21513. Bank of Big Stone Gap (Big Stone Gap, VA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 8, 1893
Location: Big Stone Gap, Virginia (36.882, -82.747)

Metadata

Model: gpt-5-mini
Short Digest: bf1b7b74

Response Measures

None

Description

The bank suspended/closed on Aug 8, 1893 and a receiver/assignee was appointed. Coverage describes a steady drain of deposits during hard times (local business/boom collapse and tighter finances) rather than a discrete depositor run or rumor. Later court notices refer to a receiver (J. J. Gray) — consistent with permanent closure/receivership.

Events (3)

1. August 8, 1893 Receivership

Newspaper Excerpt: The Big Stone Gap Bank ... was compelled to close its doors this morning, and W. M. McElwee, Jr., the former teller, was made assignee.
Source: newspapers

2. August 8, 1893 Suspension

Cause: Local Shock
Cause Details: Steady drain of deposits since 1890 amid local business slowdown and tighter finances (one large withdrawal by an improvement company and general hard times).
Newspaper Excerpt: The Bank of Big Stone Gap suspended this morning.
Source: newspapers

3. October 23, 1893 Other

Newspaper Excerpt: In the Clerk's Office ... directing J.J. Gray, Receiver, to pay out of any funds in his hands the moneys due to petitioners ... (Chancery notices regarding receiver).
Source: newspapers

Newspaper Articles (10)

1. August 9, 1893 The Times Richmond, VA

Click image to open full size in new tab

Article Text

BUSINESS EMBARRASSMENTS. Several Banks Suspend and a Few Mills Close Their Doors. BIG STONE GAP, VA., August 8.-Speclal.-The Bank of Big Stone Gap suspended this morning. The bank was organized in 1889 with an authorized capital of $50,000 and a paid-in capital of $44,000. The liabilities are about $27,000. The officers of the bank are: W. H. Nickels, president: H. H. Bullitt, cashier. In the spring of 1890 the deposits of the bank were $300,000 and the loans $200,000. The deposits gradually decreased till they were only $15,000 to-day when the doors were closed. There was no run this morning on the Appalachian Bank, and depositors there

2. August 9, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 9, 1893

Click image to open full size in new tab

Article Text

FORCED TO CLOSE ITS DOORS. The Big Stone Gap Bank in the Hands of a Receiver. [Special telegram to the Dispatch.1 BIG STONE GAP, Va., August 8.-After having paid out about $10,000 in the last month to meet a steady drain on its resources, the Bank of Big Stone Gap was compelled to close its doors this morning, and W. M. McElwee, Jr., the former teller, was made assignee. No blame is attached to any of the officers of the bank, and It has been due to the hard work of Howard Bullitt, the cashier, and his strong personal connections that the bank has 80 long been able to weather the storms of the past three years. Mr. McElweesays that in February, 1890, the bank had $290,000 deposits and loans of $225,000. This was the high tide. In May or June one depositor, the improvement company, paid out $50,000 on the furnace, and by Decem ber, 1891, Suances began to tighten up over the country, and affected the bank very seriouslyso much so that the deposits continued falting off, till now there are only about $15,000; but the loans have also been reduced. The depositors will undoubtedly be paid in full, and as the capital stock is only $44,000 the stockholders may get par, but much depends upon the value of collateral and an improvement in business. The business of the town will be done by the other bank, the Appalachian, which, in spite of failures here, at Abingdon, and Bristol, enjoys the confidence of the community, and 18 constantly receiving new deposits. Its president. W. A. McDowell, reports that he has on hand 85 per cent. of his deposits in cash and the other 15 18 so arranged that he can get it by wire.

