Queen City Bank (Buffalo, NY)

Episode Information

Episode UID
9410029791122
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
941002979 hash
Start Date
June 26, 1893
Location
Buffalo, New York (42.886, -78.878)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
52f05f72f771aaa0

Response Measures

None

Description

Suspension followed an intra-day run blamed on false statements/rumor; bank later reorganized and resumed with reduced capital.

Events (3)
1. June 26, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals driven by false statements/rumors about the bank's condition that depleted cash by noon.
Measures
Posted notice of suspension; bank examiner notified and took charge.
Newspaper Excerpt
On account of a heavy withdrawal this morning upon our cash resources caused by false statements regarding the condition of the bank
Source
newspapers
2. June 26, 1893 Suspension
Cause
Rumor Or Misinformation
Cause Details
Management suspended after depositor withdrawals (run) exhausted cash and clearing-house demand could not be met; banking examiner took charge.
Newspaper Excerpt
we deem it necessary to suspend business for the present until we can realize upon our resources
Source
newspapers
3. August 31, 1893 Reopening
Newspaper Excerpt
The Queen City Bank, which suspended several weeks ago, resumed business this morning. There was no rush to withdraw the deposits and the bank is receiving more than it pays out.
Source
newspapers

Newspaper Articles (21)
1. June 27, 1893 The Morning News Savannah, GA
Article from The Morning News, June 27, 1893

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DRAINED OF ITS CASH. Then the Officers of a Buffalo Bank Closed Its Doors. Buffalo, N. Y., June 26.-The Queen City Bank, which was started here a little over a year ago, closed its doors shortly after noon to-day. F. M. Inglehart, one of the directors, said the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had, even to the dimes, nickels and pennies, and when the last cent was gone the officers went out and closed the dooos. Mr. Inglehart said that the bank has plenty of collateral, but found it impossible to raise money on it. In the present financial stringency New York banks would not let them have any money. He said depositors will be paid in full. The bank owes depositors $1,400,000.

2. June 27, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 27, 1893

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A FEW MORE FAILURES. The East Has Not Recovered From the Late Flurry. BUFFALO, June 26.-The Queen City Bank has failed. The bank has suffered a steady drain the past several weeks. After paying out all the available cash, even to dimes, nickels and pennies, the officers this morning walked out and closed the doors. It owes the depositors over $1,400,000. The failure is due to inability to realize on the assets, the New York banks refusing aid. The management claims the depositors will be paid in full. The liabilities, according to the June report. were $2,328,754, assets not known. The Clearing-house Association met this afternoon and decided to stand by all its members and to render whatever assist. ance might be necessary in the event of their becoming embarrassed. WILMINGTON, N. C., June 26.-Huske & Draper, retail dry-goods merchants, assigned to-day. No statement is obtainable. CHESTER, Pa., June 26. - The Crum Creek Iron and Steel Company has assigned. The liabilities are $120,000 and the assets $119,000. MINNEAPOLIS, June 26.-The Bank of New England has suspended paymentsat least temporarily. Since the failure of the State Bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in the Chicago failures. He says depositors will be paid in full. The liabilities are $200,000; assets somewhat in excess of that sum. Blethen is a well-known newspaper man. INDIANAPOLIS, June 26.-Dr. W. N. Wishard of this city says: "I am authorized to make the statement that T. F. Day, manager of the failed Plankinton Bank of Milwaukee, who has been reported miss. ing, is now under medical treatment, owing to his physical condition, and that he will voluntarily return to Milwaukee as soon as his medical advisors permit." SIOUX CITY, Iowa, June 26.-E. C. Tompkins was to-day appointed receiver for the Union Stockyards State Bank, which failed three weeks ago. On the application of its president, John Pierce, Chrys Moller, his son-in-law, was to-day appointed receiver of the Sioux City Cable Railway Company. CINCINNATI, June 26. - At Hamilton this evening Louis Snider's Sons in the Probate Court made an assignment of their four paper-mills at Hamilton, their real estate in Butler County and their paper warehouses; and their warehouse with its contents in Cincinnati. The assets are over $1,000,000, of which $250,000 is debts due them and considered good. The total liabilities are less than $300,000, and it is estimated that liquidation by forced sale would leave them $430,000. The assignment is due to the fact that they were unable to borrow from the banks to-day the sum of $7000.

