6122. Merchants National Bank (Muncie, IN)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4852
Charter Number
4852
Start Date
August 4, 1893
Location
Muncie, Indiana (40.193, -85.386)

Metadata

Model
gpt-5-mini
Short Digest
478096e0

Response Measures

Accommodated withdrawals, Capital injected

Description

Articles (Aug 4–5, 1893) describe a run in Muncie where depositors of Delaware National, Farmers' National and Merchants' National banks began withdrawing after the Citizens' National bank failed to open. The Merchants' National is described as experiencing heavy withdrawals but there is no statement that it suspended or closed; wealthy citizens made deposits to bolster the banks. Therefore this is classified as a run only on Merchants' National Bank.

Events (2)

1. February 16, 1893 Chartered
Source
historical_nic
2. August 4, 1893 Run
Cause
Local Banks
Cause Details
A run began after the Citizens' National bank failed to open its doors, prompting depositors at other local banks (including Merchants' National) to withdraw funds.
Measures
Heavy deposits were being made by wealthy citizens to save the remaining banks.
Newspaper Excerpt
The depositors of the Delaware National, Farmers' National and Merchants' National banks then commenced to draw out their money. The run continued until 4 o'clock this evening.
Source
newspapers

Newspaper Articles (3)

Article from The Anaconda Standard, August 5, 1893

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES. Places at Which the Panie Got in Its Deadly Work Yesterday LEBANON. La., Aug. 4.-The Lebanon Trust and Safe Deposit bank failed this It is a state a of $50,000. It is morning. capital institution believed and that has the suspension is only temporary. 4. James Co., in one CHICAGO, dealers Aug. dry goods, H. of the Walker largest & firms in the city, confessed judgment today. A receiver has been asked for. The amount involved is a million dollars. PHILADELPHIA. Aug. 4. John Bomley & Sons and Doal & Son. worsted goods man. ufacturers, and John Blood & Bros., hosiery manufacturers, have closed their plants. Four thousand men and girls are idle. DENVER, Aug. 4.-A receiver has been appointed for the Equitable Accident Insurance company. Outstanding risks of $6,000,000 have been reinsured with the Union Casualty company. Trouble among the stockholders IS the cause of the failure. ST. PAUL. Aug. 4. The closing of the doors of the German American National bank this morning has caused some withdrawalsfrom the other banks, but no particular excitement or runs on them. This morning the People's bank. with a capital of $200,000. suspended. No statement. The failure is not considered important. JAMAICA, L. I., Aug. 4.-Frederick W. Dunton, president of the Bank of Jamaica. New York, the East Brooklyn Suburban Investment company and the Boynton Bicycle Railroad company. has made an He was one assignment. of the largest investors in real estate in Queens and Suffolk counties. Assets are more than to cover all liabilities, if not forced the market. He as enough upon has resigned president of the Jamacia bank. 4.-This morning National bank of the MUNCIE. Citizens' Ind., Aug. this city failed to open its doors. A notice on the door said the assets were ample to pay all depositors. Hundreds of depositors congregated. The depositors of the Delaware National, Farmers' National and Mer) chants' National banks then commenced to draw out their money. The run con) tinyed until 4 o'clock this evening. Heavy ) deposits are being made by wealthy citizene to save the remaining three. NEW YORK. Aug. 4.-N. L. Cort & Co., 3 importers of tin, tin plate and other t made an assignment metals, $34,425; to-day.giv- liaing preferences amounting to bilities, $350,000; assets, unknown. The firm was a very old one and prominent in / the metal trade. The failure is due to de: preciation in the price of metals and , financial stringency. S. Jacoby & Co., 8 cigar manufacturers, confessed judgment , aggregating $30,00; liabilities, $150,000; as, sets, large. The failure is attribute. to poor collections. SAN JOSE DE COSTA RICA, Aug. 1.-A t financial panic throughout the republic , has been caused by the condition of the , silver market. Failures have been numerous and more are expected. All business f is very much depressed and no improvement is expected till some action is taken which will render the price of silver more stable. The Costa Rica bank is in trouble ) are no longer accepted in , circles. commercial and its notes Yellow fever is ragI ing at Port Limon so severely that half , the population fell vietims to it.


Article from The Herald, August 5, 1893

Click image to open full size in new tab

Article Text

BANIK FAILURES, Muncie, Ind., St. Paul, Minn., and Other Panic-Stricken Cities. MUNCIE, Ind., Aug. 4.-This morning the Citizens' National bank of this city failed to open its doors. A notice on the door said the assets were ample to pay all depositors. Hundreds of depositors congregated. The depositors of the Delaware National, Farmere' National and Merchants' National banks then commenced to draw out their money. The run continued until 4 o'clock this evening. Heavy deposits are being made by wealthy citizens to save the remaining three. WASHINGTON, Aug. 4. -The - treasury officials are advised that the First National, bank of Hammond, capital $50,000, and the Citizens' National bank of Muncie, Ind., $200,000,closed doors this morning. PLATTEVILLE, Wis., Aug. 4.-The First National bank closed its doors this morning owing to a heavy run. Assets $50,000 in excess of the amounts due depositors. ST. PAUL, Aug. 4.-The closing of the doors of the German American National bank this morning, as arranged for last night, caused some withdrawal of funds from other banks, but no particular excitement or runs. This morning the People's bank, with a capital of $200,000, suspended. No statement. The failure is not considered important. The West Side bank, capital $100,000, closed its doors at 1 o'clock. No statement has been made. The bank officials say they expect to resume in a few days. The comptroller of the currency has appointed Daniel W. Lawler of this city to take charge of the German American bank. LEBANON, Pa., Aug. 4.-The Lebanon Trust and Safe Deposit bank failed this morning. It is a state institution, and has a capital of $50,000. It is believed the suspension is only temporary.


Article from Waterbury Evening Democrat, August 5, 1893

Click image to open full size in new tab

Article Text

Bank Runs In Indiana. MUNCIE, Ind., Aug. 5.-The Citizens' National bank of this city failed to open its doors on account of the rapid withdrawals. Hundreds of depositors congregated. The depositors of the Delaware National, Farmers' National and Merchants' National banks then commenced to draw out their money. The run continued until evening Heavy deposits are being made today by wealthy citizens to save the remaining three.