First National Bank (Covington, KY)

Episode Information

Episode UID
71801165
Episode Type
Run Only
Bank Type
national
Bank ID
7180 national
Charter Number
718
Start Date
January 18, 1897
Location
Covington, Kentucky (39.084, -84.509)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d444d85c375c6d0f

Response Measures

Public signal of financial health, Full suspension, Books examined

Description

Articles name First National Bank of Newport as the closed bank; Covington banks faced runs but the Covington First National is not named directly.

Events (2)

1. January 16, 1865 Chartered
Source
historical_nic
2. January 18, 1897 Run
Cause
Local Banks
Cause Details
Closure/non-opening of the First National Bank of Newport (nearby) on Jan. 18 triggered crowds and heavy withdrawals at Covington banks.
Measures
Banks in Covington met withdrawal demands as best they could; officials issued assurances that banks were solvent.
Newspaper Excerpt
Every bank in Covington, which adjoins Newport, had to meet a run today as best it could on short notice.
Source
newspapers

Newspaper Articles (3)

Article from The News & Observer, January 19, 1897

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Article Text

and to Rell It Country to suffer. SEVERAL BANK FAILURES of Receivers. Banks Going Into the Hands SOME WILL PAY DEPOSITORS First National Bank of Louisville, Kentucky The the German National of Bank the Minnesota Savings Make Assignments. of 18. The failure Newport, National Ky., Jan. bank of Kentucky a great to the First its doors this morning men was of the city. surprise open to the business given out by the While a statement was would lose anything, officers that no one of rumors flying of about. there were Fortunately all sorts the no integrity suggestion of The the such that credence. wrong officers doing is of has weakness found Saturday was the refusal afterfirst evidence pay on the Belle$5,000 to the which he had had been noon of the School officers Board, to and treasurer which he of but revue deposited get out. This was T. cently ought to Cashier advised made he public till with to-day the bank capital since P. not Youtsey has been in 1875. The Its presistock its organization of the bank Trapp. is $200,000. vice-president, who is John President Trapp. of Dr. who dent Joseph elected Wright. last week retired in place on account of DayKy., and is of Henry was advanced Gunkel, years, one is a of resident the wealthiest ton, in the country. the directors which were men It is learned that last Saturday, on $7,500 in was session all day opened with only known day vaults. At that its doors in its would not Youtsey acthe bank the meeting bank Cashier open time promptly it resigned to-day. agreed At and the his resignation banks in was Covington the bank cepted. The afternoon to loan was deon Saturday later the proposition S. Berry, off. the stock, clared holds $75,000 of calls for help special appeals, directors, H. Geo. $60,000, who but Congressman but all Dunckel, A. Youtsey, made John were in vain. J. The E. McCracken, Winter, John Spinks, Weidman J. and Trapp, all offered their liabilities, Greise, Charles Wright Charles $250,000 A. individual Joseph which en- but dorsements could for the not be secured with broththe continue cash business. Youtsey, a cashier to the to Later in the day of Geo. the First National Covingbank, er of assigned the individually This was followed Comton Trust Company. Carriage Supply presiby the Standard Geo. Youtsey was Covington pany, also of which assigning to capital the stock of Standard assets and The and of The is the Trust dent, $50,000. Company Carriage Company The Supply given. liabilities Company George of Youtsey the Standard individually are is due not to the First assignment bank of closing both its doors CLOSED. to-day. National GERMAN NATIONAL Jan. 8.-National the Louisville, Ky., Escott this National morning Bank Examiner doors of the German president. The closed bank, J. M. McKnight of the institution The is $251, bank 500 capital with stock a surplus for of some $31,000. time past signed has is an old one, but as unsafe. In says a that statement been regarded President McKnight in full and that reis prob the depositors will be paid stockholders will organize it the statement institution. issued by very the bank bad The last 17, 1896, made showed a that the showing. December cent The rule figures had been violated by 25 about per cent. $113,025.29 it was Under out 8 per the that head the bank of etc. resources held This was very given stocks, not in as the and since the unsatisfact meatisfactory securities. definite enough "eteetera" withdrawals was considered issued the statement been steady. President has been have the bank for years, with the banking was McKnight, outside promi- businently of and identified involved in a number of financial ness York, operations. Jan. 18. -The New cashier York of cor- the National German of the the Third National he bank respondent Third New owed bank. the National however, bank, fully was said the about latter $13,000. protected which, by collateral. Jan. Minbelieved SAVINGS BANK CLOSED. 18.-The St. Paul, Minn., bank closed its assiggnment, doors this nesota Savings a deed of An Wm. Bickel that the assets morning affidavit naming was and filed filed stating about as $250,000, assignee. while to neighborhood of the would liabilities amount The are officers in the under of the the bank circum- deem$230,000. The ed this step the best the depositors. reextent stances flurry to protect in banking affairs to such caused an the the cent of deposits bank required raise although the it was unable to gixty enough money withdrawal that, days' notice to meet demands. CLOSED BUSINESS. The Boston Boston, Mass., Exchange, Jan. 18. with offices and Grain New England The Stock all the principal to-day. in nearly up business is said. creditors cities, closed will not suffer. it B. HOTEL DODSON CLOSED. Jan. S.-Charles Dodson, Richmond. proprietor Va.. of the Hotel made an which Dodson, assignment closed its to-day. doors Liabilities Saturday, $3,500; assets CABINET unknown. COMPANY FAILS. Ohio, Jan. 18 The into Colum- the Columbus. Company has gone receiver. bus Cabinet of Charles R. Wheeler, as to be $90.-


