15150. N. M. Crane & Co. (Hornellsville, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 31, 1893
Location
Hornellsville, New York (42.350, -77.667)

Metadata

Model
gpt-5-mini
Short Digest
4efe4667

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated July 31, 1893) report the private banking house N. M. Crane & Co. closed its doors and suspended attributed to the general stringency in business; assets said to equal liabilities but cannot be realized. No articles report reopening; later items call the bank failed, so classified as suspension leading to closure.

Events (1)
1. July 31, 1893 Suspension
Cause
Macro News
Cause Details
Closed due to the general stringency prevailing in business circles (tight money); assets equal liabilities but cannot be realized at present.
Newspaper Excerpt
The private banking house of N. M. Crane & Co. closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but cannot be realized on at present.
Source
newspapers

Newspaper Articles (12)
1. July 31, 1893 Evening Star Washington, DC
Article from Evening Star, July 31, 1893

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Article Text

FAILED TO OPEN. Banks Temporarily Embarrassed for Want of Money. AKRON, Ohio, July 31.-The Akron Savings Bank did not open this morning for business. Wm. Buchtel, president of the bank, has been appointed receiver. The capital stock is $200,000, with a reserve fund of $50,000 and undivided profits of $18,000. The bank will pay dollar for dollar. Cause of suspension, inability to realize on securities. HORNELLSVILLE, N. Y., July 31.-The private banking house of N. M. Crane & Co. closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but cannot be realized on at present.

2. July 31, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 31, 1893

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Article Text

General Stringency the Cause. HORNELLSVILLE, N. Y., 31.-The private banking house of N. M; Crane & Co. closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles.

3. July 31, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 31, 1893

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Article Text

BANKING HOUSE CLOSES. HORNELLSVILLE, N. Y., July 31, . 1893. The private banking house of N. M. Crane & Co., closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities-but cannot be realized at present.

4. August 1, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 1, 1893

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Article Text

Private Bankers Suspend. HORNELLSVILLE, N. Y., July 31.-The private banking house of N. M. Crane & Co. closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but cannot be realized on at present.

5. August 1, 1893 The World Martinsburg, WV
Article from The World, August 1, 1893

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Article Text

Private Bank Fails. HORNELLSVILLE, N. Y., July 31.-The private banking house of N. M. Crane & Co. closed its doors Monday morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but can not be realized on at present.

6. August 1, 1893 The Morning News Savannah, GA
Article from The Morning News, August 1, 1893

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Article Text

A Hornellsville Bank Closed. Hornellsville, N. Y., July 31. -The - private banking house of N. M. Crane & Co. closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but cannot be realized on at present.

7. August 1, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 1, 1893

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Article Text

BANKS STILL CRASHING. MORE FAILURES REPORTED FROM THE WEST. FOUR SUSPENSIONS IN OREGON AND OTHERS IN OHIO, WISCONSIN, IOWA AND MISSOURI. Upper Sandusky, Ohio, July 31.--The Wyandotte County Bank went into the hands of a receiver this morning. The bank officials say that the assets are sufficient to pay depositors three times over. Heavy runs last week among farmers caused the suspension. John B. Layton and Dr. R. N. McConnell were ap pointed as receivers. Akron, Ohio, July 31.-The Akron Savings Bank did not open this morning for business. William Buchtel, president of the bank, has been appointed requiver. The capital stock is $200,000, with a reserve fund of $50,000, and undivided profits of $18,000. The bank will pay dollar for dollar. Hornellsville, N. Y., July 31.-The private banking house of N. M. Crane & Co. closed its doors this morning. The value of the assets is stated to equal the liabilities. Milwaukee, July 31.-A dispatch from Ashland, Wis., says: The First National Bank of Ashland failed to open its doors this morning. There has been a steady draw on the bank's deposit for a month. Its resources, according to the statement filed July 15, were $306,488. Dr. Edwin Ellis is president, and exGovernor Samuel S. Fifield, vice-president. The other banks are experiencing runs In consequence of the First National's failure. Cedar Rapids, Iowa, July 31.-A. Daniels & Cb., private bankers at Marion, made an assignment to C. H. Kurtz. The property is valued at $200,000. Springfield, Mo., July 31.-The Springfield Savings Bank, with a capital of $25,000 and deposits of about $100,000, made an assignment this morning. The bank is solvent and will pay in full. Portland, Ore., July 31.-The First National Bank of East Portland failed to open its doors this morning. The officers of the bank say the suspension is temporary. A statement published on July 12 shows the resources of the bank to be $325,000; deposits, $150,000. The Commercial Bank of Cottage Grove failed this morning. The Dalles, Ore., July 31.-The First National Bank closed its doors this morning. The suspension is due to the closing of the Commercial National Bank, of Portland. Pendleton, Ore., July 31.-The Pendleton Savings Bank has temporarily suspended. R. T. Cox has been appointed receiver. Assets, $250,000; liabilities, $135,000. Helena, Mont., July 31.-The Park National Bank. of Livingston, closed this morning. No statement is given. Indianapolis, July 31 (Special).-The investigation of the condition of the suspended Indianapolis National bank by Hugh Young, special examiner. is developing a bad state of affairs. It was reported to-day that President Hanghey was a borrower from the bank in excess of the 10 per cent of the capital stock allowed by law, and that factories in which officers of the bank are interested nad secured sums on loans in excess of the amount allowed by law. Mr. Hanghey saw representatives of the newspapers to-day for the first time since the bank suspendel, and he denies that he has violated the National banking laws.

