7337. Merchants National Bank (Louisville, KY)

View Charter #2161 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
2161
Charter Number
2161
Start Date
July 25, 1893
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
1304f144

Response Measures

Full suspension

Other: Bank suspended after heavy withdrawals by country banks; later permitted to reopen by Controller of the Currency / stockholders' meetings arranged.

Description

Multiple contemporaneous newspaper reports (July 25, 1893) state heavy withdrawals by country banks/country depositors caused runs on the Merchants' National, which suspended payment that same day. Federal authorities permitted the bank to reopen (Controller Eckels) and newspapers report reopening authorized Aug 29 and resumption by Aug 31/Sept 1. No evidence of permanent closure or receivership for this bank in the articles.

Events (5)
1. July 31, 1874 Chartered
Source
historical_nic
2. July 25, 1893 Run
Cause
Local Banks
Cause Details
Heavy withdrawals by country banks and country depositors (drain from rural correspondents) precipitated a run on the bank.
Measures
Bank posted notice of suspension and subsequently suspended payment; officials publicly assured depositors bank was solvent.
Newspaper Excerpt
The failing of the Merchants' National was caused by the withdrawals of country banks and country depositors.
Source
newspapers
3. July 25, 1893 Suspension
Cause
Local Banks
Cause Details
Direct consequence of the heavy demands and withdrawals by country banks and depositors which exhausted available funds; suspension posted July 25, 1893.
Newspaper Excerpt
The Merchants' National Bank suspended payment this morning.
Source
newspapers
4. August 29, 1893 Reopening
Newspaper Excerpt
the Merchants' National Bank of Louisville, Ky., ... have today been permitted to reopen their doors for business: ... the Merchants' National Bank of Louisville, Ky.; ... (Aug. 29).
Source
newspapers
5. June 2, 1894 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (24)
1. July 25, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 25, 1893

Click image to open full size in new tab

Article Text

THE TOPLING BANKS Bad Failure in Indianapo lis -- Some Good Showings. INDIANAPOLIS, Ind., July 25. 1893.-The Indianapolis National Bank, capital $300,000. closed its doors this morning. No statement has been made as to the condition, except that the fail ure is for $1,200,000. For some days rumors have been current to the effect that the bank was in trouble. and those rumors have had the effect of starting a quiet run upon 11, which, quiet though it was, has depleted the bank's funds, and finally made neceessary the action of today. For many years the Indiauapolis National has been regarded as among the strongest|banks in the city. The suspension is due to the general financial stringency. According to the statement of the bank made July 15, the loans and discounts amounted to $1,545,854.16, while cash and securities on hand aggregated $683,000. The individual deposits subject to check were $826,e70 The bank was a United States depository and had all the Federal ; money in it, amounting exactly to $300,000. The Indianapolis National Bank is one of the oldest and has been one of the most : flourishing banks in Indianapolis and the entire West. It is one of the landmarks at the northeast corner of Pennsyl3 vania and Washington streets, where it : has been located for nearly a generation. 3 The gentleman who was president at its e organizatian in 1864 is president still, and 9 during its entire existence there has ) been but two cashiers, E. E. Rex1 ford who now holds that position, : and H, Latham, who was cashier from the organization until he resigned in e 1888. Mr. Haughey. the president, is not only the oldest bank president in contin1 uous service in the city, but be is, with 9 one exception. the oldest banker here. The liabilities of the Citizens' Bank, which falled yesterday, are about $150,000. I Mr. Huson's total assets will reach near I $500,000. He holds more than enough collateral to liquidate the total indebtedness of the bank as soon as it can be realized upon. INDIANAPOLIS, July 25, 1893,-The Bank of Commerce did not open this morning. A Failure in Milwaukee. r MILWAUKEE, July 25, 1893.-Following is the notice which was posted on the Goor of the Wisconsin Marine and Fire Insurance Company Bank (commonly called the Mitchell Bank) at ten o'clock this morning:1 By reason of the stringency of the money market, this bank has been closed by order of Board of Directors. o J. P. MURPHY, No Cashier. ) The last statement of the bank, renr dered on the first of the month, is as fol lows:K Resources-Loans and discounts. $6,485,673.39; ) overdrafts, $29,233.12; stocks. bonds and mort9 gages, $567,412.82; loss and expense account, : $683.88; due from banks and bankers, $1,083,472.41; cash, currency, $532,361: gold and silver, 3 $124,226.17; checks on Clearing House, $168,i 231.82. Total resources, $8,946,344.61. Liabilities-Capital, $500,000; undivided profits, $75,840.67; due depositors, $7.870.503.94; due to others not included under either of above 1. heads, $500,000. Total liabilities, $8,946,344.61. a r Two Go at Louisville, LOUISV ILLE, Ky.. July 25, 1893-The d Merchants National National Bank suspended payment this morning A little later the Louisville Deposit Bank also r closed its doors. e

