Bank of Florence - Florence, AL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 6, 1891
Location: Florence, Alabama (34.800, -87.677)

Metadata

Model: gpt-5-mini
Short Digest: d7a2adfc

Response Measures

None

Description

Multiple contemporary reports (Nov 6–7, 1891) state the Bank of Florence 'failed to open its doors' and 'closed its doors' with assets about $50,000 and liabilities about $100,000. There is no clear description of a depositor-driven run prior to suspension — one depositor threatened the vice-president with a pistol after closure. No receiver or reopening is reported, so classified as a suspension leading to permanent closure.

Events (2)

1. November 6, 1891 Suspension

Cause Details: No specific cause given in articles; officers refused statements. Assets reportedly ~$50,000 vs liabilities ~$100,000; appears to be insolvency but article does not specify reason (embezzlement, correspondent failure, etc.).
Newspaper Excerpt: FLORENCE, Ala., Nov. 6.-The Bank of Florence failed this morning to open its doors. The officers refuse to make a statement of the assets, and the liabilities cannot be ascertained.
Source: newspapers

2. November 7, 1891 Other

Newspaper Excerpt: Several exciting scenes were enacted in the bank. (One depositor gained access to the vice-president, and at the point of a pistol demanded his money. He was persuaded to desist. A notice on the door says: Closed temporarily. ) . . . The Bank of Florence, Ala., failed on Friday. The assets are about $50,000 and the liabilities about $100,000. There is great indignation among the depositors. One man went to the president and, drawing a pistol, demanding his money. He didn't get it, however.
Source: newspapers

Newspaper Articles (6)

1. November 7, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, November 7, 1891

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Maverick Bank Failure Not So Serious as Reported. DISHONESTY OF THE DIRECTORS, They Loaned Money to Themselves on Notes Fictitiously Signed. Runs on Two Other Boston Institutions Continue-Bank of Florence, Ala., Closed-Run on a Galveston BankFailure of Dealers in Wines. BOSTON, Nov. 6.-Comptroller of the Currency Lacey, who arrived from Wash ington City this morning, spent nearly the entire day at the Maverick bank. In an interview this evening he said: "The feeling all along the line and among the members of the Boston clearing-house is that the affairs of the Maverick bank are in much better condition than is apparently generally supposed. A leading financier of Boston told me today that he thought the indebtedness of the bank would be redeemed at par. Not one gentleman in a position to know about its affairs admits that it will not pay 85 per cent." Lacey further said: I want it distinctly understood that there is not and never has been a single pot tissue between Mr. Magruder and myself. it is true that he furnished me a complete photograph of the condition of the bank. Everything he furnished me with is on file in black and white, so it is not a question of my veracity. I knew of the indorsements of directors, but they were always represented as being drawn on adequate collateral. I can say nothing about the criminality of the acts of directors, and the newspapers should not expect me to do so. Jonas H. French was brought before Judge Nelson today on a writ of habeas corpus, on his plea for a reduction of bail. The amount was lowered to $50,000. District Attorney Allen said he had received a statement from Examiner Ewer that Potter, French and Dana owed the Maverick bank over $2,000,000. He further stated that the examiner said that among the assets of the bank he found notes endorsed by three of the accused directors, the promissors of which could not be found, and who he believed did not exist. The bank examiner has turned over to the assistant United States treasurer $1,139,800 for the benefit of the creditors of the Maverick National bank. Thomas P. Beal's bond as receiver of the Maverick National bank has been approved by the court. The assets of the bank cannot be handed over to him by the examiner until an inventory has been made of them by the examiner. This will require a delay of several days. Charles Raymond, of Chicago, brother of William Raymond, of Thomas Dana & Co., will, it is said, put $15,000 into the new firm, and all the merchandise liabilities will be assumed. The run on the Five Cent Savings bank continues this morning, but it is in a lessened degree. President Evans says the run is about over. Some who withdrew have today returned to deposit again. Less than 1 per cent. of the deposits were withdrawn on the heaviest day of the run. A run is being made on De Filippe's Italian bank. The concern had some money deposited in the Maverick bank, but it is perfectly solvent. GALVESTON, Nov. .-The fact that Albert Weiss, of Weiss Bros., who failed yesterday, was president of the Island Savings bank caused a run on that institution today by small depositors. The directors held a meeting and issued a bulletin personally guaranteeing every dollar of the deposits and declaring the bank perfectly solvent. Confidence is entirely restored tonight. LOUISVILLE, Ky., Nov. 6.-The Cochrane-Fulton Company, distillers and wholesale liquor dealers, made an assignment today to the Louisville Trust Company. The liabilities and assets are not learned, but are supposed to be about equal and to reach nearly $500,000. The firm is one of the oldest and has been regarded as one of the staunchest here. The failure was brought about by the recent failure of Jacob Kreiger, the Masons Savings bank and the T. R. B. Cotter Lumber Company. The friends of the company assert that they may be able to pay in full. FLORENCE, Ala., Nov. 6.-The Bank of Florence failed this morning to open its doors. The officers refuse to make a statement of the assets, and the liabilities cannot be ascertained. West Coast Increases

