Ridgway Bank (Ridgway, PA)

Episode Information

Episode UID
136400391122
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
13640039 hash
Start Date
June 22, 1893
Location
Ridgway, Pennsylvania (41.420, -78.729)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
88b6894966743763

Response Measures

None

Description

Contemporary notices state the bank closed doors and receivers were named.

Events (1)
1. June 22, 1893 Suspension
Cause
Macro News
Cause Details
Depressed financial situation and inability to realize on securities, prompting closure and suspension of payments.
Newspaper Excerpt
Owing to the present depressed financial situation, rendering it impossible to realize on securities of any kind, and therefore being unable to meet all obligations, we have decided ... to close its doors.
Source
newspapers

Newspaper Articles (6)
1. June 22, 1893 Evening Star Washington, DC
Article from Evening Star, June 22, 1893

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Article Text

COULDN'T REALIZE ON SECURITIES. Why Some Business Concerns With Large Assets Failed. RIDGWAY, PA., June 22. 1 -The Ridgway Bank, a private institution, this morning posted the following notice on its doors: "Owing to the present depressed financial situation, rendering it impossible to realize on securities of any kind, and therefore being unable to meet all obligations, we have decided that it is for the best interests of all creditors of the Ridgway Bank to close its doors. We believe the assets to be in excess of the liabilities and that all depositors will be paid in full as soon as the assets can be realized on. A full statement will be given to the public as soon as the same can be prepared." The notice is signed by D. C. Oyster, president. and I. D. Bell, cashier. A gentleman who was in close consultation with the officials of the bank estimates the assets $364,000 and the liabilities $216,000. This bank has had the confidence of the working people. many of whom have all their wealth in the bank's care. GREENVILLE, MICH., June 22. -The City National Bank of this city WAN closed this morning by order of Bank Examiner Caldwell. No statement of the bank's condition has yet been made public. OMAHA. NEB., June 22. -Sloan, Johnson & Co., wholesale grocers, have assigned. Liabilities are upward of $300,000, with assets about $80.000. SALT LAKE. UTAH. June 22.-The Utah Clothing Manufacturing Company, one of the largest concerns of the kind 111 the territory. was closed yesterday by creditors. The capital stock of the company is $100,000. No statement has been given out yet as to the amonnt of the liabilities or assets. CHICAGO. June 22.-Baird & Bradley, a wellknown real estate firm. nssigned today. The assets are placed at $600,000 and the liabilities at $400,000. Inability to realize on real estate holdings is said to be the cause of the suspension. The partners are Lyman Baird, Wyllys W. Baird and George R. Warner. PORTSMOUTH. OHIO, June 22.-The Citizens Savings Bank assigned this morning to A. F Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets over $400,000. The great excitement has spread. and runs more or les strong are being made on the other banks, viz. the Portsmouth National. Farmers' National s, s and First National. and thev are taking ad ie, vantage of the 10 per cent limit. The Little Kanawha lumbering mills are in the hands of 8 receiver. The failure of the Citizens' will em T. barrass some of the manufacturers here.

