6520. First National Bank (Middlesboro, KY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
4201
Charter Number
4201
Start Date
July 27, 1893
Location
Middlesboro, Kentucky (36.608, -83.717)

Metadata

Model
gpt-5-mini
Short Digest
c1b301ce3ca30bc6

Response Measures

None

Receivership Details

Depositor recovery rate
65.0%
Date receivership started
1893-08-12
Date receivership terminated
1902-09-30
OCC cause of failure
Losses
Share of assets assessed as good
44.7%
Share of assets assessed as doubtful
53.1%
Share of assets assessed as worthless
2.3%

Description

Multiple contemporaneous 1893 newspaper reports (July 27โ€“28, 1893) state the First National Bank of Middlesboro, KY, closed its doors / failed amid the nationwide 1893 money-stringency. There is no clear article describing a discrete misinformation-driven run; closures are attributed to heavy drafts and inability to realize assets during the general panic (macro/systemic). Later items (1895) note a later suspension/reorganization, and 1899 items record receiver action and winding up. Sequence: suspension/closure in 1893, later suspension/reorganization events, and final receivership/asset sale by 1899 โ€” overall a suspension leading to permanent closure/receivership.

Events (6)

1. January 8, 1890 Chartered
Source
historical_nic
2. July 27, 1893 Suspension
Cause
Macro News
Cause Details
Closed amid the nationwide July 1893 money-stringency, heavy drafts on deposits and inability to realize quickly on securities; articles attribute closure to the strained money market rather than a single scandal or hoax.
Newspaper Excerpt
MIDDLESBORO, Ky., July 27.--The First National Bank of this place closed its doors this morning. A notice upon the doors reads: 'This bank is closed by order of the directors. J. P. Sandiford, cashier.'
Source
newspapers
3. August 12, 1893 Receivership
Source
historical_nic
4. July 26, 1895 Other
Newspaper Excerpt
The First National Bank of Middlesborough, which suspended six months ago and was reorganized, has again suspended.
Source
newspapers
5. March 3, 1899 Other
Newspaper Excerpt
THE $80,000 worth of nominal assets, consisting of notes, &c., of the First National Bank of Middlesboro, was sold by the receiver at auction to R C. Ford for $780...
Source
newspapers
6. April 18, 1899 Receivership
Newspaper Excerpt
The affairs of the First National Bank at Middlesboro have been wound up by the receiver.
Source
newspapers

Newspaper Articles (16)

Article from Richmond Dispatch, September 7, 1892

Click image to open full size in new tab

Article Text

Democratic Appointments. The following appointments of Democratic speakers for the State canvass have been made by the State Committee: R. H. CARDWELL. Caroline, September 12th. WALLER R. STAPLES. Giles, September 13th. Essex, September 19th. Montgomery, September 27th. J. HOGE TYLER. Appomattox, September 8th. Botetourt, September 12th. WILLIAM H. MANN. Nansemond, September 12th. Amherst, September 19th. R. C. KENT. Giles, September 13th. Pittsylvania, September 19th. Amelia, September 22d. MEADE HASKINS. Prince Edward. September 19th. Amelia, September 22d. ALEXANDER HAMILTON. Dinwiddie, September 19th. HENRY W. FLOURNOY. Greene, September 14th. JAMES N. STUBBS. Caroline, September 12th. THOMAS SMITH. Salem, Roanoke county, September 12th. THOMAS L. ROSSER. Shenandoah. September 12th. Clarke. September 13th. EPPA HUNTON, JR. Fairfax, September 19th. JOHN T. HARRIS. Rappahannock, September 12th. FITZHUGH LEE. Richmond, September 8th. Fredericksburg, September 9th. SENATOR EPPA HUNTON. Hanover, September 21st. SENATOR JOHN W. DANIEL. Richmond, September 8th. Louisa, September 12th. First District Appointments. HEADQUARTERS FIRST CONGRESSIONAL DISTRICT COMMITTEE OF THE DEMOCRATIC PARTY, HEATHSVILLE, Va., Sep. 3, 1892. The following Democratic appointments have been made by the committee of the First Congressional District. HON. JOHN GOODE. Northumberland, September 12th. Spiral, September, 18th. HON. W. A. LITTLE. Northumberland. September 12th. Essex, September 19th. Westmoreland. September 26th. Middlesex, September 28th. HON. J. N. STUBBS. Caroline, September 12th. LLOYD T. SMITH, Chairman. J. D. Luttrell. Secretary. Kentucky Bank Suspension. MIDDLEBORO', Kr., September 6.-The First National Bank of this place closed its


