17646. Peoples Bank (North Baltimore, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
May 26, 1893
Location
North Baltimore, Ohio (41.183, -83.678)

Metadata

Model
gpt-5-mini
Short Digest
ca5c3dab

Response Measures

Accommodated withdrawals, Full suspension

Description

Contemporary reports (May 26–28, 1893) describe a heavy run on People's Bank of North Baltimore precipitated by the failure of Charles Foster (a large stockholder) and related local business failures. The bank closed its doors while the cashier went to raise funds but directors soon announced they could pull through, and some papers report the bank reopened the next day. Dates derived from newspaper datelines; OCR corrected minor typos (Peoples/People's).

Events (3)
1. May 26, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Run precipitated by failure of ex-Secretary Charles Foster (heavy stockholder) and failure of North Baltimore Furniture Company, which heavily involved the bank.
Measures
Bank announced cashier had gone to raise money; directors sought outside aid; measures to meet demands and reassure depositors.
Newspaper Excerpt
The People's bank of North Baltimore ... stood a heavy run yesterday
Source
newspapers
2. May 27, 1893 Reopening
Newspaper Excerpt
The bank opened for business as usual this morning, however, and its directors announce their ability to pull through the financial storm safely.
Source
newspapers
3. May 27, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure/temporary suspension precipitated by Foster's failure and heavy withdrawals tied to that association (stockholding/exposures).
Newspaper Excerpt
The People's bank, North Baltimore, closed its doors this morning. The announcement was made that the cashier had gone to raise money and the bank would reopen.
Source
newspapers

Newspaper Articles (14)
1. May 27, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, May 27, 1893

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BUSINESS WORLD SURPRISED. Ex-Secretary of the Treasury Foster Fails and Assigns. FOSTORIA, Ohie, May 26.-Ex-Secretary Chas. Foster has failed and has made an assignment. Foster was in business in Fostoria as a dry goods merchant. Soon after the war closed he helped to organize the Fostoria National Bank. By shrewd speculation in real estate he became wealthy, and in 1879, when elected Governor of Ohio for the first time, was reputed to be worth $1,000,000. During the next four years he lost heavily in Lake Superior copper mines. In natural gas and street railway speculations at Findlay during its temporary boom he invested largely. When the bubble burst he, with many others, was caught for many thousands of dollars. He also lost by endorsing notes for business and political friends. Since then he has attempted recoup his losses, but only became more deeply involved. The crash was temporarily averted by his appointment as Secretary of the Treasury. It is thought he will at best not be able to more than pay his debts. Ex-Secretary Foster states his liabilities to be $600,000 and his assets about the same. The wholesale grocery house of Davis & Foster it is claimed was closed this morning by an attachment. The assignment of Mr. Foster was the signal for the assignment of a number of concerns in which he was interested. The Brass and Iron Works was one of these concerns.- The liabilities and assets of this company are included with the statement of the ex-Secretary. A half dozen prominent industries will go to the wall and hundreds of persons will be thrown out of work. Business men, depositors in Mr. Foster's bank, will be losers though none to an extent which will cause them to assign. It is generaliy conceded that Mr. Foster's unstinted generosity and phenomenal public spirit have been the indirect causes of his failure. One of the Results. FINDLAY, O., May 26.-President Weisel of the People's bank of North Baltimore which carries heavy deposits of oil producers was here this evening endeavoring to procure aid. Failing this he announced that his bank would close tomorrow, dragged down by the failure of ex-Secretary Foster. The Foster Banking Company. NEW YORK, May 26.-The - Foster Banking Company of Fostoria, O., which is reported to have assigned this morning, according to the last issue of the Bankers' Almanac, has a capital of only $40,000, a surplus of $2000 and undivided profits of $9000. The New York correspondent of the Foster Banking Company is the National Shoe and Leather Bank, 271 Broadway.

