21535. Bank of Clarksville (Clarksville, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 12, 1889
Location
Clarksville, Virginia (36.622, -78.562)

Metadata

Model
gpt-5-mini
Short Digest
1bc80dbe

Response Measures

None

Description

The bank suspended payment in September 1889 and a receiver (C. J. Faulkner) was appointed; the institution entered liquidation, assets were sold in 1890 and receiver continued paying creditors through 1893. No run is described; failure appears due to insolvency (large indebtedness).

Events (4)
1. September 12, 1889 Receivership
Newspaper Excerpt
C. J. Faulkner has been appointed receiver. The failure of the bank is a calamity to the Clarksville community.
Source
newspapers
2. September 12, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to insolvency/large indebtedness (largest debtors listed ~ $48,000 total).
Newspaper Excerpt
The Bank of Clarksville suspended payment on Tuesday.
Source
newspapers
3. August 25, 1890 Other
Newspaper Excerpt
There was a large sale of valuable real estate here ... in pursuance of a decree of the Circuit Court of Mecklenburg in re of Faulkner, receiver of the Bank of Clarkesville ... The property consisted of four stores, factories, tobacco-warehouse ... .
Source
newspapers
4. August 29, 1893 Other
Newspaper Excerpt
The bank of Clarksville, which has been in the hands of a receiver for three years, I am informed, will eventually pay one hundred cents in the dollar to the creditors and possibly something to the stockholders ... It has already paid dividends amounting to 85 cents on the dollar.
Source
newspapers

Newspaper Articles (6)
1. September 13, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 13, 1889

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Article Text

BANK OF CLARKSVILLE FAILS. Magee, Morton, and Easley the Largest Debtors-Receiver Appointed. [Special telogram to the Dispatch.] CHASE CITY, Va., September 12.-The Bank of Clarksville suspended payment on Tuesday. Allen W. Magee, tobacconist, Morton & Easley, merchants, and Thomas Easley are four of the largest debtors to the bank, which amounts to about $48,000. The exact figures are not obtainable. C. J. Faulkner has been appointed receiver. The failure of the bank is a calamity to the Clarksville community.

2. September 14, 1889 The Daily Times Richmond, VA
Article from The Daily Times, September 14, 1889

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Article Text

Mecklenburg County: [Correspondence of the Times.] CHASE CITY. VA., September 13.-The Republican Senatorial Convention for this, the Charlotte and Mecklenburg district. met here yesterday and nominated Judge A. S. Van Ness. of Keysville, Charlotte county. The Judge is about the best man they could have put up. but we have a better, one of whom can beat him. The bank of Clarksville, in Clarksville, this county, has gone into the hands of a receiver. The failure is a heavy one. and affects many of the prominent business men of Clarksville, and perhaps some elsewhere. Several have made assignments. A stock company has been organized here to build another tobacco warehouse, especially for the sale of bright tobacco. This is one of the best bright tobacco sections. Weare organizing for the campaign, and will do good work. A McKinney club will organize here soon. The weather now is all that our farmers could wish for while securing crops. Our usual fall building boom is upon us.

3. September 18, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 18, 1889

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FARMERS MEET. The Question of a Railroad SubscriptionClarksville's Suspended Bank. [Correspondence of the Richmond Dispatch.] CHASE CITY, September 17, 1889. The farmers of Mecklenburg held early in the day vesterday a large mass-meeting, and formulated a plan of action in regard to testing before the courts the legality and validity of the county subscription to the Atlantic and Danville railroad. County. Judge Homes addressed the meeting, encouraging the people in theirpurpose. He said the Constitution forbids the State from subscribing to a railroad, and a county vi et termini was also prohibited, and the courts must be resorted to for 8 decision. The counties of Brunswick and Greenesville have taken similar action in regard to their subscriptions. The subscription to this railroad was carried in this county in 1883 by an overwhelming majority. Out of about 2,300 votes there were only about seventyfive or eighty polled against the subscription. When the vote was taken the line of the road had not been located. If the subscription was legal the bonds of the county to the amount of over $165,000 would have to be issued. It is supposed the Bank of Clarksville, recently suspended, will realize from its assets a sufficiency to pay the depositors, but the stock of the bank will, it is said, be valueless. It will be absorbed in liquidation. A prominent business-man of the town informed me that he thought it the best thing that could have occurred for his town and the people were in better spirits for future improvement than ever before: that new property would be on the market and outsiders could come in and buy at reasonable prices, and that the capital of the town and vicinity would not be confined to a small circle. but accommoda. tions would be more generally distributed. He says the town will nowincorporate, adjust its own debt, and make available its natural advantages. A much-desired convenience for passenger travel on our railroad has recently been adopted. The passengers go through on the same coach to Richmond. There is no change of cars at Keysville as formerly. It is the same returning. If we could now have a night operating telegraph line our facilities would be much improved. J.

