22847. City Bank (Portage, WI)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 27, 1893
Location: Portage, Wisconsin (43.539, -89.463)

Metadata

Model: gpt-5-mini
Short Digest: 22ff66b9

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated July 27–28, 1893) report the City Bank of Portage closed/suspended due to the condition/stringency of the money market. No article describes a depositor run at this specific bank or a receivership; suspension is described as caused by the money market (broader liquidity/macro conditions). There is no direct statement that the City Bank permanently failed or that a receiver was appointed. Many suspended banks in this period later resumed; therefore I classify as suspension_reopening as the most likely outcome but reopening is not explicitly documented in the provided articles.

Events (1)

1. July 27, 1893 Suspension

Cause: Macro News
Cause Details: Suspension explicitly attributed to the condition/stringency of the money market (drainage of cash, inability to realize on securities).
Newspaper Excerpt: PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank.
Source: newspapers

Newspaper Articles (10)

1. July 28, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 28, 1893

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WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.

2. July 28, 1893 The Times Richmond, VA

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Three More National Banks Fail. SEATTLE, WASH., July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with National, closed at the same a few minutes time. the First In the news was generally known throughout the city, received quietly. There was no at any of President Glover stated effect banks. but was perceptible suspended, the that other the bank has only temporarily and all depositors will be paid in full. HELENA, MONT., July 27.-The First National and the Montana National Banks failed to open this morning. A run then began on the other banks of the city. LOUISVILLE, KY., July 27.-The Farmers' Bank, of Mount Sterling, Ky., suspended payment this morning. MIDDLESBORO, KY., July 27.-The First National Bank, of this place. closed its doors this morning. A notice upon the doors reads: 'This bank is closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS., July 27.-The City Bank closed its doors this evening. The suspension is due to the condition of the money market. PORTLAND, ORE., July 27.-The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon. HELENA, MONT., July 27.-The First National Bank has assets of over $1,000,000 in excess of liabilities. The Montana National has $850,000 in excess of Habilicould not get meet the demand. enough ties. They to simply The currency Merchants' National stood three hours' run, and then received in deposits more cash than had been withdrawn. There was no run on the other banks. CHICAGO, July 27.-The clearing-house this evening decided to issue clearinghouse certificates. Business Embarrasements. WALTHAM, MASS., July 27.-On July 1st the American Waltham Watch Company gave its hands a month's vacation. To-day the company announced that the vacation will be extended to August 7th, and when the works are started only half the force will be employed. Along with this announcement comes the statement that the Elgin Watch Company will discharge half its hands August 1st. Each company employs about 3,000 persons. There is consternation in Waltham. BOSTON MASS., July 27.-Ticknor & Co., publishers, 211 Tremont street, are financially embarrassed, and have made an assignment to Charles Fairchild. The to the business of James & Co. when the G. firm Hagood succeeded firm failed, in 1885. Besides its book-publishing business the firm publishes the American Architect. Creditors are well disposed toward Ticknor, though they will have no trouble about the adjustment of affairs. HARRISBURG, PA., July 27.-The American Tube Iron Company, located at Middleton, has gone into the hands of a receiver. The company has no mortor gages, judgments bonded raise indebtedness funds, against it, but could not owing to the stringency in the money market It is one of the largest concerns of the kind in the country, employing fifteen hundred hands. It makes all kinds of wrought iron pipe and tubing. CINCINNATI, O., July 27.-The Deer Creek Cotton Mills, Fifth street and Eggleston avenue, and the Belting factory, on Plum and Canal streets, controlled by Henry Pearce, Sons & Co., shut down indefinitely to-day, throwing 500 hands out of employment. Dull trade is the cause given.

3. July 28, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 28, 1893

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Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.

4. July 28, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, July 28, 1893

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Another Wisconsin Bank Drops Out. PORTAGE, Wis., July 28.-The City bank suspended because of the condition of the money market.

5. July 28, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 28, 1893

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TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.

