12928. State Bank (Cortland, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 6, 1893
Location
Cortland, Nebraska (40.506, -96.706)

Metadata

Model
gpt-5-mini
Short Digest
7085ebae

Response Measures

None

Description

Multiple contemporaneous newspapers (June 6–8, 1893) report the State Bank at Cortland, NE, closed or closed this afternoon. Causes are attributed to the wider panic/run on Chicago banks (contagion). By Oct 1893 the bank is listed among state banks in the hands of receivers, indicating it did not resume and entered receivership. No article describes a depositor run at Cortland specifically, so I classify this as a suspension that ended in closure/receivership caused by the broader financial panic (macro/systemic contagion).

Events (3)

1. June 6, 1893 Suspension
Cause
Macro News
Cause Details
Closed amid the nationwide panic and runs on Chicago banks; reports link regional failures to runs and inability to secure promised assistance from Chicago.
Newspaper Excerpt
BEATRICE, Neb., June 6.-The State Bank of Cortland, this county, closed this afternoon. It is a small institution.
Source
newspapers
2. June 7, 1893 Other
Newspaper Excerpt
Beatrice, Neb., June 7.-The State bank at Cortland closed yesterday morning. It is a small institution. Deposits are about $18,000; assets unknown.
Source
newspapers
3. October 1, 1893 Receivership
Newspaper Excerpt
The only state banks now in the hands of receivers in the state are the State bank at Cortland ... (Omaha Daily Bee, 1893-10-01).
Source
newspapers

Newspaper Articles (9)

Article from Asheville Daily Citizen, June 7, 1893

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EARLY BIRD DEPOSITORS A LONG RUN ON A CHICAGO BANK. The Doors Kept Open Till 2 a m. To Pay Ont Money To Depositors-The Fever Spreads To Other Banks. CHICAGO, ILLS., June 7.-It was uot until after two o'clock yesterday morning that the Illinois trust and saving banks closed its doors after paying the last depositor that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock, however, another batch of depositors bad made their appearance, and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings bank, the Union Trust,aud the Hibernian bank the same scenes were being enacted. By ten o'clock it was apparent that Monday's experiences would be repeated at each institution. At some of them there were double lines of depositors extending for a couple of blocks. Another large crowd (extended out into the middle of the street and those composing it pushed their way inside as best they could. Officers of all the institutions insisted that they were able to weather the storm and with the exception of the Dime Sayings bank, not one has so far found it necessary to enforce even the thirty days' notice rule, while this latter institution is paying from 20 to 80 per cent. in cash, according to the needs of the various applicants and requiring only the usual thirty days' notice for the remainder. At the various national banks it is said that the Illinois Trust, which has savings deposits subject to notice, to a total of $10,500,000 and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution say that they can pay off every depositor in the savings branch and still haye several millions left for an emergency. Joseph Rathbone & Co., lumber dealers. made a voluntary assignment this morning. Assets scheduled at $500,000; liabilities at $250,000. KALAMAZOO, Mich., June 7.-The Winans-Pratt Carriage company made an assignment yesterday. BEATRICE, Neb., June 7.-The State bank at Cortant, this county, closed vesterday. It was a small bank. DALLAS, Tex., June 7.-The Times Herald, the only afternoon newspaper in the city, was sold at receiver's sales yesterday to Dr. c. M. Rasser for $16,000. The paper was anti-Cleveland and for free silver. It will be continued as a Democratic daily. SPOKANE, Wash., June 7.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors yesterday. Both have plenty of assets. BEDFORD, IND., June 7.-The Bedford bank suspended yesterday.


Article from St. Paul Daily Globe, June 7, 1893

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Two Banks Suspended. BEATRICE, Neb., June 6.-The State Bank of Cortland, this county, closed this afternoon. It is a small institution. Liabilities $50,000, assets unknown. BEDFORD, Ind., June 6.-The Bedford bank failed to open its doors this morning. The run on Chicago banks caused the failure of promised assistance from that city.


