7441. Pineville Banking Company (Pineville, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 29, 1893
Location
Pineville, Kentucky (36.762, -83.695)

Metadata

Model
gpt-5-mini
Short Digest
8ea6e959

Response Measures

None

Description

Multiple contemporary newspapers report the Pineville Banking Company closed its doors on July 29/30, 1893. No article describes a depositor run on this specific bank; causes are attributed to the general financial stringency and inability to realize on securities. Therefore classified as a suspension that resulted in closure (permanent).

Events (1)

1. July 29, 1893 Suspension
Cause
Macro News
Cause Details
Closed during the nationwide financial stringency of July 1893; inability to realize on securities and general panic conditions cited in contemporaneous reports.
Newspaper Excerpt
The Pineville Banking Company at Pineville, closed its doors yesterday.
Source
newspapers

Newspaper Articles (8)

Article from Alexandria Gazette, July 29, 1893

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TELEGRAPHIC BREVITIES. Lewis & Dryden, the largest publishing house in Oregon, has gone into the hands of a receiver. George T. Carpenter, chancellor of Drake Univerity, at Des Moines, Iowa, died at 11 o'clock this morning. The loan committee of the New York clearing house issued $50,000 certificates making total outstanding to date $25,450,000. A registered mail pouch containing $50,000 in securities left the Salt Lake postoffice, eastbound, July 8, and has not since been heard from. At the pienic of the hop growers association at Sylvan Beach near Rome, N.Y., to-day, Senator David B. Hill made an eloquent address, his subject being "Personal Liberty." The building occupied in Chicago by the Chicago Oil Refining Co., a large lumber shed, and four dwelling houses were destroyed by fire last evening. Loss $65,000, insurance about the same. In Mobile, Alabama, yesterday, Bolivar Hudson, a man 69 years old, was convicted of a homicide committed 24 years ago and sentenced to five years i nprisonment in the penitentiary. Gov. Boies, of Iowa, says he is through with politics. Under no circumstances will he accept another nomination for Governor, and says he would not accept the senatorship as a gift. A cable dispatch from London says the yacht Britannia has been selected to protect the gold cup challenged for by the American yacht Navahoe in September. The race will take place off the Isle of Wight. George C. Perkins, the newly appointed U. S. Senator from California yesterday said "I am in favor of bimetallism to a certain extent and will do everything that I consider will benefit the middle classes of the country on which I consider our prosperity mainly depends." The Pennsylvania Railroad Company is preparing to run a series of excursions to Chicago for its emplyees. Transportation will be free and the employces will be given a week's holiday. The transportation agreement provides that the wives, daughters and brothers of the employees may accompany them. The first train will leave New York to-day. At Pittsburg this afternoon a seven story brick and iron building at the corner of Spring alley and Ninth street, owned by the Second National Bank collapsed and crumbled to the ground. About forty workmen were seated inside the building eating their dinners. The men all rushed for the street and escaped, save two, who are yet missing and are supposed to be covered under the many tons of debris. Chambersburg, Pa., was crowded yesterday with people from all along the Cumberland Valley from Harrisburg to Winchester, Va., to witness the dedication of the monument erected by popular subscription. This monument commemorates the burning of Chambersburg by Confederate forces under General McCausland on July 30, 1864 The exercises consisted of a parade, participated in by civic and military organizations from a radius of fifty miles, the singing of national airs by a choir of one hundred voices, and an oration by W. I. Cook, of Baltimore. The monument was presented to and accepted by the City Council. No. 2 Corning Mill of the American Powder Company at South Acton, Mass., blew up at 8:20 o'clock this morning. One man was instantly killed. The explosion was very severe and broke most of the glass in the buildmgs near the mills. There were 2,500 pounds of powder in the mill at the time. Last year the company had two mills blown up. An amputation of the hip joint, one of the most dangerous of operations and the thirteenth of its kind in the annals of surgery in this country, has been successfully performed upon Mrs. Josephine Jaherg, of Rahway, N. J., by Dr. Victor Marvlag. The form of operation was that known as Diffenbach's operation. The following failures are reported to-day Farmers and Merchants' Bank of Covington, Ind.; the C. W. Chapin & Co.'s private bank at Stanton, Mich the Pineville Banking Company at Pineville, Ky; the Citizens' Savings and Loan Association's Bank of Akron, Ohio; and the First Natiodal Bank of Kankakee, Ills. NEW YORK APPOINTMENTS.-President Cleveland's private Secretary, Mr.


