401. City Savings Bank & Trust Company (Hot Springs, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
May 1, 1896
Location
Hot Springs, Arkansas (34.504, -93.055)

Metadata

Model
gpt-5-mini
Short Digest
d6cab0b6

Response Measures

None

Description

The bank was closed by court attachments and a receiver (C. S. Bell) was appointed on May 1–2, 1896. There is reporting of a slight run on other local banks after this failure, but no run on City Savings Bank itself prior to its closure. Receiver's report later shows large insolvency and looting by President Hogaboom, indicating permanent closure.

Events (2)
1. May 1, 1896 Receivership
Newspaper Excerpt
C. S. Bell was appointed receiver by the court. The bank was in the hands of a receiver. The Receiver has made his official report which shows that the liabilities of the bank are $207,200.67, with assets which are practically worthless.
Source
newspapers
2. May 1, 1896 Suspension
Cause
Government Action
Cause Details
Closed under attachments by creditors and court-appointed receiver (C. S. Bell); bank failed to open its doors May 1–2, 1896.
Newspaper Excerpt
The City Savings and Trust Company was closed this morning under attachments aggregating $15,000. C. S. Bell was appointed receiver by the court.
Source
newspapers

Newspaper Articles (14)
1. May 2, 1896 New-York Tribune New York, NY
Article from New-York Tribune, May 2, 1896

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BUSINESS EMBARRASSMENTS Hot Spring. Ark., May 1.--The City Savings and Trust Company was closed this morning under attachments aggregating $15,000. C. S. Bell was appointed receiver by the court. No statement of llabilities and assets is made public. Chicago, May 1.-Two more big judgments were entered in the Superior Court to-day against the Alley "L" Company One was in favor of the Northern Trust Company for $287,560. and the other in favor of the Illinois Trust and Savings Bank for $320,045. Rochester, May 1.-Sheriff Hannan to-day closed the factory of the Martin Plano Company on two judgments aggregating about $10,000. The Fourth National Bank of New-York to-day took judgment in the Municipal Court against Atwater, Armstrong & Clarke for $784 77. The firm's troubles were precipitated by the failure of the Cincinnati plano firm, Smith & Nixon. This also caused the Martin Piano Company's financial trouble.

2. May 2, 1896 The Herald Los Angeles, CA
Article from The Herald, May 2, 1896

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Article Text

A Broken Bank HOT SPRINGS, May 1.-The City Savings bank failed to open its doors this morning. A notice tacked on the door stated that the bank was in the hands of C. S. Bell, receiver. No statement can be obtained at present. Depositors, it is said, will lose nothing. The falure caused alarm among those who had money on deposit in the other two banks, and a slight run was the result.

3. May 2, 1896 The Morning News Savannah, GA
Article from The Morning News, May 2, 1896

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Article Text

A Bank Closed at Hot Springs. Hot Springs, Ark., May 1.-The City Savings Bank and Trust Company was closed this morning under attachments aggregating $15,000. C. S. Bell was appointed receiver by the court. No statement of the liabilities and assets is made public

4. May 2, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 2, 1896

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Article Text

More of Them. HOT SPRINGS, Ark., May 1.-The City Savings bank is in the hands of a receiver. BOSTON, May 1.-On petition of the state insurance commissioner a receiver was appointed today for the Central Mutual Fire Insurance company.

5. May 2, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, May 2, 1896

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NEWSPAPER HAS MONEY TROUBLES. Times of New York Placed in the Hands of a Receiver. NEW YORK, May 1.-On the application of Charles R. Miller, Edward Carey and Frank G. Root a majority of the directors of the Times Publication company, Justice Andrews in the supreme court today appointed Alfred Ely receiver for the company and John H. Judge referee in proceedings brought by the same parties for a dissolution. The petitioners allege that the capital stock of the company is $1,250,000 and its indebtedness $316,701, of which $46,710 is in open book accounts; $110,000 money loaned and $160,000 upon debentures notes. They further state that the company has been losing money and if allowed to continue will lose its entire assets. Among the creditors are: The United Press, Glenns Falls Paper Mills company; Western Union Telegraph company, Commercial Cable company and the Mergenthaler Linotype company. DETROIT, May 1.-J. L. Hudson & Co., clothiers, this morning notified all their creditors that the company is financially embarrassed and desires an extension of credits. The company has branches in Sandusky, St. Paul, Cleveland, St. Louis, Buffalo and Grand Rapids, but the St. Louis, Cleveland and Buffalo branches are not in any way affected. A statement issued by the company gives assets at $1,271,840 and liabilities, $518,154. The immediate cause of the request for an extension was the failure of a large eastern house and the firm's inability to borrow money in the open market. The business will be carried on as usual until an expression is obtained from the creditors. Mr. Hudson says the company will endeavor to sell the capital stock in the outside concerns and centralize the business in this city. BOSTON, May 1.-A receiver has been appointed for the Atlas Tack company, whose head office is located here. HOT SPRINGS, Ark., May 1.-The City Savings bank was forced into the hands of a receiver today by attachments aggregating $25,000. No statement of assets and liabilities is made. The failrue caused a run on other banks. BOSTON, May 1.-On petition of the state insurance commissioner a receiver was appointed today for the Central Mutual Fire Insurance company.

