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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.
Fourth National Bank (Louisville, KY)
Episode Information
- Episode UID
278401123- Episode Type
- Run → Suspension → Reopening
- Bank Type
- national
- Bank ID
-
27840national - Charter Number
- 2784
- 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
34600c6d926ca392
Response Measures
Full suspension, Books examined
Events (5)
1.
September 26, 1882
Chartered
- Source
- historical_nic
2.
July 25, 1893
Run
- Cause
- Local Banks
- Cause Details
- Run triggered by withdrawals and drains from country/correspondent banks and panic from other local bank failures.
- Measures
- No specific emergency measures noted prior to suspension in these articles.
- Newspaper Excerpt
- A run during the morning with a drain from the country banks caused the suspension.
- Source
- newspapers
3.
July 26, 1893
Suspension
- Cause
- Local Banks
- Cause Details
- Bank closed after morning run and drain from country banks; suspended payment and closed doors July 25–26 timeframe.
- Newspaper Excerpt
- The Fourth National bank threw up the sponge at 1:18 p. m.; ... caused the suspension.
- Source
- newspapers
4.
August 20, 1893
Reopening
- Newspaper Excerpt
- The Fourth National Bank of Louisville, Ky., which suspended payment July 25, 1893, ... has been permitted to reopen its doors for business.
- Source
- newspapers
5.
June 2, 1894
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (23)
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ALL THE LIST DECLINES. THE BANK FAILURES DEPRESS PRICES. HEAVY CURRENCY SHIPMENTS TO MILWAUKEE, LOUISVILLE AND OTHER WESTERN POINTS-TROUBLE WITH PHILADELPHIA COLLECTIONS. Depressing news, to which to attribute further demoralization of the stock market, was not lacking yesterday. On the contrary. It came in with a rush from the sections of the West which have been the recent centres of uncertainty. The morning bad shown some encouraging features, among which was the continued buying for London account, and the feeling was reflected In the prices of some stocks. The news from the West, however, turned the current. The telegraphic announcement of the failure of the Indianapolis National Bank and the Bank of Commerce, of the same city, and, still more, the suspension of the Wisconsin Marine and Fire Insurance Bank of Milwaukee, contributed an element of significance far more effective than recent signs of Western financial distress have been. Following them came the news of other bank failures, notably of the Louisville Deposit Bank. the Merchants' and the Fourth National, of Louisville. All of the Institutions named are in citles from which. with St. Louis, Chicago and Cincinnati, have come the largest demands for currency. These cities have taken the bulk of the millions which have been shipped in the last four or five days. There is yet no end to this westward movement in sight, though accurate prognostication Is as impossible as accurate figures of shipments are unobtainable. It was estimated that another $1,500,000 was sent yesterday from New-York banks in response to calls from Western Institutions. The continued big balance of currency movement against New-York is an unpleasant surprise to the bankers here, who have been hoping that the calls for currency had reached their limit. In the language of the Street, New-York has financed" the country, and the burden has not lightened yet. From the cities where banks were crashing the calls for money yesterday were naturally urgent. One Milwaukce bank telegraphed Its New-York correspondent: "The Marine and Insurance has suspended. We are sound. Can you send us $200,000 currency ?" The amount asked for was sent. Larger smounts were sent to St. Louis and Louisville. There were also some receipts of currency, especially from the Southwest, but financial men estimated that the balance against New-York equalled the shipments made on Monday and on Saturday. The demand for currency at the Sub-Treasury amounted to $400,000. The Clearing House Loan Committee authorized the Issuance of $50,000 in loan certificates, making the amount outstanding $22,000,000. It was expected that 2% much larger amount of new certificates would be issued, reports having It that an additional million or so was to be demanded. Chairman Frederick D. Tappen ridiculed these rumors, as did also other officials of the Clearing House. There was, however, a feeling that a considerable increase of the certificates to-day or to-morrow would not be the happening of the unexpected. The $50,000 issued yesterday was taken by a small uptown bank. The Sub-Treasury was a debtor to the Clearing House yesterday $600,000, and it followed its as yet unexplained course of last week by paying that amount in gold. Its balance on Monday was paid in currency. Money on call opened at 4 per cent, but stiffened to 8 per cent and closed at that point. Time money is still practically unobtainable. One banker called attention yesterday to the fact that from June 18, 1892. to July 18, 1893, the NewYork banks suffered a shrinkage in deposits of $149, 000,000. or this amount there has been a loss of $97,000,000 since February 11. 1893. The deposits in June. 1892. averaged about $534,608,000: in February, 1893. about $491,747,000. and this month about 2204 174.000, This great shrinkage makes more re-
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of other banks, but at each large depositors came to its assistance, and officers assured those interested that they were perfectly safe. The general opinion is the worst is past. RUNS ON LOUISVILLE BANKS. LOUISVILLE, July 25.-The Louisville Deposit Bank failed to open its doors today. The Merchants' National Bank has suspended, as also the Fourth National Bank. There were runs on several other banks, mostly small, but all stood the strain. The failure of the Merchants' National was caused by the withdrawals of country banks. The Deposit Bank was not a member of the Clearing-house, and none of the other banks would assist it. The Fourth National failed as a result of the panic caused by the failure of others. None of the failures are considered bad. The depositors of the two national banks will be paid in full. The Merchants' National has a capital of $500,000, the Fourth National a capital of $500,000 and a surplus of $25,000. The Deposit Bank has a capital of $300,000; surplus, $16,000. The last statement of the Fourth National Bank showed a paid in capital stock of $300,000, a surplus fund of $37,000 and undivided profits of $27,956. The Merchants' had a paid in capital of $500,000, a surplus of $100,000 and undivided profits of $21,394. The Deposit Bank statement showed a capital stock of $300,000, undivided profits, $19,155. All the bank officials express confidence that no one will lose a cent if they get time to realize on their assets. Shortly after assignment of the Fourth National President Schwartz filed an individual assignment of all his personal property to the same assignee. The Sweetwood Distillery Company also made an assignment, Mr. Schwartz being President of that company also. No statement has yet been prepared. A FAILURE AT FINDLAY, OHIO. FINDLAY (0.), July 25.-The Farmers' National Bank, one of the popular financial institutions of this city, closed to-day because of its inability to realize upon its assets. The officers assert that they will be able to pay depositors dollar for dollar, and have a surplus when affairs are settled up. Ever since the failure ex-Secretary Charles Foster has been drawn upon heavily, and was unable at the present time to meet the constant drain. There was no run on other banks in the city.
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Quit After a Hard Fight. LOUISVILLE, July 26.-The Fourth National bank threw up the sponge at 1:18 p. m. after a hard fight. A run during the morning with a drain from the country banks caused the suspension.
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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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Quit After a Hard Fight. LOUISVILLE, July 26.-The Fourth National bank threw up the sponge at 1:18 p. m. after a hard fight. A run during the morning with a drain from the country banks caused the suspension.
