22885. Bank of River Falls (River Falls, WI)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 15, 1893
Location
River Falls, Wisconsin (44.861, -92.624)

Metadata

Model
gpt-5-mini
Short Digest
d8c0e562

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Depositors' meeting granted an extension; bank presented statement to depositors.

Description

June 15 article describes a small run triggered by news that the Hudson Savings Bank closed (deposit withdrawals). The bank later suspended temporarily on Aug 17 citing stringency of the times (heavy withdrawals) and then resumed business about a week later (Aug 25). No receivership or permanent closure reported.

Events (3)

1. June 15, 1893 Run
Cause
Local Banks
Cause Details
Withdrawals triggered by news of closure of Hudson Savings Bank; contagion from another local bank's failure.
Measures
Local business men supported the bank; some depositors actually made deposits; visible cash on hand reassured nervous depositors.
Newspaper Excerpt
The report that the Hudson Savings Bank closed its doors ... caused some alarm among the depositors of the Bank of River Falls, and many of them withdrew their deposits on Saturday morning.
Source
newspapers
2. August 17, 1893 Suspension
Cause
Macro News
Cause Details
Temporary suspension due to the broader financial stringency and heavy withdrawals during the 1893 panic.
Newspaper Excerpt
The Bank of River Falls finding it necessary to close its doors temporarily on account of the stringency of the times ... J. M. Smith, cashier of the bank, then gave a statement of the financial situation of the bank and the causes which had led to the suspension.
Source
newspapers
3. August 25, 1893 Reopening
Newspaper Excerpt
The bank of River Falls, which suspended a week ago, resumed business yesterday.
Source
newspapers

Newspaper Articles (22)

Article from River Falls Journal, June 15, 1893

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Article Text

Our Banks All Right. The report that the Hudson Savings Bank closed its doors on Friday of last week, caused some alarm among the depositors of the Bank of River Falls, and many of them withdrew their deposits on Saturday morning. There was not the slightest reason for this alarm, as the Bank of River Falls has at all times done a prosperous business and has been exceedingly cautious in making its loans. This is to its credit and a guarantee of soundness to its stockholders and depositors. It is safe to say that the deposits in the bank were as safe on Saturday as they have been on any day during the nineteen years of its existence. But the feeling of uncertainty as to the future now pervading the whole country, together with the closing of the Hudson bank was too much to withstand by persons otherwise cool and considerate in their business affairs. The business men of the city stood by the bank to a man. Not one withdrew his deposits. On the contrary they made deposits during the day to aid the bank to weather out the storm. It is unnecessary to say that even if the alarmists had succeeded in closing the doors of the bank, they would only have delayed the payment of their certificates until such time as the bank could make collections. As it was the bank netted some $400 in interest which depositors in their madness threw away. Four hundred dollars net earnings in one day is pretty good for a country bank. A slight run was also made on the Farmers & Merchants Bank, but that institution is young, has consequently fewer deposits, and the stacks of money in sight soon reassured the nervous ones among the depositors. It is greatly to the credit of our money institutions that they successfully outrode the storm and that they assisted each other in the most friendly and substantial manner.


Article from River Falls Journal, August 17, 1893

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Article Text

Meeting of Depositors of the Bank of River Falls. The Bank of River Falls finding it necessary to close its doors temporarily on account of the stringency of the times a meeting of the depositors was called at Odd Fellows Hall on Wednesday evening by the officers of the bank to discuss the situation. By request of the officers of the bank Mr. Allen P. Weld took the chair and briefly stated the situation. J. M. Smith, cashier of the bank, then gave a statement of the financial situation of the bank and the causes which had led to the suspension. Following is a statement submitted:


Article from The Portland Daily Press, August 18, 1893

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More Banks in Trouble. Hudson, Wis., August 17.-The bank of River Falls and the Bank of Ellsworth have suspended. Sheboygan, Wis., August 17-The Forest Venner Sealing company has assigned. Liabilities $100,000. Cleveland, Ohio, August 17.-The Cardington Banking company has suspended.