Article from The Times, June 8, 1893

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Receiver for a Hotel Company. CHATTANOOGA, TENN., June 7.-The attorneys representing the Columbia Finance and Trust Company of Louisville, who are trustees under the bondholders and acting in sympathy with the latter, asked Judge Key this morning to name a receiver for the Cumberland Gap Hotel Company, the most important part of the property being Four Seasons Hotel at Harrogate, which has been a resort of New York fashionable people. The applicants for a receivership claim that the appointment was asked merely for the purpose of reorganization. The management remains the same and no change is to be made in the conduet of the hotel. Mr. Lionel Graham, president of the hotel company, is named as receiver. The liabilities are, with the exception of an insignificant amount, the bonded indebtedness of the company$350,000. The assets, conservatively estimated, are $750,000. Small Business Failures. KALAMAZOO, MICH., June 7.-The Winans-Pratt Carriage Company made an assignment yesterday. Liabilities and assets unknown. BEATRICE, NEB June 7.-The State Bank at Cortland closed yesterday. It is a small institution. CHICAGO, ILL., June 7.-Joseph Rathbone & Co., lumber dealers, made a voluntary assignment this morning. The assets are scheduled at $500,000, and the possession of the company's property. The firm is composed of Joseph Rathbone and Morton Butler. Inability to realize on commercial paper is given as the cause of the assignment. BEDFORD, IND., June 7.-The Bedford Bank suspended yesterday. Currency for Chicago and the West. NEW YORK, June 7.-Over $1,000,000 in currency was shipped to-day by New York banks to Chicago. Demands from banks in Cincinnati, Cleveland and other parts of the West brought the total shipments up to $1,500,000. Application was made at the sub-Treasury for a telegraphic transfer of $700,000 to San Francisco. An order for $100,000 was filled, for which gold certificates were received. The Chicago Raids Not So Heavy. CHICAGO, June 7.-With one exception -the Hibernian Savings Bank-the runs inaugurated on the various savings deposit institutions are not nearly so heavy to-day, the crowds being less than half as large as yesterday. At the Hibernian the long line of depositors was confronted for the first time this morning by the notice that a thirty-days' notice would be required on deposits of $100 or less and sixty days on amounts above that figure. PALOUSE, WASH. June 7.-The First National Bank, of this city, closed its doors this morning. The suspension is due to the failure of the Bank of Spokane. The bank has a capital and surplus of $100,000, and deposits of about $30,000.


Article from The Wilmington Daily Republican, June 8, 1893

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Latest Bank Failures. SPOKANE. Wash., June 8.-As a result of the suspension of the Bank of Spokane three other banks in this city have closed their doors. They are the Washington National, the Washington Savings and the Citizens' National. Other banks which have just suspended payment are: First National bank, of Palouse, Wash.: the Bedford bank, Bedford, Ind.; New Albany Banking company, New Albany, Ind.; the State bank, Cortland, Neb.


Article from New-York Tribune, June 8, 1893

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MORE WESTERN BANKS SUSPEND. New-Albany. Ind.. June T.-The New-Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank, at Bedford, Ind., yesterday, which forced it to close. The principal stock. holders in the 186 banks are T. S. Windsley, of this city; W. S. Windsley, of Bedford, and W. L. Breyfogle, of Chicago, formerly of this city. Yesterday W. L. Breyfogle executed a deed of trust of $200,000 worth of upencumbered real estate in Chicago for the benefit of the depositors of the two banks here. 11 is claimed the assets are $212,000; its liabilities $100,000: and that the depositors will be paid 100 cents on the dollar. A deed of assignment was to-day made to John H. Stotzenberg. Indianapolis, June 7.-A Bedford dispatch to "The Sentinel" says: "The community was-startled to find yesterday that the Bedford Bank did not open Its doors. The president, Mr. Wind day, explained that in consequence of recent heavy withdrawals of deposits the bank would be forced to suspend for a few days. It is one of the oldest banks of the section." Beatrice, Neb., June 7.-The State Bank, at Cortland, this county, closed yesterday morning. It is a small institution. Deposits are about $18,000; assets unknown. Palouse, Wash., June 7.-The First National Bank, of this city, closed Its doors this morning. The suspension is due to the failure of the rank of Spokane. The bank has a capital and surplus of $100,000, and deposits of about 30,000.


