Merchants National Bank (Fort Worth, TX)

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Episode Information

Episode Type
Run → Suspension → Reopening
Start Date
July 20, 1891
Location
Fort Worth, Texas (32.725, -97.321)
Bank Type
national
Charter Number
3631

Metadata

Episode ID
Bank ID
City ID
481380947
Model
gpt-5-mini
Short Digest

Response Measures

Capital injected, Full suspension, Books examined

Notes

Withdrawals tied to rumors and large removals by foreign/alien-land related accounts.

Events (5)
1. February 1, 1887 Chartered
Source
historical_nic
2. July 20, 1891 Run
Cause
Rumor Or Misinformation
Cause Details
Prevalent rumors triggered heavy withdrawals, including $85,000 removed by foreign loan companies citing the alien land law.
Measures
Directors voted to close and requested bank examiner to take possession; some neighboring banks offered aid.
Newspaper Excerpt
The trouble began six months ago, when rumors caused a heavy withdrawal of $200,000
Source
newspapers
3. July 20, 1891 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed and placed the bank in the hands of the examiner after rumor-driven withdrawals and lack of available cash.
Newspaper Excerpt
The Merchants' National bank of this city closed its doors Monday morning... placed in the hands of Bank Examiner Spaulding.
Source
newspapers
4. September 26, 1891 Reopening
Newspaper Excerpt
re-opening for business September 26, 1891: Condition of the Merchants' national bank... on re-opening for business September 26, 1891
Source
newspapers
5. August 15, 1893 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (17)
1. July 21, 1891 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 21, 1891

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LATE TELEGRAMS BCILED DOWN FROM PRIVATE, SPECIAL AND OTHER SOURCES. Railway strike at Paris collapses. Forty houses destroyed by fire in Guadalajara, Spain. Taylor will put up for railway connection with M. K. & T. at Trinity. President Finney, of Soo and South shore, at Minneapolis, resigns. The I. & G. N. receivership meets at Austin Monday the 27th. Governor of Minnesota and sheriff refuse to interfere in the prize fight A. Friedlander, Gainesville china merchant, fails. Two boys arrested at Tracy City, Tenn., for murdering a peadler. The state railway commission gives audience at Dallas to shippers. Jim Huntley wanted in Texas for forgery, extradited at Toronto. Mrs. Maybrick is denied the $10,000 insurance on her husband's lite. Another civil conflict is immenent in Samoa. Laredo is disconsolate over the Sunday law enforcement. San Angelo has shipped 3,000,000 pounds wool this season. Good rains at Belton give assurance of immense cotton crop. The Austin soldiers find running guard for beer rather risky business. The Austin riot is set for today, and the boys will have a circus. Major Ford is medical director of the Austin camp. Llewellen of Waco is charged with criminal assault on a young married woman. Uruguay is threatened with bankruptey. Clarkson says Quay wanted to resign immediately after Harrison's election. Patrick Kelly, Galveston jailer, from injuries received from an insane prisoner. J. S. Schweitzer's will probated at New Orleans; several public charities get from $5000 to $10,000 each. The Tennessee miners canture the militia and convicts and ship them to Knoxville. There will be bloodshed at Bruce. ville, Tenn., over the attempt to work convict miners. Gov. of Tennessee is urged to arrest and punish the miners, who took the camp. The miners threaten to destroy the bridges and burn the railroad if troops are sent Detail ha® been made for court martials at Austin, Major A. W. Houston judge advocate. San Antonio elect, ic ca's are doing temporary duty at Austin during encampment. There are about 2500 men In camp at Austin, one third regulars, the rest militia. Georgetown chautaqua closes, a nd gives a donation of $1,000 to the 80. ciety. Lawyerville, a Michigan lumber town of fifty buildings and mills, destroyed by fire Texas gets her world's fair building site set apart before the money is raised for it. Merchants national bank at Fort Worth is pronounced solvent, and will reopen in 30 days. R. Crain, San Jacinto veteran drowned in the Bosque, at Valley Mills. The Erie threatens to cat central traffic rates unless New England roads stop scalping. Reagan says rates cannot be established to give one place advantage over another. Railway committee is considering grain, cotton, lumber, and salt rates today. Silver is gradually nearing the $1 00 mark on the New York exchange. A revenue vessel will probably be sent to Eastport, Me., to protect American fishermen. Union Investment company of Kansas City, Winner's bursted concern, will be reorganized. Central bank, Kansas City, Kas., fails through failure of the Wyandotte bank. Petition for an Austrian society, to perpetuate national feeling, refused at St. Louis. An immense concourse of St. Paul people protest against the Hall-Fitzsimmons fight. Contract let for grading and ironing the road from Denison to Nebraska state line. Chairman of Chicago and Alton will pay no attention to Western Passenger association rates made without consulting them. Senator Quay has desired to resign as chairman of the republican com-