2. July 25, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, July 25, 1893

Click image to open full size in new tab

Article Text

And Still Another. By Associated Press to The News. LOUISVILLE, Ky., July 25.-The Merchant's National Bank of Louisville, has suspended.

3. July 26, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 26, 1893

Click image to open full size in new tab

Article Text

THREE MORE IN LOUISVILLE, Two National and a Private Bank Forced to Close Up. Special to the Indianapolis Journal. LOUISVILLE, July 25.-Panic reigned in banking circles here to-day, and as a result three more failures are added to the list, making five since Saturday for Louisville. Runs were in progress on all the banks and none can tell where the trouble will end. The institutions gone up to-day are the Merchants' National, the Fourth National and the Louisville Deposit Bank. The Merchants' was the first to go. Half an hour later the Deposit Bank posted a notice and about the same time the Fourth National went to the wall. At that hour the excitement was running high and every one of half a dozen banks was crowded with depositors who were in line waiting their turn with the paying teller. The first failure of the present crisis was that of the Kentucky National Bank, Saturday. Then came the Louisville City National Monday, after the intervention of a Sunday holiday. and the Merchants' National. The Louisville Deposit and the Fourth National to-day. The failing of the Merchants' National was caused by the withdrawals of country banks and country depositors. The Louisville Deposit was the only bank in the city not a member of the clearing-house association, and, in its time of need, none of the other banks would give it any assistance whatever. The suspension of the Fourth National was a result of the panic. For a week there has been a stendy pulling out of deposits. This changed into a run after the suspension of the Kentucky National last Saturday. and the run continued Monday and Tuesday, and until the funds were exhansted to-day. The Merchants' National was capitalized at $500,000. and J. H. Lindenberger is president. The Fourth National has a capital of $300,000. and a surplus of $5,000; George Davis is president. The Lonisville Deposit Bank has a capital of $800.000, and a surplus of $16,128; Moses Sch wartz 18 president. The last state. ment of the Fourth National was as follows: Resources.

4. July 26, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 26, 1893

Click image to open full size in new tab

Article Text

COLLABSES IN LOUISVILLE, A Memorable Day-Four Banks Close-All Said to be Solvent. LOUISVILLE, Ky., July 25.-To-day was a memorable one in the financial situa. tion of this city, The Merchants National Bank closed its doors at 10 o'clock and was followed half an hour later by the suspension of the Louisville Deposit Bank. Both failures were caused by the heavy demands from country banks, the local runs being comparatively insignificant. President Lindenburger, of the Morchants National, saya depositors and stockholders will be paid in full. Two other banks followed in the wake and closed their doors also. The last statement of the Fourth National showed total-resources of $848,401 88, and liabilities of 848,401 88. Among other bankers the Merchants' National has not been regarded with any supicion owing to a fair statement made by order of the comptroller of currency on July 12, when the condition of the bank showed liabilities and assets $1,615,156 73. The last statement of the Louisville Deposit Bank shows total resources $839,575 27 and liabilities $839,575 27. Cashier Oehtigschlager assures the depositors that they will lose nothing. President Davis, of the Fourth National, was seen just after the closing of the doors. "All the information I have to give out at this time,' hesaid, "is that no one will lose a mill by our suspension." The Sweetwood Distillery Company also made an assignment, by its president, Moses Schwartz, at 12:45 o'clock to-day, to the Germania Safety Vauit and Trust Company. Mr. Schwartz could not say what the liabilities amounted to and felt too bad to talk about the matter.

