2292. Brooksville State Bank (Brooksville, FL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 14, 1897
Location
Brooksville, Florida (28.555, -82.388)

Metadata

Model
gpt-5-mini
Short Digest
a0301bae

Response Measures

Full suspension

Description

Brooksville State Bank closed temporarily on Jan 14, 1897 after the Merchants' National Bank of Ocala suspended; reports indicate a run/withdrawals tied to Ocala failure, the bank went into receivership later in January and was settled (creditors received 47 cents on the dollar) by September 1897. OCR corrected minor typos (e.g., 'Brooksvlile' -> Brooksville).

Events (4)
1. January 14, 1897 Run
Cause
Local Banks
Cause Details
Run/withdrawals at Brooksville were triggered by the suspension/failure of the Merchants' National Bank of Ocala.
Measures
Closed doors; suspended operations temporarily.
Newspaper Excerpt
Yesterday afternoon the Brooksvlile State Bank in Hernando county was forced to close its doors ... the run that caused its failure was doubtless due to the failure of this bank.
Source
newspapers
2. January 14, 1897 Suspension
Cause
Local Banks
Cause Details
Suspension/closure was a direct consequence of the Merchants' National Bank of Ocala suspending payments that morning.
Newspaper Excerpt
The Brooksville State Bank has closed its doors temporarily on account of the suspension of the Merchants' National Bank, of Ocala this morning.
Source
newspapers
3. January 30, 1897 Receivership
Newspaper Excerpt
Judge Hocker has appointed J. J. Hale of Brooksville receiver of the Brooksville State Bank. W. A. Jones, ex-cashier, was appointed receiver, but objections were made ... T. J. Cook was next suggested, ... Mr. Hale was required to ... . (article dated Jan. 30-31, 1897).
Source
newspapers
4. September 10, 1897 Other
Newspaper Excerpt
Proceedings have just been had in the circuit court by which the court made an order for Receiver J. J. Hall of the Brooksville State Bank to dispose of all of the bank assets, which enabled him to make an immediate and final settlement with the creditors of the bank of 47 cents on the dollar.
Source
newspapers

Newspaper Articles (11)
1. January 15, 1897 New-York Tribune New York, NY
Article from New-York Tribune, January 15, 1897

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THREE FLORIDA BANKS FAIL. THE MERCHANTS' NATIONAL, OF OCALA, AND TWO OTHERS CLOSE THEIR DOORS. Washington, Jan. 14.-The Controller of the Currency was advised this morning by the directors of the Merchants' National Bank, of Ocala, Fla., that the bank had closed its doors. It had a capital of $100,000 and liabilities of $154,000. Bank Examiner Shubrick has been placed in charge. The only cause assigned for the failure is that It was impossible to make collections. R. B. McConnell is president of the bank. It was founded seventeen years ago by John F. Dunn, in opposition to the First National Bank of Ocala, which failed two years ago, and whose president, E. W. Agnew, is under a five years' sentence for embezzlement. Jacksonville, Jan. 14.-The Orange City Bank, a private institution, of which John E. Stillman is president, has closed its doors, and B. S. Leavitt, of Orange City, the assignee, is now in charge. No statement of the assets or liabilities of the bank has yet been announced. The Brooksville State Bank has closed its doors on account of the suspension of the Merchants' National Bank of Ocala this morning.

2. January 15, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, January 15, 1897

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Brooksville Bank Fails Yesterday afternoon the Brooksvlile State Bank in Hernando county was forced to close its doors R. B. McConzeil who is president of the bank here is also president of that bank, and the run that caused its failure was doubtless due to the failure of this bank. It was in reality a branch of this bank, and the failure of one meant a similar fate for the other. It was a small institution with a capital stock of $15 000, and has been in operation about five years. The other officers are Hon. W. S. Jennings, vice-president, and W. A. Jones, cashier.

