gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a90d7bad856aa1a
Response Measures
None
Description
An assignment to a trustee was made after suspension but the bank arranged for resumption and reopened by mid-September.
Events (4)
1.July 27, 1893Run
Cause
Local Banks
Cause Details
Heavy run triggered by news of the suspension of the Farmers' Bank in Mount Sterling.
Measures
Paid out funds through the day; officers later decided to suspend payment and seek assignment/guarantees.
Newspaper Excerpt
decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank.
Source
newspapers
2.July 28, 1893Suspension
Cause
Local Banks
Cause Details
Directors suspended payment following the heavy run caused by the Farmers' Bank suspension.
Newspaper Excerpt
The Traders' Deposit bank closed today by order of the directors. A heavy run yesterday caused the failure.
Source
newspapers
3.August 1, 1893Other
Newspaper Excerpt
The deed of trust was made at 5:40 o'clock to James M. Bigstaff. Thus in one day M. Sterling saw two of her staunch business enterprises driven to the wall.
Source
newspapers
4.September 19, 1893Reopening
Newspaper Excerpt
The Traders Deposit will reopen at an early day, as it has now secured ample money to meet every obligation...
Source
newspapers
Newspaper Articles (20)
1.July 28, 1893Deseret Evening NewsSalt Lake City, UT
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BANK EXAMINERS. WASHINGTON, July 28. - Comptroller Eckles has placed the national banks that failed yesterday in the hands of bank examiners 68 follows: Examiner Weightman in charge of the Oregon National at Portland, Oregon; Flynn, Ellensburg National, of Ellensburg, Wash.; Wilson, First National of Helena, Montana; Lyman, Montana National, at Helena; Jennings, First National of Spokane, Wash. DENVER, July 28th.-The Denver Hardware Company has failed for 24 large amount. No statement. MT. STERLING, Ky,, July 28.-The Traders' Deposit bank has failed as a result of a run. The liabilities are $150,000; assets $890,000
2.July 28, 1893Fort Worth GazetteFort Worth, TX
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Decided to Suspend. MOUNT STERLING, Ky,, July 27.This evening the officers of the Traders' deposit bank decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank. Officers hope to resume buslness at an early day.
3.July 28, 1893Evening StarWashington, DC
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WESTERN BANKS CLOSE. Payments Suspended in a Number of Institutions. ELLENSBURG, Wash., July 28. - The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of the two banks which failed in Portland yesterday, is also president of the Ellensburg bank. CHICAGO, July 28.-A special to the Record from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago and backed by $500,000, went into voluntary liquidation yesterday. There is $100,000 in its vaults and deposited by it in the Indianapolis banks. The cause of the action, it is said, is the division of the estate. SPARTA, Wis., July 8.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions claim the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000. and the assets at $225,000, while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500.000. MOUNT STERLING, Ky., July -Last evening the officers of the Traders' Deposit Bank decided to suspend payment owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $390,000 of good assets, and the officers hope to resume business at an early day. GREAT FALLS, Mont., July 28.-The First National Bank of this city suspended this morning on account of the Helena bank suspension. Assets are much above liabilities, and it is believed it will soon resume.
4.July 29, 1893The Helena IndependentHelena, MT
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Business Failures. DENVER. July 28.-The Denver Hardware company has failed for a large amount. No statement. PORTLAND, Ore., July 28.-The Union Did Banking company has failed. small business. MT. STERLING, Kv., July 28.-The Traders' Deposit bank failed as a result of a run. Liabilities $150,000, assets $390,000. MILWAUKEE. July 28.-Specials report the failure of the German American bank, of Port Washington, and Seymour's bank. of Chiprews Falls. HARRISBURG, Pr., July 28. - The Harrisburg rolling mills. one of the largest creditors of the American Iron & Tube company. which failed yeaterday. abut down indefinitely.
Kentucky Bank Closes. Mr. STERLING, Kr., July 28.-The Traders' Deposit Bank is closed to-day by order of the directors. The heavy run caused the failure. Liabilities are $150,000; assets $890,000.
