184. Bank of Mobile (Mobile, AL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: July 8, 1884
Location: Mobile, Alabama (30.694, -88.043)

Metadata

Model: gpt-5-mini
Short Digest: 792fce81

Response Measures

Full suspension, Books examined

Other: Assignment to an assignee (Winston Jones) / receivership recorded.

Description

Multiple contemporaneous reports (July 8–10, 1884) describe a run on the Bank of Mobile, suspension of cash payments and certification-only of checks, and an assignment of the bank's affairs to director Winston Jones (i.e., an assignee/receiver). Although several articles stress the bank was solvent and depositors likely to be paid, the assignment/recording indicates permanent closure under an assignee rather than a simple temporary suspension and reopening.

Events (3)

1. July 8, 1884 Receivership

Newspaper Excerpt: The Bank of Mobile assigned its affairs to Winston Jones, one of the directors. The assignment was consequently made in legal form and will be recorded to-morrow.|Mr. Jones, assignee of the Bank of Mobile, which suspended yesterday, has not yet announced a statement of the bank's affairs, but is at work on the report to its creditors.|After a severe run to-day the Bank of Mobile assigned its affairs to Winston Jones, one of the directors. (multiple articles).
Source: newspapers

2. July 8, 1884 Run

Cause: Local Banks
Cause Details: Run sparked by runs relative to the bank's solvency and by the assignment/rumors of difficulty (reports reference runs prevailing for several days and the assignment of Danner & Co. affecting confidence).
Measures: Cash payment was suspended at noon and business limited to certification of checks; banks prepared for emergency; one bank stayed open later to meet demands.
Newspaper Excerpt: After a severe run to-day the Bank of Mobile assigned its affairs to Winston Jones, one of the directors.
Source: newspapers

3. July 8, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Pressure from heavy withdrawals after runs and loss of confidence tied to reports about the bank and related firm's assignment (Danner & Co.); directors, fearing a heavier run, voted to assign affairs to an assignee/receiver.
Newspaper Excerpt: Cash payment was suspended at noon and business was limited to the certification of checks.
Source: newspapers

Newspaper Articles (14)

1. July 9, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, July 9, 1884

Click image to open full size in new tab

Article Text

FAILURES IN BUSINESS. An Ohio Canning Firm Assign-Dyett & Co. Go Under. ALLIANCE, O., July 8.-Bailey & Co., proprietors of the largest canning factory in Eastern Ohio, at Marlboro, have assigned. The liabilities are unknown. It is said that several business men here haye been caught by this failure. DYETT & CO. GO UNDER. NEW YORK, July 8.-The failure of A. Dyett & Co. was announced at the Stock Exchange this afternoon. They have no open contracts in the Board. This is the firm with which John C. Eno, President of the Second National Bank, transacted his stock operations. A DIVIDEND TO BE ORDERED. WASHINGTON, July 3.-The Comptroller of the Currency will probably declare a dividend of 15 per cent. in favor of the creditors of the Marine National Bank of New York. Assignments for the benefit of creditors were filed to-day as follows: H. Y. Hodges, Jacob D. Henry, Charles H. Merrick, Rufus Fay and Fred Fay, comprising the firm of Hodges, Henry & Co., dealers in straw goods at 571 Broadway, New York, and Merrick, Fay & Co., of Massachusetts, to Latimer Battey, with preferences of $37,854. Among the preferred creditors are the Broadway National Bank for $6,190 and the Hanover National Bank for $4,385. Martin Luenthal and Jacob Mandlebaum, of Luenthal & Mandlebaum, dealers in fancy goods at No. 289 Grand street, to Mitchell Hershfield, with preferences of $3,925. CLOSED BY A MARSHAL. PETERSBURG, VA., July 8.-The store of Patterson, Madison & Co., one of the largest wholesale grocery firms in this city, was closed this afternoon by United States Marshal Hughes. The firm made a compromise a few weeks ago, offering to pay their creditors 50 cents on the dolJar, which Fisk Bros. & Co., of Baltimore, one of the firm's creditors, refused to accept. Being non-residents of the State they brought action through the United States Court to recover the amount due to them. The injunction against the firm was made returnable before Judge Hughes on Friday. The liabilities of the firm are 40,000 and the assets $15,000. A MOBILE BANK ASSIGNS. MOBILE, ALA., July 8. --After a severe run to-day the Bank of Mobile assigned its affairs to Winston Jones, one of the directors.

