10650. Wilmington Savings & Trust Company (Wilmington, NC)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
June 19, 1893
Location
Wilmington, North Carolina (34.226, -77.945)

Metadata

Model
gpt-5-mini
Short Digest
e7cc7e9643c25860

Response Measures

None

Description

Multiple articles (dated June 19–20, 1893) report that the failure/assignment of the Bank of New Hanover produced a run on the Wilmington Savings & Trust Company. The savings & trust paid demands (full on deposits $90 or under; $90 on larger deposits with 30 days' notice required for amounts over $90). Confidence was restored and the run subsided; there is no report that Wilmington Savings & Trust suspended or closed. Therefore this is classified as a run-only episode triggered by distress at a local bank.

Events (1)
1. June 19, 1893 Run
Cause
Local Banks
Cause Details
Run was triggered by the failure/assignment of the Bank of New Hanover (withdrawals and assignment), which scared depositors into withdrawing funds from Wilmington Savings & Trust.
Measures
Paying full amount on deposits of $90 or under; paying $90 on larger deposits and requiring thirty days' notice for draws over $90; public assurances from president and vice-president to restore confidence.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)
1. June 19, 1893 Evening Star Washington, DC
Article from Evening Star, June 19, 1893

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Article Text

DEPOSITORS WILL BE PAID. The Bank of New Hanover, N. c., With 81,200,000 Assets Assigns. WILMINGTON, N. C., June 19.-The bank of New Hanover was not opened this morning and following notice was posted on its doors: "Owing to the withdrawal of more than $320,000 of deposits and notice of over $150,000 intended withdrawal maturing in a few days, and also to its inability to realize quickly upon its assets ou 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. "A. L. SMITH. Cashier." (Signed) The general belief here is 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 Bank of New Hanover have been 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. The bank is paying full amount on all deposits of 890 or under and @90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the entire solvency of this bank and that it can meet every obligation. The run on the Wilmington Savings and Trust Company continues, but 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 certainty that depositors will not lose a dollar.

2. June 19, 1893 Evening Star Washington, DC
Article from Evening Star, June 19, 1893

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DEPOSITORS WILL BE PAID. The Bank of New Hanover, N. C., With S1,200,000 Assets Assigns. WILMINGTON, N. €., June 19.-The bank of New Hanover was not opened this morning and following notice was posted on its doors: "Owing to the withdrawal of more than $320,000 of deposita and notice of over $150,000 intended withdrawal maturing in a few days, and also to its 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. (Signed) "A. L. SMITH, Cashier." The general belief here is 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 Bank of New Hanover have been 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. The bank is paying full amount on all deposits of $90 or under and $90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the entire solvency of this bank and that it can meet every obligation. The run on the Wilmington Savings and Trust Company continues, but 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 certainty that depositors will not lose a doliar.

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

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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.