Article from The Sun, June 8, 1893

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ELSEWHERE. FINANCIAL TROUBLES A Number of Failures, Mostly Among Small Banks, BEATRICE. Neb., June 7.-The State Bank at Cortland. this county. closed yesterday morning. It is a small institution. Deposits are about $18.000. PALOUSE. Wash.. June 7.-The First National Bank of this city closed its doors this morning. The suspension is due to the failure of the Bank of Spokane. The bank has a capital and surplus of $100,000 and deposits of about $30,000. WICHITA. Kan., June 7.-The Laclede and Third National banks of St. Louis and the Bank of Commerce of Kansas City. Mo., yesterday. sued out attachments for $50,000. $25,000. and $50,000 respectively against the Francis Whittaker & Sons' packing house. The Sheriff is in possession of the property. Late last evening W. N. Levy. President of the Wichita National Bank. was appointed receiver. A with is bond of $100,000. which he gave. representative of the firm said they did not owe anything in Kansas City. The plant here is valued at $200,000. most of which was donated to the firm by the city under contract to operate the plant a certain number of years The firm has done little business for some time on account of the high prices of hogs. and the Board of Trade was preparing to sue them for a breach of contract in failing to run the plant to its full capacity. the contract still being in force. BEDFORD, Ind.. June The community was startled when the Bedford Bank did not pen its doors yesterday morning. The President, Mr. Winstandler. soon appeared and explained that in consequence of recent heavy withdrawals of depos its the bank would be forced to suspend for a few days. It is one of the oldest banks of this section. NEW ALBANY. Ind.. June 7.-The New Albany Banking Company suspended payment this morning and closed its doors. The suspension was caused by the run made on the Bedford Bank at Bedford. Ind.. yesterday. which forced it to close. The principal stockholders in the two banks are T. S. Windslay of this city. W. S. Windslay of Bedford. and W.L. Breyfogle of Chicago. formerly of this city. Yesterday W. L. Breyfogle executed a deed of trust of $300.000 worth of unencumbered real estate in Chicago for the b. nefit of the depositors of the two banks here. It is said the assets are $212. 000. liabilities $100,000. and that depositors will be paid 100 cents on the dollar. deed of assignment was to-day mado to john H. stotzenberg. MILWAUKEE. June 7.-A telephone message from Kankauna this afternoon FRYS that there was a run this morning on the First National Bank of Kaukauna. It quickly died out. however. and confidence is fully restored. As far as can be ascertained the bankers in this city feel no uneasiness over the condition of the country banks. BOSTON. June -The liabilities of Henry A. Bond Co., dealers in hides and leather. who are financially embarrassed. are about $125, 000. The firm were on the paper of Richardson & Dennie. who lately assigned. CLEVELAND, June 7.-Arun was made on the St. Clair street branch of the East End Savings Bank Company. It began yesterday afternoon. and was opened this morning with increased vigor. Many depositors were promptly paid. Offers from other city banks were received. but refused by the officials. who said their bank was entirely solvent and able to care for itself. The depositors are confined almost exclusively to workingmen. No cause is assigned except rumors due to failures in other cities. MINNEAPOLIS June 7.-A rumor gained eirculation -day that two of the best-known elevator companies in the Northwest, the Northern Pacific and the Red River Valley. were temporarily embarrassed. and the subsequent events proved that although the crash is not absolute. the predicament in which these corporations find themselves is a serious one The situation is attributed to the prevailing uncertainty and the lack of confidence which is felt by the banks. The facts in the case as yet will not warrant the assertion that it is a business failure. although the statement comes direct from the general manager of the Northern Pacific Flovator Company that that corporation will ask for the appointment of a receiver. This means that the Red River Valley Company will do the same. as the capital interested in each is mostly mutual. The capital stock of the Northern Pacific Elevator Company is held mostly outside of the city. principally in Duluth. George Ruplev President of the Northern Parific Elevator Company. resides in the latter city. and until his arrival morrow no statement as to llabilities or Assets or the financial difficulties of the companies will be forthcoming. The capital stock of the Northern Pacific Elevator Company is $650,000 and the Red River Valley Company $250,000. The interests of both concerns are held largely by the same men.


