20592. Franklin Bank (Clarksville, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 10, 1890
Location
Clarksville, Tennessee (36.530, -87.359)

Metadata

Model
gpt-5-mini
Short Digest
998d71ae

Response Measures

None

Description

The Franklin Bank (private) suspended payment in Clarksville on about 1890-12-10 after the failure of Henry Seafert/Seabert, a large New York tobacconist with large credits at the bank. The bank did not resume; receivers (H. C. Merritt and R. H. Poindexter) were appointed in January 1891. OCR variants of the tobacconist's name appear (Seafert/Seabert/Seabert). Liability/asset figures vary across reports (liabilities ~ $200,000; assets reported variously as $50,000 or $250,000).

Events (2)
1. December 10, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure of Henry Seafert (Seabert), a large New York tobacconist who owed the bank large credits, rendering the bank unable to meet payments.
Newspaper Excerpt
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 done a large credit business.
Source
newspapers
2. January 19, 1891 Receivership
Newspaper Excerpt
By common consent and agreement on the part of creditors Saturday H. C. Merritt was associated with R. H. Poindexter as receiver to assist in winding up the affairs of Franklin Bank.
Source
newspapers

Newspaper Articles (20)
1. December 11, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 11, 1890

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Business Troubles. N. L. Avery and Raphael Semmes, dolug business as N. L Avery & Co., at a number of places in Arkansas, have assigned. Liabilities $60,000; nominal assests, $60,000. Hamilton & Bishop, stock brokers, New York, have assigned. Liabilities $75,000. The Franklin bank, a private concern, a Clarksville, Tenn., has suspended as the result of the failure of Seafort, a New York tobacconist. Kendrick, Pitts & Co., tobacco. dealers, who had business with the bank were foread to assign. Liabilities $41,000.

2. December 11, 1890 The Morning News Savannah, GA
Article from The Morning News, December 11, 1890

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CRASHES AT OL A RKES VILLE. A Bank and a Tobacco Firm Forced to Suspend. NASHVILLE, TENN., Dec. 10.-A special from Clarksville, Tenn., says: "The Franklin bank of this city suspended pay ment 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 done a large credit business, The Franklin bank is a private bank, with a capital stock of $50,000. The assets and liabilities of the bank are not known as yet. "Kondick, Pet'us & Co., a large tobacco firm, made an assignment to-day. The suspension of the bank, in which the firm had a large deposit, and the stringency of the money market made it impossible for the firm to meet their obligations. Ia order to protect all their creditors alike, they assigned. The liabilities are $41,000. A statement of their assets has not been made. "The liabilities of the Franklin bank amount to over $200,000, and the assets exceed the liabilities by about $50,000. "The liabilities of Kondick, Pettus & Co. are over $400,000. The nominal assets 0Xceed this amount. "A run on the Farmers' and Merchants' National Bank followed, and the doors were closed. This was caused by the other failures, but that institntion will probably resume business in a day or two."

