7392. Traders Deposit Bank (Mount Sterling, KY)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: e5f31f16

Response Measures

Capital injected, Full suspension

Other: Directors assigned the bank to a trustee (deed of trust to James M. Bigstaff) and stockholders/directors circulated guarantees to secure resumption.

Description

Contemporary newspapers report a heavy run on Traders' Deposit Bank on July 27–28, 1893 (triggered by the suspension/closing of the New Farmers/Farmers' Bank), directors suspended/closed the bank July 28 and made an assignment (deed to James M. Bigstaff reported Aug 1). Later local papers report arrangements and guarantees and state the bank will reopen; by Sep 19, 1893 the paper says the Traders Deposit will reopen at an early day. Asset/liability figures vary slightly across dispatches (liabilities ~150,000; assets ~375,000–390,000). Cause of run/suspension is local_banks (suspension of neighboring Farmers' Bank).

Events (3)

1. July 27, 1893 Run

Cause: Local Banks
Cause Details: Heavy withdrawals triggered by the suspension/closing of the Farmers' Bank in Mount Sterling, causing depositors to demand funds.
Measures: Paid out funds all day; officers and directors decided to suspend payment and later made an assignment to protect depositors.
Newspaper Excerpt: Decided to Suspend. MOUNT STERLING, Ky., July 27. This evening the officers of the Traders' deposit bank decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank.
Source: newspapers

2. July 28, 1893 Suspension

Cause: Local Banks
Cause Details: Directors ordered suspension/closure after heavy run caused by panic following Farmers' Bank suspension; assignment to trustee reported Aug 1 (James M. Bigstaff).
Newspaper Excerpt: MOUNT STERLING, Ky., July 28.-The Traders' Deposit Bank is closed to-day by order of the directors. The heavy run yesterday caused the failure.
Source: newspapers

3. September 19, 1893 Reopening

Newspaper Excerpt: The Traders Deposit will reopen at an early day, as it has now secured ample money to meet every obligation, and some minor details, only, are left to be arranged.
Source: newspapers

Newspaper Articles (23)

1. July 28, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, July 28, 1893

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BANK EXAMINERS. WASHINGTON, July 28. - Comptroller Eckles has placed the national banks that failed yesterday in the hands of bank examiners 68 follows: Examiner Weightman in charge of the Oregon National at Portland, Oregon; Flynn, Ellensburg National, of Ellensburg, Wash.; Wilson, First National of Helena, Montana; Lyman, Montana National, at Helena; Jennings, First National of Spokane, Wash. DENVER, July 28th.-The Denver Hardware Company has failed for 24 large amount. No statement. MT. STERLING, Ky,, July 28.-The Traders' Deposit bank has failed as a result of a run. The liabilities are $150,000; assets $890,000

2. July 28, 1893 The Providence News Providence, RI

Article from The Providence News, July 28, 1893

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New York Market. NEW YORK, July 28.-The $347,000 of gold imported today by no means offset the apprehension arising from the increased credits of the banks caused by the issue of $3,000,000 clearing house certificates here and Boston. Chicago has joined the processionand by a vote of its clearing house members has decided to i-sue clearing house certificates whenever necessity arises. The issue of these certificates would not be a matter worthy of thought were the feelings of the business men those of confidence. But they know that the shipments of money to the interior at the rate of two millions each day is only met by the issue of clearing house credits. In other words the less the resources of the banks are because of withdrawn deposits, the more the liabilities are collectively increased by the issue of certificates. Such a practice may be remedied if the disease is known to be of a temporary nature. But when the disease is spread from east to west and is constantly growing more strained, it is not conservative to add to its strength by temporary stimulants. The settlements in London have been acomplished with ease and good results. Foreign houses are soon to receive $50,000 shares of American stocks recently bought for them in our markets, and while they are buying stocks strangely enough they are buying gold as well. The demand for gold today in London was strong. Exchange rates were unchanged, however, and the money rate here reached only 10 per cent. Whether or not the market rally of yesterday was to be continued, was 8000 settled this morning. Pricentsagged all along the line, and the average decline for the day is about two points. Delaware & Hudson alone stands firm. Mr. Weil and the "erities" made another test of the tone of the quotations this afternoon and found it soft. General electric succumbed and dropped from 458/4 at the opening to 311/-the greatest loss shown by any one stock on any one day during the recent decline. Is this an omen for the rest of the market? Notes. 197,000 ounces of silver have been ordered for Europe. The Ellensburg National bank, Washington, has suspended. The A. M. Thayer and Sparta National banks of Wisconsin have failed. The First National bank of Middlesboro, Ky., has closed. The Traders Deposit bank of Mount Sterling, Ky., DAS closed. Liabilities $150,000, assets $390,000. The sub reasury debt balance of $472.000 was paid today, $415,000 gold, $57,000 treasury notes. Copious rains are reported in the west to the great advantage of the corn crop. Four little failures are announced is London today. Warehouse receipts were pressed for sale in Chicago. This gives color to the report that banks are calling for loans on cash wheat and are determined to force its sale,

