Lake County Bank (Painesville, OH)

Episode Information

Episode Type
Run → Suspension → Unsure
Start Date
June 14, 1893
Location
Painesville, Ohio (41.724, -81.246)
Bank Type
trust

Metadata

Notes

Suspension is reported and solvency statements follow but no clear report of reopening or permanent closure.

Events (3)

1. June 14, 1893 Run
Cause
Macro News
Cause Details
Run occurred amid a general money-market stringency causing heavy withdrawals.
Measures
Posted notice that bank had suspended temporarily and that all depositors would be paid in full.
Newspaper Excerpt
In consequence of a run, the Lake County Bank, of Aaron Wileox & Co., of Painesville, a, suspended June 14.
Source
newspapers
2. June 14, 1893 Suspension
Cause
Macro News
Cause Details
Bank suspended because it was unable to meet the run due to the stringency in the money market.
Newspaper Excerpt
This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market.
Source
newspapers
3. June 18, 1893 Other
Newspaper Excerpt
The Lake County Bank at Painesville, Ohio, which was forced to suspend last week because of a run, is solvent. The statement shows assets of $450,000 and liabilities of $350,000.
Source
newspapers

Newspaper Articles (12)

Article from The Times, June 15, 1893

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Article Text

RUN ON A BANK

The Depositors Showing Great Anxiety Over Their Savings. NEW YORK, June 14.-A run started on the Irvings Savings Institution this morning almost as soon as the doors of the place, at No. 96 Warren street, were opened. The door of the bank opened at half past 9 o'clock, but at that time there were only a few depositors in line. As the minutes went by, however, and the hands of the clock pointed to 10 o'clock, the crowd began to gather, and when the paying teller opened his window, there were many depositors in line. The line kept constantly increasing, however, and In a very short time the little 25x25 foot. room in which the Savings Bank does its business was completely filled with depositors, whose faces showed their great anxiety over their savings. In twenty minutes the paying teller had paid out $7,500. Treasurer G. E. Latimer said the bank had in hand a million dollars. and could get that much more, if necessary, at a moment's notice. Temporarily Suspended. PAINESVILLE, O., June 14.-This morning the Lake County Bank, of Aaron Wilcox & Co., posted a notice on the door as follows: "This bank has suspended temporarily, being unable to meet the run on it at present. owing to the stringency in the money market. All depositors will be paid in full." Nail Company Assigns. CLEVELAND, O., June 14.-The Baackes Wise Nall Company, one of the largest concerns of the kind in the country, has made an assignment. Dry Goods House in Trouble. NEW YORK, June 14.-It was reported in the dry goods trade to-day that the big Chicago dry goods house known as the James H. Walker Company, which does both wholesale and retail business, had been forced by the stringency in the money market to ask the indulgence of some of its largest creditors in this city as well as in Chicago.


Article from The Seattle Post-Intelligencer, June 15, 1893

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Article Text

BUSINESS TROUBLES

The Exchange Banking Company, of Western Ohio, with s capital of $50,000, closed Wednesday. In consequence of a run. the Lake County Bank, of Aaron Wileox & Co., of Painesville, a, suspended June 14. with beavy liabilities. It was considered a sound institution. The Citizens' bank, of Fairmount, Ind., one pended on June 14 owing to the stringency in the money market Its capital stock is $50,000, assets $191,000, and liabilities $130,000 to $150,000 Ernest E. Kipling, an importer of precious stones in New York, with offices at Providence, R I. and Paris, France, failed on June 14. with liabilities of about $150,000 and nominal assets exceeding that amount The state bank examiner declares that Mana. ger Hurlburt, who is now missing. conducted the failed bank of Burr Oak, Kan, in such a manner as to send him to the penitentiary. The deposits are $45,000 and the assets worthless A run started on the Irving Savings Institution, of New York city. on June 14, in consequence of the alleged defalcations of $70,800 discovered, but all demands were promptly met, and Treasurer Latimer said the bank had $1,000.000 on hand and more withia reach when wanted. In twenty minutes after opening $7,000 had been withdrawn by a host of clamoring depositors. Baacke's Wire Nail Works at Cleveland, O., failed on June 14, with $300,000 assets against $225,000 liabilities. It was the largest institus. tion of the kind in the country, and Beacke, the founder, is a pioneer in the wire nail business. Nailer & Co., of New York and Philadelphia, the principal creditors, of whom the company bought millions of dollars' worth of material and always paid promptly. refused to grant an extension, and this forced the failure.


