Farmers Bank (Mount Sterling, KY)

Episode Information

Episode UID
4407964991123
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
440796499 hash
Start Date
July 27, 1893
Location
Mount Sterling, Kentucky (38.056, -83.943)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5e6a5faadc3cc51d

Response Measures

None

Description

Suspension in July 1893 due to money-market stringency; state later sued to place bank in receivership (Oct. 1893).

Events (3)
1. July 27, 1893 Suspension
Cause
Macro News
Cause Details
Stringency of the money market and general banking panic in late July 1893 prompted suspension.
Newspaper Excerpt
The Farmers' Bank of Mt. Sterling, Ky., suspended this morning.
Source
newspapers
2. July 28, 1893 Other
Newspaper Excerpt
At Mt. Sterling, Ky., the Farmers' bank closed its doors.; Depositors of Farmers' bank, Mt. Ster. ing, Ky., will be paid in full.
Source
newspapers
3. October 6, 1893 Receivership
Newspaper Excerpt
The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver...
Source
newspapers

Newspaper Articles (12)
1. July 28, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 28, 1893

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smith & Co., dealers in carpets, etc., made an assignment yesterday. Two Spokane Banks Suspend. SPOKANE. Wash., July 27.-The First National Bank and Spokane Savings Bank suspended payment yesterday. Oregon Concerns Suspend. PORTLAND, Ore., July 27.-The Oregon National and the Northwest Loan and Trust Company of this city, suspended this morning. Charged with Embezzlement. HILLSBORO, Ohio, July 27.-Clarence M. Overman, ex-president and director of the Citizens' National Bank was arrested yesterday charged with embezzling $50,000 of the bank's funds. He Speculated in Land. CINCINNATI, July 27.-Powell Crossley, attorney, made .an assignment yesterday. Assets $200,000; liabilities unknown. Crossley has been speculating in land in Ohio and Indiana. Trouble in Kentucky Towns. MIDDLESBORO, Ky., July 27.--The First National Bank of this place closed its doors this morning. LOUISVILLE, Ky., July 27. - -The Farmers' Bank of Mt. Sterling, Ky., suspended this morning. Ended His Troubles. PITTSFIELD, Mass., July 27.-Cashier Edward S. Francis of the Pittsfield National Bank, who was the subject of much unpleasant newspaper talk recently, and who resigned his position last Monday, committed suicide this forenoon by shooting. Jewelry Trade Feels the Dullness. ATTLEBORO, Mass., July 27.-Owing to dulness in the jewelry trade due to lack of orders from large jobbing houses in the West, manufacturers in Plainville, North Attleboro, Attleboro Falls and this town have been compelled to close their shops. There are no signs of improvement for August and the present indications are that the factories will be closed down till September 1st. Six thousand persons will be out of employment four weeks. raise funds owing to the stringency of the money market. It is one of the largest concerns of the kind in the country, Favor Repeal. CONCORD, N. H., July 27.-A meeting of the Concord club was held this evening to act on the request of the New York city Board of Trade that it unite in passing resolutions urging the repeal of the compulsory silver purchasing sec-

2. July 28, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 28, 1893

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Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.

3. July 28, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 28, 1893

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Decided to Suspend. MOUNT STERLING, Ky,, July 27.This evening the officers of the Traders' deposit bank decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank. Officers hope to resume buslness at an early day.

