17857. Farmers & Merchants National Bank (Clarksville, TN)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
3241
Charter Number
3241
Start Date
December 10, 1890
Location
Clarksville, Tennessee (36.530, -87.359)

Metadata

Model
gpt-5-mini
Short Digest
a80f54a054191fb4

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Description

A run occurred after the Franklin Bank and Kendrick, Pettus & Co. failures (Dec 10, 1890), the Farmers & Merchants closed its doors that day, a receiver was appointed Jan 7, 1891, and the national bank later resumed operations (reported resumed by Apr 29, 1891). Causes: run triggered by failures of other local financial/merchant firms.

Events (6)

1. August 25, 1884 Chartered
Source
historical_nic
2. December 10, 1890 Run
Cause
Local Banks
Cause Details
Run followed suspension/failure of the Franklin Bank and assignment of Kendrick, Pettus & Co.; panic from these local failures triggered heavy withdrawals.
Measures
Closed doors; paid out large withdrawals (reportedly over $60,000 paid out before closing).
Newspaper Excerpt
A run on the Farmers and Merchants' National Bank followed, and the doors were closed.
Source
newspapers
3. December 10, 1890 Suspension
Cause
Local Banks
Cause Details
Suspension followed the Franklin Bank's suspension and related local business failures which caused a run and forced the bank to cease payments/close its doors.
Newspaper Excerpt
Two or three hours later the Farmers' and Merchants' National Bank suspended payment.
Source
newspapers
4. January 7, 1891 Receivership
Newspaper Excerpt
E. S. Beck... has been appointed receiver of the Farmers and Merchants' bank... / S. Peck... has been appointed receiver of the Farmers & Merchants Bank of this city. Nothing is stated in regard to the affairs of the bank.
Source
newspapers
5. April 29, 1891 Reopening
Newspaper Excerpt
THE Farmers' & Merchants' National bank of Clarksville, Tenn., has resumed business. This bank breaks the record, being the first national bank in America that ever resumed after having passed into the hands of a receiver.
Source
newspapers
6. October 19, 1893 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (20)

Article from Wheeling Register, December 11, 1890

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Financial Failures in Tennessee. CLARKSVILLE, TENN., December 10.The Franklin bank, of this city, suspended payment this morning. The failure was caused by the recent failure of Henry Seafert, of New York, a large tobacconist, with whom the Franklin bank had been doing a largecredit business. Liabilities over $200,000, and assets exceed the liabilities by about $50,000. The directors hope for an early settlement, but the prospects are discouraging. Kendrick, Peetus & Co., a large tobacco firm, made an assignment to-day. Liabilities, over $400,000; nominal assets exceed this amount. The suspension of the bank in which the firm had large deposits, and the stringency of the money market, was the cause of the assignment. A run on the Farmers and Merchants' National Bank followed, and the doors were closed. This was caused by the other failures, but that institution will probably resume business in a day or two. Great excitement exists in business circles.


Article from Sacramento Daily Record-Union, December 11, 1890

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FAILURES. More Institutions Unable to Stand the Stringency of Money. NASHVILLE. December 10th -A special from Clarksville, Tenn., says: The Franklin Bank of this city suspended this morning. The fail ure was caused by the recent failure of Henry Seafert of New York, with whom the bank had been doing much credit business. The liabilities amount to over $200,000; assets, $250,000. The prospects for settlement are discouraging. Kendrick, Pettus & Co., a large tobacco firm, also assigned to-day. The suspension of the bank and the stringency of the money market made it impossible for the firm to meet its obligations. The liabilities are over $400,000. The nominal assets exceed this amount. A run on the Farmers' and Merchants' National Bank followed, and the doors were closed. I his was caused by the other failures, but that institution will probably resume in a day or two. Business circles are greatly excited. GROCERY FIRM ATTACHED. DENVER, December 10th.-The grocery and importing house of John H. Carleton has been closed on attachments aggregating $24,000. The liabilities are $24,000; assets unknown.