6.July 29, 1893The TimesRichmond, VA
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More Bank Failures, ELLENSBURG, WASH.. July 28.-The Ellensburg National Bank suspended payment yesterday No statement. George B. Markle, president of the Town's Bank, which failed in Portland yesterday, is also president of the Ellensburg Bank. MOUNT STERLING, KY., July 28.Last evening the officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers' Bank. The bank owes $150,000, and has $33,000 of good assets. The officers hope to resume business at an early day. CHICAGO, ILL., July 28.-A special to the Record from Martinsville, Ind., says: B. M. Mitchell's Bank, established thirty years ago, and backed by $500,000. went into voluntary Hquidation yesterday. There is $1,000,000 in Its vaults and deposited by It in Indianapolis banks. The cause of the action, it is said, is a division of the estate. SPARTA, WIS., July 28.-Two banks
7.July 29, 1893The Morning NewsSavannah, GA
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A Bank Closed at Mount Sterling. Mount Sterling, Ky., July 28.-Last night the officers of the Traders Deposit Bank decided toisuspend payment owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers Bank. The bank owes $150,000 and has $390,000 of good assets. The officers hope to resume business at an early day.
8.July 29, 1893Pawtucket TribunePawtucket, RI
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Business Complications. The North Buffalo mine has shut down. The Harrisburg (Pa) rolling mill has closed. The wire nail plants will continue shut down. The Ellensburg (Wash.) National bank has suspended. The Minno ota Iron company's mines have closed down. S. H. Morrison, lumber merchant, Cam den, N. J., has assigned. Depositors of Farmers' bank, Mt. Ster. ing, Ky., will be paid in full. The Traders' Bank of Deposit, Mt. Sterling, Ky., has suspended. The Bank of Sparta (Wis.) and M. A. Thaver's private bank have closed.
9.July 29, 1893The Morning CallSan Francisco, CA
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pany aggiegates about $20,000, and it has a paid up capital stock of $85,000. DENVER. July 28.-The Denver Hardware Company has failed for a large amount. There is no statement. MOUNT STERLING. Ky., July 28.-The Traders' Deposit Bank has failed, as the result of a run; liabilities, $150,000. MILWAUKEE, July 28.-Specials report the failure of the German-American Bank at Port Washington, and Seymour's Bank at Chippewa Falls. DENVER, July 28. - The Confidence mines, in the Mogoilen Mountains. have been attached by Silver City (N. Mex.) banks and the First National Bank of this city. The attachments aggregate $45,000. The mines are owned by George Crawford of New York. PITTSBURG, July 28.-The Bessemer steel department of Jones & Laughlin's plant closed down to-day, throwing 500 men out of employment. A condition of uncertainty exists also at the works of the Oliver Iron and Steel Company and the employes are apprehensive of a protracted shutdown. COVINGTON, Ind., July 28. - The Farmers' and Merchants' Bank of this city closed to-day owing to the heavy demand for money and an inability to realize on securities. There is no statement as yet. Ex-United States Treasurer Nebeker is its president. NEW YORK, July 28.-It is learned tonight that an important meeting of the presidents of savings institutions in New York and Brooklyn was h-ld to-day, at which it was decided to recommend to the trustees and directors of the various banks to enforce the sixty days' notice clause on savings banks. CONCORD. N. H., July 28-The Derryfield Savings Bank and Trust Company of Manchester, with deposits of $150.000, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, was enjoined to-night from transacting any further business by Bank Commissioner Lyford.