4. July 28, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 28, 1893

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HELENA IN TROUBLE. wo of the Largest Banks in Mon< tana Close-Business Difficulties of All Kinds. HELENA, Mont., July 27.-Financial coubles reached Helena, Mont., today' nd resulted in the closing of two of the iggest banks in the state. They are he First National and Montana Naonal. The First National is the pioneer ank, of which S. T. Hauser is presient. Its directory includes some of he wealthiest men in Montana. For iree weeks there has been a steady rain on the banks, and on Wednesday fter the day's business was over there as very little cash on hand. Last ight the directors met and unanihously decided that it was he duty of the stockholders to support nmediately a voluntary liquidation, nd that the bank temporarily suspend. n conformity with this the bank did ot open this morning, and the followig notice was posted on the door: "We re compelled to suspend business under ie stringency of the money market nd from the heavy drafts on deposits. ithout being able to make correspondig reduction of loans. Our assets are mple, but we cannot command the curency to continue payments." A stateent up today shows assets of $3,771,80; liabilities, $2,590,762. The bank ad a capital of $500,000, and its busess extended all over the Northwest. John T. Murphy is president of the Iontana National. It was regarded as trong as the First National, but was ot SO old. It had a capital of $500,000, -'18 10 assess SMO Is statement the pu 50,000, liabilities $900,000. The diectors desire a voluntary liquidation, nd its closing was due to the same auses as forced the suspension of the irst National. When the banks opened lain street was crowded with people, e largest number being about the lerchants' National. There was a teady run on this bank for three hours, ut it came out all right, the offiers saying they gained more cash uring the day. There was no run on e other banks. President Edgerton, i the Second National, says he made a ight gain in deposits. Cashier Baird, : the Helena National, says there was o run on that bank. as does Cashier ohnson, of the American National. here was no run on either of the two avings banks. The unanimous opinion that the people have gotten over the xcitement, and that the banks now oing business will be able to keep ben. Assignments today were the homas Pointer Drug company, S. C. shby, A. M. Holter and C. W. Cannon, II personal. No mercantile failures ave been reported. MIDDLESBORO. Ky., July 27.-The irst National bank of this place closed S doors this morning. LOUISVILLE, Ky., July 27. - The armers' Bank of Mt. Sterling, Ky., spended payment this morning. CINCINNATI, July 27. - The Deer reek cotton mills at Fifth street and ggleston avenue, and a belting factory ; Plum and Canal streets, controlled y the Henry Pearce Sons company, nut down indefinitely today, throwing 0 hands out of employment. Dull ade is the cause given. PORTAGE, Wis., July 27.-The City ank of Portage closed its doors today. was capitalized at $25,000. H. Breeze, -secretary of state, was president of e bank. The directors of the bank

5. July 29, 1893 The Times Richmond, VA
Article from The Times, July 29, 1893

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More Bank Failures, ELLENSBURG, WASH.. July 28.-The Ellensburg National Bank suspended payment yesterday No statement. George B. Markle, president of the Town's Bank, which failed in Portland yesterday, is also president of the Ellensburg Bank. MOUNT STERLING, KY., July 28.Last evening the officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers' Bank. The bank owes $150,000, and has $33,000 of good assets. The officers hope to resume business at an early day. CHICAGO, ILL., July 28.-A special to the Record from Martinsville, Ind., says: B. M. Mitchell's Bank, established thirty years ago, and backed by $500,000. went into voluntary Hquidation yesterday. There is $1,000,000 in Its vaults and deposited by It in Indianapolis banks. The cause of the action, it is said, is a division of the estate. SPARTA, WIS., July 28.-Two banks

6. July 29, 1893 The Morning News Savannah, GA
Article from The Morning News, July 29, 1893

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A Bank Closed at Mount Sterling. Mount Sterling, Ky., July 28.-Last night the officers of the Traders Deposit Bank decided toisuspend payment owing to a heavy run on the bank yesterday, caused by the suspension of the Farmers Bank. The bank owes $150,000 and has $390,000 of good assets. The officers hope to resume business at an early day.

7. July 29, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 29, 1893

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Business Complications. The North Buffalo mine has shut down. The Harrisburg (Pa) rolling mill has closed. The wire nail plants will continue shut down. The Ellensburg (Wash.) National bank has suspended. The Minno ota Iron company's mines have closed down. S. H. Morrison, lumber merchant, Cam den, N. J., has assigned. Depositors of Farmers' bank, Mt. Ster. ing, Ky., will be paid in full. The Traders' Bank of Deposit, Mt. Sterling, Ky., has suspended. The Bank of Sparta (Wis.) and M. A. Thaver's private bank have closed.