Article from The Seattle Post-Intelligencer, December 11, 1890

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CAPITAL AND LABOR. Financial Troubles Lead to Failures and Strikes. PANIC IN A TENNESSEE TOWN. Its Leading Business Men Insolvent-More Eight-Hour Demands to Be Enforced Next Spring. CITY OF MEXICO, Dec. 10.-The Commercial telegraph line closed its doors yesterday at Vera Cruz. It is reported to be bankrupt. It is rumored that the government will take up the line. DENVER, Dec. 10.-The grocery and importing house of John H. Carleton has been closed on attachments aggregating $24,000. The liabilities are $244,000; assets unknown. NASHVILLE, Dec. 10.-A special from Clarksville, Tenn., says: The Franklin bank, of this city, suspended this morning. The failure was caused by the recent failure of Henry Seafort, of New York, with whom the bank had been doing much credit business. The liabilities amount to over $200,000; assets, $250,000. The prospects for a settlement are discouraging. Kendrick, Pettus & Co., a large tobacco firm, also assigned today. The suspension of the bank and stringency of the money market made it impossible for the Lrm to meet its obligations. The liabilities are over $400,000, and the nominal assets exceed this amount. A run on the Farmers' and Merchants' bank followed, and the doors were closed. This was caused by the other failures, but that institution will probably resurue in a day or two. Business circles are greatly excited. CHICAGO, Dec. 10.-The assignee of the Chicago Safe and Lock Company, in which the missing millionaire, B. H. Campbell, held the chief interest, uled an inventory today, which was a great surprise. At the time of the failure it was announced that the assets would amount to $700,000. An inventory shows their total to beonly $127,000. New YORK, Dec. 10.-The suspension of Hamilton & Bishop was unnounced on the stock exchange this morning. Hamilton & Bishop are bankers and brokers. They made an assignment with $37,000 preferences. The failure is considered unimportant. ARKANSAS CITY, Kan / Dec. 10.-It is said that the American bank, which failed yesterday, will not resume. About $190,000 is due the depositors. It is understood that the federal authorities will take charge.


Article from Evening Star, December 11, 1890

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Tennessee Banks Suspend. The suspension of the Franklin Bank : of Clarksville, Tenn., yesterday was followed by the assignment of Kendrick, Pettus & Co., tobacco dealers. Two or three hours later the Farmers' and Merchants' National Bank suspended payment. The Franklin Bank was a private institution, with a capital stock of $52,000. Kendrick, Pettus & Co.'s liabilities are $410,000. Their assets are not known.


Article from St. Paul Daily Globe, December 11, 1890

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DIRECTORS W. S. Culbertson, D. R. Noyes, L. D. Hodge, E.N. Saunders, B. Beaupre, John L. Merriam, J. W. Bishop, A. B. Stickney, F. A. Seymour, A. H. Wilder, E. F. Drake, W. R. Merriam, M. Auerbach. C. H. Bigelow. FINANCIAL REVERSES. Business Troubles, Reported From Various Sections. NEW YORK, Dec. 10.-Charles H. Hamilton and William F. Bishop. comprising the firm of Hamilton & Bishop, stock brokers and bankers, of 96 Broadway. made an assignment to Herman Aaron. with the following preferences: Jane S. Bishop, of Norwalk, Conn., $31.470, for money and securities loaned, and Jim Stevens. of Rome. N. Y., $6,400, also money loaned. Mr. Aaron took possession of the offices of the firm shortly after the commencement of its assignment. He said that the hatilities of the firm would not exceed. he thought, $75,000. The amount of the assets would not be known until the firm's books had been examined. MEMPHIS, Tenn., Dec. 10.-N. L Avery and Raphael Symes, conducting business under the firm name of N. L. Avery & Co., at Osceola, Ark.; Avery & Symes at Blitheville, Ark., and N. L. Avery at Frenchman's Bayou, Ark., made an assignment yesterday afternoon at Osceola, Ark. They were the principal merchants of that town. Liabilities $60,060, due principally to Memphis and St. Louis creditors. Assets nominaily $60.0 0. SAN FRANCISCO, Dec. 10.-Eastland, Fowler & Co., wholesale crockery and glassware dealers, failed yesterday. Liabilities, $192,000; assets, $53,600. KANSAS CITY, Dec. 10.-A special to the Star from Arkarsas City, Kan., says: The information is given out to-day that the American bank, which failed yesterday, will not resume business. A bank inspector and United States marshal are expected to-day who will take charge of the bank and close up mits business. There is about $190,000 due depositors. CLARKSVILLE, Tenn., Dec. 10-Two heavy failures occurred here to-day. The liabilities of the Franklin bank amount to over $-00,000, and assets exceed the liabilities by about $50,000. Th e creditors and directors hope for an early settlement. but prospects are discouraging. The liabilities of Kendrick, Pettus & Co. are over $400,000, assets above this amount. A run on the Merchants' National bank followed and the doors were closed. This was caused by the other failures, but that institution will probably resume business in a day or two. Great extemiente exists in business circles. INDIANAPOLIS, Dec. 10.-A special from Fort Wayne says: A.J. Dittoe & Co., retail grocers, assigned to-day with $10,000 liabilities and $8,000 assets,


