20720. Peoples Bank (Knoxville, TN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
May 1, 1891*
Location
Knoxville, Tennessee (35.961, -83.921)

Metadata

Model
gpt-5-mini
Short Digest
c78427a3

Response Measures

Full suspension

Description

Contemporary reports (May 1891) state the private People's Bank at Knoxville closed its doors owing to heavy demands of depositors and the money stringency; later summary lists it as failed. No evidence of reopening. Cause attributed to money stringency and heavy withdrawals rather than an internal scandal.

Events (3)
1. May 1, 1891* Other
Newspaper Excerpt
Business roundups later list People's bank, of Knoxville, Tenn., failed. (year 1891).
Source
newspapers
2. May 14, 1891 Run
Cause
Macro News
Cause Details
General money stringency and heavy demands/withdrawals by depositors (panic/credit tightness)
Newspaper Excerpt
A private bank known as the People's, at Knoxville, Tenn., closed its doors Thursday, owing to heavy demands of depositors and the money stringency.
Source
newspapers
3. May 14, 1891 Suspension
Cause
Macro News
Cause Details
Closed due to heavy depositor demands amid a tight money market; later listed as failed in business roundups.
Newspaper Excerpt
The Peoples' bank, one of the oldest private banks in East Tennessee, closed its doors today. No statement has been made, but the assets and liabilities will be about equal.
Source
newspapers

Newspaper Articles (5)
1. May 15, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 15, 1891

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Article Text

A GREAT ARKANSAS FAILURE. Major Adams Assigns, Owing $400,000 -A Tangled Insurance Company. KNOXVILLE, May 4.-The Peoples' bank, one of the oldest private banks in East Tenneesse, closed its doors today. No statement has been made, but the assets and liabilities will be about equal. LITTLE Rock, May 14.-The largest individual failure ever known in this state occurred today, Major John B. Adams making an assignment, with liabilities $400,000 and assets $400,000, consisting of cotton plantations, real estate, stock, etc. The trouble is due to the stringency of the money market and inability to realize on collaterals. OMAHA, May 14.-The Omaha Fire Insurance Company was forced to the wall today by the action of stockholders, who went into court and applied for the appointment of & receiver. The petition was at once granted, and W. G. Albraught was appointed. The company recently changed the management, which was sanctioned by & majority of the stockholders, who wished to wind up the affairs of the company and turn over the business to the Phoenix, of Brooklyn. The assets are placed at $50,000, but no statement of liabilities can be obtained. McPHERSON, Kan., May 14.-President Hegelund, of the Second National bank of this city, who was shot March 2, in a mysterious manner, just before the bank failed, was arrested today on complaint of the Dunkard college of this city. Embezzlement of $5,000 was charged.

2. May 16, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, May 16, 1891

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Article Text

CURRENT EVENTS. Fire at Hardy, Neb., Thursday destroyed nine business buildings, causing a loss of $50,000. Camp Sheridan in the Yellowstone National park will hereafter be known as Fort Yellowstone. John G. Hanson, a prominent odd fellow of Kinmundy, III, was killed by accident at Water Valley," Miss. The Evening Critic, of Washington, has suspended after twenty-three years of life. Wells W. Leggett, the noted patent lawyer and once President of the Brush Electric Ligh company, die at Detroit Thursday. Edward Underwood, hardware dealer at Alliance, Ohio, assigned Thursday. Liabilities, $10,000; esiimated assets, $4,000. James Lappen, of Pittsburgh, was elected president of the American Boilermakers' association in convention at St. Louis Thursday. A private bank known as the People's, at Knoxville, Tenn., elosed its doors Thursday, owing to heavy demands of depositors and the money stringency. In Rochester township, Ont., John Stinson, his two sons, his hired man and his housekeeper have been found guilty of counterfeiting American silver coin. Manager A. L. Wilbur, of the Wilbur opera company, was horsewhipped at Minneapolis Thursday by Lida Darrell, a member of the ehorus. He refused to stop gossip in the company that concerned her. The department of state at Washington has been officially informed of the acceptance by the government of China of the invitation to participate in the World's Columbian exposition.

3. May 21, 1891 Grant County Herald Lancaster, WI
Article from Grant County Herald, May 21, 1891

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Article Text

vere buried side by side, all having lied of la grippe within a few hours of each other. JOHN D. ADAMS. a financier at Little Rock, Ark., failed for $300,000. THE National Order of United Labor nd Professions wasorganized at Jackon, Tenn., with N. P. McChesney, of Clarksville, Tenn., as president. The bject of the order is to bring about reat reforms in legislation. THE losses by forest fires in five counies of Michigan were estimated at $2,00,000. Hundreds of families in the tate were destitute and many persons were suffering from severe burns. THE home of Robert Duke, a Montnorency county (Mich.) farmer, was ourned by forest fires and two of his children perished. A FOREST fire 60 miles in length was arrying devastation to the country on he Pennsylvania & Northwestern railvay. AT Stanford, Ill., J. A. Riley, Samuel Riley and Berry Fowler drank aconite, which they mistook for whisky, and were fatally poisoned. THE report of. the statistician of the lepartment of agriculture shows an inrease since April of last year of more han 100 per cent. in the price of corn nd oats, and 30 per cent. and more in wheat. A PRIVATE bank known as the Peole's at Knoxville, Tenn., has closed sroop S1 CAMP SHERIDAN in the Yellowstone national park will hereafter be known s Fort Yellowstone. THE switchmen on all the divisions f the Chicago & Northwestern railway vere discharged and new men put in heir places. The company said the nen were constantly making trouble. The brakemen and conductors stood by he company. A FIRE at Hardy. Neb., destroyed ine business buildings. THE supreme council of Catholic Knights of America in session at Phildelphia favored exclusion from memership of persons addicted to ardent pirits. THE Evening Critic, of Washington, has suspended after twenty-three years life If THE chief of the government bureau of statisties reports that the total value f the exports of domestic mineral oils from the United States during the nonth of April was $3,898,259. The value of beef and hog exports for April vas $9,299,781. A RUSSIAN exile, Maurice Lopatecki, s resident of Tacoma, Wash., has fallen eir to $10,000.000 by the death of an incle in Russia. THE department of state at Washingon has been officially informed of the acceptance by the government of China f the invitation to participate in the Vorld's Columbian exposition. A COMMITTEE of fifty citizens of New dtats' uppotited CO investigate the ! atter of the existence of secret sociesi or bands of oath-bound assassins 4 orted ninety-four assassinations by ! lians and Sicilians in the past few B ars, and recommended as the only imof probibition

