10286. Battery Park Bank (Asheville, NC)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 22, 1897
Location
Asheville, North Carolina (35.601, -82.554)

Metadata

Model
gpt-5-mini
Short Digest
7af3218d5d67b32a

Response Measures

None

Description

Multiple contemporary dispatches (Oct 22–23, 1897) report that the National Bank of Asheville closed, which immediately triggered a run on the Battery Park Bank. The run was brief (stopped about 2 p.m.) and the bank remained open; later (1928) local history recounts how officials calmed depositors. No suspension or receivership of Battery Park Bank is reported in these articles. Bank type inferred as state (not labeled 'National' or 'Trust'); uncertain so could be private, but 'state' is likeliest given naming.

Events (1)
1. October 22, 1897 Run
Cause
Local Banks
Cause Details
Run was triggered by the closing/suspension of the National Bank of Asheville; news of that failure caused depositors to withdraw from Battery Park Bank.
Measures
Bank had $75,000 cash on hand; reported to expect $100,000 by next morning. Bank officials (later accounts) actively reassured depositors to stem withdrawals; clerks counted cash and paid withdrawals while encouraging depositors to leave funds or redeposit.
Newspaper Excerpt
As soon as the announcement of the closing of the bank was circulated a run was begun on the Battery Park Bank.
Source
newspapers

Newspaper Articles (11)
1. October 23, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 23, 1897

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Article Text

Another Asheville Bank Closed. ASHEVILLE, N. C., Oct. 22.-The National Bank of Asheville has closed its doors. This leaves but one bank here. As soon as the announcement of the closing of the bank was circulated a run was begun on the Battery Park Bank. The Battery Park had $75,000 cash at the last showing, and that amount cannot all be paid out before the usual hour for closing. The bank will have $100,000 cash here by to-morrow morning, when the scare will probably be over. The run on the Battery Park Bank stopped about 2 p. m., leaving more money in bank that when it opened this morning. The statement of the National Bank is to the effect that inability to make collections was the cause of the failure and that it is probable the assets will be sufficient to. pay all depositors.

2. October 23, 1897 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, October 23, 1897

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Article Text

BANK SHUT UP. Asheville, N. C., Oct. 22.-The National Bank. of Ashville, has closed its doors. This leaves but one bank here. As soon as the announcement was circulated a run was begun on the Battery Park Bank. Up to 1 P. m. more money had been taken in than paid out. The Battery Park Bank stopped about 2 p. m., leaving more money in the think than when it opened this morning. The statement of the National Bank is to the effect that inability to make collections was the cause of the failure, and that it is probable the assets will be suificlent to pay all depositors.

3. October 23, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, October 23, 1897

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Article Text

NATL BANK OF ASHEVILLE FAILS. But One Bank Left in the Mountain City-Run on That. ASHEVILLE, N. C., October 22.-The National Bank of Asheville has closed its doors. This leaves but one bank here. As soon as the announcement was circulated a run was begun on the BatteryPark Bank. Up to 1 P. M. more money had been taken in than had been paid out, The Battery-Park Bank had $75,000 cash at the last showing. The run on the Battery-Park Bank stopped about 2 P. M., leaving more money in the bank than there was when it opened this morning. The statement of the national bank is to the effect that inability to make collections was the cause of the failure, and it is probable that the assets will be sufficient to pay all depositors.

4. October 23, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, October 23, 1897

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Article Text

RUN ON A BANK Caused by the Suspension of a Neighboring Institution-Money Coming. Asheville, N. C., October 22.-The National Bank of Asheville has closed its doors. No statement has yet been made. This leaves but one bank here. As soon as the announcement was circulated a run was commenced on the Battery Park Bank. Up to 1 p. m. more money had been taken in than paid out. The Battery Park Bank had $75,000 cash at the last showing, and that amount cannot be paid out before closing time. The bank will have $100,000 cash here to-morrow. The run on the Battery Park Bank stopped about 2 p. m., leaving more money in the bank than when it opened this morning. The statement of the National Bank is to the effect that inability to make collections was the cause of the failure, and that it is probable the assets will be sufficient to pay all depositors.

5. October 23, 1897 The Brunswick Times Brunswick, GA
Article from The Brunswick Times, October 23, 1897

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Article Text

ONE BANK LEFT. Asheville Has Only One and Tries to Break That. Asheville, Oct. 22.-The National Bank association has closed its doors, No statement has yet been made. This leaves one bank here. As soon as the announcement of the closing of the bank was circulated a run was begun on the Battery Park bank. Up to 1 p. m., however, more money had been taken in than paid out. The bank will have $100,000 cash here by tomorrow morning, when the scare will probably be over.

