b98dbf4fAccommodated withdrawals, Public signal of financial health, Capital injected
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Bank Troubles. PARIS, Tex., March 23.-The Farmers and Merchants' Bank, of this city, suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise and Fitzhugh, cotton buyers. The capital stock was $200,000; surplus, $55,000; deposits $250,000; loans and discounts, $200,000. A big run is in progress at the City National Bank. The line of waiting depositors extends in the street. Excitement runs high.
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TEXAS BANK CLOSED. Flurry Caused by Failure of the Farmers' and Merchants', of Paris. PARIS, Tex., March 23.-The Farmers' and Merchants' Bank closed its doors at 10 o'clock this morning. It was one of the oldest institutions in the State, and had a paid-up capital of $200,000. The failure of Martin, Wise & Fitzhugh yesterday caused a run on the bank, which forced it to the wall. John Martin was president of the bank until yesterday, when he resigned. When the Farmers' and Merchants' Bank closed its doors the news flew over the city like wildfire. People became panic-stricken. A rush was made for the City National Bank, which was a large creditor of Martin, Wise & Fitzhugh, and the people began to withdraw their deposits. An excited crowd gathered in front of the building along the sidewalks the length of the block. It became necessary for the police to clear a passage. Everybody expected the doors to close every moment. At 11 o'clock Colonel George F. Hicks, vice president of the First National, walked into the City National with $100,000 and told the depositors to "come on and get your money. The officials of the City National announced that it would remain open until 6 o'clock to pay deposits. This quieted the fears of some, but a great many continued to draw out their money. It is difficult to predict the end.
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A BIG TEXAS BANK FAILS ONE OF THE OLDEST INSTITU. TIONS IN THE STATE. A Run on Another Bank--Ail Brought About by Failure of Martin, Wise and Fitzhugh. St. Louis, March 23.-A special from Paris, Texas, says: The Farmers and Merchants bank closed its doors at ten o'clock this morning. It was one of the oldest financial institutions in the State and had a paid up capital of $200,000. The failure of Martin, Wise and Fitzhugh yesterday caused a run on the bank which forced it to the wall. John Martin was president of the bank until yesterday when he resigned. When the bank closed its doors the report flew over the city like wild fire. People became panic stricken. A rush was made for the city national bank, which was a large creditor of Martin, Wise and Fitzhugh, and began to withdraw their deposits. An excited crowd gathered in front of the building and along the sidewalks the length of the block. It became necessary for the police to clear a passage. All expected the doors to close every moment. At 11 o'clock Col. George F. Hicks, vice-president of the First National walked into: the City National with $100,000 and told the depositors to come on and get their money. The officials of the City National announce that it would remain open until six o'clock to pay deposits. This quieted the fears of some, but a great many continued to draw out their money. It is difficult to predict the end. $1,000,000 FAILURE. Paris, Texas, March 23.-Martin. Wise and Fitzhugh, cotton buyers with offices at New Orleans, Galveston, Houston, Dallas, New York, Liverpool and Havre, made individual deeds of trust here yesterday afternoon, this being the firm's headquarters. Preferred creditors, $90,000. Liabilities, $1,000,000. No official statement yet made.
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A Texas Bank Succumbs. Paris, Tex., March 24.--The Farmers' and Merchants' bank closed its doors yesterday. It was one of the oldest financial institutions in the state, and had a paid up capital of $200.000. The failure of Martin, Wise & Fitzhugh caused a. run on the bank, which forced it to the wall. John Martin was president of the bank until Monday, when he resigned. There was a run on the City National bank by frightened depositors, but all claims were paid.
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BAD BANKING. Two Texas Banks in Trouble-One Has Suspendd. Paris, Texas, March 23.-The Farmers and Merchants bank here suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise & Fitzhugh, cotton buyers. RUN ON ANOTHER BANK. A big run is in progress at the City National bank. The line of waiting depositors extends into the street and excitement runs high.
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Run on Texas Bank. Paris, Texas, March 23.-There was a big run on the City National bank today. The bank is a large creditor of Martin Wise and Fitzhugh. At 11 o'clock Col. Hicks, vice president of the First National bank, laid $100,000 on the City National banks counter and told the people to come forward and get their money. This was followed by the announcement that the bank would remain open until six to pay depositors. This allayed the fears of some, but many continued to withdraw their money. Apprehensions are felt for the banks in neighboring towns, which are involved in the failure of the Martin Wise, and Fitzhugh.
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TEXAS BANKS EMBARRASSED. A Suspension at Paris and a Big Run on Another Bank. Paris, Tex., March 23.-The Farmers and Merchants' bank of this city suspended this morning. The failure was caused by the suspension yesterday of Martin, Wise & Fitzhugh, cotton buyers. A statement of assets and liabilities has not yet been given out. A big run is in progress at the City National bank. The line of waiting depositors extends into the street. Excitement runs high.
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TEXAS BANK FAILS. Cansed by the Failure ofa Debtar-Run on Another Bank. ST. LOUIS, Mo., March 23.-A special from Paris, Texas, says: The Farmers' and Merchants' Bank closed its doors at 10 o'clock this morning. It was one of the oldest financial institutions in the state and had a paid up capital of $200,000. The failure of Martin. Wise & Fitzhugh yesterday caused a run on the bank, which forced it to the wall. John Martin was president of the bank until yesterday, when he resigned. When the Farmers' and Merchants' Bank closed Its doors the news flew over the city like wild-fire. People became panic-stricken. A rush was made for the City National Bank, which was a large creditor of Martin, Wise & Fitzhugh, and began to withdraw their deposits. An excited crowd gathered in front of the building and along the sidewalke the length of the block. It became necessary for the police to clear a passage. Everybody expected the doors to close every moment. At 11 o'clock Col. George F. Hicks. vice president of the First National. walked into the City National with $100,000 and told the depositors to "come on and get your money." The officials of the City National announced that It would remain open until 6 o'clock to pay all deposits. This quieted the fears of some. but a great many continued to draw out their money. It is difficult to predict the end.
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"HOORAY FOR M'KINLEY." BIG TEXAS BANK IS FORCED TO THE WALL. Action Precipitated by the Failure of a Cotton Firm, and a Run by Depositors as the Result. Paris, Tex., March 23.-This morning the Farmers' and Merchants' bank, one of the oldest and thought to be the strongest financial institution in North Texas, with a paid up capital of $200,000, and a surplus of $60,000, made an assignment and closed its doors. This action was precipitated by the failure of the cotton firm of Martin, Wise & Fitzhugh yesterday. It was known that the firm owed the bank money, but how much could not be learned, and depositors became alarmed and a run began. All checks presented vesterday were promptly cashed. The bank officials foresaw that if the run was kept up it would be forced to the wall and appealed to the other local banks for assistance, but were refused. When the doors opened this morning the run was renewed and kept up until it was forced to close. There was also a run on the City National bank, which lasted for several hours, but ,depositors were promptly paid. Assistance was received from other points, and tonight it is thought the heavy withdrawals will not seriously affect the bank. It is believed the Farmers' and Merchants' bank has ample assets to pay all liabilities and will reorganize on a reliable basis.
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A Texas Bank Succumbs. Paris, Tex., March 24.-The Farmers' and Merchants' bank closed its doors yesterday. It was one of the oldest financial institutions in the state, and had a paid up capital of $200,000. The failure of Martin, Wise & Fitzhugh caused a run on the bank, which forced it to the wall. John Martin was president of the bank until Monday, when he resigned. There was a run on the City National bank by frightened depositors, but all claims were paid.