3. December 11, 1890 The Morning Call San Francisco, CA
Article from The Morning Call, December 11, 1890

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CLOSED DOORS. More Bank Failures Announced-Shipments of Gold From Europe. NEW YORK, Dec. 10.-The suspensi n of Hamilton & Bishop has been announced. The failure is considered unimportant. Hamilton & Bishop are bankers and brokers. They have made an assignment, with $37,000 preferences. ARKANSAS CITY, Dec. 10.-It is said the American Bank, which failed yesterday, will not resume. About $190,000 is due the depositors. It is understood the Federal authorities will take charge. NASHVILLE, Dec. 10.-A dispatch from Clarksville, Tenn., says: The Franklin Bank of this city suspended this morning. The failure was caused by the recent failure of Henry Seafert of New York, with whom the bank has been doing much credit business. The liabilities amount to over $200,000 and assets $250,000. The prospects for a settlement are discouraging. Kendrick, Pettus & Co., a large tobacco firm, assigned to-day. The suspension of the Franklin Bank and the stringent 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 Mechanics' National Bank followed the above failures, and its doors were closed. This was caused by the other failures, but that institution will probably resume in a day or two. Business circles are greatly excited. SMALL ASSETS. CHICAGO, Dec. 10.-The assignee of the Chicago Safe and Lock Company, in which the missing millionaire, B. H. Campbell, held the chief interest, filed an inventory to-day, which was a great surprise. At the time of the failure it was announced that the assets would amount to $700,000. The inventory shows their total to be only $127,000. GOLD FOR NEW YORK. LONDON, Dec. 10.-The Times, in its financial article, says another million pounds in gold will be sent to New York. It repeats that Paris, Berlin and in a minor degree Amsterdam ought to recognize their responsibility in this matter. It urges Berlin bankers to send gold to America and points out that such action is called for as much in the interests of German investors as to prevent the difficulties in New York becoming overwhelming. Bullion to the amount of £350,000 was shipped to America to-day. NEW YORK, Dec. 10.-The gold which left Liverpool on the Majestic to-day is understood to be about $3,250,000. It is understood the Lahn, which sails from Southampton to-morrow, will bring enough to make a total of $5,000,000. 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 the Government will take up the line.

4. December 11, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, December 11, 1890

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BUSINESS. ATTACHMENTS AT DECATUR. Special to the Gazette. DECATUR, TEX., Dec. 10.-The Schwab clothing company of St. Louis attached the C. C. Jones stock of dry goods for $2353, and Naumburg, Kraus, Lauer & Co. of New York for $3120.47. WILL RESUME BUSINESS. Special to the Gazette. TEXARKANA, TEX., Dec. 10. - The stockholders and officers of the First National bank held a meeting last night, which lasted until 12 o'clock. It was the sense of the meeting to open up business again, and depositors could call. and get their money or let it remain in the bank, as they saw flt. The bank will be doubly strong should it resume business as we learn it can secure all the money that is needed to place it upon its former financial footing. We have talked to several connected with the bank, and they expressed a firm belief that the First national bank would again resume business, and that very soon. TWO FAILURES AT CLARKSVILLE, TENN. CLARKSVILLE, TENN., Dec. 10.-The Franklin bank of this city was suspended this morning. It is a private bank, capital stock $50,000. Assets and liabilities unknown. Kendrick, Pettus & Co., a large tobacco firm, made an assignment to-day. Their liabilities are $41,000, statement of assets not yet been made. CLOSED ON ATTACHMENT. DENVER, CoL., Dec. 10.-The grocery and importing house of John H. Carleton was last evening closed on attachments. The liabilities are $24,000; assets unknown.

5. December 11, 1890 Evening Star Washington, DC
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.

6. December 11, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 11, 1890

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BRIEF TELEGRAMS. Henry Villard says the flurry in Wall street has not affected his interests. George Martin, the murderer of William Crouch was hanged yesterday at Meridian, Miss. A special from Clarkeville, Tenn., says the Franklin bank of that city suspended yesterday morning. The superintendent of the Cincinnati zoological gardens succeeded in killing the vicious elephant, Chief. Twenty-four shots were fired into him. The total population of the country, including Indians, etc., will reach 63,000,000. The population of Alaska Special Agent Petroff estimates at 38,000. The grocery and importing house of John H. Carleton, Denver, has been closed on attachments aggregating $24,000. Liabilities, $244,000: assets, unknown. Mr. Pennington, president of the Monnt Carmel, III., Aeronautic Navigation company, says the first of the air ships will be completed within three weeks. Three boys, Fred Case, Leslie Case and Floyd Archer while playing on the ice on Delaware river, near Valley Falls, Kas., broke through and were drowned. The Peninsula and Oriental steamer Nepaul ran aground last night on Plymouth breakwater in a dense fog. The passengers were all removed safely. The Ogden strike is still on. The officials of the Union Pacific are doing the switching. Yesterday some of the strikers attacked Chief Yardmaster Nickerson, seriously injuring him. A dispatch from Fort Reno, I. T., says: Sensational reports about a threatened outbreak of Cheyenne and Arapahoe Indians on the western border of Oklahoma are without foundation. Representatives of the barb wire manufacturers of the country, who have been in ession several days in Chicago, adjourned

