21055. City National Bank (Brownwood, TX)

View Charter #4344 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4344
Charter Number
4344
Start Date
June 16, 1893
Location
Brownwood, Texas (31.712, -98.976)

Metadata

Model
gpt-5-mini
Short Digest
05cfe20d

Response Measures

Full suspension, Books examined

Other: Receiver appointed by Comptroller; criminal charges against cashier/ president later brought but acquitted.

Description

Multiple dispatches report a run beginning June 16–17, 1893; directors closed the bank and Bank Examiner/Controller appointed a receiver. Later criminal charges against the cashier/president S. J. Walling arose, but he was ultimately acquitted. I corrected minor OCR inconsistencies in dates (reports give June 16–17, 1893) and used June 16 as the suspension/closure date reported in some pieces.

Events (3)
1. June 16, 1893 Run
Cause
Macro News
Cause Details
Tightness of the money market and slow collections prompted depositors to withdraw funds, producing a heavy run beginning June 16–17, 1893.
Newspaper Excerpt
A run on the bank was begun yesterday that continued until they were compelled to close.
Source
newspapers
2. June 16, 1893 Suspension
Cause
Macro News
Cause Details
Directors closed the bank after a sustained run and citing tightness of the money market and slow collections.
Newspaper Excerpt
Closed by order of the directors.
Source
newspapers
3. June 20, 1893 Receivership
Newspaper Excerpt
Controller Eckels today appointed Mr. Buckley B. Paddock ... receiver of the City National Bank of Brownwood, Texas, insolvent. This bank was voluntarily closed by the action of its directors on the 16th instant.
Source
newspapers

Newspaper Articles (16)
1. June 17, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, June 17, 1893

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Article Text

BROWNWOOD'S BANK BREAKS. City National Bank "Closed By Order of the Directors." DALLAS, Tex., June 17,-A News' Brownwood, Tex., special says: "The City National Bank of Brownwood closed its doors yesterday. A sign was hung out "Closed by order of the directors." Tightness of the money market and slow collections are the causes assigned by the directors. A run on the bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $150,000. The Waterloo Bank's Waterloo. WATERLOO, Iowa, June 3.-The First National Bank of Grundy Centre closed its doors yesterday.

2. June 17, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 17, 1893

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Article Text

A Texas Bank Closes. BROWNWOOD, Tex., June 16. - The City National bank has closed its doors. Tightness of the money market and slow collections are the cause assigned.

3. June 17, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 17, 1893

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Article Text

City National bank of Brownwood closed its doors this morning. The tightness of the money market and slow collections are the causes assigned by the directors. A run on the bank was begun yesterday and was steady until they were compelled to close. The capital of the bank 19 $150,000, and a small surplus. BUFFALO, June 16.-The Genessee Oil works, limiled, 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 have them extended. NEW YORK, June 16.-The Union Iron works have applied for a voluntary dissolution, and the supreme court has appointed Merritt E. Haviland receiver and Daniel T. Martin referee to pass upon the claims and accounts of the concern. The petition states that the liabilities are $63,884. The assets consist chiefly of work done on contracts, and are about $34,900. BOSTON. June 16-Finkley. Dresser & Co., the Milk street stationers, made an assignment today. The liabilities are $150,000, and the assets somewhere in the same neighborhood. The cause of the failure is tight money.

4. June 18, 1893 The Morning News Savannah, GA
Article from The Morning News, June 18, 1893

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A BANK FAILURE IN TEXAS. The City National of Brownwood Closes Its Doors. Dallas, Tex., June 17.-A special from Brownwood, Tex., says: "The City National Bank of Brownwood closed its doors yesterday. A sign was hung out reading: 'Closed by order of the directors.' The tightness of the money market and slow collections are the causes assigned by the directors. The run on the bank begun yesterday and continued until they were compelled to close. Its capital is $150,000. Its last report stated the assets of the bank at $397,200, with its liabilities about the same. Bank Examiner Stone has been ordered to assume charge of the failed bank. A DIVIDEND ORDERED. Washington, June 17. - Controller Eckles has ordered a dividend of 30 per cent. in favor of the creditors of the Commercial National Bank of Nashville, Tenn., which failed on March 25. Checks for the payment of this dividend will probably be ready for delivery on or about July 1.

