17849. Discount & Deposit Bank (Chattanooga, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 30, 1881
Location
Chattanooga, Tennessee (35.046, -85.310)

Metadata

Model
gpt-5-mini
Short Digest
850a1cd2f47db993

Response Measures

None

Description

Multiple newspapers (May 30, 1881) report the Discount & Deposit Bank of Chattanooga posted a notice that it would 'wind up its affairs and cease the business of banking' and assigned its assets to named assignees to convert into cash and pay creditors. Assets exceed liabilities and stockholders cite desire to retire/poor health as reason. This is a voluntary assignment leading to permanent closure with assignees handling liquidation.

Events (2)
1. May 30, 1881 Receivership
Newspaper Excerpt
the entire assets of the bank have been assigned to T. M. McConnell, S. A. Key and Edgar McKenney, to convert into cash and pay all creditors without preference.
Source
newspapers
2. May 30, 1881 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders posted notice that the bank would wind up affairs and cease banking; desire to retire from active business on account of failing health cited as reason.
Newspaper Excerpt
This bank deems it best for the interests of all concerned to wind up its affairs and cease the business of banking
Source
newspapers

Newspaper Articles (10)
1. May 31, 1881 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 31, 1881

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BANK SUSPENSION. A Chattanooga Institution to Wind Up Its Affairs. CHATTANOOGA, May 30.-The Discount and Deposit Bank, of this city, has the following notice posted on its closed doors this morning: "This bank deems it best for the interests of all concerned to wind up its affairs and cease the business of banking, and to that end the entire assets of the bank have been assigned to T. M. McConnell, 8. A. Key and Edgar McKenny, to convert into cash and pay all creditors without preference. The assets of the bank are amply sufficient to pay all its liabilities. If from any cause they should not, the liabllity of the stockholders under the terms of the charter makes it absolutely certain that every creditor will get every dollar due him. The assignees will be able in a day or two to give all information desired by creditore, and will do so. "Signed, JOHN KING, President." The unexpected assignment causes much comment, the bank having received deposits to the closing hour on Saturday. The liabilities are reported at $104,000, and the available assets at $106,000. To-morrow the assignees will pay 25 per cent. of all the liabilities, and the balance will be paid as quickly as the money can be realized from the assets. The stockholders are John King, Thomas Crutchfield, D. M. Bell and A. C. Burns' estate. The bank was organized in 1867. The desire to retire from active business on account of failing health is the reason given by the stockholders for the assignment.

2. May 31, 1881 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 31, 1881

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A Chattanoogn Bank Ciones Its Doors. Chattanoogs, Tenn., May 30.-The Discount and Deposit bank, of this city. has the following notice posted on its closed doors; "This bank deems it best for the interest of all concerned to wind up its affair, and cease the business of banking, and to that end the assets of this bank have been assigned to L. M McConnell, S. A. Key and Edgar McKinney. to convert into cash and pay all creditors without preference. The assets of. the bank are amply sufficient to

3. May 31, 1881 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, May 31, 1881

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Failure of Discount and Deposit Bank at Chattanooga. CHATTANOOGA, May 30-The Discount and Deposit Bank, of this city, has the following notice posted on its closed doors tbis morning: "This bank deems it best for the interests of all concerned to wind up its affairs and cease the business of banking, and to that end the entire assets of the bank have been assigned to T. M. McConnel, S. A. Key and Edgar McKenney to convert into cash and pay all creditors without prefererence. The assets of the bank are amply sufficient to pay all its liabilities. If from any cause they should not, the liability of the stockholders, under the terms of the charter, makes it absolutely certain that every creditor will get every dollar due him. The assignees will be able, in a day or two, to give all the information desired by the creditors, and will do. [Signed] JNO. KINN, President. The unexpected assignment causes much comment, the bank having received deposits to the closing hour OD Saturday. The liabilities are reported at $104,000 and the available assets at $106,000. To-morrow the assignees will pay 25 per cent. of all the liabilities and the balance will be paid as quickly as the money can be realized from the assets. The stock holders are John King, Thomas Crutchfield, D, W. Bell and A. C. Eurns. The State Bank was organized in 1867. A desire to retire from active business on account of failing health is the reason given by the stockholders for the assignment.