Article from Evening Star, July 29, 1893

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WESTERN BANKS CLOSE. Ex-Treasurer Nebeker's Institution Goes to the Wall. AKRON, Ohio, July 29.-The Citizens' Savings and Loan Association of Akron closed its doors at 10:30 this morning. The cause given was constant drain upon resources by drawing out of deposits. The bank is regarded as in a perfectly sound condition, and will pay dollar for dollar. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. COVINGTON, Ind., July 29.-The Farmers and Merchants' Bank of this city, closed up at 1 o'clock vesterday. At noon the cashier said the reason was the present financial stringency, and inability to realize on its security. Ex-United States Treasurer Nebeker is the president. LOUISVILLE, Ky., July 29.-The Pineville Banking Co. at Pineville, closed its doors yesterday. It was considered the best bank in Southeastern Kentucky. The president will surrender all his individual property to help the bank out. KANKAKEE, Ill., July 29.-The First National Bank of this city falled to open its doors this morning. A notice posted on the doors states that the assets are ample to meet all claims. The bank has a paid-up capital of $50,000 and a large surplus. It was organized in 1871. The bank carried a large line of customers and has been and still is considered all right. E. "Cobb, the president of the bank, is the heaviest stockholder and is a very wealthy man. It is probable that the bank will resume in a short time. The Merchants' National of Chicago and American Exchange National of New York are its principal correspondents.


Article from The Times, July 30, 1893

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MORE FINANCIAL TROUBLES. The Citizens' Savings and Loan Association Closed. AKRON, O., July 29.-The Citizens' Savings and Loan Association of Akron closed its doors this morning. The cause given is the constant drain upon its resources by the drawing out of deposits. The bank is regarded as perfectly sound in condition, and will pay dollar for dollar. The capital stock is $100,000 with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. Tannie Aeld Factory to Shut Down. KNOXVILLE, TENN.. July 29.-The tannic acid factory of this city will be shut down next week indefinitely. This plant was erected several months since by the Standard Tannery Company, of Chicago, and represents an outlay of over $100,000. Over 200 men will be thrown out of employment. Run on Trenton Savings Bank. TRENTON, N. J., July 29.-A run com. menced this morning on the Trenton Savings Bank, and by noon about $30.000 was paid out. The bank is one of the strongest in the State, having a clean surplus of $260,000. The money was in new silver dollars, just received from the Philadelphia mint. All Trenton is in excellent shape, and no suspensions will occur. Pineville Banking Company Closed. LOUISVILLE, KY., July 29.-The Pineville Banking Company, at Pineville, closed its doors yesterday. It was considered the best bank in Southeastern Kentucky. The president will surrender all his individual property to help the bank out. Farmers and Merchants Bank. COVINGTON, IND., July 29.-The Farmers' and Merchants' Bank, of this


