17811. Exchange Banking Company (Weston, OH)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: June 14, 1893
Location: Weston, Ohio (41.345, -83.797)

Metadata

Model: gpt-5-mini
Short Digest: aa24a034

Response Measures

None

Description

Multiple contemporary newspapers (June 14–16, 1893) report a heavy run on the Exchange Banking Company of Weston, Ohio, after which the bank closed its doors / suspended and directors said depositors would probably receive dollar for dollar. No article states the bank reopened or that a receiver was appointed, so final outcome is not reported; therefore classified as run_suspension_unsure. Cause attributed in reports to the general stringency in the money market (broader panic) and heavy withdrawals. No evidence of a discrete false/misinformation trigger.

Events (2)

1. June 14, 1893 Run

Cause: Macro News
Cause Details: Heavy withdrawals tied to the general stringency in the money market/banking troubles in mid‑June 1893 (widespread runs and pressure).
Measures: Directors notified depositors they would probably receive dollar for dollar; bank sought assistance but was unable to obtain help.
Newspaper Excerpt: The bank had a heavy run, and was unable to obtain assistance.
Source: newspapers

2. June 15, 1893 Suspension

Cause: Macro News
Cause Details: Suspension/closure was the result of heavy runs and inability to obtain external assistance amid the wider money market stringency in mid‑June 1893.
Newspaper Excerpt: The Exchange Banking Company at this place closed its doors, owing to a run.
Source: newspapers

Newspaper Articles (15)

1. June 15, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 15, 1893

Click image to open full size in new tab

Article Text

Claims of $80,000. MOUNT VERNON, Ohio, June 14. -The Chicago Brownstone Company, engaged in extensive quarrying in Knox county, was placed in the hands of a receiver today. The claims against the concern amount to $80,000. A Run in New York. NEW YORK, June 14.-Up to 3 o'clock this afternoon, $50,000 was withdrawn by depositors from the Irving Savings Institute. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency over $600,000. Couldn't Find Aid, TOLEDO, O., June 14.-The Exchange Banking Company of Weston, capitalized at $50,000, closed its doors today. The bank had a heavy run, and was unable to obtain assistance. Citizens' Bank Suspends. INDIANAPOLIS, Ind., June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the strihgency in the money market. The capital stock is $50,000. Trouble Over at Omaha. OMAHA, Neb., June 14.-Runs on the Omaha savings banks subsided this morning, almost as quickly as they began yesterday. There were a few depositors at the Ohama Savings bank demanding their money but it became apparent that the rush was over and the anxious ones left without*taking their cash. Hard Up But Solvent, NEW YORK, June 14.-It is stated the Chicago dry goods house of James H. Walker & Co., has been forced by the stringency in the money market to secure an extension from its creditors on bills aggregating $600,000. The concern is declared perfectly solvent.

2. June 15, 1893 The Herald Los Angeles, CA

Click image to open full size in new tab

Article Text

EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8

3. June 16, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 16, 1893

Click image to open full size in new tab

Article Text

ers' and Merchants' State Bank at Fairmount, Grant County, is closed. Quite a number of farmers threaten to use dynamite to blow up the bank. It had a paidup capital of $50,000. ST. LOUIS, Mo., June 15.-S. Bonham, banker, of Fairfield, III., has failed. It is impossible now to give a statement of the liabilities. The deposits were large up to the last few days. WESTON, Ohio, June 15.-The Exchange Banking Company at this place closed its doors, owing to a run. There is no statement. OMAHA, Nebr., June 15.-The run on the Omaha banks is practically over, the Omaha Savings, which caught it hardest, having passed through two days' siege apparently without inconvenience, and today there is no indication at any of the banks of the strain of the past forty-eight hours.

