20667. Citizens Bank (Jellico, TN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 22, 1893
Location: Jellico, Tennessee (36.588, -84.127)

Metadata

Model: gpt-5-mini
Short Digest: 26c037ef

Response Measures

None

Description

Multiple contemporaneous newspapers (July 22–24, 1893) report the Citizens' Bank of Jellico failed to open for business or has suspended. The New-York Tribune notes an assignee, John Smith, indicating assignment/closure rather than a temporary suspension and no reports describe a depositor run as the cause. The broader context is the 1893 banking stringency, but the articles do not give a specific bank-level cause, so I classify cause as macro_news (general financial stringency) and episode as suspension_closure (suspension with assignment/closure).

Events (2)

1. July 22, 1893 Receivership

Newspaper Excerpt: John Smith was made assignee. Assets and liabilities not known.
Source: newspapers

2. July 22, 1893 Suspension

Cause: Macro News
Cause Details: Failed to open July 22, 1893 amid the wider 1893 banking stringency/panic; articles report suspension rather than an isolated depositor run.
Newspaper Excerpt: The Citizens bank of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday.
Source: newspapers

Newspaper Articles (8)

1. July 22, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, July 22, 1893

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BANK TROUBLES. The Southside Savings bank, Milwaukee, Wis., did not open its doors this morning, and there was a heavy run on the German-American and the Merchant's Exchange banks. The Milwaukee National bank also closed its doors. The Kentucky National bank of Louisville, Ky., closed its doors this morning. This bank's last statement showed $190,000 to the credit of the government. The State National bank of Vernon, Tex., has closed its doors. Every cent of money was paid out except one ten cent piece before the doors closed. The private banking house of J. and L. W. Galbraith, Lampasas, Tex., failed to open its doors yesterday. Liabilities, $60,000; assets, $120,000. The Citizen's bank of Jellico, Tenn., the only banking institution in that place failed to open for business yesterday. The First National bank of Anthony, Kas., closed its doors yesterday. Assets $154,000; liabilities $50,000. The Union bank of Greeley. Col., made an assignment yesterday.

2. July 22, 1893 The Durham Daily Globe Durham, NC

Article from The Durham Daily Globe, July 22, 1893

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BANKS BURST STILL Milwaukee Wrapped Up by Big Runs and Things. Colorado Continues to Come to the Front with Many. BLEEDING KANSAS ALSO VICTIMIZED People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. NEW YORK, July 22.-[Special. 1- News from the west to-day, viewed in one light, is of a most discouraging character. There was a bank failure at Butte City, Montana, and, supposedly, a serious one. There were also runs on other banks there. A Jellico, Tenn, the Citizens' bank failed to-day. The Union bank at Greeley, Colorado, assigned this afternoon. No figures are given. The First National bank at Anthony, Kansas, assigned to day. Liabilities $50,000, assets unknown. But at Milwaukee, Wisconsin, the biggest failure is on. The Milwaukee National has gone to the wall. The South Side Savings bank closed its doors this morning. This precipitated runs on all the banks in the city. Unless excited depositors see the folly of their actions, many other banks will close this afternoon. There is intense excitement here FOWLER to day.

3. July 22, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, July 22, 1893

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crushed and burned in a horrible manner and was dead when extricated. Among the failures reported to-day are the Citizens' Bank of Jellico, Tenn; the First National Bank of Anthony, Kon.; the Milwaukee National Bank and South Savings Bank of Milwaukee: the Union Bank of Greeley, Col ; the private banking house of J. and L. Galbraith at Lampasas, Tex.; the State National Bank of Knoxville, Tenn.; the Kentucky National Bank of Louisville; and the State National Bank of Vernon, T.x. There is a heavy run on the German American and Merchants' Exchange Banks of Milwankee. At Shooting Park on the outskirts of Milwaukee, Wis., two thousand five hundred turners from all parts of the United States c ngregated yesterday, and the twenty-sixth annual bundesturufest WAS inaugurated. A duel, that resulted fatally to both the participants, took place in the outskirts of Victoria. Mex., on Thursday between a young law student and a young business man. The quarrel was over a young woman. Weather permitting Edw. Hanlan and Jacob Gaudaur will row at Orillia, Ont., this afternoon for the championship and a stake of $2,000.