3. June 27, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 27, 1893

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QUEEN CITY BANK FAILURE Due to a Heavy Drain on the Institution's Funds. BUFFALO, N. Y., June 27. - Much surprise is expressed over the fact that the Queen City bank, which was started here a little over a year ago, has closed its doors. Mr. F. M. Inglehart, one of the directors, said that the suspension was due to a heavy drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had, even to dimes, nickels and pennies, and when the last cent was gone the officers went out and closed the doors. Mr. Ingelhart said that the bank had plenty of collateral, but found that it was impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The State Superintendent of Banking has been notified of the suspension, and will send an examiner here. The officers are hopeful that the bank will resume. It owes its depositors over $1,400,000. The general opinion is that the bank cannot realize on its securities on account of the tightness of the money market.

4. June 27, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 27, 1893

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ANOTHER BUFFALO BANK SUSPENDS THE DOORS OF THE QUEEN CITY CLOSED BY A RUN OF TIMID DEPOSITORS. Buffalo, N. Y., June 26.-Th Queen City Bank. which opened its doors for business on May 2. 1892. with a capital stock of $309,000. closed them at 2 o'clock this afternoon and posted the following notice On account of a heavy withdrawal this morning upon our cash resources caused by false statements r garding the condition oi the bank. we deem it necessary to suspend business for the present until we can realize upon our resources, which are abundantly ample to secure all concerned. FRED. C. M. LAUTZ, J. N. ADAM, EDWARD C. WARNER, D. C. RALPI. Cashier. Mr. Lautz is the vice-president of the bank: Mr. Adam is second vice-president, and Mr. Warner is a director. The suspension was not entirely a surprise, for it was foreshadowed by rumor on Saturday. This fact, however, helped to hasten the catastrophe, for when the bank opened this morning there Whis a steady run by depositors, who by noon had depleted the cash resources, and nothing was left but to close the doors. The opinion prevails that the suspension is but temporary, and it will have no disastrons effects upon other banking or commercial institutions of this city. More encouraging than this opinion. however, is the fact that there was absolutely no anxiety shown on the part of the public at the other banking houses. P. P. Pratt, president of the Manufacturers and Traders' Bank, said: "The banks in this city are in as good condition as they have been for several years. The long-continued closeness of the money market has prompted them to put themselves in good shape, and they have done so." President W. 11. Johnson. of the Queen City Bank, resigned recently on account of ill health and the affairs of the bank were being managed by a committee of three, whose names are signed to the notice of suspension. J. N. Adam, the second vice-prest dent, made the following statement: The entire capital of the bank, $600,000. stands between the depositors and any loss. There is nearly $100,000 in undivided profits which will be more than ample to cover any loss. Up to a few minutes before the bank closed it was in a fine condition. Within a brief space the amount of currency dwin dled and left the bank without ready money. It is perfectly solvent. Ten thousand dollars in the nick of time would have saved us. but we could not get it Instantly, so we had to suspend payment. We believe that the bank will resume. This morning we began business with the average cash on hand, the round figures being $82,686.21 in cash and checks on the clearing-house, and we also had about $85,883.93 in banks to check upon. We had assurances that tomorrow we should have clearing-house certificates Issued to us. That would have enabled us to have drawn $200,000. "We had over $80,000 on deposit In the savings banks, but we could not get it. Bank Examiner Creed arrived in the city at 3 p. m. and took charge of the bank's affairs. The assets and liabilities are estimated at $2,068,801 55. Albany, June 26. Superintendent Preston, of the State Banking Department, regarding the Queen City Savings Bank, of Buffalo, said : "I have been following the operations of this bank for some time. It had for its first cashier G. C. Hardesty, who was a large stockholder in the HardestyPelham Loan and Investment Company. The bank extended a liberal accommodation both to the investment company and to T. W. Pelham, and also loaned money on Western mortgages and on Western irrigating companies' stock. These investments have always been criticised by this department. and more than a year ago the department directed that this class of loans be taken up, and they were considerably reduced. These loans proved unfortunate for the bank. and led to the rettrement of Mr. Hardesty from the cashiership of the bank."