4. June 16, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 16, 1893

Click image to open full size in new tab

Article Text

WANTED TO BLOW IT UP. / Farmers Who Lost in This Bank Threaten to Use Dynamite. ANDERSON, Ind., June 15.-The Farmers and Merchants' state bank of Fairmount. Grant county, closed its doors yesterday and assigned. A crowd of farmers rushed for the bank and threatened to use dynamite under it. It had a paid up capital of $50,000, with a surplus of $5000 at the last report. Dollar for Dollar. WESTON, o., June 15.-The Exchange Banking company of this place closed its doors today. The bank has encountered a run and was unable to get help. The directors notified the depositors that they would probably receive dollar for dollar. The Run in Gotham. NEW YORK, June 15. .-The run on the Irving Savings Institution was renewed this morning. A majority of those in line were women. Over twenty accounts were closed in the first hour and $15,000 withdrawn. None of the large depositors were present. Deposits $600,000. ARKANSAS CITY, Kan., June 15.-The first national bank of this city, one of the oldest and strongest financial institutions in the southwest, failed to open its doors this morning. The deposits are said to be $600,000.

5. June 16, 1893 The Herald Los Angeles, CA

Click image to open full size in new tab

Article Text

More Collapsed Banks. ANDERSON, Ind., June 15.-The Farmere and Merchants State bank at Fairmount, Grant county, has closed. Quite a number of farmers threaten to use dynamite to blow up the bank. It had a paid-up capital of $50,000. WESTON, O., June 15.-The Exchange Banking company of this place has closed its doors, owing to a run. No statement. ARKANSAS CITY, Kan., June 15.-The First National bank of this city, one of the oldest, and generally believed to be one of the strongest financial institutions in the southwest, failed to open its doors this morning. The deposits are reported to be $600,000. Sr. LOUIS, June 15.-S. Bonham, a banker of Fairfield, Ill., has failed. It is impossible now to give a statement of the liabilities. The deposite were large up to the last few days.

6. June 16, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 16, 1893

Click image to open full size in new tab

Article Text

CONCERNING BUSINESS AND FINANCE. NEW YORK, June 15.-About 150 depositors waited the opening of Irving Savings Institution this morning. Secretary Latimer pushed through the line with a bag containing $40,000 in small bills which were heaped up besides stacks of big bills and the payments began. Fifteen thousand dollars were withdrawn the first hour. The heavy depositors are not touching their money. ARKANSAS City, June 15.-The - First National bank of this city, one of the oldest and generally believed to one of the strongest financial institutions in the Southwest, failed to open its doors this morning. The deposits are reported to be $600,000. WESTON, O., June 15.-The Exchange Banking Company, of this place, has closed its doors. The bank had a run and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar. NEW YORK, June 15.-G. Cottier & Son, dealers in diamonds, at 171 Broadway, today assigned to Samule Greenbaum without preferences. Liabilities it is said exceed $100,000. The assets will at least equal the liabilities. The failure it is said was caused by poor business and heavy losses caused by recent failures. ST. LOUIS, June 15.-S. Bonham, banker, Fairfield, Ills., has failed.

7. June 16, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, June 16, 1893

Click image to open full size in new tab

Article Text

Ohio Bank Suspends. WESTON, O., June 16. -The Exchange Banking company of this place has closed its doors. The bank had a run, and was unable to get help. The directors have not fied depositors that they will probably receive dollar for dollar.

8. June 16, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, June 16, 1893

Click image to open full size in new tab

Article Text

Ohio Bank Suspends. WESTON, O., June 16.-The - Exchange Banking company of this place has closed its doors. The bank had a run, and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar.