Article from Albuquerque Weekly Citizen, June 10, 1893

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Mexican Telegraphte Brevities Gov. Waite of Colorado 18 seriously 111. Failures yesterday were numerous. The hat includes many chan of business. The State bank of Cortland, Neb. closed. Deposits are about $18,000. 88 sets unknown. The direct liabilities of Erastus Wiman are $591,000; contingent habili tree, $315000 The Bedford, Ind., bank failed to open. The run on Chicago banks 18 the cause. The bank is solvent and no one will lose. The Free Trade club of Cieveland, Ohio, held a meeting and pretend to be pleased with the situation of affairs in this country. The direct liabilities of Thomas M. Barr & Co. coffee merchants, are $818. 680, contingent habilities $50,330; nominal assets, 8965,335 actual assets, $408,697 As a result of the suspension of the Bank of Spokane Falls, Wash. three banks in Spokane, Washington National, Washington Savings and National Bank of Spokane Falls, have closed. I: is be. lieved they are all solvent and will resame The Laclede and Third National banks of St. Louis, and the Bank of Commerce of Kansas City, Mo., have filed attachments aggregating $125,000 Whittaker & Son's packing house. Michael McGinne, junior part. ner. wants the partnership dissolved.


Article from The Weekly Union Times, June 16, 1893

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1893. UNION C. H., SOUTH CAROLINA, FRIDAY, JUNE 16, erMORE FAILUREA. th The City of Chicago Seems to be in a Panic. Banks Fail in Illinois, Ohio, New York TS. and Elsewhere. DO CHICAGO, ILL.-The State Bank of eld Commerce, having its offices on the ground floor of the Woman's Christian 0 Temperance Temple, experienced a heavy n, in run Monday aftersoon. It started just of before noon with the appearance of some thirty or fore depositors. The news a spread like wildfire and within half an c hour the lobby was filled with an excited ge crowd of men and woman, who tore and at crushed in order to get within the glass doors. op The bank officers did not seem to be in nd the least alarmed. The officers and diTHE GERMAN VILLAGE, MIDWAY PLAISANCE to rectors of the bank are all wealthy GerWorl d's Columbian Exposition ile mans. Herman Felsenthal is president led and Jacob Gross. vice president. It has THE QUESTIONS THE HOUR. POLITICAL QUAVERS. led n capital of, $500,000. Its last report, made to the State auditor, May 10th, P Congressmen Interviewed on Silver Getting Ready Now For the Fall showed deposits of $1,200,000. a Law, Income and Bank Tax. Campaigns. A run was also started on the Dime on NEW YORK newspaper has interPolitical News of Every Description viewed nearly all the members of ConSavings Bank. President Baily, of the p and Character, bank, says he has it dollar and a half for n gress by telegraph the following questions: in every dollar deposited. but the greater Tammany has invited Mr. Cleveland to part of the money is tied up in securities. you, with present informadeliver an address on July 4. He does not know how long the bank of tion, favor the appealor the Sherman silGovernor McKinley, of Ohio, was rever law? in can stand the run, but expects to pull nominated by acclamation by the Repub through in 2.-Do you favor and Ecome tax? licaus last week. There was a run on the Hibernian 3.-Do you favorithe repeal of the ly The Democratic committee of Alabama State bank tax? Bank, one of the largest saving institurehas rejected the peace proposals submitMany of the answers deviated so far nd tions in the country. The depositors ted to them by the Kolb bolters. The were paid off at the rate of three a min from plain "yes" "and involved so n Kolb committee in cubmitting their proutc. Its deposits amounted to $8,500,000 ith many qual fications that no tabular posals said that they must be adopted as and the officers of the bank believe they in statement would fairly represet the a whole or not at all. can stand the run. inopinions they expressed. The important Senator Voorhees, once a prince of the its A run on the Prairie State Savings facts shown are that a the first question, practical politicans, is now an ardent Bank, which started Saturday, was reess "Do you with the present information, civil service reformer. It quotes the sumed. The officers are confident, howfavor the repeal of the Sherman silver the Indiana statesman as saying that he had ever, that they have ample means availon law?" there are 86 Representatives who wasted over half of his time in Washingable to meet all demands from the de-it say, practically, 'yea While only 18 say ton in hunting offices for his friends. positors. "no." Of the rest-many who qualified is Now that he is nearing the end of his TWO CHICAGO FAILURES their answers 80 strong that they cannot political career he regrets that he did not The property of C. A. Weizenbach, a fairly be placed in the affirmative coles give more of his time to the study of the clothing and shoe merchant with several umn, show plainly that their inclinations ilgreat questions before the Senate. He says stores was seized by the sheriff upon are in favor of repeal The sentiment of nthat the country would be the gainer if a judgments confessed. The liabilities are the lower house on that question seems en law were passed prohibiting Congressmen $72,000, nearly all for borrowed money; to be overwhelming ts from endorsing candidates for Federal the assests $50,000. The failure is said hiOn March 6, last there was printed a positions. table showing that the Senate stood for to have been precipitated by the assignein RICHMOND, VA.