Article Text
Private Bankers at Marion. Iowa. Fail. CEDAR RAPIDS, Iowa, July 31.-A. Daniels & Co., private bankers at Marion. has assigned. They have property valued at $200,000.
A. Daniels & Company (Marion, IA)
Episode Information
- Episode UID
1534116091123- Episode Type
- Suspension → Closure
- Bank Type
- private
- Bank ID
-
153411609hash - Start Date
- July 31, 1893
- Location
- Marion, Iowa (42.034, -91.598)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
f8e0f3d3c662173b
Response Measures
None
Description
Multiple dispatches report an assignment for benefit of creditors (lack of cash); no clear reopening reported.
Events (1)
1.
July 31, 1893
Suspension
- Cause Details
- Made an assignment for the benefit of creditors due to lack of immediate cash; property valued at $200,000.
- Newspaper Excerpt
- A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kurtz.
- Source
- newspapers
Newspaper Articles (9)
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ACTION OF BANKS. Some Post the Sixty Days' Notice and Others Fail to Open Their Doors. FALL RIVER, Mase., July 31 morning the four savings banks of the city took advantage of their by-laws to prevent any further withdrawale of deposits. Hereafter until further notice is given deposit ors will not be allowed to withdraw large sums except after having given 30 or 60 days' notice. In some banks the amount is $50 and in others the amount is $100. This action was necessitated as a result of heavy withdrawals during the past two weeks, but more particularly during the past few days. It is said that last week the withdrawals were $100,000 in xcess of the deposits. BROOKLYN, N. Y., July 31.-The sixty days notice order of the Brooklyn banks, compelling depositors to give notice before they could withdraw their deposits, caused several runs on the savings banks to-day. The greatest run was on the Brooklyn Savings bank. When the doors of the bank opened at 10 o'clock this morning an enormous crowd was waiting to draw its money. When they entered the bank they found notices posted on the walls compelling depositors to give eixty days' notice before they could draw their money. Great indignation was caused by these notices. Threats were made, but as these were of no avail the crowd went away in an ugly mood. Slight runs were also made on the South Brooklyn Savings institution and on the Dime Savings bank. UPPER SANDUSKY, O., July 31.-The Wyandotte County bank went into the hands of 8 receiver this morning. The bank officials claim the assets are sufficient to pay depositors three times over. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kuriz. The property is valued at $200,000 for the: benefit of all their creditors. 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 July 12 shows resources of $300,000 and deposits of $150,000. THE DALLES, 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, Assets, $250,000; liabilities, $135,000. WORCESTER, Mass., July 31.-The Worcester savings banks give notice to-night that beginning to-morrow they will, in common with the majority of the savings banks throughout the state, enforce the provisions of their by-laws which requires notice of withdrawal of amounts exceeding $50.
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TO PREVENT HOARDING. New York Savings Banks Require the Time Limit. NEW YORK, July 31.-This morning the savings banks of the eit% as a rule, began to take advantage of the sixty-day time classe, where largo amounts are concerned. to check the withdrawal of money for boarding or in senseless fright. but while nearly all the banks claimed the privilege of the time olanse, still in comparatively few instances was is applied. There did not seem to be any run anywhere. In Brooklyn the effect was somewhat different and the notice caused several rans. The greatest was on the Brooklyn Savings bank. When the doors opened this morning an enormous orowd were waiting to draw money. Threats were made. but as these were of no avail the crowd went away in an ugly mood. There were slight rune also on the South Brooklyn Savings institution and the Dime Savings bank. KANSAS CITY, July 31.-The Missouri National bank resumed business this morning, having fully recovered from the effects of the senseless panic which caused its suspension two weeks ago. CEDAR RAPIDS, Iows, July 81.-A. Daniels & Co., private bankers at Marion, have made an assignment. It is believed all will be paid in full and the bank be open in a few days. PORTLAND, Ore., July 81.-The First National bank of East Portland failed. Officers say the suspension is temporary. Resources, July 12, $325,000, deposits $160,000. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital $200,000, reserve $50,000, surplus $18,000. Will pay in full. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to closing of the Commercial National bank of Portland. HORNELLSVILLE, N. Y., July 81.-N. M. Craneland, a private banker, failed this morning. Assets ar said to exceed liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits $100,00. capital $25,000; will pay in full. PENDLETON, Ore.. July 31.-The Pendleton Savinge bank has temporarily suspended. Assets $250.000, liabilities $135,000. ASHLAND. Wis., July 1.-The First National bank failed this morning, owing to the steady drain on deposits.
