20615. Bank of Cookeville (Cookeville, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 10, 1910
Location
Cookeville, Tennessee (36.163, -85.502)

Metadata

Model
gpt-5-mini
Short Digest
77fe168d

Response Measures

None

Description

Bank of Cookeville failed to open Jan 10, 1910 because of over-loans (embarrassed). It was placed in receivership Jan 27, 1910 and went into voluntary liquidation; later pro rata payments were mailed. No explicit depositor run on this specific bank is described (People's Bank closed fearing a run, but that was a separate institution).

Events (3)

1. January 10, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank of Cookeville 'embarrassed by over-loans' (loans exceeded available cash; loans ~328,032 vs cash about $11,000 and deposits $300,000–$400,000).
Newspaper Excerpt
The Bank of Cookeville and the People's Bank, both State institutions, failed to open their doors for business this morning. The former, it is stated, was embarrassed by over-loans
Source
newspapers
2. January 27, 1910 Receivership
Newspaper Excerpt
Chancellor Lunsden has appointed Jere Whitson receiver for the Bank of Cookeville, Tenn., which recently closed its doors and which will go into voluntary liquidation.
Source
newspapers
3. May 1, 1910* Other
Newspaper Excerpt
Jere Whitson receiver of the Bank of Cookeville mailed out checks to the two thousand five hundred depositors of the bank. This was the first pro rata payment of twenty-five per cent.
Source
newspapers

Newspaper Articles (7)

Article from The Columbia Herald, January 14, 1910

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Article Text

TWO COOKEVILLE BANKS CLOSED UP OVER LOANS SAID TO HAVE CAUSED TROUBLE-HOPE TO RESUME. COOKEVILLE, Tenn., Jan. 10.-The Bank of Cookeville and the People's Bank, both State institutions, failed to open their doors for business this morning. The former, it is stated, was embarrassed by over-loans and the latter, on learning that the Bank of Cookeville failed to open, also remained closed, fearing a run by the depositors. Representatives from two Nashville banks were in conference with the directors of the Bank of Cookeville today with the hope of reaching some agreement by which the bank can be re-opened within the next few days. The conference was in session at midnight without any definite plans formulated. It is hardly probable that the People's Bank will open its doors this morning. The People's Bank, it Is said, is owned by the Bank of Cookeville. The capital stock of the latter is $30,000, while that of the People's Bank is only $10,000. When the doors of the Bank of Cookeville were closed today it is said that the cash on hand was approximately $11,000 and the deposits amounted to between $300,000 and $400,000. The loans amount to $328,032. It is thought, however, that if all of the notes can be collected the assets will exceed the liabilities by at least $50,000. That was a statement given out by a member present at the conference last night. It was stated last night by a member of the conference at Cookeville that a movement was on foot by which it is thought the banks will be reopened on a sound basis within a short time, in face within the next day or so.


Article from The Birmingham Age-Herald, January 28, 1910

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Article Text

Bank Receiver Appointed. Nashville, January 27.-Chancellor Lunsden has appointed Jere Whitson receiver for the Bank of Cookeville, Tenn., which recently closed its doors and which will go into voluntary liquidation.


Article from The Pensacola Journal, January 28, 1910

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Article Text

RECEIVER FOR A BANK. Nashville, Tenn., Jan. 27.-Chancellor Lundsden has appointed Jere Whitson receiver for the Bank of Cookeville, Tenn., which recently closed its doors and which will go into voluntary liquidation.


