Article Text
Other Banks Wrecked. INDIANAPOLIS, May 11.-The - Capital National Bank of this city has suspended. CHICAGO, May 11.-The Columbia National Bank has failed.
United States National Bank (Chicago, IL)
Episode Information
- Episode UID
367701121- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
-
36770national - Charter Number
- 3677
- Start Date
- May 11, 1893
- Location
- Chicago, Illinois (41.850, -87.650)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6b3d0fcd3758575a
Response Measures
No run, Full suspension, Books examined
Other: Articles describe a run and suspension of the Columbia/Columbian National Bank (which had been reorganized from the old United States National Bank), but do not describe a run on the named United States National Bank itself. The actions reported are closing/suspension and a bank examiner taking charge; plans to reorganize/resume are mentioned.
Receivership Details
- Depositor recovery rate
- 81.0%
- Date receivership started
- 1893-05-22
- Date receivership terminated
- 1905-09-30
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 32.8%
- Share of assets assessed as doubtful
- 43.2%
- Share of assets assessed as worthless
- 24.0%
Description
Articles refer to the Columbia/Columbian (United States) National Bank in Chicago; OCR variants appear across dispatches.
Events (5)
1.
April 23, 1887
Chartered
- Source
- historical_nic
2.
May 11, 1893
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- A suit brought by the Sioux City Loan and Trust Company against the bank (and related insolvency rumors and prior Chemical National failure) precipitated heavy withdrawals.
- Measures
- Directors closed the doors to protect interested parties; bank examiner Sturges took charge.
- Newspaper Excerpt
- The news of the suit spread and caused a run on the bank which it was unable to withstand.
- Source
- newspapers
3.
May 11, 1893
Suspension
- Cause
- Government Action
- Cause Details
- Directors closed after a sustained run and the bank examiner (under authority of the comptroller) assumed control and posted suspension notice.
- Newspaper Excerpt
- A notice announcing the suspension was posted on the doors soon after Bank Examiner Sturges took charge of it by authority of the comptroller of the currency.
- Source
- newspapers
4.
May 22, 1893
Receivership
- Source
- historical_nic
5.
May 22, 1893
Receivership
- Newspaper Excerpt
- Wm. C. Niblack has been appointed receiver of the defunct Columbia National bank at Chicago.
- Source
- newspapers
Newspaper Articles (25)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
NOT PLEASANT READING A HEAVY BANK FAILURE IN WILMINGTON, DEL. The Liabilities are $300,000 With Only $100,000 of Assets in Sight -Another Bank Goes Under in Chicago. WILMINGTON, Del., May 11.-The announcement of the failure of R. R. Robinson & Co., bankers and brokers, this city, today created a profound sensation. Rumors of the failure of this well known firm haye been on the street for several days and business circles have been exriteo. The liabilities of the firm are $600,000, while the assets will not exceed $100,000. The sheriff has seized all the property of the bankrupt firm. INDIANAPOLIS, Ind., May 11.-TheCap ital National bank of this city has suspended. The closing of the bank's doors was made necessary by the failure of the Chemical National Bank of Chicago. CHICAGO, May 11.-The Columbia National bank of this city has failed.
Click image to open full size in new tab
Article Text
IN FINANCIAL DIFFICULTIES. Bankers Who Find Themselves Unable to Meet Their Engagements. INDIANAPOLIS, May 11.-The Capital National Bank of this city, located on South Meridian street, suspended this morning. The statement is made that the closing of the bank's doors was made necessary by the failure of the Chemical National Bank of Chicago last week, which institution owed the Capital $100,000. The bank also carried a large amount of Premier steel works paper. The latter concern was placed in the hands of a receiver Friday last. BANKERS AT WILMINGTON FAIL. WILMINGTON, DEL., May 11. - -The announcement of the failure of R. R. Robinson & Co., bankers and brokers of this city, today created a profound sensation. Rumors of the failure of this well-known firm have been on the street for several days rnd business circles have been excited. The liabilities of the firm are estimated at $300,000. while it is said the assets will not exceed $100,000. The sheriff has seized all the property of the bankrupt firm. THE COLUMBIA NATIONAL BANK OF CHICAGO. CHICAGO, May 11. - The Columbia National Bank of this city has failed. In a report of the bank's condition made by its officers at the close of business May 4 the deposits were stated to be nearly one and a half million dollars. The capital stock of the bank is $1,000,000.