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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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most unfortunate. The emperor was chagrined that Bavaria should have discomfited Prussia, and let fall remarks that were repeated to Von KaltebornStachua, who was left small option but to resign. The emperor has ordered that no army maneuvers be held anywhere in Germany unless absolutely certain that the distr ct in which it is proposed to hold them will not be damaged. Comments in the papers here on the Franco-Siamese dispute are listless. and are only noteworthy for their declarations of friendly neutrality toward France. A duel has been fought in Geunewald between Professor Fromhold, nephew of Admiral Livonim, and Lieutenant Klein, one of the reserves. They quarreled about R lady Lieutenant Klein was wounded in the hand. Both duelists were arrested, but will probably escape with two days' imprisonment. The imperial budget, in which a large deticit was expected, shows a difference of 1,114,000 marks between receipts and expenditures. DENVER, July 25.-A meeting will be held here to devise means of taking care of the destitute, who number over 8000. INDIANAPOLIS, July 25.-The Baok of Commerce did not open its doors this morning. INDIANAPOLIS, July 25.-The Indianapolis National bank failed to open its doors this morning. The Indianapolis National was considered one of the strongest banks in the city, and was designated as the repository of the United States. The Bank of Commerce has not been one of large deposits, and the failure will not have much effect locally. Now, at 11 o'clock, a heavy ran is being made on the Indianapolis bank. MILWAUKEE, Wis., July 25.-The Wisconsin First Marine Insurance bank closed its doors this morning. The Milwaukee people had become imbued with the idea that this old bank was the Gibraltar of finance and could not credit reports that it bad closed. The city of Milwaukee has $1,600,000 in the bank and will probably have tempororily to suspend payment. The bank was the depository of the Chicago, Milwaukee & St. Paul road, and arrangements have been made for the payment of checks drawn on that bank by the Wisconsin National bank. BIG DEPOSITORS TO THE RESCUE. Runs were at once started on a number of other banks, but at each large depositors came to the bank's assistance and officers assured those interested they were perfectly safe. The general opinion is the worst is past. The Bank of Commerce, known as Mitchell's back, has fail A notice on the door says it is closed on account of the monetary stringency. The statement on the 1st places the resources at $8,946,344; liabilities due depositors, $7,870,504; due others, $500,000. SANDUSKY, Ohio, July 25.-The G. B. Hodgman Manufacturing company manufacturers of cooperage and bridge timbers and wholesale dealers in lumber, has gone into the hands of a receiver. It is understood the action was not on account of insolvency, but to protect the concern and secure an extension. The firm employs several hundred men. LOUISVILLE, Ky., July 25.-The Louisville Bank of Deposit has failed. The Fourth National bank has assigned. The Merchants National bank has suspended. ST. LOUIS, July 25.-Ripper & Bronson. iron merchants, assigned this morning. Liabilit $150,000; assets, probably same. CHICAGO, July 25.-Entering of confession of judgment in favor of the Continental National bank by Parkhurst & ilkinson, iron merchants, caused the firm to assign. Assets, $1,000,000; liabilities not stated.' CLEVELAND, Ohio, July 25 --A World's fair excursion train on the Baltimore & Ohio road was wrecked near Akron this morning. Three coaches were derailed by spreading of the rails, and thrown over an embankment. It is reported that many were seriously injured, but none killed outright. PARIS, July 25.-Yesterday's announcement that France had notified the powers of her intention to blockade the coast of Siam is premature. The notice has not yet been sent. A conference between the foreign office and British amoassador on the Siamese question will be held tomorrow. TOPEKA, Kas., July 25.-Eleven companies of militia have been put in readiness to start for the scene of the miners' troubles. The situation is critical. WEIR CITY, Kas., July 25.-Over 500 negroes have arrived and,are quartered in the stockade. All are armed and are being drilled. PORTLAND, July 25.-Vice President Stevenson and party arrived here this morning at Salem. The vice president was welcomed to Oregon by Governor Pennoyer, who in a speech called attention to the hard times prevalent in Oregon and attributed the business trouble to the financial policy of the government during the past two years. He declared that the simple repeal of the Sherman law would be a violation of the pledge of the democratic party to the people and called on the vice president to use his influence toward se uring the use both of gold and siver as stand and money of the country. In reply the president said he would endeavor to co-operate with those who have in view the best interests of the common people of the land. as LOUISVILLE, July 26.-There come withdrawing of funds from the banks this morning, mostly by small depositors, but nothing like a general run. It is balieved the trouble is over. THE ERIE IN A RECEIVER'S HAND. New YORK, July 26.-D. O. Mills said to be one of the largest holders of Erie seconds, says in regard to the road being put into the hands of a receiver