Article from New-York Tribune, August 18, 1893

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BANKS FORCED TO SHUT DOWN. MANY SUSPENSIONS IN WESTERN STATES-AN IOWA NATIONAL BANK CLOSED. Dubuque, Iowa, Aug. 17.-The First National Bank of this city suspended this morning. It was one of the oldest Institutions In the city, and had a capital of $200,000. The last statement showed deposits of all kinds amounting to $5,200,890. The cause of the failure is the continuous withdrawal of deposits, which were understood to be mostly of country banks. The officers say the bank Is solvent, that It will resume in a short time, and that depositors will be paid in full. Other banks in the city are believed to be perfectly solvent. This Is the first failure In Dubuque since the financial trouble began. The bank has a capital stock of $200,000; surplus and undivided profits, $65,000, and deposits, $444,028. The assets amount to $260,000 more than the Habilities. Topeka, Kan., Aug. 17.-The National Bank of Marion closed its doors yesterday. Liabilities are not known, but the assets are sufficient to cover everything. Meadville, Penn., Aug. 17.-The Farmers' Co-operative Bank has suspended business temporarily. Albany, Mo., Ang. 17.-The Bank of Albany suspended yesterday owing to the Inability to realize on loans and securities. A statement gives assets at $110,000 and Habilities at $80,000. Hudson, Wis., Aug. 17.-The Bank of River Falls, Wis., suspended yesterday. The statement for July 1 shows assets of $325,526, with liabilities of $284,000. The Bank of Ellsworth at Ellsworth. Wis., also closed. The statement for July 1 shows assets of $116,737, with Habilities of $38,000. Stockholders of both banks are largely the same. It Is believed the banks will be reorganized. Aurora. 1!1., Aug. 17.-The private bank of Levi Hall, at Oswego, was forced to eloge its doors yesterday. It 1. thought that Mr. Hall's assets are far in excess of his Habilities.


Article from Richmond Dispatch, August 18, 1893

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Wisconsin Banks Suspend. [By telegraph to the Dispatch.] HUDSON, WIS., August 17.-The Bank of River Falls, Wis., suspended yesterday. The statement for July 1st shows assets of $325,526 and liabilities of $284,000. The Bank of Ellsworth. at Ellsworth, Wis., has also closed. Its statement for July 1st shows assets of $116,737 and liabilities of $86,000. The stockholders of both banks are largely the same and it is believed that the banks will reorganize,


Article from St. Paul Daily Globe, August 18, 1893

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Badger Banks Fail. MILWAUKEE, Wis., Aug. 17. - The Bank of River Falls, Wis., R. S. Burhiyete president, capital $40,000, has suspended. The statement for July shows assets $325,526; liabilities, $284,000. The Bank of Ellsworth, Ellsworth, Wis., capital $35,000, also closed. The statement for July 1 showed assets $116,737; liabilities, $86,000. Stockholders in both banks were largely the same. It is believed the banks will be reorganized.


Article from Herald and Tribune, August 23, 1893

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$1 A YEAR IN ADVANCE UP TO DATE. The Armandale (Kan.) bank suspended. The Bank of River Falls, Wis., has suspended. Forest fires in the mountains near Altoona, Pa. Martial law has been extended to all parts of Argentina. Iowa Republicans nominated Frank D. Jackson for Governor. The Volusia County bank of Deland, Fla., has closed its doors. Cholera at Naples is diminishing. General health at Rome is good. The yearly meeting of Friends is in session in Wilmington, Ohio. Cholera continues to spread along the frontier of Hungary and Galicia. The Italian exodus to this country is increasing since cholera has broken out in Italy. Harold Murphy, of Cairo, Ill., took strychnine by mistake, and died soon after. The Standard Wagon Company, Cincinnati, has assigned ; assets $1,200,000 and liabilities $700,000. Miss Retta Lacy, of Columbus, Ind., suicided by strychnine. She lefta note saying she feared poverty. Measures are being taken for the relief of the families rendered homeless by the Minneapolis fire. While Lafayette Sagerer was lighting his gasoline stove at Nicholasville, Ky., it exploded, burning down part of the residence. Moonshiners in jail at Birmingham, Ala., were caught making whisky in their cells from apples, a bent pipe, tin boxes and a spittoon.