4. January 1, 1892 Middlebury Register Middlebury, VT
Article from Middlebury Register, January 1, 1892

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Article Text

THE BUSINESS BAROMETER. Failures, Assignments and Receiverships Reported During the Year 1891. JANUARY. 5. Dueber Watch company, Canton, O., failed: liabilities, $450,000. 20. American National bank, Kansas City, failed for $300,000. FEBRUARY. 18. American Loan and Trust company, New York, suspended; deficit, $656,000. MARCH. 20. Keystone National bank, Philadelphia, sus. pended. Theodore Schwartz & Co., bankers, failed in Louisville; liabilities, $750,000. 23. Washington National bank suspended, New York: shortage, $148,000. MAY. 8. Spring Garden bank and the Penn Trust and Safe Deposit company suspended in Philadeiphia. 12. Levy Bros. & Co., clothing manufacturers. failed in New York for nearly $1,000,000. 14. People's bank, of Knoxville, Tenn., failed. 20. Davis Shoe company, Richmond, assigned: liabilities, $3,000,000. 22. Star Rubber company. Trenton, failed for $500,000. 25. Potter, White & Bayley, shoe manufacturers, failed in Boston for $1,000,000. 27. Bunnel & Scranton, private bankers, failed in New Haven. JUNE. 4. Connell, Hall, McLester company, dry goods, assigned in Nashville; liabilities. $464,000. 12. London and Liverpool Clothing company and Mack & Co failed in New York: liabilities over $250,000. 22. Sax Bros., bankers, failed for $600,000 in Nashville. 25. Emil Marqueze & Co., wholesale shoes, as. signed in Boston: liabilities, $460,000. JULY. 19. R. M. Bingham & Co., wagon makers, failed in Rome, N. Y., for $225,000. 20. Merchants' National bank, of Fort Worth, Tex., suspended with $500,000 liabilities. AUGUST. 2. Abraham Backer, commission merchant and note broker, assigned in New York: liabilities, $4,000,000; Backer died of depression Dec. 9. 8. Masonic Savings bank, Louisville, assigned, owing $1,000,000. 19. American Wheel company, Chicago, with plants in six different states, went into receiver's hands; liabilities, $1,800,000.

5. January 7, 1892 Herald and News Randolph, VT
Article from Herald and News, January 7, 1892

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Article Text

THE BUSINESS BAROMETER. Failures, Assignments and Receiverships Reported During the Year 1891. JANUARY. 5. Dueber Watch company, Canton, O., failed: liabilities, $450,000. 20. American National bank, Kansas City, failed for $300,000. FEBRUARY. 18. American Loan and Trust company, New York, suspended: deficit, $656,000. MARCH. 20. Keystone National bank, Philadelphia, suspended. Theodore Schwartz & Co., bankers, failed in Louisville; liabilities, $750,000. 23. Washington National bank suspended, New York: shortage, $148,000. MAY. 8. Spring Garden bank and the Penn Trust and Safe Deposit company suspended in Philadelphia. 12. Levy Bros..& Co., clothing manufacturers, failed in New York for nearly $1,000,000. 14. People's bank, of Knoxville, Tenn., failed. 20. Davis Shoe company, Richmond, assigned: liabilities, $3,000,000. 22. Star Rubber company, Trenton, failed for $500,000. 25. Potter, White & Bayley, shoe manufacturers, failed in Beston for $1,000,000. 27. Bunnel & Scranton, private bankers, failed in New Haven. JUNE. 4. Connell, Hall, McLester company, dry goods, assigned in Nashville; liabilities. $464,000. 12. London and Liverpool Clothing company and Mack & Co. failed in New York: liabilities over $250,000. 2. Sax Bros.. bankers, failed for $600,000 in Nashville. 25. Emil Marqueze & Co., wholesale shoes, assigned in Boston; liabilities, $460,000. JULY. 19. R. M. Bingham & Co., wagon makers, failed in Romo, N. Y., for $225,000. 20. Merchants' National bank, of Fort Worth, Tex., suspended with $500,000 liabilities. AUGUST. 2. Abraham Backer, commission merchant and note broker. assigned in New York: liabilities, $4,000,000; Backer died of depression Dec. 9. 8. Masonic Savings bank, Louisville, assigned, owing $1,000,000. 19. American Wheel company, Chicago, with plants in six differentstates, went into receiver's hands: liabilities, $1,800,000.