Article from Atlanta Semi-Weekly Journal, February 1, 1910

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General News Notes FLORENCE, S. C., Jan. 29.-In a quarrel over the price of a cake sold at auction at a school festival near here last night, Lofton Poston was fatally stabbed by Mossa Bazen and died five minutes later. Both young men were well known throughout the county. CHARLOTTE. N. C.-It seems that the matter of building a railroad from Wilbesboro to Statesville, in order to give the former city connection with Charlotte. which was agitated last spring but did not materialize is to be brought to the front again. CORDELE. Ga.-The increased demand for both residence and busines houses in Cordele has resulted in an increased activity of property owners in erecting buildings and improving vacant lots throughout the city. The demand for houses of all kinds is greatly in excess of the supply and consequently new buildings are being pushed to completion all over the city, including a number of costly business houses. CLEMSON COLLEGE, S. C.-The anual celebration of the Columbian Literary society has been postponed from January 19 until February 12, in order to give the contestants more time for preparation. The exercises will consist of two declamations. two orations, and a debate, and the respective winners will be presented each with a handsome gold medal. CORDELE, Ga.-At a directors' meeting of the American National Bank of Cordele held yesterday the following officers were elected for the year 1910: L. O. Benton, president: R. L. Wilson, vice president; J. W. Cannon, cashier. and E. A. Vinson, assistant cashier. This bank was organized in the latter part of 1908 with a capital stock of $100,000 and on yes terday the directors declared a semi-anual dividend of 4 per cent. ALEXANDRIA, La.-Roy E. Delcore is being held here for alleged robbery of the postoffice at Sullivan, Mo. Officers at Sullivan were notified last night of Delcore's arrest. MACON, Ga.-Mayor Moore returned to his office yesterday, after a hunting trip into Baker county. He was accompanied by W. W. WilIfams. Will Gunn, Jack Massee and several other Macon men. The bunt was a success from every standpoint. SAVANNAH, Ga.-The quarterly meeting of the University club. of Savannab, was held last night at the DeSoto hotel. The club is in a very prosperous condition and it is expected it will lend a hand toward getting the collection of birds now in possession of the Natural History society, of Savannah, which it is hoped to 'secure for the state university. non TRENTON, N. J., Jan. 29.-The National Co-Operative Shirtwaist and Neckwear company, with an authorized capital of $100,000, was incorporated here today. Par value of shares $1 each. It is said the company was formed to aid the shirtwaist strikers in New York and Philadelphia and that it will have the support of some wealthy women of New York. SAVANNAH, Ga.-The United States vessel which came to Savannah several weeks ago for the purpose of planting mines in the Savannah harbor is steadily at work and the task will be completed in a short time. The mines being put down are harmless, but they can be made dangerous in pretty short order if Uncle Sam should find it necessary to protect this harbor from invasion in that manner. NASHVILLE. Tenn.-Chancellor Lundsden has appointed Jere Whitson receiver for the Bank of Cookeville, Tenn., which recently closed its doors and which will go into voluntary liquidation. JACKSON. Miss.-It is announced here today that at a meeting of the board of directors of the First National Bank of this city which will be held late today. Attorney General J. B. Striling will be elected president to succeed Dr. S. S. Carter. The resignation of Mr. Stirling as attorney general will be sent to the governor tomorrow. SHREVEPORT. La. Owners of one of the largest producing oil wells in the field surrounding Shreveport were nonplussed at the sudden cessation of the well's flow a few days ago. Last night the flow again started, with an estimated capacity of 3,000 barrels daily. VICKSBURG. Miss.-The dedication of the Wisconsin monument in the national park here will take place May 22 according to anonuncement made by the park commission today. Governor Davidson and a large party of prominent citizens from Wisconsin will attend the ceremonies. NEW ORLEANS.-H. H. McGill. an aviator of Dayton. Ohio, will attempt the first air ship flights to be held in New Orleans next Saturday. He will use a bi-plane. Negotiations are now in progress for flights by aviators of International prominence at New Orleans during the Mardi Gras season. JACKSON, Ga.-The first political anouncement to be made in Butts county this year is that of Judge J. A. McMichael for tax collector. For a number of years he has been tax receiver and collector for the city of Jackson. Several other announcements are expected to be made soon. The race for representative and perhaps sheriff, promises to be exciting. A number of probable candidates have been spoken of for these offices.


Article from Atlanta Semi-Weekly Journal, February 1, 1910

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NASHVILLE, Tenn.-Chancellor Lundsden has appointed Jere Whitson receiver for the Bank of Cookeville, Tenn., which recently closed its doors and which will go into voluntary liquidation.