2. November 7, 1891 San Antonio Daily Light San Antonio, TX

Article from San Antonio Daily Light, November 7, 1891

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LATE TELEGRAMS BOILED DOWN FROM PRIVATE, SPECIAL AND OTHER SOURCES. Evidence concluded in Woodruff trial. Dallas realizes $97,125 on $100,000 city bonds. Luray house, in Luray, Va., burned; loss $150,000. Friedman, dry goods, files deed of trust at Rusk. Knoxville, Tenn., reports miners striking all over the state. Weiss Bros'. liabilities may run up to $700,000; assets $500,000. New York state vote was light, 34,464 below the vote of 1888. Flavin, McCartheyite, elected at Cork by about 1000 majority. Run made by Italians in Boston on Filippo's bank, North street. Rumors of impending restoration of the monarchy are rife in Brazil. Wallis Lispenard's cotton picker works satisfactorily at Atlanta. Gov. Cheney of New Hampshire will probably be Proctor's successor. Jonas French, Maverick bank, gives $50,000 bond and is released. Many persons killed and maimed by passenger train collision in Spain. The Chicana district in Spain is devastated by flood and hurricane. Comptroller Lacy ordered Maverick Bank closed upon proper Information. Argument suspended over legality of extra session of Pennsy Ivania senate. Bank of Florence, Florence, Ala., closes doors; no information obtainble. General average of prices for the week are a shade lower than last week. Texas cotton crop estimates place the state crop of cotton at 2,000,000 bales. Stenger's flouring mills, Wabunta, O., close, proprietor missing; debts $80,000. Bank examiner at Boston reports $1,039,810 for benefit of bank creditors in hand. The election in Brazil will occur in January; congress will revise the constitution. All places of amusement closed in Rio Janeiro and martial law strictly enforced. Jay Gould reported dead to create stock pauic in New York, but it did not work. Admiral Montt president of Chili bas no policy, only the expressed will of congress. Receipts of wheat, rye and beef at Chicago are largely in excess of last years trade. Run on Galveston savings ban yesterday drew out $60,000; $80,00) was paid in. Brazil has commission to try, and expel, those shown to be enemies of the republic. Withdrawal of money from New York to Boston has raised money rate in New York. There are rumors of the unsoundness of ten leading banking houses of St. Petersburg. Russian exchange and government stock indicate an impending financial crisis in Russia. Convict camp lessees in Nashville insist on returning to Coal Creek and resuming work. Indiana coal operators refuse the 5 cents increase demanded for bituminous coal mining. G. Moore & Co, Lexington, Tex. give deed of trust for $15,000, to secure Austin National. Controversy arises over right of Galveston jetty contractors to quarry rock at Giddings. Cochrane, Fulton & Co., distillers, Louisville, fail; liabilities an d assets each about $500,000 South Dakota republicans carried the day by 8,310 plurality over the democratic candidate. Mrs. Worsham arrested at Chester for taking express matters intended for another Worsham. Alliance gin at Lone Oak; Cary's gin, Queen City; Daley's gin, near Grapeland, all burned. Three killed. three mortally hurt and three slightly injured by explosion in Leadville tunnel. Pullman porter taken from car at Lake, Miss:, and horribly beaten for clubbing the station agent.

3. November 7, 1891 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, November 7, 1891

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A SOUTHERN BANK SUSPENDS. The Florence in Alabama Closes its Doors -A Depositor With a Pistol. FLORENCE, Nov. 7.-The Bank of Florence failed to open its doors in the morn ing. The bank's officers refuse to make a statement. The assets and liabilities cannot be learned. Several exciting scenes were enacted in the bank. (One depositor gained access to the vice-president, and at the point of a pistol demanded his money. He was persuaded to desist. A notice on the door says: "Closed temporarily.

