Benton County Bank - Camden, TN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 30, 1907
Location: Camden, Tennessee (36.059, -88.098)

Metadata

Model: gpt-5-mini
Short Digest: 9a84da70

Response Measures

None

Description

Article (dated 1907-11-01) is a notice from First National Bank (Camden, TN) that it will suspend payment on checks effective October 30, 1907 because New York and Nashville banks refused to furnish cash. The bank states it is solvent and the suspension is intended to be temporary. No run or closure is reported. Classified as suspension_reopening as the suspension is presented as a short, precautionary measure with intent to resume.

Events (1)

1. October 30, 1907 Suspension

Cause: Correspondent
Cause Details: Refusal of New York and Nashville banks to furnish cash to country banks (correspondent/clearing banks), prompting precautionary suspension of payments.
Newspaper Excerpt: On account of the suspension of New York and Nashville banks, and their refusal to furnish cash... We, the officers of the two banks at Camden, deem it best for the interest of depositors as well as the banks to suspend payment upon all checks for the present.
Source: newspapers

Newspaper Articles (1)

1. November 1, 1907 The Camden Chronicle Camden, TN

Article from The Camden Chronicle, November 1, 1907

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Article Text

NOTICE To the Patrons of the Camden Banks and the General Public. On account of the suspension of New York and Nashville banks, and their refusal to furnish cash, as heretofore to country banks when demanded, upon deposits held there by country banks, but limiting all business to checks or exchange; We, the officers of the two banks at Camden, deem it best for the in terest of depositors as well as the banks to suspend payment upon all checks for the present. We hope this will continue for only a few days. In the meantime all checks and other cash items will be received by said banks for deposit as heretofore and other business men will accept checks in the payment of debts or for goods so that the business of the country will not suffer. Thisaction is not taken because of the insolvency of said banks, the said banks being perfectly solvent, but realizing that their condition could be impaired) to the injury of the depositors, we take this action in order that the depositors may be protected fully. This October 30, 1907. FIRST NATIONAL BANK, By L. E. Davis, President. A. S. Justice, Cashier. T. H Bateman, M. A. Fry, S. L. Peeler. BENTON COUNTY BANK, By T. J. Lowry, President, W. H. Hooser, Assistant Cashier. H. F. Stigall, A. P. Lashlee.