5. June 18, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 18, 1893

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FAILURE OF BANKS IN THE WEST ANOTHER LIMB OF THE ZIMRI DWIGGINS TREE FALLS TO THE GROUND. Wabash, Ind., June 17 (Special).-This morning the Citizens' Bank, of Converse, owned by L. Gottschalk and George Ober, and which began business this spring. failed to open Its doors. The proprietors. who came from Geneva, Ind., were associated with Zimri Dwiggins, of Columbia National Bank fame, and, it is asserted, lost from $10,000 to $12,000 in the Columbia failure. No statement of assets and 11a bilities has been made to Roscoe Kimple, to whom the bank a-signed. The capital Invested was about 420,000, and the deposits from 825,000 to $30,000. Cashier Gottschalk says all depositors will be paid in full. Waterloo, Iowa. June 17.-The First National Bank of Grundy Centre closed its doors yesterday and In formed Bank Examiner MeHugh that If could not do business any longer. The statement of the condition of the bank May 4. showed deposits subject to check to the amount of $34.761 72. demand certificates ito the amount of 827,836 70. and time certificates amount ing to $74,715.50. The capital stock was $50,000 amount of liabilities is not known. Dallas, Tex., June 17.-A "News" Brownwood Tex. dispatch says: "The City National Bank of Brown wood closed its doors yesterday. A sign was hung out: Closed by order of the directors. Tightness of the money market and slow collections are the the on causes assigned by the directors. A run bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $130,000. San Bernardino, Cel. June 17.-The Farmers' Ex change Bank closed its doors this morning. St. Paul, June 17.-A dispatch from Crystal Falls Mich., says all the mines there except the Mahs field. Claire and Michigan have suspended work. and one of these will close In a few days. Both banks of the city have suspended and there is simply no money whatever In circulation. Many are leaving the town.

6. June 18, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 18, 1893

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Article Text

BUSINESS TROUBLES. The City National bank, of Brownwood, Tex, suspended on June 16. Angel!, Matthewson & Co., of Oswego, Kan, assigned on June 16, with $100,000 liabilities. The Genesee Oil Works (limited). of Buffalo, N. Y., have made the essignment Liabilities, $300,000. The Racine, Wis, Hardware Manufacturing Company assigned on June 17, with $400,000 liabilities. Charlee Offer's wholesale tobacco business at San Francisco was attached on June 16 for from $50,000 to $70,000. The Farmers' Exchange bank. of San Bernadino, Cal., suspended on June 17, in conse quence of a heavy run. Charles F. Streight, an Albany, N. Y.. hardware merchant, failed on June 17 with $200,000 assest and $50,000 liabilities. Judgments and executions to the amount of $350,000 have been filed against the Duqueene Tube Works Company, of Pittaburg. covering. it is said, nearly the entire debt of the company.

7. June 18, 1893 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, June 18, 1893

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CONCERNING BUSINESS AND FINANCE. NEW YORK, June 17.-The weekly bank statement shows the following changes: Reserve, decrease, $5,644,100; loans, decrease, $3,699,800; specie, decrease, $1,310,900; legal tenders, decrease, $7,430,500; deposits, decrease, $12,889,200; circulation, increase, $37,000. The banks now hold $8,776,000 in excess of the requirements of the 25 per cent. rule. ALBANY, N. Y., June 17. - -The failure of Charles F. Streight, hardwood merchant, was announced to-day. He owns large lumber mills in Pittsburg and in Warren county, Miss., and has branch offices in New York City. The assets are $200,000 and liabilities $50,000. James P. Streight, of Nashville, is preferred in $10,000, and John Streight, of Cincinnati $10,000. Mr. Streit says the assignment was made in order to find time to meet his obligations. WASHINGTON, D. C., June 17.-Comptroller Eckels was informed to-day that the City National Bank of Brownwood, Texas. closed its doors. Bank Examiner Stone bas been ordered to assume charge of the failed bank. The Comptroller has declared a fourth dividend of 25 per cent. to the creditors of the First National Bank, of Clearfield, Pa., making in all 100 per cent. on claims proved, amounting to $149,699. NEW YORK, June 17. - -The shipments of currency by the banks of New York to the interior to-day aggregated $1,250,000 of which $400,000 was obtained at the subTreasury in exchanges. Notices were sent to the banks at Detroit that inasmuch as they have required sixty days notice for withdrawal by depositors that calls by them on New York banks for currency will not be resgonded to. BRACINE, WIS., June 17.-The Racine Hardware Company, having a capital stock paid up of $300,000 and employing 300 men, made a voluntary assignment for the benefit of creditors to-day.