Article from The Sun, July 30, 1893

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business men. These banks remained open after hours. PORTLAND, Ore., July 29.-The Commercial National Bank, Portland Savings Bank, and the Ainsworth National Bank failed to open their doors this morning. With the exception of a slight run on the First National Bank. the largest bank in the city, there is no excitement. The Commercial National and Portland Savings Bank are under the same management, A notice posted on each of the suspended banks says: This bank is forced to temporarily suspend owing to the heavy withdrawal of deposits during the last sixty days and inabile ity to realize on securities. Depositors will be paid in full." The Commercial National Bank had a paidup capital stock of $250,000. The Ainsworth National had n capital stock of $100,000. The statement of the Commercial National and the Ainsworth National published July 12, shows resources as follows: Commercial. $1,950.000; Ainsworth, $687,000. Deposits-Commercial, $1,455,000; Ainsworth. $447,000. The Ainsworth National is a United States depository. No statement has yet been made of the condition of the Portland Savings Bank. It has a capital stock of $260,000 with a surplus of $202,000. AKRON. O., July 29.-The Citizens' Savings and Loan Association of Akron closed its doors at 10:30 o'clock this morning. The cause given WAS constant drain upon resources by drawing out of deposits. The bank is regarded as sound. The capital stock is $100.000. with $60,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. Edwin F. Voris has been appointed receiver. Nelson Stone. cashier of the City National Bank. said he thought the effect of the failure on Akron's financial condition had been discounted. The bank lost $300.000 in deposits last month. CHICAGO. July 20.-Stevens & Ross, who did business in a small way at 204 Fifty-fifth street. under the name of the South Park Bank. failed yesterday. When the depositors called at the bank this morning they found a card on the door which announced: This bank is closed bv order of the Court. T. Stevens. receiver." The failure is a small one and will cut no flgure in financial troubles. GRAND RAPIDS. Mich., July 29.-Local creditors yesterday were advised of the closing of the C. W. Chapin & Co. private bank at Stanton. Montealm county. owing to a rush of depositors for cash. No statement of the assets and liabilities has been given out. LOUISVILLE, July 29.-The Pineville Banking Company at Pineville, Ky., closed its doors yesterday. It was considered the best bank in southeastern Kentucky. The President will surrender all his personal property to help the bank out. FORESTVILLE, N. Y., July 29.-The examiners report that the total liabilities of Ward's Bank foot up $90,000. The assets will not exceed $20,000. MILWAUKEE, July 29.-The Savings Bank of Baraboo. Wis.. closed its doors this morning. This notice was posted: 'Failure to receive money confidentally expected. the stringency of the money market. and inability to realize on assets renders suspension of payment necessary." There are slight runs Oil other banks in the place.


