Ford County Bank (Paxton, IL)

Episode Information

Episode UID
5953937991124
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
595393799 hash
Start Date
August 25, 1893
Location
Paxton, Illinois (40.460, -88.095)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
302e028e5b89330d

Response Measures

None

Description

Bank made an assignment to named assignees (insolvent); appears to be permanent closure.

Events (1)
1. August 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on notes and other paper due, leading to assignment to assignees.
Newspaper Excerpt
The Ford County Bank ... assigned this morning to J. H. Moffett and C. H. Yeomans.
Source
newspapers

Newspaper Articles (8)
1. August 26, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 26, 1893

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Article Text

trouble over the Seymours' bank culminated to-day in the arrest of Assistant Cashier John Maxiner on a charge of taking money collected on depositors' claims. Maxiner gave bonds. A warrant has also been issued for the arrest of Cashier W. L. Seymour. but has not been served. Maxiner is a member of the city Board of Aldermen and of the Board of Supervisors. PAXTON, 111., Aug. 25. - The Ford County Bank failed this morning. Assets, $154,000; liabilities, $100,000. The First National also closed its doors by order of the board of directors. The doors only remained closed a few minutes for consultation. They were then reopened and business resumed. Deposits are being now freely made. Los ANGELES, Aug. 25. - Receiver Brodtbeck of the defunct City Bank and his attorney handed in their resignations to Judge Shaw this morning, but the Judge would not receive them. The Judge highly eulogized the receiver and said that because of his truthful statement of the bank's condition the depositors were dissatisfied. Application was made by the Clearing-house to have $31,000 in securities now in possession of the receiver given to the Clearing-house as security for the deposit of County Treasurer J. de Barth Shorb. The matter was continued.

2. August 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 26, 1893

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Article Text

ASSIGNMENT OF AN ILLINOIS BANK. THREE WESTERN INSTITUTIONS RESUME BUSINESS AFTER SUSPENSION. Paxton, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment was the failure to realize on notes and other paper due. The securities are said to be ample, and with proper management the assignees hope to realize sufficient money to meet all liabilities. Owing to the suspension of the Ford County Bank, the First National Bank closed its doors for a few, minutes only to hold a meeting of its Board of Directors and citizens, who determined that it should instantly resume business. The bank is now open as usual. People deposited freely to-day. Milwaukee, Aug. 25.-A dispatch from River Falls, Wis., says: The Bank of River Falls, which suspended one week ago, resumed business yesterday. San Bernardino, Cal., Aug. 25.-The Farmers' Exchange Bank reopened yesterday. Washington, Aug. 25.-The First National Bank of the Dalles, Ore., suspended payment on July 31. Having complied with the conditions imposed by the Controller of the Currency, and its capital stock being unimpaired, it was to-day permitted to reopen its doors to business.

3. August 26, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 26, 1893

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Article Text

COULDN'T REALIZE. PAXTON, III., Ang. 25.-The Ford county bank. Habilities$100.500, assets $154,000, assigned this morning because of a failure to realize on paper due.

4. August 26, 1893 The Sun New York, NY
Article from The Sun, August 26, 1893

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Article Text

Banking Troubles. PAXTON. III.. Aug. 25.-The Ford County Bank. with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffet and C. H. Yeomans. The First National Bank also closed its doors by order of its Board of Directors. but reopened them after a meeting of the directors. NEW ORLEANS, Aug. 25.-The New Orleans Clearing House decided yesterday to issue Clearing House certificates for small sums to persons having money on deposit. payable to themselves or beforer in sums of $5. $10. $20, or more.

5. August 29, 1893 The Mount Holly News Mount Holly, NJ
Article from The Mount Holly News, August 29, 1893

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Article Text

GENERAL NEWS. The Ford County Bank, at Paxton, Illinois, made an assignment on Friday. Liabilitias, $99,500 ; assets, $154,000. ...A receiver has been appointed for the Windemere Hotel, in the World's Fair district of Chicago. The assets are $400,000 and are said to exceed the liabilities. The Kansas State Bank Commissioner has issued a circular to the banks under his supervision, taking the ground that the New York banks are insolvent, and announcing that balances due from New York banks in excess of two per cent. of deposits will not be considered part of the bank's legal reserve. The banks are also called upon to report the amount of their indebtedness to New York banks. A fire in South Chicago on Thursday aftermoon destroyed 200 houses, made 5,000 people homeless and caused a loss estimated at $600,000. the heavest damage being that to the Sunday Creek Coal Company's dock. The fire is said to have started from a bonfire built by some boys in the yard of a house on Ninety-first street. Several persons were injured during the progress of the fire, Mrs. Francis Colburn probably futally. The Treasury Department, at Washington, on Friday began paying out gold for all checks presented. The reason for the gold payments is that the Treasury, because of its small receipts and large expenditures, has exhausted its paper money. The Treasury books showed $97,000,000 gold reserve and a net balance of $11,000,000, this balance being composed almost entirely of subsidiary coin. The reserve is being used in paying the obligations of the Government.

6. August 30, 1893 Watertown Republican Watertown, WI
Article from Watertown Republican, August 30, 1893

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Article Text

Two Illinois Banks Fail. PAXTON, Ill., Aug. 25.-The Ford County Bank, with liabilities of $99,500 and assets of $154,000, assigned this morning to J. H. Moffett and J. H. Yeomans. The First National Bank has also closed its doors by order of the board of directors.

7. September 1, 1893 The Iola Register Iola, KS
Article from The Iola Register, September 1, 1893

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Article Text

County Bank Assigns. PAXTON, Ill., Aug. 26.-The Ford county bank, with liabilities of $100,000 and assets of $154,000, assigned this morning to J. H. Moffett. The securities are said to be ample, and with proper management will pay dollar for dollar to depositors.

8. September 2, 1893 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, September 2, 1893

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Article Text

PAXTON BANKS CLOSED. Ford County Bank Assigns and the First National Suspends. PAXTON, Ill., Aug. 26.-The Ford county bank, with liabilities of $99,500 and assets of $154,000. assigned this morning to J. H. Moffett and C. H. Yeomans. The cause of assignment is the failure to realize on notes and other paper due. The securities are said to be ample and with proper management the assignees hope to realize sufficient to meet all liabil ties. The First national bank has also closed its doors by order of its board of directors.