3. July 28, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, July 28, 1893

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Decided to Suspend. MOUNT STERLING, Ky,, July 27.This evening the officers of the Traders' deposit bank decided to suspend payment, owing to a heavy run on the bank today, caused by the suspension of the Farmers' bank. Officers hope to resume buslness at an early day.

4. July 29, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, July 29, 1893

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Other Business Troubles. PITTSBURG, July 28.-The Bessemer steel department of jones & Laughlin's plant closed down to-day. throwing 500 men out of employment. The men fear a long suspension. and the members of the firm re. fuse to be interviewed. A condition of uncertainty exists at the works of the Oliver Iron and Steel Company. and the thousande of employes are apprehensive of a shut-down. PITTSBURG, July 28.-The eight hundred machinists of the Westinghouse Air Brake Company at Wilmerding, Pa., have been notified of a reduction in wages of from 15 to 20 per cent. As four hundred men have already been laid off it is thought the reduction will be accepted. HARRISBURG, Pa., July 28.-The Harrisburg Rolling Mill Company. one of the largest creditors of the American Tube and Iron Company, which yesterday went into the hands of a receiver. shut down last evening. Over four hundred men are thrown out of work. BROOKLYN, July 28.-Joseph Le Comte, & manufacturer of sheet metal, made a general assignment to-day. It is 1 possibie to learn the amount of his liabilities, but they are said to be greatly in excess of his total assets. WASHINGTON, July 28. -The First National Bank. of Great Falls, Mont., which enspended this morning. has a capital of $250,000. The bank carries a line of individual deposits from $650,000 to $700,000. MOUNT STERLING, Ky., July 28.-The Traders' Deposit Bank is closed to-day by order of the directors. The heavy run yesterday caused the failure. Liabilities, $150,000; assets, $390,000. LOUISVILLE. Ky., July 28.-The AhrensOtt Manufacturing Company has notified its men that the factory force will after tomorrow be reduced to one-fourth. The

5. July 29, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, July 29, 1893

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Lowell in the Procession, BOSTON, July 28.-At a meeting of the directors of the Tremont and Suffolk Mills at Lowell, Mass., held in this city today, it was voted to operate these mills on half time beginning Monday next. In the Iron Fields. DULUTH, Minn., July 28.-The Minnesota Iron company will close all mining operations at hand in the ore mines of the company until further notice. NAGAUNEE, Mich., July 28-The North Buffalo mine of the Buffalo-Mining company closed down Wednesday night. ISHPEMING, Mich., July 27.-The Lake Superior Mining company, which laid off 250 men ten days will close down section 16 of the mine, throwing 200 more men out Saturday night. Wire Nail Mills Closed. PITTSBURG, Pa., July 28.-The wire nail manufacturers held a meeting here yesterday and in view of the depressed condition of business it was. decided to continue the shut down until September 1. All wire nail factories in the United States are shut down at present. Failures Reported Yesterday. The S. M. Mitchell bank, Martinville, Ind., has gone into voluntary liquidation. It has been backed by $500,000. The Ellensburg (Wash.) National Bank has suspended. The Traders' Deposit Bank, Mt. Sterling, Ky., has been closed during a run; liabilities $150,000; assets, $390,000. The First National Bank of Great Falls, Mont., has assets much above liabilities but has been forced to close. Two Sparta, Wis., banks have closed, the M. A. Thayer bank, liabilities $175,000; assets $225,000; and the Bank of Sparta, liabilities, $210,000; assets, $300,000. Big Figures These. PITTSBURG, Pa., July 28.-The liabilities of the American Iron and Tube company of Harrisburg are placed at $1,250,000; the assets exceed $2,000,000. The Shut Down at Waltham. WALTHAM, Mass., July 28.-Today it was announced that Green's department at the Americsn Watch factory would not start up at all on August 7th.Green's department has about 60 hands. All other departments would be affected more or less. Oldtown Concerns Closed. OLDTOWN, July 28.-Itlooks as if Oldtown would suffer some from the general business depression. Mr. Herbert Gray, proprietor of the valise factory in this city, has a large stock on hand and as the orders are not coming in as fast as usual at this season of the year, Mr. Gray expects to close the factory for a time. Carlton & Jellison's shingle mill is closed, and Mr. E. W. Conant, owner of another shingle mill, says his mill will run but a short time longer, as there is such a small demand for shingles. Four Hundred Lost Work. HARRISBURG, Pa., July 28.-The Harrisburg Rolling Mill Company, one of the largest creditors of the American Tube and Iron Company, which yesterday went into the hands of receivers, shut down last evening and will be closed indefinitely. Over 400 men were