Article from The Worthington Advance, August 24, 1893

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A CONVENTION of the Pan-American Bimetallis association will be held in St. Louis on October 3 next. A CYCLONE near Humboldt, Neb., did great damage and Mrs. G. Schultz and her son were fatally injured and horses and cattle were killed. THE Union national bank at Racine and the banks at River Falls and Ellsworth, in Wisconsin, closed their doors. The private bank of Levi Hall at Oswego, III., and the Cardington Banking company at Cardington, O., also suspended. A BLAZE in St. Paul did $100,000 damage to the music house of W. J. Dyer & Bro. and Michael Clenan, a fireman, was killed. INTERPRETER YOSHIKAWA and Commissioner Minano, Japanese representing their government at the world's fair, have been converted to Christianity. THE impeachment of President Cleveland and Secretary Carlisle is demanded by the Advocate, the organ at Topeka of the Kansas populists, for failure to purchase the prescribed quantity of silver in July. THREE cars were dropped 60 feet by the giving way of a bridge near Milton, Va., and seven persons were killed and four injured. THE First national bank at Dubuque, Ia., the bank at Albany, Mo., and the Kendall county bank at Yorkville, III., closed their doors. MARTIN SCHULTZ and -his wife, an aged couple living near Cherokee, Ia., were murdered and their home ransacked by robbers. THE doors of the National bank of commerce at Denver, Col., have reopened for business. IN Cincinnati the Standard Wagon company, one of the largest concerns of the kind in the west, failed for $700,000; assets, $1,200,000. By a collision on the Chicago, Milwaukee & St. Paul railroad near Dubuque, Ia., twelve persons were injured THE death of John Logan Chipman, member of congress from the First district of Michigan, occurred at his home in Detroit, aged 63 years. THE Nebraska democrats will hold their convention at Lincoln October 4. IN a fit of anger Cyrus Brown, of Cincinnati, shot and killed his wife, to whom he had been married thirty years. VIRGINIA democrats in convention at Richmond nominated Charles T. O'Ferrall for governor and R. C. Kent for lieutenant governor. THE four banks in Le Mars, Ia., suspended. They were the First national and Le Mars national, with a capital of $100,000 each, and the Le Mars state and German savings banks. DRINKING water from an impure well caused the death of three children of J. L. Casey, of Little Rock, Ark., and the rest of the family were seriously ill, A TRACTION engine near Martin's Ferry, o., became unmanageable and ran backward down a hill, killing Carrie and Nellie Ackerman, aged 5 and 11 years, respectively, and fatally injuring Ella King. A FIRE at Benton, III., destroyed the city hall, post office and the Chronicle office. J. S. JOHNSON made 3 miles in 7:55% in a bicycle race at Minneapolis, lowering the record 15 1/4 seconds. BUSINESS has been resumed by the First national bank of Anthony, Kan., which suspended payment in July. A MOB wear Morganfield, Ky., lynched Charles Watson, a negro who cut the throat of little Sam Keith, 10 years old, to secure four dollars. WILLIAM J. JAMISON (colored), who murdered Supervisor Charles N. Aaron April 19, 1892, was hanged at Quincy, III. This was the third hanging in Quincy in sixty-five years. WITHIN ten days twenty members of the Meacham gang have been killed near Jackson, Ala., and five others were surrounded, but escaped.


