Article Text
Tennessee Bank Suspends. KNOXVILLE, TENN., May 20.-The Citizens' Bank of Johnson City, Tenn., suspended this morning, The bank had an authorized capital of $100,000. The liabilities are $38,000; assets are estimated at $78,000.
20671. Citizens Bank (Johnson City, TN)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- May 20, 1893
- Location
- Johnson City, Tennessee (36.313, -82.353)
Metadata
- Model
- gpt-5-mini
- Short Digest
c0ea1ff6
Response Measures
Full suspension
Other: General assignment (insolvency) and assignee named; bank closed and assets to be realized for creditors.
Description
Multiple contemporaneous papers report the Citizens' Bank of Johnson City suspended in May 1893. Reports state heavy withdrawals in the days preceding closure and that the bank made a general assignment (assignee E. H. Stevens). That sequence — depositor withdrawals (a run) leading to suspension/assignment and permanent wound-up status — fits run -> suspension -> closure. I corrected the bank name to include the apostrophe as used in several articles. Date of suspension is reported as May 20, 1893; an assigning/receivership article is dated May 23, 1893.
Events (3)
1.
May 20, 1893
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Continued withdrawal of deposits in the days prior to closure driven by poor business conditions and inability to collect loans.
- Measures
- None reported prior to closure; bank made a general assignment when unable to obtain outside aid.
- Newspaper Excerpt
- The Citizens Bank closed its doors Sunday because of poor business and the withdrawal of deposits.
- Source
- newspapers
2.
May 20, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank suspended and then made a general assignment due to continued withdrawals and poor business; assets exceeded liabilities in estimates but liquidity problems forced suspension.
- Newspaper Excerpt
- The Citizens' Bank of Johnson City, Tenn., suspended this morning.
- Source
- newspapers
3.
May 23, 1893
Receivership
- Newspaper Excerpt
- The Citizens' Bank, of this place, which made a general assignment Saturday, has assets of about $74,000; the liabilities about $35,000. ... E. H. Stevens ... was made assignee. (May 23 report).
- Source
- newspapers
Newspaper Articles (12)
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Article Text
A Tennessee Bank Suspends. Knoxville, Tenn., May 20.-The Citizens' Bank of Johnson City, Tenn., suspended this morning. The bank had an authorized capital of $100,000. The liabilities are $38,000. The assets are estimated at $78,000.
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Tennessee Bank Suspends. (By telegraph to the Dispatch.) KNOXVILLE, TENN., May 20.-The Citizens' Bauk. of Johnson City, Tenn., suspended this morning. The bank had an authorized capital of $100,000. The liabilities are $38,000; the assets estimated at 4.79.000
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TELEGRAPHIC BREVITIES. Allen Causius, a noted colored desperado, shot and killed his wife and mortally wounded his father-in-law at his home in Knoxville, Tenn., laet night. The Citizens' Bank, of Johnson City, Tenn., closed its doors Sunday because of poor business and the withdrawal of deposits. Liabilities, $38,000; assets, $78,000. Mr. Foster. the Canadian Minister of Finance, admits that the McKinley tariff has caused a large decrease in Canadian exports to the United States. In 1889 the exports were $36,449,228, and in 1892 $31,624,304. In the town of Douglase, Mass.. Saturday evening. the Howe factory. containing the ax polishing and finishing departments of the American Ax and Tool Company, was destroyed. Loss, $75,000; largely insured. William Sullivan, who last January murdered Layton Leetch. a farmer living near Durand, Mich., and assaulted the murdered man's wife so that her life was at first despaired of, was captured in Detroit yesterday.
