18545. First National Bank (Logan, UT)

View Charter #4670 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4670
Charter Number
4670
Start Date
May 16, 1899
Location
Logan, Utah (41.735, -111.834)

Metadata

Model
gpt-5-mini
Short Digest
00e2f878dc8e7693

Response Measures

No run

Description

Newspaper reports (May 16-17, 1899) describe a circulated rumor that the bank had lost $20,000 which threatened a run; the report was false and the bank's actual exposure to the failed merchant was about $3,300 (largely secured). No suspension, closure, or reopening is mentioned.

Events (2)
1. December 22, 1891 Chartered
Source
historical_nic
2. May 16, 1899 Run
Cause
Rumor Or Misinformation
Cause Details
Circulated report that the First National Bank had lost $20,000 in connection with Orson Smith's failure; rumor was untrue and actual indebtedness was about $3,300, mostly secured.
Newspaper Excerpt
A report was circulated yesterday that the bank had lost $20,000 through the failure; the rumor threatened a run on that Institution. There was no truth in the report, however.
Source
newspapers

Newspaper Articles (3)
1. May 16, 1899 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, May 16, 1899

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Article Text

LOGAN HAS SYMPATHY. It May Result in Substantial Assistance for Mr. Smith. Special per Deseret Telegraph. Logan, Utah, May 16.-From evidence on the surface a movement is gradually shaping to raise a fund to retrieve Orson Smith's financial difficulties and If possible to secure his return. Several citizens of prominence are connected with the movement and one told your correspondent this morning that he was willing to give one hundred dollars and that he thought there were 100 others who would do likewise. The prominent part Mr. Smith has played in the development of this county is winning sympathy for him. The B. Y. College has filed suit against Orson Smith for $2,664. balance due on wheat sold to him. The First National Bank has advertised the sale of the grain now in the elevator, on June 1st. A report was circulated yesterday that the bank had lost $20,000 through the failure: the rumor threatened LA run on that Institution. There was no truth in the report, however,

2. May 17, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 17, 1899

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Article Text

SIZE OF ORSON SMITH'S DEBTS NOW ESTIMATED THAT CACHE FARMERS LOSE $75,000. Inspector Small Examines Postoffice and Finds Everything RightRace For the Postmastership. (Special to The Herald.) Logan, May 16.-As the news of Orson Smith's failure spreads the sum of his liabilities is gradually increased. It now appears that farmers in the heavy grain producing districts of the northern end and west side of the valley are the greatest losers. Today the general impression is that the liabilities will be nearer $75,000 than the figures previously given. of course, no accurate estimate can be made just now, as it is not known just how much each individual received on the grain sold to Smith. One paper today attempts to give the amounts lost by various farmers, but the figures given are absolutely untrustworthy. The first man named-Bishop Davidson-is credited with having lost 1,400 bushels. As a matter of fact, he sold that amount of grain to Smith for 50 cents per bushel and received half of the money upon delivery of the wheat. He is out the rest-$370. Perhaps the saddest case developed by the failure is that of Thomas Wilson. an aged resident of the Fifth ward, who loaned Smith all the money he had, and in consequence is left nearly penniless. There is some talk here of money being raised for the purpose of helping to pay off some of the bankrupt's debts and inducing him to return here. The news got abroad yesterday that the First National bank was a loser to the extent of about $20,000. and the result was that a run on the institution was threatened until it was learned that $3,300 was the total indebtedness of Smith to the bank, and that the greater part of that was secured. Inspection of Postoffice. Postal Inspecter J. A. Small has been going through the accounts of the postoffice this afternoon. He found everything all right. He has notified Smith's bondsmen, L. R. Martineau, Joseph Morrell and John H. Anderson, that they must appoint someone immediately to take charge of the office until a new appointment of postmaster is made. Two of the bondsmen are out of town, but the appointment will be made when they return. Glen Miller has given the naming of the next postmaster to Joseph Knowles, chairman of the Republican county committee. No active canvass for the position of postmaster has as yet been made, and the way in which the Tribune correspondent, E. T. Hyde. throws boquets at himself in today's Tribune, is causing unbounded amusement here. Joseph Squires, the young man who has been the real postmaster ever since Smith took the office, will likely be a formidable candidate for the job. and he will have the support of the younger element of the town.

3. May 17, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 17, 1899

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Article Text

SIZE OF ORSON SMITH'S DEBTS NOW ESTIMATED THAT CACHE FARMERS LOSE $75,000. Inspector Small Examines Postoffice and Finds Everything RightRace For the Postmastership. (Special to The Herald.) Logan, May 16.-As the news of Orson Smith's failure spreads the sum of his liabilities is gradually increased. It now appears that farmers in the heavy grain producing districts of the northern end and west side of the valley are the greatest losers. Today the general impression is that the liabilities will be nearer $75,000 than the figures previously given. Of course, no accurate estimate can be made just now, as it is not known just how much each individual received on the grain sold to Smith. One paper today attempts to give the amounts lost by various farmers, but the figures given are absolutely untrustworthy. The first man named-Bishop Davidson-is credited with having lost 1,400 bushels. As a matter of fact,, he sold that amount of grain to Smith for 50 cents per bushel and received half of the money upon delivery of the wheat. He is out the rest-$370. Perhaps the saddest case developed by the failure is that of Thomas Wilson. an aged resident of the Fifth ward, who loaned Smith all the money he had, and in consequence is left nearly penniless. There is some talk here of money being raised for the purpose of helping to pay off some of the bankrupt's debts and inducing him to return here. The news got abroad yesterday that the First National bank was a loser to the extent of about $20,000, and the result was that a run on the institution was threatened until it was learned that $3,300 was the total indebtedness of Smith to the bank, and that the greater part of that was secured. Inspection of Postoffice. Postal Inspecter J. A. Small has been going through the accounts of the postoffice this afternoon. He found everything all right. He has notified Smith's bondsmen, L. R. Martineau, Joseph Morrell and John H. Anderson, that they must appoint someone immediately to take charge of the office until a new appointment of postmaster is made. Two of the bondsmen are out of town, but the appointment will be made when they return. Glen Miller has given the naming of the next postmaster to Joseph Knowles, chairman of the Republican county committee. No active canvass for the position of postmaster has as yet been made, and the way in which the Tribune correspondent, E. T. Hyde, throws boquets at himself in today's Tribune, is causing unbounded amusement here. Joseph Squires, the young man who has been the real postmaster ever since Smith took the office, will likely be a formidable candidate for the job. and he will have the support of the younger element of the town.