Article Text
WILL RESUME. SPARTA, Wis., July 27.-The bank of M. A. Thayer and the Bank of Sparta suspended today to protect their depositers. The banks will resume.
22908. Bank of Sparta (Sparta, WI)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Start Date
- July 27, 1893
- Location
- Sparta, Wisconsin (43.944, -90.813)
Metadata
- Model
- gpt-5-mini
- Short Digest
b243251c
Response Measures
Full suspension
Other: Banks closed 'to protect depositors' and planned to resume; one related bank (M. A. Thayer) made an assignment.
Description
Multiple dispatches (July 27, 1893) report deposit withdrawals and that the Bank of Sparta suspended payment to 'protect depositors' amid a nationwide strain. Follow-up dispatches (Aug 5–7, 1893) state the Bank of Sparta will reopen. Classified as a run leading to suspension and subsequent reopening. Bank type inferred as state bank (no 'National' or 'Trust' in name).
Events (3)
1.
July 27, 1893
Run
- Cause
- Macro News
- Cause Details
- Prolonged nationwide financial strain leading many depositors to withdraw funds from the bank.
- Measures
- Bank closed temporarily in the interest of depositors; actions to protect depositors (suspension of payments).
- Newspaper Excerpt
- the prolonged strain in the financial condition of the country many depositors had withdrawn their money.
- Source
- newspapers
2.
July 27, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Suspension taken because withdrawals driven by the prolonged national money strain; banks closed to protect depositors and pending resumption of cash flows.
- Newspaper Excerpt
- the Bank of Sparta ... suspended payment. The banks were closed in the interest of all depositors.
- Source
- newspapers
3.
August 5, 1893
Reopening
- Newspaper Excerpt
- the Bank of Sparta, which suspended a few days ago will reopen its doors today.
- Source
- newspapers
Newspaper Articles (12)
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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.
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Sparta Banks Shut Up. SPARTA, Wis., July 27.-The M. A. Thayer bank closed its doors at noon today, and at 2 o'clock the Bank of Sparta, of which Ira Hall is president, also suspended payment. The banks were closed in the interest of all depositors. On account of the prolonged strain in the financial condition of the country many depositors had withdrawn their money. Both banks are believed to be solvent.
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Wisconsin Banks Suspend. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Sparta closed today. Liabilities of the former $175,000; assets $225,000. Liabilities of the latter $210,000; assets $300,000.
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Record of Failure. [By telegraph to the Dispatch.] ELLENSBURG, WASH. July 28. - -The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of Town's Bank, which failed in Portland yesterday. was also president of the Ellensburg Bank. SPARTA, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions claim that the action was taken to, protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000. and the assets at $225,000. while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500,000. MOUNT STERLING, Ky., July 28. -Last evening the officers of the Traders' Deposit Bank decided to suspend payment. owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $39,000 of good assets. The officers hope to resume business at an early day, NEW YORK, July 28.-The failure of Horatio D. Averill was announced at the Consolidated Exchange this morning. Lia. bilities small. NEW YORK, July 28. - -Adolph Goldsmith and Sigmund A. Goldsmith, composing the firm of Adolpn Goldsmith & Son, jewellers and diamond dealers, 38 Maiden Lane, to-day assigned to Jonas H. Monsheimer, with preferences for $38,043 to numerous creditors. SAN ANTONIO, TEX., July 28.-The extensive coal mines of the Mineral Colliery Company. in Webb county, have closed down. throwing a large number of men out of work. There IS no prospect of starting again. The men are leaving the county. GREAT FALLS, MONT., July 28. - The First National Bank of this city suspended payment this morning. PROVIDENCE, July 28.-The following cotton-mills in Burrillville have closed: A. L. Sales & Sons, Arnold & Perkins, Job E. Fiske, Jr., W. A. Inman, William Linkham & Co., and J. B. Nichols & Sons. CHIPPEWA FALLS, WIS., July 28.-G. E. Seymour's private bank closed its doors here this morning. PORT WASHINGTON, WIS. July 28.-The German-American Bank closed its doors this morning. There are ample securities, and depositors will lose nothing. DENVER, COL., July 28.-The Denver Hardware Company failed to-dav. ExState-Treasurer Corning is at the head of the firm. BOSTON. July 28.--E. W. Chapin & Co.'s satinet-mill, at Northboro', Mass., has shut down and the firm has assigned.