5. July 26, 1893 The Times Richmond, VA
Article from The Times, July 26, 1893

Click image to open full size in new tab

Article Text

Bank. Milwaukee people had become imbued with the idea that this bankthe old Mitchell Bank-was the Gibraltar of finance; that they could not credit the report that it had closed. There was general bellef that when all other banking institutions have disappeared from the face of the earth, that the bank which Alex. Mitchel! founded would continue to do business at the corner of East Water and Michigan streets, and it was this firm faith in the bank's stability that made the shock to public confidence so great. A few minutes after 10 o'clock the news that the bank had not opened its doors began to circulate on the streets, and immediately a rush began in the direction of the Mitchell building. People would not believe what others told them, but insisted on crowding up the marble steps and reading the notice of suspension for themselves. The story of the failure is one so often told now-a-days, steady and long-continued drain of deposits and inability to promptly realize cash upon collections. The bank is solvent and wealthy. TOLEDO, O., July 25.-The Farmers' National Bank of Findlay, O., closed its doors at noon to-day. No statement has been given out as yet. No excitement prevails, and the other three banks in the city are prepared for any run that may follow. INDIANAPOLIS, IND., July 25.-The Indianapolis National Bank suspended this mornig. The failure is for $1,200,000. For some days rumors were current that the bank was in trouble, and these rumors had the effect of starting a quiet run upon it, which, though quiet, depleted the bank's funds, and finally made necessary the action of to-day. LOUISVILLE, KY, July 25.-The Merchants' National Bank suspended payment this morning. INDIANAPOLIS, IND., July 25.-The Bank of Commerce did not open its doors this morning. WASHINGTON D. C., July 25.-Examiner McDonald has been directed to take charge of the falled First National Bank of Orlando, Fla. MILWAUKEE, WIS., July 25.-Late this afternoon the J. Obermann Brewing Company made an assignment. H. P. Obermann is the assignee, and his bond is $1,200,000. Foolish Itnn on the German Bank. LOUISVILLE, KY July 25.-At 1 o'clock this evening a small run was caused on the German Bank by an old colored woman, who had fifty dollars deposited there. She did not have the certificate with her, and loudly demanded that she be giveen her money without identification. The noise she made attracted attention. and in a few moments a hundred people were about the bank. The officials had a strong box, said to contain $300,000, brought over from the Louisville Trust Company. The money was spread out on the counter, and the cashier announced that he was ready to pay off any and all claims. A few of the depositors drew their money, but the others were speedily satisfied that the German Bank was in no danger, and left. Subsequently a heavy run started on the German Bank, and continued up to 3 o'clock. The bank had over a million in cash and $1,500,000 worth of securities, which can be turned into money at a moment's notice, Several of the banks kept open until 6 o'clock. Business Emparrasement. TOLEDO, O., July 25.-G. B. Hodgeman Manufacturing Company, one of the largest concerns in Produsky, went into the hands of receivers this morning. ST. LOUIS, MO., July 25.-Ripley & Bronson, iron merchants, No. 800 north Second street, made an assignment for the benefit of their creditors this morning. Liabilities, $150,000. About equal

6. July 26, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 26, 1893

Click image to open full size in new tab

Article Text

More Bank Suspensions. INDIANAPOLIS, IND. July 3.-The Bank of Commerce did not open its doors this morning. INDIANAPOLIS, IND., July 25. - The Indianapolis National Bank suspended this morning. LOUISVILLE, Ky., July 25.-The Merchants' National Bank suspended payment this morning. MILWAUKEE. WIS., July 25.-The - Wisconsin Marine- and Fire-Insurance Company Bank closed its doors this morning. This is Senator Mitchell's bank and has been considered the strongest bank in the city. TOLEDO, O., July 25.-The Farmers' National Bank of Findlay, O., closed its doors at noon to-day. No excitement prevails, and the other three banks in the city are prepared for any run that may follow. LOUISVILLE, Ky., July 25.-The Fourth National Bank threw up the sponge at 1:18 o'clock this afternoon after a hard fight. A run during the morning, with a drain from country banks. caused the suspension. President George Davis was seen just after the closing of the doors. "All the information we have to give out at this time," he said, "is that no one will lose a mill by our suspension." Four national banks have thus far suapended since Saturday. The officers of the Merchants' National bank assort their solvency. Depositors and stockholders will receive dollar for dollar. By 10:30 o'clock it became evident to the directors of the Louisville Deposit Bank that they could not meet the day's demands, and as the general condition of financial affairs was such as to preclude the hope of outside assistance, the directors ordered tne doors to be closed, and papers were prepared making an assignment to the Ger. maus Trust Company.