3. August 10, 1893 The Big Stone Gap Post Big Stone Gap, VA

Article from The Big Stone Gap Post, August 10, 1893

Click image to open full size in new tab

Article Text

to announce the regrets of the Bank of Big Stone Gap, ccurred Tuesday last. The that day made a deed of to Wm. W. McElwee, the bank, for the benefit of The deed provides that the assets collected by the he shall first pay the exncident to the trust, and then the balance pro rata among sitors and creditors until all paid in full, and that the be disbursed among the stock. according to their respective The directors state that there tention of resuming business, generally conceded that there than business enough bank. history of the Bank of Big is, in some respects, very ble. The bank was organ1889, about the time the in real estate began in this with a capital stock of The deposits increased from the start, and in Februthey amounted to about 0.00. Owing to the subof the "boom," and the genwhich began in 1890, the had, within less than a year. to less than $40,000.00. the flush times the loans of reached the sum of $225,The same causes which opdecrease the bank's deposoperated to cripple many of who had borrowed money. the bank was unable to call when due, and its policy two years has been to get better secured rather than immediate payment. The now decreased to about and the deposits have gradually diminished until, of closing, they were only OSITORS WILL BE PAID IN FULL. the directors said today that no doubt about all of the being paid in full. though, the hard times, it may take to make sufficient colto enable the assignee to do so. hat on a careful examination he was also of the opinion stock of the bank would pay cents on the dollar, and as much as seventy-five if there should be a revival here the stockhoblers dollar for dollar. whatever is attached to and directors of the bank. trouble courses from the they did not foresee the of the panie of 1890. and the hard times. H. Bullitt, who has held of cashier since the orof the bank, and who has etically the management of is universally regarded as and efficient banking officer, the highest integrity, and made more and warmer

4. August 10, 1893 The Big Stone Gap Post Big Stone Gap, VA

Click image to open full size in new tab

Article Text

Condition of the Appalachian. An interview yesterday with president W. A. McDowell, of the Appalachian Bank, revealed the fact that never before was that solid institution in a better condition. In speaking of the situation, Mr. McDowell said : "I am pleased to state that the unfortunate failure of the Bank of Big Stone Gap has not created the least ripple of excitement among the depositors of the Appalachian. Of course this is quite gratifying to those connected with the bank, showing the confidence reposed in the management of its business. A run made by all of our depositors would not close the Appalachian's doors, as we have sufficient money on hand and at our immediate call to pay every dollar on deposit as fast as demands could be made." Mr. McDowell also said that instead of a decrease, deposits had increased since the closing of the Bank of Big Stone Gap. The rate has been about $100.00 deposited to every $1.00 withdrawn. In his management of the affairs of the Appalachian Mr. McDowell has always exercised the greatest caution, and for months past has been fortifying and getting ready to protect his depositors in any emergency that might arise. His has been a wise course and will in future tend to largely increase the volume of business done by the Appalachian.

5. August 10, 1893 The Comet Johnson City, TN

Click image to open full size in new tab

Article Text

Had to Close. The Bank of Big Stone Gap, of which Howard Bullitt. formally of Louisville, is cashier, suspended Friday. In the springs of 1890 the deposits were three hundred thousand dollars and the loans two hundred thousand dollars. The deposits gradully decreased till they were only fifteen thousand when the doors were closed.

6. August 11, 1893 Semi-Weekly Interior Journal Stanford, KY

Article from Semi-Weekly Interior Journal, August 11, 1893

Click image to open full size in new tab

Article Text

NEWSY NOTES. -Ex-Collector Attila Cox has been appointed receiver of the Louisville, St. Louis & Texas railroad. -Alfred Story, editor of Harper's Young People, died at St. Luke's hospital, New York, of typhoid fever. -The Louisville Mozart Music Hall was nearly destroyed by fire, causing much loss to the firms and poor families who occupied it. -Private Laugherty, of the Fort Anderson garrison, was assassinated Monday night by Coal Creek miners while he was leaving 8 house of ill-fame. -The official list of the new House of Representatives gives the democrats 220, republicans 126, third party 9. There is one vacancy, making the whole number 356. -The Bank of Big Stone Gap has suspended. A steady draw of its deposits from $290,000 to $15,000 and a falling off in its loans of $225,000 caused it to suspend. -Judge W.(B. Fleming, of Louisville, has been appointed Chief of the Law and Contract Division of the Treasury Department, an important and desirable position. -The gold reserve in the National Treasury continues to increase, being now $102,291,485. The surplus is decreasing, however, the net balance being $15,939,722. -The Board of Health of Escambia county, Fla., has announced that two deaths from yellow fever have occurred in Pensacola. The announcement created a panic and 1,500 people left once. -Lindsey Pickerel and Jim Miller as. saulted Will Harlan, at Tompkinsville, because he was in the sheriff's posse that arrested members of the Rock. bridge gang, but they won't do 80 any more. He shot both of them through the body and they were dying at last ac. counts. -The caucus of the free coinage mem] bers of Congress was attended by about I 100. A resolution was adopted pledging m their support to a bill "repealing the 6 purchase clause of the Sherman act, and E concurrently providing for the free and , untrammeled coinage of silver, with full o legal tender quality on such a ratio as I will provide and maintain the parity bei ween gold and silver."