2. May 27, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, May 27, 1893

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Caused North Baltimore Bank's Failure FINDLAY, O., May 26.-President LloydWeisel, of the People's Bank at North Baltimore, which carries very heavy deposits of the oil producers in the oil country, was here this evening endeavoring to procure aid. Failing to secure this he announced that his bank would close its doors to-morrow morning, having been dragged down by the failure of Foster. The bank was heavily involved by the failure of the North Baltimore Furniture Company, and the second blow made a run upon to-day, which it will not be able to stand to-morrow. Charles Foster was a stockholder in the bank. Oil operaters and producers will lose many thousands. Findlay banks are unaffected by the Foster failure.

3. May 27, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, May 27, 1893

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A Bank Closes. TOLEDO, May 27. - The People's bank, North Baltimore, closed its doors this morning. The announcement WRS made that the cashier had gone to raise money and the bank would reopen. The closing WES precipitated by the failure of ex-Secretary Foster, who is a heavy stockholder. This bank holds many thousands of dollars of deposits of coal operators and producers. A run was started on the only other bank in North Baltimore, but it la promptly meeting all demands.

4. May 27, 1893 The Sun New York, NY
Article from The Sun, May 27, 1893

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business and political friends. Since then he has attempted to recoup his losses. but only became more deeply involved. The crash was temporarily averted by his appointment as Secretary of the Treasury. FINDLAY. O., May 26.-President Lloyd Weisel of the People's Bank at North Baltimore. which carries very heavy deposits of the oil producers in the oil country. was here this evening endeavoring to procure nid. Failing to secure this, he announced that his bank would close its doors to-morrow morning. having been dragged down by the failure of ex-Secretary Foster of Fostoria. The bank was heavily involved by the failure of the North Baltimore Furniture Company. and the second blow made a run upon it to-day which it will not be able to stand tomorrow. Charles Foster was a stockholder in the bank. Oil operators and producers will lose many thousands. Findlay banks are unaffected by the Foster failure. WASHINGTON. May 26.-Much sympathy is expressed here for ex-Secretary Foster. Esspecially is this the case in the Treasury Department. where Mr. Foster was personally very popular. Inquiry at the office of the Comptroller of the Currency develops the Ifact that the only national bank in Fostoria. Ohio, is the First National Bank. and upon the last call that bank had 35 per cent. of reserve on hand. when the legal requirement was only 15 per cent. It is not anticit ated that the failure of the Foster Banking Company will affect this bank in any way.

5. May 27, 1893 Evening Star Washington, DC
Article from Evening Star, May 27, 1893

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MR. FOSTER'S FINANCIAL AFFAIRS. Their Condition Much Worse Than Was Thought at First. FOSTORIA, OHIO, May 27.-J. B. Gormley, the assignee of ex-Secretary Foster, states that further investigation shows affairs to be in even worse shape than had been at first thought, and that the liabilities would reach 8800,000 and possibly $1,000,000. with assets much less. CLEVELAND, OHIO, May 27.-In response to a telegram sent him by an afternoon paper, exSecretary Foster answered as follows: "Thanks for your offer of space. My present mental distress precludes acceptance of your kind offer. "My failure simply illustrates the great folly of permitting one's self to be in debt beyond the reach of reasonably quick assets for relief when the hour of difficult borrowing comes. When people are in such condition and the stability of ezisting finaneial conditions is shaken, the principal reason is inability to borrow. suspension and failure. "Business is largely done with borrowed money. Confidence in the maintenance of sound financial conditions is essential to legitimate lending. That public confidence has for some time been sheken in the abilitv or capacity of the government to maintain gold payment is evident. The natural impulse of banks in such times is to strengthen themselves against some possible and unusual draft. Then comes inability to borrow, decline in prices, suspension and bankruptcy follow. "The country is possessed of enormous resources. which are at the command of the government. and it should say and act in terms and ways that will satisfy the country without ambiguity or uncertainty that gold payments will be maintained. CHARLES FOSTER." (Signed) FINDLAY. OHIO, May 27.-The People's Bank of North Baltimore, in which ex-Secretary Foster held $10,000 stock. stood a heavy run vesterday and it was feared would be comcelled to suspend. The bank opened for business as nsual this morning, however, and its directors announce their ability to pull through the financial storm safely. CLEVELAND. May 27.-A special to the Plain Dealer from Fostoria, Ohio, says: The situation here today so far as the Foster failare is concerned presents but little change from last evening. There is a general feeling of uneasiness in all branches of trade. but very little excitement is noticeable in the streets or elsewhere. Gov. Foster said this morning that he had no new statements to make. but would wait now for Assignee Germley to make his report. The banks have so far. with the exception of Foster & Company's, experienced no trouble. and the Mechanics' Savings Bank, upon which something of a run was made yesterday, report that they are receiving more deposits today than they have paid out and on Monday they expect to open up as a general banking company. Money is very tight here. however, and the greatest trouble is apprehended from the fact that loans are very difficult to obtain and business men who, by the means of a little assistance, might be able to pull through, may be embarrassed thereby.