Article from Birmingham State Herald, January 19, 1897

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Article Text

FINANCIAL. NEWPORT, KY., BANK FAILS. Cincinnati, O., Jan. 18.-The First National bank, of Newport, Ky., did not open its doors this morning. The news spread rapidly, and soon there was a crowd of excited depositors assembled in front of the bank, clamoring for an explanation. Officials sent out word that the bank was solvent, but had been forced to close for lack of ready money. Assurances were offered that no one would lose anything. Depositors, however, refused to be satisfied. Ugly rumors found expression, and excitement grew still greater when it became known that Comptroller Eckels and a national bank examiner of Washington were to be in Newport today. The capital stock of the bank is $200,000. John Trapp is president. A late and rather startling development is that Mr. John Trapp, ex-sheriff of the county, who was elected president of the bank a week ago to succeed Dr. Gunkel, refused to accept the office unless the bank's affairs were thoroughly examined. It seems that C. W. Nagel, who was elected to succeed Youtzey as cashier, had made sufficient investigation himself to warrant him in warning his friend Trapp that all was not as it should be. Therefore the bank has been without a president for nearly a week. Every bank in Covington, which adjoins Newport, had to meet a run today as best it could on short notice. Citizens rushed to their places of deposit by the hundreds as soon as they heard the news that the First National had not opened its doors in the morning, and drew their savings. Many heavy depositors were among them on the run. The bank will be reorganized. The deposits are about $370,000, and depositors will be paid in full. Director Spinks says the bank closed because of the recklessness of Cashier Youtzey and Director McCrackin.


Article from The Roanoke Daily Times, January 19, 1897

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Article Text

THE CROWD WAS CLAMOROUS. The First National Bank of Newport Closes Its Doors., Cincinnati, Jan. 18.-The First National Bank, of Newport, Ky., did not open its doors this morning The news spread rapidly and soon there was it crowd of excited depositors assembled in front of the bank elamoring for an expla nation. The officials sent out word that the bank was solvent, but had been forced to close down for the want of ready cash. The depositors, however, refused to be satisfied. Ugly rumors found expression, and the outery became still greater when it became known that Comptroller of the Currency Eckels and a national "bank examiner of Washington were to be in Newport to-day. The capital of the bank is $200,000. A late and rather startling fact developed is that Joseph Trapp, sheriff of this county, who was elected president of this bank a week ago, persistently refused to take charge until the bank was thoroughly investigated. Every bank in Covington, which adjoins Newport, had to meet a run to-day on short notice. Citizens rushed to their banks of deposit by the hundreds as they had heard of the news.