Article from Pittsburg Dispatch, September 7, 1892

Click image to open full size in new tab

Article Text

BUSINESS BREVITIES. I THE amount of tolls paid for foreign vessels passing through the Sault Ste. Marie Falls Canal for 24 hours, ending Monday night, was $808. CHANCELLOR McGILL's order dissolving the coal combine is believed to have averted a big strike arising out of two discharged engineers whom the Reading's president laid off. ALBERT J. MCMULLEN, supposed to be one or the wealthiest farmers in Sinking Valley, Pa., has assigned to Frank McClain, of Altoona. His assets of $35,000 will likely cover his liabilities. THE First National Bank of Middlesboro, Ky., closed its doors at noon yesterday. Bad collections on overdue papers caused it. They expect to be ready for business again in a day or two. THE men employed by the Atlantic Copper Mining Company at Houghton, Mich., have gone out on strike for higher pay and as the price of copper does not warrant such increase the mines have been closed down. THE largest and most important mining deal in the history of the Black Hills has been consumated between an English syndicate and the Bald Mountain Mining Company. It involves the entire mining property and their mammoth chlorinal works in the of the company Bald Mountain mining district. The price paid was $400,000.


Article from Deseret Evening News, July 27, 1893

Click image to open full size in new tab

Article Text

banks have ample assets but could not realize. No statement. S. Heuser is president of the First National Thecapital stock is $500,000; surplus, $100,000; undivided profits, $60,000; average deposits $8,250,000. John 1'. Murphy is president of the Montana National. The capital stock is $500,000; surplus, $100,000; undivided profits, $100,000; average deprsits, $1,500,000. It is claimed that the assets are $1,750,000; liabilities, $900,000. The officers say they will eventually pay in full. The First National has a capital and surplus of over $1,250,000; it paid over $100,000 the past week. The Montana National paid out nearly $500,000. The other banks were standing the run well. It was heaviest on the Merchants' National, but big depositors came to the rescue and deposited faster than it was paid out. The ex. citement is subsiding. The falled banks are among the oldest and strongest in the city. Both had ample assets but could not realize fast enough. C. W. Cannon, A. M. Halter and S. C. Ashley, all leading capitalists, have made personal assignments. A KENTUCKY BANK. MIDDLESBORE, Ky,, July 27.-The First National bank failed this morning. No statement. PORTLAND BANKS. PORTLAND, Ogn., July 27.-The Oregon National Bank and Northwest Loan and Trust company failed this morning. A notice on the doors says the cause of suspension is the with. drawal of deposits and the inability to realize on securities.


Article from The Portland Daily Press, July 28, 1893

Click image to open full size in new tab

Article Text

smith & Co., dealers in carpets, etc., made an assignment yesterday. Two Spokane Banks Suspend. SPOKANE. Wash., July 27.-The First National Bank and Spokane Savings Bank suspended payment yesterday. Oregon Concerns Suspend. PORTLAND, Ore., July 27.-The Oregon National and the Northwest Loan and Trust Company of this city, suspended this morning. Charged with Embezzlement. HILLSBORO, Ohio, July 27.-Clarence M. Overman, ex-president and director of the Citizens' National Bank was arrested yesterday charged with embezzling $50,000 of the bank's funds. He Speculated in Land. CINCINNATI, July 27.-Powell Crossley, attorney, made .an assignment yesterday. Assets $200,000; liabilities unknown. Crossley has been speculating in land in Ohio and Indiana. Trouble in Kentucky Towns. MIDDLESBORO, Ky., July 27.--The First National Bank of this place closed its doors this morning. LOUISVILLE, Ky., July 27. - -The Farmers' Bank of Mt. Sterling, Ky., suspended this morning. Ended His Troubles. PITTSFIELD, Mass., July 27.-Cashier Edward S. Francis of the Pittsfield National Bank, who was the subject of much unpleasant newspaper talk recently, and who resigned his position last Monday, committed suicide this forenoon by shooting. Jewelry Trade Feels the Dullness. ATTLEBORO, Mass., July 27.-Owing to dulness in the jewelry trade due to lack of orders from large jobbing houses in the West, manufacturers in Plainville, North Attleboro, Attleboro Falls and this town have been compelled to close their shops. There are no signs of improvement for August and the present indications are that the factories will be closed down till September 1st. Six thousand persons will be out of employment four weeks. raise funds owing to the stringency of the money market. It is one of the largest concerns of the kind in the country, Favor Repeal. CONCORD, N. H., July 27.-A meeting of the Concord club was held this evening to act on the request of the New York city Board of Trade that it unite in passing resolutions urging the repeal of the compulsory silver purchasing sec-


