Article Text
WILL RESUME. SPARTA, Wis., July 27.-The bank of M. A. Thayer and the Bank of Sparta suspended today to protect their depositers. The banks will resume.
19864. Bank of Sparta (Sparta, WI)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Start Date
- July 27, 1893
- Location
- Sparta, Wisconsin (43.944, -90.813)
Metadata
- Model
- gpt-5-mini
- Short Digest
5afb814dee4cca28
Response Measures
None
Description
Multiple contemporaneous articles (late July–early August 1893) report the Bank of Sparta suspended payment July 27–28, 1893 because many depositors withdrew funds amid the nationwide money stringency; reports state the banks were believed solvent and that the Bank of Sparta would resume in early August. Bank type not specified in articles.
Events (3)
1.
July 27, 1893
Run
- Cause
- Macro News
- Cause Details
- Prolonged national money stringency/financial strain caused heavy withdrawals from depositors.
- Measures
- Closed temporarily in the interest of all depositors; banks suspended payment to protect depositors.
- Newspaper Excerpt
- the prolonged strain in the financial condition of the country many depositors had withdrawn their money.
- Source
- newspapers
2.
July 27, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Suspension undertaken because prolonged national financial strain drained cash and depositors withdrew funds; action described as to protect depositors.
- Newspaper Excerpt
- the Bank of Sparta ... suspended payment. The banks were closed in the interest of all depositors.
- Source
- newspapers
3.
August 7, 1893
Reopening
- Newspaper Excerpt
- the Bank of Sparta, which suspended a few days ago, will reopen its doors in the morning.
- Source
- newspapers
Newspaper Articles (12)
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WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.
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Sparta Banks Shut Up. SPARTA, Wis., July 27.-The M. A. Thayer bank closed its doors at noon today, and at 2 o'clock the Bank of Sparta, of which Ira Hall is president, also suspended payment. The banks were closed in the interest of all depositors. On account of the prolonged strain in the financial condition of the country many depositors had withdrawn their money. Both banks are believed to be solvent.
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Lowell in the Procession, BOSTON, July 28.-At a meeting of the directors of the Tremont and Suffolk Mills at Lowell, Mass., held in this city today, it was voted to operate these mills on half time beginning Monday next. In the Iron Fields. DULUTH, Minn., July 28.-The Minnesota Iron company will close all mining operations at hand in the ore mines of the company until further notice. NAGAUNEE, Mich., July 28-The North Buffalo mine of the Buffalo-Mining company closed down Wednesday night. ISHPEMING, Mich., July 27.-The Lake Superior Mining company, which laid off 250 men ten days will close down section 16 of the mine, throwing 200 more men out Saturday night. Wire Nail Mills Closed. PITTSBURG, Pa., July 28.-The wire nail manufacturers held a meeting here yesterday and in view of the depressed condition of business it was. decided to continue the shut down until September 1. All wire nail factories in the United States are shut down at present. Failures Reported Yesterday. The S. M. Mitchell bank, Martinville, Ind., has gone into voluntary liquidation. It has been backed by $500,000. The Ellensburg (Wash.) National Bank has suspended. The Traders' Deposit Bank, Mt. Sterling, Ky., has been closed during a run; liabilities $150,000; assets, $390,000. The First National Bank of Great Falls, Mont., has assets much above liabilities but has been forced to close. Two Sparta, Wis., banks have closed, the M. A. Thayer bank, liabilities $175,000; assets $225,000; and the Bank of Sparta, liabilities, $210,000; assets, $300,000. Big Figures These. PITTSBURG, Pa., July 28.-The liabilities of the American Iron and Tube company of Harrisburg are placed at $1,250,000; the assets exceed $2,000,000. The Shut Down at Waltham. WALTHAM, Mass., July 28.-Today it was announced that Green's department at the Americsn Watch factory would not start up at all on August 7th.Green's department has about 60 hands. All other departments would be affected more or less. Oldtown Concerns Closed. OLDTOWN, July 28.-Itlooks as if Oldtown would suffer some from the general business depression. Mr. Herbert Gray, proprietor of the valise factory in this city, has a large stock on hand and as the orders are not coming in as fast as usual at this season of the year, Mr. Gray expects to close the factory for a time. Carlton & Jellison's shingle mill is closed, and Mr. E. W. Conant, owner of another shingle mill, says his mill will run but a short time longer, as there is such a small demand for shingles. Four Hundred Lost Work. HARRISBURG, Pa., July 28.-The Harrisburg Rolling Mill Company, one of the largest creditors of the American Tube and Iron Company, which yesterday went into the hands of receivers, shut down last evening and will be closed indefinitely. Over 400 men were