10.July 29, 1893The SunNew York, NY
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$250,000. and the deposits amount to about $650,000. HELENA, Mon., July 28. - The situation in Helena to-day is very quiet. the banks doing an ordinary business. The Comptroller has directed Bank Examiner Wilson and Special Examiner A. W. Lyman to take charge of the First National and Montana National banks, which closed yesterday. PORTLAND. Or., July 28.-The Union Banking Company has suspended. ELLENSBURG. Wash. July 28.-The Ellensburg National Bank suspended yesterday. George B. Markle. President of the two banks which failed in Portland yesterday. is also President of the Ellensburg Bank. MOUNT STERLING. Ky., July 28.-Last evening the officers of the Traders' Deposit Bank decided to supend payment owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $160,000. and has $390.000 of good assets. and the officers hope to resume business at an early day. MARTINSVILLE, Ind., July 28-The S. M. Mitchell Bank. established thirty years ago and backed by $500.000 went into voluntary liquidation yesterday. There is $100,000 in Its vaults and deposited by it in Indianapolis banks. The cause of the action. it is said. is the division of the estate. INDIANAPOLIS, July 28.-The Farmers' and Merchants' Bank of Covington. Ind., closed today. Ex-United States Treasurer Nebeker is President. The officials say that the assets are sufficient to meet the liabilities.
11.July 29, 1893Fort Worth GazetteFort Worth, TX
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It Closed. MT. STERLING, Ky., July 28.-The Traders' Deposit bank closed today by order of the directors. A heavy run yesterday caused the failure. Liabilities $150,000; assets $390,000.
12.August 1, 1893The Mt. Sterling AdvocateMount Sterling, KY
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On mers Bank failed to open its doors for business. The news quickly spread over the city and created no little excitement. The steady drain on the ready money of the bank by depositors was more than it could stand and finally it had to succumb to the pressure of circumstances and suspend pay ment. For the last four months there has been a shrinking of the deposits, and since it seemed impossible to realize on its paper. There was nothing else left to be done but to close its doors. The liabilities of the bank reach $300,000, and it has in available assets over $600,000. There can be no question but that every depositor will be paid in full, and there is good ground for the belief that the stockholders will lose little or nothing. This bank has been the special favorite for the deposit of the fund of widows, guardians and estates, and has always enjoyed the confidence of the community. It was a heavy blow to the more helpless portion of the community when it was forced to the wall. The scenes were pitiable when women looked the situation in the face and felt their strong rock of business defense was taken from them. The closing of the doors of the New Farmers Bank was the signal for a run on the other banks. The drain on all of them was heavy, but the Traders Deposit seemed to be the special point of attack. All day long the tellers stood at the counters and paid out the money in a steady strèam till the hour for closing. Not one sign ef weakening was seen in the face of any official of the bank; but after closing hours the directory thought it better to suspend payment than to face the certainty of the continnation of the run of the day. No bank, however strong, could stand such a drain on its available cash. Therefore the officials reluctantly decided to give up the unequal fight and make an assignment. The deed of trust was made at 5 :40 o'clock to James M. Bigstaff. Thus in one day M. Sterling saw two of her staunch business enterprises driven to the wall. The condition of the bank is in every respect good. It has $390,000 of good paper and liabilities to the amount of only $150,000There is no reason in the world why this bank should not be on its feet again in a very short time.
13.August 1, 1893The Mt. Sterling AdvocateMount Sterling, KY
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In the afternoon the seene contrasted strangely with that of the morning. From 2 p. m. till evening there were very few on the streets; in fact, the town looked deserted. So dead was the calm after the stormy scenes of the morning that the contrast was almost painful. Any Sunday afternoon would have found as many people on the streets. Both the the Mt. Sterling National and the Exchange Banks are all right now and deeper rooted than ever in the confidence of the people. The Traders Deposit Bank is already at work to arrange for reopening, and it will be but a few days till it will be doing business as serenely as if a squall had never struck it. We have the proposition to make to any who are indebted to the ADVOCATE-let the sum be large or smallthat we will take a check on either the New Farmers or the Traders Deposit Banks in payment for the same and give a clear receipt. We are positive in our faith that both banks will pay every dollar, and that at no distant date. The banks at Indianapolis, Ind. have shared in the fate of others. People who knew nothing about banking methods wanted every dollar of their deposits, and of course