4. June 20, 1893 The Times Richmond, VA
Article from The Times, June 20, 1893

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WILMINGTON BANK TROUBLES. Bank of Hanover Suspends-Rons on Saving Banks. WILMINGTON, N. C., June 19.-The Bank of New Hanover was not opened this morning. The following notice was posted on the doors: "Owing to the withdrawal of more than $320,000 of deposits, and the notice of over $150,000 more intended withdrawals maturing in a few days, and also to its inability to realize quickly upon its as- of on account of the stringency sets, the times, the Bank of New Hanover has been forced to make an assignment all Junius Davis, in the interest of concerned. to The depositors will receive dollar for dollar, and the business will be wound up as rapidly as possible. (Signed) "A. L. SMITH. Cashier." The general belief here is that and the statement is entirely fair The assets are liabilities at $1,250,000; above horiest. $800,000. estimated of All New un- at paid collections of the Bank the Hanover have been turned over to Wilmington Savings and Trust Company, for remittance. The closing of the Bank of Hanover was followed by a run on the Wilmington Savings and Trust Comand the bank was crowded with full pany. depositors. The bank is paying amount on all deposits of ninety dollars or under, and ninety dollars on all larger rule deposits. No depositor under this can draw over ninety dollars without be thirty days' notice. There seems to this doubt of the entire solvency of obllno bank, and that it can meet every gation. WILMINGTON. N. C., June 19.-The and on the Wilmington Savings Trust run Company continues, but confidence of being restored by the appearance conis extra on the streets J. W. a newspaper the official assurance of Walters, taining Atkinson, president, and H. on device-president, that every dollar in will be paid out continuously and that posit regular course of business, closed. the doors of the bank will not be it the the Bank of New Hanover, the deConcerning be said with certainty that posttors may will not Jose a dollar. run on the Wilmington entirely Savings The Trust Company has almost are and ceased, and huge piles of greenbacks desk. still standing on the cashier's is now somewhat divided as New to Opinion outcome of the failure of the will the Bank. The stockholders fear undoubtedly Hanover suffer, and some persons Howwill not be paid in full. from the depositors ever, this does not seem likely present assignment outlook. of the Bank of New Hanover The to-day is without preferences. SAVANNAH, GA., June 19.-J. Waycross, V. Nordry goods merchant, of out. ton, has assigned. No statement given Failure of a Savings Bank. CHATTANOOGA TENN., June 19.-The was Savings Bank, of this account city, of City to assign to-night, on they forced unfortunate blunder, whereby instituan confounded with a colored known were suspended last Saturday, tion that Penny Savings Bank. It liabilities, assigned as the with less than $6,000 teleSaturday, of Dun & Co., in chief and a messenger the intelligence to the phoning of the city, used the name, Savings," "City banks instead of "Penny corrected. Savings," the error was immediately sown, but seed of distrust, however, was of the The bank depositors got wind over and unfortunate the report, and withdrew to-day. Saturday, and over $40,000 unex$20,000 withdrawal was so wholly to asThe that the bank was forced $475,000; pected The assets are given amount at due sign. liabilities $225,000. The Nothing is the is about $216,000. was depositors local bank. G. H. Jaragan will due named any as assignee. All depositors be paid in full. Million Dollar Failure. PITTSBURG, June 19.-The Oil Assets, Well Company has falled. $2,500,000; Supply indebtedness of all kinds, $1,100,000.

5. June 20, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 20, 1893

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WEAKENED BY WITHDRAWALS A North Carolina Bank Forced to Make an Assignment. WASHINGTON, 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 in deposits and the notice of the withdrawal of $150,000 more, and because of the 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, and it is requiring thirty days on sums over $90, under the law. The bank is believed to be entirely solvent. NEW YORK, June 19.-On the application of the directors a receiver has been appointed for the Cassell Publishing Company on allegations of insolvency, caused by President Dunham floating $168,000 worth of notes for his own obligations. It is said he has disappeared. Lawyer Fletcher said this evening that the company's assets were about equal to its liabilities. Expert Accountant Sargent will at once begin an examination of the books. Dunham has not been seen since last Thursday morning. He is believed to have used the money largely in land speculations. He held $140,000 of the company's capital stock. The weekly bank statement is as follows: Reserve, decrease, $5,644,000; loans, decrease, $3,700,000; deposits, decrease. $12,389,000. The banks now hold $8,777,000 in excess of the requirements. Height Bros., importers of laces and fancy goods, have confessed judgment for $57,000. The Eaton, Cole and Burnham Company. manufacturers of brass goods, to-day suspended. No statement has yet been made, but the failure is believed to be a bad one. To-day a receiver for the Bachdorf Novelty Company was appointed. The insolvent company was engaged in manufacturing mustcal novelties. The shipments of currency by New York banks to the interior to-day amounted to $1,500,000. BUFFALO, N. Y., June 19.-J. N. Adan was to-day appointed temporary receiver of the George L. Squire Company, which macufactures plantation machinery. The liabilities are about $200,000 and the assets $115,000. PITTSBURG, Pa., June 19.-The Oil Well Supply Company, one of the most extensive corporations in Pennsylvania and the largest concern of its kind in the world, today went into the hands of a receiver. The corporation was capitalized at $1,500.000 and the assets aggregate $2,500,000. The total indebtedness is placed at $1,100,000. The debt is a pressing one, and on account of the depression in business cannot be met. The principal office and an iron and pipe mill of the company are located at Pittsburg. They also have foundries, shops and offices in Oil City, Bradford, Conn., and Ohio. and own property in New York, Ohio, Indiana, Illinois and West Virginia. They employ over 1500 clerks and operators. BOSTON, June 19.-The Little Kanawha Lumber Company has been placed in a receiver's hands. The assets are $1,100,000 and the liabilities $785,000. On account of the failure of the company the firms of Andrew F. Leatherbee, William H. Leatherbee & Sons and the Taunton Lumber Company have assigned also. WASHINGTON, June 19.-Gradually, and in the absence of export, the gold in the treasury is increasing. To-day it was $93,719,546, an increase since Saturday of more than $700,000 and a gain of nearly $5,000,000 during the past three weeks. Through proceedings brought in behalf of thirteen stockholders, a receiver is sought to be appointed for the Fidelity Building, Loan and Investment Association of this city, with authority to dissolve the association and apportion the assets among the stockholders. The bill alleges fraud in the plan of the association and mismanagement by some of the officers. All the charges are denied by the officers.

