana, Cal., which resumed business, started after a short suspension, has received deposits of $12,000, while the withdrawals amounted to only $6000. This is regarded here as evidence of confidence being practically restored on the Pacific eoast.
14.July 28, 1893Oakes Weekly RepublicanOakes, ND
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Trample Over One Another. "How can the present somewhat analogous situation be changed by suddenly inspiring confidence? The leaders of the party in power will scarcely acknowledge that its principles are mistaken ones. That the Chicago platform was false and should be repudiated. [ can see no Moses at present who will lead the business world out of its Egyptian darkness." General Harrison sympathizes personally with President Cleveland, who is carrying, he thinks, about as heavy a burden as mortal man can bear up under. CONFIDENCE IS RETURNING. Nearly All Suspended Banks Will Resume-Situation Brighter. WASHINGTON, July 25.-As viewed at the treasury department. the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified that the failed First National bank of Kendallville, Ills., and the failed Northern National bank of Big Rapids, Mich., would probably resume this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturduy after a short suspension, received in deposits $12,000 while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is being practically restored on the Pacific coast.
15.July 28, 1893The Hickman CourierHickman, KY
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BRIGHTER SKIES Overbang the Financial World-A Number of Suspended Banks to Resume. W ASHINGTON, July 25.-As viewed at treasury department the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps' to resume and Controller Eckels is lending them all the aid possible. He was notified Monday that the failed First National bank, of Kendallville, Ind., and the failed Northern National bank, of Big Rapids. Mich., would probably resume business this week. The First national bank, of Santa Anna. Cal., which resumed business on Saturday after a short suspension, received in deposits $12.000, while the withdrawal amounted to only $6,000. This is regarded here as an evidence that confidence is being gradually restored on the Pacific coast.
16.August 5, 1893Evening StarWashington, DC
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Bank Receivers Appointed. The controller of the currency today ape pointed receivers of insolvent national banks a follows: John S. Lawrence, receiver Northern Na tional Bank of Big Rapids, Mich. Gold T. Curtis, receiver First National Bank of Great Falls, Mont.
17.August 6, 1893New-York TribuneNew York, NY
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TROUBLES OF BANKING COMPANIES. Leon, Iowa, Aug. 5 -The Decatur County Banking Association, the oldest concern In Southern Iown, Including brarch banks at Davis City and Garden Grove, suspended this morning. Assets, $471,000; liabilItles, $315,000. T. 8. Arnold has been named as assignee. It 1s believed that the embarrassment is only temporary, and that the depositors will be paid 10 full. Sparta, Wis., Aug. 5.-M. A. Thayer, operating banks at Sparta and Tomah, made an assignment yesterday. Depositors will receive about 60 cents on the dollar. The Waupaca National Bank is expected to resume in a few days. Washington, Aug. 5.-Controller Eckels has appointed John S. Lawrence receiver of the Northern National Bank of Big Rapid. Mich., and Gold S. Curtis receiver of the First National Bank, of Great Falls, Mont.
18.August 11, 1893The TimesOwosso, MI
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Tuesday, Aug. 8. Bay City is assessed at $10,664,103. A 14-year-old boy named Lubin was drowned at Grand Haven. Captain Arnold, an old vesselman, aged 80, is dead at Muskegon. The stave mill at Merrill has closed down on account of the financial flurry. Grand Traverse county on Aug. 26 votes on the county road system proposition. John L. King's big barn at Wales was burned, with all contents; loss about $1,000. A severe drouth is doing considerable damage to the peach crop near South Haven. Professor J. M B. Sill. former principal of the normal school at Ypsilanti, will remove to Ann Arbor. The suspended Northern National bank at Big Rapids has $30,000 cash on hand, $180,000 in good notes and $135,000 in real estate. There is due depositors $247,000.
19.November 22, 1893Grand Rapids HeraldGrand Rapids, MI
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United States Court. JUDGE Sevenans-In re, Northern National bank of Big Rapids, order permitting receiver to sell certain personal property. Henry A. Rice TR. William T. Lamoreaux et al. assumpait; judg. ment on verdiet for $0,583.76.
20.April 18, 1895The Pioneer PressMiller, SD
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From the Nation's Capital.
Counterfeit two-cent postage stamps are in circulation in large quantities.
The department of agriculture reports the average condition of winter wheat 81.4, against 86.7 last April.
President Cleveland denounces the Massachusetts minister who accused him of intemperance.
Ernest Harris and John T. Jones, melter and assistant melter respectively at the Carson mint, have been suspended. The shortage in the mint is $80,000.
The controller of the currency has declared a 5 per cent dividend in favor of the creditors of the insolvent Northern National bank of Big Rapids, Mich.
The controller of the treasury has rendered a decision in which he holds that Judges Springer and Kilgore, recently appointed to the two districts in Oklahoma, cannot receive compensation for their services as such judges until after they have been confirmed.
21.April 18, 1895The Princeton UnionPrinceton, MN
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AROUND THE GLOBE DIGEST OF THE NEWS FROM ALL PARTS OF THE WORLD. All Important Occurrences of the Past Week, Boiled Down and Arranged for Rapid Reading, From Home and Abroad. From the Nation's Capital. Counterfeit two-cent postage stamps are in circulation in large quantities. The department of agriculture reports the average condition of winter wheat 81.4, against 86.7 last April. President Cleveland denounces the Massachusetts minister who accused him of intemperance. Ernest Harris and John T. Jones, melter and assistant melter respectively at the Carson mint, have been suspended. The shortage in the mint is $80,000. The controller of the currency has declared a 5 per cent dividend in favor of the creditors of the insolvent Northern National bank of Big Rapids, Mich. The controller of the treasury has rendered a decision in which he holds that Judges Springer and Kilgore, recently appointed to the two districts in Oklahoma, cannot receive compensation for their services as such judges until after they have been confirmed.
AROUND THE GLOBE DIGEST OF THE NEWS FROM ALL PARTS OF THE WORLD. All Important Occurrences of the Past Week, Bolled Down and Arranged for Rapid Reading, From Home and Abroad. From the Nation's Capital. Counterfeit two-cent postage stamps are in circulation in large quantities. The department of agriculture reports the average condition of winter wheat S1.4, against 86.7 last April. President Cleveland denounces the Massachusetts minister who accused him of intemperance. Ernest Harris and John T. Jones, meiter and assistant melter respectively at the Carson mint. have been suspended. The shortage in the mint is $S0.000. The controller of the currency has declared a 5 per cent dividend in favor of the creditors of the insolvent Northern National bank of Big Rapids, Mich. The controller of the treasury has rendered a decision in which he holds that Judges Springer and Kilgore, recently appointed to the two districts in Oklahoma, cannot receive compensation for their services as such judges until after they have been confirmed.
23.November 19, 1896Belding BannerBelding, MI
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Prof. W. N. Ferris of Big Rapids, proprietor of the Ferris college, had $2,800 in the bank there on deposit when it suspended and his students had over $6,000. The Clare Courier says: "The banker that enters Big Rapids now and makes his identity known is taking greater chances of instant death than a cigarette fiend in a powder mill. Eighteen months ago the Northern National bank of that city failed with heavy losses to the citizens, and last week the Mecosta county savings bank, with upwards of $300,000 in paper and deposits, suspend ed bnsiness. The people of Big Rapids will make their deposits in Muskegon river hereafter."
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
