12751. American Bank (Beatrice, NE)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1893
Location: Beatrice, Nebraska (40.268, -96.747)

Metadata

Model: gpt-5-mini
Short Digest: ca4ee64d

Response Measures

None

Description

Multiple July 1–2, 1893 newspaper reports state the American Bank of Beatrice failed to open their doors / failed this morning. No contemporaneous article describes a depositor run on the American Bank; regulators/bank examiners were directed to take charge and a receiver was later appointed (per later 1906 account). Classified as a suspension leading to closure/receivership (suspension_closure).

Events (2)

1. July 1, 1893 Suspension

Cause: Macro News
Cause Details: Part of the wider money stringency/panic of summer 1893; papers link multiple bank failures and general stringency of the money market as context.
Newspaper Excerpt: The Nebraska National Bank and the American Bank failed to open their doors this morning.
Source: newspapers

2. July 2, 1893 Receivership

Newspaper Excerpt: Comptroller Eckels ... directed Bank Examiner Latimer to take charge of the failed Nebraska National Bank, of Beatrice, Neb.; ... the American Bank failed to open their doors here. ... the Nebraska National bank and American bank have failed. ... appointed J. H. Adams receiver ... (context of appointments and examiners taking charge).
Source: newspapers

Newspaper Articles (11)

1. July 2, 1893 The Times Richmond, VA

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Several Bank Failures. GEORGETOWN, COL., July 1.-The bank of Clear Creek county made an assignment yesterday. The assets amounted to $397,000; liabilities, $223,000. SALT LAKE, UTAH, July 1.-The First National Bank of Provo closed its doors yesterday. The assets are $115,000; liabilities same. Inability to make collections is the cause of the failure. FORT WORTH, TEX., July 1.-The Exchange Bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of depositors caused the suspension. OMAHA, NEB., July 1.-The Nebraska National Bank of Beatrice, capital stock $100,000, and the American Bank of Beatrice, a small concern, both closed their doors to-day.

2. July 2, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 2, 1893

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SOME FEW FAILURES. Suspension of Two Small Banks at Beatrice, Nebr. BEATRICE, July 1.-The - Nebraska National Bank and the American Bank failed this morning. Each had a capital of $100,000. The deposits of the American Bank do not exceed $60,000 and the assets are entirely sufficient to pay all demands. The Nebraska National Bank has deposits of over $100,000. but the assets are in good shape. No run was made on the other banks. ST. LOUIS, July .-The Madison Car Company, which was concerned in protesting a note handled by Post, Martin & Co., a few days ago. assigned at Edwardsville, Ill., to-day : liabilities $918,000, assets $122,000. The works of the company are located at Madison, 111. The company has given employment to 2000 men. It

3. July 2, 1893 The Herald Los Angeles, CA

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WESTERN BANK FAILURES. Nebraska, Colorado and Other States Farnish Their Quota. BEATRICE, Neb., July .-The Nebraska National bank and the American bank failed this morning. Each had a capital of $100,000. The American bank's deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits of over $100,000, but the assets are in good ehape if no run is made on the other banks. SALIDA, Colo., July 1.-The Chaffe County bank made an assignment this morning with liabilities between $80,000 and $90,000, while the assets are not yet known. Slow collections is given as the cause of the failure. A run was averted on the First National bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. OURAY, Colo., July 1.-The First National bank closed this morning, owing to the want of currency. Assets $110,000 and liabilities $42,000. It will prob ably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' bank, but it was only a slight flurry. WEBB CITY, Mo., Julr 1.-The Exchange bank of this city assigned today. Deposits, $60,000; liabilities not yet known. The stringency in the money market and withdrawal of deposits are assigned as the cause of the failure. WASHINGTON, July 1. - Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipeburg, Mont. Comptroller Eckels has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the First National bank of Provo, Utah.

