22557. Chippewa Valley Bank (Eau Claire, WI)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
July 29, 1893
Location
Eau Claire, Wisconsin (44.811, -91.498)

Metadata

Model
gpt-5-mini
Short Digest
ae5d4e42

Response Measures

Accommodated withdrawals

Description

The Commercial Bank of Eau Claire (different institution) did suspend and go into receivership on July 29, 1893, but the Bank of Eau Claire listed here only experienced a run that was counteracted and remained open. Date taken from contemporaneous reports (July 29, 1893).

Events (1)

1. July 29, 1893 Run
Cause
Local Banks
Cause Details
Runs were triggered amid broader regional banking distress and a contemporaneous closure of the Commercial Bank of Eau Claire; depositors withdrew but heavy deposits by leading businessmen counteracted the run.
Measures
Counteracted by heavy deposits from many leading businessmen; banks remained open after hours.
Newspaper Excerpt
Runs were started on the National Bank of Eau Claire, the Bank of Eau Claire, and the Chippewa Valley Bank, but were counteracted by heavy deposits by many leading business-men. These banks are remaining open after hours.
Source
newspapers

Newspaper Articles (2)

Article from Richmond Dispatch, July 30, 1893

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Article Text

Bank Runs Counteracted. [By telegraph to the Dispatch.] MILWAUKEE, WIS., July 29.-The Commercial Bank of Eau Claire, Wis., did not open its doors this morning. Notices were posted that the bank was in the hands of Bryon A. Buffinton as receiver. The close is due to the continuance of heavy withdrawals and the inability to realize on securities at this time. The Commercial is a popular savings bank throughout the Chippewa Valley. It has a capital of $50,000. Runs were started on the National Bank of Eau Claire, the Bank of Eau Claire, and the Chippewa Valley Bank, but were counteracted by heavy deposits by many leading business-men. These banks are remaining open after hours.


Article from New-York Tribune, July 30, 1893

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Article Text

STILL THE BANKS GO DOWN MANY SUSPENSIONS IN THE WEST. THREE IN PORTLAND, ORE-OTHERS IN WIS CONSIN, MICHIGAN, ILLINOIS, OHIO AND KENTUCKY. Portland, Ore., July 29.-The Commercial Nation: Bank, Portland Savings Bank and the Ainswort National Bank failed to open their doors this mor: ing. With the exception of a slight run on th First National. the largest bank in the city, ther Is no excitement. The Commercial National an the Portland Savings Bank are under the same mai agement. A notice posted on each of the suspende banks says: "This bank is forced to temporarily suspend owih to the heavy withdrawal of deposits during the la sixty days and inability to realize on securities. De positors will be paid in full." The Commercial National Bank has a paid-up capita stock of $250,000. The Ainsworth National has capital stock of $100,000. The statement of th Commercial National and the Ainsworth National pul fished July 12 shows resources as follows: Con mercial, $1,950,000 : Ainsworth, $687,000; deposit Commercial. $1,455,000: Ainsworth, $447,000. The Ainsworth National is a United States de pository. No statement has yet been made of th condition of the Portland Saving Bank. It has capital stock of $260,000, with a surplus of #202 900. Milwaukee, July 29.-The Commercial Bank o Eau Claire Wis., did not open its doors this mort ing. Notices were posted that the bank was in th hands of Byron A. Buffington, as receiver. Th closing is due to the continuance of heavy withdrawal and the inability to realize on securities. The Com mercial is a popular savings bank throughout th Chippewa Valley. It has a capital of $50,000. Run were started on the National Bank of Eau Claire, th Bank of Ean Claire and the Chippewa Valley Bank but were counteracted by heavy deposits by man leading business men. These banks are remainin open after hours. Grand Rapids, Mich., July 29.-Local creditors yes terday were advised of the closing of the C. " Chapin & Co. private bank at Stanton, Montcali County, owing to a rush of depositors for their cast No statement of the assets and liabilities has bee given out. Kankakee. III.. July 29.-The First National Bank € this city failed to open Its doors this morning. notice posted on the doors states that the assets ar ample to meet all claims. The bank has a' paid " capital of $50,000 and a large surplus. It wa organized in 1871. The bank carried a large lin of customers and has been, and is still, considered 1 be all right. E. Cobb. the president of the bank, I the heaviest stockholder and is a wealthy man. It i probable that the bank will resume in a short time The Merchants' National of Chicago and the Amer can Exchange National of New-York are its goi respondents. Chicago, July 29.-Stevens & Ross, who did bus ness in a small way at No. 204 Fifty-hfth-st., unde the name of the South Park Bank, failed to-day When the depositors called at the bank this mornin they found a card on the door which announced This bank is closed by order of the court." Th failure is a small one and will cut no figure i financial circles. Covington. Ind., July 29.-The Farmers and Met chants' Bank of this city closed my yesterday. Ex United States Treasurer Nebeker is the president.