Click image to open full size in new tab
Article Text
Total $2,594,881.19 Zimri Dwiggins, the president of the Columbia, assigns as the immediate cause of the failure of his bank the suit which was brought against it by the Sioux City Loan and Trust Company. which failed a few days ago. The Columbia was the Chicago bank with which the Sioux City concern did business, and their deposit in bank at the time of their collapse in Sioux City amounted to $35,000. A draft was drawn on the Columbia for this amount. When the draft was presented by a man from Iowa the bank refused to pay, claiming that it had loans outstanding against the Sicux City company which equaled the amount of their deposit. The company immediately entered suit against the bank. The news of the suit spread and caused a rnn on the bank which it was unable to withstand. A meeting of the officers and directors was held this afternoon and at its conclusion it was announced that the bank would probably resume business in a short time. Cashier Preston, of the Metropolitan National Bank, through which the Columbia National cleared, said to-night that the failure was not a bad one, and that he saw no reason why the suspension should be anything but temporary.
Click image to open full size in new tab
Article Text
Other Business Troubles. CHICAGO, May 11.-The - directors of the Chemical National Bank yesterday resolved to reorganize the bank and resume business at the earliest possible moment. INDIANAPOLIS, Ind., May 11.- - The Capital National Bank of this city has suspended. The statement is made that the closing of the bank doors was made necessary by the failure of the Chemical National Bank of Chicago last week, which institution owed the Capital Bank $100,000. The bank also carried a large amount of the Premier Steel Works paper. This concern was placed in the hands of a receiver last Friday. CHICAGO, May 11. - The Columbian National Bank of this city has failed. NEW YORK, May 11.-The Sun says it has a correct list of the banks holding the, National Cordage Company's paper, but for obvious reasons the names of the banks are withheld. All told, however, the amount of Cordage paper held by them is $1,500,000. SIOUX CITY, Ia., May 11.-The failure of the Columbia National Bank of Chicago sent the Sioux City Engine Works to the wall this afternoon and a receiver was appointed.
Click image to open full size in new tab
Article Text
WESTERN BANKS FAIL. THE COLUMBIA NATIONAL OF CHICAGO SUSPENDS. UNABLE TO RAISE FUNDS TO MEET A RUN-THE STATE BANK EXAMINER IN CHARGEOTHER FAILURES PROBABLE.
Click image to open full size in new tab
Article Text
MORE BIG BANKS FAIL One a Chicago and the Other an Indianapolis Institution. EXAMINERS ARE IN CHARGE. Brokerage and Banking House, of Wilmington, Del., Suspends-Status of the Sioux City Smash. CHICAGO, May 11.-The Columbia Namorntonal bank, of this city, failed this It had a poxits it was in current that for amounting It did trouble capital business and to of had $1,400,000. $1,000,000 with been not small in Rumors and esteem coun- de- for banks was the the cause was poor that sweek mong try mostly other of the city failure banks. It is said collections on loans. This collapse and that in Indianapolis caused a break of 21/2 cents in the price of wheat here. A notice announcing the suspension was posted on the doors soon after Bank Examiner Sturges took charge of it by authority of the comptroller of the currency. The bank was reorganized two years ago out of the old United States National bank. Its assets are estimated at $2,250,(60, of which $1,000,000 is in deposits and the remainder in accounts. The liabilities are $1,500,000. A constant run on the bank since the announcement of the Chemical bank suspension caused the directors to close the doors. A call for help was made this morning, but there was not time for an investigation before responding to it, and the suspension came. The Columbia bank was not a member of the clearing house. Its last statement on May 4 was as follows:
Click image to open full size in new tab
Article Text
THE COLUMBIA. Chicago, May 11. -The - Columbia Na. tienal bank of this city suspended today. The bank had offices in the insurance exchange. Deposits were $1,400,000. and capital $1,000,000. Rumors that the institution was in trouble had been eurrent for a week. It did business with small country banks and was not in esteem with other banking concerns of the city, James D. Sturges. bank examiner. assumed control in the Interest of the depositors and under the authority of the comptroller of the currency. The Columwas ago. bia national out of the old United organized States two Nation- years al bank. The bank statement at close of and business, discounts, May 4, $1,024,932.27 gives resources, United loans States and other bonds. $342,257.91; furniture and fixtures. $12,715.95; cash and stight exchanges. $015,975.00 Total, $2. 594.881.19. Liabilitie Capital stock, $1,000,000; surplus, $50,000; undivided profits, $41. 930.85: circulation. $45,000: deposits. $1. 457.950.34: total, $2,594,881.19 It is expected depositors will be paid in full. The president of the Columbia assigns as the immediate cause of the failure. the suit brought against and Trust a the which Sloux failed City Loan few days ago, with company. it a de- by posit in the bank of $35,000. When the draft for the amount was presented the bank refused payment, claiming it had leans outstanding aguinst the Sioux City company. which equalled the amount of the deposit. Immediately the company entered snit. News of the suit spread and caused n run. which the bank was unable to withstand.