4. July 23, 1893 The Times Richmond, VA

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Also National Banks of Tennessee, Texas and Wisconsin Forced to the Wall. LOUISVILLE, KY., July 22.-The Kentucky National Bank, of this city, closed its doors this morning. The capital stock is $1,000,000. paid up. This bank is also a Government depository, and its last statement show $190,000 to the credit of the Government The loans and discounts outstanding amounted to $1,719,366, and the surplus was $108,500. It is thought that the bank will be able to resume business in a short time. It has been carrying an immense amount of paper, which, although gilt edge, could not be realized on. The bank is the Government depository, and in the statement of the bank. published July 19th, the Government's deposits are placed at $191,731. Deposits of the United States disbursing officers, $138,268. According to the statement, the amount of cash on hand July 19th was a little over $85,000, Individual deposits subject to check of $311,693. and the loans and discounts were $1,719,966. The bank got into serious trouble in the fall of 1890, by having very heavy deposits from the country banks. which were checked so rapidly as to threaten a suspension of the bank. It has never recovered from that trouble, and its failure has been expected for several months. No other banks are hurt. The Kentucky National Bank was a United States depository, and has Government deposits amounting to about $300,000, and its inability to make prompt transfers on this account was the immediate cause of the suspension to-day. During the past three years its surplus has been changed off from $300,000 to $100,000. The officers and directors do not expect to resume for some time, if at all, and it is generally thought that it will not resume at all, unless it should be entirely reorganized. ⑉ Bank Examiner Escott b-right authorizes the official statement that he has examined all the national banks in Louisville, and its vicinity, and they are all solvent. and most of them in very good condition. Future trouble is not expected, unless the small depositors, mainly Germans, become frightened over Sunday and start runs on the banks having large numbers of small depositors. KNOXVILLE, TENN July 22.-The State National Bank closed this morning after opening four minutes. notice was posted on the door saying: "This bank has closed for liquidation. Depositors will be paid in full. The State National Bank, of this city, closed its doors this morning. The bank has long been known to be the weakest in the city. Yesterday, when $20,000 in deposits were withdrawn. it was more than it could stand. A meeting of the directors was held last night. An offer of $40,000 to pay depositors should a run occur to-day was made by other banks. The offer was not accepted, however. When it opened for business this morning a run was precipitated, which only lasted a few minutes, as the bank closed its doors for liquidation. A notice on the door says it will pay depositors dollar for dollar. The stock holders will also receive 85 cents on the dollar. It was feared that the closing of the State National would cause a panic in Knoxville financial circles, which have heretofore been considered very strong. A slight run was only made on the City National Bank, which is just opposite the street, but depositors were paid in full. The scare was soon over. There is no more uneasiness felt here. LAMPASAS, TEX., July 22. The private banking house of J. & L W. Galbraith failed to open its doors yesterday, having made an assignment to Camp bell. Liabilities, $60,000; assets, $120,000. A run on the First National Bank was started, but it was fortunately in position to withstand all demands. The depositors in the Galbraiths' bank will be paid in full. DENVER, COL., July 22.-On petition of the General Electric Company, Judge Hallett, in the United States Court to-day appointed E. B. Shattuck, of Pueblo, receiver of the Pueblo City Railway Company and the International Trust Company. The liabilities of the company are placed at $700,000. VERNON, TEX. July 22.-The State National Bank or Vernon closed its doors yesterday. Every cent of money was paid out. except ten cents, before the doors were closed. The failure is due to the inability to realize on securities. The directors state that depositors will be paid in full. MILWAUKEE, WIS. July -The Milwaukee National Bank closed its doors this morning. MILWAUKEE, WIS., July 22.-The Southside Savings Bank did not open its doors this morning. TOPUKA, KAN., July -The First National Bank of Anthony closed its doors yesterday. Assets, $154,000; liabilities, $50,000. MEMPHIS, TENN., July 22.-The Citizens' Bank, of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday. GREELEY, COL. July 22. The Union Bank made an assignment yesterday. It is thought the step was voluntarily taken to avoid a contingency that might arise should some creditor take advantage of the attachment law. The bank is perfeetly solvent, and not one depositor will lose a dollar. RUSSELL KAN., July 22 The First National Bank, of this place, closed this afternoon, and was taken possession of by C. M. Sawyer, on the order of the Comptroller of the Currency. No statement is made. Run on a Homestead Bank. HOMESTEAD, PA., July 22.-A run of mada on the