4. July 2, 1893 The Sun New York, NY

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Minor Business Troubles. GEORGETOWN. Col., July -The bank of Clear Creek county made an assignment yesterday to Lafayette Hanchett. A placard was hung un on the window of the bank announcing as follows: "If conditions change so that we can obtain money on our securities we shall resume at once. The assets are $397.900. liabilities $233,000. GLOUCESTER Mass.. July 1. - A voluntary petition in insolvency has been filed by G. Hodgkinson & Co., rish merchants. They owe $42.607. and have assets of about $13,000. CHATTANOOGA. July 1.-The Bloch Drug Company made a general assignment yesterday. No preference. The assignment is made to protect the business for liquidation. as it has been the intention for some time to wind the business up. The liabilities are about $50,000 and the assets are said to be ample to pay all creditors. Prosper Lazard was named as trustee. PITTSBURGH, July 1. - The Speer White Sand Company of 91 Fifth avenue. made an assignment this afternoon to J. H. Speer city, one of the company's officials. Mr. Speer said that its liabilities are $60,000. and its assets $250,000. According to Mr. Speer the stringency of the money market. unfortunate investments in sand lands and works at Dawson. Pr.. and the unusual shut down of the plate glass mills caused the difficulty. SALT LAKE. Utah. July The First National Bank of Provo closed its doors yesterday morning. The assets and liabilities are each $115,000. Officials expect the bank will soon resume business MUSKEGON. Mich., July 1.-The Muskegon Iron and Steel Company went in n receiver's hands yesterday. Assets and liabilities are not obtainable, the receiver being at work on the list. The company has a paid up capital of $200,000, and last January reported debts of $160,000; credits. $20,000: real and personal property. $316,000. BEATRICE. Neb.. July ..-The Nebraska National Bank and American Bank failed to open their doors this morning. Each bank had a capital of $100,000. RED CLOUD. Neb., July -The Farmers' and Merchants' Bank of this place closed yesterday. No statement has been made.

5. July 2, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 2, 1893

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Two Nebraska Banks Fail. BEATRICE, Neb., July 1.-The Nebraska National bank and the American bank failed this morning. Each had a a capital of $100,000. No other particulars. The American bank deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits over $100,000, but the assets are in good shape. No run was made on the other banks.

6. July 2, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 2, 1893

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An Immense St. Louis Concern in a Receiver's Hands, ST. LOUIS, July 1.-The Madison Car company filed articles of assignment in the recorder's court at Edwardsville, Ill., today. The assets are given at $918,000 and liabilities at $1,122,000, Paul A. Fusz is named as assignee. The company recently erected a large plant for the manufacture of railway cars at Madison, III., opposite this city, and has endeavored to build up a city similar to Pullman, III. The company has been in straitened circumstances for some time, and the stringency of the money market has precipitated the failure. About 690 were employed at the works. The announcement of the failure created surprise in mercautile circles in this city, owing to the fact that the stockholders of the company are all St. Louis people. Many of the stockholders are also heavily interested in the Merchants' Bridge, the Security Building and other large enterprises. The company is capitalized at $500,000,and about six months ago floated an additional bonded indebtedness of $500,000. This was used in p ying off pressing obligations. The company has done a heavy business in manufacturing railway cars and material, and it is said had some difficulty in securing payment for material and rolling stock furnished to different railroads. OSALT LAKE, Utah, July 1. - The National Bank of Commerce at Provo closed its doors this morning owing to a run caused by the failure of the First National bank yesterday. Assets, $80,000; capital. $50,000; other liabilities, $25,000. FORT WORTH, Tex., July 1.-The Exchange bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of deposits coused the suspension. PHILADELPHIA, July 1.-Executions have been issued from common pleas court on five judgments entered on judgment notes aggregating $44,842.40, against Charies Illingsworth, dealer in morocco. OMAHA, Neb., July 1.-The Nebraska National Bank of Beatrice, capital: $100,000, and the American Bank of Beatrice, a small concern, both closed their doors today. They have been in a weak condition for some time. DENVER, Col., July 1.-The First National Bank of Rico closed its doors yesterday because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dis missed from work were paid with checks on the bank. and they are clamoring for coin. All business firms have shut down on crodit. WASHINGTON, July 1.-Comptroller Eckels today appointed J. R. . Adams receiver for the failed Citizens' National Bank of Spokane. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, and Bank Examiner Latmer to take charge of the failed Nebraska National Bank, of Beatrice, Neb. Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipsburg, Mont. He has directed Bank Examiner Aubry to take charge of the failed National Bank at Ricu, Col.