3. January 15, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 15, 1897

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FLORIDA BANKS SUSPEND. Merchants' National, of Ocala, and Others. OCALA, FLA., January 14.-The Merchants' National Bank, of Ocala, Fla., closed its doors this morning, and the depositors will have to wait for their money. The only cause assigned for the failure of the bank is that it was impossible to make collections. The bank had a capital stock of $100,000. R. B. McConnell is `president. The institution was founded seventeen years ago, by John F. Dunn, in opposition to the First National Bank, of Ocala, which failed two years ago, and whose president, E. W. Agnew, is under a five-years' sentence for embezzling bank funds. PRIVATE INSTITUTION FAILS. JACKSONVILLE, FLA., January 14.The Orange City Bank, a private institution, of which John E. Stillman, chairman of the Republican Executive Committee of this State, is president, has closed its doors, and R. S. Leavitt, of Orange City, the assignee, is now in charge. The cashier of the bank was Arthur Stillman, a brother of the president's. The Stillman brothers were the principal owners of the bank, and they have assigned all of their property to R. S. Leavitt for the benefit of creditors. There was no warning of the failure, and within the past few weeks several northern people who have winter homes in the vicinity of Orange City have deposited various sums in the bank. No statement of the assets or liabilities of the bank has yet been announced. STATE BANK CLOSES. BROOKSVILLE, FLA., January 14.The Brooksville State Bank has closed its doors, temporarily, on account of the suspension of the Merchants' National Bank, of Ocala, this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of the bank.

4. January 15, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, January 15, 1897

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AND THIS ONE FOLLOWED. Brooksville, Fla., Jan. 14.-The Brooksville state bank has closed its doors temporarily on account of the suspension of the Merchants' bank of Qcala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

5. January 15, 1897 The Morning News Savannah, GA
Article from The Morning News, January 15, 1897

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FLORIDA HAS THREE FAILURES. BANKS CLOSE AT OCALA, ORANGE CITY AND BROOKSVILLE. The Merchants National the One Involved at Ocala and Its Liabilities $154,000-The Orange City Bank a Private Concern Run by the Stillman Brothers-The Failure at Brooksville Brought on by the Assignment at Ocala. Ocala, Fla., Jan. 14.-The Merchants' National Bank closed its doors this morning. To many it was not a surprise, but to the public at large it was, as it was thought it had passed through its worst trials. President McConnell was absent in New York, trying to arrange with its correspondent there to get help. From statements made to the Morning News correspondent by persons, who ought to know what they are talking about, the story runs about in this way: For several weeks there has been a stealy withdrawal of deposits, amounting to about $50,000. Yesterday the climax was reached, about $12,000 being withdrawn, carrying the cash on hand down to $1,500. The directors held a meeting last night, and knowing big demands would be made this morning, decided to close the bank's doors. Long before 9 o'clock this morning a crowd began to gather, many in the hope that the bank would open, ready to demand their deposits. By 9 o'clock several hundred people were around the corner, and when the notice was posted "closed by order of the directors," the excitement became intense. Men wept in disappointment, others gesticulated wildly, and the air was lurid with hot speech, It is a sad and sore blow to Ocala. The people were just beginning to recover from the effects of the freeze, and the failure of the First National Bank, when this new calamity sends them reeling. On Monday of last week the bank examiner was here, went through the bank's accounts and pronounced it all right, at least so the public print expressed. A director said this morning the deposits ran down for the month from $120,000 to $70,000 at its close. It is also learned that a deed executed last August for $13,000 on the bank building to J. N. C. Stockton, a Jacksonville banker, was filed for record this morning before 8 o'clock. It is also stated that President McConnell's property is mortgaged. Business men say it has been next to impossible for the past six months to get any accommodation. The failure hits the Ocala newspaper men for a $1,000, notably F. E. Harris for nearly $800. A winter visitor placed $200 in the bank several weeks ago for his use and others who came to enjoy the climate small sums. While some of the Ocala people are hopeful others are the reverse. Many are finding fault at President McConnell's absence and others that the directors were not better advised regarding the condition of the bank. Washington, Jan. 14.-The controller of the currency was advised this morning by the directors of the Merchants' National Bank of Ocala, Fla., that the bank had closed its doors. The bank had a capital of $100,000. Its liabilities are $154,000, as follows: $108,000 Due depositors 38,000 Borrowed money 8,000 Due to banks Bank Examiner Shubrick has been placed in charge of the bank. Jacksonville, Fla., Jan. 14.-The Orange City Bank, a private institution of which John E. Stillman, chairman of the republican executive committee of this state, is president, has closed its doors, and R. S. Leavitt of Orange City, the assignee, is now in charge. The cashier of the bank was Arthur Stillman, a brother of the president. The Stillman brothers were the principal owners of the bank, and they have assigned all of their property to R. S. Leavitt for the benefit of their creditors. There was no warning of the failure, and within the past few weeks several northern people, who have winter homes in the vicinity of Orange City, have deNo posited various sums in the bank. statement of the assets or liabilities of the bank has yet been announced Brooksville, Fla., Jan. 14.-The Brooksville State Bank has closed its doors tem. porarily on account of the suspension f the Merchants National Bank of Ocala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

6. January 15, 1897 The Morning News Savannah, GA
Article from The Morning News, January 15, 1897

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Brooksville, Fla., Jan. 14.-The Brooksville State Bank has closed its doors tem. porarily on account of the suspension the Merchants National Bank of Ocala this morning. The losses are pretty general. Confidence, however, remains in the honesty of the officials of this bank.

