11134. Bank of Rosedale (Rosedale, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1898*
Location
Rosedale, Mississippi (33.853, -91.028)

Metadata

Model
gpt-5-mini
Short Digest
8dc75237

Response Measures

None

Description

Bank suspended operations Aug 12, 1898 after discovery of cashier W. A. Martin's defalcation (~$8,000). No article describes a depositor run; a receiver was appointed and the president (Chas. Scott) personally guaranteed payment to depositors; ultimately depositors were paid in full, and the bank did not resume normal operations. Classified as suspension leading to closure (suspension_closure).

Events (3)

1. August 1, 1898* Receivership
Newspaper Excerpt
the receiver of the Bank of Rosedale requested Martin to produce a package of papers he held
Source
newspapers
2. August 12, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed discovery of cashier W. A. Martin's defalcation/embezzlement (shortage about $8,000) and resulting insolvency concerns.
Newspaper Excerpt
the Bank of Rosedale, which suspended operations August 12
Source
newspapers
3. January 2, 1901 Other
Newspaper Excerpt
All depositors were paid in full. Beyond this Mr. and Mrs. Scott paid every other debt the bank owed, and in doing all this incurred an indebtedness of more than $30,000.
Source
newspapers

Newspaper Articles (9)

Article from The Greenville Times, August 20, 1898

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Article Text

much interest in Greenville as of is but of this city. it had been one Nothing the institutions heard t regret and expressions of sympathy. The Hon. Charles Scott, d president of the bank, is held in such high honor in Greenville that the failure is considered here chiefly in relation to its effect upon Mr. Scott personally. It 18 a gratification to all his friends to know that so firm is public confidence in him that a feeling of absolute security is general among depositors and creditors, in view of his generous and most honorable assurances that he will hold himself personally responsible for the payment of every dollar. It 18 indeed a preeious tribute to the high and noble character of the man himself that in this emergency political differences have been forgotten, and those who have opposed him, even with bitterness, hasten to unite with his personal friends in sympathy and assurances of confidence in his promises. The following, from the Bolivar Democrat, is Mr. Scott's personal statement, and acknowledgement of the public sympathy SO generally expressed : "The suspension of this institution that successfully stood the stormy times and acute panies of recent years was a great shock to our community To its president it was a thunderbolt from a clear sky. There is for him only one thing to relieve the darkness, the touching confidence and devotion of this people. Factional differences have been ignored, and the anti-Scotts have warmly vied with the Scotts in their kindly expressions. They all have his profound, his heartfelt thanks. The assets of the bank, wisely conserved, will more than pay its liabilities. As for the depositors, they will be paid in all events, and put to as little inconvenience as possible. It seems unnecessary at the moment to say more, leaving the following communications to speak for themselves:" The communications referred to are a statement from Mr. Scott, made in the absence of the cashier, announcing the embarrassment of the bank, and promising that his own and his wife's property, and the proceeds of his law practice, which is worth $20,000 a year, should be devoted to the payment of the bank's obligations. It is believed by Mr. Scott that the of the bank will more sufficient to pay all than assets liabilities earnestly be in full, and THE TIMES concurs with the public generally in hoping this may be the case, and that it may not be necessary for Mr. Scott to make the sacrifices he offers; and which he will doubt- asks less make, if needful. He the kind indulgence of depositors for any inconvenience occasioned them, and such charitable forbear- to ance as they may feel disposed extend to one suddenly overtaken by a great misfortune. A communication from Mr. folMartin, cashier of the bank, all lows, in which he also offers the his property for the benefit of depositors. At a meeting of depositors, held resAugust 12th, the following on olution was unanimously adopted "We deplore the financial embarrassment of the Bank of Roseand hereby desire to express Chas. dale, sympathy to the Hon. in our its president, a man Scott, whose honor and integrity we have full faith. His noble and unparalleled conduct in personally guar- of anteeing depositors is deserving unstinted praise. DISINFECT THE STATE.