Article from The Helena Independent, July 28, 1893

Click image to open full size in new tab

Article Text

WIDELY SCATTERED. Hard Times in Varions Sections of the Country. PORTLAND, Ore., July 27. - -The Oregon National bank and the Northwest Loan and Trust Co., kindred institutions, failed this morning. The suspension caused no excitement and had no appreciable effect on the other banks of the city. The Oregon National's last statement shows total resources of $750,000. liabilities of $450,000. The ohief creditor is Multnomab county, the deposit of which amounts to about $300,000. The city of Portland has also on deposit about $20,000. J. L. Hartman, assignee of the Northwest Loan and Trust company, filed n statement this afternoon showing liabilities of $600,000 and Reacts of 860,000. EXETER, N. H., July 27.--The National Granite State Bank temporarily suspended this morning. The institution is declared perfectly sound, embarrassment being caused by the drainage of cash and delayed remittances from Boston. Immediate 16sumption is expected. WILMINGTON, Del., July 27.-A receiver has been appointed for the Wilmington Dental Manufacturing Co. The company is perfectly solvent. Inability to realize on bills caused the directors to take this action for protection. ELLENBBURG, Wash.. July 27.-The Ellensburg National bank suspended payment to-day. George B. Markle, president of the two banks which failed in Portland today, is also president of the Ellensburg bank. SPARTA, Wis., July 27.-M. A. Thayer's bank and the Bank of Spartn closed to-day. Liabilities of the former $175,000. assets $225,000; liabilities of the latter $210.000, assets $300,000. PORTAGE, Wis., July 27. - The City Bank of Portage closed its doors to-day. It was capitalized at $25,000. H. B eese, secretary of state, was president of the bank. PHILADELPHIA, Pa., July 27.-S. H. Morrison, AD extensive lumber merobant, suspended, owing to slow collections, etc. Liabilities $100,000. MIDDLESBORO, Ky.. July -The First National bank failed this morning. No statement.


Article from The Times, July 28, 1893

Click image to open full size in new tab

Article Text

Three More National Banks Fail. SEATTLE, WASH., July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with National, closed at the same a few minutes time. the First In the news was generally known throughout the city, received quietly. There was no at any of President Glover stated effect banks. but was perceptible suspended, the that other the bank has only temporarily and all depositors will be paid in full. HELENA, MONT., July 27.-The First National and the Montana National Banks failed to open this morning. A run then began on the other banks of the city. LOUISVILLE, KY., July 27.-The Farmers' Bank, of Mount Sterling, Ky., suspended payment this morning. MIDDLESBORO, KY., July 27.-The First National Bank, of this place. closed its doors this morning. A notice upon the doors reads: 'This bank is closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS., July 27.-The City Bank closed its doors this evening. The suspension is due to the condition of the money market. PORTLAND, ORE., July 27.-The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon. HELENA, MONT., July 27.-The First National Bank has assets of over $1,000,000 in excess of liabilities. The Montana National has $850,000 in excess of Habilicould not get meet the demand. enough ties. They to simply The currency Merchants' National stood three hours' run, and then received in deposits more cash than had been withdrawn. There was no run on the other banks. CHICAGO, July 27.-The clearing-house this evening decided to issue clearinghouse certificates. Business Embarrasements. WALTHAM, MASS., July 27.-On July 1st the American Waltham Watch Company gave its hands a month's vacation. To-day the company announced that the vacation will be extended to August 7th, and when the works are started only half the force will be employed. Along with this announcement comes the statement that the Elgin Watch Company will discharge half its hands August 1st. Each company employs about 3,000 persons. There is consternation in Waltham. BOSTON MASS., July 27.-Ticknor & Co., publishers, 211 Tremont street, are financially embarrassed, and have made an assignment to Charles Fairchild. The to the business of James & Co. when the G. firm Hagood succeeded firm failed, in 1885. Besides its book-publishing business the firm publishes the American Architect. Creditors are well disposed toward Ticknor, though they will have no trouble about the adjustment of affairs. HARRISBURG, PA., July 27.-The American Tube Iron Company, located at Middleton, has gone into the hands of a receiver. The company has no mortor gages, judgments bonded raise indebtedness funds, against it, but could not owing to the stringency in the money market It is one of the largest concerns of the kind in the country, employing fifteen hundred hands. It makes all kinds of wrought iron pipe and tubing. CINCINNATI, O., July 27.-The Deer Creek Cotton Mills, Fifth street and Eggleston avenue, and the Belting factory, on Plum and Canal streets, controlled by Henry Pearce, Sons & Co., shut down indefinitely to-day, throwing 500 hands out of employment. Dull trade is the cause given.


