Commercial & Savings Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: August 16, 1893
Location: Racine, Wisconsin (42.726, -87.783)

Metadata

Model: gpt-5-mini
Short Digest: 5d2471e0

Response Measures

None

Description

Commercial & Savings Bank (Racine, WI) posted a 30/60-day notice on Aug 16, 1893 after the Union National Bank of Racine failed to open. Articles describe this as invoking the sixty-day clause (temporary suspension/precaution). No evidence the Commercial & Savings Bank permanently closed or entered receivership in the provided articles.

Events (1)

1. August 16, 1893 Suspension

Cause: Local Banks
Cause Details: Posted 30/60-day notice in immediate aftermath of the Union National Bank's failure to open; invoked the sixty-day clause as precaution amid local bank distress and slight runs on other banks in town.
Newspaper Excerpt: The Commercial and Savings Bank has posted a thirtyday (sixty-day) notice.
Source: newspapers

Newspaper Articles (4)

1. August 17, 1893 The Times Richmond, VA

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Article Text

More Bank Troubles. WASHINGTON, August 16.-Comptroller Eckels is informed of the failure this morning of the Union National Bank of Racine, Wis. GALLATIN, TEX., August 16.-There was a slight run by depositors yesterday on the Farmers' and Traders' Bank, and the directors posted a notice that only 10 per cent. for the present would be paid on deposits. Loans and other means are over $120,000 and deposits are about $80,000. There was a slight run on the First National Bank of Gallatin, less than $2,000 having been paid out. JACKSONVILLE, FLA., August 16.The Volusta County Bank at Deland, Fla., closed its doors this morning, being unable to meet obligations by reason of delays in realizing on its paper and mortgages. Liabilities, $136,000; assets, $190,000. The officers say it will eventually pay dollar for dollar. RACINE, WIS., August 16.-The Union National Bank closed its doors this morning. The capital is $150,000, and the total resources $892,000. The Commercial Savings Bank has posted a thirtyday notice. JACKSONVILLE, FLA., August 16.The Volusia County Bank, at Deland, Fla., closed its doors this morning, being unable to meet its obligations by reason of delays in realizing on its paper. Mortgages and liabilities $136,000; assets $190.000. Its State Bank officers say It will eventually pay dollar for dollar. MEMPHIS, August 16.-The Cole Manufacturing Company yesterday filed an application in chancery, asking that a recelver be appointed to take charge of the. personal property of W. A. Collier, president of the Memphis Appeal-Avalanche Company, and his associates in business. Some time ago the Cole Manufacturing Company obtained a judgment against Mr. Collier for material used in the Appeal-Avalanche building. A portion of the judgment was satisfied by attaching land owned by Mr. Collier, but this being insufficient to pay the claim, a receiver is now applied for to take charge of the personal property.

2. August 17, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 17, 1893

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Article Text

The Carnegie Steel Company, Limited, Pittsburg, Aug. 10, 1893. Taking effect September 1. 1893, and applying to every officer and employe of this association excepting those working under wage scales, the following reduction in salaries is ordered: On salaries exceed$500 per month. 30 per cent. on salaries $400 and less than $500 per month. 25 per cent: on salaries $200 and less than $400 per month, 20 per cent: on salaries $60 and less than $200 per month. 15 per cent: less than $60 per month. 10 per cent. This action has been deferred as long as possible in the hope that some improvement in the existing trade depression might occur. but as the situation is daily becoming worse this reduction is found absolutely necessary. By order of the Board of Managers. H. C. FRICK, Chairman. Between 800 and 1,000 employes are affected. BANKS FORCED TO CLOSE THEIR DOORS. Racine, Wis., Aug. 16.-The Union National Bank closed its doors this morning. The capital 1s $150,000, and the total resources $892,000. The individual deposits are $243,000. The officers are: President, O. R. Johnson: vice-president, H. E. Smiedling: cashier, E. C. Deane. The Commercial and Savings Bank has posted a thirty-day notice. Jacksonville, Fla., Aug. 16.-The Valusia County Bank, at Deland, Fla., closed Its doors this morning, being unable to meet Its obligations, because of delays In realizing on Its papers, mortgages, etc. Its Habillties are $136,000, and Its assets $190,000. It Is a State bank: H. H. Clough. president. J. B. Clough, cashier. The depositors are scattered all through Volusia County, and the bank's suspension will seriously embarrass many of them. The officers say that it will eventually pay dollar for dollar.

3. August 23, 1893 Watertown Republican Watertown, WI

Article from Watertown Republican, August 23, 1893

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Article Text

FAILED TO OPEN ITS DOORS. The Union National Bank of Racine, Posts 3 Notice of Suspension. RACINE, Wis., Aug. 16.-Much suprise was occasioned here this morning when the Union National Bank failed to open its doors. A notice was posted stating that inability to realize on securities necessitated a suspension of business. The bank has a capital of $150,000, with a reserve fund of $60,000. A statement made on July 12 showed the resources to be $893,000, with the liabilities the same. The individual deposits amounted to $243,000. The officers of the bank are as follows: President O. R. Johnson; vice-president, H. E. Smieding; cashier, E. C. Deane. The Commercial and Savings Bank to-day posted a notlce taking advantage of the sixty-day clause. There was a slight run onthe other banks, but it is thought that the worst is past. E. C. Deane, cashier of the Union National Bank,'is vice-president of the Commercial and Savings Bank.

4. August 24, 1893 Eagle River Review Eagle River, WI

Article from Eagle River Review, August 24, 1893

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Article Text

FAILED TO OPEN ITS DOORS. The Union National Bank of Racine, Posts Notice of Suspension. RACINE, Wis., Aug. 16.-Much suprise was occasioned here this morning when the Union National Bank failed to ope its doors. A notice was posted stating that inability to realize on securitie necessitated a suspension of business The bank has a capital of $150,000, with reserve fund of $60,000. A statements made on July 12 showed the resource to be $893,000, with the liabilities the same. The individual deposits amount ed to $243,000. The officers of the bank are as follows: President O. R. John son; vice-president, H. E. Smieding cashier, E. C. Deane. The Commercial and Savings Bank to-day posted a notlce taking advant age of the sixty-day clause. There was a slight run onthe other banks, butitis thought that the worst is past. E.C. Deane, cashier of the Union National Bank,;is vice-president of the Commercial and Savings Bank.