20644. Bank of Gallatin (Gallatin, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 16, 1889
Location
Gallatin, Tennessee (36.388, -86.447)

Metadata

Model
gpt-5-mini
Short Digest
c9f78cd5

Response Measures

None

Description

Multiple newspapers (Dec 16-17, 1889) report the Bank of Gallatin 'assigned' / failed due to loss on a large loan to the Gallatin Cotton Mill and inability to make clear title to a cotton factory. No run or depositor panic is reported; the bank assigned (failed) and appears to remain closed.

Events (1)

1. December 16, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large bad loan (~$35,000) to the Gallatin Cotton Mill which assigned; bank cannot make clear title to cotton factory (asset problem) and thus assigned/failure.
Newspaper Excerpt
The Bank of Gallatin, of this State, failed to-day. Liabilities, $60,000; assets, $40,000. It was caused by the loss $35,000 loaned to the Gallatin Cotton Mill, which assigned recently.
Source
newspapers

Newspaper Articles (11)

Article from Sacramento Daily Record-Union, December 17, 1889

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Article Text

Southern Bank Busted. NASHVILLE (Tenn.), December 16th.-The Bank of Gallatin, of this State, failed to-day. Liabilities, $60,000; assets, $40,000. It was caused by the loss $35,000 loaned to the Gallatin Cotton Mill, which assigned recently.


Article from Sacramento Daily Record-Union, December 17, 1889

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Southern Bank Busted. NASHVILLE (Tenn.), December 16th.-The Bank of Gallatin, of this State, failed to-day. Liabilities, $60,000: assets, $40,000. It was caused by the loss $35,000 loaned to the Gallatin Cotton Mill, which assigned recently.


Article from Sacramento Daily Record-Union, December 17, 1889

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WASHINGTON, December 16th.-Mr. Mutu. the Japanese Minister, has been granted a leave of ab. ence, and will shortly leave for home He probably will be absent several months. General Orlando B. Wilcox and family were thrown into grief by a cablegram this morning, announcing the death of their oldest daughter, Mrs. Lieutenant S. C. Mills. She died at the Canary Islands, where she had gone with her husband for her health. The Democra ic House caucus, which was called to meet to-night to determine what position. if any, the party should take in regard to the S leott deficiency, has been abandoned. Senator Pettigrew to-day introduced a bill to authorize the Secretary of the Interios to survey and mark the boundary line between North and South Dakota Senator Frye to-day introduced his bill of last session to provide for the settlement of the clai ns of the United S ates growing out of the issue of bonds to aid in the cons ruction of the Union Pacific Railway and its branches. The Supreme Court to day affirmed the judgment of the Court below in the case of James C Pennie, administrator of the esta e of Edward A. Ward, against C. Reis, reasurer of the Police Life and Health Insurance Fund of San Francisco. The Senate confirmed Solomon Hirsch, of Oregon, to be Minister to Turkey. Special Pension Examiners. WASHINGTON, December 16.h.-Commissioner of Pensions Raum to-day issued an order directing forty of the two hundred and sixty-eight special pension examiners now in the field to be recalled and assigned to duty in the Pension Bureau in Washington. The number of examination fields will be reduced and their several boundaries extended SD as to cover the entire country. General Raum's purpose in making this change is to increase the effective working forces of the office. Stanley Congratulated. WASHINGTON, December 16th.-The following cablegram has been sent to explorer Stanley from the State Department: "Stanley, Zanzibar: I am directed by the Pres ident of the United States to tender his congratulations to you upon the success which has attended your long tour of discovery through Africa. and upon the advantages which may accrue therefrom to the civilized world. BLAINE." Received in New York NEW YORK, December 16th.-Secreiary Blaine, with the All-American Congress delegates and ladies. arrived in Jersey City this alternoon. They were met by the Reception Committee, and Mr. and Mrs. and Miss Blaine went to the Fifth Avenue Hotel, while the delegates and their ladies crossed at Cortlandt street and were escorted to the City Hall, where an informal reception was held by Mayor Grant. This evening they are visiting the different theaters. Work of a Religious Crank. NEW YORK, December 16th.-Joseph Kraeks. becoming suddenly insane, threw his wife and three young children out of a third-story window this evening. In all probability they will all die. He explained that he was sending them to Jesus for a Christmas present. Collusion With Officials. NEW YORK, December 16th.-The Sun prints a statement this evening that a leading glove importing firm is in trouble with the CustomHouse on account of collusion with the Customs officers It is also alleged that the Consul's office at Hamburg is implicated. Three Men Killed. WILKESBARRE (Pa.), December 16th.-A party of Poles were walking home from work on the Lackawanna railroad this evening when a passenger train ran into them from around a curve. Three were killed outright and another fatal injured. Southern Bank Busted. NASHVILLE (Tenn.), December 16th.-The Bank of Gallatin, of this State, failed to-day. Liabilities, $60,000: assets, $40,000. It was caused by the loss $35,000 loaned to the Gallatin Cotton Mill, which assigned recently. Chairman Cooley III. WASHINGTON, December 16th. - Chairman Cooley of the Interstate Commerce Commission has been compelled again to relinquish his duties here on account of sickness, and has returned to his home at Ann Arbor. Admitted to Bail. DE SOTO (Mo.), December 16th.-B. M. Chambers, who shot and killed lawyer Bowman, was to day released on bail in the sum of $50,000. American Horse Show. CHICAGO, December 16th.-The stockholders in the American Horse Show Association met to-day and re-eiected the old Directors. It was decided to hold a preliminary show next year. Judge Brewer Confirmed. WASHINGTON, December 16th.-The Senate, in executive session, confirmed Brewer for Associate Justice of the Supreme Court, after some discussion.


