20657. Bank of Madison (Jackson, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 27, 1890
Location
Jackson, Tennessee (35.615, -88.814)

Metadata

Model
gpt-5-mini
Short Digest
7a6503f4

Response Measures

None

Description

Multiple contemporaneous newspapers report the Bank of Madison at Jackson, Tenn., suspended on Sept. 27, 1890, with an assignment by President White and described thereafter as defunct; grand-jury indictments of officers in Feb 1892 indicate permanent failure rather than reopening. Cause is bank-specific insolvency/impairment (assignment/insolvency).

Events (2)

1. September 27, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and president made assignment of personal property for creditors; described as insolvent/failed at suspension; liabilities and assets reported in press and assignment followed immediately.
Newspaper Excerpt
The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of creditors.
Source
newspapers
2. February 13, 1892 Other
Newspaper Excerpt
The grand jury has found true bills against N. S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended in September, 1890. The indictment charges them with knowingly... receiving money for deposit, knowing the insolvency of the bank, just before assignment.
Source
newspapers

Newspaper Articles (17)

Article from Fort Worth Daily Gazette, September 28, 1890

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A Bank Suspends at Jackson, Tenn. MEMPHIS, TENN., Sept. 27.-The Bank of Madison at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of creditors. Liabilities, $200,000; assets, $225,000. The suspension is said to be only temporarily.


Article from The Wichita Daily Eagle, September 28, 1890

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Sure cure-Preston's "Hed-Ake." SUSPENSION TEMPORARY. MEMPHIS, Tenn., Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of his creditors. Liabilities $200,000, assets $225,000. Suspension temporary.


Article from New-York Tribune, September 28, 1890

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FAILURE OF A TENNESSEE STATE BANK. Memphis, Tenn. Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank. with a capital stock of $50,000. Prestdent White has made an assignment of all his per sonal property for the benefit of creditors. The lia bilities are $200,000 assets. $225,000.


Article from Wheeling Sunday Register, September 28, 1890

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TERSE TELEGRAMS. Governor Luce, of Michigan, yesterday, sent letters to all the Prosecuting Attorneys in Michigan, ordering them to see to it that the new United States law against lotteries is strictly enforced. This move was made at the request of the anti-lottery people of Louisiana, and as far as Michigan is concerned the Governor says the law shall he enforced to the very letter. The Bank of Madison, at Jackson, Tenn., suspended yesterday morning. It was a State bank with a capital of $50,000. President White has made an assignment of all his personal property, for the benefit of creditors. Liabilities, $200,000; assets, $225,000. Suspension temporary. Gen. Abram Duryea, of New York, died at 9 o'clock yesterday morning, at his residence in West One-Hundred-and-Twentysixth street. He had been ill forsome time past with paralysis, and it was not believed that he would recover. M. Rochefort, yesterday, sent a challenge to a duel to M. Dupieus, director of the Petit Parisien. It is reported that the Spanish government is placing a cordon of troops along the frontier of Portugal, in consequence of the apprehensions of a revolution in that country.


Article from The Seattle Post-Intelligencer, September 28, 1890

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A Tennessee Bank Fails. JACKSON, Tenn., Sept. 27.-The Bank of Madison suspended this morning. The liabilities are $200,000; assets, $225,000. The suspension is temporary. LOUISVILLE, Sept. 27.-The bank of Fulton, Ky., suspended payment today. The assets and liabilities are unknown.


Article from St. Paul Daily Globe, September 28, 1890

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Failure of a Tennessee Bank. MEMPHIS, Tenn., Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White made an assignment of all his personal property for the benefit of creditors. Liabilities, $200,000; assets, $225,000. Suspension temporary.


Article from The Portland Daily Press, September 29, 1890

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Bank of Madison in Trouble. MEMPHIS, Tenn., September 27.-The Bank of Madison, Jackson, Tenn., suspended this morning. President White made an assignment of all his personal property for the benefit of the creditors. The liabilities are $200,000; assets, $225,000. The suspension is temporary.