7. July 26, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 26, 1893

Click image to open full size in new tab

Article Text

HEAVY. BANK FAILURES. The Trouble Getting Farther East Every Day. INDIANAPOLIS, Jvly 25.-The Bank of Commerce did not open its doora this morning. The Indianapolis National Bank also failed to open its doors. The Indianapolis National was considered one of the strongest banks in the city, and was designated as a depository of the United States. President Theodore Haughey consulted with other bankers last night, having previously secured $50,000 to tide him over yesterday. He said the failures at Louisville and New Albany had aggravated the local situation, and it was thought best to suspend. The Bank of Commerce has not been one of large deposits, and the failure will not have much effect locally. The indebtedness is said to be $150,000. At 11 d'clock a heavy run was being made on the Indiana National. The statement of the Indianapolis National Bank, July 12, showed resources of $2,313,154; liabilities due depositors, $1,194,586: United States deposits, $193,100; deposits of United States disbursing officers, $100,800; due other national banks, $140.403; due State banks. $73,570; notes and bills rediscounted, $51,137; bills payable, $58,060; capital stock. $300,000; surplus, $100,000; undivided profits, $44,448. While the Indianapolis National Bank was a United States depository but $3439 was tied up. Cashier Rexford was asked if the withdrawal of funds by country banks was not largely responsible for the suspension. "The stringency of the times." he replied, "has greatly reduced those balances. At this time of the year they have heretofore been large." The real trouble of the Bank of Commerce began at the failure of the Premier Steel Company. There have been drafts on the bank ever since then. The publication of Depauw's failure hurried things along. The failure of the Indianapolis National shut off their chances of getting help and the bank had to close. FINDLAY, Ohio. July 25.-The Farmers' National Bank, one of the popular financial institutions of the city, closed to-day because of the inability to realize upon its assets. The officers assert that they will be able to pay the depositors dollar for dollar and have a surplus when the affairs of the bank are settled up. Ever since the failure of ex-Secretary Charles Foster the bank has been drawn upon heavily, and was unable at the present time to meet the constant drain. There was no run on the other banks in the city. LOUISVILLE, Ky., July 25.-The Louisville Deposit Bank failed to open its doors to-day. The Merchants' National Bank has suspended. The Fourth National Bank has suspended. were runs on several other banks, but mostly There small, all stood the strain. The failure of the Merchants' National was caused by the withdrawals of country banks. The Deposit Bank was not a member of the Clearing-house, and none of the other banks would assist it. The National as a the caused by the Fourth panic failed failure considered result of others. of bad. None of the failures are The depositors of the two national will be in National has a chants' banks paid capital fnll. of The $500,000. Merthe Fourth National a capital of $300,000 and surplus of $25,000. The Deposit Bank has a capital of $300,000, surplus $16,000. The last statement of the Fourth National showed a paid in capital stock of $300,000, surplus fund of $37,000 and undivided profits of $27,956. The Merchants had a paid in capital of $500,000. a surplns of $100,000 and undivided profits of $21,384. The Deposit Bank statement showed a capital stock of $300,000 and undivided profits of $19,155. All the bank officials confidence that no one a express realize will on lose the cent if they get time to assets. Shortly after the assignment of the Louisville Deposit Bank President Schwartz filed an individual assigament of personal property to the same The assignee. all his Sweetwood assignment, Distillery Com- Mr. pany also made an Schwartz being president of that company also. No statement has yet been prepared.