Article from The Camden Chronicle, May 6, 1910

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# OVER THE STATE. Chattanooga, Tenn. Realizing that nothing is more vitally important to its interest than the prosperity of the farmers living along its lines and in the tributary territory, the Southern Railway company is doing everything in its power to promote their interests. One of the methods adopted is the running of special agricultural trains in co-operation with the officials of state agricultural departments. Such a train was recently run over the Mobile and Ohio railroau from Guys to Union City, Tenn., under the direction of M. V. Richards, land and industrial agent of the Southern railway and the Mobile and Ohio railroad, and Honorable John Thompson, commissioner of the Tennessee agricultural department. This train bore a party of lecturers furnished by the state agricultural department, fifteen stops were made, and more than two thousand five hundred farmers heard the addresses. Such signal success attended the running of the train that Commissioner Thompson has requested the Southern to furnish a similar train to be run over its lines in East Tennessee. This train will probably be furnished as soon as the state authorities are ready to undertake the trip. Nashville, Tenn. Criminal costs for the state of Tennessee increased over $3,000 during the year 1909. In Davidson county the criminal courts increased more than $5,000 over the previous year. In Shelby county they decreased nearly $4,000; in Hamilton county a decerase of $1,000; in Knox county a decrease of nearly $100. The total paid out by the state to the various counties for criminal prosecutions for the fiscal year, beginning December 20, 1908, and ending December 19, 1909, was $161,020.91. For the year preceding, the total was $157,934.73. The increase came in the costs before the supreme court, in the jail fees and boarding of juries. The clerks', sheriffs', and witnesses' fees all decreased. Johnson City, Tenn. Dan Walters one of the wealthy citizens of this place, is at Limestone looking after the establishment of a fertilizer plant. Mr. Walters expects to install machinery which will grind livestone rock. Its initial capacity will be about twenty-five tons per day. This pulverized stone will be sold to the farmers at about $3 per ton. If this proves to be a success, Mr. Walters will enlarge the factory. Harriman, Tenn. The industrial school of this city has been reorganized and a new board of trustees elected and has been made a portege of the Tuskegee, Ala., institute, under the auspices of Booker T. Washington. Chattanooga, Tenn. Chattanooga leads all Tennessee cities in the percentage of postal receipts for March of the present year, as compared wita March of 1909. The percentage 01 gain is 7.18 per cent. Chattanooga's receipts for March of the present year are $39,071.02, and for the same time last year $36,452.96. March of last year was the largest month in the history of the local postoffice, but in spite of all things which have happened since then the postal receipts show a healthy increase. Nashville, Tenn. Governor Patterson extended clemency in fiive cases, as follows: Claude Waite, colored, fourteen years old, Davidson county, six month for petit larceny. Porter Graves, colored, Davidson county; $50 fine for carrying pistol. G. C. Wright fifteen years old, Polk county; one year for larceny. Served nine months. Theodore H. Williams, colored fifteen years old, Davidson county; attempted forgery; six months. I. C. Parrott, Carter county; felonious assault; eleven months and twenty-nine days. Johnson City, Tenn. The charter for the Nolachucky Power corporation was registered and the papers were forwarded to the secretary of state. The purpose of this corporation is to develop a water power for furnishing electricity to Erwin for lighting the city and for manufacturing enterprises, including the large cotton mill to be erected by O. P. Heath & Company of Charlotte, N. C. The dam will be built at the Devil's Looking Glass on the Nolanchucky river, about a mile from the center of Erwin. It is the intention of this corporation to begin work at once on the construction of the dam and the power plant. An order has been placed by O. P. Heath & Company for machinery for the cotton mills. With this industry as an assured fact, together with the other manufacturing enterprises that the cheap excess electric power will bring, will place this thriving mountain town among the leading manufacturing cities of the south. Cookeville, Tenn. Jere Whitson receiver of the Bank of Cookeville mailed out checks to the two thousand five hundred depositors of the bank. This was the first pro rata payment of twenty-five per cent. He ---


Article from Putnam County Herald, April 2, 1914

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after the Bank of Cookeville voluntarily, but unneccessarily, went into the hands of a receiver in 1910; and therefore, The Cookeville Bank is not a successor to the Bank of Cookeville-its officers and stockholders being made