8. August 1, 1893 The Sun New York, NY
Article from The Sun, August 1, 1893

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Article Text

Private Bankers Make an Assignment. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion. made an assignment to C. H. Kurtz. The property is valued at $200,000. The cause of the failure is lack of immediate cash. HORNELISVILLE. N. Y., July 31.-The private banking house of N. M. Crane & Co., closed its doors this morning. The uspension is attributed to the general stringency prevailing in business circles. The value of the assets are said to equal the liabilities. but cannot be realized on at present.

9. August 4, 1893 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, August 4, 1893

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Article Text

YESTERDAY'S FAILURES. Whatcom, Wash., July 31.-The Bellingham Bay National bank did not open this morning. Temporary suspension was caused by a constant withdrawal of deposits. Assets $270,000; liabilities $160,000. Astoria, Ore., July 31.-The private bank of I. W. Case closed this morning on account of constant withdrawal of deposits. Akron, O., July 31.--The Akron Savings bank suspended this morning. Hornellsville, N. Y., July 31.-The private banking house of N. M. Crane & Co., closed its doors this morning. The suspension is attributed to the general stringency prevailing in business circles and the value of the assets is stated to equal the liabilities, but cannot be realized on at preent. Upper Sandusky, O., July 31.-The Wyandotte county bank went into the hands of receivers this morning. Heavy runs last week among farmers caused the suspension. Portland. Ore., July 31.-The Commercial bank of Cottage Grove failed this morning. Chicago, July 31.-Francis E. Morse and George Mitchell, real estate dealers under the firm of Morse, Mitchell & Williams, and Francis E. Morse doing business as F. E. Morse & Son, each made a voluntary assignment to E. H. Grey today. Cleveland, July 31.-At noon today M. J. Moriarity, furniture dealer, made an assignment for the benefit of bis creditors. Springfield, III., July 31.-The Springfield Savings bank, with a capital of $25,000 and deposits of about $100,000 made an assignment this morning. The bank is solvent and will pay in full. Chicago, July 31.-The Columbian Steam Pump company filed a deed of assignment in the county court this afternoon. Helena, Mont., July 31.-J. H. Conrad & Co., merchants of Horr, this state, have made an assignment. The same firm also ran a big mercantile establishment and bank at Red Lodge and these also have been closed. The Park Coal and Coke company, of which J. Conrad is president, has also assigned. The Park National bank of Livingston, closed this morning. No statement is given. Cedar Rapids, Ia., July 31.-A. Daniels & Co., of Marion, private bankers, made an assignment this morning. Eugene, Ore., July 31.-The Commercial bank, of Cottage Grove, has decided to go into liquidation. All depositors will be paid in full in a few days andt he bank will go out of business.

10. August 4, 1893 The Hickman Courier Hickman, KY
Article from The Hickman Courier, August 4, 1893

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Article Text

Private Bank Fails. HORNELLSVILLE, N.Y., Aug. 1.-The private banking house of N. M. Crane & Co. closed its doors Monday morning. The suspension is attributed to the general stringency prevailing in business circles, and the value of the assets are stated to equal the liabilities, but can not be realized on at present.

