6529. Farmers Bank (Mount Sterling, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 27, 1893
Location
Mount Sterling, Kentucky (38.056, -83.943)

Metadata

Model
gpt-5-mini
Short Digest
e98e8e96592c9bc3

Response Measures

None

Description

The Farmers Bank of Mt. Sterling suspended payment on/around 1893-07-27 due to inability to realize on its paper. Early reports indicated depositors would be paid and officers hoped to resume, but a later October 6, 1893 article reports the Secretary of State brought suit to place the bank in the hands of a receiver, indicating permanent closure/receivership. Classified as suspension_closure (suspension without an antecedent run; later receivership).

Events (2)
1. July 27, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure/inability to realize on its paper/loans (illiquidity from poor assets), cited as cause of closure in multiple dispatches.
Newspaper Excerpt
The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning.
Source
newspapers
2. October 6, 1893 Receivership
Newspaper Excerpt
The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver ... when he thinks such institutions are insolvent or becoming so.
Source
newspapers

Newspaper Articles (12)
1. July 28, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 28, 1893

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Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. 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 door reads: "This bank 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.

2. July 28, 1893 The Morning News Savannah, GA
Article from The Morning News, July 28, 1893

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A Mount Sterling Bank Suspends. Louisville, Ky., July 27. - The Farmers' Bank of Mount Sterling suspended payment this morning.

3. July 28, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 28, 1893

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NEWS IN BRIEF. Matters of More or Less Importance Tersely Touched Upon. The Farmers bank of Mt. Sterling, Ky.. suspended payment. Peter Jackson, the pugilist, arrived in New York from Europe Wednesday. The execution of the nine Choctaws sentenced to be shot has been postponed till Sept. 8. Chicago savings banks have been swindied out of $50,000 to $60,000 by forged securities. Vice President Stevenson has left Tacoma on the steamer City of Kingston for a visit to Victoria. The Oregonian National bank and the Northwest Loan and Trust company of Portland, Or., have suspended. The City bank of Portage, Wis., has closed its doors. The suspension is due to the condition of the money market. State Bank Examiner Peabody says that the reserves of the banks of North Dakota are much larger than in former years. The report is current that the Cavalier. N. D. branch of the Great Northern railroad is to be extended this fall to Leroy. The First National bank of Spokane and the Spokane Savings bank, allied institutions. have suspended. All depositors will be paid. Sixteen registered letters were stolen from a pouch somewhere between Portland, Or., and New York. The theft was not discovered till the sack reached the New York office. Four houses owned by William Henry and four barns, the property of different persons, were destroyed by fire at Palmyra, Pa., entailing a loss of between $16,000 and $20,000. The Deer Creek cotton mills and belting factory, controlled by the Henry Pearce Sons company, Cincinnati, have shut down indefinitely, throwing 500 hands out of employment. Dull trade is the cause given.

4. July 28, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 28, 1893

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TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.