8. July 26, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, July 26, 1893

Click image to open full size in new tab

Article Text

BANK BREAKING BREVITIES, The Fourth and Merchant's National and the Deposit Bank, all of Louisville Kentucky, suspended, yesterday. The G. B, Hodgeman, Manufactur ing Company, cooperage and bridge timber, and wholesale dealers in lum ber have gone into the hands of a re ceiver, Ripley & Bronson, Iron merchants of St, Louis Mo, assigned yesterday; liabilities $150,000; assets, Irrbably, about the same, A. meeting was held in Denver to de vise means of taking care of the desti tute who number over 8,000,

9. July 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 26, 1893

Click image to open full size in new tab

Article Text

A CRITICAL DAY IN LOUISVILLE. MERCHANT NATIONAL, THE LOUISVILLE DEPOSIT AND THE FOURTH NATIONAL SUSPEND. Louisville, July 25.-This will prove a memorable day in the financial history of Louisville. At 10 o'Clock this morning the Merchants' National Bank posted a notice of syspension and half an hour later the failure of the Louisville Deposit Bank was announced. By this time there were runs upon half a dozen banks in the city. They all stood the pressure except one-the Fourth Navional-which closed its doors in the Board of Trade building at 1 o'clock. At that hour the excitement was running high and every one of half a dozen banks was crowded with depositors, who were in line waiting their turn with the paying-teller. The first failure of the present crisis was that of the Kentucky National Bank, on Saturday. Then came the Louisville City National Bank on Monday. The failure of the Merchants' National to-day was caused by the withdrawals of country banks and country depositors. The Louisville Deposit was the only bank in the city not a member of the Clearing (House Association, and in Its time of need none of the other banks would give it any assistance. The suspension of the Fourth National was a result of the ranic. For a week there has been a steady pulling out of deposits. This changed into a rún after the suspension of the Kentucky National last Saturday and the run continued Monday and Tuesday and until all the funds were exhausted to-day. The failures are not considered bad ones. Depositors in the two National banks will be paid in full and the loss to stockholders will not be more than 60 per cent in either case. The Merchants' National Bank is capitalized at $500,000 and J. H. Lindenberver is president. The Fourth National has a capital of $300,000 and a surplus of $35,000. George Davis is president. The Louisville Deposit Bank has a capital of $300,000 and a surplus of $16,128. Moses Schwartz is president.

10. July 26, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 26, 1893

Click image to open full size in new tab

Article Text

Business Complications. The Louisville Bank of Deposits has failed. The Indianapolis National bank has closed. The Taylor County (Miss.) bank has assigned. The First National bank, Orlando, Fla., has suspended. The Bank of Commerce, Indianapolis, has suspended. The Merchants' National bank, Louisville, has failed. E. J. Gaynor, railroad contractor, Pottsville, Pa., has failed. The J. Obermann Brewing company of Milwaukee has failed. The Wisconsin Fire and Marine Insurance bank has closed. Parkhurst & Wilkinson, Chicago iron merchants, have assigned. The G. B. Hodgman Manufacturing company, Sandusky, o., has assigned.

11. July 27, 1893 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, July 27, 1893

Click image to open full size in new tab

Article Text

LOUISVILLE'S TROUBLES. The Merchants National and Louisville Bank of Deposit Close Doors. LOUISVILLE, July 25.-The Merchants National bank closed its doors this morning. This is the third National bank of this city which has suspended since Saturday. It was the steady and growing demand from the country banks which caused the trouble. President Lindenberger says the bank is abundantly solvest and there is no doubt depositors will be paid in full. Its capital stock is $500,000. At 10:30 the Louisville Deposit bank was closed. It was organized a little over a year ago by Moses Schwartz, its president, with a paid up capital of $300,000. It was started at a bad time and was refused admittance to the clearing house. It, however, seemed to prosper for a while, and at one time its stock sold above par. It might have pulled through but for the suspension of the three national banks. Another Milwaukee Bank Failure. MILWAUKEE, Wis., July 25.-The Fire and Marine Insurance bank closed to-day. The last statement of the bank rendered on the first of the month showed total resources of $8,946,344, and total liabilities of ₹ 88,946,844. Cashier Murphy made the following statement: "We have been subjected to a conitant drain for some time and have realized on every asset on which the bank could get money on short notice; we felt that under existing circumstances it was only a question of time when suspension would inevitably come and therefore decided to close. This bank is not insolvent by any means and only time is needed to realize enough money to meet every liability."

