2386. Kissimmee City Bank (Kissimmee, FL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 13, 1893
Location
Kissimmee, Florida (28.292, -81.408)

Metadata

Model
gpt-5-mini
Short Digest
3320bda8

Response Measures

None

Description

The bank closed by deed of assignment on May 13, 1893 (suspension) due to slow collections and general tightness of money; a receiver was appointed later (May 30) to wind up the bank. No article describes a depositor run. I classify the cause as macro_news (tightness of money/contraction).

Events (2)
1. May 13, 1893 Suspension
Cause
Macro News
Cause Details
Slow collections and the general tightness of money (contraction in money markets) led to suspension; deed of assignment executed and attachment levies placed by sheriff.
Newspaper Excerpt
This bank is closed until further notice by virtue of deed of assignment this day, executed and recorded in the clerk's office of Osceola county.
Source
newspapers
2. May 30, 1893 Receivership
Newspaper Excerpt
Judge Broome, acting on the petition of several creditors, appointed C. A. Carson of Kissimmee receiver of the Kissimmee City Bank, to whom the sheriff delivered the keys later in the day. Mr. Carson is now in possession and will proceed to wind up the business of the bank.
Source
newspapers

Newspaper Articles (9)
1. May 14, 1893 The Times Richmond, VA
Article from The Times, May 14, 1893

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Article Text

CLOSED UNTIL FURTHER NOTICE. The Kissimmee City Bank Suspends Operations. JACKSONVILLE, FLA., May 13.-A Kissimmee special to the Times-Union says: "Much to the surprise of everybody the following notice appeared on the door of the Kissimmee City Bank before the opening hour this morning. This bank is closed until further notice by virtue of deed of assignment this day, executed and recorded in the clerk's office of Osceola county. (Signed) George R. Newell, assignee." A few hours later the following notice was also placed on the door: "Under and by virtue of certain writs of attachments in my hands I have levied upon this building and its contents, and lot on which it stands, to satisfy same. (Signed) J. W. Miller, Sheriff." It is rumored on the streets that the liabilities are about $75,000, and assets $100,000. The cause of the suspension was slow collections and general lightness of money.

2. May 14, 1893 The Morning News Savannah, GA
Article from The Morning News, May 14, 1893

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Article Text

A KISSIMMEE BANK CLOSED. Slow Collections and Tight Money Cause the Suspension. Kissimmee, Fla., May 13.-Much to the surprise of everybody the following notice appeared on the door of the Kissimmee City Bank before the opening hour this morning: "This bank is closed until further notice by virtue of a deed of assignment this day executed and recorded in the clerk's office of Osceola county. George B. Newell, assignee." A few hours later the following notice was also placed on the door: "Under and by virtue of certain writs of attachment in my hands, I have levied upon this building and its contents and the lot on which it stands to satisfy the same. J. W. Miller, sheriff." It is rumored on the street that the liabilities are about $75,000, and the assets $100,000. The cause of the suspension was slow collections and the general tightness of money.

3. May 14, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 14, 1893

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Article Text

A Florida Bank Closes. KISSAMMEE, Fla., May 13.-The KisBamee City bank did not open this morning. It is rumored on the streets that the liabilities are about $75,000 and assets $100,000. The cause of suspension was slow collections and general tightness of money.

