Article Text
Bank Suspension. HURON, S. D., Dec- 16, 1890.—The Home National Bank, of the city, suspended this morning because of withdrawal of deposits.
Huron National Bank (Huron, SD)
Episode Information
- Episode Type
- Run → Suspension → Reopening
- Start Date
- December 16, 1890
- Location
- Huron, South Dakota (44.363, -98.214)
- Bank Type
- national
- Charter Number
- 3267
Metadata
Response Measures
Accommodated withdrawals, Capital injected, Full suspension, Books examined
Receivership Details
- Depositor recovery rate
- 52.0%
- Date receivership started
- 1892-01-07
- Date receivership terminated
- 1897-09-23
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 42.0%
- Share of assets assessed as doubtful
- 18.1%
- Share of assets assessed as worthless
- 39.9%
Notes
Suspended after a run caused by anonymous letters, reopened Feb 1891; later placed in receivership Jan 7, 1892.
Events (6)
1.
November 21, 1884
Chartered
- Source
- historical_nic
2.
December 16, 1890
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Anonymous letters warned depositors the bank would suspend after the election, precipitating heavy withdrawals
- Measures
- Telegrams offering aid from Chicago and other cities; meeting of stockholders to arrange reopening and pay depositors
- Newspaper Excerpt
- anonymous letters advising them to withdraw their deposits ... This precipitated a run
- Source
- newspapers
3.
December 16, 1890
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Suspension forced by withdrawal of about $60,000 following anonymous-warning-induced run
- Newspaper Excerpt
- The Huron National bank suspended this morning because of withdrawal of deposits.
- Source
- newspapers
4.
February 4, 1891
Reopening
- Newspaper Excerpt
- The Huron National bank ... will resume business to-morrow. The suspension occurred about a month since. The bank now has plenty of money, and will pay all depositors in full, and meet all other demands.
- Source
- newspapers
5.
January 7, 1892
Receivership
- Newspaper Excerpt
- The controller of the currency has appointed Mr. Lewis L. Lostetter ... receiver of the Huron National Bank, Huron, S. D.
- Source
- newspapers
6.
January 7, 1892
Receivership
- Source
- historical_nic
Newspaper Articles (25)
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Back Suspends at Buron, B. D. HURON, S. D., Dec. 16.-The Hume National Bank suspended this morning. The suspension was caused by the with. drawal of 860,000 in deposits. The bank officials declare that provision is made to pay every dollar due the creditors and de positors.
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Depositors Withdrew Their Money. MINNEAPOLIS, Dec. 16.-The Journal's special from Huron, S. D., says: The Hume National bank suspended this morning # because of the withdrawal of $60,000 of deposite. The bank officials declare that provision has been made to pay every dollar due the creditors.
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CLOSED ITS DOORS. The Huron National Bank Forced to Suspend. Special to the Globe. HURON, S. D., Dec. 16.-The Huron National bank, of which L. W. Hazen is president and John A. Fowler, cashier, closed its door to-day. The suspension was forced upon them by an un-
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The Hume National Bank, Huron, S. D., Sus_ pends. MINNEAPOLIS, Dec. 16.-A Journal special from Huron, S. D., says: The Hume National bank suspended this morning be cause of the withdrawal of $60,000 of deposits. The bank officials declare provision has been made to pay every dollar due creditors and depositors.
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Political Venom Caused It. HURON, S. D., Dec. 17.-It transpired today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposit, as the bank would suspend following the election. This precipitated a run, regulting in suspension. Telegrams from Chicago and other points were received to-day offering aid and advising the resumption of business.
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How the Run Was Caused. HURON, S. D., Dev. 17.-It transpires to day that business men and others having deposits with the Huron National bank, which suspended yesterday, received an anonymous letter advising them to withdraw their deposits, as the bank would suspend following election. This precipitated a run, resulting in suspension. Telegrams from Chicago and other points were received to-day, offering aid and advising resumption of business.
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HURON. S.D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank. which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in the suspension Telegrams from ( hicago and other points were received today offering aid and advising a resumption of busiDO 83.