5. July 23, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 23, 1893

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BANK FAILURES SOUTH AND WEST. ONE OF THE EMBARRASSED INSTITUTIONS A GOVERNMENT DEPOSITORY. Knoxville, July 22.-The State National Bank closed this morning. The bank has long been known to be the weakest in the city. The withdrawal yesterday of $20,000 in deposits was more than It could stand. A meeting of the directors was held last night. An offer of $40,000 to pay depositors, should a run occur to-day, was made by other banks, but was not accepted. When it opened for business this morning a run was precipitated, which lasted only a few moments, as the bank closed Its doors for liquidation. A notice on the door says the bank will pay depositors dollar for dollar. Stockholders will also receive 85 cents on the dollar. It was feared that the closing of the State National would cause a panic in Knoxville financial institutions which have heretofore been considered strong. A slight run was made on the City National Bank, which is just opposite the State, but here depositors were paid in full, and the scare was soon over. There is no more uneasiness felt here. It is thought the other banks can stand the storm. Louisville, July 22.-The Kentucky National Bank of this city closed Its doors this morning. The capital stock is $1,000,000, paid up. It is thought the bank will be able to resume business in a short time. It has been carrying an immense amount of paper which, although gilt edge," could not be realized on. The bank is the Government depository, and in its statement published on July 19 the Government's deposits are placed at $191,731 83 deposits of United States disbursing officers, $138,208 17. According to the statement, the amount of cash on hand on July 19 was a little over $85,000: individual deposits subject to check were $311,695 33, and the loans and discounts were $1,719,966 52. The bank had been weak for some time, and the failure was not unexpected. Memphis, July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in this place, failed to open for business yesterday morning. John Smith was made assignee. Assets and liabilities not known. Vernon, Texas, July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money on hand had been paid out, except ten cents, before the doors closed. The failure is due to inability to realize on securities. The directors say that depositors will be paid In full. Lampasas, Texas, July 22.-The private banking bouse of J. & L. W. Galbraith failed to open its doors yesterday morning. having made an assignment to J. 1. Campbell. Liabilities, $60,000; assets, $120,000. A run on the First National was started, but the concern was in a position to withstand all demands. Depositors in Galbraith's Bank will be paid In full. 6 Topeka, July 22.-The First National Bank of Anthony closed its doors yesterday and posted a notice of assignment. Its assets are $154,000 and liabilities $50,000. RusseM. Kan., July 22.-The First National Bank of this place was closed this afternoon and was taken possession of by C. M. Sawyer on order of the Controller of the Currency. No statement has been made. Greetry, Col., July 22.-The Union Bank made an assignment yesterday morning to James F. Benedict, of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditor take advantage of the Attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. Crested Butte, Col., July 22.-The Bank of Crested Butte closed yesterday morning. There had been a quiet run on it for several days, SO it was decided to suspend for a time. The assets are $65,000; liabilities, $35,000. Tacoma. Wash., July 22.-A. G. Poster was ap pointed receiver of the Traders' Bank yesterday. PresIdent Fitch says that the assets will pay all the obligations and leave a large surplus. Henry A. Strong, of Rochester, N.Y., and John D. Rockefeller were the largest stockholders. It is expected the bank will resume business soon. PRESENT TREASURY POLICY TO BE CONTINUED. Washington, July as -Secretary Carlisle. after an Interview with Mr. Preston. Acting Director of the Mint. this morning authorized the statement that he fully approves the policy pursued In his absence by Mr. Preston in purchasing silver, and that the same policy. will govern silver purchases in the immediate future. This statement sets at rest the rumors that Secretary Carlisle would, on his return. reverse the policy of the Treasury in purchasing silver. Secretary Carlisle gave entire discretion in purchasing silver to Mr. Preston when he left here on his vacation. This morning, with the approval.o Secretary Carlisle, Mr. Preston refused to purchase 100,000 ounces of silver at 70 cents, the London price being about 69 1-2 cents an ounce. This was part of lot offered yesterday at 73 cents an ounce, and was declined and a counter offer was made by Mr. Preston of 71 1-2 cents an ounce,which the holder refused to accept.

6. July 23, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 23, 1893

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Sundry Banks Suspend. [By telegraph to the Dispatch.] MEMPHIS, TENN., July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday. No figures known. GREELEY, CoL., July 22.-The Union Bank made an assignment yesterdav. It 18 thought the step was voluntarily taken to avoid a contingency that might arise should some creditor take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. VERNON, TEX., July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money was paid out, except ten cents, before the doors were closed. The failure was due to inability to realize on securities. The directors state that depositors will be paid in full. LOUISVILLE, Kr., July 22.-The Kentucky National Bank, this city, closed its doors this morning. Capital stock $1,000,000. paid up. This bank is also a government depository and its last statement showed $190,000 to the credit of the government. The loans and discounts outstanding amounted to $1,719,966, and the surplus was $108,500. MILWAUKEE, WIS., July 22.-The SouthSide Savings Bank did not open its doors this morning. There is a heavy run on the German-American and Merchant's Exchange banks. KNOXVILLE, TENN., July 22.-The State National Bank closed this morning atter opening four minutes. A notice was posted on the door saying: This bank has closed for liquidation. Depositors will be paid in full." MILWAUKEE, WIS., July 22.-The Milwaukee National Bank closed its doors this morning. LAMPASAS, TEX.. July 22.-The private banking-house of J. & L. W. Galbraith failed to open its doors yesterday having made an assignment to J. I. Campbell. Liabilities $60,000; assets. $120,000. A run on the First National Bank started, but it was fortunately in a position to withstand all demands. The depositors in Galbraith's Bank will be paid in full. TOPEKA, KAN., July 22.-The First National Bank of Anthony closed its doors yesterday. Assets, $154,000; liabilities, $50,000. RUSSELL, KAN., July 22.-The First National Bank, of this place, closed this afternoon and was taken possession ot by C. M. Sawyer on the order of the Comptroller of the Currency. No statement is made.