Article from The Commonwealth, August 25, 1898

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Article Text

MISSISSIPPI JOURNALISM. IF WE HAD BEEN TOLD before we read it with our own eyes, that there was an editor in the state of Mississippi whose sense of feeling was so far gone as to gloat over the mis- fortunes and loss of a fellow editor and citizen, we would not have believed it, and would have denied the charge with emphasis. It will be remember- ed that a few days ago the Bank of Rosedale, of which the Hon. Chas. Scott was president, failed, who was also editor of the Bolivar County Cemocrat, and since that date the Vicksburg Herald, of which C. E. Wright is editor, has in nearly every issue printed some cutting squib in regard to this gen- tleman, none of which was noticed by Mr. Scott, until the one printed be- low came out in the Dispatch. "Hon. Chas. Scott, of Rosedale, has made a record as the greatest "buster" of the times. He has busted a commission company, busted a railroad, busted as a planter, busted as a merchant, busted a levee, busted a county, busted as the appointee of Murray F. Smith to the United States senate, tried to run the present state administration and busted, busted the Bank of Rosedale, a chancery clerk, a county treasurer and all the bank's other depositors. The only thing he failed to bust was the leeve board which Gov. McLaurin carefully removed beyond his reach. Mr. Scott is the Cervera of finance, and has won the title of Buster' Scott which 'go along' well with Liza Jane' playfully applied by him to Hon. Joseph Jayne, president of the levee board. "We would not care to show up these things so fully, but Mr. Scott is so free with his tongue and pen, that of course he doesn't mind the news- papers giving the facts about him. After he has had more practice (not as a lawyer) but as a banker, he will do better. "At present, he seems to be a 'leetle' better politician than banker." With a heart already overflowing with sorrow over the unfortunate af- fair and now with a pride stung to the quick by such an uncalled for, un- true and unfair attack on his own character, and realizing as he did his re- sponsibility for the failure was not more than that of any other director, and having already been joined by his noble wife, pledged their property and their income to the payment of this loss, satisfying those who had their money in the bank, he could do no more and his real thoughts, and not ones couched in strong words for the pleasure of iconoclastic readers, are given: "There is not one word of truth in all this contemptible tirade, except that relating to my personal failure as a planter. It is well known that this was participated by the payment of enormous security debts, followed immediately by great financial stringency throughout the world, which finally carried away some of the largest monied institutions of this and other countries. It is also well known that all my real estate holdings, some 14,- 000 acres, mostly unincumbered at that time, were immediately pledged to creditors, and that my good wife devoted to the same purpose a valuable plantation, of which she was then the owner. Even our homestead was placed under mortgage for a debt due a faithful employee and devoted friend. We offered to turn over all this property bodily to creditors, but they refused, and left it in my possession. I have been faithfully paying their debts ever since, and despite the hard time, have retired over $50,000 as taprary as possible. "The railroad alluded to, was a little country road built by Mr. Wise, of Ohio. I gave $1.500 to it, as an important country improvement, and every stockholder knew when he purchased his stock that he was virtually making a gift for a like purpose, and that the road would be sold under the Wise trust deed the moment the debt matured. This was contemplated from the beginning, as is often the case in small enterprises of this sort. "The commission house went down in consequence of low cotton and the financial panic already mentioned, and not through any fault of mine, though I lost over $35,000 in the crash. "The statement as to the county, the bank store, the bank, the chan- cery clerk, the county treasurer, the levee, the levee board and the bank de- positors, are the fabrications of a gangreous mind. So far as the depositors are concerned, they are well satisfied, and it is only a few mean little poli- ticians, with no interest at stake, who are trying to use the occasion as dirty political capital to forward their selfish schemes. "The county treasurer and chancery clerk, with my assistance, are pre- pared to meet all demands against them on presentation, and I am person- ally receiving needy depositors every day. Indeed, I can safely say that not one has really suffered. I have provided out of my personal means for over $3500 of deposits since the bank closed its doors: partly in money and partly in gilt-edged paper which the depositors were glad to take at par. "Such is the confidnce of the bank's creditors that none of them are un- easy, and the largest ones (some of them non-resident banks) have placed all their collateral in my hands for attention and collection. "Why, then, should these scurrilous articles be published? "In the hour of adversity a BRAVE foe will refuse to strike. The chivalric Saladin, it will be remembered, sent snow and ice to cool the fev- ered brow of Coer de Lion, his intrepid foe. And in modern days, Sampson and Schley were quick to succor Cervera in the hour of defeat. And in no man with a spark of American manliness in his veins would fail to follow their example. It naay be true that I am the Cervera of finance as the Dispatch says. One thing is certain. I did the best I could with my bank when I found it was in danger, (as the gallant admiral did with his fleet); and this, too, without regard to my personal interest. The bank, unfor- tunately, beached, at least for the time, but every depositor is safe. "But again I ask, why these scurilous articles from day to day in the columns of the Dispatch? "The answer is not hard to find. They are intended to promote the in- terests of my political enemies; though these gentlemen, I am perfectly sure will repudiate such methods of warfare, aud can but despise the meanness of their author, "But beyond this, they are natural emanations of a dirty nature, a di- seased mind. In short, THEY ARE CHARLEY WRIGHT.' "He is a thorough blackguard and a most consummate liar. "From the one comes filth, from the other only lies. "This is no news at all to the public, but is known wherever he is known. "Nevertheless, I dislike to publish it because of the disagreeable notor- iety that follows an article of tiris sort, and from the further fact that he is an arrant coward, who will not dare resent it. Besides, a gentleman dis- likes to touch a pole-cat under any circumstances, and I will not further notice him or his infamous articles. Indeed, there is only ONE matter in which I would think of according him the courtesy due a gentlemen. Even that is far more than is deserved by a dirty scavenger and a tin horn gam- oler and would be extended to him simply because, for the present, he passes as a member of an honorrble professi on." While we have met Mr. Scott only once in life, we were impressed by him on that occasion as being a high-toned, honorable gentleman, one who any state could be proud to claim as a cidzen. What he has done to call all forth this virulent attack of the Dispatch, we are unable to see as the editor is in no way a loser over the bank's failure. for have we read any- thing among the editorials in Mr. Scott's paper-the Democrat-reflecting upon the character of Mr. Wright. The people of Mississippi are tired of such journalism and we do not think Mr. Wright or his paper has gained to any new friends or the endorsement of its readers over his recent expressions of pleasure on the business downfall of a fellow editor and citizen of the state.


