Wilmington Savings & Trust Company (Wilmington, NC)

Episode Information

Episode UID
66000171122
Episode Type
Run Only
Bank Type
trust
Bank ID
6600017 routing
Routing Number
66-0001
Start Date
June 19, 1893
Location
Wilmington, North Carolina (34.226, -77.945)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bfe762bac889b9dc

Response Measures

None

Events (1)
1. June 19, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by failure/assignment of the Bank of New Hanover, which precipitated heavy withdrawals at Wilmington Savings & Trust.
Measures
Paying full amount on deposits of $90 or under; limiting larger withdrawals to $90 without thirty days' notice (30-day rule for sums over $90).
Newspaper Excerpt
The closing of the Bank of New Hanover was followed by a run on Wilmington Savings and Trust Company and the bank was crowded with depositors.
Source
newspapers

Newspaper Articles (10)
1. June 19, 1893 Evening Star Washington, DC
Article from Evening Star, June 19, 1893

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DEPOSITORS WILL BE PAID. The Bank of New Hanover, N. C., With S1,200,000 Assets Assigns. WILMINGTON, N. €., June 19.-The bank of New Hanover was not opened this morning and following notice was posted on its doors: "Owing to the withdrawal of more than $320,000 of deposita and notice of over $150,000 intended withdrawal maturing in a few days, and also to its inability to realize quickly upon its assets on account of the stringency of the times, the Bank of New Hanover has been forced to make an assignment to Junius Davis, in the interest of all concerned. Depositors will receive dollar for dollar and the business will be wound up as rapidly as possible. (Signed) "A. L. SMITH, Cashier." The general belief here is that the above statement is entirely fair and honest. The assets are estimated at $1,250,000, the liabilities at $800,000. All unpaid collections of Bank of New Hanover have been turned over to the Wilmington Savings and Trust Company for remittance. The closing of the Bank of New Hanover was followed by a run on Wilmington Savings and Trust Company and the bank was crowded with depositors. The bank is paying full amount on all deposits of $90 or under and $90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the entire solvency of this bank and that it can meet every obligation. The run on the Wilmington Savings and Trust Company continues, but confidence is being restored by the official assurance of J. N. Atkinson, president, and H. Walters, vice president, that every dollar on deposit will be paid out continually in the regular course of business and that the doors of the bank will not be closed. Concerning the Bank of New Hanover it may be said with certainty that depositors will not lose a doliar.

2. June 20, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 20, 1893

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CLOSED BY A RUN. A North Carolina Bank Forced to Suspend Temporarily. WILMINGTON, N. C., June 19. - The Bank of New Hanover has failed. Its assets are $1,250,000 and its liabilities, $800.000. A notice on the door of the bank says that, owing to the withdrawal of $320,000 in deposits and a notice of the withdrawal of $150,000 more, and because of the inability of the bank to realize quickly on its assets. it has been decided to assign. Depositors will be paid in full. The failure caused a run on the Wilmington Savings and Trust company. It is requiring the 30 days required by law on sums over $90. It is believed to be entirely solvent.

3. June 20, 1893 The Herald Los Angeles, CA
Article from The Herald, June 20, 1893

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BANK RUNS IN THE SOUTH. A Big Concern at Wilmington, N. O., Closes Its Doors. WILMINGTON, N. C., June 19.-The Bank of New Hanover has failed. Assets, $1,250,000; liabilities, $800,000. A notice on the door of the bank says: "Owing to the withdrawal of $320,000 deposits and notice of the withdrawal of $150,000 more, and because of inability to realize quickly on assets, the bank has decided to assign. Depositors will be paid in full." The failure caused a run on the Wilmington Savings and Trust company. It is requiring 30 days on sums over $90 under the law. It is believed to be entirely solvent.

4. June 20, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, June 20, 1893

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A $90,000 MORTOAGE Wiluingion House in Deep Wat. er- Confidence Restored. WILMINGTON, N. C., June 20.-Adrian & Vollers, wholesale groceries and liquor dealers, one of the oldest business houses in the city, have assigned with preferences The failure was precipitated by that of the Bank of New Hanover in whose favor they executed a mortgage for $90,000 some months ago. But few depositors called today for their money at the Wilmington Savings and Trust company's banking house, and some of those who withdrew their money yesterday have already returned it. Deposits are being made bv business men this morning.