4. May 14, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 14, 1893

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HEAVY RUN ON BANK. The Plankinton, of Milwaukee, Pays Out $100,000. IDAHO LIQUOR DEALER FAILS. A Big Grain Firm of Lincoln, Neb., Suspends-The Duluth Roller Mills Go to the Wall. MILWAUKER May 13.-The fact that the bank loaned $219,000 to the & Co., Friday by firm Plankinton of Frank Lappen attachment which proceed- broke the bank, had a effect on the smaller of down ings panicky begun on by depositors decidedly before that institution, and long the hour for the opening of the banks this morning the streets in the vicinity were crowded. As soon as the doors opened there was s long line of men and women in front of the teller's window, and that officer kept at his post steadily until o'clock this afternoon, meeting every demand. a total being paid of $100,000 in small same. Shortly after the bank opened a special train, consisting of one car and an engine, arrived from Chicago with $77,000. the cash balance due Plankington from the Continental National brnk. of Chicago, and the clamoring depositors made only a short inroad upon this before the messenger arrived from the Wisconsin Marine and Fire Insurance Company's bank with $32,000 due from that institution. There were plenty of offers of help from other banks during the day. the Clearing House Association having passed a resolution to help Plankington, but their assistance was not needed and Plankington came out with flying colors, having paid to the depositors every demand made during regular banking hours and for two hours following. The threatened panic is over and a feeling of confidence prevails in commercial circles. A committee of creditors in charge of the affairs of F. A. Lappen & Co. has given out the statement that the liabilities and assets of the firm were represented by the same figures-$600,000. WALLACE, Idaho, May 13.-[Special.]D. C. McKissick, a wholesale liquor chant, assigned today to Ed S. Rothschild, of Portland. LINCOLN. Neb., May 13.-Kendall & dealers, with numerous elethe state, on The Smith, vators mortgages throughout grain their have property failed. and nearly $300,000, pressing cannot aggregated it there is are alleged. claims, be satisfied. which, them is one from the of of directors of the the Among board president for Columbia $25,000. National band, of Chicago, Local banks. it is stated, are heavy creditors. An exact statement of the assets and liabilities cannot be given. NEW YORK, May -Frederick T. Sherassignee of Thomas M. Barr & failed coffee preaffidavit showing resources sented man, Co., the as an brokers, the today to be: of the estate, in round figures, Nominal assets, $1,787,756; actual assets, $247,867. 13.-The Duluth Roller Mills DULUTH, has assigned May with liabilities estimated amounting to $67,000 and assets at from $75,000 to $125,000. The Chicago squeeze in May wheat is said to be the cause. FORT WAYNE, Ind., May 13.-The Citizens' bank, of Monroeville, this county, doors at noon, causing exIt was organized citement. closed its Columbia by Dwiggins much bank and Starbuck, of the of Chicago, some years ago. EDWARDSBURG, Mich., May 13.-The the Edwardsburg bank were this a was on it by the cashier. doors closed posted of morning. and saying th notice was only temporary. would not lose depositors suspension anything and if they that would stand by him. 3.--Erastus will a assignment NEW tite YORK. general May for the Wiman benetit on Monday or Tuesday. The will be David of assignee creditors Wiman Bennett recently King, the to whom his real estate on SAVS he cannot transferred Island. attorney Wiman if well estimate Staten his assets and liabilities, but managed he is sure it could pay dollar for dollar. 13.-L. L. Ferris & Co., boot and shoe wholesale CHICAGO, May dealers. $50,000, today confessed judgments aggregating and their stock is now in the hands of the sheriff. Their liabilities are put at $170,000 and assets $225,000. Stringency in the money market was the immediate cause of the collapse. The firm expects to resume in short time. KIRSAMEE. Fla., May 3.-The Kissamee It City bank did not open this morning. rumored on the streets that the liabilities are about $75,000 and the assets $100, 000. The cause of the suspension is slow collections and the general tightness of money.

5. May 14, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, May 14, 1893

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Article Text

FLORIDA BANK FAILURE. Kissimmée City's Concern Goes to the Wall with a Smack. (By telegraph to the Dispatch.) JACKSONSVILLE. FLA., May 13.-A Kissimmee special to the Times. Union says: Much to the surprise of everybody. the following notice appeared on the door of the Kissimmee City Bank this morning: "This bank is closed until further notice by virtue of a deed of assignment this day executed and recorded in the clerk's office of Osceola county. "GEORGE R. NEWELL, [Signed] "Assignee." A few hours later the following notice was also placed on the door: "Under and by virtue of certain writs of attachment in my hands, I have levied upon this building and its contents, and the lot on which it stands to satisfy same. "J. W. MILLER. Sheriff." [Signed] It is rumored on the streets that the liabilities are about $75,000 and the assets $100,000. The cause of the suspension was slow collections and the general tightness of money.

6. May 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, May 15, 1893

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MORE BANKS CLOSE THEIR DOORS. Chicago, May 14.--Word has been received of the suspension of the Citizens' State Back, at Cherubusio, Ind., capital, $25,000, deposits, 830,000, and the Citizens' Bank at Hampton. Ind. They were branches of the Columbia National of this city. Jacksonville, Fla., May 14.-A Kissimmee dispatch to "The Times-Union" says that the doors of the Kissimmee City Bank were closed yesterday. It is rumored that the liabilities are about $75,000, and assets $100,000. The cause of the suspension was slow collections and general tightness of money.

7. May 17, 1893 The Morning News Savannah, GA
Article from The Morning News, May 17, 1893

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KISSIMMEE'S BANK FAILURE. The Liabilities $70,000 and the Assets $100,000. Kissimmee, Fla., May 16.-Relative to the assignment of the Kissimmee City Bank, reported in the MORNING NEWS last Sunday, it is rumored that the liabilities are $70,000 and the assets $100,000. A. E. Drought has been president for eight years. His uniform conservatism caused the bank to be looked upon as exceptionally solid. The calling in of loans by banks in New York and Jacksonville is said to have caused the failure. Numerous attachments and some criminal prosecutions are being instituted. Complaint is made that deposits were received as late as May 12, and remarks anything but complimentary have been indulged in. Some county and some trust funds are tied up in the failure. Seasonable rains which have fallen during the past ten days have improved crop prospects. Parties are busy getting exhibits ready for the world's fair at Chicago. This county has appropriated $1,200 toward it. WILL RESUME. Kissimmee, Fla., May 16, 10'p. m.-The City Bank of Kissimmee, which suspended four days ago, will probably pay depositors and creditors in full within a short time and resume business.