5. June 27, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 27, 1893

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Plenty of Good Collateral. (By telegraph to the Dispatch.] BUFFALO, N. Y., June 26.-The Queen City Bank, which was started here a little over a year ago, closed its doors shortly after noon to-day. Mr. F. M. Inglehardt, one of the directors, said that the suspension was due to a steady drain of money out of the bank. which has been going on for several weeks. The bank paid out all the money it had, even the dimes, nickels, and pennies, and when the last cent was gone the officers went out and closed the doors. Mr. Inglehardt says that the bank has plenty of good collateral, but found it impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The bank owes creditors $1,400,000.

6. June 27, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 27, 1893

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ALARM IN BUFFALO. The Queen City Bank Has Failed and Many People Fear it is the Beginning of a Financial Panic. BUFFALO, N. Y., June 26.-The Queen City bank of this city, has failed. Mr. F. M. Inglehart, one of the directore, said that the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. Mr. Inglehart said that the bank had plenty of collateral, but found it impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The liabilities of the bank. according to the June report are $2,328,754. Assets not known. Many fear that this is but the beginning of a financial panic. The real estate men are especially alarmed.

7. June 27, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 27, 1893

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PAID OUT THE LAST CENT. A Buffalo Bank Stays in the Ring as Long as Fossible. BUFFALO, June 26.-The Queen City bank, which was started here a little over a year ago, closed its doors today. F. M. Inglehardt, one of the directors, said that the suspension was due to a steady payment of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had, even to dimes, nickels and pennies. and when the last cent was gone the officers went out and closed the doors. Mr. Inglehart said that the bank had plenty of collateral, but found it impossible to raise money on it in the present financial stringency. The bank owes its depositors over $1,400,000. The liabilities of the bank, according to the June report, are $2,328,754. Assets not known. CHESTER, Pa., June 26.-The Crum Creek Iron and Steel company has made an assignment. The company estimates its liabilities at about $120,000, and its assets, including the capital stock, at $119,000, which would virtually make it solvent. but the assets include about $40,000 due the company from a former agent, which are not considered worth anything. This heavy loss and dullness of the iron trade made payments slow and threatened suits by the creditors led to the assignment. The plant, which is located here, will be sold. WILMINGTON, N. C., June 26.-Huske & Draper, retail dry goods merchants, assigned today with preferences. No statement of assets or liabilities is obtainable, but the amount involved is not believed to be very large. SAN DIEGO, Cal., June 26.-The Bank of Commerce resuined business this morning, and the First National will probably resume in a few days. GALLIPOLIS, O., June 26.-The Carl coal works, of Carlton, this county, made an assignment this morning. The liabilities are $50,000; assets, $7,000. WILMINGTON, O., June 26.-The Sabina bank, a private banking institution of this county, has suspended. It had a capital stock of about $25,000. TOPEKA, Kan., June S.-The bank of Ness City has been closed by State Bank Commissioner Briedenthal, after an unsuccessful attempt to raise money among its Eastern stockholders to tide over its present embarrassment. This bank had a capital stock of $40,000, had $31,000 deposits. and when the bank commissioner took charge its cash ou hand was just $83.50. Bank Commissioner Briedenthal says the bank was loaded down with real estate and bad debts. NEW YORK, June 26.-Mann Bros., clothing dealers at Nos. 314 to 318 Broadway, today confessed judgment for $55,000. Horwitz & Herschfield, the attorneys for the firm, says that liabilities are $300,000. NEW YORK, June 26.-Justice Pratt, of the supreine court, Brooklyn, this morning appointed Edward Dutty receiver for the Mutual Brewing company, of College Point.

