Chattahoochee National Bank (Columbus, GA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
November 29, 1895
Location
Columbus, Georgia (32.461, -84.988)
Bank Type
national
Charter Number
1630

Metadata

Response Measures

Full suspension, Books examined

Other: Comptroller appointed a receiver after the bank suspended/closed.

Receivership Details

Depositor recovery rate
60.1%
Date receivership started
1895-12-07
Date receivership terminated
1903-09-30
OCC cause of failure
Losses
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
17.6%
Share of assets assessed as worthless
49.6%

Notes

Articles use variant spellings (Chattahoochie/Chattahooche) in OCR; receiver appointment date given as Dec 7, 1895.

Events (5)

1. January 22, 1866 Chartered
Source
historical_nic
2. November 29, 1895 Run
Cause
Bank Specific Adverse Info
Cause Details
Continued withdrawal of deposits precipitated by shrinkage in value of securities, inability to realize assets, and loss exposure (including a $25,000 Central railroad withdrawal).
Measures
Directors closed the bank and posted notice; attempted to meet partial payouts (officials estimated paying 40–60%).
Newspaper Excerpt
A continued withdrawal of deposits...is assigned as the reason for suspension.
Source
newspapers
3. November 29, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited continual withdrawals, shrinkage of securities' value, and inability to realize on assets promptly as reasons for suspension.
Newspaper Excerpt
The Chattahoochie National Bank...did not open this morning. The directors held a meeting yesterday and decided to pursue this course.
Source
newspapers
4. December 7, 1895 Receivership
Newspaper Excerpt
Comptroller Eckels today appointed J. F. Flournoy receiver of the Chattahoochee National Bank, of Columbus, Ga., which failed a week ago.
Source
newspapers
5. December 7, 1895 Receivership
Source
historical_nic

Newspaper Articles (14)

Article from The Norfolk Virginian, November 30, 1895

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A Georgin National Bank Suspends Columbus, Ga., Nov. 29 - --The Chattahoochie National Bank, of this city, did not open this morning. The directors held a meeting yesterday and decided to pursue this course. A continued withdrawal of deposits, shrinkage of values of securities. and inability to realize on assets promptly, is assigned as the reason for suspension. The deposits amount to about $120,000. The officials think they can pay out 60 per cent,


Article from The Morning News, November 30, 1895

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A COLUMBUS BANK CLOSED

Withdrawal of Deposits Precipitates the Collapse. Columbus, Ga., Nov. 29.-Business circles were astonished this morning to find a notice posted on the door of the Chattahoochee National Bank announcing that the bank had been closed by order of the board of directors. While no figures were given out to-day, it is known that the bank has sustained heavy losses in the last few years. A few weeks ago it secured a judgment against a brewing company for $47,000, but has not been able to realize on the judgment. The depositors have been gradually withdrawing their accounts, and it is said the actual cause of the closing was due to the withdrawal of the Central railroad deposit, amounting to $25,000. It is thought the depositors will get their money, but many believe the bank is hopelessly involved. The examiner has been notified. This was the oldest national bank in the city. Only a few years ago its surplus and undivided profits were greater than its capital stock. A shrinkage in the value of securities and inability to realize on assets promptly, together with the withdrawal of deposits, are assigned by the directors as the reasons for suspension. The deposits amount to about $120,000. The officials think they can pay out with 40 per cent. of the assets.


Article from New-York Tribune, December 1, 1895

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1 COLUMBUS NATIONAL BANK CLOSED

Columbus, Ga., Nov. 30.-The Chattahooche National Bank of this city did not open yesterday morning. The directors held a meeting on Thursday and decided to pursue this course. Continual withdrawal of deposits. shrinkage of values of securities and inability to realize on assets promptly are assigned as the reasons for suspension. The deposits amount to about $120,000.


Article from The Evening Times, December 7, 1895

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Appointed a Bank Receiver

Comptroller Eckels today appointed J. F. Flournoy receiver of the Chattahoochee National Bank. of Columbus, Ga., which failed a week ago.


