Riverside Banking Company (Riverside, CA)

Episode Information

Episode UID
9472969291122
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
947296929 hash
Start Date
June 14, 1893
Location
Riverside, California (33.938, -117.393)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cf8e4bf3bc17aa76

Response Measures

None

Description

Closed 'under instructions' and examined by state bank commissioner; later authorized to resume by Attorney-General.

Events (4)
1. June 14, 1893 Suspension
Cause
Government Action
Cause Details
Bank closed 'under instructions' and was being examined by state authorities/commissioner; doors failed to open and notice posted.
Newspaper Excerpt
This bank is closed under instructions. Depositors will be paid.
Source
newspapers
2. June 21, 1893 Other
Newspaper Excerpt
Statement of the suspended Riverside Banking company made public; liabilities $900,368.12; creditors' committee formed.
Source
newspapers
3. August 4, 1893 Other
Newspaper Excerpt
Reports of heavy indebtedness to Pacific Bank and collections sufficient to pay depositors 35 cents on the dollar.
Source
newspapers
4. August 24, 1893 Reopening
Newspaper Excerpt
Attorney-General had authorized the suspended Riverside bank to resume
Source
newspapers

Newspaper Articles (13)
1. June 14, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 14, 1893

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Article Text

FAILURES TODAY. One of the Largest Wire Nall Compaules in the Country. CLEVELAND, June 14.-Bancke's Wire Nail company, one of the largest concerns of the kind in the country, has assigned. Inability to raise money to meet maturing paper was the sole cause of the failure. The liabilities are only $225,000, while the assets reach $900,000. The company is one of the largest manufacturers of wire natis in the United States and is backed by capitalinto of Cleveland worth millions of dollars. Baackes, vice president and founder of the concern, 18 one of the pioneers of the wire nail business of the country. President Lockwood of the concern said: "We simply got under cover to keep the creditors from slaughtering us with attachments. We can pay three dollars for every one we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off but the tightness of the money market caught us. The principal creditor is Natler & Company, New York and Philadelphia,from whom we have bought millions of dollars' worth of steel and always paid them. They refused to grant us an extension and insisted on the individual security of the stockholders." WAS CONSIDERED SOUND. PAINESVILLE, Ohio, June 14.-The which began on the bank of Aaron Wilcox & Co., yesterday, culminated in the doors being closed this morning. Notice was I osted stating that thebank had suspended temporarily but that all the depositors would be paid up in full. The general impression is that the bank will be able to resume. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. COMMISSION MERCHANT FAILS. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities. THE RUN ON THE OMAHA BANKS OMAHA, June 14.-The runs on the Omaba savings banks subsided this morning almost as quickly as they be. gan yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over, the anxious ones left without taking their money. There are no new developments regarding the suspended banks. CLOSED UNDER INSTRUCTIONS. RIVERSIDE, Cal., June 14.-The doors of the Riverside banking company failed to open this morning. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." BAD MANAGEMENT. KANSAS CITY, June 14.-The Star's Topeka, Kansas, special: State Bank Commissioner Breidenthal, who made enexamination of the affairs of the bank of Burr Oak which falled last Saturday, declares that Manager Hurl. burt conducted the affairs of the bank in such a manner as to send him to the penitentiary. Hurlburt disap. peared after the failure and cannot be found. The bank's deposits amount to $45,000, and the assets are worthless. ONE MORE. INDIANAPOLIS, Ind., June 14.-The Citizens' bank of Fairmound, Ind., has suspended operations owing to stringency in the money market. The capital 8 ock is $50,000; liabilities, $130,000 to $150,000.