Article from Evening Journal, December 17, 1889

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Another Bank Failure. NASHVILLE, Tenn., Dec. 17.-The Bank of Gallatin, in Gallatin, Sumner county, has assigned. The assets are about $60,000 and the liabilities about $40,000. The charter of the bank expires in March, 1890, and the failure was due to the fact that the bank cannot make a clear title to a cotton factory until June, 1890. The factory was assigned to the bank when the cotton company made an assignment some months ago.


Article from St. Paul Daily Globe, December 17, 1889

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Article Text

Failure of a Tennessee Bank. NASHVILLE, Tenn., Dec. 16.--The Bank of Gallatin, in Gallatin, Sumner county. assigned to-day. The assets are about $60,000, and the liabilities about $40,000. Nearly all the Summer county officials and anany business men were depositors. The charter of the bank expires in March, 1890, and the failure was due to the fact that the bank cannot make a clear title to a cotton factory until June, 1890. The factory was assigned to the bank when the cotton company made au assignmentsome timo ago.


Article from The Anaconda Standard, December 18, 1889

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Another Bank Closed. NASHVILLE, Tenn., Dec. 17.-The Bank of Gallantin, Summer county. assigned yesterday. Assets about $60,000; liabilities about $40,000.


Article from The Enterprise, December 18, 1889

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LATER. THE bank of Gallatin, in Gallatin, Sumner County, Tenn., assigned on the 16th. The assets are about $60,000; liabilities about $40,000. Nearly all the Sumner County officials and many business men were depositors. ON the National line dock in New York City, where four men were recently burned to death, 250 longshoremen on the 16th refused to work with black men and quit. ON the 16th a party of Polanders who were walking on the Lacktovanna railroad track on their way from work, were run into at Duryea, Pa., by a passenger train. Three men were instantly killed, one fatally injured and another badly injured. MARK P. HANOVER, a well known lawyer and newspaper man, founder of the Cincinnati Times, died in New York on the 16th, aged sixty-two years. THE jury in the Cronin murder trial at Chicago rendered a verdict on the 16th, finding Burke, Coughlin and O'Sullivan guilty of murder and fixing the penalty at imprisonment for life; Kunze was found guilty of manslaughter and the penalty fixed at three years in the penitentiary, while Beggs was acquitted. JOHN A. SLEICHER, editor of Frank Leslie's and a Republican, has been made a civil service commissioner for New York State by Governor Hill. PART of the business portion of the village of Gosport, N. Y., was burned on the 16th. Loss, $15,090. AMONG the various petitions and hemorials presented in the Senate on the 16th were several for the passage of the pension law as prepared by the pension committee of the G. A. R.; one from Iowa for the selection of Chicago as the site for the exposition in 1893; and one for the admission of Wyoming as a State. Bills were introduced and referred for the allowance of cumulative pensions, and for woman suffrage in all the States. A resolution was agreed to instructing the Committee on Judiciary to inquire and report whether Chinese laborers excluded under existing law could be permitted to enter the United States for purpose of transit, with or without permission. The Senate then went into secret session to consider executive business, and when the doors were reopened the concurrent resolution of Mr. Ingalls providing for a holiday recess from December 19 to January 6 was adopted. A message from the House announcing the death of Representative Edward 3. Gay was received and as a mark of respect the Senate adjourned In the House a resolution authorizing the Sergeant -Arms to offer a reward of 85,000 for the arrest of Silcott, the absconding cashier, was referred. A bill was passed appropriating $150,000 to meet a deficiency in the appropriation for public printing and binding, and $250,000 to meet a deficiency, in the appropriation for the Census Bureau. A resolution was adopted Instructing the election committee to take up the ClaytonBreckenridge contest in the Second Arkansas district, and the House adjourned.