7. August 25, 1893 Highland Recorder Monterey, VA

Article from Highland Recorder, August 25, 1893

Click image to open full size in new tab

Article Text

VIRGINIA ITEMS. The Latest News Gleaned From Various Farts of the State. DR. FAYETTE M. LATHAM died at the residence of his mother in Culpeper. He practiced medicine in Baltimore for several years and went West on account of his health, which kept failing until he came to his former home, where he improved somewhat, but the seeds of consumption had gained too great a Lold upon him. THERE was a rumor current on the streets of Alexandria that the offices of the Midland Division of the Richmond and Danville Railroad w.ll be removed from that city to CharIntesville-the change to take effect on September 1st. MISS LIZZIE KENT, of Montgomery county, died at Christiansburg depot from an overdose of chloroform, taken to allay pain from cholera morbus. Deceased was a member of the well-known family of her name in Montgomery, Pulaski and Wythe counties. A YOUNG man named Doggett, aged about sixteen years, a son of David Doggett, of Culpeper county, was killed by the accidental discharge of a gun. He was climbing a rock wall, when the hammer of his gun struck a rock and the whole charge entered his stömäch. GEO. BOWY&R Was instantly killed at Low Moor. He jumped from the second se tion of No. 4 train, which did not stop as Low Moor, and a freight train struck him. He leaves eight children. Hon. MARTIN DALTON, the largest real estate owner and perhaps the, wealthiest man in Carroll couty, died last week. He represented the county for several terms in the State Legislature. JOHN BALDON, a carpenter in the employ of the Edgeman Bridge Company, was killed at Covington, Friday, by a piece of bridge falling on him. ROWLAND D. BUFORD has been appointed clerk of the County Court of Bedford to All the vacancy caused by the death of Robert B. Quarles. R. B. FERGUSON, A clerk in the bank at Big Stone Gap, which failed last week, died suddenly, and it was thought that he committed suicide from some cause or other. It 1, now thought probable that he took an overdose of laudanum through mistake, as he was suffering with boils and took laudanum to ease the pain. CAPTAIN JAMES LOGAN CAPSTON, one of the best-known Irish-American citizens of Richmond, died suddenly at St. James Hotel. His demise was a great shock to his friends, as his health was supposed to be good, and only a few hours before he had been seen upon the streets in the best of spirits. THE work of building the Roaring Creek and Buckhannon Railroad, which will be a feeder to the West Virginia Central, will be rushed forward at once, under the direction of Mr. Dilley, chief engineer. The length of this road is about thirty miles. W. J. FAST, of Cherry Run, Taylor county, picked from a two-acre lot 205 gallons of raspberries. He planted the fle d two or three years ago, with the above result. They brought him thirty-flve to fifty cents per gallon. THE First Virginia Regiment abandoned their intention of going into camp at Ocean View because the militiamen were paid their wages in scrip in Richmond and they could not raise the money to go. THE Gauley extension of the Kanawha and Michigan, thirty-two miles long, between Malden, near Charleston, W. Va., and the junction with the Chesapeake and Ohio Road at the Gauley river was opened last week. A SIXTEEN-YEAR-OLD boy named Murray fell from an apple tree near Big Stone Gap, and broke his neck, causing instant death. THE Loudoun County Democratic Conven. tion to nominate a candidate for the Legislature met in Leesburg. Mr. John F. Bryan who has acceptably filled the place for several years, was nominated by acclamation. AT a special election held in Leesburg, Walter I. Harrison,president of the Loudoun National Bank, was chosen mayor to succeed H. O. Claggett, resigned. STEPHEN H. Mayers, of Stephens City, Frederick county, died recently in Chili. He was interested in large contracts for railroads and made considerable money out of them. THE wife of Capt. Wm. P. Carter, of Clarke county, died last week. She was a Miss Page, and a sister of the wife of the late John Esten Cooke.