Article from The Portland Daily Press, July 31, 1893

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DOLLARS AND CENTS. More Western Banks Have Closed Their Doors, AND MORE MILL WHEELS HAVE CEASED TO TURN. But It Is Believed That Bottom Has Been Touched-The Watch Makers Will Have a Rest-Nashua Shoe Shops Close -Signs of Returning Confidence in Business Circles. NASHUA, N. H., July 29.-The Williams belt factory shut down this morning. Work will be resumed Monday but with only one-third of the help. The cause is lack of orders. Moulton's shoe shop shutdown this morning on account of inability to make collections. In the two factories 400 hands are thrown out of work. HAMILTON, Ont., July 29.-The McNeil and Urban Safe and Lock Company, one of the largest concerns of its kind in the country, made an assignment yesterdao. Liabilities, $400,000; assets fully double that amount. CoVINGTON,Ky.,July 29.-The Farmers and Merchants' bank of this city closed yesterday, by reason of the present financial stringency, and inability to realize on its securities. Ex-United States Treasurer Nebeker is the president. LOUISVILLE, Ky., July 29.-The Pineville Banking Company at Pineville closed its doors Friday. It was considered the best bank in southeastern Kentucky. GRAND RAPIDS, Mich., July 29.-C. W. Chapin & Co.' private bank at Stanton, Montcalm county has suepended owing to the rush of depositors for their cash. Leather Company Assigns. MILWAUKEE, Wis., July 29.-The R. Suhm Leather Company, operating the Kinnicinnie tannery, assigned Friday to John J. Suhm, who gave bonds for $80,000. Run on a Brooklyn Bank. BROOKLYN, N. Y., July 29.-There is a slight run on the Brooklyn Savings Bank. About 100 peaple are in line. The run is caused by the action of the savings banks' presidents, Friday, requiring 30 days notice. The cashier says the bank is in good condition and all the depositors who demand their money will be paid in full. Discouraging Outlook for Watch Making WALTHAM, Mass., July 29.-Late intelligence regarding the situation in the watch making centres of the United States is far from the encouraging. All the American Waltham Watch Company's foremen have been instructed as to reducing their working forces. In some cases there will be a down of per cent. and in all 1500 be 50 thrown hands cut will out of work indefinitely. Of the hands who are retained a large number will have to look for reduced pay, 15 per cent. being cut off in some cases it is said. Letters received today from the Elgin factory report the situation even worse than in Waltham. Sixteen hundred watchmakers will be discharged there on August 1st and the pay roll of $120,000 a week will be reduced about one-half. There are 500,000 movements in stock there valued at half a million dollars. The concern is all right financially, having a surplus on hand of a million dollars of undivided profits. More Mills Shut Down. PITTSFIELD. Mass., July 29.-Hinsdale Bros. woolen manufacturers atHinsdale. will shut down tonight two of their three mills, throwing 150 hands out of employment. The largest order ever received by this firm was recently cancelled and the outlook is too discouraging to conat The third mill will tinue business five present. run days each week for the present, employing 100 hands. Mr. Hinsdale said this afternoon that he could not market the goods and was compelled to shut down. D.M. Collins & Co., who run a large knitting mill in this city, find business so slack that they will probably shut down their whole plant soon. New Jersey Savings Banks. NEWARK, N. J., July 29.-There was a slight run on the Howards' Savings Institution today. The officers says they have plenty of money to pay all demands TRENTON, N.J., July 29.-A run commenced this morning on the Trenton Savings Bank, and by noon about $30,000 was paid out. The bank has a surplus of $268,000. Steel Works Shut Down. BRADDOCK, Pa., July 29.-It is reported here that the Edgar Thomson steel works are to close indefinitely in all departments either during next week or the week following. Two of the furnaces were blown out Thursday, and another yesterday. This fact lends color to the report that the mill will suspend operations. The officials will neither confirm nor deny the rumors. Six furnaces are in blast, but 450 men have been laid off. Providence Mills Close. PROVIDENCE, July 29.-The Redman Manufacturing Company of Lafayette, engaged in the manufacture of Kentucky jeans, has decided to close all of mills part of during is reported August that and September. owners its It other mill in the town will soon follow suit. Western Publishing House Failed. PORTLAND, Ore., July 29.-Lewis & Dryden, the largest publishing house in


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

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The Banks of Pineville are, we are glad to say, perfectly safe. There is no dauger of a run being made on them. We might add a very good reason for no run being started, and that is that the deposits are entirely too scarce and small to excuse any such precedings.-Messenger. The Pineville bank closed Saturday.


