Merchants National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1370
Charter Number: 1370
Start Date: July 27, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 1d790ab8

Response Measures

Capital injected

Description

Newspaper (The Morning Call) reports a heavy run on the Merchants' National in New York on July 27, 1893; large depositors came to the rescue and the bank paid out but was supported. No suspension, reopening, or receivership mentioned. Cause interpreted as macro financial turmoil described in the same dispatch (foreign exchange and London gold movements).

Events (1)

1. July 27, 1893 Run

Cause: Macro News
Cause Details: Run occurred amid broader financial disturbances (sterling exchange demoralized, large London gold movements and other bank failures reported), provoking heavy withdrawals at Merchants' National.
Measures: Large depositors made personal assignments/deposits to shore up the bank; clearing-house and market actions provided support.
Newspaper Excerpt: The heaviest was on the Merchants' National, but the big depositors came to the rescue and deposited faster than it was paid out.
Source: newspapers

Newspaper Articles (1)

1. July 28, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 28, 1893

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Article Text

SAN FRANCISCO, FRIDAY MORNING, JULY 28, 1893. and Wardner was W $500,000. The capital of the Northwest VESSELS WARNED. RELIEF IN SILVER. the semi-finals in i Loan and Trust Company is $250,000 and match between Hob n. surplus $25,000. er ELLENSBURG, Wash., July 27. - The Neel brothers was Chase and Clark def c Ellensburg National Bank suspended payThe French Announce the Ryerson. ement this morning. No statement was Opinions of the New York issued. George B. Markle, president of Blockade. Bimetallists. IN A CELL the two Portland banks which failed tore d day, is also president of the Ellensburg A Deputy Consta Bank, el Rob nHELENA, Mont., July 27.-The First WILL LEND THEIR PRESTIGE. MORE HEAVY BANK FAILURES FRESNO, July 27.National and the Montana National banks rdeputy constable failed this morning. Jones in Texas for ( The closed banks have ample assets but Good and was charg S. could not realize. The Russian Squadron Will Join the Financial Institutions at Portland and one of the leaders d S. Houser is president of the First NaFrench Fleet in Siamese Waters. t Helena Go Under-Business wood gang, was arre tional. The capital stock is $500,000, surof robbery and burg Rosebery's Statement. Reverses in the East. plus $100,000, undivided profits $600,000, I On January 12 d and average deposits $3,250,000. elderly persons, Cha ilThe First National has a capital and was broken into an d surplus of over $1,250,000. It has paid out Special to THE MORNING CALL Special to THE MORNING CALL I choked and robbed s, over $1,000,000 the past week. The Monbeen suspected all W tana National paid out nearly $500,000. BANGKOK, July 27.-The French fleet NEW YORK, July 27.-Among the numerbeen pursuing the nThe other banks stood the run well. ous incidents that tended to fire things up gave notice of the blockade of the Siamclaimed that the pros ri The heaviest was on the Merchants' ese coast to-day, all outgoing vessels being case. Ball was fix in Wall street to-day the most important st National, but the big depositors came to warned to clear by Saturday or be tied up. was the engagement of $1,000,000 in gold failed to obtain it up the rescue and deposited faster than it was The blockade will extend along the entire in London by Lazard Freres and a further locked up in a ce paid out. north coast of the gulf. There is little Childers denies the drop in the rate of sterling exchange. The The failed banks are among the oldest doubt among the foreigners that it is the feature of the day's operations was the will get even with 1 and strongest in the city. intention of the French to make Siam a purchases of securities for investment. sational developmen C. W. Cannon, A. M. Holter and S. C. French colony, and unless England interForeign buyers were especially active, and Ashley, all leading capitalists, have made THREATENING a conservativa estimate but on foreign feres there is little hope that the French personal assignments. d will desist from extreme measures, alpurchases placed them at 40,000 shares. John T. Murphy is president of the MonA Wisconsin Firm though it is known to them that the GovThe clearing-house committee were in tana National; capital stock, $500,000; Prote ernment of Siam is exceedingly anxious session until the afternoon. The long consurplus, $100,000; undivided profits, $100.to avoid war. MILWAUKEE, Jul ference gave the "fakers" an opportunity 000; average deposits, $1,500,000. It is to-night received a PARIS, July 27.