2. June 23, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, June 23, 1893

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FAILURES. Los ANGELES, Cal., June 22.-The financial atmosphere seemed to be clearing today. The banks have received large consignments of cash from the north, and are prepared to meet all demands. The excitement has subsided considerably, and the runs on the banks were much less violent than yesterday. POMONA, Cal., June 22.-The People's bank has suspended. WASHINGTON, June 22-Extensive shipments of money, telegraphed from New York to San Francisco, were made today by direction of United States Treasurer Morgan. The bank failures of yesterday on the Pacific coast have evidently spurred the banks to increase their supply of ready money to meet any emergency that might arise. NEW York, June 22.-The failure of Henry Segelton & Co., dealers in tea and coffee, is announced. No statement is obtainable. RIDGWAY, Pa., June 22.-The Ridgway bank, a private concern, has suspended. The assets are estimated at $364,000, and the liabilities at $216,000. GREENVILLE, Mich., Jane 22.-The City National bank was closed this morning by order of the bank examiner. CHICAGO, June 22.-Baird & Bradley, the well known real estate firm, have assigned. The assets are placed at $600,000 and the liabilities at $400,000. SANTA ANA, Cal.. June 22.-The First National Bank and the Commercial bank of this place did not open their doors this morning. Both are declared to be solvent and able to pay depositors in time. PHILADELPHIA, June -The board of managers of the Reading railway, at today's meeting, decided to abandon the rehabilitation plan. An official of the company said that a foreclosure of the first mortgage was now inevitable. KEOKUK, Iowa, June 22.-0u application of the United States Trust company of New York, holding a mortgage for $2, 750,000 on the road, the federal court appointed John F. Baruard, ex-president of the Ohio and Mississippi, receiver for the Omaba and St. Louis railway. running from Council Bluffs to St. Louis. The road is 145 miles long, and rans from Pat. terson Mo., to Council Bluffs, Iowa. Its general manager is F. M. Gault of Council Bluff. PERU. Ind., June 22.-J. D. Cole, the millionaire brewer of this city, an equal partner in the firm of Crane & Co., the Cincinnati lumber firm which assigned on Wednesday, says that a disagreement with his partner caused the failure. The liabilities are given as $150,000 and the assets as $400,000. Mr. Cole is the princicreditor. Some Huntington (W. Va.) people are affected, however, the creditors in that vicinity being involved to the aggregate amount of $75,000. NEW YORK, June 22-Suit will be brought against the American Banker of this city for publishing under the heading "Closed and Liquidated Banks" the name of the Bank of Commerce of Chicago. The statement caused a run on the bank, which was in good conditian. It will sue for $100,000 damages. SAN FRANCISCO, June 22.-The Bank of Commerce closed its doors this morning. A statement on the door said that the suspension was only temporary, and that the depositors would be paid in full. NASHVILLE, Tenn., June 22.-The well known grain firm of B. Rhea & Son has gone into liquidation. The debts of the firm are about $110,000, which has been secured by the transfer or property of the firm in amounts satisfactory to the creditors. NEW YORK, June 22.DD McD. White of the Consolidated exchange has announced his inability to meet his contracts. BOSTON, June 22 -The contractors and builders Creesy & Noyes, and Benuing C. Noyes & Co., furniture manufactures, have assigned. They are involved as indorsers on the paper of the Little Kanaw. ha Lumber company, of which Creesy was president, and for which a receiver was recently appointed. No statement was made. GREENVILLE, Mich. June 22.-The City National bank suspended this morning and was taken possession of by the bank examiner, The failure is due to a steady run since the first of the month. Inability to negotiate loans embarassed the bank, The deposits are $210,000 and the assets $312,000.

3. June 23, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 23, 1893

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OTHER BANKS FORCED TO SUSPEND. Greenville, Mich., June 22 - The City National Bank of this city was closed this morning by order of Bank Examiner Caldwell. No statement of the bank's condition has yet been made public. The cause of the suspension was the steady withdrawal of deposits and the stringency of the money market. There is no excitement, the depositors generally having perfect confidence that the bank will come out all right. Ridgway. Penn., June 22.-The Ridgway Bank, a private institution, this morning closed Its doors. D. C. Oyster is president and I. D. Bell cashier. The officials of the bank estimate the assets at $364,000 and the liabilities at $216,000. This bank has had the confidence of working people, many of whom have all their savings in the bank's care.

4. June 23, 1893 The Herald Los Angeles, CA
Article from The Herald, June 23, 1893

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Eastern Bank Failures. GREENVILLE, Mich., June 22.-The City National bank suspended this morning and the bank examiner took possession. The failure is due to a steady run on the bank and the inability of the bank officers to negotiate loans. Ae far as known the bank's deposits are $210,000, assets $312,000. RIDGWAY, Pa., June 22.-The Ridgway bank has failed. Assets, $364,000, liabilities, $216,000.

