Article Text
Run on Ashland Banks. ASHLAND, Wis., July 31.-The First National bank failed this morning owing to the steady drain on deposits. The resources on July 15th were $396,489. There is a run on the other banks in consequence.
Northern National Bank (Ashland, WI)
Episode Information
- Episode UID
360701123- Episode Type
- Run Only
- Bank Type
- national
- Bank ID
-
36070national - Charter Number
- 3607
- Start Date
- July 31, 1893
- Location
- Ashland, Wisconsin (46.592, -90.884)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
5e31718c6a37f164
Response Measures
Capital injected, Partial suspension
Receivership Details
- Depositor recovery rate
- 66.5%
- Date receivership started
- 1933-02-13
- Share of assets assessed as good
- 11.5%
- Share of assets assessed as doubtful
- 80.9%
- Share of assets assessed as worthless
- 7.6%
Description
Articles describe a city-wide run after First National's failure; Northern National is not named but would be affected by the panic.
Events (3)
1.
December 21, 1886
Chartered
- Source
- historical_nic
2.
July 31, 1893
Run
- Cause
- Local Banks
- Cause Details
- Failure/closure of the First National Bank precipitated runs on other Ashland banks.
- Newspaper Excerpt
- Run on Ashland Banks...There is a run on the other banks in consequence.
- Source
- newspapers
3.
February 13, 1933
Receivership
- Source
- historical_nic
Newspaper Articles (2)
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Article Text
ASHLAND BANK SUSPENDS. Heavy Withdrawals of Deposits Causes the First National Trouble. Ashland, Wis., July 31.-The First National bank of this city closed its doors this morning. There has been a steady run on the bank during the last month. The resources, according to its last report, aggregate $496,488. Runs are in progress on the other banks of this city. At 10 o'clock this morning it looked as if all of Ashland's banking institutions were going under, but at noon the situation wore a more cheerful aspect and no further trouble is anticipated. Saturday afternoon the First National bank closed its doors one hour earlier than usual. No reasonable excuse was given for such action and its depositors became greatly alarmed. This morning instead of opening its doors a notice was posted that owing to heavy withdrawals by depositors during the past few weeks the bank was forced to suspend payment. This, of course, precipitated a heavy run on the other three banks, but business men manfully came to the front with deposits and their action did much to restore confidence. At the Security Savings bank quite a scene was enacted. This bank is used largely by laboring men as a savings depository, and at 10 o'clock scores of them congregated in the bank and in front of the building waiting their turn at the cashier's window. On all savings deposits the bank requires a notice of sixty days before the deposit can be withdrawn. The officials took advantage of this rule and refused to pay out any of the savings deposits. This action provoked indignation on the part of the men depositors and tears on the part of the women, but the bank officials were impassive to threats and entreaties alike.