6513. Bank of Burr Oak (Burr Oak, KS)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 12, 1893
Location: Burr Oak, Kansas (39.866, -98.305)

Metadata

Model: gpt-5-mini
Short Digest: 21ff72d6

Response Measures

None

Description

Multiple contemporaneous articles (June 14–21, 1893) report the Bank of Burr Oak, Burr Oak, KS, 'closed' or 'failed' with liabilities ~$35,000 and assets practically worthless; manager Hurlburt/Hulbert disappeared. No article describes a depositor run prior to closing; this is a failure/closure due to bad management/possible embezzlement. Date of closing is reported as June 12, 1893 in one dispatch; other papers summarize the failure June 14. I use 1893-06-12 as the closure date per the Topeka/Local report. Bank type inferred as state (small community bank without 'National' or 'Trust' in name).

Events (1)

1. June 12, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bad management/possible fraud by manager Hurlburt/Hulbert who disappeared after the failure; assets nearly worthless, leaving liabilities ~ $35,000.
Newspaper Excerpt: The Bank of Burr Oak, Kan., has closed, with liabilities of $35,000, and practically no assets. Manager Hurlburt/Hulbert disappeared after the failure and cannot be found.
Source: newspapers

Newspaper Articles (10)

1. June 14, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, June 14, 1893

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BAD MANAGEMENT. KANSAS CITY, June 14.-The Star's Topeka, Kansas, special: State Bank Commissioner Breidenthal, who made anexamination of the affairs of the bank of Burr Oak which falled last Saturday. declares that Manager Hurl. burt conducted the affairs of the bank in such a manner as to send him to the penitentiary. Hurlburt disap. peared after the failure and cannot be found. The bank's deposits amount to $45,000, and the assets are worthless. ONE MORE. INDIANAPOLIS, Ind., June 14.-The Citizens' bank of Fairmound, Ind., has suspended operations owing to stringency in the money market. The capital 8 ock is $50,000; liabilities, $130,000 to $150,000.

2. June 14, 1893 Deseret Evening News Salt Lake City, UT

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FAILURES TODAY. One of the Largest Wire Nall Compaules in the Country. CLEVELAND, June 14.-Bancke's Wire Nail company, one of the largest concerns of the kind in the country, has assigned. Inability to raise money to meet maturing paper was the sole cause of the failure. The liabilities are only $225,000, while the assets reach $900,000. The company is one of the largest manufacturers of wire natis in the United States and is backed by capitalinto of Cleveland worth millions of dollars. Baackes, vice president and founder of the concern, 18 one of the pioneers of the wire nail business of the country. President Lockwood of the concern said: "We simply got under cover to keep the creditors from slaughtering us with attachments. We can pay three dollars for every one 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 Natler & Company, New York and Philadelphia,from whom we have bought millions of dollars' worth of steel and always paid them. They refused to grant us an extension and insisted on the individual security of the stockholders." WAS CONSIDERED SOUND. PAINESVILLE, Ohio, June 14.-The which began on the bank of Aaron Wilcox & Co., yesterday, culminated in the doors being closed this morning. Notice was I osted stating that thebank had suspended temporarily but that all the depositors would be paid up in full. The general impression is that the bank will be able to resume. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. COMMISSION MERCHANT FAILS. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities. THE RUN ON THE OMAHA BANKS OMAHA, June 14.-The runs on the Omaba savings banks subsided this morning almost as quickly as they be. gan 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. CLOSED UNDER INSTRUCTIONS. RIVERSIDE, Cal., June 14.-The doors of the Riverside banking company failed to open this morning. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." BAD MANAGEMENT. KANSAS CITY, June 14.-The Star's Topeka, Kansas, special: State Bank Commissioner Breidenthal, who made enexamination of the affairs of the bank of Burr Oak which falled last Saturday, declares that Manager Hurl. burt conducted the affairs of the bank in such a manner as to send him to the penitentiary. Hurlburt disap. peared after the failure and cannot be found. The bank's deposits amount to $45,000, and the assets are worthless. ONE MORE. INDIANAPOLIS, Ind., June 14.-The Citizens' bank of Fairmound, Ind., has suspended operations owing to stringency in the money market. The capital 8 ock is $50,000; liabilities, $130,000 to $150,000.