Article from The Morning Call, July 28, 1893

Click image to open full size in new tab

Article Text

SAN FRANCISCO, FRIDAY MORNING, JULY 28, 1893. and Wardner was W $500,000. The capital of the Northwest VESSELS WARNED. RELIEF IN SILVER. the semi-finals in i Loan and Trust Company is $250,000 and match between Hob n. surplus $25,000. er ELLENSBURG, Wash., July 27. - The Neel brothers was Chase and Clark def c Ellensburg National Bank suspended payThe French Announce the Ryerson. ement this morning. No statement was Opinions of the New York issued. George B. Markle, president of Blockade. Bimetallists. IN A CELL the two Portland banks which failed tore d day, is also president of the Ellensburg A Deputy Consta Bank, el Rob nHELENA, Mont., July 27.-The First WILL LEND THEIR PRESTIGE. MORE HEAVY BANK FAILURES FRESNO, July 27.National and the Montana National banks rdeputy constable failed this morning. Jones in Texas for ( The closed banks have ample assets but Good and was charg S. could not realize. The Russian Squadron Will Join the Financial Institutions at Portland and one of the leaders d S. Houser is president of the First NaFrench Fleet in Siamese Waters. t Helena Go Under-Business wood gang, was arre tional. The capital stock is $500,000, surof robbery and burg Rosebery's Statement. Reverses in the East. plus $100,000, undivided profits $600,000, I On January 12 d and average deposits $3,250,000. elderly persons, Cha ilThe First National has a capital and was broken into an d surplus of over $1,250,000. It has paid out Special to THE MORNING CALL Special to THE MORNING CALL I choked and robbed s, over $1,000,000 the past week. The Monbeen suspected all W tana National paid out nearly $500,000. BANGKOK, July 27.-The French fleet NEW YORK, July 27.-Among the numerbeen pursuing the nThe other banks stood the run well. ous incidents that tended to fire things up gave notice of the blockade of the Siamclaimed that the pros ri The heaviest was on the Merchants' ese coast to-day, all outgoing vessels being case. Ball was fix in Wall street to-day the most important st National, but the big depositors came to warned to clear by Saturday or be tied up. was the engagement of $1,000,000 in gold failed to obtain it up the rescue and deposited faster than it was The blockade will extend along the entire in London by Lazard Freres and a further locked up in a ce paid out. north coast of the gulf. There is little Childers denies the drop in the rate of sterling exchange. The The failed banks are among the oldest doubt among the foreigners that it is the feature of the day's operations was the will get even with 1 and strongest in the city. intention of the French to make Siam a purchases of securities for investment. sational developmen C. W. Cannon, A. M. Holter and S. C. French colony, and unless England interForeign buyers were especially active, and Ashley, all leading capitalists, have made THREATENING a conservativa estimate but on foreign feres there is little hope that the French personal assignments. d will desist from extreme measures, alpurchases placed them at 40,000 shares. John T. Murphy is president of the MonA Wisconsin Firm though it is known to them that the GovThe clearing-house committee were in tana National; capital stock, $500,000; Prote ernment of Siam is exceedingly anxious session until the afternoon. The long consurplus, $100,000; undivided profits, $100.to avoid war. MILWAUKEE, Jul ference gave the "fakers" an opportunity 000; average deposits, $1,500,000. It is to-night received a PARIS, July 27.-After the conference to start the report that a large bank was claimed the assets are $1,750,000, and the between the British Embassador and the troops to protect the in trouble. and the announcement of the liabilities $900,000. The officers say the Lumber Company o issue of $1,350,000 clearing-house certifiFrench Foreign Minister this afternoon bank will eventually pay in full. pany asserting tha the following semi-official statement was cates lent some strength to the report. EXETER, N. H., July 27.-The National strikers who have re issued: "It may be taken for granted that Clearing-house officials said their long Granite State Bank temporarily suspended and are using force 1 France intends to settle the questions of session was due to the large amount of this morning. The institution is declared men going to work. treaty violation and national dignity crework before them in the way of shifting perfectly sound. The embarrassment was that the request n ated by Siam's attitude. France's rule of leans, caused largely by the great deprecicaused by the drainage of cash and Sheriff of the county. action will be not to allow foreign interation In prices yesterday. They emphatdelayed remittances from Boston. Imone from Ashland to ference." ically denied the story of a bank being in mediate resumption is expected. trouble. A local paper publishes a St. Petersburg eMIDDLESBORO, Ky., July 27.