Knoxville Bank - Knoxville, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1878*
Location: Knoxville, Tennessee (35.961, -83.921)

Metadata

Model: gpt-5-mini
Short Digest: bae93a5a

Response Measures

None

Description

Article (Sept 17, 1878) reports Knoxville Bank and proprietor made assignments for benefit of creditors; bank failed with liabilities exceeding assets. No run described. Assignment indicates voluntary liquidation/closure.

Events (2)

1. September 1, 1878* Receivership

Newspaper Excerpt: Both have made assignments for the benefit of their creditors. It seems that Staub's liabilities are about $82,000, and those of the Bank about $71,000, the available assets of the latter being $60,000, of which $8,000 is cash.
Source: newspapers

2. September 1, 1878* Suspension

Cause: Voluntary Liquidation
Cause Details: Bank made an assignment for the benefit of creditors; failed with liabilities ~$71,000 and assets ~$60,000.
Newspaper Excerpt: the public were startled with the news that Ex-Mayor Peter Staub, proprietor of the Opera House, and also the Knoxville Bank... had failed. Both have made assignments for the benefit of their creditors.
Source: newspapers

Newspaper Articles (1)

1. September 17, 1878 Bristol News Bristol, VA

Article from Bristol News, September 17, 1878

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Article Text

Hon. Fernando Wood gives it as his opinion that we are on the eve of a tremendous reaction in trade, and that the greatest prosperity the Amer ican people have known is awaiting them. The above is from the Knoxville TRIBUNE of last Friday, and in the same issue of that paper the public were startled with the news that Ex_ Mayor Peter Staub, proprietor of the Opera House, and also the Knoxville Bank. which means thatJno. S. VanGilder, had failed. Both have made assignments for the benefit of their creditors. It seems that Stanb's li abilities are about $82 000. and those of the Bank about $71,000. the available assetts of the latter being $60.000, of which $8,000 is cash. Mr. Vangilder was sole stockholder of the Bank. The cause assigned is the stringency in financial affairs and the depreciation of real estate