7. December 12, 1890 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 12, 1890

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GENERAL NEWS. The liabilities of the Franklin Bank which suspended Wednesday at Clarksville, Tenn., are over $200,000; assets $50,000. Frank McCormick, a school boy of Port Jervis, N. Y., shot himself Wednesday rather than to go to school. He is probably fatally wounded. Col. Corbin, of Gen. Miles's staff, says the tenor of the despatches from the Indian country leads him to believe the bottom is dropping out of the threatened uprising. A considerable number of bucks, he says, have left the Bad Lands and gone to Pine Ridge. During the trial trip of the cruiser Newark Wednesday, an accident occurred to the starboard engine. It will be Immediately repaired and the trial will be continued today. The speed attained by the vessel thus far has exceeded that which the contract called for.

8. December 12, 1890 Daily Yellowstone Journal Miles City, MT
Article from Daily Yellowstone Journal, December 12, 1890

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Nubs of News, The American bank will not resume business. These are about $190,000 due depositors. The Western Union directors declared a quarterly dividend of 1} per cent Wednesday. Freedom of the city of Edinburgh, which was recently presented to Parnell. hes been withdrawn. Bullion to the amount of £350,000 was withdrawn from the Bank of England Wednesday for shipment to America. Two Hotchkiss machine guns with ammunition were shipped to Fort Mead, 8. D, from Fort Monroe, Va., Wednesday. The entire force of Clark's thread mills in Newark, N. J., and Kearney, struck Wednesday. Over 3,000 men and girls are out. The Franklin bank of Clarkeville, Tenn., suspended payment Wednesday. Liabilities $200,000, and the assetts excect the liabilities by about $50,000. In the case of the government against Slavin and McAuliffe, charged with a breach of the peace 14 engaging in a prize fight, a verdict of not guilty was returned by consent of the prose= cution, and the prisoners were released.

9. December 12, 1890 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, December 12, 1890

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FIFTEEN CENTS A WEEK. EWS IN BRIEF. honing county, O. He is 24 years old, unmarried, and was elected city engineer on of Interesting Items on of Youngstown, O., by council last Monarious Subjects. day. tie paper is to be started at Rev. Charles Z. Hembre, the Kentucky Presbyterian preacher who was suspended from the ministry at Norman, Kan., and exploring expedition is snowkn. assaulted his fellow-ministers announces that he will sue the Presbytery for damlegislature has located the ages. gfisher. Lawrence Brown, who has been in Dana law against the Jews is exville, Ky., jail for safe keeping since June, romulgated Jan. 1. has been taken to Casey county for trial. ul, candidate for governor Brown killed Bud Wright, a negro, in the saws, killed his son in a quarcourt room while on trial for murdering Brown's brother. Indians and Alaskans, the While John and Mack Jackson, farmers £ the United States is fully residing near Hopkinsville, Ky., were out hunting, two masked men entered their al convention of Young Men's house, drove everybody out at the point of ociation will meet at Kansas a pistol, and, having secured $600, hidden away, made their escape. rd Oil company is purchasOhio and Mississippi Conductor Marin LaGrange and Elkhart shall Lafferty, who was tried and acquitted of the charge of embezzling tickets, is n Union paid out $1,077,399 endeavoring to compel the company to put or the last quarter, and has $100,000 worth of repairs on his damaged arplus. reputation, at Princeton, Ind. ati Charles Craig, colored, Rev. A. C. Stockard, aged 60, a minister ilty of wife murder and will of the Cumberland Presbyterian church, to hang. is defendant in a suit brought by Henry Jackson, aged 70, at Dover, Tenn. The e, the young Chicago advento have a Terre Haute, Ind., latter claims that the preacher seduced his fend her. wife and influenced her to abandon the plaintiff. tte Di Zerega, an American George W. Smith, the alleged California ied Sir Frederick Frankland, millionaire, arrested in New York on a of Thirkelby. charge of insanity, is not vice president of . Koch's consumption lymph the Nicaragua Canal company, but was ednesday on a patient in St. formerly immigration agent for the Interal, New York. national company, of Mexico, headquarCavill returned to his Ligonters at San Diego, Cal. e after a brief, unexplained The British steamship Westbourne was enty-one years. caught in a gale on the Black sea and on and Mrs. McKee and her went down. The weather was so intensely e returned to Washington cold that seamen froze to death at their , Indianapolis. posts. All but eight of those, who esO., the 3-year-old son of Edcaped in an open boat, perished before was horribly burned by the reaching land, and four of the eight died 2 pot of boiling grease. afterwards. Jefferson, of Clifton, Mass. The Franklin bank of Clarksville, Tenn., the amateur lifting record, suspended payment on account of the failpounds with his hands. ure of Henry Seafert, tobacconist, of New irfield, aged 10 years, is York, and in turn caused the assignment anton, O., for an attempted of Kendrick, Pettus & Company, a large nnie Esselman, aged 8 years. tobacco firm of Clarksville, and a big run rk thread-mills have been on the Farmers' and Merchants' bank that caused it to close its doors. definitely, on account of the 00 people are thrown out of Chief, the gigantic elephant given the Cincinnati Zoological garden by John be of Cyrus Dietter, a farmer, Robinson, and which had of late become , O., was destroyed by fire, SO vicious as to render keeping him longer children, aged 5, perished in dangerous, was killed Wednesday night. Twenty-four bullets were fired into him esses were examined in the before the vital spot was reached. The hide will be stuffed and the skeleton given at Newark, O., Wednesday, to the Smithsonian institute. He had 10 case of murder has been killed several men. He was 28 years old, nine feet eleven inches high and weighed indom has temporarily disabout five tons. Since the death of Bar e purchase of four per cent. num's Jumbo he was the largest elephant 11 continue the purchase of in captivity, and the most vicious. Ifs.