Article from Richmond Dispatch, December 8, 1895

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Receiver for Georgia Bank

WASHINGTON, D. C.DecemberComptroller Eckels to-day appointed J. F. Flournoy receiver of the Cha tahoochee National Bank, of Columbus, Ga., which failed a week ago,


Article from The Times, December 8, 1895

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. Telegraphic Brevities, Comptroller Eckels has appointed J. F. Flornoy, receiver of Chattahoochee National Bank of Columbus, Ga., which failed week ago. Near Shelbyville, III., typhoid fever is epidemic. Whole families are prostrated with it. A notable instance is the family of Stephen Flanders, a brickmaker. Eight members have the disease in its worst form. Four deaths in ten days resulting. Bishop Nicholas says the story telegraphed from Chicago that the NAME synod had directed him to build a $500,000 cathedral at Chicago, is incorrect. He has authorized the priests in Chicago to build a church there, but the price will be nearer $5,000 than $500,000. The American Schooner Bessie E. Creighton, Captain Russell, from Boston, November 23d, for Pensacola, stranded December 4th, on Hog Cay, Abaca, Bahara Islands, The vessel and its cargo of fertilizer are a total loss. The crew and materials were saved. In Chicago, a fire early yesterday morning destroyed part of the extensive soap manufactory of James S. Kirk & Co., at 36 North Water street. The total loss estimated by Kirk at $130,000. The loss is covered by insurance.


Article from The Morning News, December 8, 1895

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WAIFS FROM THE WIRES

Some of the Day's Events Set Forth in Short Stories. New York, Dec. 7.-Baring, Magoun & Co. to-day decided not to ship the $200,000 in gold bars secured by them in the open market yesterday. Washington, Dec. 7.-Controller Eckels to-day appointed J. F. Flournoy receiver of the Chattahoochee National Bank of Columbus, Ga., which failed a week ago. Washington, Dec. 7.-Bids were opened at the treasury to-day for ventilating the New York postoffice. The Dalton Company of Charleston, S. C., at $7,008, were the lowest bidders. Paris, Dec. 7.-The International Bimetallic League has received an intimation that British and German delegates will attend the bimetallic congress to be held in Paris Dec. 10, 11 and 12. San Francisco, Dec. 7.-Bishop Nicholas says the story telegraphed from Chicago that the holy synod has directed him to build a $500,000 cathedral at Chicago is incorrect. He has authorized the priests in Chicago to build a church there, but the price will be nearer $5,000 than $500,000. Shelbyville, Ill., Dec. 7.-There is a typhoid fever epidemic in this section. Whole families are prostrated with it. A notable instance is the family of Stephen Flanders, a brick-maker. Eight members have the disease in its worst form, and the fourth death in ten days resulted to-day. Paris, Dec. 7.-The Journal des Debats says the French government consents to communicate to the United States the contents of the documents in the case of John L. Waller, ex-United States consul to Madagascar, now serving a term of imprisonment in France. This action, the Journal says, is taken as a mark of courtesy to the United States. The paper denies that the latter government is entitled to demand the documents. New York, Dec. 7.-The United States battle ship Texas passed out by Sandy Hook this morning at 8 o'clock, and fifteen minutes later had cleared the bar, when she steamed off to the southward. The ship looked as neat and trim as any vessel ever does coming from the navy yard at Brooklyn, and nothing seemed to be amiss with her. She made rapid progress down the ship channel and turning Southwest Spit headed for Gedney's channel, where she passed and was saluted by the incoming National Line steamship England. The Texas returned and anchored off St. George, Staten Island, late this afternoon.


Article from Twice-A-Week Plain Dealer, December 10, 1895

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Receiver Placed in Charge

Washington, Dec. 7.-Ccmptroller Eckels Saturday appointed J. F. Flourney receiver of the Chattahoochee national bank of Columbus, Ga., which failed last week.


Article from Decorah Public Opinion, December 13, 1895

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National Bank Receiver

Washington, Dec. 9.-John F. Flournoy, of Columbus, Ga., has been appointed receiver of the Chattahoochee National bank of Columbus.


Article from The News and Herald, December 14, 1895

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LATEST NEWS IN BRIEF GLEANINGS FROM MANY POINTS. Important Happeuings, Both Home and Foreign, Briefly Told. Newsy Southern Notes. There were five hangings in South Carolina on Friday. TheSpotts Manufacturing Company, of Richmond, Va., makers of vinegars and ciders, have failed for $12,000. Rev. John E. White succeeds Dr. Durham as corresponding secretary of the Baptist State Convention of North Carolina. Secretary Carlisle has accepted aninvitation to deliver an address on the government finances to the business men of Richmond, Va. Col. W. O. Bradley, the first Republican to be elected Governor of Kentucky, was inaugurated with great ceremony on Tuesday. Comptroller Eckels has appointed J. F. Flournoy receiver of the Cbattahoochee National Bank, of Columbus, Ga., which failed a week ago. George Washington, colored, was hanged at Tarboro, N. C., Wed., for the murder of Charles Neville, a pump hand of the Atlantic Coast Line. The execution was public. The murder was for robbery. The murderer confessed. The South Carolina Republican State committee at Columbia have issed an address to the people, in which the committee refuses to accept as final the new constitution foisted upon the State by the Tillman faction, on the ground that it is per se fraudulent, and because it is not to be submitted to the people for ratification.