-After the conference to start the report that a large bank was claimed the assets are $1,750,000, and the between the British Embassador and the troops to protect the in trouble. and the announcement of the liabilities $900,000. The officers say the Lumber Company o issue of $1,350,000 clearing-house certifiFrench Foreign Minister this afternoon bank will eventually pay in full. pany asserting tha the following semi-official statement was cates lent some strength to the report. EXETER, N. H., July 27.-The National strikers who have re issued: "It may be taken for granted that Clearing-house officials said their long Granite State Bank temporarily suspended and are using force 1 France intends to settle the questions of session was due to the large amount of this morning. The institution is declared men going to work. treaty violation and national dignity crework before them in the way of shifting perfectly sound. The embarrassment was that the request n ated by Siam's attitude. France's rule of leans, caused largely by the great deprecicaused by the drainage of cash and Sheriff of the county. action will be not to allow foreign interation In prices yesterday. They emphatdelayed remittances from Boston. Imone from Ashland to ference." ically denied the story of a bank being in mediate resumption is expected. trouble. A local paper publishes a St. Petersburg eMIDDLESBORO, Ky., July 27.-The First dispatch to the effect that the Czar has orSterling exchange was demoralized this of DREAD AN National Bank failed this morning. The dered Vice-Admiral Tirtoff, commander of morning. The posted rates were reduced officers of the bank refuse to talk, and it is by the Russian Pacific squadron, to proceed twice, the last time to $4.811/2 and impossible to get either the assets or liabilre to Siam at all available speed. There were heavy parebases of stock on ities. 568 effect on business will be seriit is understood Russia intends to remain foreign accounts. The striugency in Denver Citizens ous, as most of the merchants here were 88 neutral in the French-Siam dispute. money and the increase in the supply of depositors. at LONDON, July 27.-The Pall Mall Gazette Unem bills against grain and cotton caused deof PORTAGE, Wis., July 27.-The Qity Bank moralization. The actual rates are below says this evening that it learns from a high cof Portage closed ite doors to-day. It authority that the Franco-Siamese diffithe gold-importing point. When-delivery is capitalized at $25,000. H. Breese, ex-see enity bas been settled, France having hour passed at the Stock Exchange withm retary of the State, was president of the The Hungry and out the announcement of further failures agreed 19 accept Siam's proposals and to bank. f ing Into the abandon its claims to territory between prices fairly soared, advancing almost as th MOUNT STERLING, Ky., July 27.-The Thous the eighteenth and twenty-third parallels. quickly as they declined yesterday. anew Farmers' Bank closed this morning. In the Lords this evening Rosebery Owing to the low rate of exchange 807g, The failure was caused by an inability to announced that he could not make a full eral large houses considered it a favorable realize on its paper. The deposits amount d time to purchase gold. and this evening it statement regarding the Sispese matter Special to THE to about $3,000,000. The bank holds first was learned that besides the order of until a report had been received from Lord class paper to the amount of $600,000. n Lazard Freres, mentioned above, enough Dufferin in Paris. From the outset, he This evening the officers of the Traders' se DENVER, July 27. said, Great Britain had contined itself to orders have been sent to bring the total Deposit Bank decided to suspend owing to g Italian Arata last nig purchases of gold in London for the providing for the safety of British lives and the heavy run during the day. The bank be United States to nearly $3,000,000. mense ero of idle interests in Bangkok. It had from the eowes $150,000 and has $390,000 of good in Denver what can Delegates from this city to the bimetalbeginning avoided giving advice to Slam, assets. er beyond the occasions when she had asked lic convention to be held at Chicago next violence, and their SPARTA, Wis., July 27.-M. A. Thayer's for it, but had urged her to make terms as of many citizens tha week to-day adopted a lengthy set of reso-. bank and the Bank of Sparta closed to-day. 8. quickly as possible with her powerful lutions, setting forth that the official stasize, having for its p The liabilities of the former are $175,000 se tistics show that the market price of silver neighbor. Nevertheless the British Govthe city, may break 0 and the assets $225,000. The liabilities of nThe thousands of L ernment was not indifferent to the events the latter are $210,000 and the assets bullion has controlled prices for most proits $360,000. already here are bein now passing in Siam. Her great commerducts of American labor, and especially