Farmers Bank (Mount Sterling, KY)

Episode Information

Episode UID
4407964991123
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
440796499 hash
Start Date
July 27, 1893
Location
Mount Sterling, Kentucky (38.056, -83.943)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6caf532efada7970

Response Measures

None

Description

Suspension in July 1893 followed by state action to place the bank in receivership later in 1893.

Events (3)
1. July 27, 1893 Suspension
Cause
Macro News
Cause Details
Suspended payment amid wider money-market distress and banking suspensions in late July 1893 (condition of the money market).
Newspaper Excerpt
The Farmers' Bank of Mount Sterling, Ky., suspended payment this morning.
Source
newspapers
2. October 6, 1893 Other
Newspaper Excerpt
The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver, the new law giving him that right when he thinks such institutions are insolvent or becoming so. It is the first suit of the kind ever brought.
Source
newspapers
3. October 6, 1893 Receivership
Newspaper Excerpt
The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver, the new law giving him that right when he thinks such institutions are insolvent or becoming so.
Source
newspapers

Newspaper Articles (13)
1. July 27, 1893 Evening Star Washington, DC
Article from Evening Star, July 27, 1893

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Article Text

MONTANA BANKS SUSPEND. Two Helena Institutions With Plenty of Assets, but Unable to Realize. HELENA, Mont., July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. 11 a. -The run is now confined principally to the Merchants' National Bank, which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize. S. T. Hauser is president of the First National Bank. The capital stock is $500,000; surplus $100,000; undivided profits $600,000 and average deposits $3,250,000. John T. Murphy is president of the Montana National. The capital stock is $500,000; surplus $100,000; undivided protits $100,000, and average deposits $1,500,000. Other Banks Closed. MIDDLESBORO, Kan., July 27. - The First National Bank of this place closed its doors this morning. The notice upon the door reads: "This bank closed by order of directors. "J. P. SANDIFEE, Cashier." LOUISVILLE, Ky., July 27.-The Sarmers' Bank of Mount Sterling, Ky., suspended payment this morning. EXETER, N. H., July 27.-The National Granite State Bank temporarily suspended payment this morning. The Institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. A resumption of business is expected.

2. July 28, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 28, 1893

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Article Text

Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.

3. July 28, 1893 The Morning News Savannah, GA
Article from The Morning News, July 28, 1893

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Article Text

A Mount Sterling Bank Suspends. Louisville, Ky., July 27. - The Farmers' Bank of Mount Sterling suspended payment this morning.

4. July 28, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 28, 1893

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Article Text

Decided to Suspend. MOUNT STERLING, Ky,, July 27.This evening the officers of the Traders' deposit bank decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank. Officers hope to resume buslness at an early day.

5. July 28, 1893 Evening Star Washington, DC
Article from Evening Star, July 28, 1893

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Article Text

WESTERN BANKS CLOSE. Payments Suspended in a Number of Institutions. ELLENSBURG, Wash., July 28. - The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of the two banks which failed in Portland yesterday, is also president of the Ellensburg bank. CHICAGO, July 28.-A special to the Record from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago and backed by $500,000, went into voluntary liquidation yesterday. There is $100,000 in its vaults and deposited by it in the Indianapolis banks. The cause of the action, it is said, is the division of the estate. SPARTA, Wis., July 8.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions claim the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000. and the assets at $225,000, while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500.000. MOUNT STERLING, Ky., July -Last evening the officers of the Traders' Deposit Bank decided to suspend payment owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $390,000 of good assets, and the officers hope to resume business at an early day. GREAT FALLS, Mont., July 28.-The First National Bank of this city suspended this morning on account of the Helena bank suspension. Assets are much above liabilities, and it is believed it will soon resume.

6. July 29, 1893 The Times Richmond, VA
Article from The Times, July 29, 1893

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Article Text

More Bank Failures, ELLENSBURG, WASH.. July 28.-The Ellensburg National Bank suspended payment yesterday No statement. George B. Markle, president of the Town's Bank, which failed in Portland yesterday, is also president of the Ellensburg Bank. MOUNT STERLING, KY., July 28.Last evening the officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers' Bank. The bank owes $150,000, and has $33,000 of good assets. The officers hope to resume business at an early day. CHICAGO, ILL., July 28.-A special to the Record from Martinsville, Ind., says: B. M. Mitchell's Bank, established thirty years ago, and backed by $500,000. went into voluntary Hquidation yesterday. There is $1,000,000 in Its vaults and deposited by It in Indianapolis banks. The cause of the action, it is said, is a division of the estate. SPARTA, WIS., July 28.-Two banks

7. July 29, 1893 The Morning News Savannah, GA
Article from The Morning News, July 29, 1893

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Article Text

A Bank Closed at Mount Sterling. Mount Sterling, Ky., July 28.-Last night the officers of the Traders Deposit Bank decided toisuspend payment owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers Bank. The bank owes $150,000 and has $390,000 of good assets. The officers hope to resume business at an early day.

8. July 29, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 29, 1893

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Article Text

Business Complications. The North Buffalo mine has shut down. The Harrisburg (Pa) rolling mill has closed. The wire nail plants will continue shut down. The Ellensburg (Wash.) National bank has suspended. The Minno ota Iron company's mines have closed down. S. H. Morrison, lumber merchant, Cam den, N. J., has assigned. Depositors of Farmers' bank, Mt. Ster. ing, Ky., will be paid in full. The Traders' Bank of Deposit, Mt. Sterling, Ky., has suspended. The Bank of Sparta (Wis.) and M. A. Thaver's private bank have closed.

