Aurora National Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2963
Charter Number: 2963
Start Date: November 4, 1907
Location: Aurora, Indiana (39.057, -84.901)

Metadata

Model: gpt-5-mini
Short Digest: 75dc95e0

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1907-11-04
Date receivership terminated: 1914-03-31
OCC cause of failure: Excessive lending
Share of assets assessed as good: 52.9%
Share of assets assessed as doubtful: 32.2%
Share of assets assessed as worthless: 14.9%

Description

Multiple contemporary newspapers (Nov 4–5, 1907) report the Aurora National Bank 'failed to open' or 'closed its doors' owing to the money stringency during the 1907 panic. Articles describe this as a temporary suspension (cashier asserts the bank is solvent and notice says business 'would have to be suspended temporarily'). No article in the set reports a permanent failure, receivership, or reopening; wording indicates a temporary suspension tied to the national money stringency, so classified as suspension_reopening (suspension with indication it was intended to be temporary).

Events (3)

1. May 26, 1883 Chartered

Source: historical_nic

2. November 4, 1907 Receivership

Source: historical_nic

3. November 4, 1907 Suspension

Cause: Macro News
Cause Details: Failed to open and suspended payments because of the nationwide money stringency/panic of October–November 1907 (inability to obtain currency from larger banks).
Newspaper Excerpt: AURORA, Ind., November 4.-Owing to the money stringency the Aurora National Bank failed to open today.
Source: newspapers

Newspaper Articles (4)

1. November 4, 1907 Evening Star Washington, DC

Article from Evening Star, November 4, 1907

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Article Text

AGAINST AN EXTRA SESSION. Thinks House and Senate Committees Could Act. CHICAGO. November 4.-"Let the bankIng and currency committee of the House of Representatives and the corresponding committee of the United States Senate gather at once. listen to the advice of bankers and laymen from all parts of the country and draft a bill that will provide the nation with an elastic currency," said James B. Forgan, president of the First National Bank. yesterday. Mr. Forgan said he did not think much of the plan to call an extraordinary sessign of Congress. as that body is to meet in regular session four weeks from today. "It strikes me that if those two committees get together in Washington at once and consider ways and meáns of relieving the money stringency." continued Mr. Forgan, "It will be just as good as having Congress meet in special session. A special session would hardly get under way before the date for the regular session would be reached. If the two banking committe meet in joint session, listen to advice and suggestions. and prepare a sane and sensible measure for Congress to act on four weeks hence. it would appear that a big step in the right direction had been taken.' Mr. Forgan said that the week in finance now opening bids fair to be a quiet and a atisfactory one. Trades Unions and Banks. CHICAGO. November 4.-By almost unanimous vote the Chicago Federation of Labor yesterday voted its confidence and that of the trades unions It represents in the stability of Chicago banks and their capacity to cope with the present financial difficulty. By the same vote the federation refused to become a party to efforts to embarrass the banks. Only two votes were cast in opposition. The expression of confidence was called forth by the offering of a resolution asking that the federation call the attention of the federal authorities to banks that hold "checking accounts with various unions and declined to cash checks on the accounts. This was made still stronger by the offering of an amendment asking the federation to start insolvency proceedings against such banks and demand that they be placed in receivers' hands. Western Banks Close. LEETONIA, Ohio, November 4.-The First National Bank here failed to open Its doors today. A notice posted on the door states that the concern will liquidate its liabilities. C. N. Schmick of Cleveland is president of the bank. AURORA, Ind., November 4.-Owing to the money stringency the Aurora National Bank failed to open today. The bank was organized in 1883 with a capital of $40,000. and its deposits aggregated $165,000. No statement of the liabilities has been made.

2. November 5, 1907 New-York Tribune New York, NY

Article from New-York Tribune, November 5, 1907

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FIVE BANKS CLOSED. Failure of Trust Company Forces Three Kansas Suspensions. Topeka, Kan., Nov. 4.-J. W. Royce, Bank Commissioner, announced to-day that three Kansas banks had been forced to close their doors owing to the failure of the Bankers' Trust Company, of Kansas City, Mo., on October 28. The banks are the Coyville State Bank, Coyville; the Garland State Bank, Garland, and the Citizens' State Bank of Mulberry, all small institutions. They had deposits with the Bankers' Trust Company. Receivers will be appointed at once. The Coyville State Bank had deposits of $10,000. the Garland State Bank, $50,000. and the Citizens State Bank of Mulberry, $85,000. The National Bank of Commerce of St. Louis was the foreign correspondent of the Mulberry bank and the Mercantile Trust Company of New York was the correspondent of the Garland institution. The banks have been organized only a few years. Leetonía, Ohio, Nov. 4.-The First National Bank here failed to open to-day. A notice posted on the door states that the concern will liquidate its liabilities. C. N. Schmick, of Cleveland, is president of the bank, which has been in business twenty-two years. It was organized with a paid up capital of $100,000. Aurora, Ind., Nov. 4.-Owing to the money stringency the Aurora National Bank failed to open to-day. The bank was organized in 1883 with a capital of $50,000 and its deposits aggregated $165,000. No statement of the liabilities has been made.

