20560. Bristol Bank and Trust Company (Bristol, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 25, 1893
Location
Bristol, Tennessee (36.595, -82.189)

Metadata

Model
gpt-5-mini
Short Digest
2cb6ea98

Response Measures

None

Description

Articles (July 25–27, 1893) report the board decided to go into voluntary liquidation and discontinue business; later (Sept 29, 1893) a local report says the bank closed for lack of funds but will reopen in a week or ten days and is paying depositors 100 cents on the dollar. No run is described. Classified as a suspension (voluntary liquidation/temporary closure) followed by reopening.

Events (4)

1. July 25, 1893 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors decided to go into voluntary liquidation and discontinue business due to unprofitable operations; assets $80,000 and about $15,000 due depositors.
Newspaper Excerpt
The Bristol Bank and Trust Company went into liquidation this morning. ... it was decided to wind up the affairs and discontinue business.
Source
newspapers
2. July 26, 1893 Other
Newspaper Excerpt
BRISTOL. Tenn.. July 26.-The Bristol Bank and Trust Company yesterday decided to go into voluntary liquidation. They have $80,000 assets. and owe depositors only $15,000. Unprofitable business is the cause.
Source
newspapers
3. July 27, 1893 Other
Newspaper Excerpt
The Bristol (Tenn.) Bank and Trust company has failed.
Source
newspapers
4. September 29, 1893 Reopening
Newspaper Excerpt
The Bristol Bank and Trust Company, which closed its doors some weeks ago for lack of ready funds... will open its doors in a week or ten days for the resumption of business. They are now paying off the indebtedness, and paying 100 cents on every dollar.
Source
newspapers

Newspaper Articles (4)

Article from The Times, July 26, 1893

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Article Text

BRISTOL BANK SUSPENDS. At a Meeting of the Directors It is Decided to Discontinue Business. BRISTOL, TENN., July 25.-Special.The Bristol Bank and Trust Company went into liquidation this morning. The bank has not been doing a profitable business for some time, especially for the last few months, and at a meeting of the board of directors this morning it was decided to wind up the affairs and discontinue business. The total assets amount to $80,000, while there is only about $15,000 due depositors. The board will make satisfactory arrangements with depositors for what is due them, and while the closing of the bank caused considerable surprise it created no excitement whatever on the part of the depositors or the citizens generally, and confidence in the other banks was not shaken. Only a few days ago the Bristol Bank and Trust Company moved into their new building, the most magnificent structure in the town. It is a handsome threestory brick building, recently completed at a cost of $25,000.


Article from Pawtucket Tribune, July 27, 1893

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Article Text

Business Complications. H. I. Nicholas & Co, New York brokers, have suspended. The Bristol (Tenn.) Bank and Trust company has failed. Jacob Schwartz, a Louisville liquor dealer, has assigned. Murphy & Bolanz Land and Loan company, Dallas, has failed.


Article from The Sun, July 27, 1893

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Article Text

Other Bank Failures. MILWAUREE. July 26.-Specials to the Wisconsin report two small bank failures in the interior of the State. viz., the German Exchange Bank at Portage and John Lienlokken. a private banker at Lacrosse. The Portage bank is capitalized at $25,000. No statement of assets or liabilities is given. Lienlokken's liabilities are placed at $10.000. WASHINGTON, July 26.-The First National Bank of Grundy Centre. Iowa, has informed Comptroller Eckels that it expects to resume business Aug. 1 under a new management. The Farmers' National Bank of Henrietta. Tex.. and the Farmers' National Bank of Findlay. Ohio. which failed yesterday. expect to resume in a short time-the latter on Monday next. MANCHESTER. N. H., July 26.-C. M. Dorr of Somersworth. a national bank examiner. today took charge of the suspended National Bank of the Commonwealth. There is no change in the financial situation here. All banks are confident that the worst is over. locally. BRISTOL. Tenn.. July 26.-The Bristol Bank and Trust Company yesterday decided to go into voluntary liquidation. They have $80,000 assets. and owe depositors only $15,000. Unprofitable business is the cause.


Article from The Times, September 30, 1893

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Article Text

NO MORE LOW RATES. The Fare to the Fair Has Been Increased. An Extensive Real Estate Deal. BRISTOL, TENN., Sept. *29.-Special.The people of Bristol and vicinity have enjoyed exceptional favors from the railroads in the way of cheap rates to the World's Fair-the rate for a while being as low as $10 for the round trip; but today the whole snap was given away by the Passenger Association raising the 1°2 te to $17 and $26. An excursion train is going out Saiturday at the $15 rate over the Norfolk and Western, and the South Atlantic and Ohio promises to follow suitand that will probably be the last of the low rates. A good many people have noit been yet, and probably the rush is now over from this section. An extensive deal in real estate was made here yesterday, Mr. Burnham, a member of the firm owning the Baldwin Locomotive Works, purchasing eightythree loits in West Bristol, from William McGeorge, Jr., the consideration being $25,000 cash. It is thought that Mr Burnham has some intention of purchasing the Bristol furnace property when it is sold, as :the lots he purchased yesterday lie near the furnace; but nothing definite as to his purpose can be ascertained. It has just been developed that Grace Shannon, who made considerable fame as an aeronaut some two years ago, died recently in Bristol in :the greatest poverty. She left a little girl, who has been adopted by Mrs. Spencer, of this place. The Bristol Bank and Trust Company, which closed its doors some weeks ago for lack of ready funds-a disease quite prevalent at that time-will open its doors in a week or ten days for the resumption of business. They are now paying off the indebtedness, and paying 100 cents on every dollar. This is the only. one of the Bristol banks that has been embarrassed during :the panic. Considerable discussion has been going on in Washington county over the manner in which the Democratic nominations for the Legislature were made, and much dissatisfaction is expressed with the "machine," so-called. It is said that a ticket will be put out in opposition to the nominees of the Abingdon convention, but SO far it is all talk. The nominees are good men, and will no doubit be elected. No appointments for campaign speeches have been made for Bristol yet, but we will probably have plenty of speeches before the election. Colonel O'Ferrall has promised some of his friends here to make us a visit and a speech, and others will follow. Ex-Governor "Bob" Taylor passed through town yesiterday, on his way to Washington, to look after somebody's political fences, probably. He says he is going to give the listening world his new lecture, "The Paradise of Fools," this fall and winter. That is a subject on which Robert can talk, no doubit: Reports from the country contiguous to Bristol indicate that the tobacco crop is better this year than last, and it is nearly all in the barns. Bristol handles a large quantity of an excellent grade of tobacco. Local sports will indulge in several horse races at the old Fair Grounds tomorrow.