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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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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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NUMBER 31. SILVER REFUSED. So Much Already That it Can't be Handled. CHICAGO, ILL.-Notice was posted Monday in the United States sub-Treasto be received. ury the During effect that the silver day many would employes not of banks brought in sacks of the white metal to get currency in exchange, but they had to shoulder their loads and go ag in as came. more silver the lying they around uncounted There is behind rails of the sub Treasury than the force can handle. On every shelf and in piles on the floor, canvas sacks filled with dollars and other coins, are stacked up until there is hardly room to get about. "We are unable to handle the big amount of silver we have on hind," said one of the offi cials, "and until it CAN be all counted and cleaned up we will not receive any mo'e over the counter. For some time of here to brought past great quantities by banks silver be exchanged have has been befor currency. unt the amount come greater than we can handle, and we will have had to call a temporary halt. This is all there is to the mat er. EX TREASURER HUSTON'S ANK DOWN. CONNORSVILLE, IND The Citizens' Bank, owned by ex United States Treas urer Huston, failed to open its doors to of the market. gency Monday morning money owing The the liabili. strinties and assets have not yet been made known. The depositors will, it is said, be paid in full. HAD HELPED OTHERS COULD NOT SAVE ITSELF. TACOMA, WASH. -The Tacoma Na. tional one of the strongest the Northwest Bank, suspended Monday morning. in This bank has been assisting the other banks in the city for the past six months A LOUISVILLE BANK. LOUISVILLE, KY.-The Louisville City National Bank closed its doors at 1:10 Monday evening. SENATOR MITCHELL'S BANK FAILS. MILWAUKEE, Wis.-The Wiseonsin Fire and Marine Insurance Company Bank closed its doors Tuesday morning. This is Senator Mitchell's bank and had been considered the strongest bank in the city. A FARMERS' NATIONAL. TOLEDO, O.-The Farmers' National Bank of Findlay O. closed its doors the at DOPEL once for any run that may follow. A FLORIDA BANK. WASHINGTON, D. C.-Examiner McDonald has been directed to take charge of the failed First National Bank, of Or. lando, Florida. A LOUISVILLE BANK. LOUISVILLE, Kv.-The Merchants' National Bank has suspended payment. THE LOUISVILLE FAILURES LOUISVILLE, Ky.- The Fourth Nationai Bank threw up the sponge at 1:18 o'clock in the afterneon, after a hard A run during the from the country fight. drain morning, banks, Geo. caused Davis with the President after the "All the information we to doors. was seen suspension. just closing have of the give out at this time," he said, "is that no none will lose a mill by our suspension." Four national banks have thus far suspended since Saturday. The officers of National assert Depositors stockthe their Merchants' solvency. dollar. Bank and , holders received dollar for 10:30 o'clock it became to By Louisville evident the directors of the Deposit that th could not meet day's of 1 AS the general demands, Bank y condition the n financial affairs was such as to preclude of outside assistance. the hope be The closed, directors ordered the doors to and papers were prepared making an aseignment to the Germani Trust ComS pany. The D posit Bank was organized a y little over a year ago by Moses Schwartz, its with a paid up of It was started at a $300,000. president, bad capital the clear- time, refused admittance to y house. It, however, prosfor a while and its stock and ance per was seemed sold to above par. It might have pulled through but for the suspension of three national f banks. FAILURE FOR $1,200 000. INDIANAPOLIS, IND.- The Indianapolis Bank suspended payment TuesThe failure is day National morning. for have $1,200,000. For 8 me days rumors been that the bank was in rudiors had the effect current these though trouble of starting quiet, and a run on it, which, the bank's funds finally depleted quiet of Tuesday. and c made necessary the action f AN INDIANAPOLIS BANK FAILS. le INDIANAPOLIS, IND.-The Bank of of Commerce dil not open Tuesday morning. e it
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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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National Banks to Resume. LOUISVILLE, Ky., Aug. 10.-One of the four suspended national banks will resume sooner than expected, and the others will not be far behind. The Fourth Na. tional will be the first. Its officers expect to open its doors next Monday.
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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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NATIONAL BANKS RESUMING BUSINESS. Washington, Aug. 23.-The Fourth National Bank of Louisville, Ky., which suspended payment July 25, 1893, having complied with the conditions im-
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A Bank Resumes. The Fourth National Bank of Louisville. Ky., which suspended payment July 25, 1893, having complied with the conditions imposed upon it by the controller of the currency, and its capital stock being unimpaired, has been permitted to reopen its doors for business.
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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.