3. November 12, 1907 Twice-A-Week Plain Dealer Cresco, IA

Article from Twice-A-Week Plain Dealer, November 12, 1907

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Article Text

RUSH $32,250,000 IN GOLD FROM EUROPE NEW YORK BANKERS TAKE ALL THE YELLOW METAL ON LONDON MARKET. HEROIC EFFORTS TO RELIEVE STRINGENCY Runs on Banks Seem to Be FewerGotham Trust Concerns Still Open - Financial Institutions Adopt Plans to Prevent Drain of Cash. New York, Nov. 5.-Advices from London say that America has purchased the whole of the gold in the open market, about £ 400,000 ($2,000,000), and later took £ 453,000 ($2,265,000) in bar gold and £ 30,000 ($150,000) in American eagles from the Bank of England. The price paid for the gold purchased in open market was 78s 1/3 d, plus the commission. Engagements of foreign gold for the United States have now reached $32,250,000. The Seaboard National bank announced that it had procured $350,000 of the metal. Heidelbach, Ickelheimer & Co. also announced the engagement of $1,000,000 in gold, and Lazard Freres engaged an additional $1,250,000 for import. Trust Companies Open. The Trust Company of America and the Lincoln Trust company opened for business as usual at 10 o'clock. This followed conferences Saturday and Sunday at the home of J. Pierpont Morgan concerning the general financial condition and the desirability of relieving the heavy strain caused by runs on these two trust companies during the past ten days. When the Trust Company of America opened Monday thirty-five people were in line, a considerable diminution from the number on hand during the earlier days of the run. Will Be No Extra Session. Advices from Washington say there will be no extra session of congress to meet any emergency of present existence, and it is not deemed within the bounds of present probability that any emergency will arise between now and the time for the convening of congress in regular session Dec. 2 to call for an executive proclamation. There is to be formal co-operation between the public officials and the leading bankers at once looking to conservative action by the administration and by congress in December. No Money to Move Grain. Grand Forks, Minn., Nov 5.-Senator Hansbrough sent the following telegram to President Roosevelt Monday: "Fully 150,000,000 bushels of grain are now ready to be marketed in the two Dakotas and Minnesota, and there is no money with which to do it. The necessities of the Northwest are, therefore, much greater than in any other section of the country, demanding the fullest consideration at the hands of the treasury department. "Ten million dollars placed in the Twin City banks would raise the embargo and start grain shipments to Europe. This would relieve the financial stress in the East much quicker than a deposit of treasury funds in New York. "Treasury relief operations should have been begun here, where the congestion is greatest. Our people are not losing their heads. They have no fear of a panic, but in this crop moving season our business men should have special consideration." Ohio Bank Closed. Leetonia, O., Nov. 5.-The First National bank here failed to open its doors Monday. A notice posted on the door states that the concern will liquidate its liabilities. C. N. Schmick of Cleveland, O., is president of the bank. Indiana Bank Closes. Aurora, Ind., Nov. 5.-Owing to the money stringency the Aurora National bank failed to open its doors Monday The bank was organized in 1883 with a capital stock of $50,000, and its deposits aggregated $165,000. No statement has been made of the liabilities. Bank Cashier Commits Suicide. Huntsville, Ala., Nov. 5.-James R. Boyd, cashier of the Huntsville Bank and Trust company, committed suicide. Banks in Texas Fix a Limit. Dallas, Texas, Nov. 5,-The Dallas banks adopted a resolution which said that continuing until further notice the members would limit payments to any one depositor to 5 per cent. of his balance, but not to exceed $50 a day, and require sixty days' notice of withdrawals of savings deposits. Small Checks in Frisco, San Francisco, Cal., Nov. 5.-Forty clerks were at work all day in the clearing house preparing certificates in denominations of $5, $10 and $20, which, indorsed by all the banks in the association, will be issued at once

4. November 14, 1907 The Plymouth Tribune Plymouth, IN

Article from The Plymouth Tribune, November 14, 1907

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Article Text

Minor State Items. Simon Voicey, miner, of Brazil, was terribly crushed by a fall of slate in the Kokomo mine and his right leg was broken in two places. Frightened by a cat which jumped through a window in the room in which she was at work, alighting at her feet, Mrs. Alfred Purdy dropped dead in Wabash. She was singing at the time and in perfect health. Appraisers appointed by the Dupont company report the loss on the property of residents of Fontanet by the recent powder explosion at $155,000, and on the company's property at $220,000. Nothing is said about damages for twenty-six lives lost and the fifty persons injured. There will be suits for many thousands of dollars. Carl Burdoine of Fort Wayne was killed by the accidental discharge of a gun which he was cleaning preparatory to going on a hunting trip. He leaves a widow and one child. The Aurora National bank has closed its doors. Notice was posted to the effect that, owing to the stringency in the money market, sufficient currency could not be obtained from the larger banks, and business would have to be suspended temporarily. The bank was established in 1883 with a capital stock of $50,000. The deposits amount to $120,000. John Ullrich, cashier of the bank, claims the bank is solvent. While Benjamin Hamilton was working on the farm of Chauncey Clark, near Clarkshill, where he was employed in uprooting a hedge fence, he was struck on the left ear by something that almost cut off the lower portion, and caused a gash which required several stitches to close. The blow felled him to the ground, and he was unconscious for some time. He has no idea of the character of the missile which struck him, nor in what manner nor by what means the blow was inflicted. Fire of mysterious origin did $15,000 damage in Edinburg. The losers are: Thompson & Berry, John L. Moore, Gem Theater, Modern Woodmen and the Thompson-Bowman Realty Company.