20986. Commercial Bank & Trust Company (Pulaski, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 25, 1910
Location
Pulaski, Tennessee (35.200, -87.031)

Metadata

Model
gpt-5-mini
Short Digest
3885ef3a

Response Measures

None

Description

The bank made a general assignment (Aug 25, 1910) and is described as defunct with receivership/receivership litigation in early September. Articles report missing funds and insolvent/forged assets; there is no mention of a depositor run. Classified as a suspension (failure/assignment) that led to receivership/closure.

Events (3)
1. August 25, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Made a general assignment; assets estimated but liabilities/deposits large; later reports indicate missing funds and insolvent or forged notes.
Newspaper Excerpt
The Commercial Bank and Trust company of Pulaski, Tenn., made a general assignment this morning.
Source
newspapers
2. August 26, 1910 Other
Newspaper Excerpt
Mark Arrowsmith, the missing cashier of the assigned Commercial Bank & Trust Company, of Pulaski, Tenn., had not been located ... it is understood that eight or ten thousand dollars of the bank's funds are missing. E. E. Eslick, the assignee, asserts, however, that he expects to pay the depositors in full.
Source
newspapers
3. September 6, 1910 Receivership
Newspaper Excerpt
Ben Childers ... has filed a sensational bill in chancery court ... to change the receivership so as to place it in competent and impartial hands ... alleges that a large number of the notes filed as assets are insolvent or forgeries, and charges the present condition of the bank to the negligence of directors, and to the want of malfeasance of certain officers of the bank.
Source
newspapers

Newspaper Articles (3)
1. August 26, 1910 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, August 26, 1910

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Article Text

TOLD IN FEW WORDS GRAND RAPIDS, Mich., Aug 25.-A storm of cyclonic proportions raged today north of Grand Rapids, and crops, standing timber and many buildings were ruined. Terrific wind was accompanied by a heavy rain Asylum creek at Traverse City overflowed, flooding a number of residences. NASHVILLE, Tenn., Aug. 25.-The Commercial Bank and Trust company of Pulaski, Tenn., made a general assignment this morning. The bank is capitalized at $35,000 and has assets estimated at $152,635. The liabilities are not known. but will include something over $101,000 on deposit. It is said depositors will be paid in full. Mark Arrowsmith, the cashier, left town today. MEXICO CITY. Aug. 25.-Through the intervention of the American embassador, Senor Lane Wilson, Conductor W. S. Weeks and Engineer H. H Rogers, arrested several days ago. charged with homicide through the killing of a woman run down by a train. were released today and will resume their places in the employ of the National railways. FRANKLIN, Pa., Aug. 25.-Former Congressman Joseph C. Sibley, who is charged in a warrant with "conspiracy to debauch and corrupt voters by the use of money." will not appear at the hearing of the case in Warren tomorrow on account of a weak heart. An audit of Mr. Sibley's campaign expenses, which totaled $42,000. according to the statement which he filed, will be begun next Tuesday. UTICA. N. Y., Aug. 25. - The story published at Watertown and elsewhere today that Vice President Sherman would, upon the expiration of his term, retire from poltics, is declared to be without authority. SAN ANTONIO, Tex., Aug. 25. - Two persons were killed, another probably fatally wounded, and a fourth was badly hurt today. when a St. Louis, Brownsville & Mexico passenger train crashed into an automobile at Closner. All live in San Antonio.

2. September 2, 1910 The Columbia Herald Columbia, TN
Article from The Columbia Herald, September 2, 1910

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Article Text

PULASKI CASHIER OF FAILED BANK NOT YET LOCATED ALLEGED THAT SOME OF THE FUNDS ARE ALSO MISSING. FRIENDS EXPRESS CONFIDENCE Trustee Eslick Declares That the Depositors Will Be Paid in Full-Arrowsmith Was Prominent in the Affairs of the City. Special to The Herald. NASHVILLE, Tenn., Aug. 26-Mark Arrowsmith, the missing cashier of the assigned Commercial Bank & Trust Company, of Pulaski, Tenn., had not been located at noon today. It is understood that eight or ten thousand dollars of the bank's funds are missing. E. E. Eslick, the assignee, asserts, however, that he expects to pay the depositors in full. Arrowsmith was prominent in the Maffairs of Pulaski, being a member of the Board of Aldermen. He is also a steward in the Methodist church and a prominent member of the Knights of Pythias lodge. His friends express absolute confidence in him.

3. September 9, 1910 The Columbia Herald Columbia, TN
Article from The Columbia Herald, September 9, 1910

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Article Text

CREDITORS SEEK TO CHANGE RECEIVER OF THE PULASKI BANK CHARGE THAT FAILURE WAS DUE TO NEGLECT OF OFFICERS. FORGED PAPERS ARE FOUND Ben Childers Seeks to Place Affairs of Commercial in Impartial and Competent Hands-Many of Assets Said to Be Worthless. Special to The Herald. PULASKI, Tenn., Sept. 6.-Ben Childers, attorney for the complainants, has filed a sensational bill in chancery court to enforce personal libel suit against the directors and officers of the defunct Commercial Bank and Trust Company, and to change the receivership so as to place it in competent and impartial hands. The bill was brought in the name of Lindsay Witt et al, vs. E. R. Short et al. No one being present to witness the signature. Witt et al vs. Ed R. Short et al, Witt being a depositor in the bank. The bill alleges that a large number of the notes filed as assets are insolvent or forgeries, and charges the present condition of the bank to the negligence of directors, and to the want of malfeasance of certain officers of the bank so far as the large proportion of insolvent and worthless paper is concerned.