2. July 21, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, July 21, 1891

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Texas Bank Closes. FORT WORTH, July 21.-The Merchants' National bank of this city closed its doors Monday morning. The amount of assets and liabilities are not stated as yet. The bank had been in trouble for some time and the suspension was not unexpected.

3. July 21, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, July 21, 1891

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BUSINESS FAILURES. A Farm Implement Firm and Two Banks Suspend Business. HIGGANUM (Conn.), July 0.-The Higganumi Manufacturing Company, manufacturers of farm implements, made an assignment to-day to ex-Governor Lounsberry. State Senator Clark is President, and Clinton R. Davis, Chairman of the Democratic State Committee, Secretary and Treasurer. ST. LOUIS, July 20.-A private dispatch from Fort Worth, Tex., says the Merchants' National Bank of that place has closed, and is in the hands of the Bank Examiner. The assets are $1,200,000, liabilities $500,000. The trouble began six months ago, when rumors caused a withdrawal of deposits, $85,000 being taken out by foreign loan companies on account of the alien land law. The bank is solvent. The depositors and creditors are fully protected. KANSAS CITY, July 20.-The Central Bank of Kansas City, Kans., failed this morning, due to the failure of the First National Bank last Thursday. The liabilities are $350,000, assets $65,000. The bank was organized in 1884, and was then known as the Savings Bank of Kansas. In 1889 it was reorganized under the name of the Central Bank of Kansas, with a capital of $75,000. The money on deposit belonging to the city is covered by a bond. The police force will probably not be paid for months, as the Police Fund was deposited in the bank. It is stated that depositors will probably be paid in full. NEWBURYPORT (Mass.), July 20.-The Bayley hat factory has assigned. The liabilities are $175,000, and assets less than $50,000. The creditors are mostly local.

4. July 21, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 21, 1891

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TWOMOREBANKSFAIL One at Kansas City, Kan., the Other at Fort Worth, Tex. WANAMAKER'S STOCK STRAIGHT. Ex-State Treasurer Livsey, of Pennsylvania, Disagrees With Bardsley's Stub-Book. KANSAS CITY, July 20.-Eastern stock and bondholders today perfected a reorganization of the plan for the different companies brought into existence by the Winner Investment Company, and have arranged for an issue of new first mortgage bonds to complete the railroad and other work and pay off prior liens. Second mortgage bonds will then be issued. The Central bank of Kansas City, Kan., failed this morning. The failure was due to the failure of the First National bank on Thursday. The liabilities are $310,000; assets, $65,000. The Central bank of Kansas City, Kan., was organized in 1884, and was then known as the Savings bank of Kansas. In 1889 it was reorganized under the name of the Central bank of Kansas, with a capital of $75,000. The money on deposit belonging to the city is covered by bond. The police force will probably not be paid for & month, as the police fund was deposited in the bank. It is stated this evening that depositors will probably be paid in full. FORT WORTH, Tex., July 20.-The Merchants' National bank, of this city, has closed and is id the hands of the bank examiner. Its estimated assets are $1,200,000; liabilities, $500,000. Bank Examiner Spaulding says the bank is solvent, and that the depositors and creditors will be fully protected. The cause of the closing was the prevalence of rumors as to the bank's standing, which resulted in heavy withdrawals of funds. NEWBURYPORT, Mass., July 20.-The Bayley hat factory assigned today, with liabilities of $175,000 and assets less than $50,000. The creditors are mostly local. HIGGANUM, Conn., July 20.-The Higganum Manufacturing Company, manufacturers of farm implements, made an assignment today to ex-Governor Lounsbury. State Senator Clark is president and Clinton R. Davis, chairman of the Democratic state committee, is secretary and treasurer. The assets and liabilities have not yet been learned.