Article from River Falls Journal, August 24, 1893

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WEST AND SOUTH. AT Goodland, Kan., a hailstorm wrecked several buildings and fatally injured a man named Wood and his two sons. IN St. Paul C. 0. Rice & Co., dealers in carpets and wall paper, made an assignment with liabilities of $112,000. FLAMES destroyed the Tubbs hotel at East Oakland, Cal., the loss being $200,000. IN convention in Des Moines the Iowa republicans nominated Frank D. Jackson, of Des Moines, for governor; W. S. Dungan, of Chariton, for lieutenant governor; G. S. Robinson, of Storm Lake, for supreme judge; J. W. Luke, of Hampton, for railroad commissioner, and Henry Sabin, of Des Moines, for superintendent of public instruction. The platform approves the administration of Benjamin Harrison; favors maintaining both gold and silver as unlimited legal tender for the payment of debt. every dollar to be of equal value; opposes state bank money; says the pension system now in practice is a menace to the honor of the brave and deserving national defenders, and declares in favor of local option. A CONVENTION of the Pan-American Bimetallic association will be held in St. Louis on October 3 next. A CYCLONE near Humboldt, Neb., did great damage and Mrs. G. Schultz and her son were fatally injured and horses and cattle were killed. THE Union national bank at Racine and the banks at River Falls and Ellsworth, in Wisconsin, closed their doors. The private bank of Levi Hall at Oswego, III., and the Cardington Banking company at Cardington, 0., also suspended. A BLAZE in St. Paul did $100,000 damage to the musie house of W. J. Dyer & Bro. and Michael Clenan, a fireman, was killed. THE doors of the National bank of commerce at Denver, Col., have reopened for business


Article from Warren Sheaf, August 24, 1893

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A CONVENTION of the Pan-American Bimetallis association will be held in St. Louis on October 3 next. A CYCLONE near Humboldt, Neb., did great damage and Mrs. G. Schultz and her son were fatally injured and horses and cattle were killed. THE Union national bank at Racine and the banks at River Falls and Ellsworth, in Wisconsin, closed their doors. The private bank of Levi Hall at Oswego, Ill., and the Cardington Banking company at Cardington, O., also suspended. A BLAZE in St. Paul did $100,000 damage to the music house of W. J. Dyer & Bro. and Michael Clenan, a fireman, was killed. INTERPRETER YOSHIKAWA and Commissioner Minano, Japanese representing their government at the world's fair, have been converted to Christianity. THE impeachment of President Cleveland and Secretary Carlisle is demanded by the Advocate, the organ at Topeka of the Kansas populists, for failure to purchase the prescribed quantity of silver in July. THREE cars were dropped 60 feet by the giving way of a bridge near Milton, Va., and seven persons were killed and four injured. THE First national bank at Dubuque, Ia., the bank at Albany, Mo., and the Kendall county bank at Yorkville, Ill., closed their doors. MARTIN SCHULTZ and his wife, an aged couple living near Cherokee, Ia., were murdered and their home ransacked by robbers. THE doors of the National bank of commerce at Denver, Col., have reopened for business. IN Cincinnati the Standard Wagon company, one of the largest concerns of the kind in the west, failed for $700,000; assets, $1,200,000. By a collision on the Chicago, Milwaukee & St. Paul railroad near Dubuque, Ia., twelve persons were injured THE death of John Logan Chipman, member of congress from the First district of Michigan, occurred at his home in Detroit, aged 63 years. THE Nebraska democrats will hold their convention at Lincoln October 4. IN a fit of anger Cyrus Brown, of Cincinnati, shot and killed his wife, to whom he had been married thirty years. VIRGINIA democrats in convention at Richmond nominated Charles T. O'Ferrall for governor and R. C. Kent for lieutenant governor. THE four banks in Le Mars, Ia., suspended. They were the First national and Le Mars national, with a capital of $100,000 each, and the Le Mars state and German savings banks. DRINKING water from an impure well caused the death of three children of J. L. Casey, of Little Rock, Ark., and the rest of the family were seriously ill. A TRACTION engine near Martin's Ferry, O., became unmanageable and ran backward down a hill, killing Carrie and Nellie Ackerman, aged 5 and 11 years, respectively, and fatally injuring Ella King. A FIRE at Benton, Ill., destroyed the city hall, post office and the Chronicle office. J. S. JOHNSON made 3 miles in 7:15% in a bicycle race at Minneapolis, lowering the record 15 1/4 seconds. BUSINESS has been resumed by the First national bank of Anthony, Kan., which suspended payment in July. A MOB near Morganfield, Ky., lynched Charles Watson, a negro who cut the throat of little Sam Keith, 10 years old, to secure four dollars. WILLIAM J. JAMISON (colored), who murdered Supervisor Charles N. Aaron April 19, 1892, was hanged at Quincy, Ill. This was the third hanging in Quincy in sixty-five years. WITHIN ten days twenty members of the Meacham gang have been killed near Jackson, Ala., and five others were surrounded, but escaped. FOREIGN INTELLIGENCE. THE decision rendered in Paris by the court of arbitration on the subject of the dispute between the United States and Great Britain as to the rights of seal fishing in Behring sea was in favor of Great Britain on every point of real dispute. A STORM wrecked a fishing boat in the Baltic off Hapsal, Russia, and many boats floundered and seventeen persons were drowned. BY the capsizing of a boat in Carrigaholt bay seventeen of an excursion party from Kilkee, Ireland, were