6. May 3, 1896 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, May 3, 1896

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Article Text

A Hot Springs Bank Closed. HOT SPRINGS, Ark., May 2.-The City Savings Bank was closed here this morning by attachment, C. S. Bell being named as receiver. The liabilities and assets are unknown.

7. May 3, 1896 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, May 3, 1896

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Two Failures at Hot Springs. Hor SPRINGS, Ark., May 2.-The City Savings bank and the Eastman drugstore have failed. Ed Hogaboom is president of both concerns. The bank was capitalized at $50,000. No statement is made, but the liabilities will probally exceed $100,000. C.S. Bell was appointed receiver.

8. May 7, 1896 River Falls Journal River Falls, WI
Article from River Falls Journal, May 7, 1896

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Republicans of the Fifth district of Michigan renominated William A. Smith for congress. Gen. Horace Porter, of New York, was reelected president at the annual congress in Richmond, Va., of the national society of the Sons of the American Revolution. In the great fire at Cripple Creek, Col., four persons lost their lives, 19 were injured and 22 were missing. Great distress prevailed among the people. To satisfy eastern creditors the village of Naylor, Mo., was sold at public auction. In the bituminous coal field in Indiana 4,000 miners struck for an increase in wages. The eight-hour demonstration by the trades unions of the country scheduled for May 1 did not take place, only a very few strikes being reported. The doors of the City savin 'S bank at Hot Springs, Ark., were closed. In Cleveland the twenty-second quadrennial conference of the Methodist Episcopal church convened with 537 delegates. The presidential preferences of the delegates so far elected to the republican national convention are given as follows: McKinley, 439; Reed, 103; Morton, 59; Quay, 49; Allison, 35; Bradley, 10; unpledged, 51; total, 752. In a sawmill camp near Henshaw, Ky., Bob Ward shot and fatally wounded his wife, Ella Ward, and killed himself. Ex-Secretary of State Gresham's body was taken from Chicago to Washington, where it will find a resting place in Arlington, the national cemetery. Mr. C. K. Wilber, for ten years the efficient western passenger agent of the Lake Shore & Michigan Southern railway, has recently been promoted to the position of assistant general passenger agent of the same road, with headquarters in Chicago. With $8,000 due depositors the Bank of Fairland. III., closed its doors. In Detroit the J. L. Hudson company, clothiers, made an assignment with liabilities of $500,000. Fire wiped out the business portion of the town of Indianola. Miss. A mob hanged William Bendy, who killed three persons and wounded four others at Beaumont, Tex. Near Austin, Tex., a difficulty between two brothers-in-law, Dempsey Brown and Jim Nixon, resulted in the death of the former and the fatal wounding of the latter. In Chicago Judge Horton decided that the bucket-shops were as legitimate as the board of trade. In the pants factory of W. A. Fuller & Co. in San Francisco spontaneous combustion started a fire which caused a loss of $500,000. Near Clarksville, Va., a cloudburst washed away many farm buildings and hundreds of cattle were drowned. Mrs. F. X. Sailer, aged 25, drowned her two children, aged four and two years, and then drowned herself near Sturgeon Bay, Wis. Family trouble was the cause. Fire wiped out the business portion of Pike Grove, Col. In order to avoid strife three women delegates to the Methodist conference in Cleveland withdrew their claims. Republicans of the Seventh district of California nominated W. W. Bowers, of San Diego, for congress. In a freight train wreck near Liberty, Neb., Thomas Brennan, engineer, and Douglas Wlicox, conductor, were killed. The street car lines in Milwaukee were tied up by a strike of employes for an increase of wages. At the home of her daughter, Mrs. C. C. Bonney, in Chicago, Mrs. Lurinda P. Pratt celebrated her 100th birthday. In Cincinnati a five-story building was blown up by a gasoline explosion and six persons were killed and many others were injured, some fatally. At Topeka, Kan., the Investment