5. July 21, 1891 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, July 21, 1891

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Another Bank Failure. FORT WORTH, Texas, July 20.-The Merchants' National bank by a vote of the directors closed its doors this merning and the bank was placed in the hands of Bank Examiner Spaulding. Assets, $1,500,000; liabilities, $500,000. The trouble began six months ago when rumors caused a heavy withdrawal of $200,000 within fifteen days, of which $85,000 was taken out by foreign loan companies on account of the alien land law. Spaulding says the bank is solvent and that the depositors and creditors will be fully protected. A movement is on foot to reorganize the bank under the new law. Other banks tendered aid, but the directors concluded best to take the course they did. No other banks are affected and little excitement is exhibited over the suspension.

6. July 21, 1891 Evening Star Washington, DC
Article from Evening Star, July 21, 1891

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Failure of Western Banks. The Merchants' National Bank of Fort Worth, Tex., by a vote of the directors, closed its doors yesterday and the bank was placed in the hands of Bank Examiner Spaulding. The assets are $1,200,000 and the liabilities $500,000. The trouble began six months ago, when rumors caused a heavy withdrawal of $200,000, within fifteen days of which $85,000 was taken out by foreign loan companies on account of the alien land law. Mr. Spaulding says the bank is solvent, with no occasion for a receiver, and he would not have taken such a step except at the unanimous request of the directors. The depositors and creditors will be fully protected. No other banks are affected and little excitement is exhibited over the suspension. The Central Bank of Kansas City, Kan., failed yesterday. The failure was due to the failure of the First National Bank, which was taken charge of by the bank examiner last Thursday. The liabilities are $35,000; assets, $65,000. R. W. Hilliker is the president and cashier of the bank. The bank was organized under the state law.

7. July 23, 1891 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, July 23, 1891

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MERCHANTS' NATIONAL BANK OF FORT WORTH A VICTIM OF THE ALIEN LAND LAW. FORT WORTH, Tex., July 20.-The Merchants' National bank, by vote of the directors, closed its doors this morning and placed it in the hands of Examiner H. W. Spaulding. Assets, $1,200,000; liabilities, $500,000. The trouble began six months ago when rumors caused a heavy withdrawal of deposits. Within fifteen days $200,000 deposits were withdrawn, of which $85,000 were taken out by foreign companies on account of the alien land law. Spaulding says the bank is solvent and he would not have taken charge except at the unanimous request of the directors. The depositors and creditors will be fully protected. A movement is afoot to reorganize the bank under a new name. Other banks tender aid but the directors concluded it best to take the course they did. No other banks are affected and there is but little excitement over the suspension. FORT WORTH, Tex., July 20.-After two days examination of the affairs of the Merchants' National bank it was pronounced perfectly solvent. Talk that the bank was in trouble was raised abroad and the directors, lacking enough available cash to pay "deposits in full, and fearing a run, passed a resolution asking the bank examiners to take possession of the bank. The capital of the bank is $500,000; assets, $1,268,345. Liiabilities, $599,816. Bank examiner Spaulding telegraphed the comptroller of the currency he had taken possession of the bank at the earnest solicitation of the directors. S e The bank officers assign as their prinof cipal cause for the trouble lack of cono fidence and the drainage of currency occasioned by the passage of the alien land law. They further say the bank will reorganize at once and be open for a business inside of thirty days.