12. July 27, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, July 27, 1893

Click image to open full size in new tab

Article Text

Two at Louisville. LOUISVILLE, July 26.-The Merchants National bank has suspended. LOUISVILLE, July 26.-At 1:30 p. m. the Fourth National bank closed its doors.

13. July 28, 1893 The Great West Saint Paul, MN
Article from The Great West, July 28, 1893

Click image to open full size in new tab

Article Text

AND YET THEY COME. Tuesday evening and Wednesday morning papers were curiosities. Take the Daily News for illustration: One column had a telegraphic report from Eckels, Comptroller, stating that all the trouble was over-the country was safe, and no failures were probable. This was written the 24th. On the 25th and 26th it took over two columns of fine type to record the failures, among them the oldest and strongest banks in the U.S. The most remarkable statement ever made in the financial world came in the finance columns of Tuesday, from New York. It was the statement that "the Philadelphia banks are unable to meet their payments, and the New York exchange is disturbed at this failure on their part!" And yet, so fearful is the goldbug organization that they do not dare to throw Philadelphia into bankruptcy. One attachment issued and over goes everything! We make up a list of a few of the failures, as they occur in one daily issue: Bradford & Church, bankers, Chicago. Henry Bach, wholesale clothing, N. Y. Wisconsin F. & M. Ins. Co. Bank, Milwaukee, by far the strongest bank in the city, and caused great excitement. The city had $1,630,000 in the bank, and will have to suspend payment, as the county did when the Commercial recently closed out. The C. M. & St. P. Ry is also mixed up in it. Several other Milwaukee institutions follow the above failure. New York-a panic raged on the N.Y. stock exchange all day Tuesday, "owing to the bank crashes." "Everything is all right," says Eckels!! INDIANAPOLIS. The Bank of Commerce failed Wednesday. The failure is for over a million dollars.; It was a U.S. Depository, and had over $800,000 of the government funds in it. "It is only a weeding out of banks that ought not to exist," said Eckels, recently! The Indianapolis National Bank failed the same day. "This was one of the oldest and soundest financial institutions in the west." Last week's statement showed over $1,000,000 of bonds to secure depositors! It was the oldest in the city. C. W. Depauw, the banker capitalist, failed on Saturday. The other banks are being run on and several factories have closed. LOUISVILLE. The Louisville Deposit Bank, failed the 25th. The Merchants National went down also, the third national bank to fail in three days, in Louis ville. The Fourth National closed its doors the afternoon of the 25th. The Bank of Commerce went down same day. The Hudson River Tunnel Co., Jersey City, has tumbled. The Hodgman Manufacturing Company, Sandusky, has "gone out." Ripley & Bronson, iron merchants, St. Louis, failed. Olaf Pary, New York Mills, Minn., has collapsed. Wealthiest Finlander in the west. Montezuma Silver Mines, Col., in a receiver's hands. Parkhurst & Wilkinson, iron, Chicago, gone under. $1,000,000. Farmers National Bank, Toledo, closed its doors at noon today. (25th.) Gayner, the great railroad conductor, Pottsville, Pa., assigned today. The St. Louis Steam Heating Co. closed today. Tacoma banks are in trouble. The Manchester National Bank of the Commonwealth went over the 25th. Eastern Cotton mills closing every day. Gloomy. On the morning of the 26th the papers were at last compelled to get off their perch, and admit that the situation as to finances was gloomy, and foreboded disaster. The display heads say, "The New York Money Kings Do not Like the Situation." The New England banks are all tottering. A. meeting of the silver men of New York was broken up by the republican goldbug gang. It was held at 5th Avenue Hotel. Wall Street is at last gloomy. The cloud is darkly gathering. And yet it is but the beginning.

14. July 29, 1893 The Bessemer Indicator Pueblo, Bessemer, CO
Article from The Bessemer Indicator, July 29, 1893

Click image to open full size in new tab

Article Text

THE FINANCIAL SITUATION. On the 25th the Mitchell bank at Milwaukee closed its doors Its deposits amount to nearly $3,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their loors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also falled on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockhoMers will not be more than 60 per cent. In either case. The situation on the New York stock exchange on the 26th was critical and a panic was narrowly averted. The news that the Erle railroad had gone into the hands of a receiver was largely responsible for the break in stocks which felt from 1 to 4 points. H. I. Nicholas & Ea. brokers, assigned.

