gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4894e920d2d2531f
Response Measures
None
Description
Bank made a general assignment to Judge D. H. Scott after depositor run; appears to have closed permanently.
Events (2)
1.March 23, 1897Run
Cause
Local Shock
Cause Details
Run triggered by the failure/suspension of cotton firm Martin, Wise & Fitzhugh, a large debtor of the bank.
Measures
All checks presented were promptly cashed; officials appealed to other local banks for assistance; City National received outside support (First National placed $100,000) to calm depositors.
Newspaper Excerpt
Depositors became alarmed and a run began...When the doors opened this morning the run was renewed and continued until the bank was forced to close.
Source
newspapers
2.March 23, 1897Suspension
Cause
Local Shock
Cause Details
Bank made a general assignment (closed) precipitated by the failure of Martin, Wise & Fitzhugh, which owed the bank money.
Newspaper Excerpt
At 10 o'clock this morning the Farmers and Merchants' Bank...made an assignment to Judge D. H. Scott.
Source
newspapers
Newspaper Articles (22)
1.March 23, 1897The Topeka State JournalTopeka, KS
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Article Text
PARIS, TEX., BANK CLOSES. Failure is Caused by the Assignment of Martin, Wise & Fitzhugh, Yesterday. St. Louis, March 23.-A special to the Post-Dispatch from Paris, Tex., says: The Farmers' & Merchants' bank closed its doors at 10 o'clock this morning. It was one of the oldest financial institutions in the state and had a paid up capital of $200,000. The failure of Martin, Wise & Fitzhugh yesterday caused a run on the bank which forced it to the wall. John Martin was president of the bank until yesterday, when he resigned. There is a decidedly panicky feeling prevailing and it is feared that runs will be made on all banks affected by the failure here and elsewhere.
2.March 23, 1897Daily CameraBoulder, CO
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BUSINESS CASUALTIES. An Immense Failare of a Texan Banking Concern. Paris, Texas, March 23.-The Farmers and Merchant's bank suspended this morning. The failure was due to the suspension of Martin, Wise & Fitzhugh yesterday. As a result a big run is go ing on today at the City National bank. Capital stock $200,000, surplus $55,000. Deposits $250,000, loans and discounts $250,000.
3.March 23, 1897Alexandria GazetteAlexandria, VA
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Article Text
Bank Troubles. PARIS, Tex., March 23.-The Farmers and Merchants' Bank, of this city, suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise and Fitzhugh, cotton buyers. The capital stock was $200,000; surplus, $55,000; deposits $250,000; loans and discounts, $200,000. A big run is in progress at the City National Bank. The line of waiting depositors extends in the street. Excitement runs high.
4.March 24, 1897The Seattle Post-IntelligencerSeattle, WA
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Article Text
Business Troubles. PARIS, Tex., March 23.-The Farmers' and Merchants' bank closed its doors at 10 o'clock this morning. It was one of the oldest financial Institutions in the state, and had a paid-up capital of $200,000. The failure of Martin, Wise & Fitzhugh yesterday caused a run on the bank which forced it to the wall. John Martin was president until yesterday, when he resigned. There is a decidedly panicky feeling. It is feared that runs will be made on all the banks here.
5.March 24, 1897The Morning NewsSavannah, GA
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Article Text
BANK SCARE IN TEXAS. One Institution's Failure Starts a Run on Another. Paris, Tex., March 23.-At 10 o'clock this morning the Farmers and Merchants' Bank, one of the oldest and thought to be the strongest financial institutions in North Texas, with a paid up capital of $200,000, and a surplus of $60,000, made an assignment to Judge D. H. Scott. This action was precipitated by the failure of the cotton firm of Martin, Wise & Fitzhugh yesterday. It was known that the firm owed the bank money and depositors became alarmed and a. run begun. All checks presented yesterday were promptly cashed. The bank officials forsaw that if the run was kept up it would be forced to the wall. An appeal to the other local banks for assistance was refused. When the doors opened this morning the run was renewed, and continued until the bank was forced to close. This set people wild and a rush was made for the City National, which was also a large creditor of Martin, Wise & Fitzhugh. A great crowd gathered in front of the building and it became necessary for the police to clear the sidewalks. At 11 o'clock, Col. George F. Hicks, vice president of the First National Bank, walked in and laid $100,000 on the City National's counter and told the people to come forward and get their money. This was follwed by the announcement that the bank would remain open until 6 o'clock to pay depositors. This allayed the fears of some, but many continued to withdraw their money. Apprehensions are felt for banks in neighboring towns who are involved in the failure of Martin, Wise & Fitzhugh.