6. October 23, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 23, 1897

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Article Text

CONDENSED DISPATCHES. Emperor William is visiting Emperor Nicholas and the Grand Duke of Hesse at Darmstadt. The survey of the Pribilof islands by the coast and geodetic survey will be completed this season. Admiral Worden's body was laid to rest at Pawling, N. Y., Thursday. The casket was wrapped in flags. The National Bank of Ashville, N. C., closed its doors Friday, and a run at once commenced on the Battery Park bank. Ex-Congressman Charles W. Woodman, of Chicago, was taken to the detention hospital Friday, suffering from paresis, W. G. Hitchcock & Co., of New York, one of the largest dealers in silk, have assigned. Their liabilities will exceed a million dollars. The Ute Indians are pouring over the line from Utah to Colorado in great numbers to kill deer, and the settlers threaten to drive them out. One of the boats of the British ship Hallamshire and other wreckage has been picked up on the coast of Newfoundland, and it is supposed the Hallamshire is lost. The Turkish government has granted permission to the Thessalians who fled from Thessaly after the invasion of the Turkish troops to return to their homes. Gov. Pingree's visit to Venezuela turns out to have been for the purpose of investigating the new gold fields of the Guarico region, and obtaining control of several asphalt mines. The pool sellers at Louisville have been victimized by manipulated reports of the State Central stakes at Latonia, O., the Turf Exchange losing $2,700 and the Newmarket $3,000. At Rosendale, N. Y., on Friday, the premature explosion of a blast in Snyder's cement quarry killed Arnold Johnson instantly and inflicted probably fatal injuries on three others. Citizens of Neosho county, Kan., have petitioned Judge Stillwell to break up what they claim is a gigantic trust alleged to have been formed by the merchants and coal dealers of the state, in violation of the anti-trust law. Mrs. Todd, of New London. Mo., who killed her daughter, Hettle Bethel in an Insane fit of jealousy, has been convicted of second-degree murder at her fourth trial, and the penalty was fixed at two years in the penitentiary. The German government will ask the reichstag to largely increase both the army and navy estimate. Emperor Willfam has struck many names of officers off the active list. his policy being to put young men in charge. William W. Broadwell, a young society man and board of trade operator in Chicago, is accused of appropriating money intrusted to him for wheat buying, and was routed out of a bath room in his father's home by an officer. The Robbers' Roost gang of outlaws in Wayne county. Utah, which is composed of forty or fifty desperadoes and has long terrorized Central and Southern Utah ha just made a raid and driven off a band of horses to its mountain rendezvous. The Illinois River Improvement Association, with its object to further the project of a deep waterway from Chicago to the Mississippi river, is holding a convention at Beardstown. III. It hopes to influence congress and get an $8,000,000 appropriation. A fight in which John Cooney was shot in the leg and several men were smashed over the head with clubs and canes took place on North Clark street. Chicago, Wednesday night between the followers of City Collector Joseph C. Martin and the county civil service commissioner, James A. Quinn. The charges brought against Grand Master Powell and Grand Secretary Perham, of the Order of Railway Telegraphers, for the violation of the anti-alien contract labor law, have fallen through. because of the failure of the Federal grand jury, to which they had been held, to return true bills against them. At the fifty-first anniversary of the charter of Princeton university. to be held today, the subject of arbitration will be discussed by Grover Cleveland, the Earl of Aberdeen, governor general of Canada: President D. C. Gilman, of Johns Hopkins, and Provost C. C. Harrison, of the University of Pennsylvania. One hundred masked and armed men attempted to enter the county jail at Liberty, Mo. shortly after midnight Wednes. day for the purpose of lynening William Foley and Frank Wade, murderers, held awaiting trial. The sheriff assembled a few deputies and with a show of arms compelled the mob to disperse. Melville C. Brown. ex-congressman and now attorney for the Goulds in their fight against Mary Angell, Jay Gould's pretended wife has been sued by Margaret E. Cody at Denver for 000 damages alleged to have been caused by the publica tion of an article attributing to Mrs. Cody certain statements about Mrs. Angell and her actions. The body of William J Lvons an em-

7. October 23, 1897 The Times Richmond, VA
Article from The Times, October 23, 1897

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Article Text

Another Asheville Bank Closes. ASHEVILLE, N. C., Oct. 22.-The National Bank of Asheville has closed its doors. This leaves but one bank here. As soon as the announcement was circulated a run was begun on the Battery Park Bank. Up to 1P. M. more money had been taken in than paid out. The Battery Bank had $75,000 cash at the last showing. The runf on the Battery Park Bank stopped about 2 P. M., leaving more money in the bank than when it opened this morning. The statement of the National Bank is to the effect that inability to make collections was the cause of failure and it is probable the assets will be sufficient to pay all depositors.

8. October 23, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, October 23, 1897

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Article Text

A Bank Shuts Down. ASHEVILLE, N. C., Oct. 23.-The National bank of Asheville has closed its doors. No statement has yet been made. This leaves but one bank here. As soon as the announcement was circulated a run was begun on the Battery Park bank.

