17690. First National Bank (Portsmouth, OH)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
68
Charter Number
68
Start Date
June 21, 1893
Location
Portsmouth, Ohio (38.732, -82.998)

Metadata

Model
gpt-5-mini
Short Digest
0408848c

Response Measures

Partial suspension

Receivership Details

Depositor recovery rate
78.0%
Date receivership started
1933-12-19
Share of assets assessed as good
33.6%
Share of assets assessed as doubtful
60.5%
Share of assets assessed as worthless
6.0%

Description

Multiple newspapers report that the Citizens' Savings Bank in Portsmouth assigned to receivers on 1893-06-21 after a run, and runs more or less strong are being made on the other banks, viz.: the Portsmouth National, Farmers' National and First National. There is no article saying Farmers' National suspended or closed — only that it experienced runs and are taking advantage of the 10 per cent limit. Thus the Farmers National Bank experienced a run but remained open in the coverage provided.

Events (3)

1. August 21, 1863 Chartered
Source
historical_nic
2. June 21, 1893 Run
Cause
Local Banks
Cause Details
Contagion from the run and assignment of the Citizens' Savings Bank (failure of Citizens' Savings sparked runs on other Portsmouth banks).
Measures
Banks were taking advantage of the 10 per cent limit (paying limited withdrawals).
Newspaper Excerpt
runs more or less strong are being made on the other banks, viz; Portsmouth National, Farmers' National and First National, and they are taking advantage of the 10 per cent. limit.
Source
newspapers
3. December 19, 1933 Receivership
Source
historical_nic

Newspaper Articles (8)

Article from The Times, June 22, 1893

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Article Text

Bank Troubles in Ohio. PORTSMOUTH, O., June 21.-The Citizens' Savings Bank assigned to-day to A. F. Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000, and the assets over $400,000. The great excitement has spread, and runs more or less strong are being made on the other banks, viz.: the Portsmouth National, Farmers' National and First National, and they are taking advantage of the 10 per cent. limit. The Little Kanawha lumbering mills are in the hands of a receiver, The failure of the Chilzens' will embarrass some of the manufacturers here.


Article from Richmond Dispatch, June 22, 1893

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Article Text

Savings Bank Assignment. (By telegraph to the Dispatch.) PORTSMOUTH, OHIO, June 21.-The Citizens' Savings Bank assigned to-day to A. F. Holcome and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and the assets over 8400,000. Runs more or less serious are also being made on the other banks-viz., the Portsmouth National. Farmers' National, and First National-and they are taking advantage of the 10 per cent. limit. The Listle Kanawha Lumber Mills are in the hands of a receiver. The failure of the Citizens' Bank will embarrass some of the manufacturers here.


Article from The Morning News, June 22, 1893

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Article Text

AN OHIO BANK CLOSED. The Citzens Savings of Portsmouth In The Hands of Receivers. Portsmouth, June 21.-The Citizen's Savings bank assigned today, to A. F. Holcomb, and Frank A. Smith. A run on the bank made this step necessary. The liabilites are something over $300,000 and the assets over $400.000. Great excitement has spread and runs more or less strong are being made on the other banks. viz; Portsmouth National, Farmers National and First National and they are taking advantage of the 10 per cent. limit. The Little Kanaha Lumbering mills are in the hands of a receiver. The failure of the Citizens will embarrass some of the manufacturers here.