7. July 24, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 24, 1893

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Has No Bank Now. MEMPHIS, July 24.-The Citizens bank of Jellico, Tenn.. the only banking institution in that place, has suspended.

8. August 1, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, August 1, 1893

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CONTINUED PROSPERITY(i) "The Best Financial System in the World" and "Reform" Continues to Turn Out Victims by the Hundreds----Bank and Commercial Failures Growing More Numerous--A Few of the Largest. Maj J. B. Neal. a large farmer and merchant near Neal's Station, N C., made an assignment on the 17th of July. Edward L. Pell, publisher of a religious paper at Richmond, Va, has assigned. Liabilities $1,300. Mr. Kenny Rose, merchant, Winston, assigned last week. INDIANAPOLIS, Ind., July 25.-The Bank of Commerce and the Indianapolis National Bank have closed. MILWAUKEE, Wis., July 25.-The Fire Insurance Bank has closed. No statement. MILWAUKEE, Wis., July 25 -Cashier Koetting, of the suspended South Side Savings Bank, is missing and also the general ledger of the bank. The liabilities will run up into the millions. The Southern Electric Company, one of the big enterprises of Baltimora, Md., made a voluntary assignment yesterday. Failure to collect over due accounts made it impossible for the company to meet its obligations. The as sets of the concern are estimated at $175,000, liabilities $100,000. CONNORSVILLE, Ind., July 24.-The Citizens' Bank, owned by ex United States Treasurer Huston, failed toopen its doors this morning, owing to the stringency. Liabilities and assets not yet made known. Depositors ill, it is said, be paid in full. TOLEDO. Ohio, July 24 This morn ing the Ohio Oil Well Supply Com pany, operating in the Ohio oil fields at Findlay, Fostoria, Marietta, Rising Sun, Vanwert and Pittsburg, Pa., went into the hands of a receiver upon the application of Edward H. Cole, of Brooklyn, N. Y. One of the largest stockholders. Eaton, in his petition, states that the company indebtedness will amount to over $800,000. TACOMA, Wash July 24.-The Taco ma National Bank, one of thestrongest in the Northwest, suspended this morning. This bank has been assisting other banks in the city for the past six months. LOUISVILLE. July 24 -The - Lousville City National Bank closed its do rs at 1 15 this afternoon. GREAT FALLS, Mont, July 24 -The Merchants' National Bank closed its doors to-day at noon. A notice, signed by the directors, was posted, and stated that all depositors will be paid in full. The bank held $21,000 city funds, $32, 000 county funds and $20,000 of State funds, There is no uneasiness about other banks here. VERNON. Texas, July 22 -The State National Bank of Vernon closed its doors yesterday. Every cent of money was paid out except ten cents before the doors closed. The failure is due to inability to realize on the securities. The directors state that the depositors will be paid in full. LOUISNILLE, Ky., July 22 - The Kentucky National Bank, of this city, closed its doors this morning The capital stock is $1,000,000, paid up. This bank is also a government de pository and its last statement showed $190,000 to the credit of the government. Loans and discounts outstanding amounted to $1,719,966 and the surplus was $108,500. MEMPHIS, Tenn., July 22.-The Citizens' bank of Jellico, Tenn., the only banking institution at that place, failed to open for business yesterday. No figures are known. GREELEY, Col., July 22 -The Union Bank made an assignment yesterday. It is thought that the step was voluntarily taken to avoid a contingency that might arise should some creditors take advantage of the attachment law. The bank is perfectly solvent. Not a depositor will lose a dollar. MILWAUKEE, Wis., July 22.-The Southside Savings bank did not open its doors this morning. There is a heavy run on the GermanAmerican and Merchants' Exchange banks. LAMPASAS, Tex., July 22 The private banking house of J. and L. W. Gal braith, failed to open its doors yesterday, having made an assignment to J. I. Campbell. The liabilities are $60,000; the assets, $120,000. A run on the First National Bank was started, but it was fortunately in a position to withstand all demands. Depositors in Galbraith's bank will be paid in full. TOPEKA, Kan., July 22 -The First National Bank of Anthony closed its doors yesterday. The assets are $154,000 and the liabilities $50,000. MILWAUKEE, July 21.-The First National Bank of this city has failed. KNOXVILLE, Tenn., July 22.-The State National Bank of this city closed its doors this morning. The bank has long been known to be the weakest in the city. Yesterday when $20,000 in