Article from Asheville Daily Citizen, August 25, 1893

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Banks Resuming SAN BERNANDINO, Cal., Aug. 25.-The Farmers' Exchange National bank reopened yesterday. RIVER FALLS, Wis., Aug. 25. -The - bank of River Falls, which suspended a week ago, resumed business yesterday.


Article from Iowa County Democrat, August 25, 1893

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WILL RESUME. The River Falls Bank Found to Be Solvent. River Falls, Wis., Aug. 18.-The Bank of River Falls suspended temporarily Thursday on account of heavy withdrawals by depositors. At a meeting of depositors held last evening the showing made by the bank fully satisfied them and an extension was granted the institution, which will resume business at once.


Article from Rock Island Daily Argus, August 25, 1893

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Only Suspended a Week. MILWAUKEE, Aug. 25.-A River Falls special says: The bank of River Falls, which suspended one week ago, has resumed business.


Article from St. Paul Daily Globe, August 25, 1893

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Closed Only a Week. RIVER FELLS. Wis., Aug. 24.-The Bank of River Falls, which suspended one week ago, resumed business today.


Article from The Times, August 26, 1893

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Banks Resumed Business. SAN BERNARDINO, CAL. Aug. 25-The Farmers' Exchange National Bank was reopened yesterday. RIVER FALLS, WIS. Aug. 25-The Bank of River Falls, which suspended week ago, resumed business yesterday.


Article from The Morning News, August 26, 1893

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The River Falls Bank Resumes. River Falls, Wis., Aug. 25.-The Bank of River Falls, which suspended a week ago, resumed business yesterday. CALIFORNIA BANK RE-OPENS. San Bernardino, Cal., Aug. 25.-The Farmers' Exchange National Bank reopened yesterday.


Article from The Cape Girardeau Democrat, August 26, 1893

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WEST AND SOUTH. IN convention in Des Moines the lowa republicans nominated Frank D. Jackson, of Des Moines, for governor; W. S. Dungan, of Chariton, for lieutenant governor; G. S. Robinson, of Storm Lake. for supreme judge; J. W. Luke, of Hampton, for railroad commissioner, and Henry Sabin, of Des Moines, for superintendent of public instruction. The platform approves the administration of Benjamin Harrison; favors maintaining both gold and silver as unlimited legal tender for the payment of debt. every dollar to be of equal value; opposes state bank money; says the pension system now in practice is a menace to the honor of the brave and deserving national defenders, and declares in favor of local option. A CONVENTION of the Pan-American Bimetallic association will be held in St. Louis on October 3 next. A CYCLONE near Humboldt, Neb., did great damage and Mrs. G. Schultz and her son were fatally injured and horses and cattle were killed. THE Union national bank at Racine and the banks at River Falls and Ellsworth, in Wisconsin, closed their doors. The private bank of Levi Hall at Oswego, III., and the Cardington Banking company at Cardington, O., also suspended. A BLAZE in St. Paul did $100,000 damage to the music house of W. J. Dyer & Bro. and Michael Clenan, a fireman, was killed.