9. October 23, 1897 The Morning News Savannah, GA
Article from The Morning News, October 23, 1897

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Article Text

AN ASHEVILLE BANK CLOSES. The National Bank Ceases Payment, Leaving But One Bank There. Asheville, N. C., Oct. 22.-The National Bank of Asheville has closed its doors. This leaves but one bank here. As soon as the announcement was circulated, a run was begun on the Battery Park Bank. Up to 1 o'clock this afternoon more money had been taken in than paid out. The Battery Park Bank had $75,000 cash at the last showing. The run on the Battery Park Bank stopped about 2 o'clock, leaving more money in the bank than when it opened this morning. The statement of the National Bank is to the effect that inability to make collections as the cause of the failure, and that it is probable the assets will be sufficient to pay all depositors. -The dead heroes of Buena Vista battlefield. where 6,000 American volunteers under Gen. Zachary Taylor defeated 20.000 Mexicans under Santa Anna after a desperate and bloody battie, lie in a negMexico. lected and unmarked spot near Saltillo,

10. October 26, 1897 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, October 26, 1897

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More Bank Troubles at Asheville, N. C. ASHEVILLE, N.C., Oct. 25. -The National Bank of Asheville has closed its doors and no statement has yet been made. A run began at once on the Battery Park bank.

11. February 13, 1928 Asheville Citizen-Times Asheville, NC
Article from Asheville Citizen-Times, February 13, 1928

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PEOPLE TRUSTED EUGENE RANKIN His Integrity And Ingenuity Stopped "Run" On Bank 30 Years Ago Continued From Page One) took copies of passed around among the and then in places about the lobby and on the front doors no eyes could fail red His Greatest Speec) livered that crucial of among folk throughout the Western for his as also later for his mayor of City Asheville for several terms been kind enough Battery Bank and kind enough have deposit he said crowd the lobby have ample more than enough meet our oblign tions you want the be paid out as fast as posThe expressions on the face the time almost twice the *ize of the morn ing hours, ran the full gamut of human emotion. Many them had the sterling business honesty the made the talk Many of had for dealt with In the firm of Bearden and Rankin, the large general merchandise store by this name, formerly on Bilt more Many had been granted favors that establish ment the way of credit when times were harder than they were during the now famous Park Some of all, but goodly instantly reacted favorably to the short am gonna leave mine," "huh, don't believe there's anything rumors", bank keeps mine". and other utterances began to fly through the Some of them actually the bank lobby, their minds made and in most End Of "Run" Sighted That was the beginning the end the "run" but the danger mark had not been entirely passed by means, and one sensed the necesity greater caution did The bank large and vaults. Bank piled tors could see them and the bank had on hand was placed Clerks counting and Mr. Rankin stood by encourage the depositors take their money they wanted it. Some of his as he them vidually the been characteristic the frank and encourag. ing nature the An negro woman reached the window She had deposit some $50 of hard earned money. "Sho, dis bank Mistah deed. but going give you cent of your money Just sign this The old negro couldn't sign the receipt. couldn't write Mr. Rankin helped her. signing for and letting her make her by the written name. Save Your Money "Now Mandy you to this money and keep safe," continued Mr. Rankin "Don't go spending foolishly and when back and want us to keep for you we will be glad With that old darky's face lighted up she would' the door. still half to go home or return the money Several prominent men of those of them about into the bank take out all their cash. The one the converted by the genial of trust about Rankin the he read. He left his In the and he going the street had heard of the bent his The man other excited by the possiblity of losing an even larger amount institution didn't "Nothing to there" the hurried The second man the bank and he also is said to have been A Flash In The Dark These high callbre in the business world of the day and their attitude Mr. Rankin another idea. declared, while quite effective the He have group such and induced them make deposits the bank during the afternoon of the day on which the trouble startQuite number of such men volunteered and came up before waiting line of placing in the Institulike flash financial lightning out of dark ened the patrons still demanding their money. Men actually putting money in many them thought had gone the much for even the credulous. Large fell out of line depositors and confidence appeared on the declared that some of the the bank wanted close up o'clock in the afternoon, the usual hour for clos. those but Mr. Rankin to have that such thing would work with the returning bank open almost dark and the opened at an earlier. But wasn't long then. The promptly delivered the supply gold and Mr. Coxe. This also piled high in the cashier's cage. Success At Last The depositors requesting their money dwindled to almost handful- and those of the previous day who trusted Rankin the returning look money in day before and knew their trust had not been on the second day had dwindled and wasn't but bethe had resumed its patrons vinced. had institution to encourage the But banking did old Battery He had been nected with the old Bank before failure and had built up tele honest and banking When left the Park said carried all these customers, them. with him. Later in after leaving the Mayor's office after his second his with city he had resigned from the joined the one the by friends the late and that when again banking with the American National, of the depositors some of them had years, their trust in the man they had trusted in earlier and days. Battery Park Bank, faithful service, passed out In 1923, chovia Bank and standing today on the very great depositors the above the perhaps, the old structure was over for the larger to passersby a spirit that never Mr. Rankin in his last days was first then and board tional bank. His passing the last chapter of long and useful ending the earthly career one of Asheville's most beloved citizens-a man. his friends declare, could be trusted "even unto