went after it in a hurry, and got there just in time to see the blinds pulled down. Louisville banks, five in number closed their doors two weeks ago, and yet when the causes were made known, the depositors were not satisfied until they were taught a lesson on banking. The lesson was a public one, and every man here should have known better than to have make a run, because any bank which makes money for its creditors cannot stand a general run from its depositors. This is the cause of a suspension of one of the Kansas City banks. A lady presented a check for payment. She was unknown to the officers and they asked that she be identified, when she left the bank very much excited, saying they could not pay her check, causing great excitement and a run. Is there a man in this county who wonld rejoice over the suspension of any business interest We hope not. There are many reports going the rounds, and we would be slow to believe any man so mean as to delight to prey on a dead carcass. Some of the persons loudest against the banks in the runs made last week on them, did not have a dollar to their credit; some less than five dollars and others were overdrawn. Several gentlemen who had lost their equiblirium presented large checks for payment at the Mt.Sterling National Bank and received the state ment that the bank would not submit to a run. They saw their folly and tore up their checks. Five checks in the hands of such gentlemen aggregated $33,000. One lady wanted her money bad from the Exchange Bank, but when assured that it was safe, returned home perfectly satisfied, but when the excitement became general, she returned and drew her money and wanted a merchant to take'care of it. He informed her he would not be responsible for it, but would return it with his deposits to the same bank, which restored her confidence and she returned her money to the bank. Amidst the greatest excitement, business men who knew banking methods, pressed their way to the cashiers and left their deposits, They had read the bank statements. and
14.August 1, 1893The Mt. Sterling AdvocateMount Sterling, KY
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Traders Deposit Bank-It WIII Resume. 1t had been reported that the Traders Deposit Bank would resume yesterday, July 31. This in ordinary times as far as dollars and cents are concerned, could have been done. But with financial clouds lowering it was demed best to take other steps. In an interview with Mr. E. C. Orear, VicePresident, we learned facts which we think of interest. On the question of resumption there are not a few men who think the one and only thing necessary would be to open doors and begin business, which is a very wide mistake. The first step taken by the bank was to offer a guarantee to its depositors, thereby assuring them of their own faith in their institution and giving anditional security. As it now is the bank has liabilities amounting to $147,000, with assets amounting to $375,000. The directery and stockholders will add their personal backing, increasing the security to what in our opinion will amount to from $750,000 to $1,000,000. Papers have been circulated and the depositors have gladly taken up the matter, and already more than half in both number and amount have given their consent to cancellation of assignment and resumption on terms proposed by the bank. To a person who knew with what amount of cash this bank had been run, it seems that the suspension was unnecessary. But with an unceasing and quiet draw at the close of business Thursday, they had paid out over their counter about $20,000 more than they had taken in, and the officers were afraid of an increased run the
ON WALL STREET. NEW YORK, July 28.-Interest in Wall street today largely centered on reports of gold importations. According to well informed bank officers some very erroneous reports have been published concerning them. One bank president said the talk that a bank syndicate was formed to import gold was absolen At a meeting of the clearing house committee today an additional issue of $2,150,000 loan certificates was authorized. The anno uncement of the failure of H. C. Averill and C. H. Connoly was made on consolidated exchange just before 3 p. m. today. Liabilities small. ailures attributed to decline in sugar and general electric. JEWELERS ASSIGN. NEW YORK, July 28 -A. Goldsmith & Son, jewelers and diamond dealers, today assigned. Preferences $38,043; debts $200,000. A KENTUCKY BANK. MT. STERLING, Ky., July 28.-The Traders Deposit bank closed today by order of the directors. A heavy run yesterday caused the failure. Liabilities $150,000, assets $390,000. LIABILITIES EXCEED ASSETS. BROOKLYN, July 28. - Joseph Lecompte, manufacturer of sheet metal, made a general assignment today. It is impossible to learn his liabilities, but they are said to be greatly in excess of assets. MILLS ON HALF TIME. BOSTON, July 28.-The Tremont and Suffolk mills, Lowell, Mass., will be operatad on half time beginning Monday. MILLS CLOSED DOWN. PROVIDENCE, R. I., July 28.-The following mills in Burrillville are closed: A. L. Sayles & Sons, Arnold & Perkins, Job H. Fiske, W. A. Inman, William Tinkham & Co., J.D. Nichols & Sons. IRON WORKS RESUME. TROY, N. Y., July 28.-Notices have
16.August 3, 1893Wood County ReporterWisconsin Rapids, WI
