Peoples Bank (St Paul, MN)

Episode Information

Episode UID
6348371991124
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
634837199 hash
Start Date
August 4, 1893
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
609be05bb38e4017

Response Measures

None

Events (3)
1. August 4, 1893 Run
Cause
Macro News
Cause Details
Financial flurry/market-wide stringency and panic in St. Paul prompting withdrawals from multiple banks
Measures
Depositors who called were paid; officers worked to realize assets and shore up funds
Newspaper Excerpt
A run was started on the Germania bank, but it soon subsided. ... withdrawal of funds from other banks
Source
newspapers
2. August 4, 1893 Suspension
Cause
Macro News
Cause Details
Temporary suspension due to financial stringency and steady withdrawals during the citywide flurry
Newspaper Excerpt
The People's bank closed its doors at 10:30 yesterday morning. 'By reason of the financial stringency, this bank is obliged to suspend temporarily.'
Source
newspapers
3. August 23, 1893 Reopening
Newspaper Excerpt
The People's bank...has reopened for business. It has a capital stock of $200,000 and is one of the strongest of the smaller banks in the city.
Source
newspapers

Newspaper Articles (17)
1. July 21, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 21, 1893

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Article Text

THE PEOPLE'S TO RESUME. The Temporary Suspension at an End-Affairs in Good Shape. The People's bank, at the corner of Second street north and First avenue, which temporarily suspended recently, S making the final preparations to resume. There never has been any question in financial circles and among those familiar with the affairs of the bank but that it would soon resume. Cashier Cotton said yesterday afternoon that it would be ready to reopen its doors within the next few days, if not before, at least by the 1st of August. The officials have been hard at work realizing on their ample assets, and have not met with a single discouragement. No one will have lost a dollar by the suspension.

2. August 4, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 4, 1893

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Article Text

No Particular Excitement. ST. PAUL, Aug. 4.-The closing of the doors of the German American Nationalbank thismorning as arranged for Inst night caused some withdrawal of funds from other banks, but there was no particular excitement or runs on. This morning the People's bank with & capital of $200,000 suspended. The failure is not considered important.

3. August 5, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 5, 1893

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Article Text

The People's and the West Side. The People's bank closed its doors at 10:30 yesterday morning. A notice was posted on the door which stated: "By reason of the financial stringency, this bank is obliged to suspend temporarily." The officers of the bank are: Charles E. Rittenhouse, president; William Constans, vice president, and E. R. Moore, cashier. The bank was organized in December, 1882, and has a capital of $200,000. President Rittenhouse was seen last evening by a GLOBE representative, to whom he said: "I believe the financial flurry is about over. The People's bank has only suspended temporarily, Continued on Fourth Page,

4. August 5, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, August 5, 1893

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Article Text

Two More Small Ones. ST. PAUL. Aug. 5.-The Peoples bank and the West Side Savings bank have suspended payment. Both were small banks. A run was started on the Germania bank, but it soon subsided. Everyone who called for their money were paid without demur. There were incipient runs on other banks but they have as yet not amounted to anything.

5. August 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 6, 1893

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Article Text

A QUIET DAY. The Banks Pursuing the Even Tenor of Their Way. There was no trace of excitement in the banking circles of St. Paul yesterday. Calls at all the banks found no news in progress -anywhere, and the uniform report was made that more money was being deposited than drawn out. The people were evidently indulging the sober second thought and pursuing a sensible course. Bank Examiner Thorne arrived to take charge of the National GermanAmerican bank and relieve Mr. Lawler. As rapidly as possible he will prepare a statement of the condition of the bank and will probably have one ready during the week. The sentiment for a speedy resumption is heartily concurred in by local stockholders and all indications point to an early resumption of business. The People's and the West Side bank also expect to speedily resume business. A better feeling was prevalent throughout the city among bankers and business men generally, and the feeling was general that the storm had spent its fury. It is so generally recognized that depositors in St. Paul banks are secure that all indications of a panic have vanished. New accounts have been opened at the various banks by those who had been doing business at the suspended institutions, and business generally was going on as usual.

6. August 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 6, 1893

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Article Text

RETURNING CONFIDENCE. The situation in St. Paul yesterday indicated that confidence in our financial institutions is rapidly being restored. Now that people find they can get their money on call, they do not want it. They only want their money if they think they cannot get it. This is human nature, and has been for several years. If this confidence remains, it will be but a short time before the flurry will have been forgotten. The movements to reopen the suspended banks can be rapidly pushed to completion. The officers and stockholders of the People's bank were taking steps yesterday which will probably result in the opening of the bank within the next two or three days. The magnitude of the National German-American will require more time for resumption. The stockholders are widely scattered, and the general feeling is that there must be a reduced capitalization. It will require time to accomplish this, but the prevailing sentiment of those interested IS that it will bedone at an early day. That great financial institution will not be lost to the city. The condition of affairs in the East continues to improve. The flow of gold from Europe to this country continues uninterrupted. Tomorrow congress will begin its work of relief, and the repeal of the SHERMAN act is now only a question of a short time. There is every reason in the outlook for encouragement, and none for despondency.