6. July 29, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 29, 1893

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Business Failures. DENVER. July 28.-The Denver Hardware company has failed for a large amount. No statement. PORTLAND, Ore., July 28.-The Union Did Banking company has failed. small business. MT. STERLING, Kv., July 28.-The Traders' Deposit bank failed as a result of a run. Liabilities $150,000, assets $390,000. MILWAUKEE. July 28.-Specials report the failure of the German American bank, of Port Washington, and Seymour's bank. of Chiprews Falls. HARRISBURG, Pr., July 28. - The Harrisburg rolling mills. one of the largest creditors of the American Iron & Tube company. which failed yeaterday. abut down indefinitely.

7. July 29, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, July 29, 1893

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Kentucky Bank Closes. Mr. STERLING, Kr., July 28.-The Traders' Deposit Bank is closed to-day by order of the directors. The heavy run caused the failure. Liabilities are $150,000; assets $890,000.

8. July 29, 1893 The Times Richmond, VA

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More Bank Failures, ELLENSBURG, WASH.. July 28.-The Ellensburg National Bank suspended payment yesterday No statement. George B. Markle, president of the Town's Bank, 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 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 $33,000 of good assets. The officers hope to resume business at an early day. CHICAGO, ILL., July 28.-A special to the Record from Martinsville, Ind., says: B. M. Mitchell's Bank, established thirty years ago, and backed by $500,000. went into voluntary Hquidation yesterday. There is $1,000,000 in Its vaults and deposited by It in Indianapolis banks. The cause of the action, it is said, is a division of the estate. SPARTA, WIS., July 28.-Two banks

9. July 29, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, July 29, 1893

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CONCERNING BUSINESS AND FINANCE. HARRISBURG, PA., July 28.-The Harrisburg Rolling Mill Company, one of the largest creditors of the American Tube and Iron Company, which yesterday went into the hands of receivers, shut down last evening, and a notice was posted on the door that would be closed indefinitely. Over 400 men are thrown out of employment. GREAT FALLS, N. D., July 28.-The First National Bank of this city suspended this morning owing to the Helena banks suspensions. Assets are much above the liabilities and it is believed it will soon resume. CHICAGO, July 28.-On application of Adam S. Matheson, receiver of the American Tube and Iron Company of Pennsylvania, Robert K. Story was appointed receiver on the western branch of the company. Story is the western manager. The asseta of the branch are estimated at $190,000. MILWAUKEE, WIS., July 28.-Specials to the Evening Wisconsin from Port Washington says the German-American Bank at that place failed to-day. Another special says Seymour Bank at Chippewa Falls also failed to-dav. DENVER, COLO., July 28.-The Denver Hardware Company at noon to-day made an assignment to James A. McClurg. No statement is given; the liabilities and assets, however, will be large. NEW YORK, July 28.-Three hundred and forty-seven thousand dollars in gold came in on the first steamer this morning from Europe. MOUNT STERLING, Kr., July 28.-The Trader's Deposit bank is closed to-day by order of the directors. The heavy run caused the failure. Liabilities $160,000, assets $390,000. NEW YORK, July 28.-Adolph Goldsmith & Sons, jewelers and diamond dealers at No. 38 Maiden Lane to-day assigned to J. H. Monsheimer, with preferences for $38,043; debts $200,000. BALTIMORE, MD., July 28.-A summary of the bank failures in the United States from May 1st to July 22d, inclusive, shows that three hundred and one banking institutions, with a capital of $38,951, the thirty-three suspended. The Manufacturers. Record publishes a complete list of the closed banks by States, also a table which shows that five sixths of these failures and four-fifths of the capital involved were in the Western and Pacific States, while only ten per cent of the failures and eleven per cent capital involved in the South. In Colorado alone the capital involved was nearly $2,000,000 greater than the aggregate capital of all the banks that failed in the South. The number of failures in the Southern States was thirty-seven, involving $4,392,100; in the Western and Pacific States the number was 251, involving $31,259,933, and in the Eastern and Northern States 13, with $2,500,000 capital. CLEVELAND, O., July 28. - A receiver was appointed to-day to take charge of the Ohio branch of the American tube works, at Youngstown. BROOKLYN, N. Y., July 28.-Joseph Lecomte, a manufacturer of sheet metal, made a general assignment to-day. It is impossible to learn the amount of Mr. Lecomte's liabilities, but they are said to be greatly in excess of his total assets. The general depression in trade is said to have been the cause of the failure.