9. July 29, 1893 The Sun New York, NY
Article from The Sun, July 29, 1893

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Article Text

$250,000. and the deposits amount to about $650,000. HELENA, Mon., July 28. - The situation in Helena to-day is very quiet. the banks doing an ordinary business. The Comptroller has directed Bank Examiner Wilson and Special Examiner A. W. Lyman to take charge of the First National and Montana National banks, which closed yesterday. PORTLAND. Or., July 28.-The Union Banking Company has suspended. ELLENSBURG. Wash. July 28.-The Ellensburg National Bank suspended yesterday. George B. Markle. President of the two banks which failed in Portland yesterday. is also President of the Ellensburg Bank. MOUNT STERLING. Ky., July 28.-Last evening the officers of the Traders' Deposit Bank decided to supend payment owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $160,000. and has $390.000 of good assets. and the officers hope to resume business at an early day. MARTINSVILLE, Ind., July 28-The S. M. Mitchell Bank. established thirty years ago and backed by $500.000 went into voluntary liquidation yesterday. There is $100,000 in Its vaults and deposited by it in Indianapolis banks. The cause of the action. it is said. is the division of the estate. INDIANAPOLIS, July 28.-The Farmers' and Merchants' Bank of Covington. Ind., closed today. Ex-United States Treasurer Nebeker is President. The officials say that the assets are sufficient to meet the liabilities.

10. August 2, 1893 Morris Tribune Morris, MN
Article from Morris Tribune, August 2, 1893

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Article Text

Friday, July 28. The Farmers bank of Mt. Sterling, Ky., suspended payment. The Oregonian National bank and the Northwest Loan and Trust company of Portland, Or., have suspended. The City bank of Portage, Wis., has closed its doors. The suspension is due to the condition of the money market. The First National bank of Spokane and the Spokane Savings bank, allied institutions, have suspended. All depositors will be paid. Four houses owned by William Henry and four barns, the property of different persons, were destroyed by fire at Palmyra, Pa., entailing a loss of between $16,000 and $20,000. The Deer Creek cotton mills and belting factory, controlled by the Henry Pearce Sons company, Cincinnati, have shut down indefinitely, throwing 500 hands out of employment. Dull trade is the cause given.

11. August 4, 1893 The Weekly Union Times Union, SC
Article from The Weekly Union Times, August 4, 1893

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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martinsville, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago. backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The Elleosburg National Banksuspended payment Thursday. BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and tbe Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The Uuion Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp.oduction.

12. October 6, 1893 Semi-Weekly Interior Journal Stanford, KY
Article from Semi-Weekly Interior Journal, October 6, 1893

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-Mrs. Luke Blackburn is in Louisville and told a reporter that her letter with reference to Col. Breckinridge in. troducing Miss Pollard to her as his fiance was genuine and that she still stood by it. -At Columbus, Ohio, Mrs. Louis Iborgh, was placed in jail for murdering her son. A younger son informed the police that she did the awful deed 80 as to get the money which had been left him by his father. -The C.&O. railroad company has so far failed to put on separate coaches for whites and blacks, according to the new law. General Agent Mitchell says he has never been notified to make pro vision for such a division. -Whitecapping is not cutting such a wide swath nowadays in Indiana as it once did. The grand jury at Columbus returned true bills of indictment against twelve prominent citizens of the county for whipping Mrs. Schrader. -The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver, the new law giving him that right when he thinks such institutions are insolvent or becoming so. It is the first suit of the kind ever brought.

13. April 2, 1895 The Mt. Sterling Advocate Mount Sterling, KY
Article from The Mt. Sterling Advocate, April 2, 1895

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HE DECLINES TO PAY ANY THER EXPENSES. Attorney General, Hendrick, vises that Case Be Not Dismissed. FRANKFORT, KY., Jan. 7, 1895. Hon. Wm. J. Hendrick, Attorne General. DEAR SIR: The suit filed, by Reid Rogers and other attorneys my name as Secretary of State, in Montgomery Circuit Court for the pointment of a receiver of the Farmers Bank, at Mt. Sterling, Ky was authorized by me, with your proval, upon the verbal understand ing that this office should be involve in no expense. It was represented Mr. Rogers to you and to me that legitimate proceedings had been ken for the liquidation of the He affirmed it is a notorious fact tha a special Judge, in collusion parties hostile to the stockholders the bank, had met the attorneys of ColumbiaFinance & Trust Company of Louisville, by appointment at ington and there arranged to appoin the said Finance & Trust Compan the receiver of the New Farmer Bank, at Mt. Sterling. It was ther urged that such receiver ing in a distant county had no interes in the community and would arbitra rily enforce the collection of payable to the bank without concern for the interests of the holders. It was contended that stockholders were powerless to test the fraudulent appointment the receiver unless the Secretary State would authorized a suit to instituted under section 616, Statutes for the appointment of a ceiver, as provided, who should be resident of the county. In view such facts I regarded it my duty authorize the use of my name in or der that the people of Montgomer county should at least be allowed fair trial in court for the appointmen of a receiver. This course was proved by the Attorney General. The law, under which it was tended the Secretary of State was thorized to act, reads as follows: Sec. 916-"The Secretary of State