Bank of Sumter - Americus, GA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 24, 1893
Location: Americus, Georgia (32.072, -84.233)

Metadata

Model: gpt-5-mini
Short Digest: 21d953d0

Response Measures

None

Description

Articles (published June 25 and June 27, 1893) report the Bank of Sumter at Americus declining to receive deposits or pay checks (suspension) on June 24, 1893. Cause cited is its New York correspondent's refusal to extend usual time loans after promising to do so. The bank expected to reopen in a few days. No run on the bank is described.

Events (2)

1. June 24, 1893 Suspension

Cause: Correspondent
Cause Details: Its New York correspondent allegedly refused to extend the usual time loans after promising to do so, causing liquidity strain and suspension.
Newspaper Excerpt: The Bank of Sumter, at Americus, declined to receive deposits or pay checks to-day. Its correspondent in New York, it is alleged, refused to extend the usual time loans after promising as it is claimed, to do so.
Source: newspapers

2. * Reopening

Newspaper Excerpt: The bank expects to reopen in few days.
Source: newspapers

Newspaper Articles (2)

1. June 25, 1893 The Times Richmond, VA

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Article Text

in full, Monday morning. More than half a million dollars in deposits, which has been locked up for several weeks, will be disbursed. The company is enabled to make a settlement by the sale of its magnificent five-story fire-proof building, which was purchased by Venable Bros. at a sacrifice sale for $160,000 cash. This, ith the money in the hands of the recelver, will allow the bank to pay dollar for dollar. Bank of Sumier Suspends. ATLANTA, June 24. -The Bank of Sumter, at Americus, declined to receive deposits or pay checks to-day. Its correspondent Its New York, it is alleged, refused to extend the usual time loans after promising as it is claimed, to do so. The Sumter Bank, had, it is said, made loans on the strength of its correspondent's pirmise. The bank expects to reopen in few days. Deposits are $50,000, $17,000 on time certificates. There is no excitême) over the action of the bank. Wrecked by a Member of the Firm. ELWOOD IND., June 24.-The Alexandria Investment Company has been wrecked by Fran's P. Scearce, Lexington, Ky. He has forged papers obtaining over $50,000 in that way alone. His partner, J. P. Lauck, also from Lexington, Ky., is a loser to all extent of nearly $60,000 by the misdeeds of his partner, who leaves him penniless. The affairs of the. Alexandria concern have been assigned to L. B. Jackson and Anderson Scearce was arrested. More Western Bank Feilures. NEW WHATCOM WASH., June 24.The Columbia an First National banks closed their doors yesterday, The cashier of the latter says the assets are $428,000, and the liabilities 10,000. Other Birth ness Failures. NEW ORLEANE, LA., June 24.-The Plaquemine Shinat and Lumber Company failed yesterdly for a large sun. The assets and >liabilities are not given, but it is claimed creditors will be paid in full.

2. June 27, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, June 27, 1893

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Article Text

TROUBLE IN THE BUSINESS WORLD. The Plaquemine Shingle and Lumber Company, of New York, has failed for a large amount. The Columbia Launch Company, operating boats to the World's Fair, has gone into the hands of a receiver. Sheridan & Byrne, builders, of No. 49 Cortlandt street, New York, are in a receiver's hands, with $225,000 liabilities. An attachment for $10,216 has been obtained against David Leon, merchant, at Caracas, Venezuela, by Cadenas & Co., of New York. Abraham Steers, lumber merchant and planing mill man, of New York, has asked for and obtained an extension. Liabilities about $380,000. As heavy indorsers for the Crane Lumber Company, Samuel W. Coffin & Sons, owners of the Cincinnati, O., dry docks Company, have assigned. By acknowledging the deed of the Supple estate to Colonel F. G. Hooton, of West Chester, the sheriff put the Colonel in shape to pay all his debts. The Howard bank, of Cartersville, Ga., the largest town between Atlanta and Chattanooga, suspended payment owing to the withdrawal of funds by depositors. The comptroller of the currency was informed of the failure of the First National Bank of San Bernardino, Cal., and of the Columbia National bank, of New Whatcom, Wash. George W. Kyper, proprietor of the St Cloud hotel, at Bellwood, Blair county, has failed. The liabilities will exceed $30,000, and his creditors will, it is believed, receive about fifty cents on the dollar. The Bank of Sumter, at Americus, Ga., declined to receive deposits or pay checks. Its to leged, correspondent refused in extend New York, the usual it is time alloans after promising, it is claimed, to do so. Isaac Weatherby, president of the Saxony Woolen Company, at Trenton, N. J., has applied for the appointment of a receiver, and Watson H. Linburg, of Philadelphia, was named to wind up the affairs of the concern. Philadelphia executions on judgment notes were issued as follows: William Alvin against Elizabeth Naegele, $2,500; Mrs. in against E. Naegele & Co., ate L. Marshall against the Mrs $1,JOU, same, $5,000. Inability to realize on gilt edged securities forced the Columbia National bank, of New Whateom. Wash., to close its doors The assets are $297,000 and the liabilities not over $100,000.