21195. Citizens Bank (Jefferson, TX)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 21, 1891
Location
Jefferson, Texas (32.757, -94.345)

Metadata

Model
gpt-5-mini
Short Digest
bb801804

Response Measures

None

Description

Multiple contemporaneous wire reports (Jul 21–23, 1891) state the Citizens' Bank of Jefferson 'assigned' to protect depositors because of the 'embarrassment of some of its heaviest creditors.' No article describes a depositor run. A receiver is later reported in charge (Jul 29). 'Assigned' here indicates suspension/assignment and subsequent receivership/closure rather than a temporary suspension with reopening. Bank type not specified in articles.

Events (2)

1. July 21, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assignment owing to embarrassment of several of the bank's heaviest customers/creditors; assets reported in excess of liabilities.
Newspaper Excerpt
JEFFERSON (Tex.), July 21.-The Citizens' Bank has assigned to protect its depositors. The recent embarrassment of some of its heaviest creditors is the cause. The assets are largely in excess of the liabilities.
Source
newspapers
2. July 29, 1891 Receivership
Newspaper Excerpt
Hardy O'Neal ... has entered upon the discharge of his duties. Receiver in Charge. JEFFERSON... There are no new developments in the Citizens' bank failure yet. The bank's statement is delayed on account of the cashier, A. D. Banta, being laid up with a broken leg.
Source
newspapers

Newspaper Articles (12)

Article from The Wichita Daily Eagle, July 22, 1891

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FAILURES. JEFFERSON, Tex., July 21.-The Citizens' bank has assigned. Embarrassment among customers is the cause. The assets exceeds the liabilities. H. A. O'Neil, of London, Tex., has been appointed receiver of the Jefferson Lumber company.


Article from The Morning Call, July 22, 1891

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BUSINESS WRECKS. An Offer to Creditors by a Philadelphia Textile Firm. PHILADELPHIA, Jüly 21.-An - appraisement of the property of Seville, Schofield, Son & Co., the great textile firm, shows assets $568,000 and liabilities $929,000. Schofield offers his creditors in settlement 25 cents on the dollar cash, or 50 cents unsecured deferred payments, extended thirty months. The final arrangements will be completed in a few days. BOSTON, July 21.-The liabilities of the Higganum Manufacturing Company, Higganum, Conn., are $300,000 to $400,000; the assets, $200,000. JEFFERSON (Tex.), July 21.-The Citizens' Bank has assigned to protect its depositors. The recent embarrassment of some of its heaviest creditors is the cause. The assets are largely in excess of the liabilities.


Article from The Evening World, July 22, 1891

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Texas Bank Assignment. [BY ASSOCIATED PRESS.] JEFFERSON, Tex., July 22.-The Citizens' Bank, of Jefferson, has assigned to T. J. Rodgers. Liabilities, $100,000; assets, $125,000.


Article from The Salt Lake Herald, July 22, 1891

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Article Text

A Bank Assigns. JEFFERSON, Tex., July 21.-The Citizens' bank has assigned to protect depositors. Recent embarrassment of some of its heaviest creditors is the cause. The assets are largely in excess of the liabilities.


Article from The Roanoke Times, July 23, 1891

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Article Text

TELEGRAPHIC FLASHES. G corge W. Craig & Co.'s cotton warehouse, at Yazoo, Miss., together with 500 bales of cotton, was burned last night. Loss, $25,000; insurance, $19,000. The Citizens' Bank of Jefferson, Texas, assigned yesterday. Liabilities, $100,000; assets, $125,000. The Navy Department has received a dispatch announcing the departure of I-oquis from Honolulu for Apia, Samoa. at which place she is expected by August 4th.


Article from The Seattle Post-Intelligencer, July 23, 1891

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MORE BANKS TUMBLE. The Kimball-Champ Company, of Council Bluffs, Assigns. BAD NEBRASKA INVESTMENTS. A New York Bank Officer Forced to Resign-Heavy Shipments of Money to the West. COUNCIL BLUFFS, Ia., July 22-The KimballChamp Investment Company, with a capital stock of $200,000, assigned today for the benefit of creditors. Messrs. Kimball and Champ also did a general banking business. Before the failure of the investment company there was on deposit in the bank about $50,000, including $7,000 of Pottawottamie county money. The county drew out this amount just before the assignment was filed. Some other depositors got out their money also, but the larger part of the funds are now in the hands of the assignee. The attorney for the assignee says the causes of the assignment were many. Chief among them was the total failure of borrowers in Nebraska to pay interest coupons, extreme dullness of business, stringency in the markets, poor collections and the company's inability to bond the Grand hotel, which it had just built at a cost of $75,000. He says the assets amount to $400,000 and the liabilities to about $100,000. He thinks Kimball and Champ, as bankers, have protected the trust funds and depositors, 50 there will be no losses here. Eastern capitalists are largely interested in the investment company. NEW YORK, July 22.-Officials of the Third National bank announced today that the resignation of Vice-President Buckhout had been accepted. Later Buckhout appeared on Wall street and denied the statement. The cashier of the bank says Buckhout has certainly resigned on account of the association of his name with the American Loan and Trust Company's troubles. He owed the trust company $17,000 on an overdue note made by him to cover the overdrawn account of James Silver in the First National. Silver was one of the directors of the trust company and of the Washington National bank. The sheriff today took possession of the Hudson River Boot and Shoe Manufacturing Company. The liabilities are placed at $125,000, with assets largely in excess of this sum. JEFFERSON, Tex., July 22.-Last night the Citizens' bank assigned. Liabilities $100,000; assets $125,000. Depositors and creditors are fully protected.