6. June 20, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 20, 1893

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ANOTHER BANK IN TROUBLE. The Bank of New Hanover Forced to Close by Withdrawals of Deposits-A Run on a Savings Bank Started. 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 intended withdrawal maturing in a few days, and also to its inability to realize quickly on 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. (Signed) W. L. SMITH, Cashier. The general belief here is that the above statement is entirely fair and honest. The assets are estimated at $1,250,000; liabilities at $800,000. All unpaid collections of the Bank of 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 depositors. The bank is paying full amount on all deposits of $90 or under, and $90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the solvency of this bank, and that it can meet every obligation.

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

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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.

8. June 20, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 20, 1893

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CROPS. Crops are looking very well throughout Eastern Carolina. The corn crop 18 esspecially fine. The heavy rains for the past week have delayed work and the grass 16 getting some hold in the fields. Mr. R. 1. Hardy has gone to Goldsboro' for rest and recreation. Mr. F. W. Hancock, of Oxford. is here. Messrs. W. A. Dunn and N. Biggs go today to Clinton, N. C., on business. Major J. B. Neal has returned from Norfolk. Mr. J. C. Randolph, of Oxford, is here visiting friends. Miss Lollie Lewis. of Goldsboro', is visiting Miss Gertie Kitchen. Mr. E. E. Hilliard returned Saturday from several days' trip to Norfolk. Mr. E.B. Higgs, of Greenville, 18 visiting here. Miss Sallie Boker, of Florida, is visiting her aunt, Mrs. Ferrell. State-Bank Suspension. (By telegraph to the Dispatch.] WILMINGTON, N. C., June 19.-The Bank of New Hanover was not opened this morning, the following notice being posted on the doors: "Owing to the withdrawal of more than $320,000 of deposits and notice of over $150,000 of intended withdrawais maturing in a few days, and also to its 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. W. L. SMITH, Cashier." (Signed) The general belief here is that the above statement is entirely fair and honest. The assets are estimated at $1,250,000 and the liabilities at $800,000. Alt unpaid collections of the Bank of New Hanover have been 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 the Wilmington Savings and Trust Company. Confidence was restored, however, by the appearance of a newspaper extra on the streets containing the official assurance of J. W. Atkinson. president, and H. Walters. vice-president of the institution, that every dollar on deposit would be paid out continuously in regular course of business and that the doors of the bank would not be closed. Later. - The run on the Wilmington Savings and Trust Company has almost entirely ceased. and huge piles of greenbacks are still standing on the cashier's desk. 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 that the depositors will not be paid in full. However, this does not seem likely from the present outlook. The assignment of the Bank of New Hanover 18 without preferences.

