Article Text
A Louisville Bank Fails. LOUISVILLE, Ky., July 25.-The Merchants' National bank of Louisville, has suspended.
Merchants National Bank (Louisville, KY)
Episode Information
- Episode UID
216101123- Episode Type
- Run → Suspension → Reopening
- Bank Type
- national
- Bank ID
-
21610national - Charter Number
- 2161
- Start Date
- July 25, 1893
- Location
- Louisville, Kentucky (38.254, -85.759)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
d0fe37584e03304f
Response Measures
Accommodated withdrawals, Full suspension
Clearinghouse involved: Yes (loan, examination, or other measures)
Events (5)
1.
July 31, 1874
Chartered
- Source
- historical_nic
2.
July 25, 1893
Run
- Cause
- Local Banks
- Cause Details
- Withdrawals by country banks and country depositors precipitated heavy withdrawals and runs on local banks
- Newspaper Excerpt
- Panic reigned in banking circles here to-day, and as a result three more failures are added ... Runs were in progress on all the banks
- Source
- newspapers
3.
July 25, 1893
Suspension
- Cause
- Local Banks
- Cause Details
- Suspended owing to withdrawals by country banks and heavy local withdrawals
- Newspaper Excerpt
- The Merchants' National bank of Louisville, has suspended.
- Source
- newspapers
4.
August 31, 1893
Reopening
- Newspaper Excerpt
- Two more suspended banks, the City National and Merchants National, resumed business yesterday.
- Source
- newspapers
5.
June 2, 1894
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (23)
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Two Go at Louisville, LOUISV ILLE, Ky., July 25, 1893-The Merchants National National Bank suspended payment this morning A little later the Louisville Deposit Bank also closed its doors.
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And Still Another. By Associated Press to The News. LOUISVILLE, Ky., July 25.-The Merchant's National Bank of Louisville, has suspended.
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THREE MORE IN LOUISVILLE, Two National and a Private Bank Forced to Close Up. Special to the Indianapolis Journal. LOUISVILLE, July 25.-Panic reigned in banking circles here to-day, and as a result three more failures are added to the list, making five since Saturday for Louisville. Runs were in progress on all the banks and none can tell where the trouble will end. The institutions gone up to-day are the Merchants' National, the Fourth National and the Louisville Deposit Bank. The Merchants' was the first to go. Half an hour later the Deposit Bank posted a notice and about the same time the Fourth National went to the wall. At that hour the excitement was running high and every one of half a dozen banks was crowded with depositors who were in line waiting their turn with the paying teller. The first failure of the present crisis was that of the Kentucky National Bank, Saturday. Then came the Louisville City National Monday, after the intervention of a Sunday holiday. and the Merchants' National. The Louisville Deposit and the Fourth National to-day. The failing of the Merchants' National was caused by the withdrawals of country banks and country depositors. The Louisville Deposit was the only bank in the city not a member of the clearing-house association, and, in its time of need, none of the other banks would give it any assistance whatever. The suspension of the Fourth National was a result of the panic. For a week there has been a stendy pulling out of deposits. This changed into a run after the suspension of the Kentucky National last Saturday. and the run continued Monday and Tuesday, and until the funds were exhansted to-day. The Merchants' National was capitalized at $500,000. and J. H. Lindenberger is president. The Fourth National has a capital of $300,000. and a surplus of $5,000; George Davis is president. The Lonisville Deposit Bank has a capital of $800.000, and a surplus of $16,128; Moses Sch wartz 18 president. The last state. ment of the Fourth National was as follows: Resources.
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Two at Louisville. LOUISVILLE, July 26.-The Merchants National bank has suspended. LOUISVILLE, July 26.-At 1:30 p. m. the Fourth National bank closed its doors.
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A Louisville Bank Suspends. LOUISVILLE, July 25.-The Merchants' National bank has suspended, owing to withdrawals by country banks. The failure is not a bad one.
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Business Complications. The Louisville Bank of Deposits has failed. The Indianapolis National bank has closed. The Taylor County (Miss.) bank has assigned. The First National bank, Orlando, Fla., has suspended. The Bank of Commerce, Indianapolis, has suspended. The Merchants' National bank, Louisville, has failed. E. J. Gaynor, railroad contractor, Pottsville, Pa., has failed. The J. Obermann Brewing company of Milwaukee has failed. The Wisconsin Fire and Marine Insurance bank has closed. Parkhurst & Wilkinson, Chicago iron merchants, have assigned. The G. B. Hodgman Manufacturing company, Sandusky, o., has assigned.
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Two at Louisville. LOUISVILLE, July 26.-The Merchants National bank has suspended. LOUISVILLE, July 26.-At 1:30 p. m. the Fourth National bank closed its doors.
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More at Louisville. LOUISVILLE, July 25.-The Merchants' National bank has suspended payment. The Louisville Trust bank was also forced to close. At 1:30 o'clock Tuesday afternoon the Fourth National bank closed its doors.
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Two at Louisville. LOUISVILLE, July 26.-The Merchants National bank has suspended. LOUISVILLE, July 26.-At 1:30 p. m. the Fourth National bank closed its doors.