Article from Los Angeles Herald, July 23, 1891

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Article Text

A Texas Bank Assigns. JEFFERSON, Texas, July 22.-Last night the Citizen's bank assigned. Liabilities, $100,000; aseets, $125,000. The depositors and creditors are fully protected.


Article from Arizona Republican, July 23, 1891

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CONDENSED TELEGRAMS. The conference of the Women's Christian Temperance Union, adjourned yesterday, having been in session several days at Mountain Lake Park, N. D. The strike of steel workers at the Allegheny Besemer steel works of Carnegie at Duquesne, Pa., for recognition of the amalgamated association, ended today in a victory for the firm. The citizens bank at Jefferson, Tex., has assigned to protect its depositors. The recent embarassment of some of its heaviest creditors is the cause. The assets are largely in excess of the liabilities. Nothing yet has ever been heard of the four missing midshipmen of Her Majesty Steamship Warspite. One of the canoes in which the young men left for Pedden Bay has been picked up, and it is believed they were drowned. An Omaha special from Battle Creek, Neb., says the doors of the Farmers' and Growers' Bank closed this morning. No statement has been made yet. The bank has a capital of $25,600.


Article from Fort Worth Gazette, July 30, 1891

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Article Text

Receiver in Charge. Special to the Gazette. JEFFERSON, MARION COUNTY, July 29.There are no new developments in the Citizens' bank failure yet. The bank's statement is delayed on account of the cashier, A. D. Banta, being laid up with a broken leg. Hardy O'Neal of Linden, the receiver of the Jefferson lumber company, has entered upon the discharge of his duties.


Article from Union County Courier, July 31, 1891

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THE SOUTHERN SUMMARY. OTHER methods of settlement for the difficulty with the miners at Briceville, Tenn., having failed, Gov. Buchanan has decided to call a special session of the legislature and has issued a call for elections to fill vacancies. In the call for the special session he will emb ody the recommendation that the convict lease system be modified, if not repealed. Pending the election the convicts must return to the Briceville mines, from which they were evicted. If the miners agree not to molest them until the legislature acts the militia will be sent home. Those best acquainted with the mountain people believe the miners will accept the proposition. If they do not the convicts will return to Coal Creek accompanied by the militia. If the state troops cannot furnish adequate protection the United States will be asked to send regulars. SHERMAN HARTER, a robust man of 27 years of age and a giant in stature, died at the St. Joseph, Mo., city prison in horrible agony from hydrophobia. He was bitten over the eye two years ago while playing with a kitten, and suffered no trouble from it until recently, when he felt a pain near the old wound. At the sight of water he was seized with convulsions. He was taken to the hospital and shortly afterward there ensued an awful struggle between him and five attendants, who tried to control him. He was finally strapped to a bed, but not until he had almost killed two of the assistants. Injections of morphine seemed to have no effect on him. Later he was removed to the city prison for greater safety, and after awful agony died in a convulsion. THE Citizens' bank, of Jefferson, Tex., has assigned to secure depositors. The recent embarrassment of some of its heaviest customers is the cause. The assets are largely in excess of the liabilities. NAT K. JONES, youngest son of United States Senator James J. Jones of Arkansas, who was shot by J. F. Shipley at Washington, Ark., has since died of his wounds. Shipley is in jail. NEAR Paris, Ky., a negro tramp killed a man and wife and shot their two sons, one fatally, and was himself slain by neighbors. The negro had previously killed seven persons.