4. November 7, 1891 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, November 7, 1891

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EMBARRASSED BANKS. The Maverick National and Other Crippled Financial Concerns. BOSTON, Nov. 6.-Thomas P. Beale has qualified as receiver of the Maverick bank, approved by the court. The assets of the bank cannot be handed over to him by the examiner until an inventory has been made of them by the examiner. This will require a delay of several days. BOSTON, Nov. 6.-James H. French was brought before Judge Nelson on a writ of habeas corpus, on his plea for a reduction in bail. The amount was lowered to $50,000. District Attorney Allen said he had received a statement from Examiner Ewer that Potter, French and Dana owed the Maverick bank over $500,000. He further stated: "The examiner said among the assets of the bank he found notes endorsed by the three accused directors, the promissors on which could not be found, and whom he believed did not exist." The bank examiner had turned over to the assistant United States treasurer $1,139,800 for the benefit of the creditors of the Maverick national bank. A run is being made on D. Filippo's Italian bank. The concern had some money deposited in the Maverick bank, but is perfectly solvent. Comptroller Lacey arrived this morning. He had a conference at the Maverick bank with Receiver Beale, the examiner and the clearing-house committee. Charles Raymond, of Chicago, brother of William Raymond, of Thomas Dana & Co., it is said, will put $100,000 into the new firm. All merchantable liabilities will be assumed. The run on the Five-cent Savings bank continued this morning, but in a lessened degree. President Evans says the run is about over. Some who with. drew today returned to deposit again. Less than 1 per cent. of the deposits withdrew on the heaviest day of the run. NASHVILLE, Tenn., Nov. 6.-A Florence, Ala., special says: The bank of Florence failed this morning to open its doors. The officers refuse to make a statement, and the assets and liabilities cannot be ascertained.

5. November 11, 1891 The Enterprise Wellington, OH

Article from The Enterprise, November 11, 1891

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out seven Mountain, Tenn., together us JO work cottages, burned on the 6th, the with WHILE down a train of two cars ing road the Mount Penn was gravity comrails near Reading, Pa., on the railowing were so slippery at a steep 5th, the not be to the rain, that the grade, Ira held and they jumped cars the could thony killed, track. jured, Anless hurt. passengers fatally more in- or JAMES S. FRENCH, director able Maverick bank at Boston, has of been the -un 000'9's up sureties Procure 07 sioner, factory to the United States satis419 the no SEM pue ! 04 pointed Thomas P. Beel has been ap- committed receiver of the bank. ABOUT fifty of the Tennessee recently Briceville released by the miners convicts tured and Oliver, have been at in Tennessee. Kentucky and returned to capA TERRIBLE accident occurred 6th ing of near Leadville, OoL, at the on the men the Rusk tunnel where headof were at work drilling. A eight giant powder had failed shot to plode and one of the men to exlowed. remove it. A terrific explosion attempted hole Bob Wilkinson was nearest folliterally and was instantly killed, the were torn to pieces. Five being p probably die. seriously hurt, two of whom others will O James Two Italians, giving their arrested Ferro and Ricci Rocco. have names as King, on suspicion of murdering been et railroad whose body was found John on the 5th. track at Niagara Falls, on N. Y., the BUSINESS failures during the S O ended United November numbered week of States and 48 for Canada-a for the for 266, as compared with a total total p the previous week. For the of 255 u 0 were week of last year the corree the 215, failures in figures and 33 in Canada. THE Berkley phosphate works Ash destroyed 18 were "O S Insurion, uo ere [ ч 000; the 6th. The loss is about $50,- by JO AT fully covered by insurance. Long Prairie, Minn., et I' the verdict jury in the Bender case on the 6th, gree. of manslaughter in the returned a u dict Limit of the law under first degives the imprisonment. prisoner twenty this ver71 for the Bender was years' 2 THE murder of his wife in convicted remains of ex-President July last. JO son wood Davis are to be interred in Jeffer8 monument cemetery, Richmond, Va. Holly. placed to Mr. Davis will The et site in over the grave, but not be et WHILE that city to be selected upon some Clayton Haines, his hereafter. & two driving children and a Mrs. Sutton wife and x tona, near the railroad track were 00 fright III, on the 5th, the team at Alet tree and ran away, colliding took buggy and throwing the occupants with a -I to instantly the ground. Mrs. Haines of the of jured. killed and the others badly in- was ec THE iron firm of Jones & et TO wages Pittsburgh, Pa, on the 6th reduced Laughlin, of the employed labbrers 500 the TO mo.u 71 Ja 4q 1878 of Aup sed $150 SEM the much grumbling by the There [ª] reduction, but they say men over 'A -2 pus ONE they organization ou powerless, being unskilled hands. *D MRS. committed Julia TAYLOR, aged 75 78 Brooklyn, suicide at her years, e) herself N. Y., on the 6th by residence in & to have to been the insane. bedpost. She is supposed hanging or uu Gobil, a W P & the dealer 6th a a said the 1s si same 7I the nearly by IIIM assets thomat -II 48 THE Bank of Florence, at & Ala, bank's closed its doors on the Florence, a ment officers refused to make 6th. The g. not be and the learned. assets and a liabilities state- can '4 AT Lyon Mountain, N. Y., on 40 while porarily Mrs. Robare. a widow, the 6th "I dren absent from home, the was temà set destroyed, fire to the house, chilsu old, and the youngest, 3 which was as perished in the flames. Two years which boarders at the house, lost $700 men, of THE they had laid away in their in cash to Cal., giant powder works at trunks. sh Gap, three blew up on the 6th, Clipper p e Suipunom serions[y] pus mem 'âoq se 'et THE appraisers of the estate age late cisco, Mrs. Theresa Fair, of San of the the total have filed their report, Fran90 000. value of the estate at placing bonds, The property consists of $4,694,ча THE real estate and money loaned. railroad STI church celebrated United be a large case, involving the Brethren III amount of property in ownership of church county, Ind., and indirectly Wayne 18was property in the United all the lecourt decided by the Indiana States, on over on the 6th. The dispute supreme faith, the revision of the confession arose g, IO tions, the liberals church and dividing radicals into two fac- of