Article from The Age-Herald, August 26, 1898

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Bank CashierSkipped Rosedale, Miss., August 2.-W. A. Martin, cashier of the Bank of Rosedale, which suspended operations August 12, has disappeared. It is learned that so far as the examination has proceeded the shortage in Martin's accounts is $8,000. Receiver Scott believes that notwithstanding the cashier's deflacation the assets of the bank will balance the liabilities which the records to date slow to be $75,000.


Article from Bryan Morning Eagle, August 27, 1898

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Cashier Disappears. Rosedale, Miss., Aag. 26.-W. A. Martin, cashier of the Bank of Rosedale, which suspended operations Aug. 12, has disappeared It is learned that so far as the examination has proceeded, the shortage in Martin's accounts is $8000. Receiver Scott believes that, notwithstanding the cashier's defalcation, the bank will balance the liabilities which the rescride to date show to be $75,000.


Article from The Leader, August 31, 1898

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# MISSISSIPPI MATTERS. The Bank of Rosedale. The whereabouts of ex-Cashier Martin of the Bank of Rosedale is still a mystery. The first occurrence to attract suspicion was when the receiver of the Bank of Rosedale requested Martin to produce a package of papers he held, which he claimed were cash items. This he positively refused, claiming they were among the bank's records, at the same time refusing to go to the bank and produce them. As the examination proceeds it is found that Martin's speculations have been going on since 1896, he covering it with cash tickets, which he counted as cash in rendering his statements. On the 25th of February last he took $1,000 of the bank's funds. His friends had hoped there might be some extenuating circumstances, but the facts are now too clear to longer doubt that he is a defaulter in the sum of $8,000. No warrant has been sworn out for his arrest, as it is now known that he has left the State, the bank officials, as well as the public at large, being taken so completely by surprise that they allowed him to get away before his defalcation became known.


Article from The Free Press, September 1, 1898

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CONDENSED NEWS NOTES. General Wood will turn the hospital service at Santiago over to the local authorities. Miss Anna West, of Glenwood, Ela., was drowned while bathing in the spring at DeLeon Springs. General Shafter has formally turned his command over to General Lawton, and sailed, with his staff, Friday. W A. Martin, cashier of the Bank of Rosedale, Miss., which suspended operations Aug. 12, has disappeared. The British steamer Trayan, from Jamaica, arrived at Cienfuegos with 900 tons of provisions for the Spanish army. The convention which has been engaged in formulating a constitution for the United States of Central America has concluded its work. The United States transport Vigincia has the Twenty-third regiment colored infantry, from Topeka, Kan., on board, bound for Santiago. While walking in the Southern railway yards at Bristol, Tenn., William B. Vance, an attorney, was struck by a switch engine and instantly killed. The American annexation movement commenced in Jamaica on Monday is rapidly spreading and finding general acceptance, as the only visible alternative to ruin. G. W. Hyatt, the Red Cross agent at Key West, who was a prominent Havana merchant, has been engaged in sending small expeditions to various points on the Cuban coast. It is reported that the fleet of Great Britain in Chinese waters has arrived at Wei Hai Wei to support the demands of Sir Claude McDonald, British minister to China. The business men of Santiago and planters in the vicinity have instituted a movement to induce Generals Garcia and Castillo to permit the Cuban soldiers to return to service on the plantations. A man named Brooks was called to the door of his home on Hillsboro pike, near Nashville, Tenn., and shot down by unknown parties. He died shortly afterward. Gen. Lawton's report of the health conditions of his troops at Santiago is as follows: Total sick, 577; total fever, 403; total new cases, 15; total returned to duty, 5.