Article from Cherokee Scout, August 4, 1891

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THROUGH DIXIE. NEWS OF THE SOUTH BRIEFLY PARAGRAPHED Forming an Epitome of Daily Happenings Here and There. The Berkely land syndicate of Denver, Col., made an assignment Tuesday. Lia.bilities, $400,000; assets, $600,000. A Memphis, Tenn., dispatch says: Proceedings of the motion for a new trial in the King murder case were resumad Monday morning in the criminal court, A small boiler used in the repair shops of the Hill City oil mill, at Vick-burg, Miss., exploded Tuesday, fatally injuring Engineer Albert Spier and Fireman Albert Fisher. Last Saturday a battle between nogroes and Mailan workmen OR the Norfolk: and Western road, in Logan county, West Virginia, was fought, in which two Italians and one' negro were killed, and several wounded. Four convicts in the military prison at Fort Leavenworth escaped Tuesday by tunneling under the prison. (One of the four Was Baseball Pitcher Lucas, who made his third successful atte. upt to escape since his incarceration some months ago. Judge Cassady, of the Anniston, Ala city court, OD Monday, appointed Capt.. A. P. Agee receiver of the defunct Anpiston Saving and Safe Deposit Company. This was done at the request of the depositors, who held two or three meetings ecently to devise some way for obtaming oubts due them. Friday night the Citizens' bank of Jefferson, Texas, made an assignment. The bank closed business Saturday morn ing, not having funds to meet their creditors. Liabilities, $100,000 assets, $125,000. It is believed the depositors and creditors will receive the full amount of deposits and the bank will be able to pay. all its indebtedness. A Raleigh dispatch says: Dr. Henry V. Wilson, director of the United States fish commission, stationed at Woods Hall, Mass., was, on Monday, elected professor of biology in the University of North Carolina. He will be scientific expert to the North Carolina shell fish commission. His election makes я valuable addition to the faculty of the University of North Carolina. A dispatch of Friday from Sacramento, Gal., says: State Controller Colgan has refused to draw his warrant for the amount due as office rent for California's world's fair commission. He doubts the constitutionality of the legis lative act appropriating $300,000 for the California exhibit at the world's fair, and W ishes to have the question decided by the su premo court before he pays out any money. A run begans ON the People's Horne Savings bank at San Francisco, Monday, and several thousand dollars was paid back to the depositors. The bank commi sioners have begun an investigation of the bank's affairs, According to its report July 6th. the People's bank has a capital stock of 000,000, of which one-third is paid up. There is due depositors, who number about eig ut thousand, the sum of $100,000. The bank officers state that the institution is per-


Article from The Abbeville Press and Banner, August 5, 1891

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LATER NEWS. THE Government of Venezuela appointed Dr. Jose Alfonso Ortega acting ConsulGeneral at New York, vice Dr. Rafael Villaviencio. THE Rapid Transit Commission of New York City decided upon a route for a fourtrack underground railway for the East Side. THERE was an interesting spectacle at Hough's Neck, Quincy, Mass., where the old United States warship Brooklyn was burned. The Brooklyn was a well-scarred veteran. She was built in 1858. SAMUEL ALEXANDER, an insane weaver in the Dwight Millsat Chicopee, Mass., killed James Nesbitt in the street, and shot Michael Markley twice. CONTROLLER STAUB, of Connecticut, refused to honor Quartermaster-General Rudd's requisition for $10,000 for military expenses. MRS. EATON, the President's sister, arrived at the cottage at Cape May, N. J., for a protracted visit. GILBERT PARKES, of the real estate firm of Blair. Parkes & Co., shot out his brains in the Nashville (Tenn.) American office. Financial troubles were the cause. THE Citizens' Bank of Jefferson, Texas, assigned, owing to the embarrassment of a number of its largest customers. A DESTRUCTIVE hail storm which passed over the western part of Minnesota laid low all crops. The loss to grain is estimated at $100,000. None of the losers was insured. GOVERNOR BUCHANAN conferred with the miners of East Tenneseee and proposed to them to call an extra session of the Legislature to act on the convict lease system. THE Secretary of the Treasury has appointed Dewitt C. Wheeler Superintendent of the New York Custom House, vica Joseph A. Murrav, resigned. THE first lot of continued 4½ per cent. bonds, aggregaating $1,500,000, was mailed from the Treasury Department. A STATEMENT prepared at the Postoffice Department shows that the number of postoffices in the country on June 30, 1891, was 64,391, as follows: First class, 116; second class, 550; third class, 2276; fourth class, 61,440. This is an increase of 2000 offices during the year. A MUTINY occurred in a battalion of the Coldstream Guards at London. They refused to parade until the prospect of exile was held before them, then they behaved badly and gave their officers trouble. THE Supply Committee of the British House of Commons has voted $300,000 as salaries and expenses for therelief of the suffering poor of Ireland. AT Reitenhau, Moravia, lightning struck a house in which a large wedding party was assembled, killing two persons outright, and more or less seriously injuring eighty others. The house caught fire and was destroyed. ANOTHER little revolt was suppressed in Corrientes, Argentine Republic, at the cost of four lives. RICH deposits of petroleum have been discovered in Zante, Greece.