6. November 13, 1891 The Columbian Bloomsburg, PA

Article from The Columbian, November 13, 1891

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Saturday, Nov. 7. Indiana is suffering from the worst drought in fifty years. An extensive forest fire is raging in the village of Woodstock, in the Catskills. Director Nathan of the World's Fair announced that the price of tickets will be fifty cents. The report of the appraisers of the estate of the late Mrs. Theresa Fair values it at $4,694,000. Constable Harris of the Winnipeg mounted police has been found dead with a bullet in his head. Seven thousand bituminous coal miners have been ordered on strike in Indiana for advance of wages. The trial of ex-Assemblyman Demorest, indicted for forgery, has been set for November 23 at Nyack, N. Y. Ex-Governor Smith of Vermont, president of the Central Railroad, died Friday of heart failure at St. Albans, 4A Reports at Little Rock, Ark., say that prairie fires have done over $100,000 damage in the interior of the State. The iron firm of Jones & Louthlin, of Pittsburg, Pa., reduced the wages of the 500 laborers employed by it from $1.50 to $1.25. Frank Taylor and John McKernon were smothered to death Friday by the upsetting of a load of hay on which they were riding at Lima, Ohio. Claim has been put into the Vice Admiralty Court by Andus Island sailors for sixty per cent. salvage on the cargo of the steamship El Dorado. Fifty employes of the Baker Wire Mill, at Lockport, III., have been locked out for belonging to a union of the Amalgamated Iron and Steel Workers. James Sullivan and Mrs. Catharine E. McDonough were arrested at Boston Friday charged with conspiracy to defraud the New York Life Insur$2,000.00 JO ano Company Florence Blythe, heir of the late Thomas Blythe, became of age November 19, and has announced she will end the litigation over her father's $4,000,000 by giving the contestants '000'009'1$ The federal authorities at Rio Grande city, Tex., are investigating the recent examinations by the Mexican military of suspected revolutionists, said to be American citizens, and two of whom were shot. The strike that has been in progress at the tin plate department of the St. Louis Stamping Company's mills has been declared off, and yesterday all of the men went to work, including the skilled laborers from abroad. Charles Criftenfort, a young man employed as a collector and delivery man for the Weise Produce Company of Klingerstown, Pa., has disappeared, taking with him valuable papers and money to the value of $12,000. Sarah Cornelison, sixty years old and an inmate of the Rockland County (N. Y.) Almshouse for the last six months, fell down a flight of stairs in the building Friday night and broke her neck. She was dead when picked 'dn The Cochrane-Fulton Company, distillers and wholesale liquor dealers, at Louisville, Ky., assigned Friday to the Louisville Trust Company. The liabilities and assets are supposed to be about equal and to reach nearly '000'009$ The Bank of Florence, Ala., failed on Friday. The assets are about $50,000 and the liabilities about $100,000. There is great indignation among the depositors. One man went to the president and, drawing a pistol, demanding his money. He didn't get it, however. Two girls of ten and twelve, named Kunz, averted a terrible railroad accident on the Pittsburg and Youghlogheny Railway on Tuesday night. They found a telegraph pole across the track, and by swinging a lantern train. B peddots In the case of the Jewett Publishing Company vs. General B. F. Butler, Judge Holmes of Boston has decided that there was a breach of contract, but reserved the question of equitable remedy for the full bench of the Supreme Court. A delegation from Savannah, Ga., headed by Senator Colquitt and Mayor McDonough, called on the president yesterday and urged him to visit Savannah during the coming winter. The president said he would visit Savannah, as requested, if he could 'OS op Possibly