-The First dispatch to the effect that the Czar has orSterling exchange was demoralized this of DREAD AN National Bank failed this morning. The dered Vice-Admiral Tirtoff, commander of morning. The posted rates were reduced officers of the bank refuse to talk, and it is by the Russian Pacific squadron, to proceed twice, the last time to $4.811/2 and impossible to get either the assets or liabilre to Siam at all available speed. There were heavy parebases of stock on ities. 568 effect on business will be seriit is understood Russia intends to remain foreign accounts. The striugency in Denver Citizens ous, as most of the merchants here were 88 neutral in the French-Siam dispute. money and the increase in the supply of depositors. at LONDON, July 27.-The Pall Mall Gazette Unem bills against grain and cotton caused deof PORTAGE, Wis., July 27.-The Qity Bank moralization. The actual rates are below says this evening that it learns from a high cof Portage closed ite doors to-day. It authority that the Franco-Siamese diffithe gold-importing point. When-delivery is capitalized at $25,000. H. Breese, ex-see enity bas been settled, France having hour passed at the Stock Exchange withm retary of the State, was president of the The Hungry and out the announcement of further failures agreed 19 accept Siam's proposals and to bank. f ing Into the abandon its claims to territory between prices fairly soared, advancing almost as th MOUNT STERLING, Ky., July 27.-The Thous the eighteenth and twenty-third parallels. quickly as they declined yesterday. anew Farmers' Bank closed this morning. In the Lords this evening Rosebery Owing to the low rate of exchange 807g, The failure was caused by an inability to announced that he could not make a full eral large houses considered it a favorable realize on its paper. The deposits amount d time to purchase gold. and this evening it statement regarding the Sispese matter Special to THE to about $3,000,000. The bank holds first was learned that besides the order of until a report had been received from Lord class paper to the amount of $600,000. n Lazard Freres, mentioned above, enough Dufferin in Paris. From the outset, he This evening the officers of the Traders' se DENVER, July 27. said, Great Britain had contined itself to orders have been sent to bring the total Deposit Bank decided to suspend owing to g Italian Arata last nig purchases of gold in London for the providing for the safety of British lives and the heavy run during the day. The bank be United States to nearly $3,000,000. mense ero of idle interests in Bangkok. It had from the eowes $150,000 and has $390,000 of good in Denver what can Delegates from this city to the bimetalbeginning avoided giving advice to Slam, assets. er beyond the occasions when she had asked lic convention to be held at Chicago next violence, and their SPARTA, Wis., July 27.-M. A. Thayer's for it, but had urged her to make terms as of many citizens tha week to-day adopted a lengthy set of reso-. bank and the Bank of Sparta closed to-day. 8. quickly as possible with her powerful lutions, setting forth that the official stasize, having for its p The liabilities of the former are $175,000 se tistics show that the market price of silver neighbor. Nevertheless the British Govthe city, may break 0 and the assets $225,000. The liabilities of nThe thousands of L ernment was not indifferent to the events the latter are $210,000 and the assets bullion has controlled prices for most proits $360,000. already here are bein now passing in Siam. Her great commerducts of American labor, and especially


Article from The Herald, July 28, 1893

Click image to open full size in new tab

Article Text

Deposit bank decided to suspend, owing to a heavy run during the day. The bank owes $150,000, and has $390,000 good assets. MIDDLESBORO, Ky., July 27.-The First National bank failed this morning. The officers of the bank refuse to talk, and it is impossible to get either the assets or liabilities. The effect on business will be serious, as most of the merchants here were depositors.