5. June 20, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 20, 1893

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OTHER FAILURES. Wilmington, N. C., June 19.-The bank of New Hanover has failed: assets, $1,250,000; liabilities, $800,000. The failure caused a run on the Wilmington Savings and Trust Co. It is requiring thirty days on sums over $90, under the law. It is believed to be entirely solvent. Boston, June 19.-The Little Kanawha Lumber Company was today placed in the receiver's hands. The assets are $1,100,000; liabilities, $785,000. On account of the failure of the Company, thefirms of Andrew F. Leatherbee, William Leatherbee & Sons and the Tauton Lumber Company assigned also. Pittsburg, June 19.-The Oil Well Supply Company, one of the most extensive corporations in Pennsylvania, and the largest concern of its kind in the orld, today went into the hands of a receiver. The assets aggregate $2,500,000. The total indebtedness is placed at $1,100,000. Buffalo, N. Y., June 19.-J. A. Adam was today appointed temporary receiver for the George L. Spuire Company, manufactureres of plantation machinery. The liabilities are $200,000, assets, $115,000. New York, June 19.-The Eaton, Cole & Burnham Company, manufacterers of brass goods, today suspended. No statement is yet made, but the failure is believed to be a bad one.

6. June 20, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 20, 1893

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WEAKENED BY WITHDRAWALS A North Carolina Bank Forced to Make an Assignment. WASHINGTON, N. C., June 19.-The Bank of New Hanover has failed; assets, $1,250,000; liabilities, $800,000. A notice on the door of the bank says: "Owing to the withdrawal of $320,000 in deposits and the notice of the withdrawal of $150,000 more, and because of the inability to realize quickly on assets, the bank has decided to assign. Depositors will be paid in full." The failure caused a run-on the Wilmington Savings and Trust Company, and it is requiring thirty days on sums over $90, under the law. The bank is believed to be entirely solvent. NEW YORK, June 19.-On the application of the directors a receiver has been appointed for the Cassell Publishing Company on allegations of insolvency, caused by President Dunham floating $168,000 worth of notes for his own obligations. It is said he has disappeared. Lawyer Fletcher said this evening that the company's assets were about equal to its liabilities. Expert Accountant Sargent will at once begin an examination of the books. Dunham has not been seen since last Thursday morning. He is believed to have used the money largely in land speculations. He held $140,000 of the company's capital stock. The weekly bank statement is as follows: Reserve, decrease, $5,644,000; loans, decrease, $3,700,000; deposits, decrease. $12,389,000. The banks now hold $8,777,000 in excess of the requirements. Height Bros., importers of laces and fancy goods, have confessed judgment for $57,000. The Eaton, Cole and Burnham Company. manufacturers of brass goods, to-day suspended. No statement has yet been made, but the failure is believed to be a bad one. To-day a receiver for the Bachdorf Novelty Company was appointed. The insolvent company was engaged in manufacturing mustcal novelties. The shipments of currency by New York banks to the interior to-day amounted to $1,500,000. BUFFALO, N. Y., June 19.-J. N. Adan was to-day appointed temporary receiver of the George L. Squire Company, which macufactures plantation machinery. The liabilities are about $200,000 and the assets $115,000. PITTSBURG, Pa., June 19.-The Oil Well Supply Company, one of the most extensive corporations in Pennsylvania and the largest concern of its kind in the world, today went into the hands of a receiver. The corporation was capitalized at $1,500.000 and the assets aggregate $2,500,000. The total indebtedness is placed at $1,100,000. The debt is a pressing one, and on account of the depression in business cannot be met. The principal office and an iron and pipe mill of the company are located at Pittsburg. They also have foundries, shops and offices in Oil City, Bradford, Conn., and Ohio. and own property in New York, Ohio, Indiana, Illinois and West Virginia. They employ over 1500 clerks and operators. BOSTON, June 19.-The Little Kanawha Lumber Company has been placed in a receiver's hands. The assets are $1,100,000 and the liabilities $785,000. On account of the failure of the company the firms of Andrew F. Leatherbee, William H. Leatherbee & Sons and the Taunton Lumber Company have assigned also. WASHINGTON, June 19.-Gradually, and in the absence of export, the gold in the treasury is increasing. To-day it was $93,719,546, an increase since Saturday of more than $700,000 and a gain of nearly $5,000,000 during the past three weeks. Through proceedings brought in behalf of thirteen stockholders, a receiver is sought to be appointed for the Fidelity Building, Loan and Investment Association of this city, with authority to dissolve the association and apportion the assets among the stockholders. The bill alleges fraud in the plan of the association and mismanagement by some of the officers. All the charges are denied by the officers.