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A BANK'S FRIENDS. They Promise to Stand by the Huron National. Special to the Globe. HURON. S. D., Dec. 17.-John E. Diamond, bank examiner, is in charge of the Huron National bank which suspended yesterday. A meeting of stockholders and others interested will be held to-morrow, when arrangements will be made to reopen the bank and pay all depositors desiring their money, Bankers in Chicago, Souix Falls, and other places telegraph volunteering assistance and urging the bank to resume business. It is probable these offers will be accepted by the meeting to-morrow. It is now positively known that the anonymous letters sent to business men and depositors prompted the rush of depositors for their money. The Huronite to-day publishes interviews with over forty prominent citizens and business men who are willing to stand by the bank if it will reopen.
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TH HURON NATIONAL BANK. Hukon, S.D., Dec. I7.-It transpires today that business men and others having deposits with the Huron National Bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend the following election. This precipitated a run, resulting in the suspension. Telegrams from Chicago and other points were received today offering aid and advising a resumption of business.
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The Huron National Bank Suspension. HURON, S. D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in a suspension. Teiegrams from Chicago and other points were received to day offering aid, and advising a resumption of business.
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OFFERING AID. Anonymous Letters Caused the Huron Bank to Suspend. HURON, Dec. 17.-lt transpires to-day that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in the suspension. Telegrams from Chicago and other points were received to-day offering aid and advising the resumption of business.
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MANKATO FREE PRESS. FRIDAY. DECEMBER 19, 1890. THE Huron, (S. D.) National Bank has suspended. The failure was caused by the withdrawal in the last 60 days of deposits amounting to over $60,000. It is claimed that all indebtedness will be settled in full.
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WILL RESUME. The Huron National Bank Will Soon Reopen. Special to the Globe. HURON, S. D., Dec. 29.-Hon. J. M. Bailey Jr., the Sioux Falls banker and millionaire, with H. L. Greene, Esq., were here tc-day consulting with Hazen & Fowler, of the Huron National bank, which suspended ten days since, relative to reopening the bank for business. Mr. Bailey says arrangements are now under way which will be perfected in a few days whereby the bank will resume business. He reports its affairs in splendid condition, and had its correspondents been advised that money was needed plenty would have readily been forwarded to meet all demands. When it reopens there will be no lack of funds.
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AN EVENTFUL YEAR. Many Things That Happened During 1890. RECORD OF NOTABLE OCCURRENCES. Disastrous Business Failures—Fatal Casualties and Startling Crimes—Leading Political and Social Events—Necrology—Disastrous Fires, Etc. BUSINESS FAILURES. [INVOLVING $300,000 AND OVER, ON BANKS GENERALLY.] Jan. 6—R. Deimel & Co., Chicago furniture dealers; $300,000. Jan. 14—Smith Middlings Purifier Co., Jackson, Mich.; $484,000. Jan. 16—Bank of H. R. Pierson & Son, Albany, N. Y. Jan. 21—State Bank of Irwin, Kan. Jan. 27—John B. Lollande, New Orleans, cotton merchant; $600,000. Feb. 4—Joseph P. Murphy, Philadelphia, manufacturer of cotton and woolen goods; $500,000. Feb. 11—Franklin Woodruff & Co., dealers in fish and salt, New York City; $400,000. Mar. 13—Harrison & Loder, wholesale dry goods, New York City; $350,000. Mar. 19—John F. Plummer & Co., wholesale dry goods, New York City; $1,000,000. Apr. 7—George K. Sistare's Sons, bankers, New York City; $500,000. Apr. 8—Manhattan Bank, Manhattan, Kan.; $561,000. Apr. 17—Louis Franke & Co., silk