Article from The Globe-Republican, December 25, 1889

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THE SOUTH. THE bank of Gallatin, Tenn., has assigned with $60,000 assets and $40,000 liabilities. The depositors will be paid in full. A MEETING of Virginia colored Republicans at Richmond adopted resolutions calling on Congress to pass a general election law. IN a fight between four unarmed farmers and two armed robbers near Waco, Tex., the other night, John T. Mathes was killed and W. H. Harris severely wounded. The robbers got little. THE commission of army engineers appointed to select the best point along the Texas coast for the location of a first-class harbor has submitted its report recommending Galveston. A MISSISSIPPI CITY special says that the whole assessed valuation of the late Jefferson Davis property in Harrison County in $7,940. The personal assessment was $581. Beauvoir is assessed at $4,500. THE Gettysburg Battlefield Association has refused to remove the Second Maryland cavalry monument, and declares that all ex-Confederates shall have the right to commemorate their dead si


Article from Barton County Democrat, December 26, 1889

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"ISMM SHE JOHN GALLAGHER died at his home in Butte, Mont., recently from the effects of injuries received in a brutal prize fight with G. H. Warte. B. M. CHAMBERS, who shot and killed Lawyer Frank J. Bowman, has JO uns the up neq uo released been $50,000. THE Cronin trial ended at Chicago on the 16th. Coughlin, O'Sullivan and Burke were sentenced to life imprisonment, Kunze to three years, while Beggs was acquitted. THE United States livery stable at Trinidad, Col., was destroyed by fire the other night and forty horses perished. Loss, $25,000. ROBERT S. DALTON was instantly killed and frightfully burned by the current from two electriclight wires on the Lake Shore railway's train shed at O Tolled THREE men were blown to pieces in the Osceola mine near Calumet, Mich., recently by the premature explosion of blast B THE Ohio Supreme Court has decided that the biennial elections amendment to the State Constitution was not legally adopted. Two brothers were blown to pieces in the Cleveland mine near Ishpeming, Mich., the other morning by the delayed explosion of a charge of dynamite. THE capital stock of the Omaha Street Railway Company has been increased to $5,000,000. THE warm, unseasonable weather is said to have been instrumental in closing up two clothing establishments at Minneapolis, Minn. One was the large Rothchilds clothing house, the other J. B. McCristle's merchant tailor store. A FREIGHT train on the Denver & Rio Grande road broke into three parts on a heavy grade near Walsenberg, Col., the other night and in the collision which followed the engineer and fireman were killed and seven cars wrecked. PRATT COUNTY, Kan., voted the $100,000 sugar bonds, notwithstanding the recent scandals. SEVERAL more arrests have been made in Salt Lake City in connection with the recent developments before the grand jury. All gave bonds. WILLIAM S. HARRISON, nephew of the President and assistant to the Chicago, Milwaukee & St. Paul general freight agent died at River Forest, Ill., recently, aged twenty-five. GEORGE CLARK, aged nine years, was run over by a cable car and killed at Sioux City, Iowa, the other morning while on his way to school. INVESTIGATION of two years of the accounts of the suicide secretary of the Milwaukee school board shows a short$12,098 JO ese THE Grand Portage Indians of Minnesota who were in danger of starving have been relieved by the Government agent. THE Western States Railway Passenger Association was dissolved at a meeting of the general managers of the lines at Chicago on the 18th. THE Meade-Van Bokkelen Company, commission merchants, dealing in California fruits at Chicago, recently failed for $250,000. The assets were much less. Ex-CONGRESSMAN JOSEPH LYMAN, of Council Bluffs, Iowa, was stricken with paralysis while at his office. His chances of recovery were slight. By an explosion in a rolling mill at New Philadelphia, O., recently one man was killed, another badly hurt and part of the building wrecked. ONE of the last places reporting the Russian influenza is Kansas City. THE vinery, distillery and stock of liquors of the Fresno (Cal.) Vineyard Company have been seized for alleged violation of the internal revenue laws. The property is valued at $500,000. CULVER, the recalcitrant Cronin juror, has brought suit against the Chicago Herald for $25,000 damages for libel. -0.1 e Supmp accident avs V hearsal of a Christmas entertainment at the Tilden public school, Detroit, Mich. The gauze clothing of a number of girls became ignited and eight or nine were burned, one fatally. THE Prohibitory law has passed both houses of the North Dakota Legislature. THE Guernsey-Scudder Furniture Company's building at Third and Locust, St. Louis, burned recently. The loss was heavy. JUDGE BREWER, in the United States Court at Kansas City, decided adversely to the Beales claim to the Maxwell land grant of 60,000,000 acres in New Mexico, etc. It was said an appeal would be taken to the Supreme Court. The decision affects a Kansas City land company that bought the Beales claim. 'HLNOS THE THE bank of Gallatin, Tenn., has assigned with $60,000 assets and $40,000 liabilities. The depositors will be paid in full. Virginia de


