Citizens' bank - Connersville, IN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 24, 1893
Location: Connersville, Indiana (39.641, -85.141)

Metadata

Model: gpt-5-mini
Short Digest: 936d772c

Response Measures

None

Description

The bank failed to open/suspended in late July 1893 (articles give July 23–24) reportedly due to baseless rumors about Huston's speculations. It later resumed business December 4, 1893. No explicit run (mass withdrawals) is described; the cause of suspension is rumor_or_misinformation.

Events (2)

1. July 24, 1893 Suspension

Cause: Rumor Or Misinformation
Cause Details: Articles state cause was baseless rumors that Huston was engaged in foreign speculations and losing heavily; malicious falsehoods circulated about Chicago margin speculations.
Newspaper Excerpt: CONNORSVILLE, IND., July 24.-Citizens' bank, owned by ex-United States Treasurer Huston, failed to open its doors this morning owing to stringency.
Source: newspapers

2. December 4, 1893 Reopening

Newspaper Excerpt: CONNORSVILLE, Ind., Dec. 1.-The Citizens' bank, of which ex-Treasurer J.N. Huston is president, will resume business December 4. The bank suspended July 23.
Source: newspapers

Newspaper Articles (4)

1. July 25, 1893 The Times Richmond, VA

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Article Text

Business Embarrassments. BAL MORE, July 24.-The Southern Electric Company, one of the big enterprises of this city, made a voluntary assignment to Morrill N. Packard. Failure to collect overdue accounts made it impossible for the company to meet its obligations. The assets of the concern are estimated at $175,000; liabilities, $100,000. Mr. Packard filed a bond for $300,000. LLANO, ,TEX., July 24.-Llano Improvement and Furnace Company, of Llano, has gone into the hands of a received from application of the North Texas National Bank, of Dallas. Its large stockholder, F. J. Simpa, of Llano, is receiver. The liabilities of the company amount to $80,000, and its assets $1,000,000. The company is unable to raise money due it, and the receivership thought best to ease up its difficulties and tide over the present hard times. TOLEDO, O., July 24.-To-day the Ohio Oil Well Supply Company, operating in Ohio oil fields at Findlay, Fostoria, Marietta, Rising Sun, Van Wart and Pittsburg, Pa., went into the hands of a receiver upon application of Edward H. Cole, of Brooklyn, N. Y., one of the largest stockholders. Eaton in his petition states that the company's indebtedness will amount to over $800,000. More Bank Failures. LOUISVILLE, KY., July 24.-The Louisville City National Bank closed its doors at 1:15 this afternoon. TACOMA, WASH., July 24.-The Tacoma Bank, one of the strongest in the Northwest, suspended this morning. This bank has been assisting other banks in the city for the past six months. CONNORSVILLE, IND., July 24.-Citizens' bank, owned by ex-United States Treasurer Huston, failed to open its doors this morning owing to stringency. Liabilities and assets not yet known. Depositors will, It is said, be paid in full. CHICAGO, July 24.-Bradford & Church,

2. July 25, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 25, 1893

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Article Text

HUSTON'S BANK COLLAPSES. The Ex-United States Treasurer Is Forced to Suspend. CONNERSVILLE, Ind., July 24.-The Citizens' bank, owned by ex-United States Treasurer Huston, has failed. No statement of assets or liabilities. Depositors will, it is said, be paid in full. Mr. Huston says none of the depositors or creditors will lose a cent, that his personal property will more than cover the liabilities, not to mention real estate; that it will not affect any industry in which he is interested; that the cause of suspension was baseless rumors that he was interested in foreign speculations and losing heavily. All he asks is a little time. Houstons enemies circulated malicious and slanderous falsehoods that he was speculating in Chicago margins. This coming about the time of great financial unrest made the business of the ex-United States treasurer's affairs very serious. Liabilities are about $150,000. Houston's total assets will reach near $500,000.

3. July 27, 1893 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, July 27, 1893

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Article Text

FINANCIAL CONDITIONS. SOME RESUMPTIONS BY THE VICTIMS OF LAST WEEK'S PANIC. All the Suspended National Banks of Denver Will Resume Soon-But Failures Continue in all Sections of the Country, Including Industrial Plants. ALL QUIET AT MILWAUKEE. MILWAUKEE. July 24-The situation in banking circles is very satisfactory today. It was expected the runs of Saturday on several banks would be resumed today but such was not the case. IRON PLANT RESUMES. PITTSBURG, July 24 -The iron and steel plant of Jones & Laughlin resumed in all its departments today after the steel, iron and furnace scales f the Amalgamated association were all signed. The resumption gives employment t 5000 men. DENVER BANKS WILL RESUME. DENVER, Colo., July 24.-Bank Examiner Lazar states that he is con vinced that all six of the suspended national banks of this city have more than sufficient assets and will resume in time. AN INDIANA BANK FAILS. CONNORSVILLE, Ind., July 24.-The Citizens' bank, owned by ex-Treasurer m Huston, failed to open its doors this morning owing to the stringency. 1 Liabilities and assets not yet made known. in LOUISVILLE BANK SUSPENDS. LOUISVILLE, July 24.-The Louisville City National bank suspended payment this afternoon. The bank has a capital of $400,000. The bank found it impossible to realize on its assets owing to the financial stringency. LANE & BODLEY CLOSED. new CINCINNATI, July 24.-The Lane & Bodley Company closed today because the workmen refused to accept a reduction of 25 per cent in wages dur I ing the present stringency. Between 200 and 300 men were employed in the works. CHICAGO BANK GOES. CHICAGO, July 24. - Bradford & Church, Dearborn street bankers, have closed the institution without even posting a notice. Their whereabouts seem to be known only to themseives. Deposits are said to aggregate between $20,000 and $30,000. BUSTED BY ROBBERS. PLAINVIEW, Neb, July 24.-The Plainview State bank was robbed last night of $3000 in cash, and in consequence the bank did not open this morning. IRON MERCHANTS COLLAPSE. CHICAGO, July 24.-Parkhurst & Wilkinson, iron merchants, this afternoon confessed judgment in favor of the Continental National bank for $87,000. Their assets are a million. It is believed the firm will soon resume. Inability to realize on paper caused the collapse. MONTANA BANK CLOSED. GREAT FALLS, Mont., July 24.-The Merchants National bank closed its doors today. It is stated that depos. itors will be paid in full. No ready money on hand. No uneasiness about other banks. MANUFACTURING FIRM FAILS. SYRACUSE, N. Y., July 24.-The manufacturing firm of Bradley & Co., went into the hands of a receiver this afternoon. Assesets $500,000; liabilities $350,000. WHOLESALE CLOTHIER FAILS. NEW YORK, July 24.-Henry Bach, wholesale clothing, this city, Boston and Chicago, has failed. Liabilities over a hundred thousand dollars; asthe hert cota

4. December 2, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, December 2, 1893

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Article Text

Bank to Resume. CONNORSVILLE, Ind., Dec. 1.-The Cit. izens' bank, of which ex- Treasurer J.N. Huston is president, will resume business December 4. The bank suspended July 23.