8. June 28, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, June 28, 1893

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FEELING IN BUFFALO. Effects of Clearing House ActionToo Late to Save the Queen City Hank. BUFFALO, June 27.-The feeling in financial circles this morning is one of confidence. The action of the clearing house yesterday has inspired a feeling of security on all sides by reason of the fact that there is more than $6,000,000 in cash in Buffalo which any bank can have for the asking. A round of the banks was made this morning, and the result of the inquiry was reassuring in every respect. The exact situation is shown by the following statement, which is made by the clearing house: "The action of the Bankers' association yesterday afternoon places all the banks in the city on a strong basis. The combined assets of the banks of this city are $30,000,000 The combined cash resources are $6,000,000." The only notice posted on the outside of the failed Queen City bank this morning was one announcing that it was in the hands of the banking department Bank Examiner Creed said that he had not yet a statement ready. Vice-President Lautz blames the tardiness of the clearing house for the suspension. He said application was made for relief on Saturday, and the clearing house promised to meet on Monday morning and consider the case and devise means of relief. It did not do this, but postponed the meeting until 4 p. m., and in the meantime the bank suspended.

9. June 28, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 28, 1893

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COLUMNS REDUCED TO LINES. An army medical school is to be established in. Washington. A recent treasury decision has increased the duty on firecrackers. The Virginia legislature will be asked to Improve the military system of the state. The Norfolk (Va.) county truckers are much encouraged at their luck this season. Americans in Honolulu have made elaborate preparations to celebrate the Fourth. President Cleveland will probably remain in Washington until the middle of July. The India government has stopped the coinage of silver for private account at the India mint. Bank failures: Bank of New England, Minneapolis; Bank of Ness City, Kan.; Queen City bank, Buffalo. Secretary Hoke Smith has returned to Washington from a brief visit to his family in the Virginia mountains. A cote of carrier pigeous will be taken north by Lieutenant Peary and liberated with messages for civilization. Dried apples imported into Norway are to be confiscated hereafter because some have been found to contain zinc. Two of the victims of the Ford's theater building are still under treatment at the Emergency hospital, Washington. Secretary Carlisle has requested the resig nation of General James R. O'Beirne, assistant immigration commissioner at New York. The San Francisco and Vesuvius will represent the navy at the dedication of the statue of Admiral Farragut at Boston on the 28th. The prosperity experienced by the Japanese pearl fishers in Australia has prompted another body of Japanese to set out for same place. Theodore Runyon, United States minister to Germany, has taken Mrs. Runyon to Ems in order that she may be treated there for a bronchial affection. By a decision of the interstate commerce commission celery must now be classified by railroads with asparagus and other vegetables instead of with berries, grapes, etc. It is likely there will be a brisk competition between Russian and American oil in Japan. A tract of land has been purchased in Yokohama on which it is said tanks for the storage of American oil will be erected. Memorial day was celebrated by the American colony in Yokohama Japan, in which officers and marines from the United States steamship Lancaster participated. The oration was delivered by 1. D. M. Sweat. At Youngstown, O., Charles Burson's hair is naturally white, but after working in the mills a few hours and becoming heated it turns a brilliant red. When Burson leaves the mill and cools off, his hair restimes its natural color.

