5644. Citizens' Bank of Fairmount (Fairmount, IN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 14, 1893
Location
Fairmount, Indiana (40.415, -85.651)

Metadata

Model
gpt-5-mini
Short Digest
602a8bd7

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated June 14, 1893) state the Citizens' Bank of Fairmount suspended operations owing to the stringency in the money market. An assignee/receiver (Philip Matter) was appointed, indicating the suspension led to a closure/receivership rather than a temporary suspension with prompt reopening.

Events (2)
1. June 14, 1893 Receivership
Newspaper Excerpt
Philip Matter of this city has been appointed assignee.
Source
newspapers
2. June 14, 1893 Suspension
Cause
Macro News
Cause Details
Suspended operations because of the general stringency in the money market (tight money conditions).
Newspaper Excerpt
The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market.
Source
newspapers

Newspaper Articles (8)
1. June 15, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 15, 1893

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Claims of $80,000. MOUNT VERNON, Ohio, June 14. -The Chicago Brownstone Company, engaged in extensive quarrying in Knox county, was placed in the hands of a receiver today. The claims against the concern amount to $80,000. A Run in New York. NEW YORK, June 14.-Up to 3 o'clock this afternoon, $50,000 was withdrawn by depositors from the Irving Savings Institute. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency over $600,000. Couldn't Find Aid, TOLEDO, O., June 14.-The Exchange Banking Company of Weston, capitalized at $50,000, closed its doors today. The bank had a heavy run, and was unable to obtain assistance. Citizens' Bank Suspends. INDIANAPOLIS, Ind., June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the strihgency in the money market. The capital stock is $50,000. Trouble Over at Omaha. OMAHA, Neb., June 14.-Runs on the Omaha savings banks subsided this morning, almost as quickly as they began yesterday. There were a few depositors at the Ohama Savings bank demanding their money but it became apparent that the rush was over and the anxious ones left without*taking their cash. Hard Up But Solvent, NEW YORK, June 14.-It is stated the Chicago dry goods house of James H. Walker & Co., has been forced by the stringency in the money market to secure an extension from its creditors on bills aggregating $600,000. The concern is declared perfectly solvent.

2. June 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 15, 1893

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SMALL BANKS IN THE WEST GO UNDER THE FINANCIAL STRINGENCY THE REASON FOR COLLAPSES IN SEVERAL STATES. Indianapolis, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to stringency in the money market. The capital stock 13 $30,000: assets, $191,060 91; liabilities from $130,000 to $130,000. Dr. Henley, of Fairmount, is president and Levi Scott cashier. Mr. Scott is also the largest stockholder. J. P. Winslow. George R. Thurston and James Johnson are directors. Phillip Mat. ter, of this city, has been appointed assignee. Riverside, Cal., June 14.-The doors of the Riverside Banking Company failed to open at the usual hour to-day. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." Snchomish, Wash., June 14.-The Bank of Everett posted a notice on its door yesterday morning announcing that it had made an assignment for the benefit of its creditory. The Institution was doing business under the State law with a nominal capital of $50,000. Its paid-up capital was $30,000. It is understood that the liabilities are about $65,000; assets, $87,000. An examination of paper and securities was made by a committee of the clearing house, who authorized the statement that, in their judgment, If the securities are handled properly, every depositor would be paid in full. Painesville, Ohio, June 14.-This morning the Lake County Bank of Aaron Wilcox & Co. posted a notice on its door as follows: "This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. was All depositors will be paid In full." A run begun on the bank yesterday, but business men had full confidence in it and deposited up to the time of closing for the day. The general impression is that the bank will be able to resume business in a short time. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. The bank is be lieved to be perfectly solvent. It was organized twenty-five years ago and has always been considered a sound Institution. Topeka, Kan., June 14.-State Bank Commissioner Preidential who has recently made an examination into the affairs of the Bank of Burr Oak, which falled last Saturday. declares that Manager Hurlburt of the tank conducted Its affairs in such a manner as will send him to the ponitentiary. Hurlburt disappeared the day after the failure. leaving a wife and two children behind. and can't be found. Commissioner Breidenthal says Hurlburt has made many false state ments to the bank commissioner. The bank's deposits amount to 845,000, and although the assets on their face show a value of $53,000. they are nearly worthless and will net the depositors less than twenty cents on the dollar.