9. June 16, 1893 The Sun New York, NY

Click image to open full size in new tab

Article Text

BANKS IN TROUBLE. The First National of Arkansas City, Kan., Closes Its Doors. ARKANSAS CITY. Kan.. June 15.--The First National Bank of Arkansas City. Kan.. closed its doors to-day. It was organized June 30. 1885. with a capital stock of $50,000. which it afterward increased to $125,000. When examined in December. 1892. it had a capital of $125,000 and surplus and profits as shown by its books mounting to about $90,000. but the Examiner's report showed that excessive loans and discounts to the amount of $180,000 had been made to ten parties. and that loans and discounts to the amount of $60,000 had been made to the President. William Steeth. the cashier. H. P. Farrar. and the assistant cashier. F. W. Farrar. The Examiner estimated that losses to the extent of $140,000 had been sustained by the bank. and the Comptroller. in criticising the report then made. directed the bank to use its surplus and profits to charge off $90,000 of this estimated loss. and gave notice of an assessment of $50,000 upon the bank to make good the impairment of capital shown to this amount. The bank WAS again examined on April 20. and the Examiner. being still of the opinion that the capital was impaired by losses sustained upon its Assets. the Comptroller thereupon notifled the bank that the assessment must be paid in by the shareholders without further delay. The closing of the bank is due to the fact that having most of its resources tied up in loans and other investments which could not be converted into cash. it was unable to respond to the demands of depositors, the bulk of the deposits being payable on demand. The President and the cashier appear to have been the main managers of the bank. and to their conduct of affairs in a large measure is due the condition which brought about the collapse of it. This afternoon Comptroller Eckels appointed Hiram Walworth of Plattsburgh, N.Y., receiver of the bank. ST. LOUIS, June 15.-8. Bonham. banker. at Fairfield. Ills., has failed. INDIANAPOL'S June 15.-The Comptroller of the Currency has extended the time for reopening the Capital National Bank until Monday next. at which time it will resume. The bank now has $500.00 in its vaults, and the directors announce that it will have $750,000 with which to open its doors. sufficient to pay every depositor on sight. ANDERSON. Ind.. June 5.-The Farmers' and Merchants State Bank at Fairmount, Grant County, just north of here. closed its doors yestorday and assigned to Philip Matthew of Marion. Ind. Quite a crowd of farmers rushed for the bank and threatened to use dynamite under it. Alpheus Henley. J. E. Winslow, and Lovi Scott are its officers. It had a paid-up capital of $50,000. with a surplus of $5,000 at the last report. CHICAGO. June 15.-Atn meeting of thestockholders of the Chemical National Bank yesterday it was decided to resume business. Steps were taken toward reorganization WESTON. O., June exchange Banking Company of this place has closed its doors. The bank had a run and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar. BOSTON. June 15.-Receiver Trask of the Order of the Unity has discovered a defleit in the treasury accounts of the order amounting to between $18,000 and $20,000. He also reports the destruction or concealment of important books and vouchers. Charles A. Klinnton. Suprame Treasurer of the order. through whose hands all the money passed. has been missing from his residence in Somerville for nearly a fortnight and cannot be found.

10. June 16, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 16, 1893

Click image to open full size in new tab

Article Text

will Get Their Money. WESTON, O., June 15.-The Exchange Banking company, of this place, has closed its doors. The bank had a run and was unable to get help. The directors have notified depositors that they will probably receive dollar for dollar.

11. June 16, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 16, 1893

Click image to open full size in new tab

Article Text

An Ohio Bank Closed. WESTON, O., June 15.-The Exchange Banking company of this place has closed its doors, owing to a run. No statement is given.

12. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS

Article from The Advocate and Topeka Tribune, June 21, 1893

Click image to open full size in new tab

Article Text

and morning, statement is unobtainable. The cause is supposed to be the failure of the Fairchild woolen mills. ARKANSAS CITY, June 15.-The First National bank of this city, one of the oldest, and until recently considered one of the strongest financial institutions in the southwest, failed to open its doors this morning. WESTON, O., June 14.-The Exchange t Banking Company, with 8 capital srock of $50,000, has been compelled to suspend because of the heavy runs the past few days. It is thought the depositors will be paid in full. NEW YORK, June 14.-Ernest E. Kipling, importer of precious stones, with branches at Providence, R. I. and Paris, has suspended and a receiver appointed. The stringency in the money market and the heavy losses by recent jewelry failures is given as the cause. The liabilities are about $150,000, the assets will exceed that amount. ROCKFORD, ILL., June 14.-The Rockford Folding Bed Company assigned. The liabilities, $50,000; assets, $25,000. DENVER, June 14.-The Pioneer Lithographing Company has made an assignment. Liabilities, $35,000; assets, $55,000. CHAMBERLAIN, S. D., June 14.-The Brule county bank closed its doors owing to the failure of the Union Stock Yards bank at Sioux City. PARSONS, KAS., June 13.-The City bank of Angell, Matthewson & Co. of this city made an assignment this morning. The failure is due to an overstock of real estate. The liabilities are between $120,000 and $125,000. The firm has turned over $350,000 in real estate to satisfy creditors. The assignment in no wise affects the other banks of the city, or any other business enterprise. LANSING, MICH., June 13.-The state bank of Crystal Falls made an assignment to-day. The capital stock amounts to but $25,000 and deposits at $60,000. The bank was involved in the failure of the Plankinton bank in Milwaukee. CLEVELAND, O., June 13.-The Williams Publishing company, one of the largest printing houses in the state, passed into the hands of 8 receiver today to avoid a threatening onslaught of creditors. They expect to clear themselves. MOBERLY, Mo., June 13.-At10o'clock this morning the following notice was placed upon the front door of the Exchange bank of this city, of which Adam Given is president and O. E. Hannah cashier: This bank is closed and now in possession of the undersigned assignee under deed of assignment for benefit of creditors. W.A. WRIGHT, Assignee. NASHVILLE, TENN., June 13.-The Nashville Savings Co., Thomas S. Marr, president, the oldest financial institution in Nashville, founded in 1853, nled articles of assignment to-night at 9 o'clock. The liabilities are placed at $222,000, and the assets, accordiug to the president's estimate, will pay not more than 25 or 30 per cent. Among the stated assets is $60,000 due from Arthur &

