150. Jasper Trust Company (Jasper, AL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
September 15, 1898
Location
Jasper, Alabama (33.831, -87.278)

Metadata

Model
gpt-5-mini
Short Digest
c59d2a2f9b598d38

Response Measures

None

Description

Articles report a heavy run by depositors in mid-September 1898 triggered by litigation over the Jasper Town and Land Company (a major stockholder), leading directors to 'assign' the bank to an assignee (John A. Gravlee) and close its doors. The assignment functions as a suspension and effectively a closure/receivership. Later (Jan 1899) chancery litigation concerning the trustee is reported. I corrected OCR artifacts (e.g., 'a3signment' -> assignment).

Events (3)
1. September 15, 1898 Receivership
Newspaper Excerpt
As a result the Jasper Trust Company, of Jasper, Walker County, yesterday assigned to John A. Gravlee its cashier. ... The receivership case is now being heard in the United States Court in this city.
Source
newspapers
2. September 15, 1898 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors ran after litigation seeking a receiver for the Jasper Town and Lands Company (a large stockholder) and petitions also sought a receiver for the Trust Company.
Measures
Directors met and decided to assign the bank to an assignee (closure/assignment to John A. Gravlee).
Newspaper Excerpt
The cause of the assignment is the heavy run which has been made on the bank by depositors this week. This run is the result of the suit brought by John A. James ...
Source
newspapers
3. September 15, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was assigned after heavy withdrawals triggered by litigation over a major stockholder (Jasper Town and Lands company) and related receiver petitions.
Newspaper Excerpt
This morning at the regular opening hour a notice was posted on the door of the Jasper Trust company, stating that an assignment had been made with John A. Gravlee, as assignee.
Source
newspapers

Newspaper Articles (3)
1. September 16, 1898 The Age-Herald Birmingham, AL
Article from The Age-Herald, September 16, 1898

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Article Text

CLOSED ITS DOORS. Jasper Trust Company Will Pay Dollar for Dollar. Jasper, Ala., September 15.-(Special.)This morning at the regular opening hour a notice was posted on the door of the Jasper Trust company, stating that an a3signment had been made with John A. Gravlee, as assignee. The cause of the assignment is the heavy run which has been made on the bank by depositors this week. This run is the result of the suit brought by John A. James, in the United States court, asking for a receiver for the Jasper Town and Lands company, at the same time seeking to have a receiver appointed for the Trust company, inasmuch as the land company owned a lot of stock in the trust company. This action stirred up the depositors who began a run yesterday. It was very heavy and continued through yesterday. This morning, before banking hours, the directors of the bank held a meeting and decided to assign. The statement given out shows the liabilities to be $65,000; assets $80,000. In the liabi ities are included $33,000 of capital and $20,000 yet due depos:tors. The bank was capitalized at $50,000, but only $33,000 had been issued . "The depositors will get every cent of their money," said one of the directors this morning. "The bank was not crippled in the least, and only this unfortunate litigation could have hurt its business." The Jasper Trust company has been a financialy sure thing in Alabama for a long time. During the panic it kept its doors open, and so safe was it in the opinion of

2. September 17, 1898 New-York Tribune New York, NY
Article from New-York Tribune, September 17, 1898

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Article Text

ALABAMA BANK FAILS. ASSIGNMENT CAUSED BY A FIGHT OVER THE CONTROL OF A LAND COMPANY Birmingham, Ala Sept. 16 (Special).-A hot fight is pending in two State courts and in the Federal courts between English and American stockholders for the control of the Jasper Town and Land Company, Limited of London, England The principal contest is over the point as to which side shall name the receiver of the Corona Coal and Coke Company, the most valuable possession of the English company As a result the Jasper Trust Company. of Jasper, Walker County. yesterday assigned to John A. Gravlee its cashier. The bank stock was largely owned by the Jasper Town and Land Company, which went into the hands of a receiver, and this caused a run on the bank Monday and Tuesday forcing the assignment. The liabilities of the bank are $65,000 and its assets $80,000. The receivership case is now being heard in the United States Court in this city. and some sensational charges are made by the English side. one of which is that John A. James, who filed the petition on which J. W Burke. of Mobile was appointed recelver of the Jasper Town and Land Company, is a negro porter in the office of Greenough & Poor. in New - York

3. January 19, 1899 The Age-Herald Birmingham, AL
Article from The Age-Herald, January 19, 1899

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Article Text

GRIND OF THE COURTS. Snapp Case Concluded in City CourtOther Departments. The case of James W. Shephard et al. vs. J. A. Gravlee, trustee, and the Jasper Trust company, from Jasper, was taken up in the chancery court yesterday before Chancellor Carmichael. The bill prays for the removal of Gravlee as trustee of the Trust company, which assigned on September 15, last. The petition is based on the allegations that the trustee was secretary and treasurer of the company and was indebted to it in the neighborhood of $10,000; that the directors, with the exception of one, were indebted to the bank in excess of the amount of their stock, and other causes which are set out. City Court The case of Ira V. Snapp, administrator, vs. the K. C., M. & B. railroad company, which has been on trial in the first division of the city court for the past ten days, was concluded late yesterday afternoon and given to the jury, which at a late hour last night had failed to come to an agreement on a verdict and was locked up for the night. Circuit Court In the circuit court the case of King vs. the Alabama Great Southern Railroad company resulted in a verdict for $120 in favor of the plaintiff. The case of Nicolas J. Reed, administrator, vs. the Southern Railroad company was then taken up and is on trial.