3. June 14, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 14, 1893

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NEWS IN BRIEF. Matters of More or Less Importance Tersely Touched Upon. The paid admissions at the world's fair Monday were 75,957. A new postoffice has been established at Wealthwood, Aitkin county, Minn. The Bank of Burr Oak, Kan., has closed, with liabilities of $35,000, and practically no assets. The People's Guarantee Savings Bank of Kansas City has assigned. Liabilities, $70.000; assets; $50,000 to $65,000. The Sulphur Lumber company, of Sulphur, Tex., has been placed in the hands of a receiver. Assets, $300,000; liabilities, $100,000. A. B. Wood, city editor of the St. Paul Dispatch, was married at Winnipeg to Miss Louise Atwood, a daughter of Colonel P. H. Atwood of that city. At Dayton, O., a motor car of the White Line street railway was struck and demolished at a railroad crossing. Martin Rudolph, an inmate of the Soldiers' home, was killed, and William Harkerrider, the motorman, was seriously injured.

4. June 14, 1893 The Representative Saint Paul, Minneapolis, MN

Article from The Representative, June 14, 1893

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NEWS IN BRIEF. The paid admissions at the world's fair Tuesday were 95,521. A new postoffice has been established at Wealthwood, Aitkin county, Minn. Kueffet's cotton mill, in Drudtz, Bohemia, burned Tuesday. Loss 1,250,000 francs. The Bank of Burr Oak, Kan., has closed, with liabilities of $35,000, and practically no assets. The People's Guarantee Savings Bank of Kansas City has assigned. Liabilities, $70,000; assets; $50,000 to $65,000. The Sulphur Lumber company, of Sulphur, Tex., has been placed in the hands of a receiver. Assets, $300,000; liabilities, $100,000. A. B. Wood, city editor of the St. Paul Dispatch, was married at Winnipeg to Miss Louise Atwood, a daughter of Colonel P. H. Atwood of that city. At Dayton, O., a motor car of the White Line street railway was struck and demolished at a railroad crossing. Martin Rudolph, an inmate of the Soldiers' home, was killed, and William Harkerrider, the motorman, was seriously injured.

5. 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.

6. June 15, 1893 The Herald Los Angeles, CA

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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

7. June 15, 1893 Echo De L'ouest Minneapolis, MN

Article from Echo De L'ouest, June 15, 1893

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Faillites de Banques et autres La "Citizens National Bank" de Hilsbora, o, vient de suspendre ses paiements. L3 "Frank A. Lappen Company" de West Superior a fait faillite. La "Hudson Savings Bank" d'Hudson, Wis., a fermé se3 portes. La banque de Jos Higins 84 Wa hington Street Chicago, a déposé son bilan. W. L Sherwood de Chicago à suspendu SPB paiemente. Hobbs et Tacker, banquiers de Savanaugh, Ga. ont fait faillite. La "Bank of Buir Oak," Kan., a fait faillite La "Peoples Guarantee Savings Bank" de Kansas City Mo., a déson bilan. La "Union Stock Yard Bank" de Sioux City S. D. a suspendu ses paiements. Il en est de même de la "Brule County Bank" de Chamberlain S. D. "L'American National Bank" d'Omaha Neb., a ferme S S portes. On dit que le "G'obe Laon & Trust Co" la "Dime Savings Baik" la 'G rmania Savings Bank" et la "Nebraska Savings Bink" sont en danger. Fermée également la "Trust National Bank" de Lakota S. .D. E. S. Howard vient d'etre nommé syndic de la faillite de la Firet National BaLk" de Cedar Falls, Iowa. La banque d'Everett, à Snoho mish, Wash., vient de fermer ses portes. Enfin, la "People Savings Bank"

8. 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.