8. June 18, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 18, 1893

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National-Bank Suspensions. (By telegraph to the Dispatch.] DALLAS, TEX., June 17.-A News Brownwood (Tex. ) special says: "The City National Bank of Brownwood closed its doors yesterday and this sign was hung out: Closed by order of the directors. The tightness of the money market and slow collections are the causes assigned by the directors. The run on the bank begun yesterday continued until they were compelled to close. Capital, $150,000." WATERLOO, IA.. June 17.-The First National Bank of Grundy closed its doors yesterday.

9. June 18, 1893 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 18, 1893

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Article Text

Closed Because of a Run. BROWNWOOD, Tex., June 17.-The City Na. tional bank of Brownwood has closed it : doors. A run on the bank was begun that continued until it was compelled to close

10. June 19, 1893 Daily Texarkana Democrat Texarkana, AR
Article from Daily Texarkana Democrat, June 19, 1893

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The City National Bank at Brownwood, Tex., closed its doors on Saturday, the 17th instant. The suspension was the result of a heavy run upon the bank by its depositors, which was begun on Friday afternoon and continued during Saturday up to the very moment of closing the doors. The bank has heretofore been considered an excellent financial institution and no previous doubts had been entertained of its solvency. The usual excuse of hard times and poor collections is given for the failure.

11. June 20, 1893 Evening Star Washington, DC
Article from Evening Star, June 20, 1893

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Receiver for a Texas Bank. Controller Eckels today appointed Mr. Buckley B. Paddock of Fort Worth, Texas, receiver of the City National Bank of Brownwood. Texas, insolvent. This bank was voluntarily closed by the action of its directors on the 16th instant.

12. June 20, 1893 Evening Star Washington, DC
Article from Evening Star, June 20, 1893

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Receiver for a Texas Bank. Controller Eckels today appointed Mr. Buckley B. Paddock of Fort Worth, Texas, receiver of the City National Bank of Brownwood. Texas. insolvent. This bank was voluntarily closed by the action of its directors on the 16th instant.

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

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OUR PROSPERITY (?) COLUMN. Big Business Concerns and Banks are Still Going Up--The Progressive Farmer Was Telling the Truth all the While, But Some Didn't Believe it Was so. WATERLOO, Iowa, June 17.-The First National Bank of Grundy closed its door3 yesterday. DALLAS, Texas, June 17.-A News Brownwood, Texas, special saj S: The City Nation al Bank of Brownwood closed its doors yesterday. A sign was hung out, "Closed by order of the directors." The tightness of the money market and slow collections are the causes assigned by the directors. A run on the bank began yesterday and continued until they were compelled to close. The capital is $150,000. WASHINGTON, D. C., June 17-Comp troller Eckles was informed this morning that the City National Bank of Brownwood, Texas, with a capital of $150,000, had closed its doors. Its last report stated that the assets of the bank were $377,200; liabilities about the same. Bank Examiner Stone has been ordered to assume charge of the failed bank. The comptroller has ordered a dividend of thirty per cent. in favor of the creditors of the commercial National Bank, of Nashville, Tenn., which failed March 25th. Checks for the payment of dividend will probably be ready for delivery on or about the first proximo. CHATTANOOGA, Tenn., June 17.-The Penny Savings Bank, operated by colored men, closed its doors to-day. SAVANNAH, Ga., June 10.-J. V. Norton, a dry goods merchant of Waycross, has assigned. No statement has been given out.