9. May 7, 1896 Warren Sheaf Warren, MN
Article from Warren Sheaf, May 7, 1896

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DOMESTIC. A cyclone did great damage in Chickasaw, Butler and Bremer counties in lowa, many houses and barns being wrecked. No lives were lost. Gov. Hastings refused to grant a respite to H. H. Holmes, who is to be hanged in Philadelphia on May 7 for the murder of Benjamin F. Pitzel. Another incendiary fire at Cripple Creek, Col., destroyed nearly every building in the place, the loss being over $1,500,000. Several persons lost their lives, many were injured and thousands were homeless and destitute. At Seattle, Wash., Albert Rieuliff shot and killed his wife and then committed suicide. Jealousy was the cause. The abandoned factory of the Denver Hardware Manufacturing company was burned at Denver, the loss being $100,000. Bill Taylor was hanged at Carrollton, Mo., for the murder of the Meeks family in Linn county on May 10, 1894. By the sinknig of the steamer Wyandotte off Newport News eight persons lost their lives. Hamilton Disston, the well-known saw manufacturer, was found dead in bed at his home in Philadelphia. Mrs. O. D. Lyon, of Mayfield, Ky., gave birth to five boys and named them Matthew. Mark, Luke, John and Paul. The New York legislature has adjourned sine die. Robert Ward, living near Henshaw, Ky., fatally shot his wife and then committed suicide. Mrs. Ward was attractive and only 20 years old. Ward was 40 years old and jealous. The Farmers' Advocate of Malone, N. Y., the official organ of the Patrons of Industry of the United States, was placed in the hands of a receiver. The Baltimore & Ohio cannonball express was derailed near Washington, Pa., and Patrick Flaherty, fireman, was killed and Henry McBurney, engineer, and J. M. Neely, baggagemaster, were fatally injured. A fire among business buildings in Quincy, Ill., caused a loss of $300,000. At the annual congress in Richmond, Va, of the national society of the Sons of the American Revolution Gen. Horace Porter, of New York, was reelected president. Four persons lost their lives in the great fire at Cripple Creek, Col., 19 were injured and 22 were missing. Great distress prevailed among the people. The village of Naylor, Mo., was sold at public auction to satisfy eastern creditors. The 4,000 miners in the bituminous field in Indiana struck for an increase in wages. The City savings bank at Hot Springs, (Ark. closed its doors.

10. May 9, 1896 Arizona Republican Phoenix, AZ
Article from Arizona Republican, May 9, 1896

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LARGE LIABILITIES. The Hot Springs Bank Failure Incr reases Kn Severity. / HOT SPRINGS, Ark., May 8.-Personal liabilities of President Hogaboom of the collapsed City Savings Bank and Trust company, in connection with what the bank owes, will probably aggregate $75,000. Attachments to the amount of about $65,000 have been run on the bank. Among the heaviest losers is Sheriff Reb Houpt, who had $16,000 deposited in the bank. He has turned over all this property to his bondsmen. It is also stated that Hogaboom's present movements are unknown. He has not been heard from since the bank failed. Hogaboom was ait Little Rock the night of the Quapaw club opening and in conversation with personal friends in this city did not betray any forecaste of the commercial calamity which was then SO near at hand. In many respects he is a remarkable man any those who know him best adhere to the belief that his indomitable perseverance and energy will yet pull him and this trusting friends out of the hole. Unprofitable investments in enterprises, which depended upon general prosperity, are the cause of his financial troubles.