10. December 12, 1890 Hopkinsville Kentuckian Hopkinsville, KY
Article from Hopkinsville Kentuckian, December 12, 1890

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CLARKSVILLE PANIC The Franklin Bank Fails and AnE. other Bank Temporarily Suspends. Two Big Warehouses Pushed to The Wall and Forced to Assign. OTHER HEAVY FAILURES ARE COMING. The Clarksville Progress of Wednesday contained the following account of this week's heavy failures in that town: "Suspended peyment" is the notice on the front door of the Franklin Bank in this city. News was received here yesterday by the Franklin Bank that Henry Seabert, a large tobacconist of New York, has gone to the wall. The bank has been doing an extensive business with Mr. Seabert, he being an extensive creditor i the bank. His failure compelled the bank to cease payment. This made it necessary for Kendrick, Pettus & ar Co. to assign. This firm has issued the following card which fully, but ea briefly explains their reasons for asan signing: the "Owing to the failure of a large creditor in New York of the Franklin con Bank, that institution was forced to W suspend. Because of the suspension We of the bank, in which we had large dewe posits, and on account of the strinCro gency in the money market, we found to we could not promptly meet our obnin, ligations, and in order to protect each Wh of our creditors alike, we have made alon an assignment to Mr. Will Dority." che KENDRICK, PETTUS & Co. than The principal creditors of the firm thin are as follows:

11. December 13, 1890 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, December 13, 1890

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stock. It has been opposing him. It will appear as a Parnell organ. News bas reached Philadelphia of the loss of the steamer Westburne, with twenty-one of her crew of twenty-five, in the Black Sea November 24. In a street fight at Paul's Valley, I. T., over a woman, Senator Sam Paul, of the Chickasaw Nation, shot his sun Joe. A call has been issued by the Kansas Farmers' Alilance for a convention to meet at Topeka to consider the senatorial situation. Mrs. Dacey, a plucky Wichita woman. made a professional gambler refund, at the pistol's month, $560, out of which he had fleeced her husband. The Franklin Bank at Clarksville, Tenn., failed with liabilities of $200.000. This precipitated the $400,000, failure of a tobacco house and a run on another bank. Mrs. Robt. Champman, wife of a wellknown merchant. started from her home in W chita to visit relatives at Fort Worth. but did not go there Her departure was taken one day after that of a prominent real estate man.

