Article Text
Charles F. Eager has been appointed receiver of the Bank of Cumberland Gap, Tenn., which has closed its doors. The llabilities of the bank are said to be $40,000; assests about the same.
20621. Bank of Cumberland Gap (Cumberland Gap, TN)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- March 1, 1905*
- Location
- Cumberland Gap, Tennessee (36.600, -83.669)
Metadata
- Model
- gpt-5-mini
- Short Digest
e28d6710
Response Measures
Full suspension
Other: Receiver appointed; bank closed permanently.
Description
Contemporary reports state a slight run precipitated suspension of payments and a receiver (Charles F. Eager) was appointed. Articles dated Mar 4, 1905 report the bank has closed and a receiver was named; a Mar 10, 1905 Tennessee paper explicitly describes a slight run and suspension. Cause appears to be bank-specific insolvency (cash/loans mismatch).
Events (3)
1.
March 1, 1905*
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Cashier had loaned out $40,000 while deposits were $30,000; a slight run drained liquidity.
- Measures
- None reported (no special liquidity measures described)
- Newspaper Excerpt
- The institution ... when a slight run came the bank was unable to pay.
- Source
- newspapers
2.
March 1, 1905*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Unable to meet withdrawals because loans exceeded available cash; suspended payments after run/insufficient liquidity.
- Newspaper Excerpt
- Bank Suspends Payment. The Bank of Cumberland Gap, has suspended payment.
- Source
- newspapers
3.
March 4, 1905
Receivership
- Newspaper Excerpt
- Charles F. Eager has been appointed receiver of the Bank of Cumberland Gap, Tenn., which has closed its doors.
- Source
- newspapers
Newspaper Articles (5)
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Article Text
Receiver For Tennessee Bank. Middlesboro, Ky., March 4.-Charles F. Eager has been appointed receiver of the Bank of Cumberland Gap, Tenn., which has closed its doors, The liabilities are said to be $40,000 and assets about the same.
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Article Text
NUGGETS OF NEWS Charles F. Eager has been appointed receiver of the Bank of Cumberland Gap, Tenn., which has closed its doors. Charles F. Horst, a stell worker, was struck and killed by a train at Harrisburg, P2., his body being horribly mangled.
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Article Text
MINOR NEWS ITEMS. George Reister, of Hamilton, O., aged 45, committed suicide recently. His wife found his body hanging in a shed at their home. No cause is known. A strike of the workmen employed at the Lewis and Clark exposition grounds in Portland, Ore., is on. The men demand better pay and shorter hours. The British claims as a result of the North Sea incident as finally submitted to Russia total $325,000. This amount will be paid in a few days without demur. A receiver has been appointed for the Bank of Cumberland Gap, Tenn., which has closed its doors. The liabilities of the bank are said to be $40,000; assets about the same. Sidney Adams, for 23 years chief clerk of the general delivery office in the Baltimore postoffice, was arrested on the charge of tampering with the mails. When scarched marked money contained in a decoy letter was found on him and he confessed his guilt. Demands for increased pay and an eight-hour day to take effect May 1 have been announced by the Rockmen and Excavators' union, which contains about 15,000 members in Greater New York. If the demands meet refusal the men declare they will strike on the date mentioned. The Ohio board of pardons has refused to grant a commutation of the death sentence of Herman Hamilton, of Scioto county, to life imprisonment. Hamilton was convicted of the murder of Lee Calver, a section boss on the Norfolk & Western railway, and is sentenced to be electrocuted March 17. Reports from Port Arthur state that 43 of the sunken Russian vessels in the harbor are useless. The Russians exploded dynamite in both the forward and aft holds and in the engine rooms. The machinery and magazines were destroyed by a torpedo and the guns plugged and burst at the muzzle. At Louisville, Ky., Bayless O'Bannon, freight agent for the Monon railroad, was shot and dangerously wounded by Frank Keith, formerly weight inspector for the joint rate inspection bureau. Keith has been out of employment for months and the reason for it, he alleges, is that "Bannon refused a letter of recommendation. Led by an enraged father who asserted that the Syrian had attempted to maltreat his 11-year-old daughter, an infuriated mob of 300 longshoremen at New York City dragged Assad H. Enchor from his room, placed a noose around his neck and was about to string him up to a lamp post when the police interfered.
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Article Text
Bank Suspends Payment. The Bank of Cumberland Gap, has suspended payment. The institution had a capital stock of $10,000, a surplus of $4,000 and deposits to the amount of $30,000. Cashier J. H. Quillian loaned out $40,000, and when a slight run came the bank was unable to pay. It is believed that depositors will be paid in full.