11. May 9, 1896 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, May 9, 1896

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DOMESTIC. The Farmers' Advocate of Malone, N. Y., the official organ of the Patrons of Industry of the United States, was placed in the hands of a receiver. A fire among business buildings in Quincy, Ill., caused a loss of $300,000. At the annual congress in Richmond, Va., of the national society of the Sons of the American Revolution Gen. Horace Porter, of New York, was reelected president. Four persons lost their lives in the great fire at Cripple Creek, Col., 19 were injured and 22 were missing. Great distress prevailed among the people. The village of Naylor, Mo., was sold at public auction to satisfy eastern creditors. The 4,000 miners in the bituminous field in Indiana struck for an increase in wages. The City savings bank at Hot Springs, Ark., closed its doors. The twenty-second quadrennial conference of the Methodist Episcopal church convened in Cleveland, O., with 537 delegates. The great eight-hour demonstration by the trades unions of the country scheduled for May 1 did not take place, only a very few strikes being reported. The Bank of Fairland, III., closed its doors with $8,000 due depositors. The body of ex-Secretary of State Gresham was taken from Chicago to Washington, where it will find a resting place in Arlington, the national cemetery. C.K. Wilber, for ten years the efficient western passenger agent of the Lake Shore & Michigan Southern railway, has recently been promoted to the position of assistant general passenger agent of the sane road, with headquarters in Chicago. Official treasury figures make the government deficit for the ten months of the fiscal year $23,455,190. The national bank note circulation outstanding is $22,101,345, an increase during April of $2,873,540. Coinage executed at United States mints during April aggregated $3,471,670, of which gold amounted to $1,500,000 and silver to $1,831,000. The J. L. Hudson company, clothiers in Detroit, made an assignment with liabilities of $500,000. The business portion of the town of Indianola. Miss., was destroyed by fire. The public debt statement issued on the 1st showed that the debt increased $5,545,417 during the month of April. The cash balance in the treasury was $868,799,556. The total debt, less the cash balance in the treasury, amounts to $948,287,670. The exchanges at the leading clearing houses in the United States during the week ended on the 1st aggregated $982, 885,511, against $1,012,353,800 the previous week. The decrease, compared with the corresponding week in 1895, was 10.2. Bob Ward shot and fatally wounded his wife, Ella Ward, and killed himself in a sawnill camp near Henshaw, Ky. "The Pines, the summer residence near Eilsworth, Me., of United States Senator Hale, with all its contents, was destroyed by five, the loss being $30,000. Spontaneous combustion in the pants factory of W. A. Fuller & Co. in San Francisco started a fire which caused a loss of $500,000.

12. May 18, 1896 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, May 18, 1896

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THE wreck of the City Savings Bank at Hot Springs seems to have been complete. The Receiver has made his official report which shows that the liabilities of the bank are $207.200.67, with assets which are practically worthless. The bank holds Hogaboom's individual notes, without indorsement, to the amount af $135,000, while the total amount of overdrafts is $49,669.22, of which sum $44,343.59 represents the individual overdrafts of Hogaboom. The official report shows that Hogaboom deliberately helped himself and literally looted the bank of all its assets. It was a cold-blooded deal, and depositors and creditors will not receive one cent. In the meantime Hogaboom's whereabouts seem to be a mystery, and what he did with the bank's money is unknown. The theory is that he lost it in speculation and gambling.

13. May 20, 1896 Semi=weekly Graphic Pine Bluff, AR
Article from Semi=weekly Graphic, May 20, 1896

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THE wreck of the City Savings Bank at Hot Springs seems to have been complete. The Receiver has made his official report which shows that the liabilities of the bank are $207.200.67, with assets which are practically worthless. The bank holds Hogaboom's individual notes, without indorsement, to the amount af $135,000, while the total amount of overdrafts is $49,669.22, of which sum $44,343.59 represents the Individual overdrafts of Hogaboom. The official report shows that Hogaboom deliberately helped himself and literally looted the bank of all its assets. It was a cold-blooded deal, and depositors and creditors will not receive one cent. In the meantime Hogaboom's whereabouts seem to be a mystery, and what he did with the bank's money is unknown. The theory is that he lost it in speculation and gambling.