Click image to open full size in new tab
Article Text
WILL PROBABLY PULL THROUGH. Embarrassment of a Minneapolis Concern Believed To Be Temporary. MINNEAPOLIS, Minn., May 15.-The Northwestern Guaranty Loan Company is embarrassed owing to the financial stringency. The company's stock is $1,250,000. It owns a two million dollar building in which its offices are located and holds as collateral and in fee simple a large amount of real property here, in Chicago and elsewhere. Its business is the loaning of commercial paper on sufficient collateral and guaranteeing of the paper. It has three millions of this paper. The refusal of its patrons to take up or renew notes precipitated the trouble. If the company suspends it will not do so for several days. It is believed in business circles that ultimately the company will pay in full. Denver Business Man in Trouble. DENVER, May 15.-William S. Mygatt, a well known banker and business man, assigned today. He places his assets at at $591,860; liabilities, $507,889. He says he will pay dollar for dollar, and that the assignment was caused by eastern banks with which he has dealt for a long time, refusing to take securities they previously desired. Fires Embarrassed This Concern. PITTSBURG, Pa., May 15.-Godfrey & Clark, paper manufaturers, announced their failure today. They are the largest paper manufacturers in western Pennsylvania. The firm was unfortunate in having several times been burned out. The manager says they are preparing a statement. The Columbian National. CHICAGO, May 15. - The directors of the Columbian National Bank today resolved to resume business at an early date.
Click image to open full size in new tab
Article Text
ABBREVIATED TELEGRAMS. Obituary: At Burlington, Vt., Bishop W. H. A. Bissell; at Galena, Ills., Mrs. Margaret Rubens, aged 99 years; at Nunda, Ills., .C. Mallory, aged 83, the oldest Odd Fellow in the state. The Chinese government is said to have decided to deport all Americans from China in case the Geary law excluding Chinamen from the United States is carried into effect. Two members of the Salvation army arrested at Sioux City have confessed that they belong to a gang of counterfeiters. According to a Washington rumor Baby Ruth may soon have to surrender a portion of the White House nursery to an expected stranger. Before he sailed for home Paderewski sent a check for $500 to the fund for erecting a Polish monument in Chicago. George Lizotte and his wife, the latter a niece of Justice Harlan, have been on a wedding tour ever since their marriage in 1891. They like the life, and say they may continue it as long as they live. Thus far they have traveled 57,000 miles, and have visited almost every town of any size in North America. An explosion of gas in the mine of the Lincoln (Ills.) Coal company fractured the skull of Joseph Page, and injured several others. Went into the mine with naked lamps against the rules. Chief Arthur has filed his answer to the $300,000 damage suit against him by the Ann Arbor railway. He admits nothingexcept that the brotherhood has a boycott rule-and denies every allegation made by the plaintiff. The broad of directors of the Chicago Columbian National bank have resolved to resume business at an early date. President Dwiggins says that the statements published to the effect that the business done by the bank was not regular are false. A narional bank, he says, cannot be run on wind. The United States treasury will this week destroy $152,000,000 of unissued bonds. President and Mrs. Cleveland have taken possession of their summer residence near Washington. Nearly all the saloons at Muscatine, Ia., have been closed by injunctions. No clew to the dynamitards. The bank of North Queensland, Australia, with deposits of over $42,000,000 has suspended. It had a capital paid up of over $35,000,000. The Commercial Banking company, of Sydney, has also suspended. A female Dick Turpin is operating at New York. Her latest attempt was on a man whom she choked nearly to death be. fore he could overpower her.
