Wilmington Savings & Trust Company (Wilmington, NC)

Episode Information

Episode UID
66000171122
Episode Type
Run Only
Bank Type
trust
Bank ID
6600017 routing
Routing Number
66-0001
Start Date
June 19, 1893
Location
Wilmington, North Carolina (34.226, -77.945)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
07cc22df3276e1c5

Response Measures

None

Events (1)
1. June 19, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by failure/assignment of the Bank of New Hanover which precipitated heavy withdrawals.
Measures
Paying full amount on deposits of $90 or under; requiring thirty days' notice for sums over $90 as allowed by law.
Newspaper Excerpt
The failure caused a run on the Wilmington Savings and Trust company. It is requiring 30 days on sums over $90 under the law.
Source
newspapers

Newspaper Articles (10)
1. June 20, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 20, 1893

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Article Text

CLOSED BY A RUN. A North Carolina Bank Forced to Suspend Temporarily. WILMINGTON, N. C., June 19. - The Bank of New Hanover has failed. Its assets are $1,250,000 and its liabilities, $800.000. A notice on the door of the bank says that, owing to the withdrawal of $320,000 in deposits and a notice of the withdrawal of $150,000 more, and because of the inability of the bank to realize quickly on its assets. it has been decided to assign. Depositors will be paid in full. The failure caused a run on the Wilmington Savings and Trust company. It is requiring the 30 days required by law on sums over $90. It is believed to be entirely solvent.

2. June 20, 1893 The Herald Los Angeles, CA
Article from The Herald, June 20, 1893

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Article Text

BANK RUNS IN THE SOUTH. A Big Concern at Wilmington, N. O., Closes Its Doors. WILMINGTON, N. C., June 19.-The Bank of New Hanover has failed. Assets, $1,250,000; liabilities, $800,000. A notice on the door of the bank says: "Owing to the withdrawal of $320,000 deposits and notice of the withdrawal of $150,000 more, and because of inability to realize quickly on assets, the bank has decided to assign. Depositors will be paid in full." The failure caused a run on the Wilmington Savings and Trust company. It is requiring 30 days on sums over $90 under the law. It is believed to be entirely solvent.

3. June 20, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 20, 1893

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Article Text

The Run About Over. WILMINGTON, N.C., June 19.-The run on the Wilmington Savings and Trust Company has almost entirely ceased and huge piles of greenbacks are still standing on the casher's desk. The opinion is now somewhat divided as to the outcome of the failure of the New Hanover Bank. The stockholders will undoubtedly suffer and some persons fear depositors will not be paid in full. However this does not seem likely from the present outlook.

4. June 20, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, June 20, 1893

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Article Text

A $90,000 MORTOAGE Wiluingion House in Deep Wat. er- Confidence Restored. WILMINGTON, N. C., June 20.-Adrian & Vollers, wholesale groceries and liquor dealers, one of the oldest business houses in the city, have assigned with preferences The failure was precipitated by that of the Bank of New Hanover in whose favor they executed a mortgage for $90,000 some months ago. But few depositors called today for their money at the Wilmington Savings and Trust company's banking house, and some of those who withdrew their money yesterday have already returned it. Deposits are being made bv business men this morning.

5. June 20, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 20, 1893

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Article Text

OTHER FAILURES. Wilmington, N. C., June 19.-The bank of New Hanover has failed: assets, $1,250,000; liabilities, $800,000. The failure caused a run on the Wilmington Savings and Trust Co. It is requiring thirty days on sums over $90, under the law. It is believed to be entirely solvent. Boston, June 19.-The Little Kanawha Lumber Company was today placed in the receiver's hands. The assets are $1,100,000; liabilities, $785,000. On account of the failure of the Company, thefirms of Andrew F. Leatherbee, William Leatherbee & Sons and the Tauton Lumber Company assigned also. Pittsburg, June 19.-The Oil Well Supply Company, one of the most extensive corporations in Pennsylvania, and the largest concern of its kind in the orld, today went into the hands of a receiver. The assets aggregate $2,500,000. The total indebtedness is placed at $1,100,000. Buffalo, N. Y., June 19.-J. A. Adam was today appointed temporary receiver for the George L. Spuire Company, manufactureres of plantation machinery. The liabilities are $200,000, assets, $115,000. New York, June 19.-The Eaton, Cole & Burnham Company, manufacterers of brass goods, today suspended. No statement is yet made, but the failure is believed to be a bad one.

