Commercial Bank - Selma, AL

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: Selma, Alabama (32.407, -87.021)

Metadata

Model: gpt-5-mini
Short Digest: a730ec53

Response Measures

None

Description

Article (The Age-Herald, 1899-07-07) states the Commercial Bank of Selma 'failed' and the writer lost $1,014 deposited there. No mention of depositor runs or temporary suspension/reopening; this appears to be a bank failure/closure (receiver/liquidation implied). Date of failure not specified in the excerpt.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank is described as having 'failed', causing deposit losses (insolvency/closure).
Newspaper Excerpt: I had of these fees in the Commercial bank Seima to the credit of the Girls' Industrial school the sum of $1,014 when that bank failed.
Source: newspapers

Newspaper Articles (1)

1. July 7, 1899 The Age-Herald Birmingham, AL

Article from The Age-Herald, July 7, 1899

Click image to open full size in new tab

Article Text

vitations. I am not aware of any custom by which the presidents of the schools are required to pay for them. Statement is Incorrect charge that I collected from the for The during the session of 1898-1899 of pupils board, laundry, hack fare and the use on text books $951.50 more than I paid out pupil this account is incorrect. Where the the remained the entire session and paid a whole amount of the charge, there was which small surplus of about two dollars, of to offset losses incurred by reason their went the failure of other pupils paying the dies. There seems to be a desire on reof the board or the committee to to part benefit of this surplus and sustain the losses. ceive have me the At selection the organization of the school and the of myself as president, I made arrangements with the boarding house keepers the by which I became responsible for board of the pupils. I fixed the amount of of fees to be paid by the pupils. I had of these fees in the Commercial bank Seima to the credit of the Girls' Industrial school the sum of $1,014 when that bank failed. This loss I made good from own means to keep the school run- the my ning. At a subsequent meeting of board a motion was made to reimburse me this money. This motion was voted this down on the stated grounds that school had nothing to do with this arrangement between patrons of the president, and that he alone was responsible for the loss. At a later and smaller meetboard a motion to transfer to I had collected on me ing $892 of the which incidentals partially and other fees for the school to reimburse me for said lo3s was made and adopted. Governor Johnston and others strongly opposed the motion on the same grounds, and on its adoption the governor caused a protest against it to be spread on the minutes. Afterwards in a settlethe school, on account of the and this protest, I gave to the school. From contention ment the money with the back time of this transaction, yielding to this contention that such transactions were between me as an individual and the patrons of the school, I considered and treated the same as such, and so did the board, as is witnessed by the fact that in all my various for settlements I was never called upon any accounting of these transactions. Recognizing my responsibility in the prem. ises, I have paid the board of every pupil promptly in all cases, both to the board. ing houses and the dormitory department of the school, whether I had their funds in my hands or not. frequently carrying from two to four thousand dollars' shortage on this account, some of which was I have always school should assume of these transactions, sibility a that total the loss. receiving,the been the respon- willing profits and sustaining the losses thereof. The Millinery Department In reply to the statement that "he (I) ran the millinery department on his own account, paying all the expenses and taking all the profits, yet we find that the trustees paid the salary of Miss Tall and Miss Hood." The millinery was bought and paid for by myself, and I took the chance of being reimbursed by the sales after they were up in this department. have never of the of the these pupils goods goods amounted the made The close sales by of to their cost and carrying. At the session of '97-'98 I did think that when the goods that remained on hand were sold there would probably be a small profit, and I made a statement on the subject to the board, in which I used this language: 'There is still a stock of goods on hand which will in all probability pay a profit when wound up. This profit I will embrace in my next report to the school's credit.' In the face of this statement the finance committee make the above charge. The intimation that the salary of the teacher in the millinery department was not a proper charge against the school is ridiculous and absurd. The committee states that I had in my possession some of the personal property of the school. Of this the committee was informed by my attorney, with an explanation that the cabinet, file and typewriter were moved to my residence for use during the summer, and that several iron bedsteads were moved down from the dormitory during the smallpox excitement, and I notified the committee that I would, as soon as I could attend to the matter, get school. this property up and deliver it to the Made Profit School