Article from The Providence News, July 28, 1893

Click image to open full size in new tab

Article Text

New York Market. NEW YORK, July 28.-The $347,000 of gold imported today by no means offset the apprehension arising from the increased credits of the banks caused by the issue of $3,000,000 clearing house certificates here and Boston. Chicago has joined the processionand by a vote of its clearing house members has decided to i-sue clearing house certificates whenever necessity arises. The issue of these certificates would not be a matter worthy of thought were the feelings of the business men those of confidence. But they know that the shipments of money to the interior at the rate of two millions each day is only met by the issue of clearing house credits. In other words the less the resources of the banks are because of withdrawn deposits, the more the liabilities are collectively increased by the issue of certificates. Such a practice may be remedied if the disease is known to be of a temporary nature. But when the disease is spread from east to west and is constantly growing more strained, it is not conservative to add to its strength by temporary stimulants. The settlements in London have been acomplished with ease and good results. Foreign houses are soon to receive $50,000 shares of American stocks recently bought for them in our markets, and while they are buying stocks strangely enough they are buying gold as well. The demand for gold today in London was strong. Exchange rates were unchanged, however, and the money rate here reached only 10 per cent. Whether or not the market rally of yesterday was to be continued, was 8000 settled this morning. Pricentsagged all along the line, and the average decline for the day is about two points. Delaware & Hudson alone stands firm. Mr. Weil and the "erities" made another test of the tone of the quotations this afternoon and found it soft. General electric succumbed and dropped from 458/4 at the opening to 311/-the greatest loss shown by any one stock on any one day during the recent decline. Is this an omen for the rest of the market? Notes. 197,000 ounces of silver have been ordered for Europe. The Ellensburg National bank, Washington, has suspended. The A. M. Thayer and Sparta National banks of Wisconsin have failed. The First National bank of Middlesboro, Ky., has closed. The Traders Deposit bank of Mount Sterling, Ky., DAS closed. Liabilities $150,000, assets $390,000. The sub reasury debt balance of $472.000 was paid today, $415,000 gold, $57,000 treasury notes. Copious rains are reported in the west to the great advantage of the corn crop. Four little failures are announced is London today. Warehouse receipts were pressed for sale in Chicago. This gives color to the report that banks are calling for loans on cash wheat and are determined to force its sale,