15. August 27, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 27, 1893

Click image to open full size in new tab

Article Text

NATIONAL BANKS TO RESUME BUSINESS. Chicago, Aug. 26.-At a meeting of the stockholders of the National Bank of Kansas City, held here yesterday, It was unantmously decided to resume the business of the bank. Sixty-five stockholders repre. senting over 6,100 share-about a two-thirds Interestwere present. A careful Investigation showed the affairs of the bank to be In excellent condition, and by a unantmous vote the bank was declared solvent. Ways and means for the management will be sought at once and the bank will reopen within twenty days upon the policy laid down by the Controller In his recommendation. Louisville, Ky., Aug. 26.-The Fourth National Bank, one of the few Louisville banks which suspended payment during the recent pante. 'resumed business to-day. The City Nath nal and the Merchants' National will also resume within a few days. An informal meeting of the stockholders of the Kentucky National Bank will be held to discuss the matter of reopening that institution.

16. August 28, 1893 Evening Star Washington, DC
Article from Evening Star, August 28, 1893

Click image to open full size in new tab

Article Text

CONTROLLER ECKELS BUSY. Many Suspended Banks Want to Resume Business. The controller of the currency was a busy man today. President Laws of the People's National Bank of Denver, Col., which recently resumed, applied, on behalf of that bank, for authority to absorb the assets of the People's Savings Bank of that city. The controller reserved his decision. Prestdent Dow of the Commercial National Bank of Denver, and President Walters of the First National Bank of Birmingham, Ala., applied to the controller today for authority to reopen those banks. The controller has authorized the City National Bank and the Merchants' National Bank of Louisville, Ky., to resume business September 1. The only bad news received by the controller today was the suspension of the First National Bank of York, Neb.

17. August 28, 1893 The Providence News Providence, RI
Article from The Providence News, August 28, 1893

Click image to open full size in new tab

Article Text

National Banks Reopen. LOUISVILLE, Auz. 28.-The Fourth National mank. one of thefive Louisville banks to suspend paymentduring the recent panic, has resumed business. The City Nationat" and the Merchants National will also resume in a few days. CRICAGO, Aug. 28,-At a meeting of the stockholders of the National Bank of Kansas City it was unanimously decided to resume the business of the bank.

18. August 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 30, 1893

Click image to open full size in new tab

Article Text

Allowed to Reopen. WASHINGTON, Aug. 29.-The following national banks, which recently sus= pended payment, have today been permitted to reopen their doors for business: The German National Bank of Denver, Col.; the State National Bank of Denver, Col.; the First National Bank of Canon City, Col.; the Louisville City National bank, of Louisville, Ky.; the Merchants' National Bank of Louisville, Ky.; the First National Bank of Ashland, Wis., and the First National Bank of Platteville, Wis.

19. August 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 30, 1893

Click image to open full size in new tab

Article Text

Allowed to Reopen. WASHINGTON, Aug. 29.-The following national banks, which recently suspended payment, have today been permitted to reopen their doors for business: The German National Bank of Denver. Col.; the State National Ban k of Denver, Col.; the First National Bank of Canon City, Col.; the Louisville City National bank, of Louisville, Ky.; the Merchants' National Bank of Louisville, Ky.; the First National Bank of Ashland, Wis., and the First National Bank of Platteville, Wis.

20. August 30, 1893 Evening Star Washington, DC
Article from Evening Star, August 30, 1893

Click image to open full size in new tab

Article Text

More Banks Resume. The following additional national banks, which recently suspended payment, have been permitted to reopen their doors for business, viz: The German National Bank of Denver, Colorado, the State National Bank of Denver, Colorado, the First National Bank of Canon City, Colorado, the Louisville City National Bank of Louisville, Kentucky, the Merchants' National Bank of Louisville, Kentucky, the First National Bank of Ashland, Wisconsin, and the First National Bank of Platteville, Wisconsin.

21. August 31, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, August 31, 1893

Click image to open full size in new tab

Article Text

Coming Around All Right. LOUISVILLE, Ky., Aug. 31.-Two more suspended banks, the City National and Merchants National, resumed business yesterday.