7. January 15, 1897 The Sun New York, NY
Article from The Sun, January 15, 1897

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FLORIDA BANKS IN TROUBLE. National, sa State, and a Private Bank Close Their Doors. WASHINGTON, Jan. 14.-The Comptroller of the Currency was advised this morning by the directors of the Merchants' National Bank of Ocala. Fla., that the bank had closed its doors. The bank had a capital of $100,000. Liabilities. $154,000. OCALA. Fla., Jan. 14.-The only cause assigned for the failure of the Merchants' National.Bank of this city is that it was;impossible to make collections. R. B. McConnell is President. It was founded seventeen years ago by John F. Dunn in opposition to the First National Bank of Ocala. which failed two years ago. and whose President, E. W. Agnew. is under a five vears' sentence for embezzling bank funds. JACKSONVILLE, Jan. 14.-The Orange City Bank. a private institution. of which John E. Stillman is President. has closed its doors, and R. S. Leavitt of Orange City, the assignee. is now in charge. No statement of the assets or liabilities of the bank has yet been announced. The Brooksville. Fla., State Bank has closed its doors temporarily on account of the suspension of the Merchants' National Bank of Ocala this morning.

8. January 30, 1897 The Morning News Savannah, GA
Article from The Morning News, January 30, 1897

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first became aware of his power, and does not even know how he discovered it. He says that when the figures are given him he sees their answer immediately. Simply by glacing at a long line of figures he can tell immediately what the addition is. FLORIDA. Alachua county's jail only contains four prisoners. Ripe Japan plums made their appearance in Gainesville last week. Strawberry and celery shipments will soon be made daily from the Gainesville section. The stockholders of the Brooksville State Bank are negotiating for a loan to pay off the depositors and resume business with every prospect of success. The Key West Advertiser says the judgment in the case of Baer vs. the city of Key West amounting to $11,523.71 with 8 per cent. interest from March 1894, now amounts to $30,000. It is now reasonbaly certain that a harness factory will be established in Gainesville before next spring. The factory will be started by a stock company of business men of that city. The Tallahassee and Gulf Railway Company is putting up poles for the new telephone service between Minneola and Tavares for the benefit of the truckers during vegetable season. The telegraph line has been removed. In the United States court at Jacksonville Thursday morning the two children of John B. O'Neil, a former Georgian, but now a resident of Arkansas, were turned over to the father in accordance with the granting of an application brought by the father in habeas corpus proceedings. Representative-elect Crampton of Cedar Key spent several days among the people of Eastern Levy county recently, in company with his friend, Rev. Dr. DePass. It is said that Mr. Crampton intends to introduce a bill in the legislature soon to assemble releasing the county from taxation. The name of the Russell house at Key West has been changed by the new lessees the Florida East Coast Line, to "Hotel Key West," and it will be opened on next Saturday, with Leon H. Cilley as manager, who is well known to the traveling public as manager of the Maplewood Cottage, Maplewood, N. H. J. K. McDonald, national bank examiner, who had charge of the First National Bank of Ocala for some time after Its suspension in 1894, arrived in Ocala Thursday and will assist Examiner E. T. Shubrick in the work of making up the reports of the suspended Merchants National. A report will in all probability be made to the controller within the next three days. The Florida Farmer and Fruit Grower copies the substance of a recent report made to the United States department of agriculture concerning the Mexican orange worm, in which the facts are stated that no specimens of the worm are to be found save in oranges that were grown in the state of Morelos, about 100 miles south of the City of Mexico, and that no fears are entertained that the pest will be introduced into the United States. Dr. J. T. Godfrey, one of the most eminent physicians of Hamilton county, and whose residence is at Belleville, in the upper part of the county, has been recently sorely afflicted. On Monday of last week, one of his daughters (Delia, 17 years old) died. Wednesday his only son (Joshua, just grown to manhood) died. Another daughter (Emma, about 15) is not expected to recover. The doctor himself has been very sick. A few days ago he seemed better and could get up, but has relapsed and is not now expected to live. The cold Thursday morning throughout Florida was the most intense since February, 1895. Across the northern counties from Jacksonville to Pensacola the thermometer ranged generally between 20 and 24 degrees, going here and there as low as 17 degrees. Frost in lesser degree was felt as far south as Rockledge on the east coast, and the neighborhood of Tampa on the west. At Palm Beach 45 degrees was the minimum. Reports from the districts devoted to the orange culture indicate that, except in the more exposed situations, little injury was done. In some instances, the groves will lose part of their follage or the latest shoots. Not sufficient sap was in the wood to cause material damage. The losses of the truck farmers in the Gainesville district will prove more severe. A. considerable percentage of the growing lettuce, beets and cabbage was killed, but no close estimate can yet be formed. The late Henry C Houghton the pub