Article from Oxford Eagle, September 1, 1898

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# MISSISSIPPI MATTERS. The Bank of Rosedale. The whereabouts of ex-Cashier Martin of the Bank of Rosedale is still a mystery. The first occurrence to attract suspicion was when the receiver of the Bank of Rosedale requested Martin to produce a package of papers he held, which he claimed were cash items. This he positively refused, claiming they were among the bank's records, at the same time refusing to go to the bank and produce them. As the examination proceeds it is found that Martin's peculations have been going on since 1896, he covering it with cash tickets, which he counted as cash in rendering his statements. On the 25th of February last he took $1,000 of the bank's funds. His friends had hoped there might be some extenuating circumstances, but the facts are now too clear to longer doubt that he is a defaulter in the sum of $8,000. No warrant has been sworn out for his arrest, as it is now known that he has left the State, the bank officials, as well as the public at large, being taken so completely by surprise that they allowed him to get away before his defalcation became known.


Article from The Commonwealth, September 1, 1898

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MISSISSIPPI MATTERS. The Bank of Rosedale. The whereabouts of ex-Cashier Martin of the Bank of Rosedale is still a mystery. The first occurrence to attract suspicion was when the receiver of the Bank of Rosedale requested Martin to produce a package of papers he held, which he claimed were cash items. This he positively refused, claiming they were among the bank's records, at the same time refusing to go to the bank and produce them. As the examination proceeds it is found that Martin's peculations have been going on since 1896, he covering it with cash tickets, which he counted as cash in rendering his statements. On the 25th of February last he took $1,900 of the bank's funds. His friends had hoped there might be some extenuating circumstances, but the facts are now too clear to longer doubt that he is a defaulter in the sum of $8,000. No warrant has been sworn out for his arrest, as it is now known that he has left the State, the bank officials, as well as the public at large, being taken so completely by surprise that they allowed him to get away before his defalcation became known.


Article from The Leader, January 2, 1901

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PERSONAL HONOR AND INTEGRITY RECOGNIZED. It will be reme mbered that in August, 1898, the Bank of Rosedale had to close its doors. The indebtedness at that time amounted to $100,000, over half of which was due to depositors. Hon. Chas. Scott, the bank's president, did a very unusual thing by assuming personal responsibility to the depositors. His wife joined him in the assumption of liability, pledging her separate estate for the payment of amount due. All depositors were paid in full. Beyond this Mr. and Mrs. Scott paid every other debt the bank owed, and in doing all this incurred an indebtedness of more than $30,000. In appreciation of these acts the depositors and other creditors of the bank, including all classes and conditions of people, regardless of creed, or race or locality, presented them with a massive and most beautiful silver loving cup, on which was engraved, "Presented to Mr. and Mrs. Chas. Scott, by the depositors and other creditors of the Bank of Rosedale, Christmas, 1900." Mississippi's chief justice, the gifted Whitfield, worded the presentation address, by the request of the donors. as follows: "Mr. Scott-When the Bank of Rosedale" suspended payment, you, not let gally or morally bound for its debts, pledged all your property for the payment of depositors. More than this, your noble wife pledged her entire estate. More than this, you have paid every depositor in full, and you have secured every creditor of every kind. One hundred thousand dollars have you and Mrs. Scott thus paid in full. And you have done it, not only by giving your time and unexampled bus iness skill, by day and by night, but at a pecuniary loss to both of you of thirty odd thousand dollars. "Sir. we set forth these facts because their simple recital is beyoni the elo quence of all words, and we wish them thus preserved to be handed down to your posterity. They will know there from that their ancestor and ancestress were cast in royal mold; held 1 honor dearer than fortune or life; and, in an age grown infamous with the malign spirit of commercialism, exemplified in severest stress the moral re1 splendence of that high, exalted sentiment, which filled the sky of the Sunny South of old with unapproachable glory, and made her men the grandest and her women the divinest that I graced the earth To us who live in ] this day acts like these of yours and S your gracious wife rise distinct and splendid from the ordinary level, like I a white monument against a dark sky, a to the serener atmosphere where honor, truth, right, God, make their home. t Accept, sir, this simple testimonial, I and with it our hearts' warmest appreciation. "YOUR FRIENDS." etc. 1