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IT WAS BLUE MONDAY. Long List of Banks That Couldn't Keep Up. THE DALLES, Ore., July 31.-The First National bank failed this morning, due to the closing of the Commercial National bank of Portland. AKRON, July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital. $200,000; reserve, $50,000; surplus. $18,000. Will pay in full. PENDLETON, Ore., July 31. The Pendleton Savings bank has temporarily suspended. Assets, $250,000; liabilities, $135,000. SPRINGFIELD, Mo., July 31. - The Springfield Savings bank failed this morning. Deposits, $100,000; capital, $25,000. It will pay in full. The other banks are not affected. No further trouble is expected. ASHLAND. Wis.. July 31. - The First National bank failed this morning owing to a steady drain on deposits. Its re. sources of July 5 were $396,489. A run on other banks is III progress. PORTLAND, Ore., July 31. The First Na. tional bank of East Portland, Ore., has , failed. The officers say the suspension is temporary. Resources July 12 were $325,000; deposits. $160,000. ) EUGENE. Ore., July 31.-The Commercial bank of Cottage Grove has decided to go into liquidation. All depositors will be 1 paid in a few days and the bank will go out of business. A ASTORIA. Ore July 31. -The private I bank of J. W. Case closed this morning on account of a constant withdrawal of $ deposits. A notice on the door states I that the depositors will be paid in full. $ WHATCOM. Wash., July 31. The Belt lingham National bank did not open this : morning. The temporary suspension was I caused by a constant withdrawal of deI posits for the past 90 days. The assets , are $270,000: liabilities, $160,000. , CEDAR RAPIDS, la., July 31. -A. Daniels & Co., private bankers at Marion, made I an assignment. The property is valued I at $200,000. It is believed all depositors I will be paid in full and the bank will be I opened in a few days. No statement of e assets or liabilities has been made. NEWARK. N.J., July 31. -The run on the I Howard Savings institution continued tot I day. The crowd in front of the building I was so large that the aid of the police was necessary to keep the anxious people in order. I
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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.
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EASTERN BANK TROUBLES. Runs on Financial Institutions-Several Suspensions, NEWARK, N. J., July 31.-The run on the Howard Savings Institution continued today. The crowd in front of the building was so large that the aid of the police was necessary to keep the anxious people in order. HORNELLSVILLE, N. Y,, July 31.-N. M. Craveland, a private banker, failed this morning. The assets are said to exceed the liabilities. AKRON, O., July 31.-The Akron Savings bank went into the hands of a receiver this morning. Capital, $200,000; reserve, $50,000; surplus, $18,000. It will pay in full. ASHLAND, Wis., July 31.-The First National bank failed this morning, owing to a steady drain on the deposits. The resources July 15th were $396,489. Heavy runs on other banks resulted. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment of property valued $200,000. It is believed all will be paid in full, and that the bank will be open in a few days. No statement of assets and liabilities. SPRINGFIELD, Mo., July 31.-The Springfield Savings bank failed this morning. Deposits, $100,000; capital, $25,000. It will pay in full. Other banks are not affected. No further trouble is expected.
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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.
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THE DAY'S BANK FAILURES. Three Suspensions in Oregon and Others in Ohio and New York. 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 July 12 shows resources of the bank to be $325,000; deposits on hand, $60,000. DALLES, Ore., July 31.-The First national bank closed its doors this morning. The suspension is due to closing of the Commercial national bank of Portland. CEDAR RAPIDS, Ia., July 31.-A. Daniels & Co., private bankers at Marion, made an assignment to C. H. Kurtz of property valued at $200,000 for the benefit of all their creditors. The cause is the lack of immediate cash. ASHLAND, Wis., July 31.-The First national bank of Ashland failed to open its doors this morning. There has been a steady draw on the bank's deposits for a month past. Its resources, according to the statement filed July 15. were $396,488. Dr. Edwin Ellis is president and ex-Governor Sam S. Fifield, vicepresident. The other banks are experiencing runs in consequence of the First national failure. PENDLETON, Ore., July 31. -The Pendleton savings bank has temporarily suspended. R. T. Cox has been appointed receiver. Assets, $250,000; liabilities, $135,000.
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YESTERDAYS 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 r use of N. M. Grane & 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, Ill., 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.