Article from St. Paul Daily Globe, July 28, 1893

Click image to open full size in new tab

Article Text

HELENA IN TROUBLE. wo of the Largest Banks in Mon< tana Close-Business Difficulties of All Kinds. HELENA, Mont., July 27.-Financial coubles reached Helena, Mont., today' nd resulted in the closing of two of the iggest banks in the state. They are he First National and Montana Naonal. The First National is the pioneer ank, of which S. T. Hauser is presient. Its directory includes some of he wealthiest men in Montana. For iree weeks there has been a steady rain on the banks, and on Wednesday fter the day's business was over there as very little cash on hand. Last ight the directors met and unanihously decided that it was he duty of the stockholders to support nmediately a voluntary liquidation, nd that the bank temporarily suspend. n conformity with this the bank did ot open this morning, and the followig notice was posted on the door: "We re compelled to suspend business under ie stringency of the money market nd from the heavy drafts on deposits. ithout being able to make correspondig reduction of loans. Our assets are mple, but we cannot command the curency to continue payments." A stateent up today shows assets of $3,771,80; liabilities, $2,590,762. The bank ad a capital of $500,000, and its busess extended all over the Northwest. John T. Murphy is president of the Iontana National. It was regarded as trong as the First National, but was ot SO old. It had a capital of $500,000, -'18 10 assess SMO Is statement the pu 50,000, liabilities $900,000. The diectors desire a voluntary liquidation, nd its closing was due to the same auses as forced the suspension of the irst National. When the banks opened lain street was crowded with people, e largest number being about the lerchants' National. There was a teady run on this bank for three hours, ut it came out all right, the offiers saying they gained more cash uring the day. There was no run on e other banks. President Edgerton, i the Second National, says he made a ight gain in deposits. Cashier Baird, : the Helena National, says there was o run on that bank. as does Cashier ohnson, of the American National. here was no run on either of the two avings banks. The unanimous opinion that the people have gotten over the xcitement, and that the banks now oing business will be able to keep ben. Assignments today were the homas Pointer Drug company, S. C. shby, A. M. Holter and C. W. Cannon, II personal. No mercantile failures ave been reported. MIDDLESBORO. Ky., July 27.-The irst National bank of this place closed S doors this morning. LOUISVILLE, Ky., July 27. - The armers' Bank of Mt. Sterling, Ky., spended payment this morning. CINCINNATI, July 27. - The Deer reek cotton mills at Fifth street and ggleston avenue, and a belting factory ; Plum and Canal streets, controlled y the Henry Pearce Sons company, nut down indefinitely today, throwing 0 hands out of employment. Dull ade is the cause given. PORTAGE, Wis., July 27.-The City ank of Portage closed its doors today. was capitalized at $25,000. H. Breeze, -secretary of state, was president of e bank. The directors of the bank


Article from The Comet, August 3, 1893

Click image to open full size in new tab

Article Text

# CONDENSED NEWS. It is said that England has annexed Solomon Islands, the largest group in the Pacific. The cyclorama of the "Battle of Missionary Ridge," at Nashville, was wrecked by a wind storm. Gold to the amount of nearly $5,000,000 was shipped from aboard to the United States yesterday. There has been an increase of $5,368,750 during July in the National bank currency circulation. The First National Bank of Middlesborough, which suspended six months ago and was reorganized, has again suspended. The Chino, Cal., Beet Sugar Factory the largest in the United States, started Monday morning, giving employment to nearly 3,000 men. It is learned from a semi-official source that the American Tube and Iron Works at Middletown will resume operations next week. The Steamer Pearl was run into and sunk by an unknown steamer off the coast of Ireland. Several of the persons on board were drowned. The big carpet mills of Sanford & Sons, Amsterdam, N. Y., shut down Saturday night for two weeks, and possibly longer. They employ 2,000 men. J. Harper, a negro, was lynched at Calera, Ala., Friday, by a mob composed of whites and blacks. Harper had outraged the wife of H. M. Edner. Baron De Rothschild and Jacques La Boudy, a millionaire sugar refiner of Paris, will shortly start a one-cent daily newspaper devoted to sports, to be called "The Jockey Club." The President has appointed James T. Kilbreth, of New York city, Collector of Customs at New York and Walter H. Dunn, of Cooperstown, Appraiser of Merchandise at the same port. During the past seven days ending last Friday there were 386 business failures throughout the United States against 171 last year. Over fifty banks stopped during the week, nearly all in the West. Germany's addition of 50 per cent. to the tax on Russian imports has been met by a retaliatory measure from the Czar's Government, increasing in a like ratio the Russian tax on German imports. New York National banks are talking advantage of the low price of United States bonds to increase their circulation. It is estimated that from $8,000,000 to 10,000,000 will be added to the currency supply of New York from this source within a very short time. The reviews of trade for the past week pronounce it the worst week yet experienced during the present financial depression, but the encouraging news is added that all the points affected by the bank suspensions are rapidly recovering. Trade is dull, and rather than pile up stocks, many manufacturing establishments are suspending or running on short time. This phase of the situation will, of course, bear heavily on the working classes. If imagination has added anything to the unfavorable effect of a heavy balance of foreign trade against the United States, there should be an immediate improvement in the financial situation. An error of $40,000,000 or more has been discovered in the figures of the exports and imports furnished by the Bureau of Statistics. It appears that the balance of trade against the United States the past fiscal year, instead of being $93,000,000 as has been reported, is only about $50,000,000.


Article from The Middleburgh Post, August 3, 1893

Click image to open full size in new tab

Article Text

LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.