Click image to open full size in new tab
Article Text
Bank Doors Closed. Bank Suspended." That was the legend affixed to the door of the Columbia National Bank in Chicago, at 10 o'clock Thursday morning. Close by this announcement was another to the effect that, there having been a run on the concern for some time. it was deemed best to close the doors in order to protect the Interested parties A large crowd quickly gathered at the bank entrance of the building, but there was little surprise shown over the announcement. The fact is, according to a dispatch, banking circles have been expecting a suspension for some time past, and even the patrons of the bank have not looked upon it as a safe place for the keep. ing of their money.
Click image to open full size in new tab
Article Text
PITH OF THE NEWS. The Grecian cabinet has been com. pleted. The Columbian National bank, Chicago, will resume business. Quimper and Lorient have been officially declared free from cholera. Chilean mine owners are anxious to im port World's fair machinery after the exposition is over. As a result of the lumber shovers' strike, the docks of Buffalo and Tonawanda are crowded with vessels. William B. Mygatt, a broker and business man of Denver, Col., failed for $507,+ 889:35. His assets are placed at $591,806. In a quarrel W. A. Bisbee, city treasurer of Jacksonville, Fla,, cut ands eriously wounded C. F. Warriners, a prominent a to secure citizen, An effort with relaxation is being penknife. of made the quarantine a permanent regulations of the port of New Orleans against British Honduras. Nehr & Carpenter, eastern managers of the Northwestern Guaranty Loan company of Minneapolis, which is somewhat embarrassed, made an assignment. Senator Sherman denounces as an "outrageous lie" the statement of Dwiggins that the senator had examined and indorsed Dwiggins' banking scheme. The Farmers' and Merchants' State bank of Minneapolis suspended payment. It is a small concern, its paid-up capital being $60,000, and its surplus $7,000. The general secretary of the Christian Endeavor societies has notified President Palmer of the World's fair, that 1,500,000 members will oppose the opening of the fair on Sunday. Captain Higginson has been removed from the cruiser Atlanta for dilatoriness in sailing from Greytown to Nicaragua, and has been ordered home. Captain Bartlett succeeds him. The private car in which President Lincoln made many journeys, will be exhibited at the World's fair, having been used for many years as the work car on the Colorado Central railroad. A convention has been signed between Brazil and France for the appointment of 'a mixed commission to settle the dispute between the two republics over the boun dary between Brazil and French Guiena Mrs. J. E. Clogh, wife of the well known Baptist missionary, inet with a in a which closed killed frightful by death folding bed, Chicago. She upon was her, while her daughter stood by powerless to prevent. Members of the Indiana Civil Service Reform association have called the attention of the president and postmaster general to the disregard of civil service reform methods under the new administration of the been city a Consternation Terre of Valencia Haute has postoffice. by dynamite created outrage, in the apparently intended to strike terror into the aristocratic families of that city. The affair is attributed to the anarchists, who are once more becoming active in Snain
Click image to open full size in new tab
Article Text
Sioux City Company Collapsed. SIOUX CITY, May 1%.-The announcement of the failure of the Columbian National bank of Chicago, received here Thursday morning, sent the Sioux City Engine Works to the wall, and in the afternoon W. M. Thompson was appointed receiver for the company. He qualified under a $50,(0) bond.
Click image to open full size in new tab
Article Text
Another Failure at Sloux City. SIOUX CITY, Ia., May 12.-The announcement of the failure of the Columbia National bank of Chicago sent the Sioux City engine works to the wall, and W. M. Thompson was appointed receiver for the company. He qualified under a $50,000 bond.
