17078. Citizens Savings & Loan Association (Akron, OH)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: July 29, 1893
Location: Akron, Ohio (41.081, -81.519)

Metadata

Model: gpt-5-mini
Short Digest: 9fa86d9a

Response Measures

Full suspension

Description

Multiple contemporaneous dispatches (dated 1893-07-29) report heavy withdrawals ('constant drain upon resources by drawing out of deposits') forcing the association to close its doors and call a receiver (Edwin/Ed. F. Voris). Later reports (Aug 9–10) state depositors agreed to allow the bank to reopen and pay depositors in installments beginning Sept 1; the association ultimately will not resume under the old name but a new company will be formed. Cause classified as macro_news because the closure was driven by widespread withdrawal/financial stringency during the 1893 panic rather than a discrete misinformation incident or bank-specific scandal.

Events (5)

1. July 29, 1893 Run

Cause: Macro News
Cause Details: Heavy withdrawals/constant drain of deposits during the broader financial stringency (Panic of 1893) forced liquidity outflows.
Measures: None reported prior to suspension beyond paying out until funds exhausted; subsequently closed doors.
Newspaper Excerpt: The cause given was constant drain upon resources by drawing out of deposits.
Source: newspapers

2. July 29, 1893 Suspension

Cause: Macro News
Cause Details: Bank suspended/closed because of persistent withdrawals and inability to sustain payment flow despite reportedly sound assets; receiver called later and closure was temporary in intent (will pay in full).
Newspaper Excerpt: closed its doors at 10:30 this morning. The cause given was constant drain upon resources by drawing out of deposits.
Source: newspapers

3. July 30, 1893 Receivership

Newspaper Excerpt: The company called for a receiver, and Ed. F. Voris, Esq., was appointed.
Source: newspapers

4. August 9, 1893 Other

Newspaper Excerpt: The depositors ... decided to allow the bank to reopen and pay depositors in 3,6,9, 12 and 15 months from date of opening, September 1.
Source: newspapers

5. September 1, 1893 Other

Newspaper Excerpt: Reopening planned September 1 with payments in installments; association will not resume under its old name but a new company with a new title will be formed.
Source: newspapers

Newspaper Articles (17)

1. July 29, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, July 29, 1893

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TODAY'S FAILURES. One of the Oldest Firms in the Country. HAMILTON, Ohio, July 29.-McNeal & Urban, safe an 1 lock company, one ofthe oldest safe firms in the country assigned. The assets are $160,000; liabilitiesure unknown. The firm claims to be solvent. AKRON, O., July 29.-The Citizens' Savings and Loan association failed this morning. It will pay in full. The capital is $100,000 and the surplus $80,000. KANKAKEE, Ills., July 29.-The First National bank failed this moruing. The assets are sufficient to pay the depositors in full. PORTLAND, Ogn., July 29.-The Commercial National, Portland Savings bank and the Alnsworth National bank failed this morning. With the exception of a slight run on the First National, the largest bank in the city, there was no excitement.