7. June 20, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 20, 1893

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ANOTHER BANK IN TROUBLE. The Bank of New Hanover Forced to Close by Withdrawals of Deposits-A Run on a Savings Bank Started. WILMINGTON, N.C. June 19.-The Bank of New Hanover was not opened this morning and the following notice was posted on the door: Owing to the withdrawal of more than $320,000 of deposits and notices of over $150,000 intended withdrawal maturing in a few days, and also to its inability to realize quickly on its assets on account of the stringency of the times, the Bank of New Hanover has been forced to make an assignment to Junius Davis in the interest of all concerned. Depositors will receive dollar for dollar and the business will be wound up as rapidly as possible. (Signed) W. L. SMITH, Cashier. The general belief here is that the above statement is entirely fair and honest. The assets are estimated at $1,250,000; liabilities at $800,000. All unpaid collections of the Bank of New Hanover have been turned over to the Wilmington Savings and Trust company for remittance. The closing of the bank was followed by a run on the Wilmington Savings and Trust company, and the bank was crowded with depositors. The bank is paying full amount on all deposits of $90 or under, and $90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the solvency of this bank, and that it can meet every obligation.

8. June 20, 1893 The Sun New York, NY
Article from The Sun, June 20, 1893

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CLOSED THE BANK'S DOORS. The Money Stringency Shuts Up One North Carolina Bank and Affects Another. WILMINGTON. N. C., June 19.-The Bank of New Hanover was not opened this morning. and the following notice was posted on the door: Owing to the withdrawal of more than $320.000 of deposits and notices of over $150,000 intended with. drawal maturing in a few days. and also to its inability to realize quickly upon its assets on account of the stringency of the times, the Bank of New Hanover has been forced to make an assignment to Junius Davis, in the interest of all concerned. Depositors will receive dollar for dollar. and the business will be wound up as W. L. SMITH, Cashier rapidly as possible. The general belief here is that the above statement is entirely fair and honest. The assets are estimated at $1,250,000. the liabilities at $800,000. All unpaid collections of the Bank of New Hanover have been turned over to the Wilmington Savings and Trust Company for remittance. The closing of the bank was followed by a run on the Wilmington Savings and Trust Company. and the bank was crowded with depositors. The bank is paying full amounts on all deposits of $90 or under. and $90 on all larger deposits. No depositor under this rule can draw over $90 without thirty days' notice. There seems to be no doubt of the entire solvency of this bank. and that it can meet every obligation. The run continued all day. but confidence is being restored by the official assurance of J. W. Atkinson. President. and H. Walters. Vice-President. that every dollar on deposit will be paid out continuously in the regular course of business. and that the doors of the bank will not be closed. The New York correspondents of the Bank of Hanover are the Importers' and Traders' National Bank and the United States National Bank. The Importers' and Traders' people were surprised at the news, but said that their bank wouldn't lose anything. The United States National didn't expect to lose anything by the failure. either. This bank is also the New York correspondent of the Wilmington Savings and Trust Company. on which a run was precipitated by the failure of the Bank of New Hanover. It was declared. though. that the accounts between them were all square, andthat the United States National were protected in every way. The Sheriff has received an attachment for $3,694 against the Bank of New Hanover in favor of the Irving National Bank of this city. The latter bank gave the former notes, drafts. and checks to collect. It collected $4,232. and remitted only $520.

9. June 21, 1893 The Times Richmond, VA
Article from The Times, June 21, 1893

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OTHER FAILURES RESULT From the Wilmington Bank Failure. Other Financial Troubles. WILMINGTON N. C., June 20.-Adrian & Vollers, wholesale grocers and liquor dealers, one of the oldest business houses in the city, asigned with preferences." The failure was precipitated by that of the Bank of New Hanover, in whose favor they executed a mortgage for ninety thousand dollars some months ago. But few depositors are calling for money at the Wilmington Savings and Trust Company's banking house to-day, and some of those who withdrew their money yesterday have already returned it. Deposits were being freely made by business men this morning. At a meeting of the executive committee of the Wilmington Savings and Trust deCompany, held here to-day, it was cided that, beginning with June 28th next, dedepositors desiring to withdraw their full. posits from the bank will be paid in H. Walters, vice-president of the company, received the following telegram to-day: "Baltimore, June 19.-Draw on us at sight for $100,000. or any part thereof, if required for your Savings and Trust Company. (Signed) "W. T. WALTERS, "B. F. NEWCOMER." The Chattanooga Failure CHATTANOOGA June 20.-The assignment of the City Savings Bank yesterday caused scarcely a flurry in financial circles to-day. The Chattanooga Savings Bank, as a precautionary measure, took advantage of the sixty days' notice of withdrawal of deposits. None of the banks lost deposits to-day, and in most of them the deposits increased. The community is so confident that the depositors of the City Savings Bank will be paid speedily in full that merchants are offering to take their checks at par in payment for merchandise. The agent of Dun & Co. denies that the failure was caused by erroneous information furnished by them in confusing the name "City Savings Bank" with the "Penny Savings" institution, which was embarrassed. There is some likelihood that the City Savings Bank may arrange its affairs so as to resume. Minneapolis Bank Failure. MINNEAPOLIS, MINN., June 20.-The Peoples' Bank, of this city, suspended payment to-day. Assurances are given that depositors will be paid in full. The suspension is caused by the assignment of James McMillan, the hide merchants Mr. McMillan was the president of the bank, and since his financial condition became known there have been large withdrawals from the bank by depositors. This finally forced suspension, although the bank officials declare the institution to be perfectly solvent. The bank is only two years old, and its paidup capital was but $100,000. The suspension caused but little comment, as the bank was known to be small and weak. Other Failures Reported MINNEAPOLIS, MINN., June 20.-Jas. McMillan, of this city, made a voluntary assignment to M. C. Fletcher. McMillan was in the hide and fur business until short time ago, when the business was transferred to a corporation known as James McMillan & Co. The assignment does not affect this corporation. Fletcher estimates the assets at about $700,000. Liabilities, $250,000. Of the liabilities 60 per cent. are foreign creditors, who have made consignments of him or furnished other 40 per cent. are goods persons to Minneapolis capital. people. The CHICAGO, June 20.-The Central Engineering Company, of Harvey, III., has assigned. The liabilities are said to be $75,000. WASHINGTON, D. C., June 20.-Comproller Eckels has been informed of the failure of the Linn County National Bank, of Albany, Oregon. Its capital was $100,00. Bank Examiner Jennings has been placed in charge.