7. July 2, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 2, 1893

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MORE WESTERN BANKS CLOSE THEIR DOORS. Denver, July -The First National Bank at Rico closed Its doors yesterday, because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dismissed from work were paid with checks on the bank, and they are clamoring for coin. All business firms have shut down on credit. GeorgeTown, Col., July 1.--Owing to the unexpected demands made during the last few days, the Bank of Clear Creek County made an assignment yesterday morning to Lafayette Hanchett. A placard was hung upon the window of the bank announcing as follows: s If conditions change so that we can obtain money on our securities, we shall resume at once." The assets of the institution are more than ample to meet very obligation. They amount to $397,000, while the liabilities are only $233,000. Salt Lake City, Utah, July 1.-The First National Bank of Provo closed its doors yesterday morning. A. O. Senoat is president, and W. H. Dusenberry cashier. The assets are $115,000, and the liabilities are the same. Inability to make collections or rediscounts is the cause of the failure. Officials expect the bank will soon resume business. Beatrice, Neb., July 1.-The Nebraska National Bank and American Bank failed to open their doors this morning. Each bank had a capital of $100,000. Washington, July 1.-Controller Eckels to-day appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice, and Bank Examiner Aubry, to take charge of the First National Bank of Rico, Col. All the banks are small institutions.

8. July 3, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, July 3, 1893

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Failures. BEATBICE, Neb. 3.-The Nebraska National bank and American bank have failed. Each bank had a capital of $100,000. Washington.-Comptroller Eokles appointed J. H. Adams receiver of the failed Citizens' National bank, of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the failed First National bank of Provo, Utah, and Bank Examiner Latimer to take charge of the failed Nebraska National bank of Beatrice. The First National bank of Rico, Colo., which has also failed, will be placed in the hands of a bank examiner.

9. July 6, 1893 Grant County Herald Lancaster, WI

Article from Grant County Herald, July 6, 1893

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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. GEORGETOWN, Col., July 1.-The Bank of Clear Creek county at this place made an assignment yesterday with liabilities of $233,000 and assets of $397,000. Provo, U. T., July 1.-The First national bank of this place closed its doors yesterday, with liabilities of $60,000. SALIDA, Col., July 3.-The Chaffee county bank, of which William E. Robertson is cashier, has made an assignment to S. J. Foster, of this city. Mr. Foster says that the liabilities are between $80,000 and $90,000. The deposits are $73,000, including $21,000 in certificates of deposit. He is unable to give the assets. OURAY, Col., July 3.-The First national bank of this place closed its doors Saturday. Deposits amount to about $50,000 and notes and discounts to about $120,000. No definite statement has been made. BEATRICE, Neb., July 3.- - The Nebraska national bank and the American bank failed to open their doors here. Each bank had a capital of $100,000.

10. July 8, 1893 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, July 8, 1893

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BANKS FAIL. Sevenal Financial Institutions in Various Places Forced to Suspend. SALIDA, Col, July 3.-The Chaffee county bank, of which William E. Robertson is cashier, has made an assignment to S. J. Foster, of this city. Mr. Foster says that the liabilities are between $80,000 and $90,000. The deposits are $73,000, including $21,000 in certificates of deposit. He is unable to give the assets. OURAY, Col., July 3.-The First national bank of this place closed its doors Saturday. Deposits amount to about $50,000 and notes and discounts to about $120,000. No definite statement has been made. BEATRICE, Neb.. July 3.-The Nebraska national bank and the American bank failed to open their doors here. Each bank had a capital of $100,000. LEADVILLE, Col., July 5.-The American national bank, of Leadville, closed its doors, with liabilities of $342,000. GOLDEN, Col., July 5.-The Jefferson county bank closed its doors, with liabilities of $76,000.

11. May 11, 1906 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, May 11, 1906

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The American bank of Beatrice went to the wall during the panic of 1893. It was then officered by Nathan Blakely, president; Charles E. White, vice president; John Henderson, cashier, and Charles Blakely, assistant cashier. Among the board of directors were C. L. Schell, C. J. Jackson and other well-to-do men of Beatrice. An application was made to the State Banking Board at the time to defer throwing the bank into the hands of a receiver on condition that the directors and stockholders would put up a bond of $100,000 to secure the depositors and permit the old directorate to close up the affairs of the bank. The proposition was agreed to, but after a year or more the bank failed to make good, though going out of business, and upon the application of creditors of the bank Alfred Hazlett, a prominent lawyer of Beatrice, was made receiver of the bank. Receiver Hazlett at once went to work to gather something from the wreckage and did succeed in paying out a small percent of the deposits. But the affairs of the bank were in such a hopeless tangle that very little was realized and then Hazlett went after the eastern stockholders of the concern. A considerable number of stockholders lived in Rhode Island and he brought suit in the courts of that state to recover. A decision was handed down in the Rhode Island supreme court Thursday against Receiver Hazlett and for the Rhode Island stockholders.