City Bank (Portage, WI)

Episode Information

Episode UID
79018471123
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7901847 routing
Routing Number
79-0184
Start Date
July 27, 1893
Location
Portage, Wisconsin (43.539, -89.463)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3be6d097001a027d

Response Measures

None

Description

The bank is described as having a capital of $25,000 and being led by the Secretary of State, which is typical for a state-chartered bank of that era.

Events (1)
1. July 27, 1893 Suspension
Cause
Macro News
Cause Details
The suspension was attributed to the general condition of the money market during the Panic of 1893.
Newspaper Excerpt
The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. Beese, secretary of state, was president of the bank.
Source
newspapers

Newspaper Articles (10)
1. July 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, July 28, 1893

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Article Text

WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.

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

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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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A Portage Bank Closed. Portage, Wis., July 27.-The city bank closed its doors this morning. The suspension is due to the condition of the money market.

4. July 28, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 28, 1893

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Another Wisconsin Bank Drops Out. PORTAGE, Wis., July 28.-The City bank suspended because of the condition of the money market.

5. July 28, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 28, 1893

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NEWS IN BRIEF. Matters of More or Less Importance Tersely Touched Upon. The Farmers bank of Mt. Sterling, Ky.. suspended payment. Peter Jackson, the pugilist, arrived in New York from Europe Wednesday. The execution of the nine Choctaws sentenced to be shot has been postponed till Sept. 8. Chicago savings banks have been swindied out of $50,000 to $60,000 by forged securities. Vice President Stevenson has left Tacoma on the steamer City of Kingston for a visit to Victoria. 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. State Bank Examiner Peabody says that the reserves of the banks of North Dakota are much larger than in former years. The report is current that the Cavalier. N. D. branch of the Great Northern railroad is to be extended this fall to Leroy. The First National bank of Spokane and the Spokane Savings bank, allied institutions. have suspended. All depositors will be paid. Sixteen registered letters were stolen from a pouch somewhere between Portland, Or., and New York. The theft was not discovered till the sack reached the New York office. 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.

6. July 28, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, 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. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. 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. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.

7. August 1, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, August 1, 1893

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suspended, and all the depositors will be paid in full. HARRISBURG, Pa, July 27.-The American Tube Iron Company, located at Middletown, has gone into the hands of a recei er. The company has no mortgages, judgments, or bonded indebtedness against it, but could not raise funds owing to the stringency of the money market. It is one of the largest concerns of the kind in the country, employing 1,500 hands. It makes all kinds of wrought iron pipe and tubing. 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 city, closed its doors this morning. The notice upon the door reads: "This bank closed by order of the directors. J. P. Standiford, cashier" 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. PORTAGE, Wis., July 27 -The City Bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company, of this city, suspended this morning. CINCINNATI, O., July 27.-The Deer Creek Cotton Mills, Fifth street and Egleston avenue, and the belting factory on Plum and Canal street, controlled by Henry Pearce Sons Company, shut down indefinitely to day, throwing 500 hands out of employment. The dull trade is the cause given. NEW YORK, July 27.-The governing committee of the New York stock exchange decided not to take any action looking to the closing of the stock ex change for a few days, which was suggested in some quarters yesterday.

8. August 2, 1893 The Star Reynoldsville, PA
Article from The Star, August 2, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago, is preparing to resume business. The First National Bank of Cisco, Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate language of the rabid silverites. Parkhust & Wilkinson, iron merchants, Chicago, assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants. St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Ban's, Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena, Mont., the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At Spokane, Wash., the First National Bank, paid up capital $200,000, and the Spokane Savings Bank, its dependent. tem. porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

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

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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.

10. August 3, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, August 3, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.