Article from The Morning News, December 16, 1890

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FAILURES IN BUSINESS. Savannah and Mobile Creditors Close a Store at Dothan. DOTHAN, ALA, Dec. 15.-0. W. Pearce, a large merchaut here, was closed by Savar nah and Mobile creditors to-day. BANKERS AND BROKERS BREAK. PHILADELPHIA, PA., Dec. 15.-Maris & Smith, bankers and brokers of No. 20 South Third street, this city, made an assignment this afternoon to Samuel B. Huey. The assignment followed the entering of a judgment against the firm on a note for $15,000 in favor of John M. Maris, father of William Maris, senior member of the firm. Assignee Huey said to-night that the liabilities will probably exceed $300,000, distributed among a number of creditors. There are several debts ranging from $20,000 to $51,000. Nothing can be learned as to the assets of the firm. They managed to meet all of their engagements at the stock exchange up to the closing hour, and the assignment was not announced until after the closing hour. The firm has been gradually reducing its deals at the exchange for some time past, and its liabilities there are small. A BRICK COMPANY EMBARRASSED. NEW YORK, Dec. 15.-The Lorillard Brick Works Company, of No. 66 South street, at the foot of East Ninety-woventh street, and at Keyport, N. J., has been placed in the bands of a receiver. The liabilities of the company are not generally known, but are reported to amount to upward of $1,000,000, which includes mortgages on the property for $687,000. Assignee Seidler says the assets amount to $1,500,000, which is enough to pay every debt, with interest on claims, until paid, and leave a large surplus for Mr. Lorillard. The business will be continued by the assignee. In the trade it is said that the company has indorsed builders' paper to the amount of $200,000. A CRASH AT CLARKSVILLE. NASEVILLE, TENN., Dec. 15.-A special from Clarksville, Tenn., says: "Hancock, Halls & Co., proprietors of the Gracy tobacco warehouse in this city, made an assignment to E. A. Ely at a late hour Saturday evening. It is not known what the liabilities are, but they are said to be about $180,000. The assets are thought to greatly exceed the liabilities. The stringency in the money market caused the assignment. "The national bank examiner reports favorably as to the condition of the Farmers' and Merchants' Bank. It is not known whether the bank will be able to resume business, but the prospects are encourag ing." A BREAK AT DALLAS, ST. LOUIS, Mo., Dec. 15.-A special to the Republic from Dallas, Tex., says: "The wholesale liquor house of A. H.Lawrence & Co. made an assignment to-day to S. B. Hopkins, trustee. The liabilities are about $128,000. The assets have not been figured out yet." A REAL ESTATE AGENT ASSIGNS. RICHMOND, VA., Dec. 15.-Dr. Charles L. Steel, real estate agent, assigned to-day. His liabilities are $45,000. His assets are estimated at $25,000.