4. May 31, 1881 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 31, 1881

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A Bank Winding Up Business. CHATTANOOGA, TENN., May 30. - The Discount and Deposit Bank, of this city, has the following notice posted on its closed doors this morning : " This bank deems it best for the interest of all concerned to wind up its affairs and cease the business of banking. and to that end the entire assets of the bank have been assigned to T. M. McConnell, S. A. Key, and Edgar McKenney, to convert into cash and pay all creditors without preference. The assets of the bank are amply sufficient to pay all its liabilities. If from any cause they should not, the liability of stockholders, under the terms of the charter, makes it absolutely certain that every creditor will get every dollar due him, The assignees will be able in a day or two to give all the Information desired by the creditors, and will do so. "JOHN KING, President." [Signed] The unexpected assignment causes much comment, the bank having received deposits to the closing hour on Saturday. The liabilities are reported at $104,000 and the available assets at $106,000. To-morrow the assignees will pay 25 per cent. of all liabilities, and the balance will be paid as quickly as the money can be realized from the assets. The stockholders are John King, Thomas Crutchtield, D. M. Bell, and A. C. Burns's estate. The bank was organized in 1867. The desire to retire from active business on account of failing health is the reason given by the stockholders for the assignment.

5. May 31, 1881 New-York Tribune New York, NY
Article from New-York Tribune, May 31, 1881

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ASSIGNMENT OF A TENNESSEE BANK. CHATTANOOGA, Tenn., May 30.-The following notice, signed by John King, the president, was posted on the doors of the Discount and Deposit Bank of this city, this morning: This bank deems it best for the interests of all concerned to wind up its affairs and cease the business of banking, and to that end the entire assets of the bank have been assigned to T. M. McConnell, 8. A Key and Edgar McKenny, to convert into cash and pay all credit ors without preference. The assets of the bank are amply sufficient to pay all its liabilities; if. from any cause, they should not be. the liability of the stockhoid ers, under the terms of the charter, makes it absointely certain that every creditor will get every dollar due him. The assignees will be able in a day or two to kive all information desired by creditors, and will do so. The unexpected assignment causes much comment, the bank having received deposits to the closing hour on Saturday. The liabilities are reported at $104,000 and the available assets at $106,000. To-morrow the as. signees will pay 25 per cent of all the liabilities, and the balance will be paid as quickly as the money can be realized from the assets. The stockholders are John King, Thomas Crutchfield, D. M. Bell and the A. C. Burns 68tate. The bank was organized in 1867.

6. June 1, 1881 Daily Globe Saint Paul, MN
Article from Daily Globe, June 1, 1881

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ALL AROUND THE GLOBE. The iron workers' strike at Buffalo, N. Y., has been prevented between the miners and bosses. The Nashville, Tenn., Evening Herald, one of the ten Republican dailies in that State, has suspended publication. Henry Benjeon, watchman on the transfer steamer Pierson, at Memphis, fell overboard last night and drowned. Geo. Keith, a blacksmith of St. Louis, hung himself last night. Drink was the cause. He leaves a wife and nine children. John Chamberlain, St. Louis, a tailor, suicided yesterday morning by shooting himself. He was to have been married to-day. A woman of the town in St. Louis, named Fannie Gatewood, disgusted with her mode of life, shot herself last night, inflicting a fatal wound. The Discount and Deposit bank, of Chattanooga, Tenn., has closed its doors and will wind up its affairs. The creditors are to be paid in full. The National Woman's Suffrage association is in session at Providence, R. I., with a good attendance of prominent advocates of the measure. The car works at Coburg, Ont., were partially destroyed by fire yesterday; Loss, $40,000. Edward E. Haddock, aged 48, a wealthy citizen of Chicago, died yesterday. The woman's medical college of the New York infirmary yesterday graduated eight physicians. Bismarck is again confined to his bed by the gout. Hugh G. Anderson, of Portland, Me., exgovernor and ex-Congressman, died at his home yesterday, aged 84. The governor and council of Massachusetts have commuted the death sentence of Stearns K. Abbott, for the murder of Mrs. Crue, to imprisonment for life. Two drunken men, lately discharged from the Iron Mouutain railroad, were arrested in St. Louis yesterday wearing several valuable badges presented to Gen. Grant, one by the emperor of Russia, containing seventeen diamonds, supposed to have been abstracted from the general's baggage, during his recent trip to Mexico. At Cynthiana, Ky., yesterday, Alexander Odor shot and instantly killed his brother-inlaw, Holney Hall. An old grudge. The committee of the creditors of Lawrence & Martin, the Tolu Rock firm of Chicago, have decided to compromise with the firm at twenty cents on the dollar. The twenty-eighth annual conclave of the grand commandery of Knights Templar of Pennsylvania is in session at Scranton, Pennsylvania. Earthquake shocks were felt in several lo. calities in the province of Quebec yesterday.