6. July 28, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.

7. July 28, 1893 The Sun New York, NY

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ELEVEN MORE BANKS FAIL. Seven in the West. Three in Kentucky, and One In New England, HELENA. Mon.. July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants' National Bank. which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets. but cannot realize. S. T. Hauser 1s President of the First National. The capital stock is $500,000. surplus $100,000. undivided profits $600.000. and average deposits $3,250.000. John T. Murphy is President of the Montana National. The capital stock is $500.000. surplus $100,000. undivided profits $100,000. and average deposits $1,500,000. SPOKANE. Wash.. July 27.-The First National Bank suspended payment yesterday afternoon. Its doors closed at 2 o'clock. and a'notice was posted announcing that. "owing to continued withdrawal by depositors and inability to realize on securities. this bank will temporarily suspend payment." The Spokane Savings Bank. which is connected with the First National. was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover said that the bank has only temporarily suspended. and all depositors will be paid in full. The bank commenced business in December. 1882. Its paid-up capital is $200,000. PORTLAND. Or., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company. kindred institutions, failed to open their doors this forenoon. Notice on doors says: Owing to withdrawal of deposits and inability to realize on securities this bank is forced to suspend." George B. Markle is President of both institutions. Capital stock of the Oregon National $200,000: surplus. $40,000: average deposits. $500.000. Capital stock of the Northwest Loan and Trust Company. $250,000: surplus. $25,000. MIDDLESBOROUGH, Ky.. July 27.-The First National Bank of this place closed its doors this morning. The notice on the door reads: This bank closed by order of directors." The officers of the bank refuse to talk. and it is impossible to get either assets or liabilities. The effect on business here will be serious, as most of the merchants were depositors. The Coal and Iron. the other bank here. will not be affected. The suspended bank had a capital of $50,000. and its individual deposits aggregated usually about $80,000. MOUNT STERLING. Ky.. July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by inability to realize on its paper. The deposits are about $300,000. The bank holds firstclass paper to the amount of $600.000. The depositors will be paid in full. and the omcers of the bank hope to be able to resume in a short time. The capital stock is $250,000. This afternoon the Breeders' Bank also closed its doors. EXETER. N. H.. July 27.-The National Granite State Bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound. the present embarrassment having been caused by a drainageof the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE. Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market.

8. July 28, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 28, 1893

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HELENA IN TROUBLE. wo of the Largest Banks in Mon< tana Close-Business Difficulties of All Kinds. HELENA, Mont., July 27.-Financial coubles reached Helena, Mont., today' nd resulted in the closing of two of the iggest banks in the state. They are he First National and Montana Naonal. The First National is the pioneer ank, of which S. T. Hauser is presient. Its directory includes some of he wealthiest men in Montana. For iree weeks there has been a steady rain on the banks, and on Wednesday fter the day's business was over there as very little cash on hand. Last ight the directors met and unanihously decided that it was he duty of the stockholders to support nmediately a voluntary liquidation, nd that the bank temporarily suspend. n conformity with this the bank did ot open this morning, and the followig notice was posted on the door: "We re compelled to suspend business under ie stringency of the money market nd from the heavy drafts on deposits. ithout being able to make correspondig reduction of loans. Our assets are mple, but we cannot command the curency to continue payments." A stateent up today shows assets of $3,771,80; liabilities, $2,590,762. The bank ad a capital of $500,000, and its busess extended all over the Northwest. John T. Murphy is president of the Iontana National. It was regarded as trong as the First National, but was ot SO old. It had a capital of $500,000, -'18 10 assess SMO Is statement the pu 50,000, liabilities $900,000. The diectors desire a voluntary liquidation, nd its closing was due to the same auses as forced the suspension of the irst National. When the banks opened lain street was crowded with people, e largest number being about the lerchants' National. There was a teady run on this bank for three hours, ut it came out all right, the offiers saying they gained more cash uring the day. There was no run on e other banks. President Edgerton, i the Second National, says he made a ight gain in deposits. Cashier Baird, : the Helena National, says there was o run on that bank. as does Cashier ohnson, of the American National. here was no run on either of the two avings banks. The unanimous opinion that the people have gotten over the xcitement, and that the banks now oing business will be able to keep ben. Assignments today were the homas Pointer Drug company, S. C. shby, A. M. Holter and C. W. Cannon, II personal. No mercantile failures ave been reported. MIDDLESBORO. Ky., July 27.-The irst National bank of this place closed S doors this morning. LOUISVILLE, Ky., July 27. - The armers' Bank of Mt. Sterling, Ky., spended payment this morning. CINCINNATI, July 27. - The Deer reek cotton mills at Fifth street and ggleston avenue, and a belting factory ; Plum and Canal streets, controlled y the Henry Pearce Sons company, nut down indefinitely today, throwing 0 hands out of employment. Dull ade is the cause given. PORTAGE, Wis., July 27.-The City ank of Portage closed its doors today. was capitalized at $25,000. H. Breeze, -secretary of state, was president of e bank. The directors of the bank

9. August 2, 1893 The Star Reynoldsville, PA

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago, is preparing to resume business. The First National Bank of Cisco, Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate language of the rabid silverites. Parkhust & Wilkinson, iron merchants, Chicago, assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants. St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Ban's, Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena, Mont., the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At Spokane, Wash., the First National Bank, paid up capital $200,000, and the Spokane Savings Bank, its dependent. tem. porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

10. August 3, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, August 3, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.