10. 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.

11. 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.

12. July 29, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 29, 1893

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pany aggiegates about $20,000, and it has a paid up capital stock of $85,000. DENVER. July 28.-The Denver Hardware Company has failed for a large amount. There is no statement. MOUNT STERLING. Ky., July 28.-The Traders' Deposit Bank has failed, as the result of a run; liabilities, $150,000. MILWAUKEE, July 28.-Specials report the failure of the German-American Bank at Port Washington, and Seymour's Bank at Chippewa Falls. DENVER, July 28. - The Confidence mines, in the Mogoilen Mountains. have been attached by Silver City (N. Mex.) banks and the First National Bank of this city. The attachments aggregate $45,000. The mines are owned by George Crawford of New York. PITTSBURG, July 28.-The Bessemer steel department of Jones & Laughlin's plant closed down to-day, throwing 500 men out of employment. A condition of uncertainty exists also at the works of the Oliver Iron and Steel Company and the employes are apprehensive of a protracted shutdown. COVINGTON, Ind., July 28. - The Farmers' and Merchants' Bank of this city closed to-day owing to the heavy demand for money and an inability to realize on securities. There is no statement as yet. Ex-United States Treasurer Nebeker is its president. NEW YORK, July 28.-It is learned tonight that an important meeting of the presidents of savings institutions in New York and Brooklyn was h-ld to-day, at which it was decided to recommend to the trustees and directors of the various banks to enforce the sixty days' notice clause on savings banks. CONCORD. N. H., July 28-The Derryfield Savings Bank and Trust Company of Manchester, with deposits of $150.000, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, was enjoined to-night from transacting any further business by Bank Commissioner Lyford.

13. July 29, 1893 The Sun New York, NY

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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.

14. July 29, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, July 29, 1893

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It Closed. MT. STERLING, Ky., July 28.-The Traders' Deposit bank closed today by order of the directors. A heavy run yesterday caused the failure. Liabilities $150,000; assets $390,000.

15. July 29, 1893 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, July 29, 1893

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NEWS NUGGETS. Srought by the Wires From the North. East South and West. The Ellensburg National Bank of Ellensburg Wash. suspended payment Thursday. The First National Bank of Great Falls, Mont., suspended Friday noon. The bank's assets are much above the liabilities. A Negaunee (Mich.) dispatch says that the North Buffalo Mint of the Buffalo Mining Company closed down Wednesday night. The Minnesota Iron Company will immediately close all mining operations at the hard ore mines of the company in Michigan until further notice. Adolph Goldsmith & Son, jewelers and diamond dealers, 38 Maiden lane, New York, have assigned. It is believed their liabilities will be large. A special from Port Washington, Wis., says the German American Bank at that place failed Friday. Seymour's Bank at Chippewa Falls also failed. At a meeting of the Tremont and Suffolk mills at Lowell, Mass., held in Boston, Friday. it was voted to operate these mills on half time. beginning Friday. Surgeon Martin of the navy, on duty at Marseilles, cabled Dr. Wyman, surgeonveneral of the marine hospital, Friday that cholers prevails at Lavalette and Aubenas, France. James G. Hill of the Great Northern Railway has purchased the Sioux City Northern Railway and also the Sioux City, Yankton & Southwestern Railway now under construction. An Ishpeming (Mich) telegram says that the Lake Superior Iron Company, which laid off 250 men 10 days ago, will close down section 16 of their mine, throwing 200 men out, Saturday night. The New Farmers' Bank of Mt. Sterling, Ky., closed its doors Friday. The deposits are about $300,000. The bank holds first-class paper to the amount of $600,000. Depositors will be paid in full. The Traders' Deposit Bank of Mount Sterling, Ky., has suspended owing to H the avy run bn the bank Tuesday caused by the suspension of the Farmers' Bank. The bank owes $150,000 and has $390,000 of assets, po The wire nail manufacturers of Pitts. burg, Pa., held a meeting and, in view of the depressed condition of business. it WHS decided to continue the shut down until Sept. 1. All wire nail manufactories in the United States are shut down at present. The schooner Aldine from Rockport, Maine, July 15, for Port De Paix. Hayti, hich put into Bahia for repairs, has been the pas that she discharge her cargo, as she is leakng badly and her upper works are dampase Two banks closed their doors at Sparta. Wis., Friday, the M. A. Thayer bank and the Bank of Sparta. Liabilities of the Thayer Bank are about $175,000. and the assets $225,000. The liabilities of the Bank of Sparta are 8210,000, with assets 10 The Harrisburg Rolling Mill Co., one of the largest creditors of the American Tabe and of Harrisburg. Pa., which