Click image to open full size in new tab
Article Text
MISERY loves company, so we of Columbia, who have "been through the mill" ourselves are able to bear with equanimity the numerous bank failure+ that have been occurring at other places It makes us feel that it is not in Columbia alone, or in Tennessee alone that there is friction in the financial machinery. But it is worthy of remark all the same, that the other numerous bank suspensions seem to result more from the fact that a general lack of confidence has caused such a withdrawal of funds that a really temporary suspension was advisable, and that they are not permanent. Toe Columbia Bank of Chicago and the bank in Indianapolis are both expected to resume business in a few days. In other words the money does not seem to be all gone, or exchanged for collateral of little or n value.
Click image to open full size in new tab
Article Text
THE Columbia bank of Chicago suspended on the 11th. In a report of the bank's condition made by its officers at the close of business May 4. the deposits were stated to be nearly $1,500.000. The capital stock of the bank is $1,000,000.
Click image to open full size in new tab
Article Text
WESTERN BANK FAILURES. Public attention has generally been directed to the failure of the Columbian National Bank of Chicago, as well as the closing of a number of small branches of that short lived establishment. Despatches from Chicago inform us, that the failures are attributable to the "inexperience of the officials in the conduct of banking affairs." If there had been no other reasonable explanation of these failures, the public might have understood the case. East as well as West, there are scores of men of varying ages and of very limited experience as financiers, conducting banks, who vainly imagine them selves expert banking men, and with some of whom rascality has supplied the place of experience. They are a speculative class of gentlemen, who establish banks which can be more properly designated "shaving shops" organized upon the get-rich quick principle, of which the Keystone Bank of Philadelphia and other kindred financial (?) institutions are notorious examples. In Chicago the speculative fever, always at the high est, has been wonderfully stimulated by the development of property in the vicinity of the World's Fair grounds, and these "inexperienced" speculative financiers have of course opened banks in that locality, which it hasn't taken the depositors very long to discover were of the truly speculative character. The despatches do not inform I'S in what direction the "inexperience" of the bank managers ran, but it seems that one depositor in the Columbian Bank "scented danger," and suspecting the true character of their inexperience (?) withdrew $100,000 from the bank in a lump, and although its nominal capital exceeded that amount many times, it appeared to have no other resources, and promptly closed its doors. The career of the Columbian Bank emphasizes the fact that in addition to individual honesty in its managers, to be a successful banker in these times, requires as careful an apprenticeship or training as any other avocation or profession. They seem to have imagined that anybody could run a bank, and to have made an experiment in that line, which was at least highly interesting to the depositors.
Click image to open full size in new tab
Article Text
About a dozen small country banks in Illinois, In diana, Ohio and Michigan, the most of them connected with the failed Columbia National Bank of Chicago, have suspended business.
Click image to open full size in new tab
Article Text
Last week seven banks in Indiana suspended business, three in Ohio failed, and five in Michigan and one in Illinois closed doors. Their disaster is due to connection with the Columbia National Bank of Chicago, which suspended Thursday.
Click image to open full size in new tab
Article Text
HAS LOOK. The Plankinton Bank Opens Again-Several Small Banks Close. Minneapolis, Minn., May 5.-The Northwestern Guaranty Loan Company is now in an embarrassed condition owing to financial stringency. The company is about ten years old and its capital stock is $1,250,000. It owns the $2,000,000 building in which its offices are located and holds as collateral and fee simple a large amount of rael estate here in Chicago and elsewhere. The Farmers' and Merchants' State bank has suspended payments. While the bank is it very small one, its paid up capital being but $60,000 and its surplus about $7,000, it has been looked upon as weak for some time and no surprise is caused by the suspension, which it is believed will prove temporary. It should be noted that this is not the Farmers' and Mechanics' Savings bank, which is perfectly solvent. The Plankinton All Right Again. Milwaukee, Wis., May 15.-The Plankinton bank, upon which there was a run Saturday, opened its doors at 9 o'clock a. in. today, one hour earlier than usual. Great Surprise at Another Suspension. Minneapolis, May 17.-A good deal of surprise was manifested this morning when the Citizens' bank suspended payment. The notice on the door says that depositors will be paid in full. Depositors declare that the bank is perfectly solvent and that the suspension is due simply to the inability to realize promptly on its securities. The Citizens' is one of the smallest state banks of this city. Its books at the close of business, May 14th, shows loans and discounts, $478,844; cash on hand and due from banks, $60,000; deposits, $283,913; surplus and profits, $16,000; rediscounts, $76,000. The capital is $250,000. The suspension is at the worst only temporary. There has been no run on the bank and the action was taken to protect all depositors alike. A Redding special to The Journal says: The bank of Zumbrota, at Zumbrota, Goodhue county, Minnesota, has suspended payment. It had $30,000 in cash on hand at the time of suspension, but its load of $80,000 in paper was too heavy. Its capital stock is $250,000. Depositors, it is said, will be paid in full. Will Resume Business. Chicago, III., May 15.-A meeting of the board of directors of the Columbian National bank was held today, all but one director being present. After a full discussion of the affairs of the bank it was unanimously resolved to resume business at an early day, and committees were appointed to perfect the plan outlined and to immediately carry it into effect.