6.March 24, 1897The Copper Country Evening NewsCalumet, MI
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Article Text
Texas Bank Closed. Paris, Tex., March 24.-The Farmers' and Merchants' bank closed its doors Tuesday. It was one of the oldest financial institutions in the state and had a paid up capital of $200,000. The fallure of Martin, Wise & Fitzhugh caused a run on the bank which forced it to the wall.
7.March 24, 1897The Wilmington Daily RepublicanWilmington, DE
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Article Text
A Texas Bank Succumbs. Paris, Tex., March 24.--The Farmers' and Merchants' bank closed its doors yesterday. It was one of the oldest financial institutions in the state, and had a paid up capital of $200.000. The failure of Martin, Wise & Fitzhugh caused a. run on the bank, which forced it to the wall. John Martin was president of the bank until Monday, when he resigned. There was a run on the City National bank by frightened depositors, but all claims were paid.
8.March 24, 1897The Brunswick TimesBrunswick, GA
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Article Text
BAD BANKING. Two Texas Banks in Trouble-One Has Suspendd. Paris, Texas, March 23.-The Farmers and Merchants bank here suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise & Fitzhugh, cotton buyers. RUN ON ANOTHER BANK. A big run is in progress at the City National bank. The line of waiting depositors extends into the street and excitement runs high.
9.March 24, 1897The Roanoke TimesRoanoke, VA
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Article Text
TEXAS BANK SCARE. A Hitherto Strong Institution Forced to the Wall. Paris, Texas, March 23.-At 10 o'clock this morning the Farmers' and Merchants' Bank, one of the oldest and thought to be strongest financial institutions in North Texas, with a paid. up capital of $200,000 and a surplus of $60,000, Scott. made an assignment to Judge D. H. This action was precipitated by the failure of the cotton frm of Martin, Wise & Fitzhugh yesterday. It was known that the firm owed the bank money. Depositors became alarmed and a run began All checks presented yesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced"to the wall. An appeal to the other local banks for assistance was made, but refused. When the doors opened this morning the run was renewed and continued un. til the bank was forced to close. This set people wild and a rush was made for the City National, which was also a large creditor of Martin, Wise & Fitzhugh. A great crowd gathered in front of the building and it became necessary for the police to clear the sidewalks. At 11 o'clock Col. George F Hicks, vice president of the First National Bank, walked in and laid $100,000 on the City National's counter and told the people to come forward and get their money. This was followed by the announcement that the bank would remain open until 6 o'clock to pay depositors. This allayed the fears of some, but many continued to withdraw their money. Apprehensions are felt for banks in neighboring towns who are involved in the failure of Martin, Wise & Fitzhugh.
10.March 24, 1897The Daily Morning Journal and CourierNew Haven, CT
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Article Text
TEXAS BANKS EMBARRASSED. A Suspension at Paris and a Big Run on Another Bank. Paris, Tex., March 23.-The Farmers and Merchants' bank of this city suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise & Fitzhugh, cotton buyers. A statement of assets and liabilities has not yet been given out. A big run is in progress at the City National bank. The line of waiting depositors extends into the street. Excitement runs high.
11.March 24, 1897The Salt Lake HeraldSalt Lake City, UT
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Article Text
"HOORAY FOR M'KINLEY." BIG TEXAS BANK IS FORCED TO THE WALL. Action Precipitated by the Failure of a Cotton Firm, and a Run by Depositors as the Result. Paris, Tex., March 23.-This morning the Farmers' and Merchants' bank, one of the oldest and thought to be the strongest financial institution in North Texas, with a paid up capital of $200,000, and a surplus of $60,000, made an assignment and closed its doors. This action was precipitated by the failure of the cotton firm of Martin, Wise & Fitzhugh yesterday. It was known that the firm owed the bank money, but how much could not be learned, and depositors became alarmed and a run began. All checks presented vesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced to the wall and appealed to the other local banks for assistance, but were refused. When the doors opened this morning the run was renewed and kept up until it was forced to close. There was also a run on the City National bank, which lasted for several hours, but ,depositors were promptly paid. Assistance was received from other points, and tonight it is thought the heavy withdrawals will not seriously affect the bank. It is believed the Farmers' and Merchants' bank has ample assets to pay all liabilities and will reorganize on a reliable basis.