-The State central ment of Banker Herman Schaffner, who repeal of the Sherman Silver Law 39, em committee of the Third Party met, with is prysteriously missing. against repeal 28, non-committal 16. ne Chairman C. H. Pierson presiding. A E. A. Armstrong & Co., dealers in It will be noticed that several ch committee, appointed for that purpose, uniforms, made an assignment. The as who were non- are or reported an address to the public, which sets are stated to be $275,000; liabilites now in favor There was adopted. The address arraigns both $100,000. est se ms to be no doubt that nearly twothe Democratic and Republican parties PRIVATE BANK FAILURE. id thirds of the Senate will vote that way. and their methods; and declares against The private bank owned by MeadowThe newer question of the income tax nState banks and wild cat currency; refers croft Bros., at 100 Dearborn street also develops an interesting situation Many its to President Cleveland as the representafailed. A notice was attached to the who speak freely as to the Sherman bill tive of the Wall street and New England closed doors of the bank bearing this inevade or ignore this question, but 45 say Mugwumps; declares for free silver and scription: "This bank is in the hands of is squarely that they favor it, 42 that they demands equalization of taxation. It says do not. The Southern and Western ConLyman E. Crandall, receiver, by order of c that the Populists have made good recthe Superior Court." gressmen are the most numerous advo 10 ords in the States where they have had cates of such tax. CANAL STREET BANK, NEW YOUK. by control, and in conclusion calls a conNEW York.-Th Shoe and Leather On the State bank tax question the is vention of the Third Party to meet at National Bank gives notice that it will opinion is almost as one sided as in reg Lynchburg on August 3 to nominate can not clear for the Canal Street Bank after gard to the Sherman bill. Many dodge he didates for Governor and Lieutenant to morrow, This will make it necessary it entirely, but 60 say positively that d Governor and Attorney General. for the Canal Street Bank to go into they are against repealing the tax, while ne The first negro to be recognized by this only 30 favor it." liquidation. Its deposits are about nadministration is Henry Clay Smith, of $450,000. m Birmingham. He was promised Tuesday A SANDUSKY BANK GOES UP. ht the consulate at Tamatave, Madagascar, SANDUSKY, O. The doors of the San 2, in place of the present Republican con. dusky Savings Bank, which closed Sat10 sul, John L. Walker. Mr. Quincy sent urday night upon what was generally or for him Tuesday and told him he was supposed to be one of the soundest and et ready to make the appointment and gave safest institutions of the city, were not To him his commission opened Monday, but displayed the folb. THE NEWS IN BRIEF. lowing announcement: "Owing to iney THE TURKISH VILLAGE, MIDWAY PLAISANCE. ability to realize upon assests this time, The Latest Happenings Condensed World's Columbian Exposition. this bank has been compelled to assign. and Printed Here. All creditors will be paid in full." More than $50,000,000 has been raised A KANSAS CITY HOUSE STICKEN. in France and Germany to pay for resumRESULT OF THE BRIGGS TRIAL. KANSAS CITY, Mo. The Kansas Grain of ing work on the Panama Canal. Company, which claims to be the greatDr. Ecob Renounces the Presbyterian Some fiue specimens of hard white Faith as Promulgated by (st buyer of grain from producers in the go granite have been shipped to the World's the Assembly. world, has failed. ere Fair for exhibition by the J. T. Wyatt ALBANY, N. Y.-The Rev. James H WASHINGTON, D. I.-Dividends have at Granite Co., of Faith, N. C. A pair of Ecob, pastor of the Second Presbyterian old been declared in favor of the creditors of millstones from the same company was Church of this city, in a sermon Sunday insolvent national banks a3 follows is also forwarded. which was founded on the result of the ate First National bank of Palatka, Fla., Governor Tillman, of South Carolina, trial of Prof. Briggs, publicly renounced of second dividend, 10 per cent., making in and Fishback, of Arkansas, are the first the Presbyterian faith as promulgated by of all 45 per cent. on claims proved, amountwho have sent in papers on the resources the General Assembly in its condemnation ion ing to $274,303; First National Bank of of their States, as agreed upon the govof Prof B iggs are Wilmington N. C., third dividend; 10 ernors' convention recently held in Rich"The General Assembly of the Presbyace per cent, making in all 40 per cent. on mond. Both papers are well prepared and terian Church, "said he, the most big 'he claims proved, amounting to $530,483. will prove both interesting and valuable. oted, intolerent, reactionary body ever a AN INDIANA BANK YIELDS. The gay and festive Harry Hill, of found in any religious denomination. In old BEDFORD, IND.-The Bedford Bank Atlanta, who fled from that city two or its recent action it has taken up a garment ral has suspended. three weeks ago, under charges. was arwhich has laid mouldering in the grave for A SMALL NEBRASKA BANK. rested in Chicago at a late hour Wednesover hundred years and smells of earth V. BEATRICE, NEB.- -The State Bank at day night. and corruption. I hereby shake i off a Cortland, this county has closed. It was The Pope has announced the beatificaand will have none of it." As a small institution. tion of Joan of Arc, burned at the stake Dr. Ecob is backed by his congregation, on. 462 Tuesday