Article from The Morning Call, September 29, 1890

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CONDENSED TELEGRAMS. JACKSON (Tenn.), Sept. 28. - -The Bank of Madison suspended yesterday morning. The liabilities are $200,000; assets, $225,000. The suspension is temporary. LINDSAY (Ont.), Sept. 28. - The village of Kinmount was almost completely burned Friday night. The entire business portion was destroyed. Only two hotels and one store are left. MADRID, Sept. 28.-It is reported the Spanish Government is placing a cordon of troops along the frontier of Portugal in consequence of apprehensions of revolution in that country. NEW YORK, Sept. 28. - -The Commercial Advertiser says the Pacific Mail will relinquish several expected contracts for building the new steamers if the Subsidy Bill fails to pass. RACINE (Wis.), Sept. 28.-Ex-Senator James H. Doolittle was thrown from his carriage yesterday and dangerously in jured One arm was broken. His head was cut and body badly bruised. Doolittle is 75 years of age. LONDON, Sept. 28.-Antagonism in Portugal to the Anglo-Portuguese Convention is very marked. Baron Salpedro, who negotiated the treaty in behalf of Portugal, confines himself to his house for fear of popular violence. BATTLE CREEK (Mich.), Sept. 28. - This city is excited over the finding of pure gold while drilling a well for city water. The sand brought up from a distance of 140 feet below the surface is thick with small nuggets of pure gold. LONDON, Sept. 28.-Stagnation in the London trade, caused by the Australian strike, is increasing and hundreds of men are thrown out of employment. Instead of scores of ships loading for the colonies, only one here and there can be seen. WASHINGTON, Sept. 28.-The Secretary of the Interior has issued an order that such acti n be t: ken by all officers and employes of the Pension Bureau as will prevent undue preference being given to any claim, in the time of either hearing or adjustment.


Article from Asheville Daily Citizen, September 30, 1890

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AFFAIRS OF CONSEQUENCE FOREIGN. The King of Holland has suffered a relapse, and his condition is such that he is untit to sign any documents. Prince Bismarck has promised Lord Rosebery to visit Scotland next spring it the political situation in Germany permits him. During the morning service at St. Paul's Cathedral, London, Sunday, a man named Easton, who was in the congregation, took his own life by shooting himself. WASHINGTON. The schoolship Saratoga has reached Philadelphia after a cruise of 9,000 miles. Mr. Crisp. of Georgia. is regarded as the coming democratic leader in the house. The United States senate, Saturday. confirmed the nomination of General E. Burd Grub, of New Jersey. to be minister to Spain. HOME. The bank of Madison, at Jackson. Tenn., has suspended. It was a state bank. with a capital of $50,000. Liabilities $200,000; assets $225,000. H. C. Hemp. rear brakeman of the coal train which caused the disastrous wreck on the Reading railroad near Shoemakersville, Pa., Sept. 19, in which 21 persons were killed and thirty wounded, was arrested Saturday at Reynold's station, Schuylkill county, Pa., charged with manslaughter.


Article from The Semi-Weekly Tribune, October 1, 1890

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CONDENSED TELEGRAMS. It is reported that during the Russian army maneuvers 400 soldiers fell through a bridge and were drowned. The bank of Madison at Jackson, Tenn, suspended with liabilities at $900,000 and assets at $225,000. Boxing rules were adhered to and the authorities in London wont touch Slavin and McAulliffe. Kinmount, Ont. was almost entirely consumed by fire yesterday.


Article from The Caucasian, October 2, 1890

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NEWS OF THE WEEK THE WORLD'S EVENTS GATHERED IN SMALL COMPASS. The Latest Happenings at Home and Abroad Collected and Presented in Terse and Readable Form. Domestic Summary. The Bank of Madison. at Jackson, Tenn., has failed. Stocks were off and business dull in Wall street last week. Colonel Boudinot, the well known chief of the Cherokee Indians, is dead. General Abraham Duryea, commander of the famous Duryea'sZouaves" during the war, is dead in New York The executors of Samuel. J. Tilden have appealed the celebrated will case to the general term of the supreme court A second fight has taken place between the county seat factions in Bucca county, Col., and several persons were shot. Miss Sophie France, aged 60, has sued Solomon Oviatt. aged 60, for $2,000 for forcibly kissing her at Akron, Ohio, Judge Thayer, of Philad siphia, has rendered a decision that "Krentzer Sonata" is not an immoral publication. Among the passengers on the steamer Germanic, which arrived in New York this week, were the Comte d'Paris and party. John Sowders, said to be the oldest Grand Army veteran in the United States, died near Riegelsville, N. J., at the age of 90. Ex-Commissioner of Pensions Tanner has accepted the managing editorship of the Republic Magazine, a New York Grand Army publication. Charles J. Edgerly, the husband of Rose Coghian, the actress, has secured a divorce on the ground of desertion. He lives at Sionx Falls, S. D. The Tradesman reports for the third quarter of 1890, 1,114 new enterprises in the Southern States against 774 in the corresponding quarter of 1889. Governor Campbell, of Ohio, has called upon three members of the board of public works of Cincinnati for their resignations on account of irregularities. A 3 year old girl named Cooper. visiting John Tyndall, of Moravia, Pa., fell into a pig sty. Two powerful hogs attacked her. and mangled her body so badly she died. Hon. Richard Vaux has been nominated on an independent ticket in the Third district of Pennsylvania in opposition to McAlcer, the regular Democratic nominee. General Grove, one of Virginia's World's Fair commissioners, has appointed Miss Midred Lee, a daughter of General Robert E. Lee, a member of the board of lady managers of the exposition. A terrible disaster occurred on the Oregon Short Line Railroad near Shoshone, Washington. Two passenger trains came into colliston. resulting in the death of over twenty persons, and many injured. A second horrible murder, much rer sembling that of Annie Laconey. has taken place near Camden. N. J. The victim was Mrs. John Miller Susivion