7. June 3, 1881 The Weekly Herald Cleveland, TN
Article from The Weekly Herald, June 3, 1881

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Another Bank Goes to the wall. The Discount and Deposit Bank, of Chattanooga, had the following notice on its door Tuesday morning last: "This bank deems it best for the interests of all coucerned to wind up its affairs and cease the business of banking, and to that end the entire assets of the bank have been assigned to T. M. McConnel, S. A, Key and Edgar MeKinney to convert into cash and pay all creditors without preference. The assets of the bank are amply sufficient to pay all its liabilities. If from any cause they should not, the liability of the stockholders, under the terms of charter, makes it absolutely certain that every creditor will get every dollar due him. The assignees will be able, in a day or two, to give all the information desired by the creditors, and will do so. J NO. KING, President. The unexpected assignment causes much comment, the bank having received deposits to the closing hour on Saturday. The liabilities are reported at $104,000 and the available assets at $106,000. To-morrow the assignees will pay 25 per cent. of all the liabilities and the balance will be paid as quickly as the money can be realized from the assets. The stock holders are John King, Thos. Crutchfield, D. W. Bell and A. C. Burns. The State Bank was organized in 1867. A desire to retire from active business on account of failing health is the reason given by the stockholders for the assignment.

8. June 5, 1881 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, June 5, 1881

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PENCILETTES. Second Sunday in June. Knoxville's pulpit attractions to-day and to-night are unsurpassed. Commissioner A. W. Hawkins has appointed William Jones land canvasser for Jefferson. The reports begin to come in that the wheat prospect throughout the country is much improved by the recent rains. Loudon Journal: Three prisoners escaped from our jail on Monday night last in Ed. the absence of the sheriff and jailor. Mr. who wask eeping watch at the time, them burst open the door, heard Hodge, left for but parts before unhe could get out they had known, and are still at large. They effected their escape by picking the cell locks with a small wire. Their names were Brown, Wiggins and Minsey. frame containing photographs of the entire "A," A large company University number, attracted of Tennessee cadets, thirty in much attention displayed in the window of McCrary & Branson's gallery. 99c. Goods at the E. T. China House for 65 cents. Price, and see for yourselves. Mr. Frank Murphy closed last Friday a successful school on Broad street, North having to both and patrons. his very Knoxville, pupils given He satisfaction and cousin, Mr. W. A. Murphy, have decided to go into the mercantile business, and have a stock of goods, which they will to-morrow miles from open purchased eight Both Knoxville, clever. the Tazewell pike. are men. and we on pushing young wish them abundant success. The Loudon Journal hears that an old lady, living near Philadelphia, Tenn., recently put an old stump on the fire for fuel, and that about $80 in silver melted and ran out of a hollow in the stump. At the Sullins College commencement, in Bristol, last week, Rev. Dr. E. E. Wiley, of Emory, Va., preached the baccalaureate sermon, and Rev. R. N. Price, editor of the Holston Methodist, of city, delivered the literary address. Rev. J. H. Ingraham preached the sermon for Bristol Female and Rev. J. B. tor Reflector, deCollege, of the Baptist Chevis, Nashville, Wallace, D. D., edilivered the address. Rev. J. A. of Sweetwater, preaches the sermon for King College to-day, and Hon. R. L. Taylor delivers the address Tuesday night. A change has been made in the running force of the Knoxville & from this to Maryville. E. point Augusta has taken Mr. Railway, John the conductor, depot at Maryville vice F. M. deceased. Mr. Jo. has Hood, Hood, agency formerly his M. Hood father, the of of this city, the George taken Shetterly, position conductor, has taken and Mr. engine in his stead. Maryville Democrat: Capt. Jo. M. Greer, P. O. returned to in this on after the place Inspector, Georgia, Thursday, Mississippi. Alabama, his visiting home States of Arkansas, Kansas, Illinois, Indiana, Michigan, Kentucky, Missouri, Louisiana, Maryland, Pennsylvania, Ohio and New York. His last trip "took in" Washington City and Niagara Falls, and while at the latter place he visited Canada. We learn that Capt. Greer has sent in his resignation, and will now remain at home. Commencement week. The present term of the city schools will close Thursday night. 16th instant, with public exercises at the opera-house. A class of 15, of which 13 are young ladies and 2 young gentlemen, will be graduated. Knoxville will be crowded with visitors, from all parts of the State, during the coming week. We hope our citizens will exert themselves to the utmost to make it pleasant for all, and we know nothing will be left undone. Circuit court for Knox county meets tomorrow, Hon. S. A. Rodgers presiding. According to the Nashville Banner W. Walker, of Grand Rapids, Mich., desires to plant a colony in East Tennessee, from the Netherlands. Information relative to large bodies of land suitable for the purpose should be forwarded to Commissioner A. W. Hawkins. Times is of the opinion that the rebusted cently The Chattanooga, Discount will and Deposit Bank, at soon pay out. dollar for dollar, and that all litigation, growing out of the failure, will at once cease. Chattanooga is spreading herself in her usual whole-soul style on the preparations for entertaining the society of the Army of the Cumberland, which meets there Sept 21st and 22d. A number of committees, including all the prominent and influential cit izens of the place, have been appointed to look after the entertainment. Chattanooga had thirty deaths during th month of Mav. fourteen white and sixteen