10. June 28, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 28, 1893

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THE BUFFALO FAILURE. Tardiness of the Clearing House Blamed for the Suspension. BUFFALO, N.Y., June - -The only notice posted on the outside of the defunct Queen City Bank this morning was one announcing that it was in the hands of the banking department. The cash is found correct. The bills discounted, call and time loans and general verification of the books so far as they have been examined have been found correct. Vico President Lautz blames the tardiness of the clearing house for the suspension. He said application was made for relief on Saturday and clearing house promised to meet Monday morning and consider the caso and devise means of relief. They did not do this but postponed the meeting until 4 p. m., and in the meantime the bank went to smash. Another fact is that the demand which actually broke the bank came from the clearing house. When the day's clearings were made it was found that the Queen City was indebted to other banks through the clearing house about $27,000. Mr. Clement, chairman of the clearing house committee, appeared at the bank in person with this demand at 2:15 o'clock. At that time a check for $10,000 had unexpectedly been presented and paid and the bank was short. Mr. Clemont's demand could not be met and ho said: "Then you'll have to close up," and the doors were closed. The bank had over $80,000 on doposit vesterday in Now York and other banks, but Mr. Lautz said the thing came so suddenly they did not know which way to turn, or have to do anything to save thomselves.

11. June 29, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 29, 1893

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BUFFALO BANKS ALL RIGHT The Situation Greatly Improved and all Auxiety Passed. BUFFALO, N. Y., June 29.-The financial situation here to-day shows a decided improvement. There is an entire absence of the feeling of nervousness and anxiety that has been abroad for several days among both bankers and depositors, and matters are again in their normal condit.ou. All the banks have made prompi settlement of the Clearing House bal ances, and the balance sheet of that institution showed a fair average day Deputy Superintendent Creed looked over all the Clearing House balances, and ex pressed himself as very much pleased with the condition of things. Mr. Creed says he sees no good reaso: why the Queen City bank should not r sume at an early date. This can be don by assessing the stockholders up to an un impaired standard and resuming with smaller capital stock. The Banking De partment would then withdraw fro: charge of the bank. The directors wi hold a meeting to day to consider who steps shall be taken. Large quantities of gold have been rt ceived from New York since the Quee. City failure on Monday. The banks feare: a possible run, and telegraphed their Nev York correspondents to ship gold here in: mediately. It began to arrive yesterday and more has been received to-day. Th banks are now all well supplied wit I specie to meet any demands that may made upon them.

12. June 29, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 29, 1893

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OWES OVER A MILLION. Buffalo, June 27. - The Queen City bank, which was started here a little over a year ago, closed its doors to-day. F. M. Inglehart, one of the directors, said that the suspension was due to a steady payment of money out of the bank, which had been going on for several weeks. The bank owes its depositors over $1,400,000.