14. July 11, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 11, 1893

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WALLING'S CASE. The matter of the preliminary examination of S. Walling, ex-president and formerly cashier of the City Nation il bank of Brownwood, came up before United States Commissioner John H. Finks this morning. United States Attorney Eugene Mashall of Dallas, who was expected to ac. tend, was not present, and after taking Walling's plea of not guilty, an 4djournment was taken until 3 o'clock this afternoon, with the understanding that if Mr. Marshall was not prese it at that time the examination will be did. posed of tomorrow. It is probable that Walling will wal re examination. Hon. B. B. Paddock, mayor of Fort Worth, who is receiver of the Brownwood bank, is in attendance upon the proceedings. A number of the directors of the bank and others from Brownwood are present as witnesses. Mr. Walling talks freely about the matter. and is confident of an nequittal of the charges against him. He states that if it were not for the action taken by certain directors, the bank would be in operation now, and in a short time would have been in possession of sufficient funds to pay all deposito's, and to have emerged from the "squeez9" in which it found itself without loss, The bad business season, owing to the drouth and general depression, made it impossible to realize upon a large part of the outstanding loans. Winding up the bank's affairs through a receivorship, Mr. Walling said, would involre no small sacrifices and losses. The ex. amination was postponed this afternoo.1 until tomorrow morning.

15. October 31, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, October 31, 1893

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# PERSONAL. Miss Eula Fakes, of Lebanon Tenn., is visiting relatives and friends in Waco. Mr. John W. Rogers, with Fink & Co., is a young man of pleasing address, who has been down south about a week from his boyhood's home, Atlantic City, N.J. He is here to stay. The many friends of J. L. Zachary, of Hubbard City, were surprised last Sunday evening, when he alighted from the train and introduced the lady upon his arm as Mrs. Zachary. He has, at last, found his long lost rib, in the person of Miss Beulah Johnson, of Malakoff, a niece of Prof. Jenkins of Hubbard City. Judge C. H. Jenkins, of Brownwood, is in the city on legal business in the United States Circuit Court. He is leading counsel, assisted by Capt. Joe W. Taylor, in a suit wherein Capt. B. B. Paddock, receiver of the City National Bank at Brownwood, is plaintiff and S. J. Walling, cashier of the defunct bank, is defendant.

16. May 11, 1894 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, May 11, 1894

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JUDGE RECTOR WAS HE SEVERELY CRITICIZED FOR ITS VERDICT. The Walling Case Ended one Bank Cashier is a Free as Happy Man - What the Judge Said. Special Dispatch. Waco, Tex., May 10.-S. J. formerly cashier and later presidenti the City National bank of Brown telt like a new man after the of the jury in the Federal court, had his fate In its hands, was recident this morning. The indictment again him contained thirty counts and ed him with embezzlement and appropriation of about $70,000 * funds of the bank and making entries and false returns to the department of the government. This morning the jury reached agreement and at 10 o'clock notified court that it was ready to return verdict. The attorneys were notified and paired to the court room. Walling in waiting and his face slighth trayed anxiety. "Not guilty" Was verdict and Walling shook hands his counsel and looked as If & weight had been taken off his mind Judge Rector was evidently disease ed with the verdict, and he proos) to let the jury know It, crticising verdict in the sharpest terms and charging the jury with disapproval The trial has lasted eighteen and the tired jurors soon dispersit go to their homes. Walling and his attorney, Color Jenkins, will return to Brownwood once. The following is the address July Rector delivered to the jury: Gentlemen of the Jury--The goven ment has spent thousands of dolla in this case, first before the grand and then through a long and teld trial. with numerous witnesses, and cstablished a clear case of guilt. The can be no question of this man's on a number of counts. It is cleu shown to any intelligent man that bank had been wrecked by this fendant: that it is in the hands receiver. and that the stock is down 10 or 15 cents on the dollar and that has embezzled from $50,000 to $70,00 the money of the bank. This THE is a slap in the face of justice society. If the man had been charge with stealing a horse he would with doubt have been convicted under evidence. The court and the jury their separate duties, and I card change your verdict, but how you account to society for It I do not km This is the first time in my life found it necessary to make discharge such marks to a jury. You are for the term with the court's proval of your verdict. the defendant: You are discharge