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Record of Failure. [By telegraph to the Dispatch.] ELLENSBURG, WASH. July 28. - -The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of Town's Bank, which failed in Portland yesterday. was also president of the Ellensburg Bank. SPARTA, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions claim that the action was taken to, protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000. and the assets at $225,000. while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500,000. MOUNT STERLING, Ky., July 28. -Last evening the officers of the Traders' Deposit Bank decided to suspend payment. owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $39,000 of good assets. The officers hope to resume business at an early day, NEW YORK, July 28.-The failure of Horatio D. Averill was announced at the Consolidated Exchange this morning. Lia. bilities small. NEW YORK, July 28. - -Adolph Goldsmith and Sigmund A. Goldsmith, composing the firm of Adolpn Goldsmith & Son, jewellers and diamond dealers, 38 Maiden Lane, to-day assigned to Jonas H. Monsheimer, with preferences for $38,043 to numerous creditors. SAN ANTONIO, TEX., July 28.-The extensive coal mines of the Mineral Colliery Company. in Webb county, have closed down. throwing a large number of men out of work. There IS no prospect of starting again. The men are leaving the county. GREAT FALLS, MONT., July 28. - The First National Bank of this city suspended payment this morning. PROVIDENCE, July 28.-The following cotton-mills in Burrillville have closed: A. L. Sales & Sons, Arnold & Perkins, Job E. Fiske, Jr., W. A. Inman, William Linkham & Co., and J. B. Nichols & Sons. CHIPPEWA FALLS, WIS., July 28.-G. E. Seymour's private bank closed its doors here this morning. PORT WASHINGTON, WIS. July 28.-The German-American Bank closed its doors this morning. There are ample securities, and depositors will lose nothing. DENVER, COL., July 28.-The Denver Hardware Company failed to-dav. ExState-Treasurer Corning is at the head of the firm. BOSTON. July 28.--E. W. Chapin & Co.'s satinet-mill, at Northboro', Mass., has shut down and the firm has assigned.
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MORE BANKS GO UNDER. NINE CLOSED IN THE WEST AND ONE IN KENTUCKY. ONLY THREE NATIONAL BANKS IN THE NUMBER -SEVERAL OF THE INSTITUTIONS LIKELY TO RESUME BUSINESS. Ellensburg, Wash., July 28.-The Ellensburg National Bank suspended payment on Wednesday. George B. Markle, president of the two banks which failed in Portland on that day, is also president of the Ellensburg bank. Portland, Ore., July 28.-The Union Banking Company has suspended. Great Falls, Mont., July 28.-The First National Bank of this city suspended this morning. The assets are much above the liabilities, and it is believed that the bank will soon resume. Money stringency is given as the cause of the failure. The bank was owned in large part by the Great Falls Town Site Company, and was a depository for the Great Northern Railway. Washington, July 28.-The First National Bank of Great Falls, which suspended this morning, has a capital of $250,000. The bank carries a line of individual deposits from $650,000 to $700,000. Controller Eckels is advised that the Chamberlain National Bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed to-day. Milwaukee, July 28.-Dispatches to "The Evening Wisconsin" from Port Washington say the GermanAmerican Bank at that place failed to-day. Chippewa Falls, Wis., July 28.-G. W. Seymour's private bank closed Its doors here this morning. There were runs on all the other banks in the town. Chicago, July 28.-A dispatch to "The Record" from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago, and backed by $500,000, went, into. voluntary liquidation yesterday. The cause of the action, it is said, is the division of the estate. Sparta, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors, and that the banks will resume. The liabilities of the Thayer Bank are placed at about $175,000, and the assets at $225,000. The liabilities of the Bank of Sparta are said to be $210,000, with assets of $300,000. Mt. Sterling, Ky., July 28.-The officers of the Traders' Deposit Bank decided last night to suspend payment, owing to a heavy run on the bank yesterday, caused by the Suspension of the Farmers' Bank. The bank owes $150,000, and has $390,000 of good assets, and the officers hope to resume business a: an early day.