14. January 15, 1897 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, January 15, 1897

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Mar. 9.-Sherman county, Goodland, Kan. Bloomfield (Neb.) State Commercial and Savings, San Jose, Cal. Mar 27-Midway (Ky.) Deposit. Mar 30-First national, Morris, Minn. Apr. 4--Farmers', Decatur, III. Apr 11-Chadron (Neb.) Banking Co. Apr. 16-First national, and Liberty savings. Bedford City, Pa. Apr. 22-American national, Denver, Col., $865,231. Apr. 24-Grand Forks (N. D.) national May 1-City savings, Hot Springs, Ark.... Bank of Fairland, III. May 7-Citizens', Union City, Ind. May 14-Sumner national, Wellington, Kan May 19-Citizens', Edwardsburg, Mich. May 26-National, Jefferson. Tex. May 28-Bank of New England, Manchester, N H. June 2-Bank of Maroa, Ill. June 3-Farmers' deposit, Creighton, Mo. June 11-John A. Thompson's bank, Edinburg. Ind First national. Larned, Kan. June 16-First national, and Bank of Cheney Cheney, Wash. June 25-Security savings, Winchester, N. Hinsdale (N. H.) savings. H July 13-Peot It's savings. Lansing, Mich. July 16-First national, Hillsboro, O. July 23-German savings, Omaha July 27-Farmers' bank, Rock Valley, Ia. July 29-Denison (O.) deposit. Aug. 6-American national, New Orleans Conkling Bros, Nevada (Mo.) bankers Banks at Bronaugh and Richards, Mo. Aug. 7-Lake county, East Chicago, Ind. Inghar: county savings, Lansing, Mich. Aug. 11-Security, Duluth, Minn.: $800,000 Murray Hill, New York, $500,000. Aug 12-Bank at National City, Col. Aug 14-State bank. Peru, Ill. Aug 19-Bank of Argentine, Kan. Aug. 21-Bank of Wymore, Neb. Aug 24-Church & Son's state bank at Lowell, Mich Aug. 28-Sioux national, Sioux City, Ia., $900.000 Sept 1-First national, Beatrice. Neb. Sept 2-Manufacturers' bank, West DuJuth, Minn State Loan & Trust Co. bank. Ogalalla, Neb. Sept. 4-First national. Helena, Mont. Sept. 5-Jackson county, Black River Falls, Wis. Sept. 10-Mutual national, New Orleans. Sept. 11-Bankof Commerce, New Orleans. Sept. 14-Bennett national, New Whatcom. Wash Sept. 16-Midland state, Omaha, Neb. Sept 17-Shellsburg (Wis.) bank. Sept. 19-National, Troy, N. Y.; $449,000. Sept. 22-Pawnee (III.) bank. Sept. 23-Mapleton (Minn.) bank. Sept. 25-Argonia (Kan.) state bank. Sent. 26-Tribune (Kan.) bank. Oct. 5-First national, Mount Pleasant, Mich Oct. 7-First national, Ithaca, Mich. Oct. 10-Security Trust Co., Nashua, N. H. Oct. 12-First national, Eddy. N. M. Oct. 14-Marine national, Duluth, Minn Second national, Rockford, Ill Bank of Commerce. Buffalo, N. Y. Bank Oct. 16-Merchant's, Atlanta, Ga of Pukwana, S. D. Oct. 19-Marion (0.) Deposit. Oct. 28-At Big Rapids, Mich., Mecosta savings. Nov. 5-Marine national, Duluth, Minn. Nov. 10-Iowa savings, Sloux City First national, Decorah, la. Nov. 14-La Harpe (III.) bank. Nov 19-First national, Sioux City, Ia Sioux City, Ia. Nov. 22-First national, East Saginaw Mich. Nov. 23-Dakota national, Sloux Falls, S D. Nov. 24-Davis County Savings associa tion Gallatin, Mo. Nov. 28-Citizens' bank, Midlothian, Tex Mis Nov. 30-First national, Tyler, Tex souri national. Kansas City: $1,131,000. Dec. 1-German-American, Portage, Wis Bank of Westport, Mo. Dec. 5-Baxter, of Baxter Springs, Kar Henry county, at Clinton, Mo. Dec. 10-Harlan (Ia.) state Jonatha Easterly, Columbiana (O.) bankers. Dec. 11-National Bank of Commerce Duluth, Minn First national, Niagara N.Y. Dec. 14-First national. Holidaysburg Pa Banks at Martinsburg and William burg, Pa. Dec. -National bank of Illinois, at Ch cago-E. S. Dreyer & Co., Chicago, $1,200,80 Wasmansdorff, Heinemann & Co. Dec. 22-Bank of Minnesota, and Unio stockyards bank, at St. Paul. Dec. 23-Bank of West Superior, Wis American Banking & Trust Co., Aubur Me. Dec. 24-Calumet state bank, Blue Islan III. Dec. 26-Security Mortgage & Trust Co Dallas, Tex.: $2,000,000-Atlas national, Ch cago. Dec. 28-Bank of Superior. Wis Sca dia, at Minneapolis McCoy Banking C Independence, Mo. LARGER COMMERCIAL CONCERN INVOLVING LIABILITIES OF $500,0