merchants, New York City; $900,000. Apr. 30—Bank of America and twelve branches, Philadelphia; $700,000. May 1—Fechheimer, Rau & Co., shirt manufacturers, New York City; $400,000. May 13—Plattsburg Bank, Plattsburg, Mo. May 14—J. F. Reynolds, broker, New York City; $300,000. May 19—Public Grain and Stock Exchange, New York City; largest bucket-shop in United States. May 22—Bank of Middle Tennessee, Lebanon, Tenn. May 23—Owego (N. Y.) National Bank. Jun. 20—Park National Bank, Chicago. Jun. 24—Bank of Hartford, Hartford, Wis. Jul. 29—J. E. Tygert & Co., fertilizer manufacturers, Philadelphia, Pa.; $317,000. Aug. 6—State National Bank, Wellington, Kan. Aug. 27—Potter, Lovell & Co., bankers, Boston; $5,000,000. Aug. 29—City National Bank, Hastings, Neb. Sep. 3—Hoxie & Mellor, Wisconsin lumber dealers, $500,000. Sep. 4—Sawyer, Wallace & Co., New York, Louisville and London, commission merchants and brokers; $2,000,000. Sep. 6—National bank at Kingman, Kan. Sep. 17—Gardner, Chase & Co., bankers and brokers, Boston; $2,000,000. Sep. 27—Bank of Madison, Jackson, Tenn.; $200,000. Oct. 4—Fleming Bros., patent medicine firm, Pittsburgh, Pa.; $500,000. Oct. 10—Indianapolis (Ind.) Car Manufacturing Company; $600,000. Oct. 13—Wallace, Waggoner & Co., wholesale grocers, Houston, Tex.; $300,000 .... J. H. Hagerty & Co.'s bank, Aberdeen, S. D.; $230,000. Oct. 16—R. G. Peters' Salt and Lumber Co., Manistee, Mich.; $3,000,000. Oct. 31—Leopold Bros., wholesale clothiers, Chicago, $300,000. Nov. 11—Panic in Wall st., N. Y., caused the failure of brokers Decker, Howell & Co. ($10,000,000); C. M. Whitney & Co. ($300,000), and Daniel Richmond ($200,000) .... John T. Walker & Co., silk importers, of New York City, $900,000. Nov. 14—Kansas City Packing Co., Armourdale, Kan.; $500,000. Nov. 15—Kansas City Packing & Refrigerating Co., Boston; $1,000,000 .... Mills, Robeson & Smith, brokers, New York City; $350,000. Nov. 18—P. W. Gallaudet & Co., New York City, brokers; $1,000,000. Nov. 20—Barker Brothers & Co., bankers, Philadelphia; $3,000,000. Nov. 21—Banking firm of Ragsdale & Co., Oklahoma City, O. T. Nov. 22—First National Bank of Alma, Kan. ... Bank of Waverly, Waverly, Kan. Nov. 24—Edward Brandon, New York broker; $1,500,000 .... Thomas Fawcett & Co., extensive coal dealers, Pittsburgh, Pa.; $400,000. Nov. 25—Thomas H. Allen & Co., cotton commission firm, Memphis, Tenn.; $750,000. Nov. 27—H. H. Bell, banker, Duluth, Minn.; $750,000. Nov. 28—B. K. Jamison & Co., bankers and brokers, Philadelphia; $1,000,000. Dec. 3—Rittenhouse Manufacturing Co., Passaic, N. J.; $800,000. Dec. 5—V. & A. Meyer, cotton dealers, New Orleans; $2,500,000 .... Delameter & Co., Meadville, Pa., bankers; $400,000 .... Chicago Safe & Lock Co.; $700,000. Dec. 8—Roberts, Cushman & Co., dealers in bolters' materials, of New York City, $500,000. Dec. 9—American National Bank, Arkansas City, Kan. .... Nightingale Bros. & Knight, silk manufacturers, Paterson, N. J.; $400,000 .... Whitten, Burdett & Young, Boston, wholesale clothiers; $700,000. Dec. 11—Kendrick, Pettus & Co., Clarksville, Tenn., tobacco dealers; $400,000. Dec. 11—Franklin Bank, Clarksville, Tenn.; $200,000, assets $250,000. Dec. 12—Venable & Heyman, wholesale liquor dealers, New York; $400,000 .... Henry Seibert, tobacco dealer, New York; $250,000. Dec. 13—Druid Mills Manufacturing Co., Baltimore, Md.; $600,000 .... Collier, Robertson & Hambleton, wholesale grocers, Keokuk, Ia.; $175,000 .... Bell Miller & Co., dry-goods dealers, Cincinnati; $400,000. Dec. 16—Maris & Smith, bankers and brokers, Philadelphia; $300,000. Dec. 17—Huron National Bank, Huron, S. D. .... Clearfield County Bank, Clearfield, Pa., $350,000. Dec. 18—Spokane Falls (Wash.) National Bank .... S. A. Kean & Co., bankers, Chicago. Dec. 19—Owens Bros., Providence, R. I.; $1,000,000. Dec. 23—Bateman Bros., wholesale grocers, Fort Worth, Texas; $500,000. Dec. 24—The firm of Eiseman & Co., dry-goods merchants, Council Bluffs, Ia.; $300,000. Dec. 25—Sanborn County Bank, Woonsocket, S. D. .... Marerick Bank, San Antonio, Tex. Dec. 27—City National Bank, Hastings, Neb.