5. July 28, 1893 The Sun New York, NY
Article from The Sun, July 28, 1893

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ELEVEN MORE BANKS FAIL. Seven in the West. Three in Kentucky, and One In New England, HELENA. Mon.. July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants' National Bank. which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets. but cannot realize. S. T. Hauser 1s President of the First National. The capital stock is $500,000. surplus $100,000. undivided profits $600.000. and average deposits $3,250.000. John T. Murphy is President of the Montana National. The capital stock is $500.000. surplus $100,000. undivided profits $100,000. and average deposits $1,500,000. SPOKANE. Wash.. July 27.-The First National Bank suspended payment yesterday afternoon. Its doors closed at 2 o'clock. and a'notice was posted announcing that. "owing to continued withdrawal by depositors and inability to realize on securities. this bank will temporarily suspend payment." The Spokane Savings Bank. which is connected with the First National. was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover said that the bank has only temporarily suspended. and all depositors will be paid in full. The bank commenced business in December. 1882. Its paid-up capital is $200,000. PORTLAND. Or., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company. kindred institutions, failed to open their doors this forenoon. Notice on doors says: Owing to withdrawal of deposits and inability to realize on securities this bank is forced to suspend." George B. Markle is President of both institutions. Capital stock of the Oregon National $200,000: surplus. $40,000: average deposits. $500.000. Capital stock of the Northwest Loan and Trust Company. $250,000: surplus. $25,000. MIDDLESBOROUGH, Ky.. July 27.-The First National Bank of this place closed its doors this morning. The notice on the door reads: This bank closed by order of directors." The officers of the bank refuse to talk. and it is impossible to get either assets or liabilities. The effect on business here will be serious, as most of the merchants were depositors. The Coal and Iron. the other bank here. will not be affected. The suspended bank had a capital of $50,000. and its individual deposits aggregated usually about $80,000. MOUNT STERLING. Ky.. July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by inability to realize on its paper. The deposits are about $300,000. The bank holds firstclass paper to the amount of $600.000. The depositors will be paid in full. and the omcers of the bank hope to be able to resume in a short time. The capital stock is $250,000. This afternoon the Breeders' Bank also closed its doors. EXETER. N. H.. July 27.-The National Granite State Bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound. the present embarrassment having been caused by a drainageof the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE. Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market.

6. July 28, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 28, 1893

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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

7. July 29, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 29, 1893

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Business Complications. The North Buffalo mine has shut down. The Harrisburg (Pa) rolling mill has closed. The wire nail plants will continue shut down. The Ellensburg (Wash.) National bank has suspended. The Minno ota Iron company's mines have closed down. S. H. Morrison, lumber merchant, Cam den, N. J., has assigned. Depositors of Farmers' bank, Mt. Ster. ing, Ky., will be paid in full. The Traders' Bank of Deposit, Mt. Sterling, Ky., has suspended. The Bank of Sparta (Wis.) and M. A. Thaver's private bank have closed.

8. July 29, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 29, 1893

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MORE BANKS GO UNDER. NINE CLOSED IN THE WEST AND ONE IN KENTUCKY. ONLY THREE NATIONAL BANKS IN THE NUMBER -SEVERAL OF THE INSTITUTIONS LIKELY TO RESUME BUSINESS. Ellensburg, Wash., July 28.-The Ellensburg National Bank suspended payment on Wednesday. George B. Markle, president of the two banks which failed in Portland on that day, is also president of the Ellensburg bank. Portland, Ore., July 28.-The Union Banking Company has suspended. Great Falls, Mont., July 28.-The First National Bank of this city suspended this morning. The assets are much above the liabilities, and it is believed that the bank will soon resume. Money stringency is given as the cause of the failure. The bank was owned in large part by the Great Falls Town Site Company, and was a depository for the Great Northern Railway. Washington, July 28.-The First National Bank of Great Falls, which suspended this morning, has a capital of $250,000. The bank carries a line of individual deposits from $650,000 to $700,000. Controller Eckels is advised that the Chamberlain National Bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed to-day. Milwaukee, July 28.-Dispatches to "The Evening Wisconsin" from Port Washington say the GermanAmerican Bank at that place failed to-day. Chippewa Falls, Wis., July 28.-G. W. Seymour's private bank closed Its doors here this morning. There were runs on all the other banks in the town. Chicago, July 28.-A dispatch to "The Record" from Martinsville, Ind., says: The S. M. Mitchell Bank, established thirty years ago, and backed by $500,000, went, into. voluntary liquidation yesterday. The cause of the action, it is said, is the division of the estate. Sparta, Wis., July 28.-Two banks closed their doors here yesterday-the M. A. Thayer Bank and the Bank of Sparta. The cashiers of both institutions say that the action was taken to protect depositors, and that the banks will resume. The liabilities of the Thayer Bank are placed at about $175,000, and the assets at $225,000. The liabilities of the Bank of Sparta are said to be $210,000, with assets of $300,000. Mt. Sterling, Ky., July 28.-The officers of the Traders' Deposit Bank decided last night to suspend payment, owing to a heavy run on the bank yesterday, caused by the Suspension of the Farmers' Bank. The bank owes $150,000, and has $390,000 of good assets, and the officers hope to resume business a: an early day.