Article from Delaware Gazette and State Journal, October 2, 1890

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A Woolen Firm's Failure. JACKSON, TENN., Sept. 29.-The Jackson woolen mills have assigned to R. A. Allison. The Habilities are ov r $ 00,000. The assets are about $40,000 in woolen goods, $40,000 in outstanding accounts on sales, and the plant valued at $90,000. The inability to sell the stock on han , on account of the stringent money market and the failure of the Bank of Madison precipitated the fallure. The Jackson Ive factory virtually under the same management, made a mortgage last night for loans.


Article from The L'anse Sentinel, October 4, 1890

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WEEK THE HO SMIN Latest Intelligence From All Parts of the World. 'IIIH uo 9 SW.M There -xe " Details OHIO % am to -шо " pus and the inq any SHAL auo on both engines and an express car were ruined. Michael McDonald was sent to the peniteatiary from Chicago for ten years on compuu 'pto years under 10 8 **** The Rohan Bros. Boller Manufacturing ⑉ opeut Include 78 JO 'Aundmos 10 benefit am JOJ uosunop "I BORTHAN 01 creditors. The deed of assignment gives the -'268 0.18 end *000'0'18 in rest " Tents 08 JOAO JOJ 'S somes '000 dent of South Dakota, accidentally shot himuny I " within in JI** Injuries peip °H "побим " most later. Count Kleist, who recently assaulted an inn-keeper at Berlin. Germany, hanged himprison " 814 THE Her Laborers, farmers, and mechanics are -wnu 08.101 " susury sdore JO Julius om 01 SUIMO staq John Wollgast, a farmer who lived near Aurora, III., fell into his well while drawing water and was drowned. Nicholas Bircher, another farmer, fell dead while returning from his brother's funeral. The Grand Island (Neb.) Beet Sugar ano u.na IIIM puw undeq WHOM 'Aup " JuBns JO 00 euo puu perpunq ever pursnom PAID saloon licenses have been issued in Chicago, pensst unm элош #1 which "этр on year. 3sth am omes em " Joseph Iasah, a Bobemian about 72 years punoj SEM 'Xeuou JO relatives 'pro Coder JO used "II peap Rapids, Ia. He had died some time during the 11 ght of exposure and staryation. The President will attend the Grand JO q18 the "III 3" Amay 1" puu the "Munno 1" eAch dj.12 am JO details eq.f. am "SUM -xo President 1he 1nq you 141h the sq 01 of states As a result of the recent revival meetings om peujof conterts 008 18 ellote the IO Michael Koenig and Patrick Mullgrew were asphyxiated in the establishment of FILL ung 3" company and no occurro continuo *onsta V Southern railroad. a few miles from Chattanooga. Fireman Payne received injuries *poin on притм 11:0.13 The nitro-glycerine factory of the Acme MON JUOU Aundutos enter Summa 'dn MOISTA 'M ****** not si 8801 Insurance Amanda Olson, a dressmaker shot and instantly killed Charles Hall, a gainbler, at pun unut and DMVT 11"S refused pun pus пешом Sunos am to marry her. Edward E. Swiney, a furniture manuus home sing 10 s1 " a dying condition, the result of a beating . Breauch unof JO spusq em 11: 1 millionaire contractor. Frank Berknader was the first vietim of the electric street-cars in Milwaukee. He JUO the pamoq 04 a °H SHAL on beneath persond SEM 'paddois " pricess. 01 punors pun stoods y word jo шлу spooß-Asp retail the in closed SHAN "III in -'07$ 01 000'81$ mo.1 1 THE Starts "UMOUR you assets pun 000 Mrs. Hayes, about 50 years of age, wife of Dr. Charles C. Hayes, drowned herself in the Neponset river, at Hyde Park, Mass. the eq IIIM pur гесолелей SHM spoq ent. to Madison, Wis., where the father of the -9.1 JO SITTE persond sides. Peter McClary, a prominent resident of em BROJON BUIAT puep punoj SIM "III Nation posoddns SI disease Heart "1" 111 poq dealh JO om DAWN 01 A dancing party in Oregon, Wis., ended in murder. John Alming and another JO attentions The JOAO unut Hunos " young woman. Alming was assaulted by up crushild " them OUM THAT NH Alming's skull. A pursuing party was made information SEM ajnsand am and 'dn of lynching were freely made. Engel Westeven dropped dead at the "!H "I uos 8111 JO Thome death in supposed to have been the result of s Aup mej " robbery pus IIII At Danvers, III., Thad Pennington, while drunk. placed Paul Ramey, aged 12, upons ent the Insured pur pugg broncho ran intoa barb wire fence and threw young Ramey off. The lad's thigh bone was om Ruo[= passurp STIAL on pun broken IIIM en THIS horribly 09 puw 0.11 M -10m Leen you SEIT pus pay rejp ured. Ruth Ann Ililton, a colored lady. died in OII JO effer om su Chicago Joseph Salvage was killed and several persons badly injured by the falling of a brick wall at Allegheny, Pa. "I 'N 3" pepp shops unof pins #1 "H Acurs. 06 JO offir резимарт on 3" Aeter. Amery 100010 our useq SAMP 01 am up 1112 The postoffico at Schoolcraft (Mich.) was unis jo worth 000'18 a puw Into below em pun usdo broken STIM eyes ent. states. "No drewer cash no.1 The Bank of Madison, at Jackson, Tenn. has suspended. President White has made Property sig II" JO un for the benefit of creditors. Liabilities, 'sjasem 1000'0078 -[" SUM "3"O JO eq.f. most completely destroyed by fire. The fire Mej . us pus Intell " Perms -11A ons JO portion business entite am sinon euo puw botels OM3 Aluo SHM eXFI store being left. Tire burned buildings were *poom II" Bridget Sheehan fell down an elevator on West Monroestreet, Chicago, and taken to the received a