2. July 29, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, July 29, 1893

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TELEGRAPHIC BREVITIES. Lewis & Dryden, the largest publishing house in Oregon, has gone into the hands of a receiver. George T. Carpenter, chancellor of Drake Univerity, at Des Moines, Iowa, died at 11 o'clock this morning. The loan committee of the New York clearing house issued $50,000 certificates making total outstanding to date $25,450,000. A registered mail pouch containing $50,000 in securities left the Salt Lake postoffice, eastbound, July 8, and has not since been heard from. At the pienic of the hop growers association at Sylvan Beach near Rome, N.Y., to-day, Senator David B. Hill made an eloquent address, his subject being "Personal Liberty." The building occupied in Chicago by the Chicago Oil Refining Co., a large lumber shed, and four dwelling houses were destroyed by fire last evening. Loss $65,000, insurance about the same. In Mobile, Alabama, yesterday, Bolivar Hudson, a man 69 years old, was convicted of a homicide committed 24 years ago and sentenced to five years i nprisonment in the penitentiary. Gov. Boies, of Iowa, says he is through with politics. Under no circumstances will he accept another nomination for Governor, and says he would not accept the senatorship as a gift. A cable dispatch from London says the yacht Britannia has been selected to protect the gold cup challenged for by the American yacht Navahoe in September. The race will take place off the Isle of Wight. George C. Perkins, the newly appointed U. S. Senator from California yesterday said "I am in favor of bimetallism to a certain extent and will do everything that I consider will benefit the middle classes of the country on which I consider our prosperity mainly depends." The Pennsylvania Railroad Company is preparing to run a series of excursions to Chicago for its emplyees. Transportation will be free and the employces will be given a week's holiday. The transportation agreement provides that the wives, daughters and brothers of the employees may accompany them. The first train will leave New York to-day. At Pittsburg this afternoon a seven story brick and iron building at the corner of Spring alley and Ninth street, owned by the Second National Bank collapsed and crumbled to the ground. About forty workmen were seated inside the building eating their dinners. The men all rushed for the street and escaped, save two, who are yet missing and are supposed to be covered under the many tons of debris. Chambersburg, Pa., was crowded yesterday with people from all along the Cumberland Valley from Harrisburg to Winchester, Va., to witness the dedication of the monument erected by popular subscription. This monument commemorates the burning of Chambersburg by Confederate forces under General McCausland on July 30, 1864 The exercises consisted of a parade, participated in by civic and military organizations from a radius of fifty miles, the singing of national airs by a choir of one hundred voices, and an oration by W. I. Cook, of Baltimore. The monument was presented to and accepted by the City Council. No. 2 Corning Mill of the American Powder Company at South Acton, Mass., blew up at 8:20 o'clock this morning. One man was instantly killed. The explosion was very severe and broke most of the glass in the buildmgs near the mills. There were 2,500 pounds of powder in the mill at the time. Last year the company had two mills blown up. An amputation of the hip joint, one of the most dangerous of operations and the thirteenth of its kind in the annals of surgery in this country, has been successfully performed upon Mrs. Josephine Jaherg, of Rahway, N. J., by Dr. Victor Marvlag. The form of operation was that known as Diffenbach's operation. The following failures are reported to-day Farmers and Merchants' Bank of Covington, Ind.; the C. W. Chapin & Co.'s private bank at Stanton, Mich the Pineville Banking Company at Pineville, Ky; the Citizens' Savings and Loan Association's Bank of Akron, Ohio; and the First Natiodal Bank of Kankakee, Ills. NEW YORK APPOINTMENTS.-President Cleveland's private Secretary, Mr.

3. July 29, 1893 Evening Star Washington, DC

Article from Evening Star, July 29, 1893

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WESTERN BANKS CLOSE. Ex-Treasurer Nebeker's Institution Goes to the Wall. AKRON, Ohio, July 29.-The Citizens' Savings and Loan Association of Akron closed its doors at 10:30 this morning. The cause given was constant drain upon resources by drawing out of deposits. The bank is regarded as in a perfectly sound condition, and will pay dollar for dollar. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. COVINGTON, Ind., July 29.-The Farmers and Merchants' Bank of this city, closed up at 1 o'clock vesterday. At noon the cashier said the reason was the present financial stringency, and inability to realize on its security. Ex-United States Treasurer Nebeker is the president. LOUISVILLE, Ky., July 29.-The Pineville Banking Co. at Pineville, closed its doors yesterday. It was considered the best bank in Southeastern Kentucky. The president will surrender all his individual property to help the bank out. KANKAKEE, Ill., July 29.-The First National Bank of this city falled to open its doors this morning. A notice posted on the doors states that the assets are ample to meet all claims. The bank has a paid-up capital of $50,000 and a large surplus. It was organized in 1871. The bank carried a large line of customers and has been and still is considered all right. E. "Cobb, the president of the bank, is the heaviest stockholder and is a very wealthy man. It is probable that the bank will resume in a short time. The Merchants' National of Chicago and American Exchange National of New York are its principal correspondents.