8. October 26, 1893 The Big Stone Gap Post Big Stone Gap, VA

Article from The Big Stone Gap Post, October 26, 1893

Click image to open full size in new tab

Article Text

VIRGINIA: In the Clerk's Office of the Circuit court of the County of Wise on the 23rd day of October, 1893. G. G. Tate et al, Plaintiff. Ona Potition Against In Chancery. Big Stone Gap Colliery Co. et al, Defendants. The object of this petition is to have an order in the Chancery cause of Big Stone Gap Colliery Company et al vs. Bank of Big Stone Gap et al, now pending in said court, directing J.J. Gray, Receiver, to pay out of any funds in his hands the moneys due to petitioners for labor done for said Oolliery Company previous to the institution of said chancery cause. And an aflidavit having been made and filed that the defendants, T. S. Campbell, P. B. Warner, E. A. Sauner, P. J. Millett, W. D. Osborne and E. Osborne, trading AS W. D. Osborne & Co., are non-residents of Virginia, and that there are or may he parties interested in the subject to he disposed of in this proceeding whose names are unknown, and who as unknown parties are named in said suit, it is ordered that they do appear here within 15 days after due publication hereof, and de what may be necessary to protect their interest in this spit. And it is further ordered that a copy hereaf be published puce a week for four wooks in the Big Stone Gap Post, and that a copy be posted at the front door of the court-house of this county on the first day of the next term of the county court of said county. A copy-Teste: W. R. KILGORE, Clerk. 45-48 Jos. L. WELLY, P. q.

9. November 9, 1893 The Big Stone Gap Post Big Stone Gap, VA

Article from The Big Stone Gap Post, November 9, 1893

Click image to open full size in new tab

Article Text

VIRGINIA: In the Clerk's Office of the Circuit court of the County of Wise on the 23rd day of October, 1893. G. G. Tate et al, Plaintiff, Ona Petition Against In Chancery. Big Stone Gap Colliery Co. et al, D. fendants. The object of this petition is to have 811 order in the Chancery cause of Big Stone Gap Colliery Company et al V6. Bank 01 Big Stone Gap et al, now pending in said must, directing J.J. Gray, Receiver, to Day out of any funds in his hands the moneys due to petitioners for labor done for said Colliery Company previous to the institution of said chancery cause. And 111 affidavit having been made and filed that the defendants, T. S. Campbell, l'. B. Warner, E. A. Sauner, P. J. Millett, II. D. Osborne and E. Osborne, trading as W. D. Osborne & Co., are non-residents of Virginia, and that there are or may be parties interested in the subject to be disposed of in this proceeding whose names are unknown, and who as unknown arties are named in said suit, it is ordered that they do appear here within 15 days after due publication hereof, and do what may be necessary to protect their interest in this suit. And it is further ordered that a copy hereof be published mee :1 week for four weeks in the Big Gap POST, and that a copy be postthe front door of the court-house of this county en the first day of the next the county court of said county. A copy-Teste: W. E. KILGORE, Clerk. 45-48 Jos. L. KELLY, P. 11.

10. November 16, 1893 The Big Stone Gap Post Big Stone Gap, VA

Article from The Big Stone Gap Post, November 16, 1893

Click image to open full size in new tab

Article Text

VIRGINIA: In the Clerk's Office of the Circuit court of the County of Wire on the 23rd day of October, 1893. G. G. Tate et al, Plaintiff, Ona Petition Against In Chancery. Big Stone Grp Colliery Co. et al, Defendants. The object of this petition is to have an order in the Chancery cause of Big Stone Gap Colliery Company et al VS. Bank of Big Stone Gap et al, now pending in said court, directing J.J. Gray, Receiver, to pay out of any funds in his hands the moneys due to petitioners for labor done for said Colliery Company previous to the institution of said chancery cause. And an affidavit having been made and filed that the defendants, T. S. Campbell, P. B. Warner, E. A. Sauner, P. J. Millett, W. D. Osborne and E. Oshorne, trading 23 W. D. Osborne & Co., are non-residents of Virginia, and that there are or may be parties interested in the subject to be disposed of in this proceeding whose names are unknown, and who AS unknown parties are named in said suit, it is ordered that they do appear here within 15 days after due publication hereof, and do what may be necessary to protect their interest in this suit. And it is further ordered that it copy hereof be published once ? week for four weeks in the Big Stone Gap POST, and that a copy be posted at the front door of the court-house of this county on the first day of the next term of the county court of said county. A copy-Teste: W. E. KILGORE, Clerk. 45-48 Jos. L. KELLY. D. q.