12. December 17, 1890 The Port Gibson Reveille Port Gibson, MS
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.

13. December 18, 1890 The Iowa Plain Dealer Cresco, New Oregon, IA
Article from The Iowa Plain Dealer, December 18, 1890

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tcn. were run over and killed by a train at Minneapelis, Minn. FIRE destroyed Kittle & Co.'s linseed oil works at San Francisco, causing a loss of $200,000. IN session at New Orleans the National Board of Trade passed resolutionsin favor of reciprocal trade regulations; of revision of the National banking laws; of a postal telegraph and penny postage on local delivery letters, and in favor of a unification of the monetary systems of the leading commercial nations. AT Clarksville, Tenn.. the Franklin Bank failed for $200,000; assets, $250,000. Q. T. ARCHER'S three sons, aged 16, 13 and 9 years respectively, were drowned in the Delaware river at Valley Falls, Kan., while crossing on the ice. IN the jail yard at Meridian, Miss., George Martin, the murderer of William Crouch. was executed. LOUIS SCOTT shot his wife and killed himself at Kaiamazoo, Mich. Domestic trouble was the cause. FLAMES at Sandusky, O., destroyed a grain elevator and 3,000,000 feet of lumber. Total loss, $100,000. AN unknown man at Tennyson, Ind., just before his death made the statement that he was the murderer of John R. Bilderbach near Fort Branch, Ind., twenty years ago, for which crime Thomas Camp was hanged. Camp asserted his innocence on the scaffold. CHARLEY JOPLIN shot and killed at Jenny Lind Ark., John Miller, Miller's wife and grown daughter, Dr. Stewart and a man whose name was not learned, five persons in all. Afterward he killed himself. JOHN L. M. IRBY, the Farmers' Alliance candidate, was elected United States Senator by the South Carolina Legislature. This retires Senator Wade Hampton, who has represented the State in the National Senate for three terms. AT Pine Ridge Agency. S. D., reports were received on the 11th that the ho3tile Indians had been fighting among themselves in the Bad Lands. The fight was for the leadership between Two Strike and Short Bull. and the result was from twenty to fifty dead Indians.

14. December 18, 1890 River Falls Journal River Falls, WI
Article from River Falls Journal, December 18, 1890

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WEST AND SOUTH. THE Legislature passed over the veto of Governor Steele the bill locating the capital of Oklahoma at Kingfisher. MR. AND MRS. E. T. TODD. of Sioux City, la., and their daughter, Mrs. Slayten, were run over and killed by a train at Minneapolis, Minn. FIRE destroyed Kittle & Co.'s linseed ol works at San Francisco, causing a loss of $200,000. IN session at New Orleans the National Board of Trade passed resolutionsin favor of reciprocal trade regulations; of revision of the National banking laws; of a postal telegraph and penny postage on local delivery letters, and in favor of a unification of the monetary systems of the leading commercial nations. AT Clarksville, Tenn., the Franklin Bank failed for $200,000; assets, $250,000. Q. T. ARCHER'S three sons, aged 16, 13 and 9 years respectively, were drowned in the Delaware river at Valley Falls, Kan., while crossing on the ice. IN the jail yard at Meridian, Miss., George Martin, the murderer of William Crouch. was executed. Louis SCOTT shot his wife and killed himself at Kalamazoo, Mich. Domestic trouble was the cause. FLAMES at Sandusky, O., destroyed a grain elevator and 3,000,000 feet of lumber. Total loss, $100,000. AN unknown man at Tennyson, Ind., just before his death made the statement that be was the murderer of John R. Bilderbach* near Fort Branch, Ind., twenty years ago, for which crime Thomas Camp was hanged. Camp asserted his innocence on the scaffold. CHARLEY JOPLIN shot and killed at Jenny Lind Ark., John Miller, Miller's wife and grown daughter, Dr. Stewart and a man whose name was not learned, five persons in all. Afterward he killed himself. JOHN L M. IRBY. the Farmers' Alliance candidate, was elected United States Senator by the South Carolina Legislature. This retires Senator Wade Hampton, who has represented the State in the National Senate for three terms. AT Pine Ridge Agency, S. D., reports were received on the 11th that the hostile Indians had been fighting among themselves in the Bad Lands. The fight was for the leadership between Two Strike and Short Bull, and the result was from twenty to fifty dead Indians. A FIGHT took place on the 12th four miles north of Pine Ridge agency in