Article from Delaware Gazette and State Journal, August 3, 1893

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THE BUSINESS DEPRESSION Many Banks and Commercial Institutions Involved. THE SITUATION IS ALARMING The Tumble Thought to be Only Temporary. Many of the Banks Prove to be of the "Wild Cat" Type, and Their Downfall is of Little Consequence--Some Are Recovering From the Crash. DULUTH, MINN., July 28.-Word was received from the headquarters of the Minnesota Iron Company, in Chicago, to close all mining operations at the hard ore mines of the company until further notice. About 300 men will be kept at the several mines to ship the ore now in stock piles. The towns of Tower and Ely are almost entirely dependent on the work of the mines. 200 MORE MEN TO BE DROPPED. ISHPEMING, MICH. July 28.-The Lake Superior Iron Company, which laid off 250 men ten days ago, will close down Section 16 mine, throwing 200 men out, Saturday night. REFUSED TO HAUL FREIGHT WITHOUT PAY. NEGAUNEE, MICH., July 28.-The North Buffalo mine of the Buffalo Mining Company closed down Wednesday night. The railroads refused to haul away paid. the ore until the freight bills were WILL CONTINUE IN OPERATION YOUNGSTOWN, O., July 28. - The American Tube and Iron Company failure caused a sensation here. The works will continue in operation. ELLENSBURG, WASH., July 28.-The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of the two banks which failed in Portland, yesterday is also president of the Ellensburg bank. FAILED WITH $100,000 CASH. MARTINSVILLE, IND., July 28.-The S. M. Mitchell Bank, established 30 years ago and backed by $500,000, went into voluntary liquidation yesterday. There is $100,000 in its vaults and deposited by It in the Indianapolis banks. The cause of the action, it is said, is the division of the estate. TWO BANKS FAIL AT SPARTA. SPARTA, WIS., July 28.-Two banks closed their doors here yesterday-the M. Sparta. A. Thayer Bank and the Bank of The cashiers of both institutions claim the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000, and the assets at $225,000, while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500,000. HOPE TO SOON RESUME BUSINESS. MT. STERLING, Kr., 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 $890,000 of good assets, and the officers hope to resume business at an early day. THREE FAILURES IN SALT LAKE. SALT LAKE, UTAH, July 28.-The heaviest failure of the depression OCcurred here yesterday, it being S. C. Ewing of the Cullen Hotel, with liabilities $37,229; assets placed at about double. Hard collections and light travel are given as the cause. The Exposition dry goods and notion store also failed. Liabilities, $8,411; no statement of assets. CLEVELAND, OHHo, July 29.-A special from Youngstown, Ohio, says: The failure of the American Tube and Iron Company is not looked upon as serious by the local manufacturers con versant a with the facts. They believe that it is only temporary embarrassment and that everything will out right soon. The em usual. ployes will receive their pay to-day, as Walter Kaufman, the local manager says that in his opinion the mills would resume inside of two weeks, as there are many orders on hand. AN OLD SAFE COMPANY ASSIGNS. HAMILTON, O., July 29.-The McNeal & Urban Safe and Lock Company, one of the eldest safe firms in the country have as signed to Howard Douglass of Cincinnat Assets, $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but claimed that it is solvent IN A RECEIVER'S HANDS. PORTLAND, ORE., July 29.-Lewis & Dry den, the largest publishing house in thi section of the country. has gone into th hands of receiver. The object is to pre vent an attachment, so that the concer may continue its business under receive Assets, fully $100,000, and debts not mor than $20,000. DEPOSITORS RUSH FOR THEIR CASH. GRAND RAPIDS, MICH., July 29.-Loca creditors yesterday were advised of th closing of the C. W Chapin & Co., privat bank at Stanton, Montcalm county owin to a rush of depositors for their cash. N statement of assets and liabilities has beer given out. THE PRESIDENT WILL STAND BY HIS BANK LOUISVILLE, KY. July 29.-The Pine ville Banking Company, at Pineville closed its doors yesterday. It was con sidered the best bank in Southeaster Kentucky The president will surrende all his individual property to help th bank out. COULD NOT REALIZE ON SECURITIES. COVINGTON, IND., July 29 The Farme and Merchants Bank of this city closed yesterday. The cashier said the reaso was the present financial stringency inability to realize on its securities. president. United States Treasurer Nebeker is th MAY REALIZE TEN PER CENT. LINCOLN, NEB., July 29.-Receiver Ha den of the defunct Capital National Ban! is authority for the statement, made ye terday, in answer to inquiries of the positors, that they might realize 10 P cent on their claims. Mr. Hayden bases his claim upon tl very poor outlook for securing muc money from the stockholders, who. suspicious land transfers and a condition of affairs which the stringency in financi circles has brought about, claim that th cannot borrow money on their person property or dispose of it at any price. WILL SHUT DOWN INDEFINITELY. KNOXVILLE, TENN., July 29. --The tann acid factory of this city will be shut dov next week indefinitely. This plant erected several months since by the Sta dard Tannery Company of Chicago, a represents an outlay of over $100.00 Over ployment. 200 men will be thrown out of er TO EXAMINE FOSTER'S BANK BOOK. FOSTORIA, O., July The creditors Foster & Company and Charles Fos have held a largely attended secret meeti and raised fund to employ an expert make examination of the books of bank. This will be done in order to


