19486. Ridgeway Bank (Ridgway, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 22, 1893
Location
Ridgway, Pennsylvania (41.420, -78.729)

Metadata

Model
gpt-5-mini
Short Digest
dcda5910

Response Measures

None

Description

Multiple papers (June 22, 1893) report the Ridgeway Bank (Ridgway, PA) as having suspended/failed during the nationwide financial stringency of June 1893. Sources call it a private institution and give assets ~$364,000 and liabilities ~$216,000. No reopening is reported; described as failed/closed, so classified as suspension leading to closure.

Events (1)
1. June 22, 1893 Suspension
Cause
Macro News
Cause Details
Closed amid the general financial stringency/panic of June 1893 (wide banking suspensions and heavy withdrawals across the country). No specific internal scandal or run is described for this bank in the articles provided; closures are attributed to the monetary stringency of the period rather than a discrete rumor or bank-specific insolvency event in the texts beyond the general panic note (papers also call it a failure).,random_run:false,random_run_snippet:null,measures:null}]}{
Newspaper Excerpt
RIDGEWAY, Pa., June 22.-The Ridgeway Bank has failed. Assets $364,000, liabilities, $216,000.
Source
newspapers

Newspaper Articles (8)
1. June 23, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 23, 1893

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Article Text

BANK FAILURES. The Financial Stringency Causes Various Suspensions. San Francisco, June 22.-At a meeting of the board of directors of the Pacific Bank tonight it was decided not to open the doors tomorrow. The direct cause of the suspension is a notice from the clearing-house association that the bank's paper would not hereafter be accepted. It has been known for some time that the bank was laboring under financial difficulties, and the announcement from the board does not create much surprise. The Pacific Bank was organized in 1863 by R. H. McDonald, and its present manager is R. H. McDonald. It has a paid-up capital stock of $1,000,000. It had a nominalreserve of about $700,000 and deposits of about $1,500,000. The loans are said to be about $2,500,000. The failure seems to be altogether due to the recent monetary troubles, and it is expested that the depositors will lose nothing. It is believed that the closing of the doors of the Pacific Bank will result in the suspension of the Peoples' Home Savings Bank, a collateral institution, and practically under the same management. Santa Ana, Cal., June 22.-The First National bank and the Commercial bank of Santa Ana did not open their doors this morning owing to heavy withdrawals and inability to collect fast enough. Both are solvent and have ample assets. It is understood that both the Orange and Tustin banks have closed for a like reason. It is regarded here as a senseless scare. Pomona, Cal., June 22.-The People's Bank did not open this morning. This notice was posted on the door: "Owing to the existing financial stringency, the board of directors of this bank have decided to temporarily close its doors. Depositors will be paid in full." There is very little excitement. The belief is .general that the bank is perfectly solvent. New Whatcom, June 22.-The First National Bank, the oldest bank in the county, closed its doors today at 12 o'clock. Cashier Atkins states that every depositor will be paid in full. Greenville, Mich., June 22.-The City National Bank has been closed by the bank examiners. No statement has as yet been made. Ridgeway, Pa., June 22.-The Ridgeway Bank has failed. Assets $364,000, liabilities, $216,000.

2. June 23, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 23, 1893

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Article Text

Business Embarrassments GREENVILLE, Mich., June 22.-The City National Bank suspended payment this morning, and George B. Caldwell, bank examiner, took possession. The failure 18 due to & steady run on the bank, $52,000 having been withdrawn in three weeks, and the inability of the bank officers to negotiate loans, although they had kilt edge security. The examination up to this time shows deposits of $210,000, and assets of $312,000. BOSTON, June 22.-Creesy & Noyes, contractors and builders. and Benning C. Noyes & Co., furniture manufacturers, have made an assignment. Mr. Creesy is president of the Little Kanawha Lumber Company. which lately went into the hands of a receiver. and the assignment of the two aboye-mentioned firms is due to their being involved as indorsers on the paper of the company. CHICAGO, June 22.-Baird & Bradley. a well-known real estate firm, assigned today. The assets are placed at $600,000 and liabilities at $400,000. Inability to realize in real estate holdings is said to be the cause of the suspension. The partners are Lyman Baird, Wyllis W. Baird and George R. Warner. RIDGEWAY, Pa., June 22.-The Ridgeway Bank, a private institution, has suspended. The assets are estimated at $564,000 and the liabilities at $216,000. Many working people have all their means in the bank's care. NEW YORK, June22.-D. MeD. White, of the Consolidate Stock Exchange, has aunounced bisinability to meet contracts.