2. July 9, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, July 9, 1884

Click image to open full size in new tab

Article Text

CLOSED BY A MARSHAL. PETERSBURG, VA., July 8.-The store of Patterson, Madison & Co., one of the largest wholesale grocery firms in this city, was closed this afternoon by United States Marshal Hughes. The firm made a compromise a few weeks ago, offering to pay their creditors 50 cents on the dolJar, which Fisk Bros. & Co., of Baltimore, one of the firm's creditors, refused to accept. Being non-residents of the State they brought action through the United States Court to recover the amount due to them. The injunction against the firm was made returnable before Judge Hughes on Friday. The liabilities of the firm are 40,000 and the assets $15,000. A MOBILE BANK ASSIGNS. MOBILE, ALA., July - -After a severe run to-day the Bank of Mobile assigned its affairs to Winston Jones, one of the directors.

3. July 9, 1884 New-York Tribune New York, NY

Article from New-York Tribune, July 9, 1884

Click image to open full size in new tab

Article Text

ASSIGNMENT OF THE BANK OF MOBILE. MOBILE, July 8.-The Bank of Mobile, the oldest financial institution in the State, chartered in 1819, suffered a run this morning, owing to the runs which had prevailed for several days relative to its solvency. Cash payment was suspended at noon and business was limited to the certification of checks. At 5 o'clock this afternoon the directors met and reviewed the affairs of the bank. After throwing out all doubtful paper it was found that the bank had enough to pay all its indebtednees and would have about $60,000 over. Owing to the pressure today and the prospecte of a severe run to-morrow, the materity of the directors voted to assign the affairs of the bank to Winston Jones, a stockholder and director. The assignment was consequently made in legal form and will be recorded to-morToW.

4. July 10, 1884 The Aberdeen Examiner Aberdeen, MS

Article from The Aberdeen Examiner, July 10, 1884

Click image to open full size in new tab

Article Text

THE great lumber and milling firm of DANNER & Co., of Mobile and New Orleans, made an assignment on the 8th inst. This resulted in the suspension of the Bank of Mobile of which Danner is President. The I ank is reported as being perfectly solvent and able to pay all demands in full. The Danner lumber and land company is meeting all demands and reported to be in safe condition.

5. July 10, 1884 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, July 10, 1884

Click image to open full size in new tab

Article Text

firm. Railways weaker. State securities quiet. Speculation at the Stock Exchange was weak for the greater part of the day and depressed. The market was heavy on reports that the Reading receivers had determined to disrupt the coal con bination and rumors of failure in the sugar trade. Large sales of St. Paul were made by the bears for the purpose of breaking the remainder of the list but the stock received strong support and the bears abandoned their efforts. Compared with Tuesday the closing prices are% to 2% percent. lower, except for Canadian Pacific, Jersey Central and Kansas & Texas, which are % to N per cent. higher. Transactions, 279,000 shares. \ Run on Mobile Banks. MOBILE, July 9.-The assignment of the Bank of Mobile,causd ea short run on two of the banks here. Both stood the strain successfully.

6. July 11, 1884 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 11, 1884

Click image to open full size in new tab

Article Text

Run qn Mobile Banks. A Mobile (Ala.) telegram of Wednesday says: St. Francis street was well filled with people this morning awaiting the opening of the banks. There was a run on the People's Savings Bank and the Mobile Savings Bank by depositors. All demands were promptly met, and the former bank remained open two hours after the usual closing time. There is now no excitement to speak of in financial circles. All the banks are prepared for any emergency to-morrow, and confidence is being rapidly restored. Mr. Jones, assignee of the Bank of Mobile, which suspended yesterday, has not yet announced a statement of the bank's affairs, but is at work on the report to its creditors. The total amount due depositors 18 about $300,000. The assignee believes that all claims will be ultimately paid in full.