12.March 24, 1897The TimesWashington, DC
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Article Text
A NORTH TEXAS BANK FAILS. Farmers and Merchants' of Paris Forced to the Wall. Paris, Texas, March 23.-At 10 o'clock this morning the Farmers and Merchants' Bank, one of the oldest and thought to be the strongest financial institution in north Texas, with a paid-up capital of $200,000 and a surplus of $60,000, made an assignment to Judge D.H. Scott. This action was precipitated by the failure of the cotton firm of Martin, Wise & Fitzhugh yesterday. It was known that the firm owed the bank money, depositors became alarmed and a run begun. All checks presented yesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced to the wall. An appeal to the other local banks for assistance was made but refused. When the doors opened this morning the run was renewed and continued until the bank was forced to close. This set people wild and a rush was made for the City National, which was also a large creditor of Martin, Wise & Fitzhugh. A great crowd gathered in front of the building and it became necessary for the police to clear the sidewalks. At 11 o'clock Col. George F. Hicks, vice president of the First National Bank, walked in and laid $100,000 on the City National's counter and told the people to come forward and get their money. This was followed by the announcement that the bank would remain open until 6 o'clock to pay depositors. This allayed the fears of some, but many contined to withdraw their money. Apprehensions are felt for banks in neighboring towns who are involved in the failure of Martin, Wise & Fitzhugh.
13.March 24, 1897The Evening HeraldShenandoah, PA
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Article Text
A Texas Bank Succumbs. Paris, Tex., March 24.-The Farmers' and Merchants' bank closed its doors yesterday. It was one of the oldest financial institutions in the state, and had a paid up capital of $200,000. The failure of Martin, Wise & Fitzhugh caused a run on the bank, which forced it to the wall. John Martin was president of the bank until Monday, when he resigned. There was a run on the City National bank by frightened depositors, but all claims were paid.
14.March 24, 1897The Saint Paul GlobeSaint Paul, MN
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Article Text
NEW YORK MINING STOCKS. Bulwer $0 15 Ontario $8 00 Cholor 80 1 10 Ophir Crown Point 18 15 Plymouth Con. Cal. & Va 1 00 1 00 Quicksilver Deadwood 1 25 10 00 do pfd 25 25 : Sierra Nevada Gould & Curry.. Hale & Norcross. 80 Standard 1 65 Homestake 29 00 20 Union Con Iron Silver 35 25 Yellow Jacket Mexican 25 BOSTON MINING SHARES. 1 Franklin Allouez Min. Co.. 11 Atlantic 21½ Kearsarge 161/2 Osceola Boston & Mont 127% 31½ Butte & Boston 105 18½ Quincy Calumet & Hecla 375 119 Tamarack Centennial Wolverine 71/4 95/8 DOORS CLOSED. ST. LOUIS, Mo., March 23.-A special from Paris, Tex., says: The Farmers' and Merchants' bank closed its doors at 10 o'clock this morning. It was one of the oldest financial institutions in the state, and had a paid-up capital of $200,000. The failure of Martin Wise & Fitzhugh yesterday caused a run on the bank, which forced it to the wall.
15.March 24, 1897The SunNew York, NY
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Article Text
PUT $100,000 DOWN. A Texas Bank Official's Effort To Stop a Run on the Institution. PARIS, Tex., March 23.-At 10 o'clock this morning the Farmers and Merchants' Bank, one of the oldest banking institutions in North Tomas, with & paid-up capital of $200,000 aud a surplus of $50,000, made an assignment to Judge D. H. Scott. This action was precipitated by the failure of the cotton firm of Martin, Wise & Fitzhugh yesterday. Depositors became alarmed and a run began. All checks presented yesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced to the wall. An appeal to the other local banks for assistance was made but refused. When the doors opened this morning the run was renewed and continued until the bank was forced to close. This set people wild and a rush was made for the City National, which was also a large creditor of Martin, Wise and Fitzhugh. A great crowd gathered in front of the building. and it became necessary for the police to clear the sidewalks. At 11 o'clock Col. George F. Hicks, Vice-President of the First National Bank, walked in and placed $100,000 on the City National's counter, and told the people to eome forward and get their money. This was followed by the announcement that the bank would remain open until 6 o'clock to pay depositors. This allay ed the fears of some, but many continued to withdraw their money.
