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A Celfax Bank Suspends. COLFAX, Aug. 8.-[Special.]-The Bank of Colfax suspended this morning, though entirely solvent, and will not resume till after the harvest. Perkins & Williams own the bank, and J. A. Perkins is president.
22167. Bank of Colfax (Colfax, WA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- private
- Start Date
- August 8, 1893
- Location
- Colfax, Washington (46.880, -117.364)
Metadata
- Model
- gpt-5-mini
- Short Digest
eb8235f3
Response Measures
None
Description
Multiple contemporaneous articles (Aug 8–10, 1893) report the Bank of Colfax (owned by Perkins & Williams) closed/suspended temporarily though solvent; officers stated assets exceed liabilities and the bank would not resume until after the harvest. Cause attributed to the general financial depression and inability to realize on securities. No run reported.
Events (1)
1.
August 8, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Temporary closure attributed to the general financial depression and inability to realize on securities; bank solvent with assets exceeding liabilities two to one.
- Newspaper Excerpt
- A Colfax Bank Suspends. COLFAX, Aug. 8.-[Special.]-The Bank of Colfax suspended this morning, though entirely solvent, and will not resume till after the harvest.
- Source
- newspapers
Newspaper Articles (10)
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A Dishonest Man's Honest Wife, Concord, N. H., August 9-A prominent lawyer of Manchester says the wife of Chas. F. Morrill, the missing cashier of the Bank of the Commonwealth, has a valuable property in her own name, including about $30,000 worth of first class real estate in Manchester, and that she has expressed her willingness to surrender all for the benefit of the financial institutions with which her husband was recently officially connected. Rates Go Up. New York, August 9. .-The national banks of this city announced this morning that they had decided to increase rates on call loans of recent date to 12 per cent per annum, and on those of long standing to 10 per cent. The reason is that so many persons have shut down on the banks that they are compelled to do this for self-protection. Reported Yesterday. The Standard Manufacturing company of Kansas City, dealers in agricultural implements, have assigned. The Indianapolis cabinet works, with many branches in the United States, and one in London, is in a receivers hands. A.D.Baker, proprietor of the South Bend, Iud., wagon works at Milwaukee, has assigned. Liabilities $120,000: assets $55,000. The bank of Colfax, Washington, with securities more than ample to balance all liabilities, has temporarily closed its doors. 5 The Commercial, bank at Perry, Ia., and the Exchange bank at Angus, Ia., have assigned. At Martinsville, Ind., Mitchell's bank will go into voluntary liquidation. It has on hand twice as much cash as deposits. The Pemberton cotton mills, at Lawrence, Mass., on Saturday will close down for three weeks, owing to extreme difficulty in obtaining currency to pay the employes weekly, according to law. The mill employs 710 operatives.
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MANY BANKS FORCED TO CLOSE. SUSPENSIONS CAUSED BY FINANCIAL DEPRESSION AND INABILITY TO REALIZE ON SECURITIES. Perry, Iowa, Aug. 9.-The Commercial Bank. a private institution of this city, made an assignment yesterday, caused by stringency in the money market and inability to realize on securities. Depositors will be paid in full. Assets are placed at $69,340; liabilities at $40,050. The Exchange Bank at Angus, another private concern, has also assigned to H. A. Rouse, of this city. Minneapolis, Aug. 9.-The Commercial Bank, a small local institution, closed its doors this morning. Its capital is $200,000; deposits, $400,000, and time deposits, $222,000. The loans and discounts at the last statement amounted to $642,000. The bank's officers state that depositors will be paid in full. Rochester, Minn., Aug. 9.-The Union National Bank closed this morning. There was no stampede, but slow withdrawals of deposits have reduced the bank's resources materially, and the depreciation of commercial paper had some effect in closing. The bank is solvent and will resume without the appointment of a receiver. The other banks are all considered solid. Waseca, Minn., Aug. 9.-The People's Bank of this city failed to open yesterday. The suspension was caused by a heavy run on the bank on Saturday and Monday. The assets are $135,000; liabilities, $67,000. Colfax, Wash., Aug. 9.-The Bank of Colfax, an old and reliable private institution, temporarily closed its doors yesterday on account of the general financial depression and inability to realize on securities. The bank's capital Is $100,000, and the assets exceed liabilities two for one. No runs have been made on other banks. Martinsville, Ind., Aug. 9.-Mitchell's Bank has published notice that it will go into voluntary liquidation on October 1, and that no more deposits or collections will be received. The bank has on hand twice as much cash as deposits. A stock bank will be organized to succeed this one. Nashville, Tenn., Aug. 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out.
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Two Banks Close. ROCHESTER, Minn., Aug. 8.-The Union National bank closed this morning. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid. COLFAX, Waeh, Aug. 9.-The Bank of Colfax has closed. Capital $100,000. Assets exceed liabilities two to one.