8. July 23, 1891 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, July 23, 1891

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BUSINESS TROUBLES. One Day's Disasters in a Financial Way. The Merchants' National Bank of Fort Worth, Texas, suspended Monday morning. Its assets are reported at $1,200,000 and liabilities at $500,000. Bank Examiner Spaulding says the concern is really solvent and that the depositors and creditors will be fully protected. A movement is on foot to reorganize the bank under the new law. The Central Bank of Kansas, at Kansas City, closed its doors Monday morning, making the second bank failure on the Kansas side of Kansas City within a week. The liabilities are stated at $35,000; the assets at $65,000. The bank is a state concern. The Bayley hat factory in Newburyport, Mass., made an assignment Monday. The cause is said to have been the manufacture of a class of goods which had to be sold at less than cost of production. It is thought the liabilities will reach $175,000. The assets are placed at less than $50,000. The Higganum Manufacturing Company of Higganum, Conn., announced Monday that, owing to the failure of Joseph Davis, of Lynn, and by the advice of the large creditors, it had made an assignment. The company manufactured farming implements. Carroll L. Riker, a publisher in New York, made an assignment Monday.

9. July 24, 1891 Oakes Weekly Republican Oakes, ND
Article from Oakes Weekly Republican, July 24, 1891

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LATEST CONDENSATIONS. Bar silver $1 Another battle reported in Chili. Russia has increased her Black Sea fleet. Goddard defeated Ohoynski in four rounds. The New York coakmakers strike is settled. The Omaha wall club will be reor ganized. Spurgeon progresses rapidly toward recovery Sawverville, Mich, burned; loss, $250,000. The Paris railroad strike has been compromised. Sarah Davis, colored, aged 132, died at Indionapolis. Persecution of Russian Jews has been somewhat relaxed. London plumbers struck for nine hours at 25 cents per hour Two boys murdered Sicilian peddler at Turk Gap, Tenn., for $17. Russian peasantry are starving on nccount of a deficient wheat crop. The McKinley law is increasing the manufacture of cigars at Key West, Fla. Six members of a Victoria, B. C. yachting party were drowned Sunday. President Hill is back from New York. The miners troubles at Briceville continue. It is reported Henry M. Stanley and his wife have parted for good. Bert Wells withdraws from the management of the Hotel Dacotah at Grand Forks. The entire Tennessee militia force has been ordered out to suppress Briceville trouble. Miss Hattie Lockridge of Spring and Tenn., killed her three children then suicided Sunday. The Fort Worth Merchants National bank assigned with liabilities of $500,000 and assets over $1,000,000. It is again reported that Quay will tire from the national republican committee BLO Blackburn succeed him. A noted burglar escaped from the a county jail at Cincinnati, leaving dummy in his cell. James Brown Potter is said to have cured a divorce, and Mrs. Potter and Kyrle,Bellew are said to be married. Parrell has paid the costs in the 'Shea divorce case, amounting to $5,000. President Harrison has appointed Charles F. Mallahan postmaster at Elk Point, S D. The commission from the World's Fair to visit Europe has arrived at Southampton. The steamer Kite, of the Peary Arctic expedition, was stopped by pack ice at the Straights of Belle Isle. South Dakota milroads have had to give up using artcsian well water, because it er clusts the boilers and foams. Dr. Logan, of Grand Forks, found a lady' gold ring, with ruby setting the A omach of a turtle caught in the Red River. inJohn Kindle was probably fatally jured by falling from the top of the St. John Block, through the hatchway, down 70 feet. Louis Agard and Hoegan were held at Bismarck at $500 bail each for selling liquor on an Indian reservation without the consent of the government. Mrs. Joseph Fuller. wife of a prominent sheep raiser of Emmons County, deliberately committed euicide with shotgun. Restraining orders have been served on all saloons in Dickinson, issued by Judge Winchester, of Bismarck. No arrests were made. It has been discovered that quite a number of recent marriages at Upper Sandusky O. are not legal, as the offi ciating minister was not legally ordained. By order of the judges of the Minnesota supreme court the state law library will be closed for repairs during the month of August. According to the report of the receiver of the American Loan and Trust company of New York, filed with the supreme court, the assets are $2,293,512. Three hundred metal polishers in Chicago have struck for shorter hours and minimum rate of wages. Seventeen shops are affected. Samuel W. Lewis, the Wall street broker charged with stealing $53,000 from his wife, has been convicted of of grand larceny in the first degree. Dr. C. W. Hewitt, secretary of the Minnesota board of health, will leave this week for London. England, to attend the international medical congress to be held there. The work of putting inda new floor at the Minnesot capitol has begun. The sidewalks and steps a the front en trance have been torn down. It will take a month to complete the work. At London the council of arts ceived the Chicago World's Fair delegates. Messrs. Butterworth, Handy and Bullock, accompanied by Commissioner McCormick. A collation and speeches followed: The assets of the Merchants National Bank, of Fort Worth, Tex. which closed its doors Monday are said to be $1,200,000 and the liabilities $500,000. Depositors and creditors will be fully protected. Mrs. Parnell, mother of Charles Stewart Parnell, while fondling strange dog on Thursday evening at her home at Ironsides, N. J. was badly bitten on the left hand. The dog was once killed and the wound cauterized. Anxiety is felt for the steamship Endymion, which broke her crank in midocean July 13, and was lying to for repairs. She declined an offer of assistance by the Taurus, of the White Star line, and nothing has since been heard of her. William Heislop was probably fatally stabbed at Fairview, Pa. small village near the summit of Wilke barre mountain, by George Alliebou Both had been paying attentions young woman, and Alliebough stabbed Heislop in the presence of the girl because she preferred the latter. Judge Mills has decided that the Northern Pacific is not entitled to the Crookston bonde, b cause the road was not completed at the date con tracted for. The amount was $50,00 and the crossing troubles prevented the