6. May 28, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, May 28, 1893

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Run on a Pindlay Bank. FINDLAY, Ohio, May 27 The People's bank of North Baltimore, in which exSecretary Foster held $10,000 stock. stood a heavy run yesterday, and it was feared would be compelled to suspend, The bank opened up as usual for busi nees this morning, however, and its di rectors announce their ability to pull through.

7. May 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, May 28, 1893

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Base Ball. LOUISVILLE, May 27.-No game; rain. NEW York, May 27.-Neither team had a decided advantage. New York 9, Philadelphia 5. PITTSBURG. May 27.-Mullane pitched A masterly game to-day. Pittsburg 1, Cincinnati 4. BALTIMORE, May 27.-The bridegrooms were defented again to-day. Baltimore 15, Brooklyn 9. BOSTON. May 27.-It took eleven innings to finish the game to-day. Boston 7, Washington 7. CLEVELAND, May 27.-The Browns played good ball with Breitenstein in the box. Cleveland 2. St. Louis 3. THE FOSTER FAILURE. Much Worse Than It Was Thought to Be -His Statement. FOSTORIA, Ohio, May 27.-The situation to-day, so far as the Foster failure is concerned, shows little change. There is a general feeling of uneasiness in all branches of trade. Gov. Foster said this morning that he had no further statement to make. The Mechanics' Savings bank, on which a run WAS started yester day, reports more deposits than withdrawals this morning. and on Monday it expects to open as a general banking company. Money is very tight, which may force to the wall firms which other wise might pull through. The diversified nature of Gov. Foster's failure makes the outlook exceedingly dubious and places the resuits far behind the range of prediction. The window glass companies and brass and iron works closed down to-night and sevoral hundred mechanics are thrown out of employment, he deposits in Foster bank are about $800,000. The governor boars up well under the calamity. and succeeded in sleeping six hours last night for the first time in weeks. He has been deluged with telegrams and letters of sympathy from prominent people in all parts of the country. Speaking of the failure to-day Foster said: "My failure simply illustrates the great folly of permitting oneself to be in debt beyond the reach of reasonably quick assets for relief when the hour of difficult borrrowing comes. Business is largely done with borrowed money and confidence in the maintenance of sound financial conditions is essential to legitimate lending. That that confidence for some time has been shaken in the ability or capacity of the government to maintain gold payment is evident. The country is possessed of enormous resources which are at the command of the government, and it should say and act in terms and ways that will antisfy the country without ambiguity or uncertainty that gold payments can be maintained.' TOLEDO, May 28.-The People's bank, of North Baltimore, closed its doors this morning. The closing was precipitated by the failure of Ex-Secretary Foste. who is a heavy stockholder. This bank holds many thousands of dollars of deposite of coal operators and producers. A run was started on the only other bank in North Baltimore, but it promptly met all demands. CHICAGO. May 27.-A special from Fostoria, Ohio, says: Assignee Gormley says Foster's affairs are in worse shape than supposed. His liabilities are from eight hundred thousand to a million dollars and the assets much less.