3. June 15, 1893 The Herald Los Angeles, CA
Article from The Herald, June 15, 1893

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EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8

4. June 15, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 15, 1893

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sand dollars. It was considered a sound institution. INDIANAPOLIS, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000, assets $191,000, liabilities $130,000 to $150,000. HUDSON, Wis., June 14.-A statement of the committee on the affairs of the Hudson Savings Bank will show the asssets, according to the bank statement, are $736,127; the assets, according to the committee's appraisement, are $596,276 and liabilities $844,493. With careful handling by the assignee the loss will be comparatively small. CLEVELAND, Ohio. June 14. - The Baackes Wire Nail Company, one of the largest concerns of the kind in the country. has assigned. The inability to raise money to meet maturing paper is the sole cause of failure. The liabilities are only $225,000, while the assets will reach $900,000. The company is one of the largest manufacturers of wire nails in the United States and is backed by capitalists of Cleveland worth millions of dollars. Baackes, the vice-president and founder of the concern, is one of the pioneers of the wire-nail business in the country. President Lock wood of the concern said: "We simply got under cover to keep our creditors from slaughtering us with attachments. We can pay $3 for every $1 we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off, but the tightness of the money market caught us. The principal creditor is Nailor & Co. of New York and Philadelphia, from whom we have bought millions of dollars, worth of steel and always paid them up. They refused to grant us an extension and insisted on the individual security of the stockholders." The Baackes Company has a capital of $543,000. OMAHA, June 14. - The runs on the Omaba savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without drawing their monew. There are no new developments regarding the suspended banks. TOLEDO, Ohio, June 14.-The Exchange Banking Company of Weston County, a concern capitalized at $50,000, closed its doors this morning. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities.

5. June 15, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, June 15, 1893

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Indiana Bank Gone. o INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Indiana, has suspended operations, owing to a stringency in the money market. The capital stock is $50,000; assets, $191,060.91; liabilities from $130,000 to $150,000. Dr. Henley of Fairmount is president and Levi Scott cashier. Phillip Matter of this city has been appointed assignee.

6. June 15, 1893 The Morning News Savannah, GA
Article from The Morning News, June 15, 1893

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An Indiana Bank Closed. Indianapolis. June 14.-The , Citizens' Bank of Fairmount, Ind., has suspended operations, owing to the stringency in the money market. Its capital stock is $50.000. Its asssets are $191,063 and its liabilities are from $130,000 to $150,000. Philip Matter of this city has been appointed assignee.

7. June 15, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 15, 1893

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FINANCIAL CRIPPLES. An Indiana Bank Suspends-Run on a Gotham Bank. INDI ANAPOLIS. June 14.-The Citi zens' bank, of Fairmount, Ind., has suspended operations owing to stringency in money markets. Capital stock, $50.000: assets, $101,000; liabilities, from $130.000 to $150,000. NEW YORK. June 14.-A run was started on the Irvings Savings Institution this morning as soon as the doors of the place at No. 96 Warren street were opened. Treasurer M. B. Latimer said the bank had on hand a million dollars and could get that much more if necessary, at a moment's notice. This is the bank in which Superintendent of Banks Preston, of the state of New York, discovered a deficiency of $70,800. Up to 2 o'clock $50.000 had been withdrawn by deposits from the institution. The paying teller was paying the depositors slowly. At 2 o'clock there were about a hundred depositors in line. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency by over $600,000. PAINE. = LLE. O., June 14. - This morning the Lake county bank of Aaron, Wilcox & Co. posted a notice on its doors as follows: This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. All depositors will be paid in full." The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. The bank is believed to be solvent. It was organized twenty years ago, and has always been considered a sound institution. TOPEKA, Kan., June14.-State Bank Commissioner Briedenthal, who has recently made an examination into the affairs of the Bank of Burr Oak. which failed last Saturday, declares the man ager, Hurlbert, of the bank conducted its affairs in such a manner as to send him to the penitentiary. Hurlbert disappeared the day after the failure, leaving a wife and two children bebind, and cannot be found. Commissioner Breidenthal says Hurlbert has made false statements to the bank commissioner. The bank's deposits amount to $45,000. and, although the assets on their face show a value of $54,000, they are nearly worthless. and will net the depositors nearly 20 cents on the dollar. OMAHA, Neb., Jane 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they started yesterday. Early there were a few depositors at the Omaha Savings demanding their money, but as soon as it became apparent that the rush was over the anxious ones left without taking their cash. RIVERSIDE, Cal., June 14,-The doors of the Riverside Banking company failed to open at the usual hour today. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." MOUNT VERNON, O., June 14. -The Chicago Brown Stone company. engaged in extensive quarrying in Knox county, has been placed in the hands of a receiver. Claims against the concern amount to $30,000. CLEVELAND, June 14.-The Baackes Wire Nail company has made an assignment. The inability to raise money to meet maturing paper was the sole cause of the failure. Liabilities of the company are only $225,000, and the assets reach $900,000. WESTON, June 14. - The Exchaneg Banking company. of this place, closed its doors this morning. The bank has had a run and was unable to get help, and the airectors decided it to the best interests to close. The directors have notified depositers that they will probably receive dollar for dollar.

8. June 28, 1893 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, June 28, 1893

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Gave Up the Struggle. INDIANAPOLIS, June 14. - The Citizens' bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000; assets, $191,000; liabilities, $130,000 to $150,000.