Article from The Morning News, January 19, 1896

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TAXES ON BANK BUILDINGS.

THEY MUST BE RETURNED THE SAME AS ALL REAL ESTATE.

Attorney General Terrell Renders the Opinion in the Case of the Chattahoochee National Bank of Columbus-The Claim That the Pay- ment of Taxes on the Bank's Capi- tal Stock Exempts Them Denied.

Atlanta, Ga., Jan. 18.-Attorney General Terrell to-day rendered an important opinion relative to the taxation of the property of national banks.

When the Chattahoochee National Bank of Columbus went into the hands of a receiver appointed by the controller of the currency the receiver failed to re- turn the building of the bank for taxa- tion by the state. The matter was brought to the attention of the controller general, and upon inquiry it was developed that the reason the receiver had failed to re- turn the buildings was that it had never been given in for taxes by the bank on the ground that the real estate of a bank, being a part of the assets, and represent- ing a part of the value of the stock, was not subject to taxation. The controller general placed the question before the attorney general, asking his opinion of the position taken by the receiver of the bank.

Attorney General Terrell holds that the building should have been returned for taxation just the same as any other real estate, this decision applying to all banks. The stock of the bank, he holds, is sep- arately taxable against the stockholder. This is on the same principle of the the- ory, the attorney general states in his opinion, as the taxation of realty under mortgage, and also the taxation of the mortgage upon the same realty.

It is not known to what extent this de- cision will affect the banks of the state, as there is no data in hand at present to show whether it has been the general practice of the bank to withhold their real estate from taxation, as was done by the defunct Chattahoochee National Bank or not. If this has been the prac- tice, steps will be promptly taken to change it and require all banks, whether state or national, to return their build- ings to the state for taxation the same as other real estate, as well as their stock.


Article from The Morning News, May 3, 1896

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RIGHT OF WAY REFUSED

Col. L. F. Garrard in a Row With Commissioner Tillman. Columbus, Ga., May 2.-The controller of the currency has authorized Receiver Flournoy to pay a cash dividend of 25 per cent. to the depositors in the Chattahoochee National Bank, which failed last fall. This afternoon a good deal of bad feeling cropped out between Col. W. L. Tillman and Hon. L. F. Garrard during the trial of an injunction case to restrain the Columbus Railway Company from extending its track out Hamilton road, one of the most important thoroughfares in the county. The action was brought by County Commissioners Tillman and Bass. Col. Garrard is also a commissioner, but being attorney for the railroad company, did not join in the action. The judge granted a permanent injunction and after the conclusion of the case some hard words passed between Messrs. Tillman and Garrard, followed by a blow or blows. according to some accounts. Those who witnessed the affair refused to talk and what actually occurred cannot be definitely stated.


Article from The Morning News, January 2, 1897

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are the best after-dinner Hood's Pills pills, aid digestion. 25c. CHAPTERS FROM COLUMBUS. The Brewery Shuts Down-The Emanelpation Day Parade. Columbus, Ga., Jan. 1.-The Chattahoochee brewery, which has been operated by the receiver of the defunct Chattahoochee National Bank, was shut down today. It is said that depositors in the defunct bank learned that the brewery was being operated at a loss, and raised a kick, resulting in a shut down. The negroes celebrated the emancipation anniversary to-day. There was a long parade, many gally decorated carriages and several brass bands being in line. The crowd was quiet and orderly. Rev. Father Schadewell, who has been in charge of the Catholic church in Columbus for two years, has received orders from Bishop Becker to go to Atlanta as assistant pastor of the Church of the Immaculate Conception. It is not known who the bishop will send here. This afternoon a sensational report was circulated about a negro woman making a savage assault on Mayor Grimes. The womán is a daughter of Hamp Jones, the court house janitor. She had evidently been drinking and was indulging in loud talk under the windows of the mayor's office. He went out and ordered her away, when she began abusing him and made a move as if she would strike him. His honor called an officer and had the woman conveyed to the lock-up.