2. June 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 15, 1893

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Article Text

SMALL BANKS IN THE WEST GO UNDER THE FINANCIAL STRINGENCY THE REASON FOR COLLAPSES IN SEVERAL STATES. Indianapolis, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to stringency in the money market. The capital stock 13 $30,000: assets, $191,060 91; liabilities from $130,000 to $130,000. Dr. Henley, of Fairmount, is president and Levi Scott cashier. Mr. Scott is also the largest stockholder. J. P. Winslow. George R. Thurston and James Johnson are directors. Phillip Mat. ter, of this city, has been appointed assignee. Riverside, Cal., June 14.-The doors of the Riverside Banking Company failed to open at the usual hour to-day. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." Snchomish, Wash., June 14.-The Bank of Everett posted a notice on its door yesterday morning announcing that it had made an assignment for the benefit of its creditory. The Institution was doing business under the State law with a nominal capital of $50,000. Its paid-up capital was $30,000. It is understood that the liabilities are about $65,000; assets, $87,000. An examination of paper and securities was made by a committee of the clearing house, who authorized the statement that, in their judgment, If the securities are handled properly, every depositor would be paid in full. Painesville, Ohio, June 14.-This morning the Lake County Bank of Aaron Wilcox & Co. posted a notice on its door as follows: "This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. was All depositors will be paid In full." A run begun on the bank yesterday, but business men had full confidence in it and deposited up to the time of closing for the day. The general impression is that the bank will be able to resume business in a short time. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. The bank is be lieved to be perfectly solvent. It was organized twenty-five years ago and has always been considered a sound Institution. Topeka, Kan., June 14.-State Bank Commissioner Preidential who has recently made an examination into the affairs of the Bank of Burr Oak, which falled last Saturday. declares that Manager Hurlburt of the tank conducted Its affairs in such a manner as will send him to the ponitentiary. Hurlburt disappeared the day after the failure. leaving a wife and two children behind. and can't be found. Commissioner Breidenthal says Hurlburt has made many false state ments to the bank commissioner. The bank's deposits amount to 845,000, and although the assets on their face show a value of $53,000. they are nearly worthless and will net the depositors less than twenty cents on the dollar.

3. June 15, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 15, 1893

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Article Text

California Bank Suspends. RIVERSIDE, Cal., June 15.-The doors of the Riverside Banking Company failed to open at the usual hour yesterday. The following sign was displayed on the door: "This bank is closed under instructions, Depositors will be paid."

4. June 17, 1893 The Herald Los Angeles, CA
Article from The Herald, June 17, 1893

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PE Riverside's Suspended Bank. RIVERSIDE, June 16.-The bank commissioner is busy examining the affairs of the suspended Riverside bank. A meeting of the directors was held this alternoon, but no news is obtainable regarding what was done.

5. June 22, 1893 The Herald Los Angeles, CA
Article from The Herald, June 22, 1893

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Riverside's Suspended Bank. RIVERSIDE, Cal., June 21.-A state. ment of the suspended Riverside Banking company was made public today at a meeting of creditors and depositore, but the assets were not itemized. The total liabilities are $900,368.12. A committee of 15 creditore appointed to investigate the bank's affairs will report tomorrow. The general feeling among creditors and depositors is against the appointment of a receiver. The situation is becoming more settled and the panicky feeling has subsided.

6. June 28, 1893 The Herald Los Angeles, CA
Article from The Herald, June 28, 1893

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Article Text

RIVERSIL E NOTES. A Prohibition Ordinance Passed-The Suspended Bank, Etc. RIVERSIDE, June 27.-Some time ago the fire department resigned, owing to thecity trustees not approving the department's election of officere. Matters were amicably arranged at the meeting tonight and the resignations withdrawn and accepted by the trustees. At a meeting of the board of supervisors this afternoon it was decided that no liquor shall be sold in Riverside county. The vote stood four to one in favor of the prohibition ordinance. The situation is entirely unexpected, as three of the board previously favored high license. The decision caused a sensation in one or two outside towns where high license was wanted. The prohibition ordinance will take effect July 1st. It is given out on authority that the suspended Riverside Banking company will not be allowed to resume, but that the bank will be given power to close its affairs, paying the depositors as funds become available. It is stated that large claims between the Riverside bank and the Pacific bank of San Francisco, are in dispute, which the attorney general will at once investigate.