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ABCREVIATED TELEGRAMS. The Latonia Derby, 11/2 miles, was won by Buck McCann, Michel second, Midway third. Time, 2:42. The Italian ministry has resigned, the result of a cabinet intrigue. Frank H. Jones, of Illinois, recently appointed first assistant postmaster general, has assumed the duties of his office. John F. Corbet, of Chicago, and Ed Clator, of Wheeling, W. Va, will row a mile with a turn over the Pullman course May 27 for $1,000. The Anglo-American colony at Vienna gave a farewell dinner to Fred Grant, the retiring United States minister. It is reported that Mrs. James G. Blaine, Jr., the divorced wife of young "Jim" Blaine, will again risk her happiness on the matrimonial sea, this time taking for a pilot Dr. W. T. Bull, who has been her physician for a long time. Chinese merchants and traders who want to pass through the United States are shipped through like merchandise in bond. The Citizens' bank at Johnson City, Tenn. has closed, assets, $78,000; liabilities, $38,000. The Vermont Investment company, and Hammond, Bush & Co., bankers at Orwell, Vt., have suspended. They both did much business with farmers. The meeting which is to perfect Eugene V. Debs' new railway organization will be held at Chicago Juue 20. George Lankford, a Chicago saloonkeeper killed his wife and himself to escape the woman's insane jealousy. They had only been married six months, Secretary Carlisle will except from civil service examination chiefs of divisions in his office. Frederich Koehler, of Salem township, O., has eight sons who with Frederick himself all voted for Cleveland last election. He wrote the president about it, sending a photograph of the nine, and has just received an autograph letter of acknowledgment and thanks from the president. James McGuire, umbrella peddler was found dead with his pockets picked at Mascoutah, Ills. Mrs. Frank Beaudreau, a widow at Chippewa Falls, Wis., has fallen heiress to a Spanish estate of $1,000,000. At Woodstock, a St. Louis suburb, a burglar having been disturbed while plying his vocation by the owner of the valuables he was appropriating, shot said owner dead and then escaped. The victim was Ben McCullough. paying teller of the State bank of St. Louis. General George Wallace Jones, 89 years old, the oldest living ex-United States senator. will accompany the remains of Jeff Davis on their journey from New Orleans to Richmond. General Jones is a resident of Dubuque. The Campania, Paris and Fuerst Bismarck, three ocean groy bounds, are racing for New York across the Atlantic and some record smashing is looked for. James S. Dwight, a student of Yale, with a high standing in his class and to be graduated in June, couldn't restrain his natural or acquired cussedness, robbed his college mates and is now in jail. John Connor's saloon in the central part of Ishpeming, Mich., was damaged by a dynamite explosion. Nearly every day flowers and fruit are sent by Mrs. John Rockefeller to St. Luke's hospital across the way from her house.
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A Suspended Bank, JOHNSON City, Tenn, May 23.-The Citizens' Bank, of this place, which made a general assignment Saturday, has assets of about $74,000; the liabilities about $35,000. The assignment was caused largely by the withdrawals in the last few days, and to a certain extent by the impossibility of collecting loans. The other banks in the city had been expecting the collapse and made preparations to meet all withdrawals of their customers.
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THE CITIZENS BANK, UNABLE TO ENDURE "THE PRESSURE," GOES DOWN. Exciting Times on the Streets Yesterday Morning--Cause of the Suspension-- Statement of Condition, Etc. The Citizens Bank closed its doors yesterday morning, the first bank failure ever known in Johnson City. An excited throng of citizens, composed chiefly of long-faced depositors, began at the first streak of dawn their street corner comment, and, as the hour of eight drew near, began to assemble enmasse about the closed doors of the bank, upon which to verify their suspicions and satisty their curiosity, soon appeared the auspicious placard announcing the suspension and adding another helpless insolvent to the long catalogue of the season's business failures. The notice ran as follows: "The Citizens Bank has this day made a general assignment for the benefit of its creditors. The step is deemed advisable on account of the continued withdrawal of deposits for the past few days, and owing to the fact that no outside aid could be ob. tained. "Depositors will lose nothing. but of necessity be forced to much inconvenience and trouble by having available capital tied up. "A general statement of the bank's condition will be prepared as soon as possible, and as quickly as its resources are realized upon in sufficient amounts the money will we disbursed to depositora in the shape of dividends. J. T. WILDER, J. W. HUNTER, P, H. POUDER, Directors. J. E. BRADING, Cashier." E. H. Stevens, manager of the Wa tauga Lighting and Power Company was made assignee. The assets will in all probability reach $78,000 and the liabilities $38,000. The cause of the failure is attributed
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The Citizens Bank. The suspension of the Citizens Bank yesterday, coupled with the general stringency of the money market and the depressed condition of the town, will have anything but a wholesome effect upon our business interests. Such a condition is to be deplored both as to general influence and to innocent individuals who will be necessarily crippled if not totally wrecked. If all reports are true, it was a needed lesson to some of the stockholders, but much sympathy is drawn out even for them, as they will sustain the loss, if there should be any. in the winding up of the affairs. The depositors will be paid dollar for dollar, but the stock will probably be wiped out. Mr. STEVENS, manager of the Watauga Lighting and Power Company, is a good business man and is worthy the confience ot the people.