Article from New-York Tribune, June 22, 1893

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Article Text

BANKS SHUTTING DOWN. FOUR LOS ANGELES INSTITUTIONS CLOSED. RUNS ON BANKS IN PORTSMOUTH OHIO-BUFFALO PRIVATE BANKERS ASSIGN. Los Angeles, Cal. June 21.-Four banks closed their doors to-day. They were the First National, Southern California, Broadway Bank and East Side Bank. A large crowd assembled at the corner of First and Spring sts. early in the forenoon. At 10 o'clock notice was placed upon the doors of the Southern California to the effect that the bank would not open to-day. All eyes were turned to the Los Angeles National, which is situated on the opposite corner. Another large crowd was in front of the First National and the Farmers' and Merchants Bank There had been all sorts of pumors on the street about the former, but few people in the crowd. a large majority of whom were curiosity-seekers, doubted for a moment that the doors would be open at the usual hour, but a notice was posted on the doors of the First National to the effect that owing to a heavy run upu the bank. the doors would not be opened. Buffalo, June 21.-H. C. Tucker & Co., private bankers, doing business in the Chapin block, closed their doors this morning. The company had a large amount of money lent on mortgages, also on notes and paper, on which it was hard to realize quickly? Aside from the banking business they continued to do a general real estate, loan and in surance business. It is stated that the embarrassment will in no way affect any other business house, although the firm did a strictly Buffalo business. The figures coald not be given by either of the firm nor would either state whether there was any likelihood of their resuming business. Portsmouth, Ohio, June 31.-The Citizens Savings Bank assigned this morning to A. F. Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets $400,000. The excitement spread and runs were made on the other banks, namely. the Portsmouth National Farmers National and First National. and they are taking advantage of the 10 per cent limit. The Little Kanawha lumbering mills are in the hands of a receiver. The failure of the citizens will embarrass some of the manufacturers here.


Article from The Sun, June 22, 1893

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Article Text

ANOTHER OHIO BANK FAILS. The Citizens' Savings Bank Goes Down and Starts Run- on Other Institutions. PORTSMOUTH. Ohio, June 21.-The Citizens' Savings Bank assigned this morning to A. F. Holcomb and Frank M. Smith. A run on the bank caused it. The liabilities are $300,000 and assets $400,000. Much excitement has spread and runsare being made on the other banks. the Portsmouth National. Farmers' National. and First National. and they are taking advantage of the 10 per cent. limit. The Little Kanawha Lumbering Mills are in the hands of a rereceiver. The failure of the Citizens' Bank will embarrass some of the manutacturers here.


Article from The Roanoke Times, June 22, 1893

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Article Text

More Bank Troubles. PORT-MOUTH, Ohio, June 31.- The Citizens Savings Bank assigned to- day to A. F. Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and the assets over $400,000. Great excitement has spread and runs more or less strong are being made on other banks, viz: The Portsmouth National, Farmers National and First National, and they are taking advantage of the 10 per cent. limit. Little Kanawha Mills are in the hands of a receiver. The failure of the Citizens will embarrass some of the manufacturers here. Los ANGELES, Cal., June 21.-The Southern California National Bank and the Los Angeles National Bank here closed their doors this morning. CINCINNATI, Ohio, June 21.-Th's afternoon Crane & Co., the wealtby East End lumber dealers, assigned to Attorney C. W. Baker. The assets are given as $250,000 and liabilities $150,000.


Article from Evening Star, June 22, 1893

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Article Text

COULDN'T REALIZE ON SECURITIES. Why Some Business Concerns With Large Assets Failed. RIDGWAY, PA., June 22. 1 -The Ridgway Bank, a private institution, this morning posted the following notice on its doors: "Owing to the present depressed financial situation, rendering it impossible to realize on securities of any kind, and therefore being unable to meet all obligations, we have decided that it is for the best interests of all creditors of the Ridgway Bank to close its doors. We believe the assets to be in excess of the liabilities and that all depositors will be paid in full as soon as the assets can be realized on. A full statement will be given to the public as soon as the same can be prepared." The notice is signed by D. C. Oyster, president. and I. D. Bell, cashier. A gentleman who was in close consultation with the officials of the bank estimates the assets $364,000 and the liabilities $216,000. This bank has had the confidence of the working people. many of whom have all their wealth in the bank's care. GREENVILLE, MICH., June 22. -The City National Bank of this city WAN closed this morning by order of Bank Examiner Caldwell. No statement of the bank's condition has yet been made public. OMAHA. NEB., June 22. -Sloan, Johnson & Co., wholesale grocers, have assigned. Liabilities are upward of $300,000, with assets about $80.000. SALT LAKE. UTAH. June 22.-The Utah Clothing Manufacturing Company, one of the largest concerns of the kind 111 the territory. was closed yesterday by creditors. The capital stock of the company is $100,000. No statement has been given out yet as to the amonnt of the liabilities or assets. CHICAGO. June 22.-Baird & Bradley, a wellknown real estate firm. nssigned today. The assets are placed at $600,000 and the liabilities at $400,000. Inability to realize on real estate holdings is said to be the cause of the suspension. The partners are Lyman Baird, Wyllys W. Baird and George R. Warner. PORTSMOUTH. OHIO, June 22.-The Citizens Savings Bank assigned this morning to A. F Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets over $400,000. The great excitement has spread. and runs more or les strong are being made on the other banks, viz. the Portsmouth National. Farmers' National s, s and First National. and thev are taking ad ie, vantage of the 10 per cent limit. The Little Kanawha lumbering mills are in the hands of 8 receiver. The failure of the Citizens' will em T. barrass some of the manufacturers here.