Article from The Morning News, April 6, 1898

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AND FLORIDA

GEORGIA IN NEWS OF THE TWO STATES TOLD IN PARAGRAPHS. Cost of Two Murder Trials to Twiggs County-A Colored Leader at Newnan Raising Troops to Fight Spain. Soldier Found Dead in a Chair in a Restaurant at Atlanta. GEORGIA. H. M. Loyless, a prominent warehouse man and leading citizen of Cochran, died Saturday night, aged 66 years. Another dividend of 5 per cent. has been declared in favor of the depositors of the defunct Chattahoochee National Bank or Columbus. Rome's cotton receipts up to this week are 64,266, being 30,000 bales in excess of last year. The city will probably receive several hundred bales more before the season ends. Capt. William A. Patton of the Rome Light Guards and Capt. H. J. Stewart of the Hill City Cadets have received orders to increase their enlistments to at least fifty men each. They have had no trouble doing this. Four times that many VOI in unteers could be secured with little tro ble A Crawfordville will have a bank soon. meeting of those who subscribed to t he capital stock was held Monday. John F. Holden was elected president, J. A. K endrick, vice president: M. F. Griffith, er ish jer, and Roger T. Brooke, assistant c ashjer. The capital stock will be $25,000 and all of the shares have been taken by citizens of Telfair county. It is estimated that the trial an a imprisonment of Mrs. Nobles and Gus Fambles cost Twiggs county about $1.10 1. The cases of Shaw and Criswell, convi eted of wrecking two trains on the Souther n Railway the last day in February of 1 198. cost the county about $1,800. There is therefore, no ground for the story th at these trials have bankrupted the cour ity. Arthur Evans was killed in ti ie northern portion of Monroe county S anday by Joe Wooten. It is reported tha t the two men became involved in a quarr el about a friend of Wooten, when Evans assaulted him with a knife, whereupon W boten drew his knife and cut his antagonis # to death. Both men are weil known and the tragedy has caused a sensation. Immed Nately after the killing Wooten surrendere d to Sheriff Newton. One train left Arlington Frid lay with 1,200 cattle and another left yester day with the same amount. and so on u Antil one man has shipped over 12,000 he ad, which he intends getting out by May , 1 for Indian Territory. Arlington has for the past three years fed more cattl to for the market than any other town in the state. The Arlington Oil and Fertilize x Company and J. W. Calhoun feed grea it quantities of cattle for the market. Judge J. H. Lumpkin h las directed Burton Smith, attorney for Receiver J. M. Slaton of the United States Bond and Mortgage Company of Atlanta to sue the subscribers to $90,000 of the capital stock which was never paid in. The subscribers will defend the Spaits on the ground that they had transferred their stock to Harry Cassin, who was one of the organ izers. The capital 4 tock was $100,000 and only $10,000 was paid in. A.C. Banks, a colored leader of Newnan, and who for the passt two weeks has been serving on the federal jury in Atlanta, spoke for an hour in the court house Saturday, picturing to a colored audience the horrors of the thousands starving in Cuba and enthused them with American patriotism. He says that fifty-two men were enlisted and that on next Saturday another meeting will be heid, when he ex pects the enlistment to run up to 200 men. Their services will then be tendered to the authorities. William DeMarques, a United States soldier, was found dead in a chair in negro restaurant at Atlanta Sunday morning. On the night previous he had en tered the restaurant to sleep off the effects of whisky and was left there when the restaurant closed Saturday night. Sunday morning an employe in the restaurant attempted to arouse the sleeping soldier and found him dead. The coroner held inquest over the body and the verdict of the jury was that the deceased came to his death from the effect of alcohol, which produced heart failure. An ordinary pine coffin containing the body of a negro was found in a small cemetery on the rivez' line, about six miles from Atlanta Saturday. No one was about the coffin when the keeper of the o the grounds found it. and it was not unlate in the day that the keeper had certained that a negro had brought the body there for burial at a late hour the vious evening. and finding no grave or any one to take charge of the coffin and its contents just left both on the ground, trusting that the proper parties would find the coffin and contents, there in the morning Macon Telegraph: So far the fruit crop safe, in the opinion of fruit growers and of those in position to know, and if the next few weeks are passed in safety the crop will be fine. The frost predicted by the weather people for last week came Saturday night, but was very light, and though the cool weather somewhat retarded the growth of fruit, it did no permanent injury. The fruit growers now only fear the full moon in this month, which will be about the 20th, and say that if they pass that period everything is safe Some of the growers say that a ll ght frost cannot now seriously damage the peach and pear crops, as the trees have taken on unusually heavy foliage. This follage in a large measure protects the young fruit from the frost. It has been years since the prospect of such a fine fruot crop was had in Georgia, and verybody is hoping for favorable weather. Hawkinsville's river front presents a lively appearance since the navigation of the Ocmulgee river has begun. There were tied up at the docks Saturday four steamboats, the government snag boat Sathia, the City of Macon. the City of Hawkinsville and the Little William. The carriage capacity of the three last named boats is respectively 113, 328 and 155 tons, or nearly loads. These boats