Article from The Progressive Farmer, August 8, 1893

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CONTINUED PROSPERITY(P) The Banks and Mercantile Concerns Still Close Their Doors, Though "Confidence Has Been Restored"--Gold is Coming Back Before the Sherman Lawi Repealed and that Gives the Lie to Chicago Platform. ELLENSBURG, Wash July 28-The Ellensburg National Bank suspended payment yesterday. No statement is made. George B. Markle, president of the two banks which failed in Portland yesterday, is also president of the Ellensburg bank. CHICAGO, July 28-A special to the Record from Martinsville, Ind., says: The S. M. Mitchell bank, established thirty years ago, 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 this action, it is said, is for a 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 claim the action was taken to protect the depositors, and that the banks will resume. The liabilities of the M. A. Thayer bank are placed at about $175,000 and assets at $225,000; while the liabilities of the Bank of Sparta are said to be $210,000, with as sets of $500,000. MOUNT STERLING, Ky., July 28 -Last evening the officers of the Traders' Deposit bank decided to suspend payment, owing to the heavy run on the bank yesterday, caused by the suspen sion of the Farmers' Bank. The bank owes $150 and has $390,000 of good assets. The officers hope to resume business at an early day. NEW YORK, July 28. The failure of Horatio D. Averill was announced at the Consolidated Exchange this morning. His liabilities are small. NEW YORK, July 28.-Adolph Goldsmith and Sigmund A. Goldsmith, composing the firm of Adolph Goldsmith & Son, jewelers and diamond dealers, No. 38 Maiden Lane, to day assigned to Jones H. Monsheimer, with preferences for $38,043 to numerous creditors SAN ANTONIO, Texas, July 28 -The extensive coal mines of the Minerva Colliery company in Webb county, have closed down, throwing a large number of men outof work. As there is no prospect of resumption at the mines at present, many of the miners are leaving the county PROVIDENCE, R I., July 28 -The following cotton mills in Burrillville have closed: A. L Sales & Sons, Arnold & Perkins. Job E Fiske, Jr, W. A. In man, William Finkham & Co., J. J Nicholas & Sons CHIPPEWA FALLS, Wis., July 28 -G. W. Seymour's private bank closed its doors here this morning. There are runs on all the other banks in town. PORTLAND Oregon, July 28 -The Union Banking Company has suspended. GREAT FALL, Mont, July 28 -The First National Bank of this city sus pended payment this morning. KANKAKEE, Ills., 29.-The First Na tional Bank of this city failed to open its doors this morning. The notice posted on the doors states that the assets are ample to meet all claims. LOUISVILLE, Ky., July 29 The Pineville Banking Company, at Pineville, closed its doors yesterday. It was con sidered the best bank in Southeastern Kentucky. The President will surrender all his individual property to help the bank out. COVINGTON, Ind., July 29 -The Farmers' and Merchants' bank, of this city, closed yesterday. The cashier said the reason was the present finan cial stringency and inability to realize on its securities. Ex United States Treasurer Nebeker is its president. KNOXVILLE, Tenn July 29.-The Tannic acid factory of this city will be shut down next week indefinitely. This plant was erected several months since by the Standard Tannery Company, of Chicago, and represents an outlay of over $100,000. AKRON, 0, July 29.-The Citizens' Savings and Loan Association, of Akron, closed doors this morning. The cause given is the constant-drain upon the resources by drawing out deposits. The bank is regarded as in a perfectly sound condition and will pay dollar for dollar. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no sur prise in Akron. TRENTON, N. J., July 29.-A run was commenced this morning on the Tren ton Savings Bank. By noon about $30,000 had been paid out. The bank is one of the strongest in the State, having a clean surplus of $260,000. The money paid out this morning was in new silver dollars just received from the Philadelphia mint. All the Tren ton banks are in excellent shape and no suspensions will occur. MILWAUKEE, Wis., July 29 .-The Commercial Bank, of Eau Claire, Wis., did not open its doors this morning.