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MORE BANKS GO UNDER. NINE CLOSED IN THE WEST AND ONE IN KENTUCKY. ONLY THREE NATIONAL BANKS IN THE NUMBER -SEVERAL OF THE INSTITUTIONS LIKELY TO RESUME BUSINESS. Ellensburg, Wash., July 28.-The Ellensburg National Bank suspended payment on Wednesday. George B. Markle, president of the two banks which failed in Portland on that day, is also president of the Ellensburg bank. Portland, Ore., July 28.-The Union Banking Company has suspended. Great Falls, Mont., July 28.-The First National Bank of this city suspended this morning. The assets are much above the liabilities, and it is believed that the bank will soon resume. Money stringency is given as the cause of the failure. The bank was owned in large part by the Great Falls Town Site Company, and was a depository for the Great Northern Railway. Washington, July 28.-The First National Bank of Great Falls, which suspended this morning, has a capital of $250,000. The bank carries a line of individual deposits from $650,000 to $700,000. Controller Eckels is advised that the Chamberlain National Bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed to-day. Milwaukee, July 28.-Dispatches to "The Evening Wisconsin" from Port Washington say the GermanAmerican Bank at that place failed to-day. Chippewa Falls, Wis., July 28.-G. W. Seymour's private bank closed Its doors here this morning. There were runs on all the other banks in the town. Chicago, July 28.-A dispatch to "The Record" from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago, and backed by $500,000, went, into. voluntary liquidation yesterday. The cause of the action, it is said, is the division of the estate. Sparta, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors, and that the banks will resume. The liabilities of the Thayer Bank are placed at about $175,000, and the assets at $225,000. The liabilities of the Bank of Sparta are said to be $210,000, with assets of $300,000. Mt. Sterling, Ky., July 28.-The officers of the Traders' Deposit Bank decided last night to suspend payment, owing to a heavy run on the bank yesterday, caused by the Suspension of the Farmers' Bank. The bank owes $150,000, and has $390,000 of good assets, and the officers hope to resume business a: an early day.
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MORE BANKS FAIL. Four In Wisconsin, One in Montana, and Another in Kentucky. MILWAUKEE. July 28.-Two banks in Sparta. Wis., closed their doors here yesterday. the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175.000 and the assets at $225,000: while the liabilities of the Bank of Sparta are said to be $210,000. with assets of $300,000. The German-American Bank at Port Washington and Seymour's Bank at Chippewa Falls, Wis., failed to-day. GREAT FALLS. Mont. July 28.-The First National Bank of this city suspended this morning. owing to the Helena bank suspensions. Assets are much above liabilities. and it is believed it will soon resume. The bank was owned in large part by the Great Falls Town Site Company. and was a depository for the Great Northern Railway. It has a capital of
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SPARTA, Wis., July 29.-The M. A. Thayer bank closed its doors and the bank of Sparta, of which Ira A. Hill is president, also suspended payment. The banks were closed in the interest of all depositors, as the prolonged strain in the financial condition of the country had caused many depositors to withdraw their money. Both banks are believed to be solvent.
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FINANCIAL AND COMMERCIAL. At Portland, Ore., the Union Banking Company suspended. At Ellensburg, Wash,, the Ellensburg National bank suspended. At Chamberlain, D. N., the Chamberlain National Bank failed. At Sparta, Wis., the M. A. Thayer bank and the Bank of Sparta, both supposed to be solvent, closei Thursday. At Great Falls, Mont., the First National bank, with a capital of $200,000, suspended.
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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martinsville, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago. backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The Elleosburg National Banksuspended payment Thursday. BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and tbe Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The Uuion Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp.oduction.
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Wiseonsin Bank News. Milwaukee, Aug. 5.-A dispatch from Sparta says that the Bank of Sparta, which suspended a few days ago will reopen its doors today. M. A. Thayer, operating banks at Sparta and Tomah, has made an assignment. Depositors will receive about 60 cents on the dollar The Waupaca National bank it expected to resume in a few days.
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Will Resume. MILWAUKEE, Aug. 7.-A dispatch from Sparta says that the Bank of Sparta, which suspended a few days ago, will reopen its doors in the morning. The Waupaca National bank is expected to resume in a few days.