10. July 25, 1891 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 25, 1891

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r LATEST CONDENSATIONS. 85 'e Bar silver $1. p Another battle reported in Chili. d Russia has increased her Black Sea a fleet. a e Goddard defeated Choynski in four h rounds. ] The New York coakmakers' strike is settled. The Omaha ball club will be reor) gauized. Spurgeon progresses rapidly toward recovery. a Sawyerville, Mich,. burned; lose, $250,000. The Paris railroad strike has been compromised. Sarah Davis, colored, aged 132, died at Indianapolis. Persecution of Russian Jews has been somewhat relaxed. London plumbers struck for nine hours nt 25 cents per hour. Two boys murdere da Sicilian peddler at Turk's Gap, Tenn., for $17. Russian peasantry are starving on nccount of a deficient wheat crop. The McKipley law is increasing the manufacture of cigars at Key West, Fla. Six members of a Victoria, B. C., yachting party were drowned Sunday. President Hill is back from New York. The miners troubles at Briceville continue. It is reported Henry M. Stanley and Lis wife have parted for good. Bert Wells withdraws from the management of the Hotel Dacotah at Grand Forks. The entire Tennessee militia force has been ordered out to suppress the Briceville trouble. Miss Hattie Lockridge of Spring Hill, Tenn., killed her three children and then suicided Sunday. The Fort Worth Merchants' National bank assigned with liabilities of $500,COO and assets over $1,000,000. It is again reported that Quay willre tire from the national republican committee and Blackburn succeed him. A noted burglar escaped from the county jail at Cincinnati, leaving a dummy in his cell. James Brown Potter is said to have cured a divorce, and Mrs. Potter and Kyrle Bellew are said to be married. Parnell has paid the costs in the O'Shea divorce case, amounting to $5,000. President Harrison has appointed Charles F. Mallahan postmaster at Elk Point, S D. The commission from the World's Fair to visit Europe has arrived at Southampton. The steamer Kite, of the Peary Arctic expedition, was stopped by pack ice nt the Straights of Belle Isle. South Dakota railroads have had to give up using artesian well water, because it encrusts the boilers and foams. Dr. Logan, of Grand Forks, found a lady's gold ring, with a settingin the H omach of a turtle caught in the Red River. John Kindle was probably fatally irjured by falling from the top of the St. John Block, through the hatchway, down 70 feet. Louis Agard and Hoegan were held at Bismarck at $500 bail each for selling liquor on an Indian reservation without the consent of the government. Mrs. Joseph Fuller. wife of a prominent sheep raiser of Emmons County, deliberately committed euicide with a shotgun. Restraining orders have been served on all saloons in Dickinson, issued by Judge Winchester, of Bismarck. No arrests were made. It has been discovered that quite a number of recent marriages at Upper Sandusky, O., are not legal, as the officiating minister was not legally ordained. Judge Mills has decided that the is the Crookston Northern not Pacific completed bonds, not because at entitled the date the to road was contracted for. The amount was $50,000, and the crossing troubles prevented the line being finished. Henry A. Smith was sentenced to the Ohio penitentiary, and within an hour afterwards bis pardon was recommended. He and his first wife could not live together, and separated; she W10'0 her brother she had secured a divorce. Then he married again and was arrested for bigamy.