Article from The Madison Daily Leader, August 26, 1893

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Wisconsin Bank Resumes. RIVER FALLS, Wis., Aug. 26.-The Bank of River Falls, which suspended one week ago, has resumed.


Article from New-York Tribune, August 26, 1893

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ASSIGNMENT OF AN ILLINOIS BANK. THREE WESTERN INSTITUTIONS RESUME BUSINESS AFTER SUSPENSION. Paxton, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment was the failure to realize on notes and other paper due. The securities are said to be ample, and with proper management the assignees hope to realize sufficient money to meet all liabilities. Owing to the suspension of the Ford County Bank, the First National Bank closed its doors for a few, minutes only to hold a meeting of its Board of Directors and citizens, who determined that it should instantly resume business. The bank is now open as usual. People deposited freely to-day. Milwaukee, Aug. 25.-A dispatch from River Falls, Wis., says: The Bank of River Falls, which suspended one week ago, resumed business yesterday. San Bernardino, Cal., Aug. 25.-The Farmers' Exchange Bank reopened yesterday. Washington, Aug. 25.-The First National Bank of the Dalles, Ore., suspended payment on July 31. Having complied with the conditions imposed by the Controller of the Currency, and its capital stock being unimpaired, it was to-day permitted to reopen its doors to business.


Article from Richmond Dispatch, August 26, 1893

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Banks Resumed Business. SAN BERNARDINO, CAL. Aug. 25The Farmers' Exchange National Bank was reopened yesterday. RIVER FALLS, WIS. Aug. 25-The Bank of River Falls, which suspended a week ago, resumed business yesterday.


Article from Richmond Dispatch, August 26, 1893

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Banks Resumed Business. SAN BERNARDINO, CAL. Aug. 25The Farmers' Exchange National Bank was reopened yesterday. RIVER FALLS, WIS. Aug. 25-The Bank of River Falls, which suspended a week ago, resumed business yesterday.


Article from Delaware Gazette and State Journal, August 31, 1893

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MILLS AND BANKS RESUMING. According to Treasury Reports Business is Picking Up All Over the Country-It is Believed to be a Permanent Improvement. WASHINGTON, D. C., Aug. 23.-The general financial situation of the country shows improvement, according to the Treasury standpoint. It is slight, perhaps, but it is believed to be permanent. Bank failures have almost entirely ceased, banks that have suspended under the financial stringency are resuming business. gold which poured out of the country is returning and a general feeling of confidence is being restored. This changed condition was felt last week, and has day by day increased. Money is still scarce, but not so much SO as it was. During the time that gold was being shipped to Europe the United States sustained a net loss of $63,000,000. This gold is now coming back and it is 1 estimated that already $25,000,000 have returned. This specie has found its way into the interior of the United States, much of it to Chicago. Some of it now figures in the bank n balances, but much of it was absorbed by American securities. To this is attributed to some extent the improvement in the general stock market. GovS ernment revenues continue light, which shows that less money than usual is being sent abroad for foreign goods, n which is also considered in the circumstances a good sign. Three banks-The Fourth National d of Louisville; the American National of Puebio, Col., and the Waupaca County National of Waupaca, Wis.-were is o authorized to-day to resume business, er and will soon open their doors. Seven of the 12 banks in Colorado which suspended have now been authorized to rensume business, and the list of resump1tions in other States promises to grow g rapidly as the necessary formalities are complied with. a. ST. PAUL, MINN., Aug. 23.-The 8People's Bank, which closed August to 4th in order to protect its creditors from a prospective run, although at that time r, perfectly solvent and able to pay all dena positors, reopened for business to-day. re It has a capital stock of $200,000 and is one of the strongest of the smaller banks es in the city. vo NEWARK, N. J., Aug. 23.-Clark's st thread mills, which have been shut down for the past three weeks, resumed he operations this morning on three-quarter time. rehe SAN BERNARDINO, Cal., Aug. 25.ce. The Farmers Exchange Bank reopened yesterday. ce RIVER FALLS, Wis., Aug. 25.-The rs, Bank of River Falls which suspended be 11. one week ago resumed business yester at day.