Article from Iron County Register, January 8, 1891

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AN EVENTFUL YEAR. Many Things That Happened During 1890. RECORD OF NOTABLE OCCURRENCES. Disastrous Business Failures-Fatal Casualties and Startling Crimes-Leading Political and Social Events-Necrology-Disastrous Fires, Etc. BUSINESS FAILURES. [INVOLVING $300,000 AND OVER, ON BANKS GENERALLY.] Jan. 6-R. Deimel & Co., Chicago furniture dealers: $300,000. Jan. 14-Smith Middlings Purifier Co., Jackson, Mich.: $484,000: Jan. 16-Bank of H. R. Pierson & Son, Albany. N. Y. Jan. 21-State Bank of Irwin, Kan. Jan. 27-John B. Lollande, New Orleans, cotton merchant: $600,000. Feb. 4-Joseph P. Murphy, Phila delphia, manufacturer of cotton and woolen goods: $500.000. Feb. 11-Franklin Woodruff & Co., dealers in fish and salt. New York City; $400,000. Mar. 13-Harrison & Loder, wholesale dry goods, New York City: $350,000. Mar. 19-John F. Plummer & Co., wholesale dry goods, New York City: $1,000,000. Apr. 7-George K. Sistare's Sons, bankers. New York City; $500,000. Apr. 8-Manhattan Bank, Manhattan, Kan. $561,000. Apr. 17-Louis Franke & Co., silk merchants, New York City: $900,000. , Apr. 30-Bank of America and twelve branches, Philadelphia: $700,000. May 1-Fechheimer, Rau & Co., shirt manufacturers, New York City: $400,000. May 13-Plattsburg Bank. Plattsburg, Mo. May 14-J. F. Reynolds, broker, New York City: $300,000. May 19-Public Grain and Stock Exchange. New York City; largest bucket-shop in United States. May 22-Bank of Middle Tennessee. Lebanon, Tenn. May 23-Owego (N. Y.) National Bank. Jun. 20-Park National Bank. Chicago. Jun. 24-Bank of Hartford. Hartford, Wis. Jul. 29-J. E. Tygert & Co., fertilizer manufacturers, Philadelphia, Pa.: $317,000. Aug. 6-State National Bank, Wellington, Kan. Aug. 27-Potter, Lovell & Co., bankers, Boston: $5,000,000. Aug. 29-City National Bank, Hastings, Neb. Sep. 3-Hoxie & Mellor, Wisconsin lumber dealers. $500,000. Sep. 4-Sawyer, Wallace & Co., New York, Louisville and London, commission merchants and brokers: $2,000,000. Sep. 6-National bank at Kingman, Kan. Sep. 17-Gardner. Chase & Co., bankers and brokers. Boston; $2,000,000. Sep. 27-Bank of Madison, Jackson, Tenn.: $200,000. Oct. 4-Fleming Bros., patent medicine firm, Pittsburgh, Pa.: $500,000. Oct. 10-Indianapolis (Ind.) Car Manufacturing Company: $600,000. Oct. -Wallace, Waggoner & Co., wholesale grocers, Houston, Tex.; $300,0000 J. H. Hagerty & Co.'s bank. Aberdeen, S. D.; $230,000. Oct. 16-R. G. Peters' Salt and Lumber Co., Manistee, Mich. $3,000,000. Oct. 31-Leopold Bros., wholesale clothiers, Chicago, $300,000. Nov. 11-Panic in Wall st., N. Y., caused the failure of brokers Decker. Howell & Co. ($10,000.000): C.M. Whitney & Co. ($300.000), and Daniel Richmond ($200,000) John T. Walker & Co., silk importers, of New York City, $900,000. Nov. 14-Kansas City Packing Co., Armourdale, Kan.: $500,000. Nov. 15-Kansas City Packing & Refrigerating Co., Boston: $1,000,000. Mills. Robeson & Smith, brokers. New