11. July 26, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 26, 1891

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# FORT WORTH IS HERE TO STAY. The courage of Fort Worth and the nerve of THE GAZETTE are the wonder and admiration of all observers. The suspension of so large a bank as the Merchants' national, honorable as it was, would knock most towns silly for some time, but the Fort never loses a step in the march of progress, and THE GAZETTE never shows a tremor.-[Waco Day. Why not have courage and nerve? A town without failures is a town without life. Of what avail is it to stand and weep? What is, cannot be recalled; disasters such as would have paralyzed some towns have befallen Fort Worth-the death of Huffman, the mental paralysis and death of Brown, the murder of Evans, the tragic deaths of Tatum and Somerville and Roach, the failures of Bateman, Lake and the Merchants' nationanal; the forgeries of Imboden and Mitchell-these and more have befallen Fort Worth, but the town still lives and will live and grow forever. It is not the past with its dire disasters, nor the machinations of rivals organized for action that gives Fort Worth cause to fear or despond, but there is peril in a pessimism and an idle gossip that would bring about more disaster by continually predicting it. Fort Worth is here to stay, and the carpet knights, the boomers when all is fair, the gossips and the selfish cannot stay the city's progress. The men who builded the foundation built it well. Trunk lines and effort will win.

12. July 31, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 31, 1891

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"And So Sav We All." Waco Day. Of the recent failure, in Fort Worth, of the Merchants' national bank, THE GAZETTE says: There is no excitement in Fort Worth, not a ripple on the waves All the officers of the bank are here or on their way home, the bank will be reorganized, we are assured, and the failure has hardly proved a one-day's wonder in this city There is too much to regret in the failure of SO prominent a bank as the Merchants' national, without permitting any er roneous estimate of the effect on Fort Worth to go abroad. The failure was not unexpected-the whisperings had prepared the people for it -and to-day Fort Worth is busy thinking of tomorrow and the work it will bring, rather than of yesterday. That is the true spirit in which to discuss the matter. It was expected, it came, and it is regretted -but there is no crooning over it or killing time by talking about what might have been. It was not the first bank failure in Texas nor will it be the last. Commercial stability and integrity are not to be shaken in any town because of such a happening. Fort Worth has rock-based elements of prosperity and is solid financially. So, too, are Waco. Dallas, San Antomio, Houston, Austin, Galveston and all the sisterhood of Texas cities. There will be no panic, no bating of breath to see "where the next blow falls," but a pull altogether for the better times and a return of confidence that wait in the near future, as surely as sunrise waits behind the first tints of morning light. Let a sister city, recognizing Fort Worth's solvency and capacity to deal with the emergency, repeat the assurance of confidence that is based on the actual facts of the situation. Money may be tight and hard to get in Texas at this time, but the concomitants of real prosperity are here. Our people have raised plenty of food for man and beast, and will have some to spare, The farmer will soon have cotton to sell, and with the wild craze for land speculation placed within bounds. Texas, a year from to-day, will be all the better off for the experience that is now crystalizing.