9. June 21, 1893 The Sun New York, NY
Article from The Sun, June 21, 1893

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MINOR BUSINESS TROUBLES. Failures Here and There About the Country -Stringency of the Money Market. NASHUA. N. H.. June 20.-The Colony Manufacturing Company of Wilton assigned yesterday. The liabilities are estimated to be $168,000 and the assets simply amount to the plant. buildings, and some goods on hand. It IS estimated that not more than fifty cents on the dollar can be realized from the assets. Several Nashua merchants were stockholders. and will lose heavily. The corporation has carried on a woollen manufactory and has done an extensive business. It employed,200 hands. The cause of the failure is said to be inability to sell the goods. and also that the company paid too high wages. COLUMBUS, O., June 20.--J. & G. Butler. Wholesale grocers. assigned yesterday to Charles B. Butler. Liabilities, $50,000: ASBets. $80.000 to $100,000. Cause. financial stringency. The firm has been in business since 1854. WILMINGTON, N. C. June 20.-Adrian & Vollers. wholesale grocers 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 amortgage for $90.000 several months ago. Few depositors are calling for money at the Wilmington Savings and Trust Company's banking house to-day. and some of those who withdrew their money yesterday have already returned it. Deposits are being freely made by business men this morning. INNEAPOLIA June 20.-James McMillan of Minneapolis has made a voluntary assignment of his property to M. C. Fletcher. Mr. McMillan was in the hide and fur business until a short time when his business was transferred to R corporati 11 known as James McMillan & Co. The assignment does not affect this corporation. Mr. Fletcher estimates that the assets will amount Dabout 700,000, and liabilities to $250,000 Of his liabilities sixty por cent. are foreign creditors, persons who have made consignments of goods to him. or who have furnished capital. The other forty per cent. are Minneapolis people. KA.. une 20.- The State Bank Commissinner yesterday ordered the State Bank of Plainville closed The capital stock is $50,000. but the amount of lia ilities is not obtainable. The officers of the Dank bay that depositors will be paid in full. Abe teinburg a clothing merchant. failed yesterday. The liabilities are it out an nondinal assets of equal $40,000. amount. with Chattel mortgages on the stock were given to various pre erred creditors BRIDGEPORT, June 20. - The liabilities of the Eaton. Cole & Burnham Company. which passed into the hands of receivers yesterday. presaid to SACO,COO and the assets double that amount. The business here will be conducted by the receivers. E. G. Durnham and E. H. Cole who are memlers of the copartnership. Frank Milier o this city gave 350,000 bonds for the receivers. The first intimation here of any trou le was received last night. when the 100 employees did not receive their pay as usuals EUGENE Or. June 20.-The Lane County Bank temporarily suspended to day. It has plenty of property in slight to secure all depositors. SAN FRANCISCO, June 20.-The Broadway Bank has closed its doors. It was an unimportant concern. A lively run was kept up on three banks until the closing hour. Apprehensions are telt for -morrow, as it is evident that the run will be kept up.

10. June 22, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, June 22, 1893

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THE BANK OF NEW HANOVER. Not a Bad Failure -Depositors - will be Paid in Full. Details of the failure of the Bank of New Hanover, at Wilmington, are contained in the dispatches. The cause of the suspension is that $320,000 of deposits were drawn from the bank last week and notices were on file of over $150,000 to be withdrawn this week. Owing to the stringency of the times the bank could not realize quickly upon its assets, and hence there was nothing to do but close its doors. The cashier, in a published card, announces that depositors will receive dollar for dollar. The assets of the bank are estimated at $1,250,000 with liabilities of only $800,000. The failure of the Bank of New Hanover caused a run on the Wilmington Savings and Trust Company, but as all demands were promptly met and the president assured depositors that the bank was perfectly solid and solvent, the run soon ceased. The general impression is that, with a little time to get its affairs in shape, the Bank of New Hanover will not prove a bad failure, neither depositors nor stockholders losing anything. The Bank cf New Hanover in Wadesboro, a branch of the Wilmington bank but conducted as a separate institution, closed its doors as soon as notiffed of the Wilmington failure. No statement as to its condition is made, except that it would have continued but for the other failure.