7. August 7, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, August 7, 1893

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Article Text

Funny Incident of a Bank Scare. ST. PAUL, Aug. 7.-A funny incident of the bank scare here Friday was that while depositors were drawing money out of three banks falsely supposed to be weak and depositing it in the Second National, the last named bank was lending it right back to the banks which were experiencing the run. The directors of both the People's and West Side banks have held meetings and resolved to reopen in the next t wo weeks. A plan of re-organization for the German-American is already on foot.

8. August 8, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 8, 1893

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TROUBLES OF BANKS AND BANKERS. RECEIVERS FOR A NEW-BEDFORD INSTITUTION -A MILWAUKEE BANK TO RESUME New-Bedford, Mass., Aug. 7.-The savings bank commissioners have completed their examination of the affairs of the New-Bedford Safe Deposit and Trust Company. and express their entire satisfaction with the solvency of the institution. The bank has paid out over $200,000 in the last sixty days to depositors, and while the institution had over $40,000 in cash on hand at the time of the suspension, the bank could have at the latest kept on but a day or two longer. The affairs of the bank will be placed in the hands of two receivers, and two New-Bedford men have been nominated for the place. Manchester, N. H., Aug. 7.-Receiver Taggart, of the suspended Defryfield Savings Bank, states that the liabilities of the institution are $252,894. and assets $254,671. He could not state what the loss to stockholders will be as the figures representing the assets are the face value as seen on the books, and no allowance is made for the shrinkage in securities. Springfield, Mo., Aug. 7. The Green County Bank, the oldest in the city, assigned to-day. Liabilities. $137,2421 assets, $252,251. There is some excitement, but no other bank seems to be involved. Milwaukee, Wis., Aug. 7.-Stockholders of the Mil wankee National Bank held a meeting to-day and voted to resume business. Three hundred thousand dollars must be added to the capital stock, and it was voted to raise the money. Pittsburg. Aug. 7.-The principal bankers of Pitts burg. comprising the Clearing House Association, to gether with between thirty and forty of the leading financiers of the city, met at the Clearing House this morning to discuss the financial situation. Several plans were suggested to make the banking Institutions of the city formidable enough to overcome any possi ble emergency that might present itself. No definite plan was adopted. but several are under consideration and will be acted upon finally at a meeting to be held later on. St. Paul. Minn., Aug. 7 (Special).-A meeting of the board of directors of the National German American Bank was held to-day. 11 was decided to call a special meeting of the stockholders on August 17. It is expected that at this meeting arrangements will be perfected for the bank to resume business at an early date. The People's Bank reports that it will resume business soon.

9. August 9, 1893 Morris Tribune Morris, MN
Article from Morris Tribune, August 9, 1893

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Article Text

Financial Flurry In St. Paul. Sr. PAUL, Aug. 7.-St. Paul experienced a financial flurry this week. Four banks suspended payment. They were the National German-American, West Side, Seven Corners and Peoples. They were all smali banks except the German-American, which had a capita! os $2,000,000. All but the Seven Corners bank will resume in a short time.

10. August 10, 1893 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 10, 1893

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Article Text

Financial Flurry In St. Paul. ST. Paul, Aug. 7.-St. Paul experienced a financial flurry this week. Four banks suspended payment. They were the National German-American, West Side, Seven Corners and Peoples. They were all small banks except the German-American, which had a capital os $2,000,000. All but the Seven Corners bank will resume in a short time.

11. August 11, 1893 Oakes Weekly Republican Oakes, ND
Article from Oakes Weekly Republican, August 11, 1893

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Article Text

Financial Flurry In St. Paul. Sr. PAUL, Aug. 7.-St. Paul experienced a financial Hurry this week. They suspended pay MY Four Dn were the National German-American West Side, Seven Corners and Peoples. 'They were all small banks except my Geritatt=American, which had a capital os $2,000,000. All but the Seven Corners bank will resume in it short time,

12. August 12, 1893 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, August 12, 1893

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BUSINESS TROUBLES. Suspension at St. Paul. ST. PAUL, Minn., Aug. 5.-The National German-American bank failed to open its doors Friday and announced a temporary suspension consequent upon a steady drain of withdrawals for the past month. The bank officials announce that every liability will be made good dollar for dollar, but they require time to realize on their securities. No statement of liabilities and assets is as yet obtainable. An approximate estimate of the figures showing the condition of the bank gives the assets at $4,577,702.59, and the habilities at $2,549,664. Daniel W. Lawyer has been appointed to assume charge of the affairs of the bank. The People's bank, of St. Paul, which closed its doors at noon, has a capital stock of $240,000. No detailed statement of the affairs of this bank can be obtained before tomorrow. The same can be said of the West Side bank, a small concern, which closed its doors at 1 o'clock.