22. August 31, 1893 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, August 31, 1893

Click image to open full size in new tab

Article Text

FIFTY-THIRD CONGRESS. r AFTER ITS TWO WEEKS DEBATE THE HOUSE TOOK A REST. No Business of Importance Transacted-In S the Senate the Wilson Bill Came From Committee With Recommendation of Voorhees Bill as Substitute S SENATE. WASHINGTON, Aug. 29.-In the senate today Senator Teller objected to immediate consideration of the repeal bill and it went over. Senator Stewart's resolution inquiring about the condition of the treasury was referred to the finance committee. Senator Gordon advocated the unconditional repeal of the Sherman act. HOUSE. After a little routine business in the house Mr. Catchings called up the report of the committee on rules to govern the house of the Fifty-third congress, which the house proceeded to consider. The debate was very lengthy, Ex-Speaker Reed, Speaker Crisp, Messrs. Springer, Boatner, Bryan and others participating. Mr. Springer introduced a bill to coin seignoirage silver in the treasury, and the house adjourned. . WILSON BILL IN SENATE. 1 The senate committee on finance de cided to report back to the senate the Wilson bill with the recommendation that the Voorhees bill already on the calendar be substituted for it. The \ € committee also resolved to press the bill as rapidly as possible. BANKS RESUMING. The following national banks recently suspended are permitted to re-open for business: German National and Denver; First National, Canon City, Col.; Louisville City National and Merchants National, Louisville; First National, Ashland, Wis., and First National, Platteville, Wis. 9 CONFIRMATIONS. t The senate today confirmed L C p Ross, receiver of public moneys at 6 Oklahoma: Edward G Spillman, 9 register of the land office at Kingfisher, O.T.

23. September 1, 1893 The Morning News Savannah, GA
Article from The Morning News, September 1, 1893

Click image to open full size in new tab

Article Text

Two Suspended Banks Resume. Louisville, Ky., Aug. 31.-Two more suspended banks, the Louisville City National and Merchants' National, resumed business yesterday.

24. September 2, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, September 2, 1893

Click image to open full size in new tab

Article Text

THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. REPRESENTATIVE GEARY, of California, author of the Chinese exclusion act, called on Secretary Gresham and urged him to enforce the law. Mr. Geary received very little satisfaction. SECRETARY HOKE SMITH has revoked the former ruling of the department, which held that ditches, canals and reservoirs for irrigating purposes cannot be located on unsurveyed public land. IN view of the present peaceful condition of affairs in Samoa Secretary Herbert will not send a naval vessel to Apia for some time to come to represent the interests of the United States in Samoa. SECRETARY CARLISLE does not approve the bill to permit extension of the time in which whisky may lie in bonded warehouses without incurring the penalty. He believes the matter is not of sufficient importance to justify special legislation. SECRETARY CARLISLE has recommended an immediate appropriation of $300,000 for continuing the coinage of fractional silver coin and one of $44,000 for distinctive paper for printing treasury notes. THE department of agriculture has received cable advices that the French government will admit American for age into France free of duty. THE treasury is paying out gold now. Its paper resources are exhausted because of heavy expenditures. JOHN QUINCY, assistant secretary of state, has resigned, in order that he may take charge of the democratic campaign in Massachusetts. YUNG Yu, the new Chinese ambassador to the United States, says there will be no retaliation for the Geary act until its provisions are actually enforced. THE following named banks, which recently suspended payment, have been permitted to reopen their doors for business: State national bank, of Vernon, Tex.: First national bank, of San Marcos, Tex.: First national bank, of Lockhart. Tex. A REPORT has gained circulation that the president has recently been operated on for cancer, but his friends say there is not a word of truth in it. THE senate has confirmed E. G. Spillman, West Virginia. register of the land office at Kingfisher, Ok. A fight was made against him because he was not a resident of Oklahoma, but he won. THE following national banks which recently suspended payment have been permitted to reopen their doors for business: German national bank, of Denver, Col.; State national bank. Denver; First national bank, of Canon City, Col.. Louisville City National bank, of Louisville; Merchants national bank, of Louisville: the First national bank, of Ashland, Wis.