9. June 7, 1881 The Weekly Floridian Tallahassee, FL
Article from The Weekly Floridian, June 7, 1881

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Jefferson Davis was severty-three years of age on the 3d lust. -Boston is agilating the proposition for a World's Fair there in 1885. -According to the recent census the popula tion of London is 3,814,571. -Alfred B. Street, the poet, died at Albany recently, aged seventy years. -Pierre Lorillard's 3 year-old colt Iroquois won the English Derby June 1st. -A large county Sunday School Convention was held at Gainesville on Thursday, the 26th ult. -Adolphus C. Schaefer, Jr., a prominent cot. ton broker of Baltimore, committed suicide last week. -One thousand striking weavers are preparing to emigrate from Chemnitz, Germany, to America. -Mrs Garfield is convalescent, and the President has gone off junketing in a revenue-cutter to Norfolk. -Another man is trying to make a fool of himself and the telegraph operators by fasting a la Tanner. -Bids for the work of construction of the Jacksonville and St. Augustine Railroad are advertised for. -The first cotton bloom of the season in Texas was gathered near Schulenburg, on the 27th of May. -The DeLesseps Canal Company has bought the Panama Railroad for seven millons, four millions payable July 1st. -Archbi-hop Purcell, of Cincinnati, is reperted to be sinking rapidly. He is at the Ursuline Convent, in Brown county, Ohio. -The grading of the Peninsular Railroad has been put under contract to Mr. Agnew of Ocala, between Ocala and Panasofka Lake, via Sumterville. -The Discount and Deposit Bank of Chatta nooga, Tenn., suspended on the 30th ult. The liabilities are reported at $104,000, and the available assets at $106,000. -A meeting will be held at Live Oak to-day to organize the Live Oak and Rowland's Bluff Railroad Company, at which Col. Haines, of the Savanuah, Florida and Western Railway, is to be present. -It is stated in Washington that Assis'ant P. simaster-General Tyner has placed bis resig. nation in the handset the President, and that ex Senator Spencer. of Alabama, will be appointed to the position. -It is reported that ex Governor Sprague went out in the back yard and fired a national salute with his little shot gun, when he heard that Conkling hall m tele his masterly retreat from the U. S. Senate. M Evarts, representative of the United States in the International Monetary Conference, has arrived at London from Paris and will remain there until the reassembling of the conference the 30th of June. -The vegetable growers along the Transit Road are at odds with Mallory's Line, and now ship mostly by express. Arrangements have been made for transfering cars from the Transit to the Waycross Road at Callahan. -Prophecy in the Boston Herald: Imagine Gen. Grant as the Democratic candidate for President 1884, with Roscoe Conkling and our own versatile and evermore bobbing-up serene friend Gen. Butler as his right and left hand supporters -Seven bids were received by the Missouri Fund Commissioners to loan the State $150,000; two at 3 per cent. per annum, one at 31, one at 31. two at 4, and one at 4) per cent. The Bank of Commerce of St. Leuis was the successful bidder at per cent. -The county commissioners of Jefferson coun ty at their meeting on Wednesday last, bought $4,500 Jefferson county bonds for cancellation These bounds were known as White Bonds,' and the action of the commissioners settles the question of their validity. -The Fernandina Express says: " A mixture of equal parts of pennyroyal, oil of tar and glycerine applied to the person in small quantities said to secure perfect immunity from mosquitoes. Those living in mosquito districts would do well to try the remedy." -A citizen of Quincy had a growth of 400 plumes, from four bunches of the South American pampas grass, which he sold at 25 cent each, making $100. Cost of cultivation, not ing. Who but: cotton planter will say people cannot make a living here ?-Herald. -The Philadelphia Record calls Chandler's defeat by the Democrats the Senate his reward for stealing the vote of Florida from Tilden. To be sure. But how about the confirmation of Mathews by the same Senators? Was that also a "reward" for manipulating electoral votes? asks the Boston Herald. -The first number of new paper called the Gulf Coast Progress, was received on Thursday. It is handsome sheet, published at Tampa, by O. J. Andreu, and ably edited by Rev. T. A Carruth, formerly of Columbia county, but for several years past a citizen of Tampa, and until quite lately, postmaster at that place. -The Mahone convention which met at Richmond on the 2d inst., completed its work on the 3d and adjourned. W. E. Cameron, of Peters burg, was nominated for Governor, and ex Senator Lewis for Liegtenaul-Governor. The latter is a Republican. There WHB much enthusiasm in the convention, indicating that the Democrats will have as much as they can do to defeat the little Readjuster. --N. Y. World: It is just a little curious that in this supreme agony of the great and grand old Republican party we do not hear one word about the peril to the Union of a solid South, not one word about the sacredness of the ballotbox, not one word about finance and the tariff. not one word aboutcivil-servicereform-notone word in fact about any subject except the New York Custom House and the machine! -We learn that the County Commissioners of Columbia county have notified the holders of old bonds of that county that they will be prepared, on the 1st of July next, to issue the new funding bonds in exchange for the old bands which were issued in payment of subscriptions to the capital stock of the Florida, Atlantic and Gulf Railroad. The new bonds bear six per cent. interest, payable semi-anuually in Jacksonville. -Robertson, who has suddenly loomed into prominence as collector of national is white nice, tuft clean, of beard, fresh-faced, fatherly man, New with a York, a blue eye that looks at you, and warm way. Ashard worker, close stu.