5. June 28, 1893 The Star Reynoldsville, PA
Article from The Star, June 28, 1893

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mg also all other fireworks. The People's Party Club of Reynoldsville will meet at Walter Spry's store 7.30 p. m. Thursday, June 29th. The committee says that business of importance will be brought up for discussion. The Daughters of Rebeckah installed the following new officers a few days ago: P.G., Mrs. Nettie Schurig: N.G., Mrs. Maggie Moore: V. G., Mrs. Lillie Mrs. Annie Gross: treasurer, Winslow; assistant secretary, Mrs. Ella Ferris, secretary, Mrs. Nettie Carre. A. O. McWilliams, county treasurer, will be at Hotel McConnell to-day to receive state and county taxes for Winslow township. Yesterday was his day for receiving the taxes in this borough. All who forgot to go yesterday had better attend toit to-day. Rev. DeWitt M. Benham, of Pittsburg, will preach in the Presbyterian church next Sunday morning and evenRev. Benham is the young the Prosbyterian ing. who filled pulpit man during a summer vacation about five years ago. He is an able and eloquent preacher. Bids will be received for papering the school rooms and halls; bids will also be received for whitewashing the same. All parties making bids on papering will furnish samples of paper to select from. All bids must be handed in by July 6th, 1893. For further information call on David Wheeler, president school board. We visited Emporium last week when the town was handsomely decorated and was well filled with visitors and brass bands. The band tournament was the cause of the elaborate decorations. Judging Emporium from a two hours' visit, when dressed in a festive attire, we cannot but remark that it is a pretty town, but well hemmed in by mountains. We stated several weeks ago that there was good prospects of a new railroad being built through St. Marys. charter has been granted to the St. Marys and Southwestern railroad, with t a capital stock of $300,000. The road, to if built, will run from St. Marys Croyland and connect with the Clarion elected River R'y. The directors were Wellast week among whom was B. E. Mr. lendorf, formerly of Reynoldsville. Wellendorf was also elected chief engineer. e Capt. T. C. Reynolds, who works at o the weigh office at Big Soldier, came life. y nearly crippling himself for Tilton very works at night and he left the e weigh office before daylight last Thurs- coal t day morning to come home on a the He jumped off the train at iny train. store, but the darkness and trains e company experience of jumping off moving took a too much for him and he badly was tumble and his right knee was bruised and skinned up. IT When Rev. Derr and wife were returning from Johnsonburg last week little on 11 R. & P. R'y passenger train a d accident B., happened which frightened by a g them. The train was running had working train and one of the men the t carelessly laid his shavel down through on Is car and the shovel went Derr 11 flat window where Mr. and Mrs. the their baby weresitting. Fortunately scratch and was injured save a little of t on no the one baby's face, made by a piece glass. may object to being awakened is A man a peaceful sleep by a feline midnight concert from dog jubilee about the fromslume 11 or a but when brought back the man berland hour, by angelic-like music, ostracized y "kick" should be Last civilized d while enjoying newsfrom who Monday would a night community. the the sweet h that is only known by country y repose fraternity, especially the by the 4, paper we were a awakened heard n editor, most delightful music we have was promany-a-day. The music of our d duced for by a dozen young men town. Come again. g1, Ridgway bank closed its that doors the e The Thursday. It is claimed and 3last of the bank are $364,000.00 stockholdh. assets $216,000.00. The of le liabilities the bank are Daniel C. Oyster, East, pl ers in Alfred Short, of North estate, of E. Ridgway, Hezekiah Horton's of y, re and Horton the township. is $50,000 The and capital the stockhold- stock W. H. e the bank individually liable. were apers are and O. B. Grant paid insOsterhout receivers. The bank working peod pointed deposits and the savings terest ple generally on had their little

6. June 28, 1893 The Star Reynoldsville, PA
Article from The Star, June 28, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. RIDGWAY, PA.-The Ridgway bank. private institution, closed its doors, finiding it impossible to realize on securities. The estimated assets are $534,000, liabilities, $21,000. The City National Bank, Greenville, Mich.. suspended after a run. Deposits. $210,000; assets, $312,000. The Bank of Commerce, San Francisco, suspended yesterday, and the First National bank and Commercial bank of Santa Ana, Cal., did not open. The amount of clearing house certificates issued at New York Thursday was $2,350,000. This brings the total up to $4,900,000 since it was decided to issue the certificates. B. T. Ren & Son, grain dealers, Nashville, Teun., made an assignment Liabilities, $100,000, with about equal assets. Henry Sheldon & Co., tea and coffee dealers, of New York, have failed. Their resources are between $200,000 aud $300,000. BIRMINGHAM, ALA.-An unfounded rumor that the First National Bank has refused to pay a check for $80,000 precipitated a run Thursday morning. The bank paid out about $41,0 0 up to noon, when confidence was restored and the run ceased.