Article from The Record-Union, June 19, 1893

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The Bank is Solvent

CLEVELAND (Ohio), June 18.-The Lake County Bank at Painesville, Ohio, which was forced to suspend last week, because of a run, is solvent. The statement shows assets of $450,000 and liabilities of $350,000.


Article from The Wheeling Daily Intelligencer, June 19, 1893

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Article Text

The Bank is Solvent

CLEVELAND, O., June 18.-The Lake County Bank, at Painesville, O., which was forced to suspend last week because of It run, was solvent. A statement shows that the assets were $450,000 and the liabilities $350,000.


Article from The Herald, June 19, 1893

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Suspended But Solvent

CLEVELAND, O., June 18.-The Lake county bank at Painesville, O., which was forced to suspend last week because of a run, is solvent. A statement shows that the assets are $450,000, and the liabilities $350,000.


Article from The Morning News, June 19, 1893

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Solvent, Though Closed. Cleveland, O., June 18.-The Lake County Bank at Painesville, O., which was forced to suspend last week because of a run, was solvent. The statement shows that the assets were $450,000 and the liabilities $350,000.


Article from The Providence News, June 19, 1893

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Painesville Bank All Right

CLEVELAND, June 19.-The Lake county bank at Painesville, which was forced to suspend last week because of a run, is solvent. A statement shows the assets were $450,000 an be liabilities $350,000.


Article from St. Paul Daily Globe, June 19, 1893

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It Was Solvent.

CLEVELAND, O., June 18.—The Lake County bank, at Painesville, O., which was forced to suspend last week because of a run, was solvent. A statement shows that the assets were $450,000; liabilities, $350,000.


Article from The Madison Daily Leader, June 20, 1893

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Article Text

The Bank Was Solvent

CLEVELAND, O., June 20.-The Lake county bank at Painesville, O., which was forced to suspend last week because of a run, was solvent. A statement shows that the assets were $450,000; liabilities, $350,000.


Article from The Star, June 21, 1893

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LATER NEWS WAIFS

FINANCIAL AND COMMERCIAL The Lake county bank at Painesville, O., which was forced to suspend last week because of a run, is solvent. A statement shows that the assets were $450,000 and the liabilities $350,000. INDIANAPOLIS. - The Capital National Bank has reopened its doors with $50,000 more capital on hand than required by Comptroller Eckels. Norman S. Byram exTreasurer of State. will be president, M. B. Wilson, formerly president, will be vice president. and Charles J. Doherty will remain as cashier.


Article from Grant County Herald, June 22, 1893

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GIVEN A CHANCE

Coroner Patterson decided not to issue warrants for the commitment of Col. Ainsworth, Dant, Covert and Sasse until this morning in order to give them 9.7 opportunity of obtaining bail. Col. Ainsworth has already secured a bondsman. Contractor Dant is very ill at his residence. BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. ALBANY, Ore., June 20.-The Linn county bank of this city has closed its doors owing to the stringency in the money market. J. L. Cowan, president of the bank, says the deposits amount to about $50,000, and that the assets will exceed the liabilities by about $80,000. The Linn county bank at Lebanon also closed its doors at noon. The Bonk of Oregon, this city, also closed its doors. WILMINGTON, N. C., June 20.-The Bank of New Hanover has been forced to make an assignment to Junius Davis in the interest of all concerned. The assets are estimated at $1,250,000; the liabilities, $800,000. CHATTANOOGA, Tenn., June 20.-The City savings bank at a late hour last night made an assignment. It is claimed the depositors will be paid in full. TOPEKA, Kan., June 20.-The state bank commissioner has ordered the State bank of Plainville closed. CLEVELAND, O., June 20.-The Lake County bank at Painesville, O., which was forced to suspend last week because of a run. was solvent. A statement shows that the assets were $450,000 and the liabilities $350,000.


Article from The Mitchell Capital, June 23, 1893

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The Bank Was Solvent

CLEVELAND, O., June 20.-The Lake county bank at Painesville, O., which was forced to suspend last week because of a run, was solvent. A statement shows that the assets were $450,000; liabilities, $350,000. Mysterious Murder. TOPEKA, Kan., June 21.-The mutilated body a well dressed man was found in a creek bottom half a mile west of Marion. A surveyor's tracing chain was tied about his neck. The back of his head was badly battered and his features were beaten out of recognition. His clothes were nearly new and tailor made, but the tailor's mark usually found on the neck of the coat had been carefully removed. Nothing by which he could be identified was found in the pockets. The indications were that the body had been lifeless for a week.