16. August 1, 1893 The Mt. Sterling Advocate Mount Sterling, KY

Article from The Mt. Sterling Advocate, August 1, 1893

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On mers Bank failed to open its doors for business. The news quickly spread over the city and created no little excitement. The steady drain on the ready money of the bank by depositors was more than it could stand and finally it had to succumb to the pressure of circumstances and suspend pay ment. For the last four months there has been a shrinking of the deposits, and since it seemed impossible to realize on its paper. There was nothing else left to be done but to close its doors. The liabilities of the bank reach $300,000, and it has in available assets over $600,000. There can be no question but that every depositor will be paid in full, and there is good ground for the belief that the stockholders will lose little or nothing. This bank has been the special favorite for the deposit of the fund of widows, guardians and estates, and has always enjoyed the confidence of the community. It was a heavy blow to the more helpless portion of the community when it was forced to the wall. The scenes were pitiable when women looked the situation in the face and felt their strong rock of business defense was taken from them. The closing of the doors of the New Farmers Bank was the signal for a run on the other banks. The drain on all of them was heavy, but the Traders Deposit seemed to be the special point of attack. All day long the tellers stood at the counters and paid out the money in a steady strèam till the hour for closing. Not one sign ef weakening was seen in the face of any official of the bank; but after closing hours the directory thought it better to suspend payment than to face the certainty of the continnation of the run of the day. No bank, however strong, could stand such a drain on its available cash. Therefore the officials reluctantly decided to give up the unequal fight and make an assignment. The deed of trust was made at 5 :40 o'clock to James M. Bigstaff. Thus in one day M. Sterling saw two of her staunch business enterprises driven to the wall. The condition of the bank is in every respect good. It has $390,000 of good paper and liabilities to the amount of only $150,000There is no reason in the world why this bank should not be on its feet again in a very short time.

17. August 1, 1893 The Mt. Sterling Advocate Mount Sterling, KY

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In the afternoon the seene contrasted strangely with that of the morning. From 2 p. m. till evening there were very few on the streets; in fact, the town looked deserted. So dead was the calm after the stormy scenes of the morning that the contrast was almost painful. Any Sunday afternoon would have found as many people on the streets. Both the the Mt. Sterling National and the Exchange Banks are all right now and deeper rooted than ever in the confidence of the people. The Traders Deposit Bank is already at work to arrange for reopening, and it will be but a few days till it will be doing business as serenely as if a squall had never struck it. We have the proposition to make to any who are indebted to the ADVOCATE-let the sum be large or smallthat we will take a check on either the New Farmers or the Traders Deposit Banks in payment for the same and give a clear receipt. We are positive in our faith that both banks will pay every dollar, and that at no distant date. The banks at Indianapolis, Ind. have shared in the fate of others. People who knew nothing about banking methods wanted every dollar of their deposits, and of course went after it in a hurry, and got there just in time to see the blinds pulled down. Louisville banks, five in number closed their doors two weeks ago, and yet when the causes were made known, the depositors were not satisfied until they were taught a lesson on banking. The lesson was a public one, and every man here should have known better than to have make a run, because any bank which makes money for its creditors cannot stand a general run from its depositors. This is the cause of a suspension of one of the Kansas City banks. A lady presented a check for payment. She was unknown to the officers and they asked that she be identified, when she left the bank very much excited, saying they could not pay her check, causing great excitement and a run. Is there a man in this county who wonld rejoice over the suspension of any business interest We hope not. There are many reports going the rounds, and we would be slow to believe any man so mean as to delight to prey on a dead carcass. Some of the persons loudest against the banks in the runs made last week on them, did not have a dollar to their credit; some less than five dollars and others were overdrawn. Several gentlemen who had lost their equiblirium presented large checks for payment at the Mt.Sterling National Bank and received the state ment that the bank would not submit to a run. They saw their folly and tore up their checks. Five checks in the hands of such gentlemen aggregated $33,000. One lady wanted her money bad from the Exchange Bank, but when assured that it was safe, returned home perfectly satisfied, but when the excitement became general, she returned and drew her money and wanted a merchant to take'care of it. He informed her he would not be responsible for it, but would return it with his deposits to the same bank, which restored her confidence and she returned her money to the bank. Amidst the greatest excitement, business men who knew banking methods, pressed their way to the cashiers and left their deposits, They had read the bank statements. and