13. August 2, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 2, 1891

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AN EASTERN PRODUCT. Every little county town in the East has its oracle, who sits in the sun in front of the corner grocery, whittles on the dry goods boxes, spits tobacco juice over the surrounding territory, and talks politics. His mental horizon is bounded by the traditions of his native village. Beyond that, he knows nothing. Occasionally this oracle, stirred by some migratory impulse, is moved to travel. So he invests in a secondhand immigrant ticket and "goes West." One can imagine the effect upon his mind of a few days' residence in a dashing, ambitious Western city. He is amazed to see business lots held at $10,000 to $20,000, when he had never heard of twenty-five feet of land bringing more than $1000. There is but one thing about it. These people are crazy. So he sets down and writes a letter to his home paper, generally of about the tenor of this: DALLAS, TEX., July 24.-The boom in North Texas has completely collapsed. Both Dallas and Fort Worth, which were a year ago thronged with real estate agents and land sharks, are as dead as a door nail. In this city there are block after block of vacant residences and business houses. The streets are deserted and the town presents the appearance of a one-horse country village. The boomer has packed his Saratoga and silently stolen away, leaving the more unfortunate creatures who were suckers enough to buy land and other property at inflated values with the bag to hold. Business is at a complete standstill and the town seems to be on the verge of a financial panic. Several large firms are making desperate efforts to make both ends meet, but fears are entertained that when one big failure occurs a dozen others will follow. Fort Worth is in a worse condition financially if anything than Dallas. The failure of W. F. Lake for $500,000 and the Merchants' national bank for $800,000 has knocked the hind sights off every enterprise in the town, and every man in the place seems to be trying turn his property into cash, in order to close out his business and leave the town. While Dallas and Fort Worth are in the throes of financial troubles, the boomers who have caused it have moved on Galveston and Houston in a body in order to come in for a slice of the $6,000,000 appropriation by congress for the improvement of Galveston harbor. Galveston island has been laid off into town lots, and, not content with that, the real estate fiends have gone over to the mainland and platted acres of marsh land, and are offering them for sale at fabulous prices as desirable residence lots. Of course they do not expect the land to be "filled in" and houses erected on it, as the country is so full of malaria that a mosquito would die with the fever; but what do they care for that? All they are after is shekels, and as soon as they work Galveston for all they can they will move on to another locality and find more suckers, wax fat and leave other people in the lurch. This letter we find published in a Memphis newspaper-a city that is a pretty good place to live in while the yellow fever is not raging. We give it place in THE GAZETTE because it will be amusing reading to people at home, the greater part of whom were enterprising enough to better their condition by coming from the Eastern states to Texas. But the oracle, after a night spent in a wagon-yard, will rise refreshed, and when he has consumed a free lunch he will write another letter about something else that he never heard of and knows nothing about.

14. August 6, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 6, 1891

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CONSOLIDATE. Instead of Re-Organizing the Merchants' National Bank, Consolidate With Some Other Bank FORT WORTH, TEX., July 23. 1891. Editor Gazette. The one absorbing topic just now is the coerced suspension of the Merchants' national bank. As some solution of the difficulties of the embarrassment that enwraps the institution in virture of its involved affairs will be attempted soon, I will undertake to submit for the consideration of the stockholders, of whom I am one, and by long odds the largest, a few sober remarks. It has been given out that a re-organization of the bank is contemplated if not already decided upon, in certain quarters. This matter, I take it, will be disposed of one way or the other, by owners (or their proxies) who shall represent two-thirds of the shares of the association when in meeting assembled. Of the propriety of this move as the second best thing to do, circumstances favoring, there can be no well founded doubt. The thing best to do by long odds, is to seek to accomplish and by dint of energy effectuate amalgamation with one or more of the banks of the city. The consolidation of two or more banks of this city in such a way as to bring about or secure a capitalization of a round million or more dollars. would inspire universal confidence, and insure withal not only the coming of no - vesult to the