3. June 23, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 23, 1893

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Article Text

Ridgeway Bank Suspends. RIDGEWAY, PA., Juno 22.-The Ridge. way Bank, a private institution, has suspended. A gentleman who was in consultation with the officials of the bank during the night, estimates the assets at $364,000. and the liabilities at $216,000. This bank has had the confidenco of the working people, many of whom have all their means in the bank's care

4. June 23, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 23, 1893

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Article Text

THE FAILURE CROP. A Large Coffee House in New York Suspends. NEW YORK, June 22.-The failure of Henry Sheldon & Co., tea and coffee dealers at 109 Front street, is announced. The firm is one of the best known coffee houses on the street and have done a large business. They are highly rated in the commercial agencies, and the resources are between $200,000 and $300,000. D. McD. White, of the Consolidated Stock Exchange, has announced his inability to meet contracts. BOSTON, June 22.-Creesy & Noyes, contractors and builders, and Benning C. Noyes & Co., furniture manufacturers, have made an assignment. Mr. Creesy is president of the Little Kanawha Lumber company, which lately went into the hands of a receiver, and the assignment of the two above-mentioned firms is due to their being involved as endorsees on the paper of that company. GREENVILLE, Mich., June 22.-The City National bank, of this city, was closed this morning by order of the bank examiner, Caldwell. No statement of the bank's condition has vet been made public. The cause of the suspension was the steady withdrawal of deposits and the stringency of the money market. RIDGEWAY, Pa., June 22. - The Ridgeway bank, a private institution, has suspended. A gentleman who was in close consultation with the officials of the bank during the night estimates the assets at $364,000, and the liabilities $216,000. This bank has had the confidence of the working people, many of whom have all their means in the bank's care. SANTA ANA, Cal., June 22.-The First National bank and the Commercial Bank of Santa Ana did not open their doors this morning, owing to heavy withdrawis of deposits and inability to collect fast enough. Both are declared to be solvent, have ample assets and can in time pay in full. POMONA, Cal., June 22. -The People's bank did not open this morning. This notice was on the door: "Owing to the existing financial stringency, the board of directors of this bank have decided to temporarily close its doors. Depositors will be paid in full." Los ANGELES, Cal., June 22.-A careful review of the banking situation indicates that the financial atmosphere is clearing. The arrival of a large amount of coin from the North, aggregating $250,000, and the announcement that $500,000 more would arrive today had a reassuring effect. The Farmers and Merchants' bank received $500,000 additional this morning, and opened its doors with over a million of coins in its vaults, more than enough to meet all demands. It is estimated that about $8,000,000 has been withdrawn from the banks during the

5. June 27, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, June 27, 1893

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PITTSBURG, Pa., June 16.-Judgments and executions were filed in the Prothonotary's office this morning against the Duquesne Tube Works Company for $350,000. Anexactstatement of the account cannot at this time be obtained. It is stated that nearly the entire debt of the company is included in the judgment. This is secured by the property of the company. RIDGEWAY, Pa, June 22.-The Ridge way Bank a private institution. closed its doors this morning. The officers of the bank say all the depositors will be paid in full as soon as the assets can be realized on. POMONA, Cal, June 22 - -The People's Bank did not open this morning and this notice was on the door: Owing to the existing financial stringency, the board of directors of this bank have decided to temporarily close its doors. Depositors will be paid in full." GREENVILLE, Mich, June 22 -The City National Bank, of this city, was closed this morning by order of Bank Examiner Caldwell. No statement of the bank's condition has yet been made public. OMAHA, Neb., June 27. Sloan, Johnston & Co., wholesale grocers, have assigned. Liabilities up wards of $300,000; assets about $80,000. NEW YORK, June 22. -The Post announces the failure of Henry Sheldon & Co., a well-known tea and coffee firm. They are highly rated in commercial agencies. The resources are between $200,000 and $300,000. NASHVILLE, Tenn., June 22.-B. T. Rhea & Son, grain dealers, assigned for the benefit of their creditors to day. Liabilities estimated at $100,000, with about equal assets. The local banks are the largest creditors:

6. June 28, 1893 Watertown Republican Watertown, WI
Article from Watertown Republican, June 28, 1893

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WORKING PEOPLE MAY LOSE. Pennsylvania Bank Carrying Large Savings Sums Suspends. RIDGEWAY, Pa., June 22.-The Ridgeway Bank, a private institution, has suspended. A gentleman who was in close consultation with the officials of the bank during the night estimated the assets at $364,000 and the liabilities $216,000. This bank has had the confidence of the working people, many of whom have all their means in the bank's care.

7. June 29, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, June 29, 1893

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Faillites da Banques La "City National Bank" de Greenville Mich. 8 suspendu ses paiements. Est fermée également la "Ridgeway Bank" de Ridg way Pa. Passif 236000 doilars. La Todd County Bank de Long Praire Minn a fait faillite. La "St Paul & Minneapolis Trust Co" de Minnespo'is dont l'ex gouverneur A. McGill est président a déposé son bilan. L'inspecteur des banques M. Caldwele a ordonné la fermeture de la "Cty National Bank" de Greenville Mich. Passif encore inconnu. La "Queen City Bank" de Buffulo N. Y. ayant un capital de 600,000 dollars a suspendu ses paiemente. Fredman & Fredman de Chicago ont déposé leur bilan ainsi que Sherman & Byrne de New-York et Creety & Noyes de Boston. L'American Exchange Bank de Minheapolis a fermée BES portes. La "First National Bank" et la Commercial Bank" toutes deux de Santa Anna Cal. n'ont pas ouvert leuis portes samedi dernier. Les portes de la "Peoples Bink" de Pomoma Cal. sont restées her métiquement closes lundi matin. La "Bank of Commerce" de San Diego, Cal. a fait faillite. Il en est de même de la "Loan & Savinga Bank" de Tresno Cal La "State Bank" et la "Bank of New England" de Minneapolis ont suspendu leurs paiemente. MM. B iri et Bradly de Chicago ont fait faillite. Passif 400,000. Tombées également: "The Sabina Bank" of Wilmington, Ohio et la "Bank of Ness City," Kansas. Quand donc la serie sera-t-elle terminée?

8. June 30, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, June 30, 1893

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MONETARY MATTERS. More Suspensions on Account of the General Funncial Stringency. SANTA ANA, Cal., June 22. .-The First national bank and the Commercial bank of Santa Ana did not open their doors this morning, owing to heavy withdrawals of deposits and their inability to collect fast enough. Both are solvent and have ample assets. It is understood that both the Orange and Tustin banks have closed for a like reason. It is regarded here as a senseless scare. One at Pomona, Cal. POMONA, Cal., June 22.-The People's bank did not open this morning. This notice was on the door: "Owing to the existing stringency, the board of directors of this bank have decided to temporarily close its doors. Depositors will be paid in full." There is very little excitement. The belief is general that the bank is perfectly solvent. Aid for Los Angeles Banks. NEW YORK, June 22.-Several telegraphic transfers of monev to San Francisco were made by New York banks this morning. Up to 1 o'clock the amount aggregated $850,000. This was paid for in gold certificates and treasury notes. The money transferred is intended for Los Angeles banks. Michigan. GREENVILLE, Mich., June -The City national bank was closed today by the bank examiner. No statement has been made public. Pennsylvania. RIDGEWAY, Pa., June 22.-The Ridgeway bank has failed. Assets, $364,000; liabilities, $216,000. Interest on Bonds. WASHINGTON, June 22. - Secretary Carlisle has directed the the July interest on the four per cent bonds be paid Monday.