15. December 27, 1890 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, December 27, 1890

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F ilures at Clarksville, Tenn. The Franklin Bank at Clarksville, Tenn., failed with liabilities of $200,000. This precipitated the $400,000 failure of a tobacco house and a run on another bank.

16. January 19, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, January 19, 1891

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The Franklin Bank. By common consent and agree. ment on the part of creditors Saturday H. C. Merritt was associated with R. H. Poindexter as receiver to assist in winding up the affairs of Franklin Bank. Mr. Merritt is a good lawyer and a safe counsellor, having considerable experience in such matters, and will render Mr. Poindexter valuable assistance in the complicated affairs of the bank.

17. January 20, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, January 20, 1891

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Bank Meetings To-Day. There are a good many people in town to-day attending the bank meetings. The stockholders of the Farmers & Merchants bank met at 11 o'clock and adjourned to 1:30 p m. without transacting any business It is not likely that any definite action will be decided upon until a late hour and perhaps not before to morrow. The creditors of the Franklin Bank were here from various parts of the country. The appointment of H. C. Merritt as receiver in connection with R. H. Poindexter, rather forestalled the action indicated by the publishe call for a meeting of the ereditors to-day. However it was agreed among interested parties on the streets that they would hold a meeting at the court house at 12 o'clock looking to some other action in connection with the affairs of the bank.

18. January 21, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
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.

19. December 10, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, December 10, 1891

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To-day is the anniversary of the Franklin Bank failure and the general panic that made Clarksville look so blue one year ago.

20. January 22, 1892 The Columbia Herald Columbia, TN
Article from The Columbia Herald, January 22, 1892

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A SENSATION AT CLARKSVILLE. I Men Connected With the Defunct Bank Charged With Larceny. CLARKSVILLE, Jan. 18.-A real sensation Was caused to-day when it was made public that the grand jury had found true-bills against three of the men connected with the defunct Franklin Bank. Indictments were returned against P. C. Hambaugh, President; R H. Poindexter, Cashier, and George S. Irwin, one of the Directors. There were two counts in the indictment, grand larceny and embezzlement. In the Criminal Court this afternoon they were placed under a bond of $1,000 each and the cases set for trial at the April term of court. P. C. Hambaugh is a wealthy tobacco dealer, & very old man, and about a year ago he had the misfortune of losing his eyesight, this affliction overtaking him soon after the failure of the bank. R. H. Poindexter is possibly not over 26 years of age, and up to the time of the suspension of the bank was one of the youngest cashiers in Tennessee. George S. Irwin left here just after the crash, it is stated, on account of threats and prejudices of tobacco planters and others who lost money in the firm of Kendrick, Pettus & Co., of which he was a member, blameing him for the failure. He only came back here yesterday to answer the serious charges against him, having for some time been connected with the firm of Allen, Lane & Co., cotton factors, of St. Louis. The failure of the Franklin Bank, which was a private institution, occurred last December a year ago, in which nearly $1,000,000 was involved, also causing the failure of three tobacco warehouse firms, viz.: Kendrick, Pettus & Co., for about $40,000, R. H. Walker & Co., for a large amount and Hancock, Hallums & Co. for more than $100,000, forcing the Farmers' & Merchants' National Bank to suspend. But this bank has broken the national bank record, having resumed business for some time. It is said that the main features connected with the Franklin failure have not come to light as yet and both the developments and the result of the trial of the officials will be awaited by the public with great interest. Nearly all the prominent law yers of the Clarksville bar are to be engaged on the side of the defense. A number of the bank's depositors are the prosecutors.