Article from St. Paul Daily Globe, December 16, 1890

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FINANCIAL FROST BITES. A Few Failures of Minor Importance Recorded. CHICAGO, Dec. 15.-The Morrison, Adams & Alien company, manufacturers of paints and putty. made an assignment to-day to Frank S. Frederick. The assets are $5,000 and the liabilities $58,000. The concern has been in business a number of years. It was the largest putty-mannfacturing establishment in the United States. The members of the firm say the destruction of their factory by the Yerkes Cal le Car syndicate some months ago caused the embarrassment which led to the failure. The putty factory stood on a site wanted by the cable syndicate for a tunnel, and the factory one night was suddenly dismantled by a gang of cable company employes. Suit has been entered by the firm against the tunnel construction company for $30,000. NEW YORK, Doc. 15.-Louis Falk, carpenter and builder, failed to-day, with liabilities of $40,000, and nominal assets $60,00 : CLARKSVILLE, Tenn., Dec. 15-Hancock, Hallams & Co., proprietors of the Gracey Tobacco warehouse of this city, made an assignment to W. J. Ely at a late hour Saturday evening. It is not yet known what the liabilities are, but it is said to be about$ 18 ;000. The assets are thought to greatly exceed the liabilities. The stringency of the money market caused the assignment. The national bank examiner reports favorably as to the condition of the Farmers' and Merchants' bank. It is not known whether the bank will be able to resume business, but prospects are encouraging. SCRANTON, Pa., Dec. 15.-The large clothing house of Charles A. Hindsell, in this city, was closed by the sheriff to-day on an execution of $12,240 obtained by Clarence Kenyon, of New York. There are but few other liabilities. The failure was due to tightness of money. CINCINNATI, Dec. 15.-Samuel Wolfstein was appointed receiver this morning for the dry doods firm of Bell, Miller & Co., which failed Saturday. His bond was fixed at $500,000. PALESTINE, Tex., Dec. 15.-The Theodore Ash dry goods house has assigned. Liabilities, $45,000; assets, $40,000. PHILADELPHIA, Dec. 15.-In court this afternoon a judgment was entered, with execution, against William Maris and William Hastie Smith, trading as Maris & Smith, bankers and brokers. by John M. Maris, on a judgment note for $15,000. The firm of Maris & Smith is one of the oldest on the street, and had a wide reputation. It was stated that this judgment would be likely to cause an assignment by the firm. W.W. Maris, the senior partner, has had a long connection with the leading financial circles of Philadelphia.


Article from The Port Gibson Reveille, December 17, 1890

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Clarksville, Tenn., thrown into great excitement Wednesday by the failure of the Franklin bank, and Kendrick, Pettus & Co., wholesale tobacco dealers. Run upon Farmers and Merchants bank ensued, and after paying out over $60,000, that house also closed its doors.


Article from The Seattle Post-Intelligencer, January 8, 1891

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PIOUS BANKER KEAN HELD. Swindled Depositor's Attorney Reviles Him-Elijah Smith's Embarrassment. CHICAGO, Jan. 7.-Banker Kean was today held to the grand jury in bonds of $8,000, on a criminal charge brought against him by Depositor Royer, charging him with receiving deposits when he knew be was insolvent. Royer's attorney scored Kean in a merciless manner. Bail was promptly furnished. CLARKSVILLE, Tenn., Jan. 7.-E. S. Beck, a banker of Frankfort, has been appointed receiver of the Farmers and Merchants' bank, of this city. Nothing is stated in regard to the affairs of the bank. GALVESTON, Tex., Jan. 7.-Judge Pardee has appointed Packard, of Houston, receiver of the Texas Western railroad. This is the second placing of this property in the hands of a receiver. When the property was purchased a year ago by Elijab Smith, of New York, under foreclosure, it was turned over to him, but since has been running in debt.


Article from The Morning Call, January 8, 1891

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Receiver Appointed. CLARKVILLE (Tenn.). Jan. 7.-S. Peck, a banker of Frankfort, has been appointed receiver of the Farmers' and Merchants' Bank of this city. Nothing is stated in regard to the affairs of the bank.