4. July 30, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 30, 1893

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National Bank of Eau Claire, the Bank of Eau Claire and Chippewa Valley bank at the close of banking hours had taken in more than was paid out. These banks are backed by the wealthiest men in the citv. "n't the utmost confidence is expressed in them. FORTLAND. Ure., July 29.-The Commercial National bank. the Ainsworth National and the Portland Savings banks closed today, on account of the withdrawals of deposits. The Commercial National paid out $150,000. There was a run on the First National this morning, but all demands were promptly met and sufficient cash is said to be on hand to keep paying out for a week, if necessary. The suspended institutions are all said to be solvent. At 1 p. m., the ciosing hour, the excitement had subsided, and the withdrawal of deposits at the other bank ceased, while the business houses were making their usual Saturday deposits. Between the noon hour and the closing time deposits greatly exceeded the withdrawals. D. P. Thompson was appointed receiver of the Portland savings bank this afternoon. A statement of this bank shows resources $2,955,000, which is considered a conservative estimate. The liabilities are placed at $2,475,000. During the last sixty days there has been a shrinkage of $600,000. while $800,000 has been withdrawn from the Commercial National bank during the same period. The Commercial National paid $100,000 yesterday. AKRON, Ohio, July 29.-The Citizens Savings and Loan Association of Akron closed its doors at 10:30 this morning. The cause given was constant drawing upon resources by drawing out of deposits. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorpórated in 1872. The suspension created no surprise in Akron, KANKAKEE, III., July 29.-The First National bank, of this city, failed to open this morning. A steady withdrawal of funds and inability to realize on paper were the causes. The assets are sufficient to pay depositors in full. The bank was organized in 1801. Emory Cobb is president and H. C. Clarke cashier. HAMILTON, July 29.-The McNeale & Urban Safe & Lock company, one of the oldest safe firms in the country, has assigned to Howard Douglass, of Cincinnati. Assets, $160,000; liabilities unknown. The firm had been unfortunate in several large contracts, but it IS claimed it is solvent. WALTHAM, Mass., July 29.-All the American Waltham Watch company foremen were interviewed by President Fitch today, and given instructions as to reducing their working forces. In some cases this will be a cut down of 50 per cent, and in all there will be 1,500 hands thrown out of work indefinitely. Of the hands retained. a large number will have to work for reduced pay, 15 per cent being cut off in some instances, it is said. Letters received today from the Elgin factory report the situation even worse there than in Waltham. There will be 1.600 watchmakers discharged there on Aug. 1, and the pay roll of $120,000 a week will be reduced about one-half. There are 500,000 movements in stock there, valued at $500,000. The concern IS all right financially, having a surplus on hand of $1,000,000 of undivided profits. In the discharge of hands, SO far as possible, those will be retained who have families dependent upon them for support, and the ones discharged will be taken on again whenever the business prospects shall brighten sufficiently to warrant it. HELENA, Mont., July 29.-The Citizens' Stock Growers' National Bank of Miles City closed today. Its assets are said to be far in excess of its liabilities. Stringency of the money market is given as the cause. The First National bank of the same city has all its deposits guaranteed by a committee of business men, and it is thought will be able to keep open. MANCHESTER, N. H., July 29.-Disclosures today tend to show that Cashier Morrell knew the worst, and ran away rather than face the music. A director stated this in

5. July 30, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 30, 1893

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BUSINESS TROUBLES. Failures in Different Sections of the Country-Assets Are Ample. PORTLAND. Ore., July 29.-The Commercial National bank. the Portland Savings bank and the Ainsworth National bank failed this morning. With the exception of a slight run on the First National. the largest bank in the city, there is no excite. ment. The Commercial National and the Portland Savings banks are under the same management. The notice posted says the suspension is temporary and depositors will be paid in full. The Commercial National has n capital of $250,000, the Ainsworth National $100,000. YOUNGSTOWN. O., July 29.-As a reanis of malicious rumors n run started on the Dol. lar Savings and Trust company this morning. The bank required legal notice And not n dollar was paid out. It has wealthy stockholders. A number of merchants drew large some from other banks and daposited with it, allaying the excitement. NEW YORK, July 29.-As a result of the action of the savings bank presidents at a meeting Inst night declaring they would require the legal notice for the withdrawal of funds, caused elight runs on the savings banks of this city and Brooklyn to-day. They are all able to protect themsel ves under the time clause of the law, and no failures occurred or ale anticipated. HAMILTON, Ohio, July 29. - The McNeal & Urban : afe and Lock company, one of the oldest safe films in the country, have assigned. AsHets $160,000, liabilities unknown. The firm claims to be solvent. NEW WHATOOM, Wash., July 29.-This morning the Paget Sound Loan, Trust and Bauking company suspended temporarily. The bank is capitalized At $125.000. Liabilities $50,000, assets $200,000. EAU CLAIRE, Wie., July 29.-The Commercial bank, capitalized at $500,000, was placed in the hands of a receiver to-day. President Allen said: 'We calculate depositors will not lose a dollar." KANKAKEE, Ill., July ).-The - First National bank failed this morning. Assets sufficient to pay depositors in full. AKRON, Ohio. July 29.-The Citizens Savings and Loan association failed this morning. It will pay in full.

