21335. G. A. Rice (private banking house) (Eureka, UT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
August 19, 1897
Location
Eureka, Utah (39.954, -112.120)

Metadata

Model
gpt-5-mini
Short Digest
5923e058

Response Measures

Full suspension

Other: Bank appears to have closed permanently after suspending; multiple newspapers report 'suspended payment' and 'closed its doors' with liabilities about $30,000.

Description

Multiple contemporaneous newspaper reports (Aug 19–21, 1897) state the private banking house of G. A. Rice in Eureka, Utah, 'suspended payment' or 'closed its doors' because of 'heavy withdrawals and inability to realize.' Reports indicate heavy withdrawals (a run) precipitated suspension; no reopening or receivership follow-up appears in these clippings, so classified as run leading to suspension and closure.

Events (2)
1. August 19, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals due to inability to realize assets; illiquidity at the private banking house precipitating withdrawals.
Measures
Suspended payment (closed doors / suspended operations)
Newspaper Excerpt
The private banking house of G. A. Rice suspended payment today on account of heavy withdrawals and inability to realize.
Source
newspapers
2. August 21, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspended payment citing heavy withdrawals and inability to realize assets; reported deposits about $30,000.
Newspaper Excerpt
The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize.
Source
newspapers

Newspaper Articles (11)
1. August 20, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 20, 1897

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Article Text

BANK FAILS. People's Savings Bank, Mt. Pleasant, Mich., Closes its DoorsOther Failures. Mount Pleasant, Mich., Aug. 20.-The People's Savings bank of this city closed its doors this morning and is now in the hands of the commissioner of banking. No statement has been given out. According to the last statement, made in January, the capital stock of the bank was $100,000, with $90,000 in deposits. Joseph George E. Newall is president and C. A. Carnahon cashier. Akron, O., Aug. 20.-John F. Seiberling, a former prominent manufacturer, assigned to Francis Seiberling, his nephew, today. The assets and liabilities are about $150,000 each. His affairs have been in an unsettled condition since the failure of the J. F. Seiberling Mower and Reaper company. Failure to realize in silver mining property helped to bring on the failure. Eureka, Utah, Aug. 0.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize. The bank had on deposit about $30,000.

2. August 20, 1897 The Herald Los Angeles, CA
Article from The Herald, August 20, 1897

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Article Text

A Bank Failure EUREKA, Utah, Aug. 19.-The private banking house of G. A. Rice suspended payment today on account of heavy withdrawals and inability to realize. The bank had on deposit about $30,000.

3. August 20, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, August 20, 1897

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Article Text

Bank Failure. SALT LAKE, Aug. 19.-A special to the "Tribune" from Eureka, Utah, says: The private banking house of G. A. Rice suspended payment to-day on account of heavy withdrawals and inability to realize. The bank had on deposit about $30,000.

4. August 21, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, August 21, 1897

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Article Text

NEW YORK MINING STOCKS. Cholor $0 60 Ontario $3 00 Crown Point 53 15 Ophir Con. Cal. & Va 15 1 05 Plymouth Deadwood 1 00 95 Quicksilver 10 00 Gould & Curry 33 do pfd 50 Hale & Norcross. 90 Sierra Nevada Homestake 29 00 Standard 1 55 Iron Silver 32 30 Union Con. 28 Mexican 20 Yellow Jacket BOSTON MINING SHARES. 1 Allouez Min. Co Franklin 161/2 Atlantic 24 21 Kearsarge Boston & Mont Osceola 38 1437/8 118 Butte & Boston 275/8 Quincy Calumet & Hecla.415 Tamarack 135 Centennial 9 Wolverine 13 1/2 FOREIGN FINANCIAL. NEW YORK, Aug. 20.-Evening Post's London financial cablegram: The stock markets here were irregular today, with an improving tendency on the better news from India. Americans, however, closed flat in the street on the absence of New York support. Sales by recent purchasers here are not being pressed, but there will be no initiative for a rise until New York gives a fresh lead. The recovery in silver and silver stocks is regarded as comewhat artificial. Foreigners were better, a feature being the recovery in Brazils on improved exchange. Kaffirs were hard at the close, on reports in good quarters that Kruger is regarding the concessions more favorably. NEW YORK MONEY. NEW YORK, Aug. 20.-Money on call easy at 11/4@11/2 per cent; last loan, 11/4; close 11/4 per cent. Prime mercantile paper, 33/4@41/2 per cent. Sterling exchange, steady, with actual business in bankers' bills at $4.85% @4.853/4 for demand and at $4.831/@4.8334 for 60 days. Posted rates, $4.841/2@4.86, and $4.861/2@4.87. Commercial bills, $4.82. Silver certificates, 50@521/2c. Bar 523/c. silver, Mexican dollars, 401/2c. BRACE IN SILVER. NEW YORK, Aug. 20.-There was a sharp recovery in the price of silver today, bar silver opening in London at 241/2 pence, an advance of 7-16 of a penny. The opening price here for bar silver was 523/c, a rise of 3/4c. Mexican dollars were quoted this morning at 401/2c, against 397/80 yesterday. Yesterday's low level invited buying, which induced the recovery, but the market is reported rather weak at the rise. SAVINGS BANK SUSPENDS. MOUNT PLEASANT, Mich., Aug. 20.-The People's Savings bank, of this city, closed its doors this morning, and is now in the hands of the commissioner of banking. No statement has been given out. According to the last statement, made in January, the capital stock of the bank was $100,000, with $90,000 in deposits. George E. Newell is president, and C. A. Carnahan cashier. BANK CLEARINGS. St. Paul $669,812.84. Minneapolis, $1,157,268. Chicago, $14,845,336. New York. $98,897,744. Boston, $13,531,925. PRIVATE BANK FAILS. EUREKA, Utah., Aug. 20.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and inability to realize. The bank had on deposit about $30,000. CHICAGO MONEY. CHICAGO Aug. 20.-New York exchange, 40c discount. Sterling exchange, posted rates, $4.841/2 and $4.861/2. TREASURY STATEMENT. WASHINGTON. Aug. 20.-Today's statement of the condition of the treasury shows: Available cash, $220,915,183; gold reserve, $143,052,321.