Article from Fisherman & Farmer, January 9, 1891

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South and West. AN epidemic of scarlet fever is raging in Cabell County, W. Va. THE Crow Indians, in full council, have sold' to the Government their lands west of the divide on Price's Creek, Montana, and the adjoining strip fifteen miles wide. Consideration. $546,000. Number ot acres purchased, 1,850,000. THE Texas cotton crop. based on returns from 144 cotton-growing counties, will be 1,818,000 bales, against 1,704,000 bales last year. EASTLAND, FOWLER & Co., wholesale crockery and glassware dealers, of San Francisco, Cal., have failed. Liabilities, $192,000; assets, $53,600. GEORGE MARTIN, the colored murderer of William Crouch, was executed at Meridian, Miss. THE Franklin Bank at Clarksville, Tenn., suspended payment. Two hours later the Farmers' and Merchants' Bank. of the same place, closed its doors. These failures caused Kendrick, Pettus & Co., tobacco dealers, of Clarksville, to make an assignment. THE will of the late Horace Kelley, of Cleveland, Ohio, gives $500,000 for the foundation of a National Art Gallery in that city. THE Territorial Council of Oklahoma passed the corrected House bill, embodying some of Governor Steele's recommendations, locating the temporary capital at Kingfis' Governor Steele promptly approved the bill. THE hostile Indians have been fighting among themselves in the Bad Lands or South Dakota. The fight was for leadership between Two Strike and Short Bull, each wishing to control the united bands. The fight was bitterly contested for several hours, and many were killed. WHITE CAPS visited the house of Thomas Burgess, a farmer, living in Meade County, Ky., to whip him. He shot and killed one of the raiders and wounded two others. With his wife Burgess fled to the woods through a rear door. CURTIS G. STODDART, the banker, has been arrested at Chicago, Ill., on a charge of embezzling almost $3,000,000. The funds it is alleged he has embezzled are stock and bondsof the Kansas, Arkansas & New Orleans Railroad DURING a terrific wind storm at Elliott. North Dakota, a spark from a locomotive blew into the North Dakota elevator and the structure was burned down, together with 50,000 bushels of wheat. LOUIS SCOTT shot his wife in a quarrel at Kalamazoo, Mich., and then killed himself. They quarreled some weeks ago and she left him, going to work as a domestic. A WARRANT has been issued at Columbia, S. C., for the arrest of Attorney-General Page, on the charge of political intimidation in discharging from the enrolling department T. F. Butler, a nephew of Senator Butler, without adequate cause. Mr. Butler was a candidate for the Legislature on the Haskell ticket, and this incurred Page's displeasure. JUDGE T. A. S. MITCHELL, of the Supreme Court of Indiana, died suddenly at his home, in Goshen. Judge Mitchell was the only Democratic member of the bench, and was re-elected for a second term at the recent election. He was about fifty years old. THE town of Waterford, Ind., has been almost entirely wiped out by fire. Two children, sons of Mr. and Mrs. Louis Holnagel. residing two miles east of Saginaw, Mich., were burned to death in their home, which took fire during the absence of Mrs. Holnagel. JOHN BLYEW was given a life sentence at Vanceburg, Ky., for the murder of four colored people in August, 1868. He killed a whole family except two little children. The case has been fought twenty-two years and cost the State $25,000. IN a collision between freight trains near Cincinnati, Ohio, Brakeman J. G. Stephens was killed and Engineer Hall fatally injured. The accident was caused by the young lady operator at Pine Knot not giving proper orders. THE bodies of James Lane and George Serker were found lying in a road near City Court House, W. Va. They are supposed to have frozen to death.


Article from Daily Tobacco Leaf-Chronicle, January 12, 1891

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Bank Examiner Campbell. Bank Examiner J. C. Campbell left this morning for his home at Montgomery, Ala., after having duly in stalled E. T. Peck as receiver for the Farmers & Merchants Bank. Mr. Campbell has made many friends during his brief stay in the city, and in turn he speaks in complimentary terms of his treatment at the hands of the people of Clarksville. By the way, he and Thos. Munford enlisted in the same regiment at the breaking out of the war and were warm friends. Notwithstanding the fact that Mr. Camptell was reared north of the Ohio he "fit" with the Rebs until the surrender and has since made the south his home. He was appointed Bank Examiner during President Cleveland's administration and was retained by the present. He is an elegant gentleman, who will make friends wherever he goes.