13. June 29, 1893 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, June 29, 1893

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INA FEW TOLD WORDS ALL NEWS FROM WEEK'S SECTIONS BOILED DOWN. but Our For Facts Everything Eliminated The Hap Many Readers' Convenience of Days From Seven Reduced penings to Lines. Columns 22. June Thursday, a ran train train. into Y., and near An North Bennington, were injured. death of Bertie found Wagner little In at Howell, boy was passengers the inquest into N. the J., 'killed the jury by Louis business Louis over that Wood the with Dreyfus a shotgun. a being Long robbed Branch of $600unsailors Captain in who were Arrested no charged, appearing man, til he committed worried Andersen suicide. and Brooklyn the Viking were against dis. policeman of a and nurse Brooklyn the with causing Inwere death of old sane asylum. in a on Fire Gold drug them. Dr. arrested, Phillips Mrs. charged Adairin the Flatbush street, warehouse New near caused much York, Maiden lar the jewelers. wholesale of the trial Bishon. go alarm among Satolli Lincoln, ordered Neb., 23. to leadlabor op Mgr. Bonacum Friday, of York in jail for Willie McNair, to New four months postal card to or, was writing a Charles defamator P. McClelland. elevated trackman, State Senator a New York and killed. Police Commission N. B. E. J., Hains and Editor a John was Frazer, struck by a motor Siegler of of that Paterson. place a in row courtroom. the InLake Leech among is at dians had The trouble an end. to York New returned Princess Eulalie Newport. of old, City, Jersey from Lydia Bolles, bitten 9 years by cat. the from York, was John severely Haggerty, bridge while who jumped drunk, was New held Haven and at the Brooklyn for trial. A freight Hartford train on was the New wrecked at New lionin house the Wood, the Rochelle, Three Central cub N. Y. lions park, were New born York. boy wbo son is 8-year-old on held a of charge of Saturday, charged Louis his employer with shooting in Howell, June N. 24. J., is the for been appointed deceased sevOmaha Booth, an Conn., A receiver and St. has Louis eccentrie queathed railroad. and eral quarries of citizen Minot of Monroe, to Yale college. The state Democratic is for New York trip. yachting preparing the Sir Eng Richard Webster, celebrated is to the lish fair. visit lawyer, Chicago at Snebeck indulged German socialists in more rioting. at was Shann Trenton 50 for Georgia cyclone but postponed The trial until of traveled Mrs. Aug. across no doing much miles, causing deaths. has in been volcano discovered is An active near the Colorado meet line. of wheelmen Utah, international Detroit, Aug. 1. seriousThe held in George Z. Erwin N.Y. is sta. to be Senator in Potadam, railroad State at his home the Harlem Barton, N.Y., ly Burglwoodside ill robbed Park and tions at visited two residences. from walking Governor and also C. H. Rodman on $20,000 wager. sent to names Galveston Mrs. to Morris Chicago Connecticuttrely an new a had board the senate of state seven Monday, prison directors. June officers Tenn. pitched resulted in Moonshiners battle and in Hardin the killing countyMarshal of Jefferson which and one moonshiner. met Mrs. Gardner U. S. Grant Mrs. at West Point. a farmer wealthy Davis A. Olmstead, disappeared. William Conn., has wheel near Kane, two men were of Norwalk, the breaking of was a caused, were in in which jured. the champion Zimmerman, he Pa., By a freight wreck killed and two bicyclist, has he from says where England, on returnfairly treated. ship Banpractice is was The trial of the day new this week. fell from at scaffold to be some a carpenter, N. Y., and his out dashed 50 croft Edward Bunt, Kingston Depot, pile of rocks. feet in mastodon was of brains were The skeleton covered of' at Port Angeles, Martinsville, N. J., length Wash. Daniel W. was Corey, married aged 89, to Miss Essie Bird, aged 24. Tuesday, June of 27. New Britain, in warships Conn., Two Russian Z. V. ex-state Chamberlain treasurer, are died anchored suddenly. at the building Boston Pennsylvania harbor. presented state to Chicago. train near World's The fair is to be was made to hold up 456 in Another Stringtown, attempt T. from deaths cholera in Mecca There were one day. the out cowboy, dropped Middleton Doc race to Chicago lost to his suit his the New of Colonel the Sinn marriage of Brooklyn to Cora Tanner, York, a has filed the for citizens' ranging annul actress. John Austin claim Stevens, for $2,000 ball Jr., due of for him the for Duke arof Veragua. of The has City bank Queen Buffalo of recHarvard ommends ferred The upon that 82 students. failed. medical department the degree of M. D. be con-