6. July 30, 1893 The Times Richmond, VA

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MORE FINANCIAL TROUBLES. The Citizens' Savings and Loan Association Closed. AKRON, O., July 29.-The Citizens' Savings and Loan Association of Akron closed its doors this morning. The cause given is the constant drain upon its resources by the drawing out of deposits. The bank is regarded as perfectly sound in condition, and will pay dollar for dollar. The capital stock is $100,000 with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. Tannie Aeld Factory to Shut Down. KNOXVILLE, TENN.. July 29.-The tannic acid factory of this city will be shut down next week indefinitely. This plant was erected several months since by the Standard Tannery Company, of Chicago, and represents an outlay of over $100,000. Over 200 men will be thrown out of employment. Run on Trenton Savings Bank. TRENTON, N. J., July 29.-A run com. menced this morning on the Trenton Savings Bank, and by noon about $30.000 was paid out. The bank is one of the strongest in the State, having a clean surplus of $260,000. The money was in new silver dollars, just received from the Philadelphia mint. All Trenton is in excellent shape, and no suspensions will occur. Pineville Banking Company Closed. LOUISVILLE, KY., July 29.-The Pineville Banking Company, at Pineville, closed its doors yesterday. It was considered the best bank in Southeastern Kentucky. The president will surrender all his individual property to help the bank out. Farmers and Merchants Bank. COVINGTON, IND., July 29.-The Farmers' and Merchants' Bank, of this

7. July 30, 1893 The Morning News Savannah, GA

Article from The Morning News, July 30, 1893

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A SAVINGS BANK CLOSED. It is Located at Akron and Will Pay Dollar for Dollar. Akron, O., July 29.-The - Citizens' Savings and Loan Association of Akron, closed its doors this morning. The cause given is the constant drain npon the resources by drawing out deposits. The bank is regarded as in perfectly sound condition and will pay dollar for dollar. Its capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron.

8. July 30, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 30, 1893

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An Anticipated Suspension. (By telegraph to the Dispatch.] AKRON. O., July 29.-The Citizen's Savings and Loan Association of Akron closed its doors this morning. The cause given 18 a constant drain upon the resources by the drawing out of deposits. The bank is regarded as in a perfectly sound condition. It will pay dollar for dollar. Capital stock, $100,000. with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron.

9. July 30, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 30, 1893

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whv credit should not be sound. "No nation." said Harter, "bas ever successfully carried on business under two standards. PORTLAND'S TROUBLE. Three More Banks Fail to Open Their Doors. PORTLAND, Or., July 29.-Three banks failed to open their doors this morning. They were the Commercial National, Portland Savings and Ainsworth National. With the exception of a slight run on the First National there is no excitement. A notice posted on each of the suspended banks says the banks were forced to temporarily suspend, owing to the heavy withdrawal of deposits during the last sixty days and inability to realize on seourities. Dopositors will be paid in full. The Commercial National Bank has a paid-up capital stock of $250,000. Frank Dekum is president. The Portland Savings Bank is under the same management. L. L. Hawkins is president of the Alosworth National, which has a capital stock of $100,000. The statement of the Commercial National and Ainsworth National published July 12, shows the resources as follows: Commercial, $1,950,000; Ainsworth, $687.000. Deposits Commercial, $1,450,000; Ainsworth, $447,000. The Ainsworth National is a United States depository. No statement is yet made of the condition of the Portland Savings Bank. It has a capital stock of $260.000. with a surplus of $202,000. At the closing hour the situation was quiet, all other banks having stood the run. At each of the suspended banks a police officer is stationed to prevent any disorder. Small groups of men are standing on the streets discussing the situation, but there is no sign of any violence. All the three banks which were closed to-day are considered among the strongest in the city and depositors appear to have no fear of losing a cent. It is probable that all three banks will resume in a few days. On account of it being the end of the week most of the banks paid out more than was received. The Merchants' National, where the run occurred yesterday, received deposits in excess of the money paid out. J. Lowenberg, president of the Merchants', yesterday hypothecated all his real property in the city, and is said to have secured $200,000 in cash. This restored confidence and many persons drew their money from other banks and deposited it there. D. P. Thompson was appointed receiver of the Portland Savings Bank this afternoon. The statement of this bank shows resources estimated at $2,950,000. which 18 considered a conservative estimate. Its liabilities are placed at $2,475,000. During the last sixty days there has been a shrinkage of $600,000. while $800,000 has been withdrawn from the Commercial National during the same period. The Commercial National paid out $100,000 yesterday. A small bank at Forest Grove has closed owing to the Commercial National's suspension. The statement of the Union Banking Company, which closed yesterday. shows assets of $98,000 with liabilities of $53,000. The city has a claim for $13,000 and is the principal creditor. YOUNGSTOWN, Ohio, July 29.-As a.result of malicious rumors 8 run was started on the Dollar Savings and Trust Company this morning. The bank required legal notice, and not a dollar was paid out. It has wealthy stockholders. A number of merchants withdrew large sums from other banks and deposited with it, allaying the excitement. KANKAKEE, III., July 29.-The First National Bank failed this morning. The assets are sufficient to pay depositors in full. AKRON. Ohio, July 29-The Citizens' Savings and Loan Association failed this morning. It will pay in full. Capital, $100,000; surplus, $80,000. NEW WHATCOM, Wash., July 29.-This morning the following notice was posted on the doors of the Puget Sound Loan, Trust and Bank Company: "Owing to the constant withdrawals of deposits and inability to realize on securities this bank has suspended temporarily." The bank was incorporated under the State laws In 1890. with a capital stock of $125,000. The liabilities are $50,000 and the assets $200,000. WASHINGTON, July 29.-Comptroller Eckels appointed Louis C. Phelps receiver of the Merchants' National Bank of Great Falls, Mont. EAU CLAIRE, Wis., July 29.-The Commercial Bank, capital $50,000, was placed in the hands of a receiver to-day. President Allen said: "We calculate that the depositors will not lose a dollar." There were light runs on other banks. BOSTON. July 29.-A special from Manchester, N. H., says: Disclosures to-day tend to show that Cashier Morrell knew the worst and ran away rather than face the music. A director stated that in addition to the $60,000 of doubtful paper thrown out of the Derryfield Savings Bank, there is from $10,000 to $18,000 due depositors. It is now thought the deficiency in the bank mav go to $100,000. Rich Red Blood

