Exchange & Deposit Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: August 5, 1893
Location: Abingdon, Virginia (36.710, -81.977)

Metadata

Model: gpt-5-mini
Short Digest: e87ce3ce

Response Measures

None

Description

The Exchange & Deposit Bank of Abingdon posted a notice that it had 'temporarily suspended' on Aug 5, 1893 due to inability to make collections and heavy depositor demands. Newspapers through August report the bank is making efforts to resume business and depositors signed papers to that end; no explicit evidence of a preceding discrete misinformation-driven run is given. Cause attributed primarily to a 'currency famine' (liquidity shortage) and heavy withdrawals.

Events (2)

1. August 5, 1893 Suspension

Cause: Macro News
Cause Details: Inability to make collections and meet heavy depositor demands amid a regional 'currency famine' (liquidity shortage).
Newspaper Excerpt: The business of this bank is temporarily suspended, by order of the board of directors, because of its inability to make collections so as to meet the demands of the depositors. (Signed T. P. Trigg, president; R E. Bolling, cashier.)
Source: newspapers

2. August 23, 1893 Other

Newspaper Excerpt: The Exchange and Deposit Bank is making an effort to resume business, and depositors representing much more than one-half its indebtedness have already signed a paper looking to that end. (Aug. 23 report.)
Source: newspapers

Newspaper Articles (6)

1. August 6, 1893 The Times Richmond, VA

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Article Text

BUSINESS TROUBLES. SEVERAL BANKS ARE COMPELLED TO CLOSE THEIR DOOES. A Number of Manufacturing Establish. ments Are Forced, by Stagnation in All Industries, to Temporarily Shut Down. EAST LIVERPOOL O., August 5.-The Pioneer Pottery Company, at Wellsville, one of the leading industrial establishments of the city, has gone to the wall, assignment having been made at a late hour yesterday. The assets will exceed $75,000, with liabilities somewhat less. About four hundred men are thrown out of employment. LAWRENCE, MASS., August 6.-The Pacific, Washington, Atlantic, Arlington and Pemberton mills have now announced shut downs for from two or four weeks, The Pacific employs 5,000 persons, and the enforced vacation means to them a loss of $75,000. LEWISTON, ME., August 5.-The Lewiston Mills shut down to-day at noon for four weeks. LOWELL, MASS., August 5.-It is announced that the Lawrence Mills will run on half time beginning Monday. Faulkner's Mills have shut down for an indefinite period. Lowell Company's ingrain department has laid 1,000 hands off for a month. WALTHAM, MASS., August 5.-The Boston Manufacturing Company will close its works to-night for two weeks. It was originally intended to run one week and shut down next for about two months, but now the company has adopted the above-mentioned plan. The agent says that he hopes that at the end of two weeks his company will resume business again with a full force and on full time. This is a great improvement over the prospect that has been in view, and the employes of the concern, numbering about 2,600, are much encouraged. CHARLOTTESVILLE, VA., August 5.Special.-The Knitting Mills of Basic City have been closed by Northern creditors, and the entire force of employes have been thrown out of employment. APINGDON, VA., August 5.-SpecialThe following notice was this morning pisted on the closed door of the Exclarge and Deposit Bank here: "The business of this bank is temporarily suspended. by order of the board of directors, because of its inability to make collections so as to meet the Remands of depositors." (Signed T. P. Trigg, president; R E. Bolling, cashier.) The Bank of Abingdon had the following notice on its closed door: "The business of this bank is temporarily suspended, by order of the board of directots, because of its inability to make collections so as to meet the demands of the depositors." It is expected that the banks will resume at an early day if matters are allowed to take their course. CHICAGO, ILL., August 5.-The ColAssociation, Fair hotel, ing umbian a World's Visitors' assigned conduct- today. Assets, $75,000; liabilities, $330,000. Vernette E. Prentice, real estate dealer, assigned to-day to C. C. Conradsen, of Madison, Wis., and Henry Carter, of Chicago. Assets, $37,000; liabilities about $50,000.

2. August 6, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 6, 1893

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Article Text

TWO ABINGDON BANKS CLOSED. Inability to Make Collections the CauseDepositers Will Be Paid. (Special telegram to the Dispatch.] ABINGDON, Va., August 5.-The Exchange and Deposit and the Bank of Abingdon did not open their doors this morning. The following notice was posted in front of each bank: "The business of this bank is temporarily suspended, by order of the Board of Directors, because of its inability to make collections so as to meet the demands of the depositors." Intense but subdued feeling pervades the whole people. It is thought that depositors will be paid in full, as each bank claims to have more than $150,000 in excess of its liabilities.