14. June 30, 1893 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, June 30, 1893

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goes down in the vortex of financial disaster Already the number of failures are appalling enough to alarm the strongest hearts. The end is not yet. Still they come The Queen City bank, of Buff. alo. has failed. The bank of New England, at Minneapolis, has closed its doors. The Sabina, O., bank has made an assignment. The Jeffersonville, O., bank has quit. The big Carl Coal Works, of Carlton, O., has gone to smash. Only a part of this week's rec. ord Every day the list grows larger. It now records the downfall of hundreds of similar concerns. If any man,on the 8th of last November. had predicted that the West Virginia farmer would, in seven months, be forced to sell his wool at 15 and 16 cents cash, or else keep it, he would have been put down as a fool. "If any one had predicted on the 8th of last November, when Grover Cleveland was elected President, that within seven months there would be a shrinkage in the actual value of stocks and bonds sold on the New York Stock exchange of nearly one billion dollars he would have been deemed a madman. "If any one had predicted that within seven months after the election day and the return of a Democratic House, Senate and President to power for the first time since 1856, a panic would ensue which would exceed in the aggregate of losses the world-famous panic of 1857, when the same party obtained bsolute.control of the Government for the last time until 1892, the prophecy would probably have excited derision." But, sad as it is to say it, these three calamities have come upon the American people. The TELEGRAM, when seven months ago it announced the result of the election, advised all Republicans to be of good cheer. It said "The Republican party will live because it upholds principles that are immortal. will continue to be the party of progress, protection and education." It will return to power in '96 and the people, familiar with its past, its aims and its purposes, will again have confidence in its principles. It will lead, us as it did in 1857, from darkness to light-from a great need to a towering hope. Not even the most avowed enemies of Democracy looked for such a and sweeping taking of our prossudden away commercial perity. The appalling cost to this country of Democratic success was not comprehended and cannot yet be estimated. One Billion and a Half! Such a loss can hardly be conceived by the individual, because, the figures are so far beyond any personal experience or single commercial transaction. It exceeds the entire sum of actual money in the United States-gold, silver and paper, national bank notes and treasury notes! In this fact lies the secret of the colossal losses, the financial stringency and the daily long list of commercial and banking failures. It is want of confidence. About 93 per cent. of all the business of the country is transacted on credit and about 7 per cent. only on the basis of cash. When credit is impaired; when confidence is lacking, more than in nine-tenths of all the business hand is affected. That is the situ- will ation to-day. Four years

15. July 1, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, July 1, 1893

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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. BUFFALO, N. Y., June 27.-The Queen City bank, which was started here a little over a year ago, closed its doors shortly after noon Monday. F. M. Englehart, one of the directors, said that the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had. It owes its depositors over $1,400,000. The liabilities of the bank according to the June report are $2,328,754. The assets are unknown. TOPEKA, Kan., June 27.-The bank of Ness City has closed its doors with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4,000. It has loans aggregating $74,000, mostly on real estate, from which but little can be realized. The capital of the bank is $40,000. MINNEAPOLS, Minn., June 27. The Bank of New England closed its doors yesterday. SABINA, O., June 27. The Sabina bank was forced to suspend yesterday. MINNEAPOLIS, Minn., June 28.-The American Exchange suspended temporarily owing to the money stringency. It has $500,000 authorized capital stock, with $50,000 paid up. Depositors will be paid in full.

16. July 12, 1893 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, July 12, 1893

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THE NEWS EPITOMIZED. Eastern and Middle States. MRS. CLEVELAND, her daughter Ruth and nurse arrived at Gray Gables, Buzzard's Bay, Mass.. from Washington, on Commodore Benedict's steam yacht Oneida. Mrs. Cleveland appeared in excellent health, and expressed great pleasure at being back once more. HENRY SHELDON & COMPANY. tea and coffee brokers, of New York City. suspended with liabilities of nearly $400,000. WILLIAM MUTCHLEE. of Easton. Democratic member of Congress from the Eighth Pennsyivania District. died suddenly of heart disease a few mornings ago. He was born in Northampton County. December 31, 1831, and was therefore in his sixty-second year. AT Rochester, N. V., Bertholomay J. Doran, a pagilist. killed his child. attempted to drown his wife, and then committed suicide. THE Duke and Duch ess of Veragua and their party were entertained at a reception and garden party given in their honor by Mr. and Mrs. George W. Childs at Wootton, the latter's country home, near Philadelphia, Penn. Mrs. GRANT and Mrs. Davis, widows of General Grant and Jefferson Davis. have hed several pleasant meetings at Cranston's, near West Point, N. Y. Mr3. Davis has accepted an invitation to go driving with Mrs. Grant. DOCTOR McGLYNN has returned to New York City from Rome, where he had & private audience with the Pope. HER Royal Highness. the Infanta Eulalia, sailed from New York on La Touraine for Spain. Before the steamship left her pier, Eulalia shook hands with everybody who could crowd forward to reach her. DOCTOR WILLIAM T. S. WARDWELL was shot down in his office at Roslindale, Mass., by Amos L. Morse. The assassin fired three bullets into the doctor's face, one of which penetrated the brain. Jealousy was the cause. THE little Viking. which crossed the ocean safely with its Norse voyagers, started from New York for Chicago. Twelve college students from Harvard. Yale and the Massachusetts Institute of Technology were rowing on the benches to help propel the boat up the Hudson. They will help row the Viking through the Eric Canal, Lake Erie, Lake Huron and Lake Michigan to Chicago. THE Queen City Bank, of Buffalo, N. Y., has failed. MURDERER FITZHUM was successfully executed by electricity at Auburn (N. Y.) Prison. He murdered on April 7, 1892, in Buffalo, the son of Mrs. Roehrl, who lived in adjacent rooms, and whom he had insulted during a dispute over rent. The son sprang to her defense and Fitzhum stabbed him to the heart. THE three masted schooner Thomas W. Havens were stranded at North Long Branch, N. J., and two of the craw were drowned.