13. June 23, 1893 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, June 23, 1893

Click image to open full size in new tab

Article Text

RESULT OF A RUN. Toledo, Ohio, June 16.-The Exchange Banking Company of Weston, Ohio, a concern capitalized at $50,000, closed its doors this morning. The bank has had a heavy run, and being unable to obtain assistance, was compelled to suspend business. It is alleged that depositors will be paid in full.

14. June 23, 1893 Idaho County Free Press Grangeville, ID

Article from Idaho County Free Press, June 23, 1893

Click image to open full size in new tab

Article Text

MONEY TROUBLES. Measure of Relief Proposed by the New York Clearing House. NEW YORK, June 15.-In view of the serious drain upon the banks here, caused by demands from the interior, the clearing house committee proposes that every clearing house center in the country issue clearing house certificates, which would make available for use between banks a vast amount of perfectly good assets which are now uncurrent. In the opinion of sagacious and conservative bank officers of this city, this would be a long step toward a reetoration of confidence. Receiver Appointed, SEATTLE, Wash., June 15.-The Ranier electric railway and power company and the Seattle consolidated street railof way a receiver company through have gone failure into to the dispose hands of bonds. D. T. Denny, the principal owner, to protect all his creditore has given trust deeds, and deeds and mortgages on all his property. His assets are much larger than his liabilities. Big One In Arkansas City. ARK ANSAS CITY, Kan., June 15.-The First national bank, of this city, one of the oldest and generally believed to be one of the strongest financial institutions in the southweet, failed to open its doors this morning. The deposits are reported to be $600,000. Threaten to Use Dynamite. ANDERSON, Ind., June 15.-The Farmers & Merchants' state bank at Fairmount, Grant county, is closed. Quite a number of farmers threaten to use dynamite and blow up the bank. It had a paid up capital of $50,000. Flood's Case With the Jury. SAN FRANCISCO, June 15.-The trial of J. W. Flood, charged with embezzlement of $164,000 from the Donabue-Kelly banking company, closed today and the jury retired. Temporary Help. NEW YORK, June 15.-The Clearing association has decided to issue six per cent loan certificates to tide those banks which need help over the present financial trouble. Dismond Dealers Assign. NEW YORK, June 5.-C. Cotier & Son, diamond dealers, assigned today. Their liabilities exceed $100,000, and their assets are equal in amount. Couldn't Stand the Pressure. WESTON, O., June 15.-The Exchange banking company of this place has closed its doors, owing to a run. One in Illinois. Sr. Louis, Mo., June 15.-S. Boneham, a banker of Fairfield, Ills., has failed.

15. June 24, 1893 The Bottineau Pioneer Bottineau, ND

Article from The Bottineau Pioneer, June 24, 1893

Click image to open full size in new tab

Article Text

RESULT OF A RUN. Teledo, Ohio, June 16.-The Exchange Banking Company of Weston, Ohio, concern capitalized at $50,000, closed its doors this morning. The bank has had heavy run, and being unable to obtain assistance, was compelled to suspend business. It is alleged that depositor will b. paid in full.