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MORE BANKS FAIL. Four In Wisconsin, One in Montana, and Another in Kentucky. MILWAUKEE. July 28.-Two banks in Sparta. Wis., closed their doors here yesterday. the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175.000 and the assets at $225,000: while the liabilities of the Bank of Sparta are said to be $210,000. with assets of $300,000. The German-American Bank at Port Washington and Seymour's Bank at Chippewa Falls, Wis., failed to-day. GREAT FALLS. Mont. July 28.-The First National Bank of this city suspended this morning. owing to the Helena bank suspensions. Assets are much above liabilities. and it is believed it will soon resume. The bank was owned in large part by the Great Falls Town Site Company. and was a depository for the Great Northern Railway. It has a capital of
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NEWS NUGGETS. Srought by the Wires From the North. East South and West. The Ellensburg National Bank of Ellensburg Wash. suspended payment Thursday. The First National Bank of Great Falls, Mont., suspended Friday noon. The bank's assets are much above the liabilities. A Negaunee (Mich.) dispatch says that the North Buffalo Mint of the Buffalo Mining Company closed down Wednesday night. The Minnesota Iron Company will immediately close all mining operations at the hard ore mines of the company in Michigan until further notice. Adolph Goldsmith & Son, jewelers and diamond dealers, 38 Maiden lane, New York, have assigned. It is believed their liabilities will be large. A special from Port Washington, Wis., says the German American Bank at that place failed Friday. Seymour's Bank at Chippewa Falls also failed. At a meeting of the Tremont and Suffolk mills at Lowell, Mass., held in Boston, Friday. it was voted to operate these mills on half time. beginning Friday. Surgeon Martin of the navy, on duty at Marseilles, cabled Dr. Wyman, surgeonveneral of the marine hospital, Friday that cholers prevails at Lavalette and Aubenas, France. James G. Hill of the Great Northern Railway has purchased the Sioux City Northern Railway and also the Sioux City, Yankton & Southwestern Railway now under construction. An Ishpeming (Mich) telegram says that the Lake Superior Iron Company, which laid off 250 men 10 days ago, will close down section 16 of their mine, throwing 200 men out, Saturday night. The New Farmers' Bank of Mt. Sterling, Ky., closed its doors Friday. The deposits are about $300,000. The bank holds first-class paper to the amount of $600,000. Depositors will be paid in full. The Traders' Deposit Bank of Mount Sterling, Ky., has suspended owing to H the avy run bn the bank Tuesday caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $390,000 of assets, po The wire nail manufacturers of Pitts. burg, Pa., held a meeting and, in view of the depressed condition of business. it WHS decided to continue the shut down until Sept. 1. All wire nail manufactories in the United States are shut down at present. The schooner Aldine from Rockport, Maine, July 15, for Port De Paix. Hayti, hich put into Bahia for repairs, has been the pas that she discharge her cargo, as she is leakng badly and her upper works are dampase Two banks closed their doors at Sparta. Wis., Friday, the M. A. Thayer bank and the Bank of Sparta. Liabilities of the Thayer Bank are about $175,000. and the assets $225,000. The liabilities of the Bank of Sparta are 8210,000, with assets 10 The Harrisburg Rolling Mill Co., one of the largest creditors of the American Tabe and of Harrisburg. Pa., which
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SPARTA, Wis., July 29.-The M. A. Thayer bank closed its doors and the bank of Sparta, of which Ira A. Hill is president, also suspended payment. The banks were closed in the interest of all depositors, as the prolonged strain in the financial condition of the country had caused many depositors to withdraw their money. Both banks are believed to be solvent.
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FINANCIAL AND COMMERCIAL. At Portland, Ore., the Union Banking Company suspended. At Ellensburg, Wash,, the Ellensburg National bank suspended. At Chamberlain, D. N., the Chamberlain National Bank failed. At Sparta, Wis., the M. A. Thayer bank and the Bank of Sparta, both supposed to be solvent, closei Thursday. At Great Falls, Mont., the First National bank, with a capital of $200,000, suspended.
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Wiseonsin Bank News. Milwaukee, Aug. 5.-A dispatch from Sparta says that the Bank of Sparta, which suspended a few days ago will reopen its doors today. M. A. Thayer, operating banks at Sparta and Tomah, has made an assignment. Depositors will receive about 60 cents on the dollar The Waupaca National bank it expected to resume in a few days.
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Will Resume. MILWAUKEE, Aug. 7.-A dispatch from Sparta says that the Bank of Sparta, which suspended a few days ago, will reopen its doors in the morning. The Waupaca National bank is expected to resume in a few days.