4. October 20, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, October 20, 1889

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MECKLENBURG. Political Meetings-Personal and Other Notes. [Correspondence of the Richmond Dispatch.] CHASE CITY, VA., October 19, 1889. Congressinan Cheadle, of Indiana, and a colored man from North Carolina and a New Hampshire politician tried to get up & meeting here yesterday in the interest of Republicanism. It was attended by a small crowd of negroes and very few whites. Mr. Cheadlesaid he came by Petersburg and received his orders from Mahone after he entered the State. He dwelt especially upon the tariff, but his negro hearers were reminded of their freedom given them by the Republican party, and not only that but their right to vote, he said, was endangered by Democratic success. He claimed that the Republican party of the nation owed a debt of gratitude to Mahone which could never be paid, for when all the results of the war-their freedom and the constitutional amendmentswere in peril Mahone joined the Republicans and gave the party an undisputed majority in the United States Senate: that he had also spent hundreds of thousands of dollars in building a normal school and insane asylum for them near his own home and placing about half a million of dollars of his wrecked railroad into the publicschool fund. He claimed that the Republican party was for a protective tariff, which meant high wages for the laborer. Mahone was the Republican party of Virginia, and a vote for him was one for higher wages. Such was the clap-trap of this corpulent specimen of humanity from the Hoosier State. Surely a party must be in a pitiable condition-abandoned by all of its native speakers and compelled to import men from Indiana, New Hampshire, and North Carolina to enlighten its followers upon State affairs. And upon State matters their ignorance was amazing, intending to mislead and reckless and untrue in assertion. M'KINNEY CLUB, The Democratic club of this town have raised a large McKinney banner and is constantly increasing in numbers and efficiency. A half dozen colored men have united with this club. Many more express B desire to do so. Intimidation by the black Republicans alone prevents a large colored Democratic vote here. Senator John W. Daniel will address the people of this county next Monday. County-Court day. This will be the first opportunity our people ever had to listen to this true and distinguished son of Virginia, and the crowd to hear him will be immense. Circuit Judge F. D. Irving adjourned his court in this county on Wednesday, after a term continuing fifteen days. Nearly 8 hundred decrees were entered, and among them a decree perpetuating the injunction in thesnit of Homes for, &c., US. the Bank of Clarksville. Mr. C.J. Faulkner, of Boydton, was appointed receiver of this bank. The general impression is that it is 8 "badly broke" institution, while others think if the property transferred to it brings a fair value the depositors will lose a comparatively small percentage.

5. August 26, 1890 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 26, 1890

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LARGE REAL ESTATE SALE In Mecklenburg-Purchasers Present from All Parts of the State. [Correspendence of the Richmond Dispatch.] CLARKSVILLE, Va., August 25, 1890. There was a large sale of valuable real estate here on Friday last. It was made in pursuance of a decree of the Circuit Court of Mecklenburg in re of Faulkner, receiver of the Bank of Clarkesville, CS. Thomas Easlev, late president of the bank. The property consisted of four stores, factories, tobacco-warehouse, and prizeries, dwellings, hotel, several farms, and numerous vacant and improved lots. It had been extensively advertised and attracted investors from every direction. Among the capitalists present were W. A. Pendletoh, of Glasgow: Alexander Bruce, of Halifax: J. W. Easley, W. D. Hill, and Henry Easley, of South Boston: R. W. Watkins, of Houston; and D. W. Owen, of Black Walnut, Va.

6. August 30, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 30, 1893

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AFFAIRS IN MECKLENBURG. Aged Democratic Darkey-Bank will Pay Dollar for Dollar. (Correspondence Richmond Dispatch.) CHASE CITY, VA., Aug. 29. -The school trustees met yesterday and re-elected nearly all the old teachers. Prof. F. J. Jeffress was chosen principal and Mrs. H. E. Edmunds assistant for the graded school here. Session commences the 18th of September. A noted man at the Confederate re-union at Boydton was old Lewis Williams, the bugler for the Mecklenburg cavalry. He is ninety-three years old and rode fifteen miles to be present on the occasion. He says he has always voted the Democratic ticket and hopes to live to vote for O'Ferrall this fall. The bank of Clarksville, which has been in the hands of a receiver for three years, I am informed, will eventually pay one hundred cents in the dollar to the creditors and possibly something to the stockholders, notwithstanding the heavy expenses of liquidation. It as already paid dividends amounting to 85 cents on the dollar. Deer was never known to be as numerous as they are now in this section. A large number of old and young have been killed within a radius of six miles of this place in the last few weeks.