7. July 14, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, July 14, 1884

Click image to open full size in new tab

Article Text

About 83 per cent. were those of small traders whose capital was less than $5,000. Among those reported embarrassed were J. de Rivera & Co., shipping and commission: A. Dyett & Co., stock brokers; Charles Miles, Jr., & Co., straw goods manufacturers; Leventhal & Mandelbaum, millinery, Carmichael & Emmens, iron, and D.C. Newell & Sons, lumber and mill, New York city; Bank of Mobile, Ala.; Cherrie & Co., coal and iron ore, Chicago, and Everett & Weddell, bankers, Cleveland, 0. In the principal trades they were as follows: Grocers, 23; general stores, 22; clothing, 13; liquors, 11; dry goods, 9; hardware and agricultural implements, 9; millinery and straw goods, 9; books, paper, etc., 7; shoes. 6; drugs, 6; grain and flour, 6; hotels and restaurants, 6; tobacco and cigars, 6; bankers, banks and brokers, 5; furniture 5; bakers and confectioners, 4; coal and wood, 4; manufacturers, 4; fancy goods, 3; lumber, 3; men's furnishing goods, 3; carpenter's and builders, 2; commission, 2; hats, 2; tanners, 2; harness, 2; jewelry, 2; music, 2. ALABAMA. Mobile.-The Bank of Mobile, the oldest in the State, chartered in 1817, suspended July 8 and assigned to Winston Jones. In March, 1883, A. C. Danner, a prominent lumberman, was elected President, not without opposition, which opposition was continued until the end. He had dealings with the bank, all his paper being amply secured, but the directors pressed payment. A week ago he passed to the bank $60,000 in money and property and secured his exchanges to the amount of $100,000 more. Mr. Danner presented his resignation, alleging other duties and physical necessity as the cause. The sale of property being recorded and the resignation reported on the street caused a small run, and cash payments were suspended. A half hour later an offer of a loan of $150,000 was received, but it came too late: the assignment had been recorded. The bank had weathered every financial storm in the past sixty-seven years. and was regarded as very strong. The liabilities are $539,000 and assets $570,000, and depositors, it is said, will be paid in full. Danner Land and Lumber Company gave bill of sale for $60,000 to Mobile Bank. FLORIDA. Jacksonville.-J. 0. Bessent, shoes. assigned to N. A. Hull and attached; H. Weiskopf, paints, assigned. GEORGIA. Huntsville.-S. P. McGregor, general store, failed. Sarannah.-John Cunningham, wholesale grocer, closed by Sheriff. Liabilities reported at $8,000; nominal assets $12,000. Surrencu.-George Eason, turpentine, assigned to Peacock, Hunt & Co., his largest creditors. NORTH CAROLINA. Lexington.-Allen, Jones & Co., general store, failed. Liabilities estimated at $1,600: actual assets about $500. Wilson.-Simpson & Barefoot, grocers, assigned to J. Woodward. SOUTH CAROLINA. Charleston.-D. Hall, dry goods, closed by Sheriff on mortgage of $5,641 in favor of H.B. Claffin & Co. Summerville.-L. C. & W. A. Stoll, general store, assigned. TENNESSEE. Memphis.-E. C. Jones, wholesale tobacco and cigars, closed by the Sheriff on attachment for $1,450. M. Lauterback, general store, failed and sold out; his stock was valued at $2,106. Prospect.-J. M. Cobb & Co., general store, confessed judgment and assigned. Liabilities $2,500; nominal assets about the same.

8. July 15, 1884 The Weekly Floridian Tallahassee, FL

Article from The Weekly Floridian, July 15, 1884

Click image to open full size in new tab

Article Text

-Blaine's brother Robert is " the caterer of the museum." He feeds theskeletons and stuffed birds and fishes, and draws $1,400 8 year for doing it.-Chicago Times. MOBILE, Ala., July 8.-The Bank of Mobile, the oldest financial institution in the State, chartered in 1819, made an assignment to-day owing to a run upon its deposits this morning.

9. July 16, 1884 Watertown Republican Watertown, WI

Article from Watertown Republican, July 16, 1884

Click image to open full size in new tab

Article Text

Financially Embarrassed Halstead, Haines & Co., dry goods dealers, New York city, made an assignment on the 12th. Liabilities reported at $2,000,000. Montreal is startled by the failu re of H. & H. Merrill, an old established dry goods firm. Liabilities $150,000; assets $100,000. J. M. Hamburger, pictures, New York, failed on the 12th. Liabilities $50,000. Everett & Weddel, private bankers, Cleveland, O., assigned on the 11th, owing to a lack of ready cash to meet pressing demands. Liabilities $1,000,000. The failures for seven days ending on the 11th, are reported: United States 184; Canada 17. James M. Smith & Co., wholesale canned goods dealers, St. Paul, failed on the 11th, with liabilities to the amount of $40,000. The Bank of Mobile, one of the oldest institutions in the South, established by an act of Alabama territory in 1818, suspended on the 10th owing to a run. Best & Co., children's clothing, New York, assigned on the 10th. Liabilities $180,000.