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Open for Biz. Special to the Globe. HURON, S. D., Feb. 3.-The Huron National bank, of which L. W. Hazen is president. and J. A. Fowler cashier, will resume business to-morrow. The suspension occurred about a month since. The bank now has plenty of money, and will pay all depositors in full, and meet all other demands. The comptroller has directed Bank Examiner Dimond to turn the affairs of the bank over to its officers and open its doors for business. Under the new arrangement the Huron National is placed on a solid financial footing.
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AUTHORIZED TO RESUME BUSINESS.-The - Huron National Bank of Huron, S. D., which suspended December 16, yesterday resumed business, the national bank examiner having delivered the assets to the officers of the bank by order of the controller of the currency. -
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Charles Leonard, bookkeeper of the Washington National Bank of Seaitle, shot himself yesterday at the bank. it is supposed, with suicidal intent. He formerly lived in Auburn, N. Y. Lieut. Frederick Schwatka has been taken to his home at Rock Island, III. He is in a very cheerful mood. The steamer Richmond Hill, which arrived at New York today, brought several valuable horses. among them the celebrated threeyear-old, St. Magnus. The Huron National Bank of Huron, 8. D., which suspended a month ago, resumed business yesterday.
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A Suspended Bank Resumes. HURON, S. D., Feb. 5.-The Huron National bank, which suspended a month ago, resumed business yesterday, greatly to the delight of Huronians generally. Very few depositors called for their money, and m my former patrons made deposits.
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RECEIVER APPOINTED. - The controller of the currency has appointed Mr. Lewis L. Lostetter of Iroquois receiver of the Huron National Bank, Huron, S. D.
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Appointed a Bank Receiver. W ASHINGTON, Jan. 8.-The comptroller of the currency has appointed Mr. Lewis Lostetter, of froquois, receiver of the Huron National bank, Huron, S.D.
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Lostetter Becomes Receiver. Special to the Globe. HURON, S. D., Jan. 8. -National Bank Examiner Diamond will deliver the affairs of the Huron National bank into the handsof L. L. Lostetter, of Iroquois, in a few days, he having been named by the comptroller of the currency as Teceiver. Lostetter's appointment gives satisfaction to all concerned and he will rapidly close the affairs of the bank.
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Closing Its Affairs. Special to the Globe. HURON, S. D., Jan. 15.-John E. Diamond, national bank examiner, in charge of the Huron National bank for the past three weeks, turned the business of that institution over to Lewis L. Lostetter, receiver, this morning, who at once proceeds to close up its affairs.
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THE NORTHWEST. A Summary of Important Events the Week in the Northof western States. Bank Receiver Appointed. WASHINGTON, Jan. 7.-The comptroller of the currency today appointed Lewis L. Lostetter, of Iroquois, receiver of the Huron National Bank, at Huron, S. D.
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Huron's Crippled Bank. Special to the Globe. HURON, S. D.. Jan. 29.-Yesterday L. L. Lostutter, receiver of the Huron National bank, sola the bank building to William N. Coler & Co., of New York, for $9,000. This firm owns a large amount of stock in the First National bank, of this city, and is also the possessor of considerable city property and large tracts of land in this immediate vicinity. Mr. Lostutter is closing up the affairs of the Huron National as rapidly as possible. A number of St. Paul parties interested in the institution have been settled with.