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FEW MORE FAILURES. Chippewa Falls, Wis., July 28.-The private bank of D. E. Seymour posted a notice at the opening hour this morning to the effect that on account of the stringency in the money market and inability to make collections they were obliged to suspend payment. There was a small run on the bank yseterday to which, together with the withdrawal of the city and county funds by /the krespective treasurers, can be attributed the closing of the bank. The assets far exceed the liabilities and it is believed in a few days Seymour will pay every dollar. There was much excitement manifested on the street and steady withdrawals of money from the First National and Lumberman's National. It is believed they have money enough to pay all. Port Washington, Wis., July 28.-The German-Ameircan bank closed its doors this morning. Mt. Sterling, Ky., July 28.-The Traders' Deposit bank stood the strain of a heavy run all day yesterday, but the officers concluded that the wisest thing to do was to assign,as the chances were that today's run would be heavier than yesterday. The bank owes about $150,000. The assets are double this amount. New York, July 28.-The failure of Horatio D. Averill was announced at the Consolidated exchange this morning. Liabilities small. Adolph Goldsmith and Sigmund A. Goldsmith & Son, jewelers and diamond dealers at No. 38 Maiden lane, today assigned, with preferences for $38,043.38 to numerous creditors. Great Falls, Mont., |July 28.-The First National bank of this city closed its doors this morning by order of the directors. No reason is assigned and a statement is refused by bank officers. Liabilities according to the last statement, reach $600,000 or $700,000. S. C. Ashby, the largest dealer in agricultural implements in Montana with stores at various points, assigned today. Washington, D. C., July 28.-Comptroller Eckels was advised that the Chamberlain National bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed today.
17.August 4, 1893The Weekly Union TimesUnion, SC
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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martiusvilie, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago, backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The - Ellens' urg National Banksuspended payment Thursday BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and the Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The 1 Union Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank desided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp. oduction.
18.August 4, 1893The Weekly Union TimesUnion, SC
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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martinsville, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago. backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The Elleosburg National Banksuspended payment Thursday. BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and tbe Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The Uuion Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp.oduction.
19.August 5, 1893The L'anse SentinelL'anse, MI
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CLOS ) BY A RUN, Traders' Deposit Bank at Mount Sterling, Kv., Suspends Payment. MOUNT STERLING, Ky., July 29.The Traders' I eposit bank is closed to-day by order of the directors, who met last night and decided to suspend payment. The heavy ruin yesterday caused the failure. Liabilities are $150,000, with good assets of $390,000 An early resumption is probable. HARRISBURG, Pa., July 29.-The Harrisburg Rolling Mill company, = large creditor of the American Tube and Iron company, which failed yes terday, shut down last night. The shops will be closed indefinitely. Over four hundred men are thrown out of work.
20.September 19, 1893The Mt. Sterling AdvocateMount Sterling, KY
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The backbone of the financial panic is undoubtedly broken, and the worst is clearly passed. The financial outlook, the country over, daily grows brighter. Reports from the great money centers continually give more encouraging statements of matters. The banks are rapidly retiring vast amounts of Clearing House certificates, issued to meet the expenses of the times. They are paying out money on checks. The premium on currency has disappeared, and they are now loaning to their customers. In our own city the banks now open are in fine shape. The Traders Deposit will reopen at an early day, as it has now secured ample money to meet every obligation, and some minor details, only, are left to be arranged. Cattle are going off and whilst the price is low, still a large amount of money is being put into the country from this source. Tobacco is commanding a good price, and the market seems to be in that shape that precludes a possibility of its going back. There are many crops of old tobacco in the hands of the raisers, and the crop that has been housed is, pronounced by all, the best in the burley district, both in quality and quantity. This must bring much money to us. Altogether the outlook for Montgomery seems to be anything but unfavorable. Times are brightening and money will soon be much easier here.
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.