5. August 24, 1897 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, August 24, 1897

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Article Text

Private Banking House Suspends. Eureka, Utah, Aug. 21.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize. The bank had on deposit about $30,000.

6. August 25, 1897 The Advocate Topeka, KS
Article from The Advocate, August 25, 1897

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Article Text

A Few Prosperity Symptoms. Mount Pleasant, Mich., August 20.The People's Savings bank of this city closed its doors this morning and is now in the hands of the Commissioner of Banking. No statement has been given out. According to the last statement, made in January, the capital stock of the bank was $100,000, with $90,000 in deposits. Joseph George E. Newall is President and C. A. Carnahon Cashier. Akron, O., August 20.-John F. Seiberling, a former prominent manufacturer, assigned to Francis Seiberling, his nephew, to-day. The assets and liabilities are about $150,000 each. His affairs have been in an unsettled condition since the failure of the J. F. Seiberling Mower and Reaper Company. Failure to realize in silver mining property helped to bring on the failure. Eureka, Utah, August 20.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize. The bank had on deposit about $30,000.

7. August 25, 1897 The True Northerner Paw Paw, MI
Article from The True Northerner, August 25, 1897

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Article Text

MINOR NEWS ITEMS. For the Week Ending August 21. In Illinois, Indiana and Michigan heavy frosts did some damage to growing crops. John F. Seiberling, a former prominent manufacturer of Akron, O., failed for $150,000. Nine business buildings at Ortonville, Minn., were destroyed by fire, the total loss being $250,000. The private banking house of G. A. Rice at Eureka, Utah, closed its doors with liabilities of $30,000. A number of exiled Spanish anarchists, who recently arrived in England, left London for America. Constantinople was in a panic over three bomb explosions which were attributed to the Armenians. Democrats opened the campaign in Iowa by holding 11 meetings, one in each congressional district. Freight trains on the Louisville & Nashville road collided near Dahlgren, Ill., and six men were killed. Capt. Gen. Weyler, of Cuba, denies that he has resigned or that he has any present intention of resigning. The prohibition state convention at Lynchburg, Va., nominated Rev. L. A. Cutler, of Louisa, for governor. A woolen mill operated by Henry C. White & Son at Chapachet, R. I., was destroyed by fire, the loss being $200,000. 1 Rev. Perry Hopkins, a bishop in the American African Union Methodist church, died in New York, aged 75 years. The International Fire Chiefs' association in session at New Haven, Conn., elected as chief A. J. Kennedy, of New Haven. Samuel R. Calloway was elected president of the Lake Shore & Michigan Southern railway to succeed the late D W. Caldwell. Will Lipps, James McCullough and a ten-year-old boy were killed by the explosion of a thrashing engine boiler near Hastings, Neb. The national encampment of the Union Veterans' union at Springfield, O., elected as commander in chief H. L. Street, of New York. It is reported that Steinway & Sons, piano manufacturers in New York, have sold their business to an English syndicate for $6,000,000. H. O. Claughton, a well-known attorney of Washington, and Miss Villa Custis, a daughter of Dr. W. G. N. Custis, were killed by the cars at a crossing. Strikes of gold rivaling those on the Klondike have been made on Stewart river and Henderson creek, tributaries of the Yukon, several hundred miles above the Klondike river. Harvey Deberry (colored) was hanged in the jail yard at Memphis, Tenn., for attempting to rape a seven-year-old girl on October 8, 1896. This is the first legal hanging for this crime in Tennessee. Lena Collinsworth, of Claiborne county Tenn., is dead from the effects of a 50-day fast. She quarreled with her husband, they separated, and she vowed that she would fast until he returned to her Capt. C. P. Woodruff, for 12 years medical examiner of the pension bureau at Washington, was notified that he had been reinstated in his old place, from which he had been removed by President Cleveland in 1887.

8. August 26, 1897 River Falls Journal River Falls, WI
Article from River Falls Journal, August 26, 1897

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Article Text

Private Banking House Suspends. Eureka, Utah, Aug. 21.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize. The bank had on deposit about $30,000.

9. August 27, 1897 Hopkinsville Kentuckian Hopkinsville, KY
Article from Hopkinsville Kentuckian, August 27, 1897

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Article Text

The private banking house of G. A. Rice, at Ureka, Utah, suspended. i $

10. August 28, 1897 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, August 28, 1897

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Article Text

Private Banking House Suspends. Eureka, Utah, Aug. 21.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize, The bank had on deposit about $30,000.

11. August 28, 1897 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, August 28, 1897

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Article Text

Private Banking House Suspends, Eureka, Utah, Aug. 21.-The private banking house of G. A. Rice has suspended payment on account of heavy withdrawals and an inability to realize. The bank had on deposit about $30,000.