10. July 30, 1893 The Sun New York, NY

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business men. These banks remained open after hours. PORTLAND, Ore., July 29.-The Commercial National Bank, Portland Savings Bank, and the Ainsworth National Bank failed to open their doors this morning. With the exception of a slight run on the First National Bank. the largest bank in the city, there is no excitement. The Commercial National and Portland Savings Bank are under the same management, A notice posted on each of the suspended banks says: This bank is forced to temporarily suspend owing to the heavy withdrawal of deposits during the last sixty days and inabile ity to realize on securities. Depositors will be paid in full." The Commercial National Bank had a paidup capital stock of $250,000. The Ainsworth National had n capital stock of $100,000. The statement of the Commercial National and the Ainsworth National published July 12, shows resources as follows: Commercial. $1,950.000; Ainsworth, $687,000. Deposits-Commercial, $1,455,000; Ainsworth. $447,000. The Ainsworth National is a United States depository. No statement has yet been made of the condition of the Portland Savings Bank. It has a capital stock of $260,000 with a surplus of $202,000. AKRON. O., July 29.-The Citizens' Savings and Loan Association of Akron closed its doors at 10:30 o'clock this morning. The cause given WAS constant drain upon resources by drawing out of deposits. The bank is regarded as sound. The capital stock is $100.000. with $60,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. Edwin F. Voris has been appointed receiver. Nelson Stone. cashier of the City National Bank. said he thought the effect of the failure on Akron's financial condition had been discounted. The bank lost $300.000 in deposits last month. CHICAGO. July 20.-Stevens & Ross, who did business in a small way at 204 Fifty-fifth street. under the name of the South Park Bank. failed yesterday. When the depositors called at the bank this morning they found a card on the door which announced: This bank is closed bv order of the Court. T. Stevens. receiver." The failure is a small one and will cut no flgure in financial troubles. GRAND RAPIDS. Mich., July 29.-Local creditors yesterday were advised of the closing of the C. W. Chapin & Co. private bank at Stanton. Montealm county. owing to a rush of depositors for cash. No statement of the assets and liabilities has been given out. LOUISVILLE, July 29.-The Pineville Banking Company at Pineville, Ky., closed its doors yesterday. It was considered the best bank in southeastern Kentucky. The President will surrender all his personal property to help the bank out. FORESTVILLE, N. Y., July 29.-The examiners report that the total liabilities of Ward's Bank foot up $90,000. The assets will not exceed $20,000. MILWAUKEE, July 29.-The Savings Bank of Baraboo. Wis.. closed its doors this morning. This notice was posted: 'Failure to receive money confidentally expected. the stringency of the money market. and inability to realize on assets renders suspension of payment necessary." There are slight runs Oil other banks in the place.