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AND YET THEY COME. Tuesday evening and Wednesday morning papers were curiosities. Take the Daily News for illustration: One column had a telegraphic report from Eckels, Comptroller, stating that all the trouble was over-the country was safe, and no failures were probable. This was written the 24th. On the 25th and 26th it took over two columns of fine type to record the failures, among them the oldest and strongest banks in the U.S. The most remarkable statement ever made in the financial world came in the finance columns of Tuesday, from New York. It was the statement that "the Philadelphia banks are unable to meet their payments, and the New York exchange is disturbed at this failure on their part!" And yet, so fearful is the goldbug organization that they do not dare to throw Philadelphia into bankruptcy. One attachment issued and over goes everything! We make up a list of a few of the failures, as they occur in one daily issue: Bradford & Church, bankers, Chicago. Henry Bach, wholesale clothing, N. Y. Wisconsin F. & M. Ins. Co. Bank, Milwaukee, by far the strongest bank in the city, and caused great excitement. The city had $1,630,000 in the bank, and will have to suspend payment, as the county did when the Commercial recently closed out. The C. M. & St. P. Ry is also mixed up in it. Several other Milwaukee institutions follow the above failure. New York-a panic raged on the N.Y. stock exchange all day Tuesday, "owing to the bank crashes." "Everything is all right," says Eckels!! INDIANAPOLIS. The Bank of Commerce failed Wednesday. The failure is for over a million dollars.; It was a U.S. Depository, and had over $800,000 of the government funds in it. "It is only a weeding out of banks that ought not to exist," said Eckels, recently! The Indianapolis National Bank failed the same day. "This was one of the oldest and soundest financial institutions in the west." Last week's statement showed over $1,000,000 of bonds to secure depositors! It was the oldest in the city. C. W. Depauw, the banker capitalist, failed on Saturday. The other banks are being run on and several factories have closed. LOUISVILLE. The Louisville Deposit Bank, failed the 25th. The Merchants National went down also, the third national bank to fail in three days, in Louis ville. The Fourth National closed its doors the afternoon of the 25th. The Bank of Commerce went down same day. The Hudson River Tunnel Co., Jersey City, has tumbled. The Hodgman Manufacturing Company, Sandusky, has "gone out." Ripley & Bronson, iron merchants, St. Louis, failed. Olaf Pary, New York Mills, Minn., has collapsed. Wealthiest Finlander in the west. Montezuma Silver Mines, Col., in a receiver's hands. Parkhurst & Wilkinson, iron, Chicago, gone under. $1,000,000. Farmers National Bank, Toledo, closed its doors at noon today. (25th.) Gayner, the great railroad conductor, Pottsville, Pa., assigned today. The St. Louis Steam Heating Co. closed today. Tacoma banks are in trouble. The Manchester National Bank of the Commonwealth went over the 25th. Eastern Cotton mills closing every day. Gloomy. On the morning of the 26th the papers were at last compelled to get off their perch, and admit that the situation as to finances was gloomy, and foreboded disaster. The display heads say, "The New York Money Kings Do not Like the Situation." The New England banks are all tottering. A. meeting of the silver men of New York was broken up by the republican goldbug gang. It was held at 5th Avenue Hotel. Wall Street is at last gloomy. The cloud is darkly gathering. And yet it is but the beginning.
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Two at Louisville. LOUISVILL'S. July 26.-The Merchants National bank has suspended. LOUISVILLE, July 26.-At 1:30 p. m. the Fourtu Na ional bank closed its doors.
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THE FINANCIAL SITUATION. On the 25th the Mitchell bank at Milwaukee closed its doors Its deposits amount to nearly $3,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their loors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also falled on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockhoMers will not be more than 60 per cent. In either case. The situation on the New York stock exchange on the 26th was critical and a panic was narrowly averted. The news that the Erle railroad had gone into the hands of a receiver was largely responsible for the break in stocks which felt from 1 to 4 points. H. I. Nicholas & Ea. brokers, assigned.
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THREE BANKS TO REOPEN. : LOUISVILLE. Ky,, Aug. D:-One of the four suspended national banks, the Fourth National. is expected to reopen Monday and the City and Merchants' will not be far behind.
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Banks Will Resume. LOUISVILLE, Ky., Aug. 9.-One of the four suspended national banks will resume sooner than was expected, but the others will not be far behind. The Fourth National will be the first. Its officers expect to open its doors next Monday, and the City and Merchants' will resume in a few days.
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Suspended Bank Reopens. LOUISVILLE, Aug. 9.-One of four suspended national banks, the Fourth National, is expected to reopen Monday and the City and Merchants will not be far behind.
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Resuming at Louisville. LOUISVILLE, Ky., Aug. 10 --One of the four suspended national banks will resume sooner than was expected and the others will not be far behind. The Fourth national will be the first. Its officers expect to open its doors next Monday, and the City and Merchants will not be far behind.
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Banks Resuming at Louisville. LOUISVILLE, Aug. 26.-The Fourth National bank, one of the five Louisville banks to suspend during the recent panic, resumed business today. The Louisyille City National and the Merchants' National banks will also resume business within a few days.
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Banks Reopening. LOUI$VILLE, _Ky., Aug. 25. - The Fourth National bank, one of the five Louisville banks to suspend during the recent panic, resumes business tomorrow. The.Louisville City National and the Merchants' National banks will also resume business within a few days.
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Bank Doors Reopened. LOUISVILLE, Aug. 20.-The Fourth National Bank, one of the five Louisville banks to suspend payment during the recent panic, resumed business to-day. The City National and the Merchants' National will also resume within a few days.
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Coming Around All Right. LOUISVILLE, Ky., Aug. 31.-Two more suspended banks, the City National and Merchants National, resumed business yesterday.
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More Banks Resume. LOUISVILLE, KY., Aug. 31.-Two more suspended banks, the Louisville City National and the Merchants National, resumed business yesterday.
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Two Suspended Banks Resume. Louisville, Ky., Aug. 31.-Two more suspended banks, the Louisville City National and Merchants' National, resumed business yesterday.