8. May 23, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, May 23, 1893

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CONTRACTION DOES THE WORK Banks Continue to Close Their Doors all Over the Country. QUEENSLAND, May 17.-The Royal Bank of Queensland closed its doors this morning and its suspension was announced. It had a capital stock of £400,000. MINNEAPOLIS, Minn., May 17.-The Citizens' Bank of this city suspended payment this morning and a receiver has been asked for. FLORENCE, S. C., May 17.-Much surprise and some little excitement were caused in Florence yesterday morning when the following notice appeared on the closed doors of the Bank of Carolinas: "This bank has suspended payment until a meeting of directors can be held. JOHN P. COFFIN, Pres't. JACKSONVILLE, Fla., May 13.-A Kissimmee special to the Times Union says: Much to the surprise of everybody, the following notice appeared on the door of the Kissimmee City bank before the opening hour this morning: "This bank is closed until further notice by virtue of a deed of assignment this day executed and recorded in the clerk's office of Osceola county. SYDNEY, Australia, May 15.-The Commercial Banking Company closed their doors this morning. The liabilities are not yet known. The capital stock of the company was £600,000. LINCOLN, Neb., May 13.-Kendall & Smith, the largest millers in this section have made an assignment for the benefit of their creditors. WARDENER, Wash., May 13.-Small & Colby, extensive lumber dealers of this place, made an assignment to day. Their liabilities are $50,000. INDIANAPOLIS, Ind., May 13 -The Bank of New Orleans, Bank of Roas ville, Bank of Freeport, Ohio, and the Bank of Rockford, Michigan, all private concerns and with no extensive patronage were closed to-day by order of Paris and Nave, bankers, of this city, who controlled them. The Commercial State Bank, of Rushville, Ind., Bank of Brookville, Ohio, and the First State Bank, of Hillsdale, Michigan, have suspended. MINNEAPOLIS, May 17.-The Citizens' Bank has suspended and a receiver has been asked for the Northwestern Guaranty Company. WATERLOO, Iowa, May 17. - The First National Bank, of Sioux Falls, suspended at the close of business yesterday, being involved by the assignment of William M. Fields & Brother, importers of horses. The liabilities are estimated at from $100,000 to $150,000, while the personal liabilities of Field will be nearly as much more. No statement of the assets can be given as yet.

9. May 30, 1893 The Morning News Savannah, GA
Article from The Morning News, May 30, 1893

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States district court as trustee to execute A. E. Drgught's assignment. arrived at Kissimmee Saturday and demanded the keys of the bank from the sheriff, which was refused. Judge Broome, acting on the petition of several creditors, appointed C. A. Carson of Kissimmee receiver of the Kissimmee City Bank, to whom the sheriff delivered the keys later in the day Mr. Carson is now in possession and will proceed to wind up the business of the bank. At Pensacola, two sailors who had deserted from the Norwegian bark Toivo. were arrested several days ago and placed in jail. On Monday afternoon the bark was ready to sail, and the sailors were placed on board by the United States deputy marshals. That night the vessel anchored off the navy yard. and at about 3 'clock yesterday morning both men jumped overboard. One of them reached the wharf at Fort Barrancas, but the other has not been seen, and is supposed to have drowned. Francis Facts: Frank A. Henn.one of the orange growers of Paisley, showed a few days ago some as fine catawba grapes as we have ever seen growing in any section. They are almost in a ripening state and are large and well developed. He is going into the business on a large scale and expects to have a goodsized vineyard by next season. He also showed us a wonderful grape-fruit tree, one from which he picked nine boxes of fruit the first time it bore. Mr. Henn has a very pretty and attractive home, and is a hard working, honest and upright citizen. W. W. West, a well-known merchant who has been in business at Orange City for thirteen years, made a general assignment Thursday night, Mr. West is an excellent man and highly respected. He built the first railroad from Blue Spring landing to Orange City. He sold out to J. E. Thiving and then furnished supplies to hands during the building of the railroad from Orange City to New Smyrna. The Thiving failure wrecked him financially. but his energy enabled him to stem the tide until the present time. Assets and liabilities not yet known. James Scott is assignee and the business will be wound up. A mass meeting of citizens was held at the opera house at Orlando Saturday night to hear the report of the committee appointed to solicit subscriptions for the location of the Odd Fellows' home in Orlando. E. A. Richards was called to the chair and S. Y. Way acted as secretary of the meeting. The committee reported that over $800 had been subscribed for the purpose. This sum was run up to over $1,200 during the meeting. Several speeches were made, and Mayor Palmer gave it as his opinion that $1,500 and the building site could safely be offered. J. E. Amold, who is one of the trustees on selection of place for the home, is to go to Jacksonville to meet the other trustees Friday, June 2. when bids from the several cities will be canvassed. Halifax Journal: We learn through private and reliable sources that a survey has been ordered from Eau Gallie to DeLand by Mr. Flagler. This undoubtedly means a more direct line for the Jacksonville, Tampa and Key West through the orange- belt. a connection with the San Mateo branch and thence to St. Augustine. Incidentally thisalso means the abandonment of the line from Palatka to the Tomoka or some intermediate point. and the running of the East Coast line of railway directly down the coast, thus shortening that line some fifty miles, and developing a much better country than that through which it now runs. So much good. Now for the bad features, It also means, beyond question, the monopoly of the railroad interests between the St. Johns river and the Atlantic, for there will be no room for a competing line. This, of course, means no competition in freight or passenger traffle and a continuance of high rates.