16.March 26, 1897The Bryan Daily EagleBryan, TX
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Article Text
The Panicky Feeling Is Over, PARIS, Tex., March 25.-The panicky feeling that has pervaded Paris for the last two days, owing to the heavy failures of Martin, Wise & Fitzhugh, the Farmers and Merchants bank, the Paris Electric Light company suits and the assignment of John T. Dickson, has about passed away entirely. Business has resumed its normal condition and no more failures are anticipated.
17.March 27, 1897The Van Buren PressVan Buren, AR
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A PARIS, Tex:- dispatch of March 98 says; The Farmers' and Merchants Bank closed Its doors no 10 0 CTOCK this morning. H was one of the oldest GRANCIAT instruction in the state, and and # paid or Capital of $900 000. The failure or Martin, Wise & yesterday caused # run on 088 bank. which forced H to the wall. sona Martin was president at the bank and yestorday When no resigned. There is # accidedly PABICKY feeling prevailing: And It to fenred that runs will be made on all banks affected by the failure nors and elsewhere: HON WILLIAM #: BRYAN will RIVE one half the royalties received from the sale of tits boot: The First Battle, to the cause of bimetallism, and has RP: potited # COMMITTEE Whose duty will Be w properly expend the funds reserved for that purpose. The committee is composed of Senator dones, of AFRAHBNS: Senator H. M. Peller, of Colorado; Senator William v Allen, of Nebraska, and Hon: A: 3. Warner: president of the National Bimetallic Union: In answer to # communication from his pothshers, #: B, Cookey company Unicago: station that $18,000 $10 was due AND as royalties on the first month 1 Sales: Mt: Bryan at once Instructed them 68 forward $1,500 to Mr. Jones, $1,300 300 to Mr. Watner, $1,500 to Mr. Allen and $500 to Mr. Teller:
18.March 27, 1897The Dalles Times-MountaineerDalles, OR
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Article Text
A Texas Bank Failure. PARIS, Tex., March 23.-The Farmers' & Merchants's bank closed its doors at 10 o'clock this morning. It was one of the oldest financial institutions in the state, and had a paid-up capital of $200,000. The failure of Martin, Wise & Fitzhugh yesterday caused a run on the bank which forced it to the wall. John Martin was president until yesterday, when he resigned. There is a decidedly panicky feeling.
19.March 27, 1897The Bryan Daily EagleBryan, TX
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Article Text
Bank Failure at Paris. PARIS, Tex., March 24.-The Farmers and Merchants' bank of Paris closed its doors yesterday by making a general assignment. Assets and liabilities nnknown. A run caused the failure.
20.March 30, 1897Hopkinsville KentuckianHopkinsville, KY
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Article Text
The Farmers' and Merchants' Bank of Paris, Tex., failed Tuesday and precipitated a panic and run on the City National Bank, which withstood it to the closing hour.
21.March 31, 1897The Watchman and SouthronSumter, SC
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overcome. Texas Bank Failure. Paris, Tex, March 23.-At 10 o'clock this morning the Farmers and Merchants' bank, one of the oldest and thought to be the strongest financial institution in North Texas, with a paid up capital of $200,000 and a surplus of $60,000, made an assignment to Judge D. H. Scott. This action was precipitated by the failure of the cotton firm of Martin, Wise &₁Fitzbugh yesterday. It was. known that the firm owed the bank money, and depositors became alarmed and a rua began. All checks presented yesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced to the wall. An appeal to the other local banks for assistance was made. When the doors opened this morning the ruo was renewed faod continued until the bank was forced to close. This set people wild and a rush was made for the City National, which was also a large creditor of Martin, Wise & Fitzbugh. A great crowd gathered in front of the building and it became necessary for the police to clear the sidewalks. At 11 o'clcok Col. George F. Hicks, vice president of the First National bank. walked in and laid $100,000 on the City National's counter and told the people to come forward and get their money. This was followed by the announcement that the bank would remain open notil 6 o'clock to pay depositors. This allayed the fears of some, but many continued to withdraw their money. Apprehensions are felt for banks in neighboring towns, which are involved in the failure of Martin, Wise & Fitzbugh.
THE Farmer's and Merchants' bank of Paris, Texas, closed doors on the 24th ult. It was one of the oldest financial institutions in the State, and had a paid up capital of $200,000. The failure of Martin, Wise & Fitzhugh caused a run on the bank, which forced it to the wall.
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.