Click image to open full size in new tab
Article Text
TUTT'S PILLS harmless and effective: Wm. C. Niblack has been appointed receiver of the defunct Columbia National bank at Chicago.
Click image to open full size in new tab
Article Text
Will Sue Stockholders. CHICAGO, June 8.-Receiver - Black of the defunct Columbia National bank, of which Dwiggins was president, has announced that he will bring suits against the stockholders to compel them to pay the 75 per cent assessment levied on all shareholders.
Click image to open full size in new tab
Article Text
FAIL FOR A MILLION. Firm of J. R. Willard & Co. Is Forced Into Bankruptcy. James R. Willard & Co., of 55, 280 and 1227 Broadway, New York, a firm advertised as bankers, brokers and commission merchants of Philadelphia, Buffalo, Chicago, Washington, Toronto, Montreal and New York, assigned to its chief bookkeeper, James L. Starbuck, with preferences for $20,000 to William H. Osterhout of Ridgeway, Pa. Liabilities were guessed at from $600,000 to $1,000,000. The firm was organized two years ago. It had no rating at Bradstreet's. The partners were James R. Willard, variously recorded as 4164 Lake avenue, Chicago, and of Kennett, Hopkins & Co., 55 Broadway, New York, and 44 Broadway, New York, and the brothers Elmer and Jay Dwiggins, nephews of Zimri Dwiggins, who founded country banks in Illinois, Michigan and other States, which nearly all went to the wall several years ago. Willard's home is in Chicago. He was there identified with the firm of John Dickinson & Co., who absorbed the Chi-1 cago business of Willard & Co. He was a member of the Chicago Board of Trade and the Produce and Consolidated Stock. and Petroleum Exchanges of New York) City. The failure of Willard & Co. was similar to that of E. B. Cuthbert & Co. A bull market did not suit its speculative business. It was all one way-the way of the customer. The failure of the Dwiggins' interest in the firm of J. P. Willard & Co. recalls the collapse of the Columbia National Bank of Chicago, in 1893, of which Zimri Dwiggins, uncle of the Eastern operators, was president. This was the first of the big banking institutions of the West that collapsed and the failure of a number of smaller institutions in the vicinity of Illinois was directly attributed to it. The Columbia National was capitalized for $1,000,000 and was nearly that amount in arrears when its doors closed. Examination of the books showed that only $9,000 was on hand. The Columbia National did an immense correspondence business with country banks, that were seriously affected by the failure. Zimri Dwiggins is now living at Storm Lake, Iowa.
Click image to open full size in new tab
Article Text
Suit on a Note. Henry L. Gloss sued W. F. Singer yesterday to recover $500 and 10 per cent attorney's fees on a note of Singer's bought by Gloss from William C. Niblack, receiver of the Columbia National Bank of Chicago, on the bank's failure in May, 1902.
Article Text
BANK RECEIVER SUES Accounting Demanded of Fred McGuire, Chicago Realtor. CHICAGO, August was filed United against M. McNair, receiver National Bank charges violation the national bank ing the bank's capital through payment dividends.