11. August 10, 1893 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, August 10, 1893

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Article Text

"lators. failed. Debts, $50,000. 1. A. Ashbey confessed at Cadillac, mich., that he killed his child. N. M. Crane & Co., private bankers at Hornellsville, N. Y., have failed. For the first time in nearly four months the gold reserve in the United States treasury is intact. The imports of gold to the United States are expected to reach nearly $8,000,000 this week. Pope Leo will soon issue on encyclical on the social problem to all the rulers of Christendom. A IDEA invaded a prayer meeting at Council Bluffs, Iowa, and attempted to rob all present. The Mobile & Ohio road has cut world's fair rates tremendously, and Western Passenger association roads threaten to boycott it. Nine horses and a barn were destroyed by fire at La Porte, Ind., entailing a loss of $40,000 to James Bunton. Anna Gray Orr, who disappeared at Bridgeport, Conn., cannot be found. Relatives are still searching for her. Officer James A. Harvey was shot and killed at Syracuse, N. Y., by George A. Barnes, whom he was trying to arrest. Five men were killed and four injured, two fatally, by the explosion of a threshing machine engine near Homer, Ohio. An advance of from 20 to 50 per rent in insurance rates in the northwest has gone into effect. Schedule risks are excepted. Chicago banks are advancing money to grain shippers against through bills A lading, on which they order gold imported from London. Judge Hugh F. Thompson died at his home in Van Buren, Ark., from heat prostration and overwork. Returns from school elections in Kansas show an increase of nearly 100 per cent in the vote cast by women. The donkeys taken by Lieut. Peary on his Arcitic expedition have perished from cold. A receiver nas been apppinted for the Philadelphia Packing and Provision company. Attorney General Olney was a visitor at Gray Gables, the president's summer cottage. Eighty-three Massachusetts banks decided to require the thirty-day notice of savings depositors. The Eagle machine works at Indianapolis passed into the hands or a receiver. The debts are $100,000 Friends of Cooprider at Brazil, Ind., now claim he killed Krees in self-defense. Officers are searching for the murderer. The official program for the national encampment of the G. A. R. at Indianapolis in September has been issued. Informer Fleck, who was kidnapped in the interest of violators of the prohibtory law, regained his home at Pemhina, N. D. The section of the Geary law providing for imprisonment at hard labor has been declared unconstitutional by Federal Judge Ross, at Los Angeles. Katie Eckert, 9 years old, was accidentally shot and killed at Heth Townnip, Ind., by Carrie Perkiser, 18 years old. Daniel Daly was at San Francisco found guilty of manslaughter for having shot and killed John J. Lawton May 7. F. A. Loring & Co., leather dealers at Boston, have made an assignment. The firm was considered strong in the trade. M. J. Moriarity, a large furniture dealer at Cleveland, O., has failed. His assets are about $50,000; liabilities not known. The president has appointed Charles B. Morton, of Maine, fourth auditor of the treasury, in place of John R. Lynch, who resigned. A gang of Kuklux attempted to whip Lafayette Grimes at Dunlap, Tenn. Grimes' two sons fired into the crowd and three men were wounded. Secretary Carlyle declines to order the withholding of the demand for tax on whisky in bond, in accordance with the petition of many distillers.

12. August 12, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, August 12, 1893

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Article Text

lines. Lyon & Hulbert, Chicago grain spec-lators. failed. Debts, $50,000. 1. A. Ashbey confessed at Cadillac, mich., that he killed his child. N. M. Crane & Co., private bankers at Hornellsville, N. Y., have failed. For the first time in nearly four months the gold reserve in the United States treasury is intact. The imports of gold to the United States are expected to reach nearly $8,000,000 this week. Pope Leo will soon issue on encyclical on the social problem to all the rulers of Christendom. A man' invaded a prayer meeting MT Council Bluifs, Iowa, and attempted to rob all present. Nine horses and a barn were destroyed by fire at La Porte, Ind., entailing a loss of $40,000 to James Bunton. Anna Gray Orr, who disappeared at Bridgeport, Conn., cannot be found. Relatives are still searching for her. Officer James A. Harvey was shot and killed at Syracuse, N. Y., by George A. Barnes, whom he was trying to arrest. Five men were killed and four injured, two fatally, by the explosion of a threshing machine engine near Homer, Ohio. An advance of from 20 to 50 per tent in insurance rates in the northwest has gone into effect. Schedule risks are excepted. Chicago banks are advancing money to grain shippers against through bills ( lading, on which they order gold imported from London. Judge Hugh F. Thompson died at his home in Van Buren, Ark., from heat prostration and overwork. Returns from school elections in Kansas show an increase of nearly 100 per cent in the vote cast by women. The donkeys taken by Lieut. Peary on his Arcitic expedition have perished from cold. A receiver has been apppinted for the Philadelphia Packing and Provision company. Attorney General Olney was a visitor at Gray Gables, the president's summer cottage. Eighty-three Massachusetts banks decided to require the thirty-day notice of savings depositors. The Eagle machine works at Indianapolis passed into the hands is a receiver. The lebts are $100,000. Friends of Cooprider at Brazil, Ind., now claim he killed Krees in self-defense. Officers are searching for the murderer. The official program for the national encampment of the G. A. R. at Indianapolis in September has been issued. Informer Fleck, who was kidnapped In the interest of violators of the prohibtory law, regained his home at Pemhina, N. D. The section of the Geary law providing for imprisonment at hard labor has been declared unconstitutional by Federal Judge Ross, at Los Angeles. Katie Eckert, 9 years old, was accidentally shot and killed at Heth Townuip, Ind., by Carrie Perkiser, 18 years old. Daniel Daly was at San Francisco found guilty of manslaughter for having shot and killed John J. Lawton May 7. F. A. Loring & Co., leather dealers at Boston, have made an assignment. The firm was considered strong in the trade. M. J. Moriarity, a large furniture dealer at Cleveland, O., has failed. His assets are about $50,000; liabilities not known. The president has appointed Charles B. Morton, of Maine, fourth auditor of the treasury, in place of John R. Lynch, who resigned. A gang of Kuklux attempted to whip Lafayette Grimes at Dunlap, Tenn Grimes' two sons fired into the crowd and three men were wounded. Secretary Oarlyle declines to order the withholding of the demand for tax on whisky in bond, in accordance with