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nim Summit TO selling the ore and makes monthly settlements with the holders of the stock. There are many furnaces which use this ore, and these are also divided among the heirs, Robert H. Coleman has the three Colebrook furnaces. two anthracite furnaces and the Coleman furnaces. Robert H. Coleman is also a joint owner of the North Lebanon furnaces and an important member of the firm of Coleman & Brock, manufacturers of pig iron. Other Business Troubles. MINNEAPOLIS, MINN.. August 9.The Commercial Bank of this city closed its doors this morning. NASHVILLE, TENN., August 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out. After the suspension of the First National Bank this afternoon the directors of the Fourth National had a meeting, those present représenting several millions of property, and signed a guaranty pledging themselves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. The directors of the City Savings Bank held a meeting to night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent. and will pay depositors and stockholders in full. Deposits, $40,707.90; assets, $151,499.92; ninety per cent. of which is good. The directors of the bank have personally pledged themselves and their estates to the payment of all deposits in full. Edgar Jones, president of the Union Bank and Trust Company, says in an interview with a reporter that his bank will open as usual to-morrow. John M. Sperry, president of the Merchants' National. in an interview says his bank will also open to-morrow as usual. PITTSBURG. PA., August 9.-The Linden Steel Company. one of the largest manufacturing concerns in Pittsburg has suspended operations on account of the stringency of the times and the difficulty in procpring discounts and inability to make collections. All employees, about eighty, have been discharged. ROCHESTER, MINN., August 9.-The Union National Bank closed temporarily this morning. There is no statement. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid COLFAX. WASH., August 9.-The Bank of Colfax has closed. Capital $100,000; assets exceed liabilities two to one. MINNEAPOLIS, MINN., August 9.The Commercial Bank closed its doors this morning. The bank is a small local institution, doing business in this city. Capital, $200,000: deposits, $400,000. and its time deposits $222,000. The loans and discounts at the last statement amounted to $642,000. It is stated by the officers that depositors will be paid in full. NEW YORK, August 9.-Fuller Brothers, commission merchants at 139 Greenwich street, assigned to-day. They are said to be the largest wholesale dealers in nalls in this city, and the oldest concern in that line here. They have always been regarded as conservative and reliable. Members of the firm said that the assignment was the result of the terribly hard times. As commission merchants they had dealings with many nail mills, had made advances to them, and now were unable to collect from them. The firm had been absolutely unable to raise money to meet their obligations coming 01 su ou DATE pinoo show "anp their condition, but the totals will be large. A Run Avoided. NEW YORK, August 9.-A crowd of small depositors gathered before the doors of the closed Madison Squars Bank this morning and anxiously inquired as to the safety of their money. Large depositors, It was stated, had full confidence in the bank and were not on hand. About 11 o'clock Harry Goldstein, a son of Isaac Goldstein, a millionaire dealer of Sixty-second and Hudson streets, stated to depositors that his father had authorized him to say he would bond himself in $300,000 to pay all depositors. He did this because he was a friend of President Blant and was confident the affairs of the bank were all right. Ten minutes later the janitor appeared and stated that one of the directors was on hand with $40,000, prepared to settle with the depositors on the spot at ninety cents on the dollar. If they were willing however. to wait, every cent would be paid. No one took up the offer and the crowd dwindled away. Depositors Become Quiet. NEW ORLEANS, LA., August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their deposit books grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixty-day clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased.
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TELEGRAPHIC BREVITIES. The gold in the treasury yesterday was $3,157,354 above the $100,000,000 gold reserve. Fuller Bros. & Co., commission merchants, of New York, have assigned to C. B. Mulligan. The bank of Colfax, Wash., has closed. Capital, $100,000. Assets exceed liabilities two to one. During the twenty-four hours ended at noon yesterday there were nine deaths from cholera in Naples. It has been decided to institute legal proceedings against the men charged with wrecking the Indianapolis National bank. Comptroller Eckels has appointed E. W. Knight, jr., receiver of the Stockgrowers'. National bank of Miles City, Mont. The Union National bank, of Rochester, Minn., has closed temporarily. It will resume without the appointment of a receiver. At Marshall, Tex., yesterday, by the explosion of a boiler, Tommy Hill, Henry Smalley and Gus Saunders were killed, and Joe Bright and Joe Walman badly scalded. A cloudburst in Gratz, capital of Styria, swelled the mountain streams to torrents which swept down the valleys, doing great damage. A large number of persons were drowned. At Wheeling, W. Va., A. W. Paul has been appointed receiver for the Nail City Stamping company. No statement beyond one, that the assets are three to one greater than the liabilities. Investigation thus far into the condition of Lazarus Silverman's Bank of Chicago shows total liabilities of $1,691,079; assets $2,521,244. Nothing of a suspicious nature is yet discovered. A London dispatch from Berlin says: The United States, Great Britain and Germany have resolved on decisive combined action to end the Samoan trouble. It is said that Mataafa will be exiled.