10. June 21, 1893 The Sun New York, NY
Article from The Sun, June 21, 1893

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MINOR BUSINESS TROUBLES. Failures Here and There About the Country -Stringency of the Money Market. NASHUA. N. H.. June 20.-The Colony Manufacturing Company of Wilton assigned yesterday. The liabilities are estimated to be $168,000 and the assets simply amount to the plant. buildings, and some goods on hand. It IS estimated that not more than fifty cents on the dollar can be realized from the assets. Several Nashua merchants were stockholders. and will lose heavily. The corporation has carried on a woollen manufactory and has done an extensive business. It employed,200 hands. The cause of the failure is said to be inability to sell the goods. and also that the company paid too high wages. COLUMBUS, O., June 20.--J. & G. Butler. Wholesale grocers. assigned yesterday to Charles B. Butler. Liabilities, $50,000: ASBets. $80.000 to $100,000. Cause. financial stringency. The firm has been in business since 1854. WILMINGTON, N. C. June 20.-Adrian & Vollers. wholesale grocers and liquor dealers. one of the oldest business houses in the city. have assigned. with preferences. The failure was precipitated by that of the Bank of New Hanover. in whose favor they executed amortgage for $90.000 several months ago. Few depositors are calling for money at the Wilmington Savings and Trust Company's banking house to-day. and some of those who withdrew their money yesterday have already returned it. Deposits are being freely made by business men this morning. INNEAPOLIA June 20.-James McMillan of Minneapolis has made a voluntary assignment of his property to M. C. Fletcher. Mr. McMillan was in the hide and fur business until a short time when his business was transferred to R corporati 11 known as James McMillan & Co. The assignment does not affect this corporation. Mr. Fletcher estimates that the assets will amount Dabout 700,000, and liabilities to $250,000 Of his liabilities sixty por cent. are foreign creditors, persons who have made consignments of goods to him. or who have furnished capital. The other forty per cent. are Minneapolis people. KA.. une 20.- The State Bank Commissinner yesterday ordered the State Bank of Plainville closed The capital stock is $50,000. but the amount of lia ilities is not obtainable. The officers of the Dank bay that depositors will be paid in full. Abe teinburg a clothing merchant. failed yesterday. The liabilities are it out an nondinal assets of equal $40,000. amount. with Chattel mortgages on the stock were given to various pre erred creditors BRIDGEPORT, June 20. - The liabilities of the Eaton. Cole & Burnham Company. which passed into the hands of receivers yesterday. presaid to SACO,COO and the assets double that amount. The business here will be conducted by the receivers. E. G. Durnham and E. H. Cole who are memlers of the copartnership. Frank Milier o this city gave 350,000 bonds for the receivers. The first intimation here of any trou le was received last night. when the 100 employees did not receive their pay as usuals EUGENE Or. June 20.-The Lane County Bank temporarily suspended to day. It has plenty of property in slight to secure all depositors. SAN FRANCISCO, June 20.-The Broadway Bank has closed its doors. It was an unimportant concern. A lively run was kept up on three banks until the closing hour. Apprehensions are telt for -morrow, as it is evident that the run will be kept up.