9. July 29, 1893 The Sun New York, NY
Article from The Sun, July 29, 1893

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$250,000. and the deposits amount to about $650,000. HELENA, Mon., July 28. - The situation in Helena to-day is very quiet. the banks doing an ordinary business. The Comptroller has directed Bank Examiner Wilson and Special Examiner A. W. Lyman to take charge of the First National and Montana National banks, which closed yesterday. PORTLAND. Or., July 28.-The Union Banking Company has suspended. ELLENSBURG. Wash. July 28.-The Ellensburg National Bank suspended yesterday. George B. Markle. President of the two banks which failed in Portland yesterday. is also President of the Ellensburg Bank. MOUNT STERLING. Ky., July 28.-Last evening the officers of the Traders' Deposit Bank decided to supend payment owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $160,000. and has $390.000 of good assets. and the officers hope to resume business at an early day. MARTINSVILLE, Ind., July 28-The S. M. Mitchell Bank. established thirty years ago and backed by $500.000 went into voluntary liquidation yesterday. There is $100,000 in Its vaults and deposited by it in Indianapolis banks. The cause of the action. it is said. is the division of the estate. INDIANAPOLIS, July 28.-The Farmers' and Merchants' Bank of Covington. Ind., closed today. Ex-United States Treasurer Nebeker is President. The officials say that the assets are sufficient to meet the liabilities.

10. August 3, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, August 3, 1893

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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.

11. August 4, 1893 The Weekly Union Times Union, SC
Article from The Weekly Union Times, August 4, 1893

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THE FINANCIAL CRISIS. Banks Continue to Suspend In the West. The South Seems to be as. Solid as the North. A special from Martinsville, Ind, says: S. M. Mitchell's Bank, establi. hed here thirty years ago. backed by $500, 000, went into voluntary liquidation yesterday. There is $100,000 in its values and deposited by it in Indian apolis banks. The cause of the action, it is said, is the division of an estate. A FAR-AWAY WESTERN BANK. ELLENSBURG, WASH.-The Elleosburg National Banksuspended payment Thursday. BANKS IN WISCONSIN. SPARTA, Wis.-Two backs closed their doors here-the M. A. Thayer Bank and tbe Bank of Sparta. CHIPPEWA FALLS, WIS.-G. W. Seymour's private bank closed it doors. There are runs on all the other banks in town. PORTLAND, ORE.-The Uuion Bask ing Company has suspended. GREAT FALLS, MONT. - The First Na. tional Bank of this city suspended pay ment. ANOTHER KENTUCKY BANK. MOUNT STERLING, KY. - The officers of the Traders' Deposit Bank decided to suspend payment, owing to a heavy run on the bank caused by the suspension of the Farmers' Bank. BIDDEFORD, Mr.-The York Mills at Baco shut down Saturday for two weeks, owing to overp.oduction.

12. October 6, 1893 Semi-Weekly Interior Journal Stanford, KY
Article from Semi-Weekly Interior Journal, October 6, 1893

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-Mrs. Luke Blackburn is in Louisville and told a reporter that her letter with reference to Col. Breckinridge in. troducing Miss Pollard to her as his fiance was genuine and that she still stood by it. -At Columbus, Ohio, Mrs. Louis Iborgh, was placed in jail for murdering her son. A younger son informed the police that she did the awful deed 80 as to get the money which had been left him by his father. -The C.&O. railroad company has so far failed to put on separate coaches for whites and blacks, according to the new law. General Agent Mitchell says he has never been notified to make pro vision for such a division. -Whitecapping is not cutting such a wide swath nowadays in Indiana as it once did. The grand jury at Columbus returned true bills of indictment against twelve prominent citizens of the county for whipping Mrs. Schrader. -The Secretary of State has brought suit to put the Farmers Bank of Mt. Sterling in the hands of a receiver, the new law giving him that right when he thinks such institutions are insolvent or becoming so. It is the first suit of the kind ever brought.