8. May 28, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 28, 1893

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THE FOSTORIA FAILURE. Ex-Secretary Foster's Liabilities Nearly $1,000,000. FOSTORIA, O., May 27.-The situation here today, as far as the Foster failure is concerned, shows but little change. A general feeling of uneasiness prevails in all the branches of trade, Gov. Foster said this morning that he had no further statement to make. The Mechanic's Savings bank. on which a run was started yesterday, reports more deposits than withdrawals this morning, and on Monday expects to open as a general banking company. Money is tight, and this may force to the wall firms which otherwise might pull through. The diversified na. ture of Gov. Foster's failure makes the outlook exceedingly dubious and places the results far beyond the range of prediction. The three window glass companies and the brass and iron works will close down tonight and several hundred mechanics will be thrown out of employment. The deposits in Foster's bank are about $300,000. The ex-governor bears up well under the calamity, succeeding in sleeping six hours last night for the first time in weeks. He has been deluged with telegrams and letters of sympathy from prominent people from all parts of the country. CUEVELAND, May 27.-In the course of a telegram in response to an offer of space for a statement made by an afternoon paper, ex-Gov. Foster said: My failure simply illustrates the great folly of permitting one's self to be in debt beyond the reach of reasonably quick assets for relief when the hour of difficult borrowing comes. Business is largely done with borrowed money. and confideuce in the maintenance of sound financial conditions is essential to legitimate lendlug. That confidence for some time has been shaken in the ability or capacity of the government to maintain gold payments is evident. The country possesses enormous resources, which are at the command of the government, and it should say and act in terms and ways that will satisfy the country without ambiguity or uncertainty that gold payments will be maintained. CHICAGO, May 27.-A special from Fostoria, O., says that Assignee Gormley states that Foster's affairs are in worse shape than it was supposed. His liabilities are $800,000 to $1,000,000 and the assets much less. TOLEDO, O., May 27.-The People's bank of North Baltimore closed its doors this morning. The announcement has been made that the cashier has gone to raise money and that the bank would reopen. The closing was precipitated by the failure of ex-Secretary Foster: who is a heavy stockholder. This bank holds many thousands of dollars of deposits for coal operators and producers. A run has been started on the only other bank in North Baltimore, but it is promptly meeting all demands.

9. May 28, 1893 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, May 28, 1893

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North Baltimore Bank Closed. TOLEDO, O., May 27.-The People's Bank of North Baltimore closed its doors this morning. The announcement was made to the depositors that Cashier Walde had gone to raise money to meet all liabilities and that it would reopen. The closing is precipitated by the failure of Charles Foster, who is a heavy stockholder. This bank has many thousands of dollars of deposits of oil operators and producers, and if it is a failure, as everybody supposes, their losses will be heavy. A tremendous run was started on the Frst National bank, the only other bank In North Baltimore, but it is promptly meeting all demands as fast as presented.

10. May 28, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 28, 1893

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AN OHIO BANK CLOSES. The Closing Precipitated by the Foster Failure. TOLEDO, O., May 27.- - The People's bank, North Baltimore, closed its doors this morning. The announcement was made that the cashier had gone to raise money and the bank would reopen. The closing was precipitated by the failure of ex-Secretary Foster, who is a heavy stockholder. This bank holds many thousands of dollars of deposits of coal operators and producers. A run was started on the only other bank in North Baltimore, but it is promptly meeting all demands.

11. May 29, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 29, 1893

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Probably Pull Through. FINDLAY, May 29.-The People's bank of North Baltimore, in which ex-Secretary Fostor had $10,000 stock, stood a heavy run Friday and it was feared would be compelled to suspend. The bank directors announce their ability to pull through the financial storm safely.