11. July 30, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 30, 1893

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TELEGRAPHIC BREVITIES. Matilda Thiliadean has been appointed postmaster at Clark's Ford, Idaho, vice Venton resigned. The Barber Asphalt company at Buffalo, N. Y., have discharged 1,000 men because of dull times. At Kankakee, Ills., the First National bank failed yesterday morning. The assets are sufficient to pay the depositors in full. Comptroller Eckles has appointed Louis G. Philips receiver of the Merchants' National bank of Great Falls, Mont. At Norfolk, Va., yesterday, Rear Admiral George Brown took command of the Norfolk navy yard, relieving Captain Potter. Army officers are about to test at the Frankfort arsenal samples of smokeless powder made by a California powder company. The Citizens' and Loan association of Akron, O., has failed. It will pay III full. The capital is $100,000 and the surplus $80,000. The private bank of C. M. and Thomas Kees at Forest Grove, Or., closed its doors this morning. Theinstitution is believed to be solvent. The First National bank of Kankakee, Ill., have closed, owing to financial stringency, Liabilities, $147,000; assets, $224,000. It is thought depositors will lose nothing. President Enoch Bryant of Vincennes, Indiana, university has been elected president of the state agricultural college and school of science at Pullman, Washington. Robert H. Barclay, chief clerk of the railway mail service at Helena, Montana, has been promoted to be Superintendent of the tenth division R. M. S., with headquarters at St. Paul. The McNeal & Urban Safe and Lock company of Hamilton, Ohio, one of the oldest safe firms in the country, has assigned. The assets are $150,000, liabilities are unknown. The firm claims to be solvent. Commercial bank of Ean Claire, Wisconsin, capital $500,000 was placed in the hands of a receiver today. President Allen said "we calculate depositors will not lose a dollor." There were light runs on other banks.

12. August 2, 1893 The Enterprise Wellington, OH

Article from The Enterprise, August 2, 1893

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Closed Its Doors. AKRON, July 30.-The bank of the Citizens' Savingsand Loan association, of this city, closed its doors Saturday morning. The constant withdrawal of deposits led to the result. The company called for a receiver, and Ed. F. Voris, Esq., was appointed. The capital stock of the company is $100,000, with $80,000 surplus. The bank is considered perfectly solvent, and no depositor will lose a dollar.

13. August 3, 1893 Belmont Chronicle Saint Clairsville, OH

Article from Belmont Chronicle, August 3, 1893

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carbone acid and lowed died. A wagon load of wheat in the sheaf, together with the team, was burned on a farm near Marysville by a spark from a thresher engine. At Corning, Frank Davis and James Clifford were both fatally hurt in a row in a bagnio. Over a dozen incendiary fires have occurred in Cleveland within a short time. Mills in all lines of manufacturing are closing down and many thousands of workmen are being thrown out of employment. In the execution of murderer Taylor at Auburn, N. Y., the dynamo broke down before the man was dead and it was over an hour before the current was turned on again. Jacob Schoal, of near Bucyrus, committed suicide on account of financial troubles. Owing to the hard times the Commander in Chief of the G. A. R. has requested the citizens of Inianapolis to go to no unnecessary expense in entertaining the G. A. R. Pierce Converse, a young Texan, on a visit to his uncle at Ravenna, shot and fatally wounded a burglar who entered his room. The burglar returned the fire and Converse was fatally wonnded. THE Ohio Liquor League is going to enter politics and will attempt to demand pledges of candidates. There is much dissatisfaction among iron workers over the new scale of wages. Some stove polish being used by a peddler on a hot stove in Pittsburgh exploded and killed two persons and injured three others. Siam has agreed to cede to France the desired territory and to pay the indemnity asked, and the war is over. Col. Nathan Toomer, of Augusta, Ga., has sued the Pullman Car Co. for $100,000 damages for not carrying him and his wife to their destination after selling him a ticket. The Citizens Savings and Loan Association of Akron has gone under. At Cadillac, Mich., Joseph Ashley, while drunk, beat his child's brains out against a post. George Bush, of Newark, a time keeper on the B. & O., is under arrest charged with swindling the company. A run was made on a Savings bank at Youngstown but it was soon stopped by prompt payments. At Loudenville Daniel Sentel, while drunk, was thrown out of a saloon and his neck was broken. Stephen Huffman, a farmer of Newark, had his arm pulled out from the socket by a threshing machine. Hoke Smith was hanged in effigy at Rome, Ohio, because of the dropping of the pension of a soldier who had served over four years and is now totally disabled. Mt. Vernon suffered a $50,000 fire on Sunday. Will Thompson and Tom Preston, two negroes, were lynched at Gaston, S. C. Seventy-three New England banks have lost $1,500,000 by fraudulent grain certificates deposited as collateral. Wind destroyed a $40,000 cyclorama at Nashville. The Rocky Mountain Oil Co. has been absorbed by the Standard. A vein of silver and lead ore has been discovered on the Little Kanawha river in West Virginia. Senator Vance, of North Carolina, says the Democratic platform meant free coinage or it was meant to deceive the people. A riot took place on the Mesaba iron range, in Minnesota, because of the nonpayment of the workmen. A boy died at Youngstown from ex cessive swimming. Kent Browne, a highly respected colored man, was mysteriously murdered at Muncie, Ind. Frederick Strokmeier, aged eighty, drowned himself at Sandusky. The National convention of the Bimetallic League is in session at Chicago. Denver citizens are feeding the unemployed. Edison has shut down his phnographic works because, as he says, the country has resolved itself into a National Lunatic Asylum. Pork took a drop in Chicago Tuesday. The failures still continue and many mills are closing. a The debt statement issued this mouth 82 shows a net increase in the public debt, I less cash in the treasury, during July of $4,164,973.31. Total debt $961,121, 016.63