9. June 17, 1893 Red Lodge Picket Red Lodge, MT

Article from Red Lodge Picket, June 17, 1893

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NEWS IN BRIEF. Matters of More or Less Importance Tersely Touched Upon. The paid admissions at the world's fair Monday were 75,957. A new postoffice has been established at Wealthwood, Aitkin county, Minn. The Bank of Burr Oak, Kan., has closed. with liabilities of $35,000, and practically no assets. The People's Guarantee Savings Bank of Kansas City has assigned. Liabilities, $70,000; assets; $50,000 to $65,000. The Sulphur Lumber company, of Sulphur, Tex., has been placed in the hands of a receiver. Assets, $300,000; liabilities, $100,000. A. B. Wood, city editor of the St. Paul Dispatch, was married at Winnipeg to Miss Louise Atwood, a daughter of Colonel P. H. Atwood of that city. At Dayton, O., a motor car of the White Line street railway was struck and demolished at a railroad crossing. Martin Rudolph, an inmate of the Soldiers' home, was killed, and William Harkerrider, the motorman, was seriously injured.

10. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS

Article from The Advocate and Topeka Tribune, June 21, 1893

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Loan and Trust Company, the Dime Savings bank, the German Savings bank and Nebraska Savings bank. The American Savings bank and the Dime-Savings bank took advantage of the sixty days' rule and refused to pay any deposits. The Globe and Trust Company paid off 50 per cent. of the deposits and held the balance under the rules. At the Omaha Savings bank President Manderson made an extended speech at 1 o'clock and announced that the bank was prepared to pay every dollar. PARK CITY, UTAH, June 12.-The Park City bank to-day failed. Liabilities $116,000; assets unknown. The failure started a run on the only other bank in the town, the First National, and was due to heavy withdrawals of deposits. KANSAS CITY, June 12.-The People's Guaranty Saving bank made an assignment to-day for the benefit of creditors. The liabilities are supposed to be about $70,000; the assets between $50,000 and $65,000. Clarence Park is president of the bank. SIOUX CITY, IA,, June 12.-The Union Stock Yards State bank, capital $250,000, assigned. The failure was unexpected until within twenty-four hours. It is stated that all depositors will be paid out and there will be little or no loss to stockholders. MANKATO, KAS., June 12.-The Bank of Burr Oak, Jewell county, closed its doors this morning. The bank is owned by Hulbert Bros., and the liabilities are placed at $35,000; the assets are practically nothing. C. D. Hulbert, one of the proprietors of the institution, has fled, and his whereabouts are unknown. The depositors are greatly incensed and if he should return, either of his own accord, or to answer a criminal charge, there being some inclination among the depositors of preferring éuch a charge, he would be roughly dealt with. OMAHA, NEB, June 12.-The McCague Savings bank closed this afternoon by order of the state bank examiner. No statement has been issued yet, though Vice President McCague fixes the liabilities at $400,000, and estimates the assets at from $460,000 to $475,000. The suspension, he says, is due solely to the inability to realize on securities and states positively depositors will be paid in full. The clearing house made an examination of affairs of the bank this afternoon and decided the assets were not as strong as they should be. TEXARKANA, TEX., June 12.-The Sulphur Lumber Company of Sulphur Springs was placed in the hands of a receiver to-day. The liabilities are $100,000, assets, $300,000. LITTLE Rock, June 12.-M. Pollock & Co., the oldest clothing house in the state, made an assignment to-day. The liabilities are $52,000; assets are estimated at $75,000. The Exchange National bank of this city and several creditors are preferred to the amount of $22,000. The remaining creditors are New Yorkers. CINCINNATI, June 10.-The Citizen's National bank, of Hileboro, O., is closed by order of Comptroller Eokles and pleased in the hands of hank examinous