13. August 16, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 16, 1893

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TIED UP COUNTY FUNDS. County Commissioners Discuss Their Status Friday. The county committee on claims has been called to meet Friday evening at S o'clock for the purpose of meeting the sureties on bonds given to the county by banks that have funds in their possession and are at present suspended. These are four banks, as follows: National German-American, the Peoples', the West Side and the Seven Corners. The county attorney will be present, and the situation will be discussed, preparatory to making report to the board of county commissioners, which convenes in regular session the following Monday at 10 a. m. By a misunderstanding the bondsmen of the banks referred to met in the room of the board of county commissioners yesterday morning, but the board of county commissioners had not been called to meet by the mayor as given out to the newspapers, and consequently nothing was done.

14. August 17, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, August 17, 1893

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St. Paul Banks Reopen. ecial to The News: ST. PAUL, Aug. 17.-In accord. ce with a call issued by the board directors of the National Germanmerican bank ten days ago a gely attended meeting of the bekholders of that institution is ing held today. The statement the condition of the bank, which S been prepared since, the doors ere closed, shows that the failure as the result of a panic for which ere was no good cause, as the sets are largely in excess of the bilities. It is rather of a solvent stitution, being obliged to susnd on account of its inability to alize on its assets fast enough to eet the demands of foolish desitors. Arrangements are being ade today to resume business at early date, and the West Side d People's banks, which closed der similar circumstances, will 80 probably open their doors in a ort time.

15. August 25, 1893 Little Falls Transcript Little Falls, MN
Article from Little Falls Transcript, August 25, 1893

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The St. Paul banks which suspended are getting in shape for business again, and the People's bank resumed yesterday. The German American will soon reopen its doors. Suspended banks in all parts of the country are resuming, and there are less failures than a month ago.

16. August 26, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, August 26, 1893

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Bank Resumes Business. ST. PAUL, Minn., Aug. 23.-The People's bank, which closed August 4 in order to protect its creditors from a protracted run, although at that time perfectly solvent and able to pay all depositors, has reopened for business. It has a capital stock of $200,000 and is one of the strongest of the smaller banks in the city.

17. August 31, 1893 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, August 31, 1893

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MILLS AND BANKS RESUMING. According to Treasury Reports Business is Picking Up All Over the Country-It is Believed to be a Permanent Improvement. WASHINGTON, D. C., Aug. 23.-The general financial situation of the country shows improvement, according to the Treasury standpoint. It is slight, perhaps, but it is believed to be permanent. Bank failures have almost entirely ceased, banks that have suspended under the financial stringency are resuming business. gold which poured out of the country is returning and a general feeling of confidence is being restored. This changed condition was felt last week, and has day by day increased. Money is still scarce, but not so much SO as it was. During the time that gold was being shipped to Europe the United States sustained a net loss of $63,000,000. This gold is now coming back and it is 1 estimated that already $25,000,000 have returned. This specie has found its way into the interior of the United States, much of it to Chicago. Some of it now figures in the bank n balances, but much of it was absorbed by American securities. To this is attributed to some extent the improvement in the general stock market. GovS ernment revenues continue light, which shows that less money than usual is being sent abroad for foreign goods, n which is also considered in the circumstances a good sign. Three banks-The Fourth National d of Louisville; the American National of Puebio, Col., and the Waupaca County National of Waupaca, Wis.-were is o authorized to-day to resume business, er and will soon open their doors. Seven of the 12 banks in Colorado which suspended have now been authorized to rensume business, and the list of resump1tions in other States promises to grow g rapidly as the necessary formalities are complied with. a. ST. PAUL, MINN., Aug. 23.-The 8People's Bank, which closed August to 4th in order to protect its creditors from a prospective run, although at that time r, perfectly solvent and able to pay all dena positors, reopened for business to-day. re It has a capital stock of $200,000 and is one of the strongest of the smaller banks es in the city. vo NEWARK, N. J., Aug. 23.-Clark's st thread mills, which have been shut down for the past three weeks, resumed he operations this morning on three-quarter time. rehe SAN BERNARDINO, Cal., Aug. 25.ce. The Farmers Exchange Bank reopened yesterday. ce RIVER FALLS, Wis., Aug. 25.-The rs, Bank of River Falls which suspended be 11. one week ago resumed business yester at day.