11613. 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
594fcda9

Response Measures

Accommodated withdrawals, Capital injected

Description

Multiple contemporaneous newspaper reports (Oct 22–23, 1897) describe a run on the Battery Park Bank triggered by the closing/suspension of the National Bank of Asheville. The Battery Park Bank remained open, paid out freely, and reportedly had ample cash (reported $75,000 on hand and expected $100,000 next morning). Classified as run_only because there is no evidence Battery Park suspended or closed.

Events (1)
1. October 22, 1897 Run
Cause
Local Banks
Cause Details
Run was triggered immediately after announcement that the National Bank of Asheville had closed/suspended.
Measures
Paid out freely; had $75,000 cash on hand, public figures and local businessmen deposited funds to bolster confidence; expected $100,000 cash next morning.
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 The News & Observer Raleigh, NC
Article from The News & Observer, October 23, 1897

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Article Text

ANOTHER BANK FAILS The National Bank of Asheville Closes Its Doors. BANK THIRD FAILURE THE CLOSING CAUSED A RUN OF THE REMAINING BANK. BATTERY PARK BANK MET THE DEMAND Officers of the National Bank of Asheville Claim That With Prudent Management and Time All the Depositors Can be Paid in Full. Asheville, N. C., Oct. 22.-(Special)The National Bank of Asheville two hours after opening this morning closed its doors. Soon afterwards the following appeared on the door: "October 22nd, 11:30 a. m. It being apparent that it is impossible owing to inability of the bank to collect its assets, and to the steady withdrawal of deposits to carry on the business of the bank with fairness to the creditors and shareholders of the institution and the public; it is resolved that the bank suspend basiness, and the Comptroller of the Currency be at once notified and requested to take charge and liquidate its affairs." Signed by W. T. Weaver, president, and W. B. Williams, cashier. Since the failure of the First National Bank on July 31 depositors have been drawing out money from the National bank of Ashe ville. This morning the directors decided it was advisable to suspend. The bank officers state, "We believe that the assets of the bank will, if prudently managed, be sufficient to pay all depositors and other creditors in full. Time, however, will be required to collect and distribute these assets." This bank is the oldest in the city. It has been a National bank since 1889. Following the suspension a run began on the Battery Park Bank, the only remaining bank in the city, and continued till it closed at 3 o'clock.Crowdsof depositors gathere about the kand and called for their deposits. However, the bank was prepared for the run and paid out freely. Many of the business men of the city in order to check a panic and assist the bank to stand the run joined in the line of anxious depositors and put money in the bank liberally. The bank was not in need of this assistance, however, AS it had a great amount of currency on hand, and with its asserts it can meet any demands that can be made upon it. 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 p. m. more money had been taken in than paid out. The Battery Park 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 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 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 Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 23, 1897

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Article Text

Only one Bank Left. ASHEVILLE, N. C., Oct. 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 begun 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 all be paid out before closing time. The bank will have $100,000 cash here to-morrow.

7. 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.

8. October 23, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 23, 1897

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Article Text

ASHEVILLE PANIC, One Bank Fails and There is a Run on Another. Asheville, N. C., Oct. 23.-The National Bank of Asheville has closed its doors. No statement has yet been made. A run began at once on the Battery Park bank. The Battery Park bank had $75,000 cash at the last report and that amount cannot be paid out before closing time.

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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Article Text

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