Article from Daily Tobacco Leaf-Chronicle, January 16, 1891

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FINANCIAL MATTER. Farmers & Merchants Banks Will Possibly Resume. The committee of directors have been busy the past two days looking through the affairs of the Farmers & Merchants bank, and they find the situation a great deal better than the most sanguine had expected. The stockholders have all been notified to meet here next Tuesday, when the question of resuming business will be determined. There is scarcely a doubt that the bank will open up again. Some of the largest stockholders, who have suffer+ d greatest in the wreck are without the means to increase their holdings, but they will have no difficulty in hypothecating their stock as collateral for the money, as confidence has been restored, and the stock, which could not have been sold two weeks ago at twenty five cents on the dollar could not now be bought at seventy-five cents. Receiver Peck says that the wrecking of this bank was the greatest outrage that has been practiced upon the community; that there was no cause whatever for it. It was simply a big scare and thoughtless, recklessness that caused the run on the bank and great has been the sacrifice. But for this run Hancock, Hallums & Co. would have pulled through and would have saved others. who were forced to go down with them. Mr. Peck has endeared himself to all connected with the bank. He has shown himself to be not only a business man of the highest order, but a gentleman of integrity and unselfish motives. Our people did not expect lavors whatever. They knew the receiver would wind up the bank at a salary of about $2,500 a year-a good fat piece of pie-and he was not expected to throw it away. But his first step was to look through the af fairs of the bank and then he commenced stiffening the spinal columns of the stockhold rs, telling them that it was a shame to let the bank go under when they could so easily reinstate it and save their stock and the community, which would necessarily suffer by winding it up. He told them how to proceed and urged every man to pull off his coat and go to work. They took courage and did as he directed, and now the pros. pects are that the bank will soon be stronger than it ever was. Mr. Peck


Article from Daily Tobacco Leaf-Chronicle, January 21, 1891

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# The Bank Meetings. The stockholders of the Farmers & Merchants bank met yesterday evening. After some discussion of matters, it was decided that the condition of the bank was such as to enable them to resume business by paying in 25 per cent. additional on the stock, and application has been made to the comptroller for permission to make the assessment and re-open. Another and more serious trouble, however, presents itself, and that is the attitude of the depositors. Some agreement must be made with this class before anything more can be done, otherwise the bank would be defeated. There is a great deal to be done preparatory to resumption and it will require some time yet to settle matters. The meeting of the Franklin bank creditors amounted to nothing. The appointment of Mr. Merritt, assistant receiver as the representative of creditors in connection with Mr. Poindexter, seemed to give satisfaction. There were 25 or 30 present and they only appointed a committee to look after minor affairs.


Article from Oxford Eagle, January 22, 1891

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A Clarksville (Tenn.) Bank. F. S. Peck. a banker of Frankfort, Ky has been appointed receiver of the Farmers' and Merchants' Bank in Clarksville, Tenn. Nothing can be stated concerning the winding up of the business of this bank until the re ceiver arrives and matures his plans.


Article from Daily Tobacco Leaf-Chronicle, February 5, 1891

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Farmers & Merchants Bank. The stockholders of the Farmers & Merchants bank will have another neeting next Wednesday and it is hought everything will be in ship shape for opening the bank. All has d+ pended on the depositors whether or not the bank should resume, and it seems that they are all coming up with one accord, not only agreeing that their deposits should remain in the bank, but many say they will add more. to far only two have refused, and the amounts are not very large. Receiver Peck says he has never met with an intance of the kind in his experience ofore where people under such cir cumstances have come to the help so generously and liberally, manifesting a desire to see the bank re-estab lished. The si uation is clear. The bank is perfectly good for the deposits in the hands of the receiver and must coutinue good as long as the bonds which the government holds as security for authorizing the bank and the stockholders are also good, and the opening of the bank does not relieve this responsibility, but strengthens, as the stockholders will have to increase their stock by putting in sufficient cash to pay full deposits. The difference is that if the bank be forced to wind up its affairs by the receiver depositors would have to wait six 12, 18 and 24 months for their money, which they would draw in small amounts by pro rata. If it resumes it will be in strong condition to pay depositors when the money is needed. The bank will likely resume within the next thirty days.