18. August 1, 1893 The Mt. Sterling Advocate Mount Sterling, KY

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WHO WILL BE HURT?. The foolishly excited people who have aided to bring about the suspension of the*two banks, in Mt. Sterling, may thank their stars, if it shall not yet redound to their own deadly hurt, in a financial sense. The New Farmers Bank holds $600,000 of paper, a large part of which, of course, belongs in this county. The Traders Deposit holds nearly $400,000 more. Suppose because of the foolish thoughtlessness of some who should know better, that these two banks were to go into liquidation and the people of this county be called upon to take up this $1,000,000 worth of paper. Upon the present state of the money market, tell us, please, how much would the property that must be sacrificed to pay this vast amount bring Who is to blame for this threatened state of affairs? From whom, pray, must this money come From the banks? No sir, but from you, Mr. Panic-Stricken-Depositor,from your father, your brother, you son and your neighbor. You may injure the bank by writing your check in a time like this, but it will prove a boomerang whose rebounding stroke will be more deadly than the first cast. Your land is worth to-day $60. $80 or $100 per acre; force the collection of this $1,000,000 and tell us what it will bring ninety days hence. Mr. Big-Land-Owner, you would be a much richer man with your money on deposit, all lost, and the bank solid, than with the bank broken and forced to collect at once its debts in the county and your money in your pocket. Don't hold a silver dollar so close to your eye that it will hide the great broad acres of goodly heritage that lie all around you. There are many evils chargable to the banks, we grant you, but they have rights that for own sake, if for no higher motive, we are bound to respect. All this is said along the line of honest banking. We have presumed that the officials were honest in their dealings and that they were entitled

19. August 1, 1893 The Mt. Sterling Advocate Mount Sterling, KY

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ing on its business credit, together with a combination of unfortunateand unforseen circumstances over which the managment could have no control. For instance: when a bank in a neighboring city suspended a few weeks since, some heavy depositors of the New Farmers Bank, living not far from our sister city, withdrew their deposits and when this same bank opened again, other depositors, living in the same neighborhood also withdrew their deposits to loan to the suspended bank. Thus, the New Farmers Bank, from no fault on its part, lost thousands of dollars of deposits because of the failure of another bank, and because of of its reopening-no bank could stand such strains let it be ever SO sound. The run on the other banks after the New Farmers had closed its doors was senseless. The Traders Deposit caught it heaviest on Thursday as it happened. It was totally unlooked for, the President having gone that very morning to look after his farming interests in Bath county, one director going out of the State on a trip and others to their business calls in one direction and another, all knowing that the bank was sound, and never dreaming of trouble; and when the storm burst with such suddenness and fury it was as complete a surprise to the officers as to the busiuess men of the city. The attacks on the Exchange and the Mt. Sterling National on Friday morning were more savage than had been on the Traders, but fortunately these bauks had been able take thought for the situation and be prepared for the mob (for it was little else) when it did come. THE MT. STERLING BANKS ARE ALL RIGHT. The Mt. Sterling National and the Exchange are as solid as a rock. The Traders Deposit, which closed with more money on hand than the law demands, and more than it often had in its vaults during the conduct of its legitimate business, will be open in a few days. It will be open, too, with much more money than it closed with. Several of its friends, we are informed, offered large deposits while its doors were closed for business, determined to show to the business world their faith in its integrity. It shall be our aim to induce some of our better informed bankers from time to time, to write popular articles on the conduct of banks that our people may become better informed as their mode of doing business. We shall ask the Cashier of each bank in Mt. Sterling for such an article, and will take pleasure in giving it to our readers.