17. July 26, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 26, 1893

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Buffalo Bank to Reopen. BUFFALO, July 26.-The stockholders of the suspended Queen City bank held a meeting and decided to resume business with a capital reduced to $300,000. The bank will reopen between the 1st and 5th of August.

18. July 29, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 29, 1893

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WILL RESUME. Buffalo. N. Y.. July 26.-The stockholders of the suspended Queen City bank held a meeting and decided to resume business with a capital reduced to $300,000. The bank will reopen about Aug. 1.

19. August 2, 1893 The Star Reynoldsville, PA
Article from The Star, August 2, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago, is preparing to resume business. The First National Bank of Cisco, Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate language of the rabid silverites. Parkhust & Wilkinson, iron merchants, Chicago, assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants. St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Ban's, Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena, Mont., the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At Spokane, Wash., the First National Bank, paid up capital $200,000, and the Spokane Savings Bank, its dependent. tem. porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

20. September 1, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 1, 1893

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A Buffalo Bank Resumes. BUFFALO, N. Y., August 31.-The Queen City Bank, which suspended several weeks ago, resumed business this morning. There was no rush to withdraw the deposits and the bank is receiving more than it pays out.

21. September 1, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, September 1, 1893

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GOLD SHIPMENTS. Good Arrival in New YorkSmall Withdrawals From Banks. NEW YORK, Aug. 31.-The steamship Alier brought 1,735,000 francs and £80,000 of gold this morning. The steamship Gallia also brought $100,000 in gold. BUFFALO, Aug. 31.-The Queen City bank, which suspended several weeks ago, resumed business this morning. There was no rush to withdraw deposits, and the bank is receiving more than it pays out. NEW YORK, Aug. 31.-Time notices of the intended withdrawals of money in excess of small amounts from savings banks expired yesterday in a halfdozen of the local savings banks. The outcome caused both surprise and gratification. As the president of one bank said: "We were confident that drafts would be light. just as we were all confident the house of representatives would vote for repeal, but we are glad to know both expectations are realized, and that the vote is so large and the drafts so small." Seven banks were visited by a reporter today, of which four had required only thirty days' notice a month ago. Their reports showed that only 10 per cent of the notices had been acted upon. This was the percentage predicted by men who bad been through similar panics or "runs" on savings banks, but there was some fear that the continuance of the existence of the depression, together with the protracted premium on currency, might raise the average at this period. There was a great deal of telephoning among the savings banks yesterday, in which their experiences of the day were exchanged, and they found that they had all fared alike and no worse than the most optimistic of predictions. The Post says: The money market continues to exhibit a curious mixture of encouragement and discouraging developments. Time money is certainly not seeking a market, and a very familiar symptoin of a panic's aftermath is developing in the advance of rates for corporation loans on real estate. The advance IS natural, for mortgage loans will hardly be renewed at 416 and 5 per cent when the demand for time loans elsewhere is so urgent. Later on this shutting down on real estate loans will, as usual, cripple the enterprise of spec-