12. May 31, 1893 The Star Reynoldsville, PA
Article from The Star, May 31, 1893

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LATER NEWS WAIFS. FINANCIAL At Melbourne, Australia, the Mercantile Financial Trustees and Agency Company has suspended payment. The nominal capital of the concern exceeds $20,000,000, and the British deposits in the institution amout to $1,500,000. At Fostoria, O., Ex-Secretary of the Treasury Charles Foster made an assignment of his large and diversified business intereste for the benefit of his creditors. This action is a shock that more than two score of business enterprises, in which Mr. Foster is intorested, outside the concerns assigned, will severely feel. Mr. Foster places the liabilities at $600,000, and scarcely expects that the sale of his holdings will realize sufficient to pay dollar for dollar. At Fostoria, O., N. Portz & Co., N. Portz and C. Foster. the predecessors of the Fostoria Brase and Iron Works Company. assigned to J. McDonald. Liabilities $30,000, Assets considerably more. J. B. Gormley, the assignee, states that further investigations show affairs in even worse shape than had been at first thought and that the liabilities of the ex Secretary would reach $800,000 and possibly $1,000 000 with the assets much less. In a letter to the prese Mr. Foster said: "Business is largely done with borrowed money. Confidence in the maintenance of sound financial conditions is essential to legitimate lending. That public confidence has for some time been shaken in the ability or capacity of the government to maintain gold payments is evident. The natural impulse of banks in such times is to strengthen themselves against some possib e and unusual draft. Then comes inability to borrow, decline in prices, suspension and bankruptcies follow." The announcement was made Saturday morning that the North Baltimore Banking Company, of which ex-Gov. Foster of Ohio is a director. and the People's bank of the same place had closed their doors. The banks have so far. with the exception of Foster & Co., experienced no trouble.

13. May 31, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, May 31, 1893

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The Bank Must Close Its Doors. FINDLAY, O., May 26.-President Lloyd Weisel of the People's bank at North Baltimore, which carries very heavy deposits of the oil producers in the oil country, was here this evening endeavoring to procure aid. Failing to secure this he announced that his bank would close its doors tomorrow morning, having been dragged down by the failure of Ex-Secretary Charles Foster of Fostoria. The bank was heavily involved by the failure of the North Baltimore furniture company, and the second blow made a run upon it 10day which it will not be able to stand tomorrow. Charles Foster was a stockholder in the bank. Oil operators and producers will lose many thousands. Findlav banks are unaffected by the Foster failure.

14. June 1, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, June 1, 1893

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LATER NEWS WAIF3, FINANCIAL At Melbourne, Australia, the Merce Financial Trustees and Agency Com has suspended payment. The nominal ital of the concern exceeds $20,000.00 the British deposits in the instits amout to $1,500,000. At Fostoria, O., Ex Secretary of the ury Charles Foster made an assignment his large and diversified business inte for the benefit of his creditors. This is a shock that more than two score of ness enterprises, in which Mr. Foster terested, outside the concerns assigned, severely feel. Mr. Foster places the ties at $600,000, and scarcely expects the sale of his holdings will realize suff to pay dollar for dollar. A1 Fostoria, O., N. Portz & Co., N. and C. Foster. the predecessors of the toria Brass and Iron Works Company signed to J. McDonald. Liabilities $30 Assets considerably more. J. B. Gorm the assignee, states that further inves tions show affairs in even worse shape had been at first thought and that the bilities of the ex Secretary would $800,000 and possibly $1,000000 with assets much less. In a letter to the Mr. Foster said: "Business is largely done with borra money. Confidence in the maintenance sound financial conditions is es-ential legitimate lending. That public confide has for some time been shaken in the ity or capacity of the government to that tain gold payments is evident. The nati impulse of banks in such times is strengthen themselves against some poss ard unusual draft. Then comes inab to borrow. decline in prices, suspension bankruptcies follow." The announcement was made Satur morning that the North Baltimore Bank Company, of which ex-Gov. Foster of is a director, and the People's bank of same place had closed their doors. The be have so far. with the exception of Foste Co., experienced no trouble.