14. August 5, 1893 The Meeker Herald Meeker, CO

Article from The Meeker Herald, August 5, 1893

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THE FINANCIAL SITUATION, On the 25th the Mitchell bank at Milwaukee closed Its doors. Its deposits amount to nearly $8,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their doors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also failed on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockholders will not be more than 60 per cent. in either case. The situation on the New York stock exchange on the 26th was critical and a. panic was narrowly averted. The news that the Erie railroad had gone into the hands of & receiver was largely responsible for the break In stocks which fell from 1 to 4 points. H. I. Nicholas & Co., brokers, assigned. The First National and Montana National banks of Helena, failed to open Thursday morning. A run followed on theother banks of the city. The run was confined principally to the Merchants' National bank, which paid everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize on them. The Oregon National bank and the Northwest Loan and Trust company of Portland failed to open their doors on the 27th. A notice on the door says: "Owing to withdrawal of deposits and the inability to realize on securities this bank is forced to suspend." The First National of Middleboro, Kentucky, closed on the 27th. Two banks at Sparta, Wisconsin, closed, also a bank at Portage. The Ellensburg, Washington, National bank suspended payment. In consequence of A run upon It the Traders' Deposit bank of Mount Sterling, Indiana, suspended. The following banks failed on the 28th: First National at Great Falls, Montana; German National at Washington, Wisconsin Seymour's Bank at Chippewa Falls, Wisconsin; Chamberlain National at Chamberlain, South Dakota. The publication of the intended action of the New York and Brooklyn savings banks and institutions to put Into practice the law entitling them to sixty days' notice from deithdrawals of money positors of Intended precipitated a run Saturday. Some of the banks paid the amount in full, and thus sought to restore confidence. Others required notice, the time ranging from ten to ninety days, according to the period specified in the by-laws. The Commercial National, Ainsworth National and Portland Savings bank of Portland, Oregon, closed their doors on the 29th. The following banks also closed on that date: Citizens Savings, Akron, Ohio; First National. Kankakee, Illinois; Commercial, Eau Claire, Wisconsin: Barron Brothers, Lusk, Wyoming. The McNeal & Urban Safe and Lock Company, one of the oldest safe firms in the country, have assigned to Howard Douglass of Cincinnati. Assets. $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but It is claimed that It is solvent. The New York clearing-house committee on the 31st authorized the issue of $2,500,000 more In loan certificates, which brings the total issue outstanding up to $27,975,000. It may be noted that $26,565,000 was the maximum issue of 1878, but this comparison is really less impressive than It seems, for a very considerable part of this year's New York Issues has in practical effect, been provision for Chicago. No banks applied, 50 the dispatches stated, for loan certificates in the city. A secondary result of the local money scareity was an absolute want of bids for sterling bills, exchange rates going on some transactions below the year's previous lowest record. The following banks suspended on the 31st: Springfield Savings, at Springfield, Misssouri; First National, Ashland, Wisconsin: First National, Dalles, Oregon: Bellingham Bay National, Whatcom, Washington. Savings