York City: $350,000. Nov. 18-P. W. Gallaudet & Co., New York City, brokers: $1,000,000. Nov. 20 -Barker Brothers & Co., bankers, Philadelphia; $3,000,000. Nov. 21-Banking firm of Ragsdale & Co., Oklahoma City. O. T. Nov. 22-First National Bank of Alma, Kan. Bank of Waverly, Waverly, Kan. Nov. 24-Edward Brandon, New York broker: $1,500,000. Thomas Fawcett & Co., extensive coal dealers. Pittsburgh. Pa.: $400,000. Nov. 25-Thomas H. Allen & Co., cotton commission firm. Memphis, Tenn.: $750,000. Nov. 27-H. H. Bell, banker, Duluth, Minn.; $750,000. Nov. 28-B. K. Jamison & Co., bankers and bro kers, Philadelphia: $1,000,000. Dec. 3-Rittenhouse Manufacturing Co., Passaie, N.J.: $800,000. Dec. 5-V. & A. Meyer, cotton dealers, New Orleans: $2,500,000. Delameter & Co., Meadville. Pa., bankers; $400,000 Chicago Safe & Lock Co.: $700,000. Dec. 8-Roberts, Cushman & Co., dealers in bolters' materials, of New York City, $500,000. Dec. 9-American National Bank, Arkansas City. Kan Nightingale Bros. & Knight, silk manufacturers, Paterson, N. J.; $400,000 Whitten, Burdett & Young, Boston, wholesale clothiers: $700,000. Kendriol Bettug


Article from Richmond Dispatch, February 14, 1892

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Bank Officers Indieted. [By telegraph to the Dispatch.] CHICAGO, ILL., February 13.-A special from Jackson, Tenn., says: The grand jury has found true bills against N. S. White and J. W. Theus. president and cashier of the defunct Bank of Madison, which suspended in September, 1890. The indictment charges them with *knowingly, unlawfully, and teloniously receiving money for deposit, knowing the insolvency of the bank," just before assignment.


Article from Delaware Gazette and State Journal, February 18, 1892

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Prosecuting Bank Officers. CHICAGO, Feb. 13.-A special dispatch from Jackson, Tenn., says: The grand jury has found true bills against N. S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended in September, 1890. The indictment charges them with "knowingly, unlawfully and feloniously receiving money for deposit, knowing the in solvency of the bank, just before the assignment."


Article from The Camden Chronicle, February 19, 1892

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SENSATION AT JACKSON. Former Bank Officers Indicted for Allaged Violations of Law. A sensation was caused at Jackson last week when it became known that the grand jury before adjourning had found true bills against N.S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended September, 1890. They are charged with knowingly, unlawfully and feloniously receiving money for deposit, knowing the insolvency of the bank before the assignment. About 30 per cent. has been paid the depositors since the failure, and although there were threats soon after the assignment of legal proceedings, it was believed nothing would be done, and the indictment came in the nature of a surprise. It will be the first of the kind ever tried in Tennessee.