Article from Omaha Daily Bee, October 1, 1893

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banner year. The other houses are not so enthusiastic in their utterances, but all agree that the grocery trade has not been seriously affected by the general depression. Collections have been a little off for the week, though they average well for the month. "I was very much surprised to learn from the credit man of one of the great packing houses in this city, which does a business of $16,000,000 in a single year, that their losses from bad bills up to the present year have been less than one-twentieth of 1 per cent. Tne present year may not show up so well, but the percentage of loss is so small as hardly to be worth considering. It IS perhaps proper to say that this house is a large patron of the agencies devoted to the work of reporting on credits of all classes of dealers. "Dry goods houses all report good trade. Hardware men are well satisfied. Clothing houses report an improvement and shoe men call trade fair. In other lines the situation is not at all bad, though they are not boasting of any increase of sales. "In retail circles the feeling is better, but trade is really not very much improved, except in the retail clothing stores and among dealers in necessities. "Banks report deposits slowly increasing and the demand for money from their customers not extraordinary. While not proclaiming it from the house tops, they are not refusing good loans. The important event in banking circles for the week was the reopening of the McCague Savings bank on Thursday. As this is the first, savings bank in the state to reopen after a suspension and its showing of resources being very gratifying, the management is recelving the very warm congratulations to which it is entitled. It was a herculean task and its success deserves special comment. "The state banking board has done a good thing for the state by calling down the Washington authorities for making misleading statements in regard to the number and extent of the fatalities among the state banks during the present year. The Washington statement is intended to give the impression that thirty-five state banks have practically failed in Nobraska since January 1, whereas, as a matter of fact, not more than six, and in all probability not more than four, can properly be classed as failures. The mistake of the authorities is in classing all suspensions as failures, whereas several have been trans. ferred, others went into voluntary liquidation and still others have been consolidated. The only state banks now in the hands of receivers in the state are the State bank at Cortland, the Farmers & Merchants bank at Elk Creek, State bank at Franklin, Nebraska Savings bank of Lincoln, American Savings bank of Omaha, Holt County bank, State bank of Plainview, Farmers State bank of Schubert, Dickinson's bank of Wahoo and Farmers and Merchants bank of Bassett. Of these it is believed all but six, and possibly all but four, will pay out in full, if not resume. Of the six national banks which suspended only two can be classed as failures and three have already resumed. The other will probably get on its feet within a month.