8. July 29, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 29, 1893

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MORE BANKS GO UNDER. NINE CLOSED IN THE WEST AND ONE IN KENTUCKY. ONLY THREE NATIONAL BANKS IN THE NUMBER -SEVERAL OF THE INSTITUTIONS LIKELY TO RESUME BUSINESS. Ellensburg, Wash., July 28.-The Ellensburg National Bank suspended payment on Wednesday. George B. Markle, president of the two banks which failed in Portland on that day, is also president of the Ellensburg bank. Portland, Ore., July 28.-The Union Banking Company has suspended. Great Falls, Mont., July 28.-The First National Bank of this city suspended this morning. The assets are much above the liabilities, and it is believed that the bank will soon resume. Money stringency is given as the cause of the failure. The bank was owned in large part by the Great Falls Town Site Company, and was a depository for the Great Northern Railway. Washington, July 28.-The First National Bank of Great Falls, which suspended this morning, has a capital of $250,000. The bank carries a line of individual deposits from $650,000 to $700,000. Controller Eckels is advised that the Chamberlain National Bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed to-day. Milwaukee, July 28.-Dispatches to "The Evening Wisconsin" from Port Washington say the GermanAmerican Bank at that place failed to-day. Chippewa Falls, Wis., July 28.-G. W. Seymour's private bank closed Its doors here this morning. There were runs on all the other banks in the town. Chicago, July 28.-A dispatch to "The Record" from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago, and backed by $500,000, went, into. voluntary liquidation yesterday. The cause of the action, it is said, is the division of the estate. Sparta, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors, and that the banks will resume. The liabilities of the Thayer Bank are placed at about $175,000, and the assets at $225,000. The liabilities of the Bank of Sparta are said to be $210,000, with assets of $300,000. Mt. Sterling, Ky., July 28.-The officers of the Traders' Deposit Bank decided last night to suspend payment, owing to a heavy run on the bank yesterday, caused by the Suspension of the Farmers' Bank. The bank owes $150,000, and has $390,000 of good assets, and the officers hope to resume business a: an early day.

9. August 2, 1893 The Star Reynoldsville, PA
Article from The Star, August 2, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago, is preparing to resume business. The First National Bank of Cisco, Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate language of the rabid silverites. Parkhust & Wilkinson, iron merchants, Chicago, assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants. St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Ban's, Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena, Mont., the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At Spokane, Wash., the First National Bank, paid up capital $200,000, and the Spokane Savings Bank, its dependent. tem. porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

10. August 3, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, August 3, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

11. August 4, 1893 The Weekly Union Times Union, SC
Article from The Weekly Union Times, August 4, 1893

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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martinsville, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago. backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The Elleosburg National Banksuspended payment Thursday. BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and tbe Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The Uuion Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp.oduction.

12. October 6, 1893 Semi-Weekly Interior Journal Stanford, KY
Article from Semi-Weekly Interior Journal, October 6, 1893

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-Mrs. Luke Blackburn is in Louisville and told a reporter that her letter with reference to Col. Breckinridge in. troducing Miss Pollard to her as his fiance was genuine and that she still stood by it. -At Columbus, Ohio, Mrs. Louis Iborgh, was placed in jail for murdering her son. A younger son informed the police that she did the awful deed 80 as to get the money which had been left him by his father. -The C.&O. railroad company has so far failed to put on separate coaches for whites and blacks, according to the new law. General Agent Mitchell says he has never been notified to make pro vision for such a division. -Whitecapping is not cutting such a wide swath nowadays in Indiana as it once did. The grand jury at Columbus returned true bills of indictment against twelve prominent citizens of the county for whipping Mrs. Schrader. -The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver, the new law giving him that right when he thinks such institutions are insolvent or becoming so. It is the first suit of the kind ever brought.