7. August 5, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 5, 1893

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BANK OF RIVERSIDE. Its Connection With the Defunct Pacific Bank. RIVERSIDE, Aug. 4.-The recent expose of the financial status of the Pacific Bank of San Francisco by a paper of that city created quite a sensation in this city to-day from the fact that the affairs of that bank and the suspended Riverside Bank are so closely Identified. It was not known that the bank here was so heavily indebted to the Pacific Bank, and when it became known many depositors of the local concern were startled, to say the least. The work of securing names to the contract agreed upon by a meeting of the depositors of the local concern progresses, but it is found slow work to secure the last few names, as their owners are nonresidents. It is rumored that the bank has made collections sufficient 80 far to pay depositors thirty-five cents on the dollar. This figure will be very materially increased.

8. August 25, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 25, 1893

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BANKS RESUMING. There Seems to Be a Sort of Easing in Financial Matters. SAN Bernardino, Aug. 24.-The Farmers' Exchange Bank reopened this morning under auspicious circumstances with about $130,000 in cash on hand, being 80 per cent of the amount due depositors. A large number of new depositors opened accounts with the bank and up to noon to-day the deposits had largely exceeded the amount drawn out and the bank officials are exceedingly happy and buoyant. A large number of prominent citizens dropped into the bank in the morning to congratulate the officers of the concern. RIVERSIDE, Aug. 24.-When the news reached this city yesterday that the Attorney-General had authorized the suspended Riverside bank to resume it caused very general and widespread satisfaction. The resumption of the bank at this time will be the means of putting in circulation a considerable sum of money which has been tied up by the bank's suspension, and this fact will relieve money matters here, a thing very much needed since the

9. September 3, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, September 3, 1893

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BREVITIES BY WIRE. A sharp shock of earthquake occurred Friday night at 12 o'clock at Gilroy. It was of several seconds' duration. R. M. Wilson, who shot and killed Robert G. Rogers on Tule River, Tulare County, has been held to answer without ball. Frederick Bell, an eastbound Englishman, was robbed of a valise containing 100 sovereigus, a sult of clot hes and an aneroid barometer. B II stepped off at Keno, but, got no clew to the thief. H. F. Lawrence, an old resident of Gllroy. was suddenly killed Saturday morning by being thrown from a wagon. Lawrence was dead when picked up. He was 57 years of age and leaves a widow and several children. Two members of the Salvation Army, arrested for violating the city ordinance of Redlands probiBiting the beating of drums on the street, were tried Saturday and tined $20 each. The case has been appealed to the Superior Court. Burnham & Williams, locomotive builders, have recorded in Kern County a contract with the Atlantic and Pacific Railroad Company to sell them Twenty-five locomotives. The terms are part cash and the balance in monthly payments. Two primary elections were held at Vallejo Saturday, one Democratic and the other Republican. Frank M. Denio was the choice of the Republicans and J. H. McCudden the choice of the Democrats for the vacaut supervisorship of the Second District of Solano County. As the result of a series of rabbit hunts in Obtario about 4000 jacks have been slaughtered. Ontarlo and the viciality have been pretty well cleared of the rabbit pest. Since the county bounty of 20 cents on rabbit scalps went into effect there has been a great deal of hunting by individuals. Some have made as high as $9 a day. Governor Markham has offered a reward of $300 for the arrest and conviction of George Clark, allas James Barrett, the ex-convict who murdered Special Officer Charles W. Wetzel. The Governor has also offered a reward of $300 for the arrest and convietion of W. G. Brunton, allas Tex Brunton, for the murder of William Harris iu Tulare County, on April 1, 1893. The suspended Riverside Bauk has announced that the bank will resume business just as soon as all the depositors sign an agreement to accept a small per cent of the deposits, to be paid when the bank resumes, the balance to be paid within four years. It is probable thai enough will sign and that the bank will open in a short time. Governor Markbam has made the following appointments: Ed E. Leake of Yolo, trustee of the State Library, vice H. E. McCune, resigned, for the term ending February 28, 1894; James H. Logan of Santa Cruz, Judge of the Superior Court of Santa Cruz County. vice Hon. F. J. McCann, deceased; James Roney, Supervisor for the Second District of Solano County, vice John Noocan, deceased. The California Dairy Association at Petaluma Friday elected these officers: J. D. Burdell of Marin. president; William Niles of Los Augeles, first vice-president; A. P. Martin of Sonoma, second vice-president; W. N. Russ of Humboldi, third vice-president: Samuel E. Watson of San Francisco, secretary. The purposes of the association are to establish a dairy school, to protect the Industry by proper legislation and to obtain a State dairy bureau.