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NEW YORK BANK CLOSED. The Madison Square's Capital Reported to Be Impaired $80,000. r The report in New York that the Madison Square Bank would not open Wednesday sent a great crowd of depositors to the institution to get their money if possible. They were disappointed, as a notice was posted to the effect that the bank was closed. The suspension was due to the refusal of the St. Nicholas Bank to clear the bank's checks any longer, it having been learned that the capital of $800,000 had been impaired about $80,000, At Colfax, Wash, the Bank of Colfax, owned by Perkins & Williams, closed its doors. It is the oldest bank in the city. The bank will not be able to realize on its securities. The Commercial Bank atMinneapolis closed. The bank is a small local institution doing business on the east side. Its capital is $200,000, its deposits $300,000 and its time deposits $222,000. It is stated by the officers of the bank that depositors will be paid in full. The Linden Steel Company, one of the largest concerns in Pittsburg. is embarrassed and has asked for an extension. The company manufacturers armor plate and has large government contracts. Judgments aggregating $61,000 were entered against the company. Fuller Bros.. commission merchants at 139 Greenwich street, New York, assigned. A. D. Baker, proprietor of the South Bend Wagon Works at Mishawaka. Ind., has made an assignment. Liabilities, $120,000; assets, $55,600.
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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va, closed its doors. The assets are $300, 000, with liabilities said to be not over hal that amount. The First national bank of Nashville, Tenn., suspended. It claims assets 0 $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapolis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawals. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank, Web ster City, la., one of the oldest and best banks in Iowa closed its doors on account o: inability to realize on assets.
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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va., closed its doors. The assets are $300,000, with liabilities said to be not over hat that amount. The First national bank of Nashville, Tenn., suspended. It claims assets o $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapotis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawais. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank. Web ster City, Ia., one of the oldest and best banks in Iowa closed its doors on account 01 inability to realize on assets.
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NEWS OF THE WEEK. i The Bank of Colfax, Wash., an old and reliable institution, closed its doors Tuesday. The treasury Thursday bought 419,000 ounces of silver at 70.9c, the entire amount offered. The tin plate factory at Atlanta, Ind., has gone into the hanos of a receiver. No details were obtained. Governor Boies, of Iowa is opposed to a third term of office and refuses to be a candidate for renomination. Gold in the treasury is daily increasing. It stands now at $123,291,395, or $2,291,395 above the reserve. A dispatch from Buenos Ayres says that the vice governor of Santa Fe was killed by the rebels Wednesday. It is said that Senator Dolph will oppose the confirmation of Dan Murphy as United States attorney for Oregon. There have been 6,666 deaths from cholera in Mecca and 2,138 in Jedda since the present epidemic broke out. The managers of Leland Stanford's estate will dispose of over 1000 blooded horses from his famous breeding farm. The statement published that the First National bank of Nampa, Idaho, had failed is a mistake. There is no such bank. The Cascade steam laundry of Spokane was entirely destroyed by fire a few days ago. The loss was $10,000; partly insured. City Treasurer P. J. Elliott, of Great Falls, Mont., was drowned" at the Great Falls of the Missouri, while bathing, Saturday. The Spokane Wheel Club is talking of holding a three days' bicycle tournament in Walla Walla the latter part of September. One hundred and eighty houses in the town of Birsk, Orenboorg, Russia, were burned. Seven persons were killed and many injured. In a jealous rage Douglas Davis fatally stabbed his wife and cut his own throat, dying instantly, at Greenville, Ill., Thursday. In a fire in a house of ill-fame, at Hillsboro, Texas, one woman was burned to death, two fatally injured and five others seriously burned. England is investigating the Turkish outrages on American Christians, and the claim is made that of the five executed two were innocent. Miss Bertie Forceland, the girl known as the "reformed girl highwayman," is taking a leading part in salvation army proceedings in Walla Walla. Experiments in smoking and canning sturgeon have proved successful at Ilwaco, and a permanent market for this fish has thus been established. Kirk Hanna, a 19-year-old boy, of Spokane, took a dose of morphine to relieve him of pain in the stomach, and died on the streets from the effects of it. Lee Kwong Kee & Co. are in trouble with the treasury department for selling and delivering at once goods in bond in their world's fair exhibits at Chicago. A London dispatch states that the Behring sea case has been decided in fa vor of Great Britain, but in Paris it i said all such reports are mere surmises Garfield, Wash., is troubled with burglars. A store and two saloons were broken into Tuesday night, and Dr. J N. Clarke's horse was stolen from hi stable. Mrs. Sarah Nichols, died at her son' home at Kingsley, Wasco county, Ore gon, last week. Mrs. Nichols came t Oregon with her parents from Indian in 1853.