20. August 1, 1893 The Mt. Sterling Advocate Mount Sterling, KY

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Traders Deposit Bank-It WIII Resume. 1t had been reported that the Traders Deposit Bank would resume yesterday, July 31. This in ordinary times as far as dollars and cents are concerned, could have been done. But with financial clouds lowering it was demed best to take other steps. In an interview with Mr. E. C. Orear, VicePresident, we learned facts which we think of interest. On the question of resumption there are not a few men who think the one and only thing necessary would be to open doors and begin business, which is a very wide mistake. The first step taken by the bank was to offer a guarantee to its depositors, thereby assuring them of their own faith in their institution and giving anditional security. As it now is the bank has liabilities amounting to $147,000, with assets amounting to $375,000. The directery and stockholders will add their personal backing, increasing the security to what in our opinion will amount to from $750,000 to $1,000,000. Papers have been circulated and the depositors have gladly taken up the matter, and already more than half in both number and amount have given their consent to cancellation of assignment and resumption on terms proposed by the bank. To a person who knew with what amount of cash this bank had been run, it seems that the suspension was unnecessary. But with an unceasing and quiet draw at the close of business Thursday, they had paid out over their counter about $20,000 more than they had taken in, and the officers were afraid of an increased run the

21. August 3, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, August 3, 1893

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FEW MORE FAILURES. Chippewa Falls, Wis., July 28.-The private bank of D. E. Seymour posted a notice at the opening hour this morning to the effect that on account of the stringency in the money market and inability to make collections they were obliged to suspend payment. There was a small run on the bank yseterday to which, together with the withdrawal of the city and county funds by /the krespective treasurers, can be attributed the closing of the bank. The assets far exceed the liabilities and it is believed in a few days Seymour will pay every dollar. There was much excitement manifested on the street and steady withdrawals of money from the First National and Lumberman's National. It is believed they have money enough to pay all. Port Washington, Wis., July 28.-The German-Ameircan bank closed its doors this morning. Mt. Sterling, Ky., July 28.-The Traders' Deposit bank stood the strain of a heavy run all day yesterday, but the officers concluded that the wisest thing to do was to assign,as the chances were that today's run would be heavier than yesterday. The bank owes about $150,000. The assets are double this amount. New York, July 28.-The failure of Horatio D. Averill was announced at the Consolidated exchange this morning. Liabilities small. Adolph Goldsmith and Sigmund A. Goldsmith & Son, jewelers and diamond dealers at No. 38 Maiden lane, today assigned, with preferences for $38,043.38 to numerous creditors. Great Falls, Mont., |July 28.-The First National bank of this city closed its doors this morning by order of the directors. No reason is assigned and a statement is refused by bank officers. Liabilities according to the last statement, reach $600,000 or $700,000. S. C. Ashby, the largest dealer in agricultural implements in Montana with stores at various points, assigned today. Washington, D. C., July 28.-Comptroller Eckels was advised that the Chamberlain National bank, of Chamberlain, S. D., capital $50,000, individual deposits $15,000, failed today.

22. 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.

23. September 19, 1893 The Mt. Sterling Advocate Mount Sterling, KY

Article from The Mt. Sterling Advocate, September 19, 1893

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The backbone of the financial panic is undoubtedly broken, and the worst is clearly passed. The financial outlook, the country over, daily grows brighter. Reports from the great money centers continually give more encouraging statements of matters. The banks are rapidly retiring vast amounts of Clearing House certificates, issued to meet the expenses of the times. They are paying out money on checks. The premium on currency has disappeared, and they are now loaning to their customers. In our own city the banks now open are in fine shape. The Traders Deposit will reopen at an early day, as it has now secured ample money to meet every obligation, and some minor details, only, are left to be arranged. Cattle are going off and whilst the price is low, still a large amount of money is being put into the country from this source. Tobacco is commanding a good price, and the market seems to be in that shape that precludes a possibility of its going back. There are many crops of old tobacco in the hands of the raisers, and the crop that has been housed is, pronounced by all, the best in the burley district, both in quality and quantity. This must bring much money to us. Altogether the outlook for Montgomery seems to be anything but unfavorable. Times are brightening and money will soon be much easier here.