10. July 16, 1884 Mower County Transcript Austin, Lansing, MN

Article from Mower County Transcript, July 16, 1884

Click image to open full size in new tab

Article Text

GENERAL I THE Bank of Mobile, one ot the oldest institutions in the South, suspended payment on the 10th inst. BEST & Co., New York, children's clothing, assigned on the 10th. Liabilities $180,000. THE proprietors of the hotel at Livingston, Mont., made an assignment on the 9th. Liabilities $50,000. S. & J. SOMNERICH, New York, millinery, failed on the 9th inst. Liabilities $50,000. TWENTY-FIVE cases of glanders have been discovered Kas. in the livery stables at Leavenworth, R. M. CHERRIE & Co., pig iron manufacturers, Chicago, failed ou the 5th. Liabilities, $350,000 and assets $650,000. Grand Rapids 18 now only four games ahead of Bay City in the race for the Northwestern League championship. Quincy occupies third place, Saginaw and Peoria are tied for fourth, Milwaukee has regained sixth, Fort Wayne failen back to seventh, and Minneapolis, Muskegon, Terre Haute and Stillwater follow in ule: the order named. Following is the sched-

11. July 18, 1884 The Red Cloud Chief Red Cloud, NE

Article from The Red Cloud Chief, July 18, 1884

Click image to open full size in new tab

Article Text

THE SOUTH. INFORMATION received from Coleman City, Tex., reports the revival of fence cutting in Callahan County, where a pasture fence was cut a few days ago. THE Bohemian residents of Baltimore, Md., on the 7th celebrated the 469th anniversary of the death of John Huss, the evangelist. IN Baltimore W. T. McGown was killed the other morning in a fight with Augustus Slater. McGown was a gambler. AT Petersburg, Va., Patterson, Madison & Co., one of the largest wholesale firms in the city, was closed by the United States Marshal. The liabilities were $220,000 and the assets, $150,000. MANUEL LEOPEZ while returning from a dance in Kenner County, Tex., was way. laid and shot five times, killing him. It was supposed that.it was done by horse thieves whom he prevented from stealing stock from ranches. AT Mobile the other day, the assignment of the Bank of Mobile caused a short run on two of the banks. Both stood the strain successfully. One of thetrain wreckers who have made 1 attempts to throw the cars of the Central Railroad from the track Miss., was arrested reinformation of

12. July 18, 1884 The Iola Register Iola, KS

Article from The Iola Register, July 18, 1884

Click image to open full size in new tab

Article Text

THE SOUTH. INFORMATION received from Coleman City, Tex., reports the revival of fence cutting in Callahan County, where a pasture fence was cut a few days ago. THE Bohemian residents of Baltimore, Md., on the 7th celebrated the 469th anniversary of the death of John Huss, the evangelist. IN Baltimore W. T. McGown was killed the other morning in a fight with Augustus Slater. McGown was a gambler. AT Petersburg, Va., Patterson, Madison & Co., one of the largest wholesale firms in the city, was closed by the United States Marshal. The liabilities were $820,000 and the assets, $150,000. MANUEL LEOPEZ while returning from a dance in Kenner County, Tex., was waylaid and shot five times, killing him. It was supposed that it was done by horse thieves whom he prevented from stealing stock from ranches. AT Mobile the other day, the assignment of the Bank of Mobile caused a short run on two of the banks. Both stood the strain successfully. ONE of the train reckers who have made several attempts to throw the cars of the Illinois Central Railroad from the track near Duck Hill, Miss., was arrested recently by detectives, on the information of & woman he was about to marry, who says

13. July 19, 1884 The Superior Times Superior, WI

Article from The Superior Times, July 19, 1884

Click image to open full size in new tab

Article Text

GENERAL / FAILURES on the 12th inst: John W. McFarland & Co., machinists, Alliance, O. The canned goods establishment of James M. Smith & Co., at St. Paul. Liabilities $40,000. Halstead. Haines & Co., dry goods dealers, New York city, Liabilities $2,000,000. H. & H. Merrill, dry goods, Montreal. Liabilities $150,000; assets $100,000. J. M. Hamburger, pictures, New York. Liabilities $50,000. R. G. PETERS struck a salt well at Manistee, Mich., on the 12th, which is expected to yield 500 barrels of fine salt daily, at & net profit of 40 cents per barrel. The well is 2,020 feet deep. EVERETT & WEDDEL, private bankers of Cleveland, O., who have been in business together for thirty years, assigned on the morning of the 11th, owing to a lack of ready cash to meet pressing demands. THE failures for the week ending on the 11th inst, as reported to R. G. Dun & Co., were: United States 184; Canada 17. JAMES M. SMITH & Co., wholesale canned goods dealers, St. Paul, failed on the 11th inst. Liabilities $40,000. BEST & Co., New York, children's clothing, assigned on the 10th. Liabilities $180,000. THE Bank of Mobile, one ot the oldest institutions in the South, suspended payment on the 10th inst. THE proprietors of the hotel at Livingston, Mont., made an assignment on the 9th. Liabilities $50,000. S. & J. SOMNERICH, New York, millinery, failed on the 9th inst. Liabilities $50.000. Grand Rapids 18 now only four games ahead of Bay City in the race for the Northwestern League championship. Quincy occupies third place, Saginaw and Peoria are tied for fourth, Milwaukee has regained sixth, Fort Wayne fallen back to seventh, and Minneapolis, Muskegon. Terre Haute and Stillwater follow in the order named. Following is the schedule:

14. September 29, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, September 29, 1884

Click image to open full size in new tab

Article Text

About 80 per cent. were those of small traders whose capital was less than $5,000. Among the suspensions reported were Burdett & Pond, rubber importers, New. York city; Chadwick, Peters & Holt, wholesale dry goods, Syracuse, N. Y.; Simon Hays & Sons, wholesale clothing, Rochester, N. Y.; Newcomb-Buchanan Co., distilleries, Louisville, Ky.; Jacob Beiresdorf, furniture manufacturer, and Harzfield, Friend & Co., cloak manufacturers, Chicago: Logan National Bank and Taylor, Fisher & Co., grain, West Liberty, Ohio; Day Brothers & Co., wholesale dry goods, Peoria, Ill.; Hathaway & Co., crockery, San Francisco.. and the St. Louis Malleable Iron Co. In the principal 'trades they were as follows: Grocers 31, general stores 21, liquors 13, manufacturers 13, hardware and agricultural implements 11, clothing 11, lumber and material 10, jewelry 9, carriages, etc., 7, furniture 6, hotels and restaurants 6, shoes 5, dry goods 5, bakers 5, confectioners 4, fancy goods 4, stationers, printers, etc., 4, produce and provisions 4, coal and wood 3, drugs 3, grain and millers 3, men's furnishing goods 3, markets 3, tobaeco and cigars 3, banks and bankers 2, cloaks 2, crockery 2, harness 2, plumbers 2. ALABAMA. Obile.-Danner & Co., coal and wood, assigned to George E. Sage. They were involved by the failure of the Bank of Mobile, of which the senior partner was President. They are also partners in the Danner Land and Lumber Company. Montgomery.-Wyman & Ball, hardware, failed. Stockton.-Robinson & McMillan, general store and lumber. reported assigned on account of the "suspension of the Danner Land and Lumber Company, in which they were largely interested. Union Springs.-Anderson & Frank, stoves, offer 25 cents. FLORIDA. Jasper.-W. H. Simpson. general store, attached $250. Liabilities $1,200. GEORGIA. Augusta.-Thorne Hardware Company sold out to N. H. Morrill, and states that a proposition for a settlement will be made to creditors as soon as it can realize on assets. Liabilities from $5,000 to $8,000. Gainesville.-D. C. McAllister. commission buggies, etc., attached by Cincinnati creditors. Sarannah.-G. R. Hohenstein, plumber, Sheriff's sale advertised for Oct. 15. Smithville.-James Graves, general store, failed and sold out. Liabilities about $1,500. TENNESSEE. Memphis.-J. F. Hawkins, drugs, attached; J. H. Scraggs & Co., produce and commission, sold out. The near approach of the end of the third quarter of the year renders possible an interesting examination of the number of failures occurring each week, together with a number of the more important embarrassments in the business world. Gauged by the record of failures in trade circles since Jan. 1, the total for 1884 promises to exceed the aggregate which was foreshadowed at the conclusion of the first quarter of the current year. In 1879 in the first quarter, the total was 2,350, from which there was a drop to 1,394 in 1880. From that on there has been a steady gain; in 1881 it was 1,986; in 1882, 2,146; in 1883, 3,189, and in 1884, 3,320 failures in the United States. In the first quarter of 1879 the number of business failures was 35 per cent. of the total for that year; in 1880 the first quarter's share was 32 per cent. of those for that year; in 1881 it was 33 per cent.; in 1882, 28 per cent., and in 1883, 31 per cent. The average of the five years named is thus about 32 per cent. for the first quarter. In considering this, in an article in Bradstreeťs on April 5, it was stated that "the total number of failures for the first quarter of 1884 being 3,320," and that on the basis of the average percentage shown it pointed "to a record of over 10,400 business deaths within the current year." This view was fully borne out by the weekly lists of failures for the first six months. During the past quarter, however, the prospect named has been intensified, and the outlook now is for a greater increase than indicated earlier in the year.