Article from The Camden Chronicle, July 26, 1895

Click image to open full size in new tab

Article Text

CAPITAL GOSSIP. ITEMS OF NEWS PICKED UP AT THE NATIONAL CAPITAL Sayings and Doings of the Official Heads of the Government. Saturday's statement of the condition of the treasury showed available cash balance $19,297,960; gold reserve, $107,259,003. First Assistant Postmaster General Jones, has issued an order to postmasters throughout the country, forbidding the issue of money orders payable on their own offices. The order can be issued on a sub-station. The United States battle ship Atlanta has sailed from Santiago de Cuba for Key West, where she will pursue her work of looking after fillibustering expeditions and probably relieve the Raleigh of that task on the Florida coast. The comptroller of the currency has declared dividends in favor of the creditors of insolvent national banks as follows: Ten per cent. the First National bank of Middlesborough, Ky. 5 per cent. the First National bank of Wilmington, N. C. The internal revenue bureau has practically completed the work of recording and scheduling the reiurns received under the income tax act and very soon will be ready to begin the work of refunding the amounts paid before the act was declared unconstitutional. For the first time this month treasury receipts exceed the expenditures: The excess was light, only $4,418, but it marks a turn in the tide outward. The receipts this month have aggregated $16,218,000 and the expenditures $30,047,000. The deficit for the month 80 far of $13,828,000 will probably be considerably reduced before the 1st of August, as the heavy payments-pensions and interest aggregating $18,000,000-have been made. The treasury department has resumed the issue of gold certificates, which had been suspended during the period when the treasury gold reserve was below $100,000,000. Since June 25th last, when the gold reserve again became intact, the treasury has issued about $200,000 gold certificates on gold paid mostly at United States mints. There are now outstanding $43,376,000 in gold certificates, with $172,180 in the treasury, the remainder being in circulation. Milliken May Surrender. It is more than probable that Benjamin H. Milliken, who was indicted some days ago for breaking into and entering the residence of Judge Samuel F. Phillips, with intent to feloniously assault the latter's daughter, Gertrude, will surrender himself to the authorities in a few days. Mr. William A. Milliken, of the postoffice department, a brother of the indicted man, called upon District Attorney Birney in relation to the case. Beyond admitting that much, Mr. Birney would say nothing more as to the object of Mr. Milliken's call upon him, but the district attorney remarked significantly that he would not be the least bit surprised if the accused man surrendered himself within a short period. Foreign Gold Shipments. Secretary Carlisle has no opinion to express on the financial situation or as to the resumption of gold shipments abroad. The general feeling among treasury officials is that the small shipment of last Saturday, $250,000, of which but $125,000 was taken from the New York sub-treasury, is not the beginning of continuous and larger shipments, and that the BelmontMorgan syndicate will continue to supply sterling exchange according to the terms of their contract, which does not expire until October 1st next. Since Saturday the treasury gold reserve shows a loss of $232 000 stand


Article from The Comet, August 11, 1898

Click image to open full size in new tab

Article Text

Trusts Consolidated. In the interest of the creditors the First National Bank of this city, Second National of Columbia, Tennessee, First National of Wilmington, North Carolina, and First National of Middleboro, Kentucky, have been consolidated under one trust and the Hon. Homer J. Clark, of Illinois, appointed receiver of the consolidated trust. Mr. Clark is in Johnson City this week taking charge of the affairs of First National Bank here. The former receiver, John I. Cox, is now here checking up and making the transfer. Mr, Clark has not heretofore been connected with the government as a bank examiner, but is a prominent citizen of Illinois and an excellent gentleman. The creditors of the institutions in his care need have no uneasiness about his management of affairs. Their interests will be carefully considered under all circumstances. The retiring receiver of the bank, at this place, Mr. J. I. Cox, has been a faithful official and with his competent assistant, Mr. T. A. Cox, retires with the good wishes of the creditors, whose interests they have so zealously guarded.


Article from Semi-Weekly Interior Journal, March 3, 1899

Click image to open full size in new tab

Article Text

THE $80,000 worth of nominal assets, consisting of notes, &e., of the First National Bank of Middlesboro, was sold by the receiver at auction to R C. Ford for $780 and they were doubtless high at that.


Article from Hopkinsville Kentuckian, April 18, 1899

Click image to open full size in new tab

Article Text

The affairs of the First National Bank at Middlesboro have been wound up by the receiver.