15. August 9, 1893 The Star Reynoldsville, PA

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FINANCIAL AND COMMERCIAL. The Citizen's national band, of M uncie, Ind., suspended. The assets are claimed to be twice the liabilities. The San Antonio (Tex.) National bank, capital stock $100,000, failed. The West Side bank, capital $100,000, and the People's Savings bank, St. Paul, Minn., sus ended. The depositors of the suspended Citizens Savings and Loan association, of Akron, O., decided to, allow the bank to reopen and pay depositors in 3,6,9, 12 and 15 months from date of opening, September 1.

16. August 10, 1893 The Sun Morris, MN

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GENERAL N. M. Crane & Co., private bankers, at Hornellsville, N. Y., have failed. The People's Bank of Minneapolis has resumed business. The Edison phonograph company at Orange, N. J., has discharged 300 hands. The depression of the silver market has given a decided stimulus to gold mining in Utah and Nevada. The gold in the treasury now exceeds the reserve limit, and issue of certifi cates will probably soon be resumed. The Lorain Manufacturing company failed at Elyria, Ohio. The liabilities are $105,000. Wages in the Lancaster gingham mills at Clinton, Mass., have been cut 20 per cent. Mrs. Leland Stanford of Palo Alto, Cal., has ordered an auction sale of 1,100 of the best, horses on her Palo Alto farm. Fifty-six men deserted the coast defense vessel Monterey at San Francisco because of the heat when the ship is under steam. President Aylesworth, of Drake university, at Des Moines, Iowa, has declined to be the Prohibition candidate for governor. The auditor of Iowa has granted insurance rights to the branch of the A. O. U. W. in that state which seceded from the supreme lodge. F. A. Loring & Co., leather dealers, at Boston, have made an assignment. The firm was considered strong in the trade. An advance of from 20 to 50 per cent in insurance rates in the Northwest has gone into effect. Schedule risks are excepted. Gov. Lewelling of Kansas will appoint a commission to visit Chicago to lay his gulf transportation scheme before foreign representatives to the fair. Nearly 30,000 spectators flocked to the beach at Asbury Park, N. J., to see the fourth annual baby parade. About 500 babies were wheeled into line. William Hagler died at Benton, Iowa, of hydrophobia. He was bitten by a dog last March and nothing was thought of it until a few days ago, when the disease developed. The Chinese six companies will ask a rehearing before the United States supreme court of the Geary law case. A New York company will reproduce the most attractive world's fair exhibits. Three girls were arrested at Louis: ville, Ky., for smoking cigarettes on the street. The judge discharged them, saying that while they were not acting in accordance with the established canons of society they were violating no ordinance, Edward F. Voris, receiver of the Akron, Ohio, Citizens' Savings and Loan association, reports liabilities of $563,650, with assets of $692,397.67 The association will not resume under its old name, but a new company with a new title will be formed. The United States court at Marquette, Mich., has denied the application of the Minneapolis, St. Paul & Sault Ste. Marie railroad for an injunction restraining the state board of health from enforcing its rules to the alleged inconveniences of that road. Little Tiger, a chief of the Seminole Indians, is on his way to Tallahassee, Fla., to see Gov. Mitchell about the flogging of his boy by a white man named Hensen. The boy poached on Hensen's land. The whole tribe, 500 in number, are incensed and settlers fear trouble. Secretary Hoke Smith was hanged in effigy at Rome, Ohio. Smith's orders to cut down pensions took from a crippled veteran named J. L. Reed, his only income, and he became insane. A crowd of 1,000 indignant people hanged a figure bearing a card on which was Secretary Smith's name.

17. August 10, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, August 10, 1893

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FINANCIAL AND COMMERCIAL. The Citizen's national band, of M uncie, Ind., suspended. The assets are claimed to be twice the liabilities. The San Antonio (Tex.) National bank, capital stock $100,000, failed. The West Side bank, capital $100,000, and the People's Savings bank, St. Paul, Minn.. suspended. The depositors of the suspended Citizens' Savings and Loan association, of Akron, O., decided to allow the bank to reopen and pay depositors in 3, 6, 9, 12 and 15 months from date of opening, September 1.