Article from The Progressive Farmer, June 27, 1893

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Article Text

Two of the largest and reputed strongest theatrical troupes in America have gone into the hands of receivers in the past few days "Great prosperity" is no respector of persons. The Cassell Company, the great Eng lish and American publishing concern of New York and London, failed last week. The liabilities are large and the assets cannot be converted into cash at present. WASHINGTON, June 6.-Comproller Eckels to day appointed Robt. M. Ditty receiver of the Citizens' National Bank of Hillsborough, Ohio, and Elisha May, of St. Johnsbury, Vt., an examiner of national banks. FAIRFIELD, III., June 16.-The liabilities of S. Bonham, the banker. who failed yesterday, are in the neighbor hood of $125,008, with assets equal to more than that amount. Iti thought the bank will pay dollar for dollar. E. Bonham's large merchandise store is included in the assignment PORTSMOUTH, Ohio, June 31.-The Citizens' Savings Bank assigned o day to A. F. Halcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets over $400,000. Great excitement has spread and runs, more or less strong, are being made on the other banks, viz: The Portsmouth National, Farmers' National and First National, and they are taking advantage of the 10 per cent. limit. The Little Kanawha Lumbering Mills are in the hands of a receiver. The failure of the Citizens' Bank will embarrass some of the manufacturers here. ASHBORO, June 21.-J. A. Wall, a merchant at Sophia, assigned to day, R. R. Ross, trustee. This is the third assignment in Randolph in fifteen years. Los ANGELES, Cal., June 21.-The Southern California National Bank and the Los Angeles National Bank here closed their doors this morning. EUGENE, Oregon, June 20 -The Lane County Bank temporarily suspended to day. It has plenty of property in sight to secure all depositors. CORVALLIS, Oregon, June 20.-The creditors of Hamilton, Job & Co., bankers, who failed a week ago, held a meet ing yesterday. The receiver made a statement showing the total assets to be $195,000. A deduction of $62,000 for doubtful overdrafts and bills receivable leaves available assets of $133,000 The liabilities are $224,000. An assignment has been made for the benefit of the creditors. TOPEKA, Kansas, June 20.-TheState Bank Commissioner yesterday ordered the State Bank of Plainville closed. The capital stock is $50,000, but the amount of liabilities is not obtainable. The officers of the bank say that depositors will be paid in full. PITTSBURG, Pa., June 19.-The Oil Well Supply Company, with assets of $2,500,000 and liabilities of $1,000,000, was totally unable to meet its indebted ness to day, and to prevent forced sales and a waste of property had to seek of the courts. John Eaton, of company, was appresident the aid the pointed receiver by Judge A. Cheson, of the United States Circuit Court. BOSTON, Mass., June 16.-Winkley, Dresser & Co., the Milk street stationers, made an assignment to-day to Francis Doane, a well-known stationer. The liabilities are $150,000 and the assets somewhere in the same neighborhood. PHILADELPHIA, Pa., June 16.-The Reading Rolling Mill Company yesterday made an assignment for the benefit of creditors to Joseph R. Cofrode and Lllis Ames Ballard. BUFFALO, N. Y. June10 6.-The Genesee Oil Works, limited, have made a general assignment. The liabilities of the company are about $300,000. The cause of the assignment was the inability to meet several large notes when they became due or to have them extended. THE EATON, COLE AND BURN-