6. June 20, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 20, 1893

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Article Text

WILL "PAY DOLLAR FOR DOLLAR." NC Failure of North Carolina Bank, with Assets of $1,250,000 and Liabilities of $800,000. WILMINGTON, N. C., June 19.-The Bank of New Hanover was not opened this morning. and the following notice was posted on the door: Owing to the withdrawal of more than $320,000 of deposits and notices of over $150,000 of Intended withdrawals, maturing in a few days, and also to the inability to realize quickly upon its assets on account of the stringency of the times, the Bank of New Hanover has been forced to make an assignment to Junius Davis, in the interest of all concerned. Depositors will receive dollar for dollar, and the business will be wound up as rapidly as possible. The general belief is here that the above statement is entirely fair and honest. The assets are estimated at $1.250,000; the liabilities at $800,000. All unpaid collections of the Bank of New Hanover have been turned over to the Wilmington Savings and Trust for remittance. The closing of the bank was forced by a run on the Wilmington Savings and odl Trust Company.

7. June 20, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 20, 1893

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Article Text

A DELA WARE BANK FAILS. The Assets Amount to Almost Double the Liabilities. WILMINGTON, N. C., June 9.-The bank of New Hanover has failed. Assets, $1,250,000. Liabilities, $800,000. The notice on the door of the bank says, owing to the withdrawal of $320,000 deposits and notice of the withdrawal of $150,000 more, and because of inability to realize quickly on assets, the bank has decided to assign. Depositors will be paid in full. The failure was caused by a run on the Wilmington Savings and Trust company. It is requiring thirty days on sums over $90, under the law. It is believed it will be entirely solvent.

8. June 20, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 20, 1893

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Article Text

ANOTHER BANK FAILURE Caused by a Run-Depositors - Will Not Lose a Dollar. WILMINGTON, N. C., June 19. -The bank of New Hanover did not open today, and the following notice was posted: "Owing to the withdrawal of more than $320,000 deposits and notices of over $150,000 intended withdrawals maturing in a few days, and also to its inability to realize quickly, on account of the stringency of the times, the bank of New Hanover has been forced to make an assignment to Junius H. Davis, in the interest of all concerned. Depositora will receive dollar for dollar, and the business will be wound up as rapidly as possible. (Signed) "W. L. SMITH, Cashier." The general belief here is that the failure is entirely fair and honest. The assets are estimated at $1,200,000; the liabilities at $800,000. All unpaid collections of the bank of the New Hanover have been turned over to the Wilmington Savings and Trust Company for remittance. The closing of the bank was followed by a run on the Wilmington Savings and Trust Company and the bank was crowded with depositore. The bank is paying full amount on all deposits of $90 or under and $00 on all larger deposits. No depositors under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of an entire solvency of the bank.

9. June 21, 1893 The State Chronicle Raleigh, NC
Article from The State Chronicle, June 21, 1893

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Article Text

Another Failure at Wilmington. By Southern Associated Press. WILMINGTON, N. C., June 20 Adrian and Vollers, wholesale gro. cers and liquor dealers, one of the oldest business houses in the city, assigned with prefences. The failure was precipitated by that of the bank of New Hanover in whose favor they executed a mortgage for ninety thousand dollars some months ago. But few depositors are calling for money at the Wilmington Savings and Trust Company's banking house today, and some of those who withdrew money yesterday are already returning it. Deposits are being freely made by business men this morning.

10. June 21, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 21, 1893

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Article Text

NORTH CAROLINA BANKS. A Wilmington Institution Suspends But Promises Dollar For Dollar. WILMINGTON, N. C., June 26.-The failure of the New Hanover bank to open its doors was due to the fact that more than $320,000 of deposits were withdrawn and notice was given that $150,000 more would be withdrawn in a few days. The bank was unable to realize quickly upon its assets because of the prevailing stringency and forced to make an assignment. All unpaid collections were turned over to the Wilmington Savings and Trust company for remittance. The closing of the Bank of New Hanover was followed by a run on Wilmington Savings and Trust company and the bank was crowded with depositors. Confidence is being restored by the official assurance of J. N. Atkinson, president, and H. Walters, vice president, that every dollar on deposit will be paid out continually in the regular course of business and that the doors of the bank will not be closed. Concerning the Bank of New Hanover it may be said with a certainty that the depositors will not lose a dollar.