3. August 10, 1893 The Comet Johnson City, TN

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Article Text

Bank Failures at Abingdon. The Bank of Abingdon and the Exchange and Deposit bank of Abingdon, Va., suspended Saturday morning Liabilities and assets unattainable. Heavy demands on the part of depositors and poor collections the cause. It is expected that the banks will resume at an early day if matters are allowed to take their course.

4. August 24, 1893 The Times Richmond, VA

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Article Text

ABINGDON'S CLOSED BANKS. Confidence of the People In Their Capacity and Integrity.-A Bountiful Season. ABINGDON, va,, August 23.-The people are still very gloomy over the closing of the banks, many of them having had the savings of a lifetime deposited in them. Most of the depositors. however, have an abiding confidence in the integrity and ca. pacity of the bank officers and directors, and believe they will eventually get all their money. The Bank of Abingdon will endeavor to wind up its business and will hardly attempt to open up again, but the Exchange and Deposit Bank is making an effort to resume business, and deposi. tors representing much more than one-half its indebtedness have already signed a pa per looking to that end. As it is conceded that the bank will be able to pay its obligations dollar for dollar. parties owing will be permitted to discharge their indebtedness with any outstanding certificates against the bank that they may be able to obtain. In anticipation of this kind of a settlement much paper has already exchanged bands. The Exchange and Deposit Bank has assets in excess of liabilities of more than $150,000. The Bank of Abingdon has more than $200,000. Only the currency famine and the eagerness of depositors to get hold of their money caused the suspension of these banks, but it 18 a great misfortune, all the same. Our section has been blessed with a fair season and bountiful harvests. Only the lack of money to pay taxes and buy groceries is wanting to make us a contented people.

5. August 24, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 24, 1893

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Article Text

ABINGDON'S CLOSED BANKS. Confidescefthe People Is Their Capacity and Integrity.-A Bountiful Season. ABINGDON, Va., August 23.-The people are still very gloomy over the closing of the banks, many of them having had the savings of a lifetime deposited in them. Most of the depositors, however, have an abiding confidence in the integrity and capacity of the bank officers and directors, and believe they will eventually get all their money. The Bank of Abingdon will endeaver to wind up its business and will hardly attempt to open up again. but the Exchange and Deposit Bank is making an effort to resume business, and depositors representing much more than one-half its indebtedness have already signed a paper looking to that end. As it is conceded that the bank will be able to pay its obligations dollar for dollar, parties owing will be permitted to discharge their indebtedness with any outstanding certificates against the bank that they may be able to obtain. In anticipation of this kind of a settlement much paper has already exchanged hands. The Exchange and Deposit Bank has assets in excess of liabilities of more than $150,000. The Bank of Abingdon has more than $200,000. Only the eurrency famine and the eagerness of depositors to get hold of their money caused the suspension of these banks, but it is a great misfortune, all thesame. Our section has been blessed with a fair season and bountiful harvests. Only the lack of money to pay taxes and buy groceries is wanting to make us a contented people.

6. September 1, 1893 Highland Recorder Monterey, VA

Article from Highland Recorder, September 1, 1893

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Article Text

Abingdon's Closed Banks. The people are still very gloomy over the closing of the banks, many of them having had the savings of a lifetime deposited in them. Most of the depositors, however, have an abiding confidence in the integrity and capacity of the bank officers and directors, and believe they will eventually get all their money. The Bank of Abingdon will endeavor to wind up its business and will hardly attempt to open up again, but the Exchange and Deposit Bank is making an effort to resume business, and depositors representing much more than one-half its in-lebtedness have already signed a paper looking to that end. As it is conceded that the bank will be able to pay its obligations dollar for dollar, parties owing will be permitted to discharge their indebtedness with any outstanding certificates against the bank that they may be able to obtain. It anticipation of this kind of a settlement much paper has already exchanged hands. The Exchange and Deposit Bank has assets in excess of liabilities of more than $150,000. The Bank of Abingdon has more than $200,000. Only the currency famine and the eagerness of depositors to get hold of their money caused the suspension of these banks, but it is a great misfortune, all the same.