17922. Bank of Carroll (Huntingdon, TN)

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
state
Start Date
October 2, 1893
Location
Huntingdon, Tennessee (36.001, -88.428)

Metadata

Model
gpt-5-mini
Short Digest
d4b5d9535f2ccd1a

Response Measures

None

Description

Articles from Oct 1893 report recent withdrawals (a run) leading to suspension; the bank made an assignment to a trustee and failed to open. Subsequent reports show the cashier fled after looting funds, indicating bank-specific fraud/insolvency and permanent failure. Dates derived from newspaper dates and internal chronology.

Events (5)
1. October 2, 1893 Receivership
Newspaper Excerpt
The Bank of Carroll ... made an assignment yesterday to A. M. Lee, trustee, and failed to open its doors this morning. ... The suspension will not affect anybody except a few stockholders.
Source
newspapers
2. October 2, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy recent withdrawals by depositors preceded suspension; later disclosures showed the cashier had looted funds, indicating bank-specific fraud/solvency problems.
Measures
None effective to stop withdrawals; bank subsequently made an assignment and closed.
Newspaper Excerpt
Recent withdrawals led to the suspension.
Source
newspapers
3. October 2, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank made an assignment and failed to open after heavy withdrawals and discovery of missing funds; cashier later fled having stolen deposits and vault contents.
Newspaper Excerpt
The Bank of Carroll ... made an assignment yesterday to A. M. Lee, trustee, and failed to open its doors this morning.
Source
newspapers
4. October 6, 1893 Other
Newspaper Excerpt
Warrants were sworn out against Truslow, the cashier of the suspended Bank of Carroll. When the sheriff went to arrest him he found that he had skipped. ... He is supposed to have $10,000 or $15,000 with him.
Source
newspapers
5. October 18, 1893 Other
Newspaper Excerpt
When the bank suspended R. F. Truslow, the cashier, left town ... the vaults were opened the bank officials found Truslow had stolen all the contents but $15.06. ... The depositors will lose everything.
Source
newspapers

Newspaper Articles (3)
1. October 3, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 3, 1893

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Article Text

Small Bank Assigns. NASHVILLE, TENN., Oct. 2.-The Bank of Carroll, at Huntingdon, made an assignment yesterday to A. M. Lee, trustee, and failed to open its doors this morning. It was a state institution organized a few years ago with J. P. Priestly, president, and R. E. Trulow, cashier. The capital stock as advertised was $30,000, the amount subscribed $15,000, with $8,500 paid ΠΏΡ€. The cash assets are $300 and the liabilities $11.500. Trulow made an assignment of certain property, and this, with notes and unpaid capital stock, runs the assets up to $23,000. Recent withdrawals led to the suspension. The suspension will not affect anybody except a few stockholders.

2. October 6, 1893 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, October 6, 1893

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Article Text

A Fugitive Bank Cashier. HUNTINGTON, Tenn,, Oct. 6.-War- rants were sworn out against Truslow, the cashier of the suspended Bank of Carroll. When the sheriff went to arrest him he found that he had skipped. The affairs of the bank are in a much worse condition than supposed. It appears that he looted all of the stock and several thousand of deposits. He is supposed to have $10,000 or $15,000 with him.

3. October 21, 1893 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, October 21, 1893

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Article Text

VICTIMIZED BY THE CASHIER. A Tennessee Bank Robbed by a Trusted Official. HUNTINGDON, Tenn., Oct. 18.-When the Bank of Carroll, one of the oldest financial institutions in Tennessee, failed a week ago the business circles of Huntingdon were shocked, but the sensation was nothing compared with the result of today,s disclosures. When the bank suspended R. F. Truslow, the cashier, left town on the pretext that he was going east to raise money to put the bank on its feet again. As days psssed and no news came from the cashier the directors grew nervous and telegraphed to the manufacturers of the safe for the combination. The document came today and when the vanlts were opened the bank officials found Truslow had stolen all the contents but $15.06. Even the safety deposit vaults had been broken into and robbed. The depositors will lose everything. Truslow stood high in business and social circles. Since the failure of the bank it has been learned that he had led a double life, being known in Cincinnati and Chicago as a man who owned a large string of Tennessee race horses.