10. September 11, 1893 The Herald Los Angeles, CA
Article from The Herald, September 11, 1893

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IT IS a noteworthy fact that the affairs of the suspended Riverside Banking company are rapidly getting no better. Like the Consolidated Bank of San Diego it presents a case of reckless and irresponsible management.

11. January 6, 1894 The Herald Los Angeles, CA
Article from The Herald, January 6, 1894

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EVENTS AT,RIVERSIDE The Chaingang on a Strike-A Land Owner Assigns. RIVERSIDE, Jan. 5.-At the present time this county ie overrun with tramps. As a consequence the county jail is well filled with an undesirable element. For some time past tramps have been kept at work on the roads, but today they refused to work and were locked in close confinement, where they will be kept on bread and water until willing to go to work. The men are defiant and the outcome of the difficulty is a matter of conjecture. P. Hall, a large land holder in this city, has made an assignment for the benefit of his creditors. His assets are placed at $50,000, and his liabilities at about $55,000. The principal creditore are the Mutual Life Insurance company and the Pacific Bank of San Francisco. The directors of the suspended Riverside bank held a meeting today, and it is announced that the bank will be opened for business next week.

12. January 6, 1894 The Morning Call San Francisco, CA
Article from The Morning Call, January 6, 1894

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THE RIVERSIDE BANK. A Report That It Will Reopen Next Week. RIVERSIDE, Jan. 5-The directors of the suspended Riverside Bank held a meeting today, and it is announced that the bank will be opened for business next week. This bank has now been closed sine : last June, and the depositors are becoming very uneasy over the fact that the prospect for a settlement see ms quite as remote now as it did months ago. The report that the bank 18 to reopen is received with considerable satisfaction by those interested, and the people generally hope the report is true.

13. June 26, 1898 The Herald Los Angeles, CA
Article from The Herald, June 26, 1898

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COURT CASES One Divorce and an Application at Riverside RIVERSIDE, June 25-The superior court has just rendered a judgment in the divorce 5 case of W. F. Spence vs. Ella Spence, in which the defendant is given all the community property, but her application for alimony is denied. The important case of F. O. Lothrop vs. O. T. Dyer, which was started in the superior court yesterday, was put over until July 5 for further hearing. Lothrop, who seeks to have set aside-several deeds made by Dyer of property held by him when the Riverside bank failed in 1893, won a decided advantage, for the motion of non-suit made : by the defense was overruled by the court. Mrs. Zadie Grotzinger wants a divorce from her husband, Geo. Grotzinger, on the grounds of cruelty and failure to provide. The wheelmen of Perris and the Good Hope section have arranged a team race to be run off on July 4th. The race will be run over the road between the two places a distance of four miles. The Populist county central committee has called a convention to meet at Perris on Saturday next, when delegates to the state convention will be elected. A meeting of the Bimetallic league will be held at Perris on the same day and it is thought that this body will have considerable to do with bringing about a complete fusion of the Populists and Democrats for the coming campaign. The officers here have been notified to be on the look-out for a man named J. S. Chambers, who it is alleged is wanted on a charge of obtaining money by false pretenses. Chambers represents himself as an agent for the Escondido Times and thus victimized many people. So far the authorities have received no trace of the boy Carr, who is missing from his home for a couple of days. Mrs. W. W. Phelps, wife of ex-City Clerk Phelps is reported as being quite ill. The city is having the sidewalks on North Orange street, where the Southern Pacific track crosses that thoroughfare, repaired on a substantial manner at the expense of the company. The local company of uniform rank, Knights of Pythias, has received orders from headquarters to hold an election for second lieutenant to fill the vacancy caused by the departure of Lieut. Cox, who went away with Company M.