10. June 9, 1881 The Russellville Democrat Russellville, AR
Article from The Russellville Democrat, June 9, 1881

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: of Georgia peaches left for New York. The crop is estimated at about 60,000 baskets. THE Discount and Deposit Bank of Chattanooga, Tenn., has closed its doors and will wind up its affairs. Creditors are to be paid in full. THE Nashville Evening Herald, one of two repudiation dailies in Tennessee, has made an assignment, and will probably suspend publication. MEMORIAL day was observed at Cave Hill, Louisville, by the decoration of the graves of Confederate soldiers. The attendance was large and the work done without display. BRITISH consols touched 103 a fortnight ago. This is a higher figure than they have reached since 1731; but in that year they paid 4 per cent. interest, instead of 3, as at present. PRESIDENT GARFIELD promises to attend the Atlanta Exposition in November next, public business permitting. The President cordially indorses the objects of the exposition. THE strike of iron workers in Covington and Newport is practically unanimous. The demand for an advance in wages is from 9 to 35 per cent. Mill owners say it is impos. sible to pay the advance asked. A DOUBLIN correspondent states it is a notorious fact all the recent disturbances have been in the richest agricultural districts where farmers are well off. To speak of these people as objects of compassion, as down-trodden, rack-rented victims of landlord cruelty is untrue. AT Mountain Home, Ark., a band of mounted and armed men broke into Mr. Lafelt's store, robbed the safe of several thousand dollars, set fire to the store and blew it up with gunpowder. This aroused the citizens, who saved the balance of the town from burning up. The robbers escaped. THE enlarged Welland canal does not appear to have a very conspicuous beginning. The official announcement stated that it would admit of vessels drawing twelve feet of water. Notwithstanding al this, however a boat drawing only ten feet in attempting to get through oneday last week ran aground repeatedly.