15. September 3, 1891 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, September 3, 1891

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TO RESUME BUSINESS. The Merchants' National Bank Getting Ready to Reopen Its Doors. Special to The Statesman. FORT WORTH, Tex., Aug. 31.-Matters at the Merchants' National bank are likely to soon be in running order. A meeting was held in the president's room this morning for the purpose of determing what course to pursue with reference to reorganizing and resuming business. A resolution was offered and adopted reducing the capital stock to $250,000 and placing the surplus at $50,000. A second resolution was offered and adopted calling for the resignation of all the old officers and all of the old directors, and providing for the election of an entirely new outfit before business is resumed. Before the bank resumes business there will have to be deposited in the vaults, subject to a check of former depositors, the full sum of $250,000, which will be more than enough to pay all depositors. The meeting adjourned over until Thursday when it is supposed the final arrangements for a resumption of business will be made.

16. September 27, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, September 27, 1891

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The Bank's Statement. The followi g is the sworn statement of the financial condition of the bank at the time of resuming payment. It is interesting, as it shows the bank has been perfectly solid all the time, though forced to a temporary. suspension: Condition of the Merchants' national bank of Fort Worth, Tex., on re-opening for business September 26, 1891:

17. January 7, 1892 Herald and News Randolph, VT
Article from Herald and News, January 7, 1892

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THE BUSINESS BAROMETER. Failures, Assignments and Receiverships Reported During the Year 1891. JANUARY. 5. Dueber Watch company, Canton, O., failed: liabilities, $450,000. 20. American National bank, Kansas City, failed for $300,000. FEBRUARY. 18. American Loan and Trust company, New York, suspended: deficit, $656,000. MARCH. 20. Keystone National bank, Philadelphia, suspended. Theodore Schwartz & Co., bankers, failed in Louisville; liabilities, $750,000. 23. Washington National bank suspended, New York: shortage, $148,000. MAY. 8. Spring Garden bank and the Penn Trust and Safe Deposit company suspended in Philadelphia. 12. Levy Bros..& Co., clothing manufacturers, failed in New York for nearly $1,000,000. 14. People's bank, of Knoxville, Tenn., failed. 20. Davis Shoe company, Richmond, assigned: liabilities, $3,000,000. 22. Star Rubber company, Trenton, failed for $500,000. 25. Potter, White & Bayley, shoe manufacturers, failed in Beston for $1,000,000. 27. Bunnel & Scranton, private bankers, failed in New Haven. JUNE. 4. Connell, Hall, McLester company, dry goods, assigned in Nashville; liabilities. $464,000. 12. London and Liverpool Clothing company and Mack & Co. failed in New York: liabilities over $250,000. 2. Sax Bros.. bankers, failed for $600,000 in Nashville. 25. Emil Marqueze & Co., wholesale shoes, assigned in Boston; liabilities, $460,000. JULY. 19. R. M. Bingham & Co., wagon makers, failed in Romo, N. Y., for $225,000. 20. Merchants' National bank, of Fort Worth, Tex., suspended with $500,000 liabilities. AUGUST. 2. Abraham Backer, commission merchant and note broker. assigned in New York: liabilities, $4,000,000; Backer died of depression Dec. 9. 8. Masonic Savings bank, Louisville, assigned, owing $1,000,000. 19. American Wheel company, Chicago, with plants in six differentstates, went into receiver's hands: liabilities, $1,800,000.