9. January 31, 1897 The Morning News Savannah, GA
Article from The Morning News, January 31, 1897

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FLORIDA. A man from Birmingham is in Tampa for the purpose of getting up an exhibition consisting of a collision between two railroad engines. The case of Charles H. Vaughn against the Florida East Coast railway for $25,000 damages has been dismissed at St. Augustine, each party paying the costs. Gen. William P. Craighill, chief of engineers, United States army, who paid his last official visit to St. Augustine a few weeks ago, was retired on his own request by President Cleveland at noon yesterday. The Secretary of War has sent to congress a report stating that Hillsboro Bay, from its confluence with Tampa Bay through Hilisboro Bay and river to the city of Tampa, is worthy of improvements. No survey is necessary. The residence at Lake City occupied by Dr. O. Clue, president of the college, was burned at 1 o'clock Friday morning. The building, a two-story frame structure, was the property of the Florida Agricultural College. It is a total loss. The loss is covered by insurance. Turkey Creek has never, in all its history, had such a sensational tragedy as the killing of John Odom by N. E. Moody on Wednesday afternoon. It develops that Odom had repeatedly threatened to kill Moody. The coroner's jury brought in a verdict of justifiable homicide. Moody is under $3,000 bail to appear for trial. Judge Hocker has appointed J. J. Hale of Brooksville receiver of the Brooksville State Bank. W. A. Jones, ex-cashier, was appointed receiver, but objections were made on the grounds that the receiver should be a disinterested person. The name of T. J. Cook was next suggested, but Mr. Cook is the treasurer of Hernando county, and is a heavy depos-" itor. Much anxiety is being manifested among the depositors as to the probability of their recovering their money. Some of them have all of their funds locked up in the bank. Mr. Hale was required to

10. February 10, 1897 The Florida Agriculturist Jacksonville, De Land, FL
Article from The Florida Agriculturist, February 10, 1897

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Judge Hocker has appointed J. J Hale of Brooksville receiver of the Brooksville state bank. W. A. Jones, ex-cashier, was appointed receiver. but objections were made on the grounds that the receiver should be a disinterested person. The name of T. J. Cook was next suggested,

11. September 10, 1897 The Ocala Evening Star Ocala, FL
Article from The Ocala Evening Star, September 10, 1897

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Brooksville Bank Settlement. Proceedings have just been had in the circuit court by which the court made an order for Receiver J. J. Hall of the Brooksville State Bank to dispose of all of the bank assets, which enabled him to make an immediate and final settlement with the creditors of the bank of 47 cents on the dollar. The bank owed $17,000 divided among 139 creditors. G. C. Stapyiton, receiver of the Merchants National bank of this city, came over yesterday from Ormond to assist in the business. He got $2,582, which he let the hungry Star man gaze upon, for the National City bank of New York, with which the bank had pledged that amount of the Brooksville bank's paper. F. B. Coogler of Brooksville was representing the National Bank of Jacksonville, Fla., which institution held $2,000 in notes of the Brooksville bank as collateral for what the Merchants bank owed them. G. C. Martin of Brooksville was attorney for the receiver. It was largely through the instrumentality of Vice-President Judge W. S. Jennings that this satisfactory state of affairs was arrived at. The receiver will not be discharged for a short time, pending the settlement of some minor matters, but the affairs are practically all settled and the creditors have their money.