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# Will Pay Out. The statement was made to a COMET representative yesterday, by a gentleman in a position to know, that the assets of the suspended Citizens Bank would net $70,000 and that the liabilities, all told, were only $12,000. He also stated that matters would soon be be put in shape and that both depositors and stockholders would receive dollar for dollar.
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FINANCIAL A special from Rutland, Vt., says: The Vermont Investment and Guarantee Com pany and the firm of Hammond, Bush & Co. bankers, located at Orwell, have suspended. The Citizen's bank, of Johnson City, Tenn., suspended. The bank had an au thorized capital of $100,000, The liabilities are$38,000; assets estimated at $78,000.
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THE SOUTH. THE graves of confederate dead were decorated with imposing ceremonies at Little Rock, Ark., on the 16th. THE Vanderbilt system of railroads has succeeded in getting into Louisville, Ky. DR. G. A. NELSON, formerly a prominent physician of Terrell, Tex., has been sent to an insane asylum as the result of the use of whisky and morphine. THE financial flurry struck Brunswick, Ga., on the 18th and the banks had to suspend. M. Ullman, one of the bankers, committed suicide. BEFORE the Crescent City club at New Orleans Billy McCarthy, the Australian, knocked out La Blanche, the marine, in sixteen rounds. A COMPANY is being formed to build a railway from Bowie, Tex., to the. City of Mexico. THE Cumberland Presbyterians in géneral assembly at Little Rock. Ark., elected Rev. W. S. Ferguson, of Petersburg, Ill., as moderator. REPRESENTATIVE GEORGE T. HAMBEET, of Lewis county, Kentucky, in a speech. at Vanceburg accused the city of Louisville with buying up the members of the senate to pass its charter, stating that members of the legislature had been offered as high as $10,000 for their votes, and insinuated that quite a number took bribes. THE Citizens bank of Johnson City, Tenn., has closed. REV. JAMES MACKEY, Lampasas, Tex. dropped dead in his pulpit while preaching.
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8 NEWSY NOTES. -The National Commission voted 30 to 27 to open the World's Fair on Sunday. -Mrs. Gottlieb, of Upper Sandusky, O., fell dead just as she was preparing to take sacrament. -The Monarch Distillery, at Peoria, III., the largest in the world, has seceded from the whisky trust. -The House voted 43 to 24 to change the Feeble-Minded Institute to an asylum for insane women. -Three hundred buildings were destroyed by fire at Saganaw, Mich., causing a loss of $1,500,000. -John Martin killed Mattie Young, a woman of ill-repute, in at general row at the Gum Spring Saloon, in Middlesboro. -James Whitcomb Riley and Douglase Sherley will betogether for 80 nights in joint readings during the season of 1893 94. -James Brown and Miss Mary Smoot, while walking on a trestle on their way to church were run over and killed by a passenger train. -The new armored cruiser New York maintained a speed of 21.09 knots an hour on its official trial trip, breaking the record for war vessels. -A dude dropped a cigarette in a stable at Nashville and a $30,000 fire was the result. The worst part of it is the dude escaped the flames. -Fire in the hold of the stermer Roanoke, of the Old Dominion line, lying in New York harbor, destroyed cotton to the amount of about $5,000. -Sam Drake has just died; Murdoch died last week; Booth is very ill, and Jefferson has had a bad spell. The veterans of the stage are leaving us. -The Citizens Bank of Johnson City, Tenn., has suspended. The bank had an authorized capital of $100,000. The liabilities are $38,000; assets estimated at $78,000. -At Danville, Ind., Sam Wesner was shot and fatally wounded by Coley Brown. Wesner died in a short time. His last words were, "Pull off my boots. I do not want to die with them on." -Two Richmond citizens are on their WAY to San Francisco mounted on bicyeles. Mr. A. D. Huff, one of the wheelmen, is 65 years old, and Edward Mitchell is sufficiently aged to be known as Pap." -Theodore Schwartz, the Louisville banker, was acquitted at Shelbyville, where the case had been taken on a change of venue, of embezzling the endowment fund of the German Orphan Asylum. -A plot to release 16 desperate convicta in the Frankfort penitentiary was discovered just in time to prevent its being carried out. The plan was to make a rush just as the Sunday-school teachers were passing out.