Article from The Iola Register, December 27, 1889

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TESTA THE JOHN GALLAGHER died at his home in Butte, Mont., recently from the effects of injuries received in a brutal prize fight with G. H. Warte. B. M. CHAMBERS, who shot and killed Lawyer Frank J. Bowman, has been released on bail in the sum of $50,000. THE Cronin trial ended at Chicago on the 16th. Coughlin, O'Sullivan and Burke were sentenced to life imprisonment, Kunze to three years, while Beggs was acquitted. THE United States livery stable at Trinidad, Col., was destroyed by fire the other night and forty horses perished. Loss, $25,000. ROBERT S. DALTON was instantly killed and frightfully burned by the current from two electric light wires on the Lake Shore railway's train shed at o Tolled THREE men were blown to pieces in the Osceola mine near Calumet, Mich., recently by the premature explosion of blast e THE Ohio Supreme Court has decided that the biennial elections amendment to the State Constitution was not legally adopted. Two brothers were blown to pieces in the Cleveland mine near Ishpeming, Mich., the other morning by the delayed explosion of a charge of dynamite. THE capital stock of the Omaha Street Railway Company has been increased to $5,000,000. THE warm, unseasonable weather is said to have been instrumental in closing up two clothing establishments at Minneapolis, Minn. One was the large Rothchilds clothing house, the other J. B. McCristle's merchant tailor store. A FREIGHT train on the Denver & Rio Grande road broke into three parts on a heavy grade near Walsenberg; Col., the other night and in the collision which followed the engineer and fireman were killed and seven cars wrecked. PRATT COUNTY, Kan., voted the $100,000 sugar bonds, notwithstanding the recent scandals. SEVERAL more arrests have been made in Salt Lake City in connection with the recent developments before the grand jury. All gave bonds. WILLIAM S. HARRISON, nephew of the President and assistant to the Chicago, Milwaukee & St. Paul general freight agent died at River Forest, Ill., recently, aged twenty-five. GEORGE CLARK, aged nine years, was run over by a cable car and killed at Sioux City, Iowa, the other morning while on his way to school. INVESTIGATION of two years of the accounts of the suicide secretary of the Milwaukee school board shows a shortage of $12,063. THE Grand Portage Indians of Minnesota who were in danger of starving have been relieved by the Government agent. THE Western States Railway Passenger Association was dissolved at a meeting of the general managers of the lines at Chicago on the 18th. THE Meade-Va Bokkelen Company, commission merchants, dealing in California fruits at Chicago, recently failed for $250,000. The assets were much less. Ex-Congressman JOSEPH LYMAN, of Council Bluffs, Iowa, was stricken with paralysis while at his office. His chances of recovery were slight. By an explosion in a rolling mill at New Philadelphia, O., recently one man was killed, another badly hurt and part of the building wrecked. ONE of the last places reporting the Russian influenza is Kansas City. THE vinery, distillery and stock of liquors of the Fresno (Cal.) Vineyard Company have been seized for alleged violation of the internal revenue laws. The property is valued at $500,000. CULVER, the recalcitrant Cronin juror, has brought suit against the Chicago Herald for $25,000 damages for libel. A SAD accident occurred during a rehearsal of a Christmas entertainment at the Tilden public school, Detroit, Mich. The gauze clothing of a number of girls became ignited and eight or nine were burned, one fatally. THE Prohibitory law has passed both houses of the North Dakota Legislature. THE Guernsey-Scudder Furniture Company's building at Third and Locust, St. Louis, burned recently. The loss was heavy. JUDGE BREWER, in the United States Court at Kansas City, decided adversely to the Beales claim to the Maxwell land grant of 60,000,000 acres in New Mexico, etc. It was said an appeal would be taken to the Supreme Court. The decision affects a Kansas City land company that bought the Beales claim. 'HLNOS 3HL THE bank of Gallatin, Tenn., has assigned with $60,000 assets and $40,000 liabilities. The depositors will be


Article from The Iola Register, December 27, 1889

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THE SOUTH. THE bank of Gallatin, Tenn., has assigned with $60,000 assets and $40,000 liabilities. The depositors will be paid in full. A MEETING of Virginia colored Republicans at Richmond adopted resolutions calling on Congress to pass a general election law. IN a fight between four unarmed farmers and two armed robbers near Waco, Tex., the other night, John T. Mathes was killed and W. H. Harris severely wounded. The robbers got little. THE commission of army engineers appointed to select the best point along the Texas coast for the location of a first-class harbor has submitted its report recommending Galveston. A MISSISSIPPI CITY special says that the whole assessed valuation of the late Jefferson Davis property in Harrison County in $7,940. The personal assessment was $581. Beauvoir is assessed at $4,500.° THE Gettysburg Battlefield Association has refused to remove the Second Maryland cavalry monument, and declares that all ex-Confederates shall have the right to commemorate their dead similarly.