Article from Daily Tobacco Leaf-Chronicle, February 11, 1891

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E. T. Peck, Cashier. The directors of the Farmers & Merchants bank held a meeting today and elected E. T. Peck cashier of the bank. This was all that was done with the exception of discussing the affairs of the bank at some length. It was decided to open the doors of the bank for business just as soon as the comptroller issues his orders to that effect. It will only take a few days now to have the bank in running order. Mr. Peck's election to the responsible position of cashier is a compliment of which any man should feel proud under the circumstances and no one appreciates the fact more than the recipient of the honor. He and his family will prove valuable acquisitions to Clarksville


Article from Daily Tobacco Leaf-Chronicle, March 20, 1891

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FARMERS AND MERCHANTS BANK. Bank Examiner Lynch, of Washington City, Makes an Examination. Bank Examiner Lynch, of Washington City, arrived here yesterday. for the purpose of making an examination of the affairs of the Farmers & Merchants Bank. He has completed his work and left on the 3 o'clock train for home. The gentleman was seen by a LEAF-CHRONICLE reporter, and questioned as to the outlook for the bank. He pronounced it good, and that his report would be favorable for the resumption of business. The matter, owever, is entirely in the hands of the comptroller of the currency, who, with his aids, will pass upon legal questions in the case and decide whether or not the bank shall open its doors. This will be settled as soon as all the facts are put into the hands of the comptroller. Mr. Lynch said that if the Farmers & Merchants Bank did resume business, and he could see nothing against it, it would be the first national bank in America that had ever reorganized and opened its doors for business, that had been in the hands of a receiver. Banks very often suspend payment and go into the hands of an examiner and start again under the same organization, but there has never yet been a case where one was taken out of the hands of a receiver, reorganized and opened for business. The examiner is of the opinion that the Farmers and Merchants bank will break the record in this respect, and that it will open its doors. Mr. Lynch was very favorably impressed with the condition of the bank, its resources, officers and stockholders, and if there is anything he can do to help them in their efforts he will do it.


Article from The Globe-Republican, April 29, 1891

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THE SOUTH. McGowan & Co., wholesale grocers and cotton factors of Memphis, Tenn., have compromised with their creditors and will resume in a few days. A SEVERE cyclone cut a swath through Pittsburgh, Tex., at an early hour the other morning, completely destroying two residences and badly damaging a dozen others. Mrs. Powell was fatally and her daughter, Mrs. Burns, severely hurt. THE Farmers' & Merchants' National bank of Clarksville, Tenn., has resumed business. This bank breaks the record, being the first national bank in America that ever resumed after having passed into the hands of a receiver. THE country round about Bolivar, Tenn., reports fruit of all kinds in excellent condition. POSTERS have been distributed calling a meeting of white men for the purpose of protesting against the appointment of Harry Bloch, colored, as postmaster of Opelousas, La, and to take such further steps as the exigencies of the case may require. C. L. CROSS, an aged planter living near Brinkley, Ark., was shot and killed by Deputy Sheriff Hines during an attempt to evict Cross. REVENUE AGENT HAWKINS and a posse have returned from a moonshine raid through Letcher, Leslie and Aurele counties, Ky. They made a 500 mile trip, captured and destroyed six stills together with 100 gallons of whisky, 1,000 gallons of high and 500 gallons of low wines. Fifteen moonshiners were arrested. W. GREGG & Sons, cotton factors and wholesale grocers of Shreveport, La, have failed with $226,000 liabilities and $300,000 assets. JAMES MCCARTY, an aged farmer living near Dexter, Ky., lost his house by fire and his wife by drowning one day recently. THE Merchants' national bank of Clarksville Tenn., lately in trouble will be allowed to resume, an impairment of capital being made good. THE other night while Kate Branner, aged 18, was alone in her 'father's house, at Clarksburg, W. Va., a burglar tried to enter through a window. The girl split his head open, killing him, while half through the window. SIXTEEN mules and six cars were burned in the Galveston city street rail road stables.


Article from Daily Tobacco Leaf-Chronicle, May 20, 1892

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Bank Examiner Campbell. J. O. Campbell, of Birmingham, Ala., is in the city inspecting the national banks. Mr. Campbell is the bank examiner who had charge of the Farmers' and Merchants' Bank when it suspended payment, and while he was here he made many friends, who are glad to see him on his return. He will be in the city only a day or two.