2632. Hobbs & Tucker (Albany, GA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
private
Start Date
June 1, 1893*
Location
Albany, Georgia (31.579, -84.156)

Metadata

Model
gpt-5-mini
Short Digest
c09b071d

Response Measures

Full suspension

Description

Multiple contemporary newspaper reports (June 10–13, 1893) state Hobbs & Tucker, private bankers of Albany, GA, suspended payment after about a month-long quiet run. Suspension due to heavy loans and inability to realize on collaterals. Later dispatches (mid–late June 1893) report the firm has assigned (assignment/receivership), indicating permanent closure.

Events (3)

1. June 1, 1893* Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors had been withdrawing for about a month in response to the bank's heavy loans and inability to realize on collaterals (solvency concerns).
Newspaper Excerpt
There has been a quiet run on the bank for at least a month.
Source
newspapers
2. June 10, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Firm suspended payments June 10–11, 1893 because of heavy loans and inability to realize on collateral; suspension described as temporary but bank later assigned assets to pay depositors.
Newspaper Excerpt
Hobbs & Tucker ... suspended payment this morning ... The suspension is due to too heavy loans and failure to realize on collaterals.
Source
newspapers
3. June 22, 1893 Receivership
Newspaper Excerpt
Hobbs & Tucker, private bankers at Albany, Ga., have assigned. Deposits aggregate $80,000.
Source
newspapers

Newspaper Articles (15)

Article from The Morning News, June 11, 1893

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Article Text

ALBANY BANKERS SUSPEND. Hobbs & Tucker Embarrassed by Too Heavy Loans. Albany, Ga. June 10 -The private banking firm of Hobbs & Tucker of this city suspended payment this morning A. W. Tucker, the junior member of the firm. is now in New York Capt. R. Hobbs the senior member saysthat their suspension is only temporary and that payments will be resumed in a few days. The suspension is due to too heavy loans and failure to realize on collaterals There has been a quiet run on the bank for at least a month. but the present list of whose deposits depositors, aggregate in the neighborhood of $80,000. seem to feel no anxiety or fear that they will not receive dollar for dollar for their deposits. The Exchange and the Commercial banks and a number of private persons offered the suspended bank assistance to-day. which was declined Individually, the members of the .firm are both wealthy, Capt. Hobbs himself being fully able to meet all the obligations without encroaching on the bank's capital. There is no excitement over the suspension and the situation. as far as the other banks and the general business of the city is concerned, is perfectly calm and satisfactory.


Article from Richmond Dispatch, June 11, 1893

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Georgia Bankers Suspend. (By telegraph to the Dispatch. SAVANNAH. GA., June 10.- Hobbs & Tucker, private bankers of Albany, suspended payment to-day. Mr. Hobbs says payment will be resumed in a few days. The failure is due to too heavy loans and inability to realize on collaterals. A quiet run on the bank has been in progress for a month, and the deposits now aggregate only $80,000. The bank declined assistance offered it to-day. Mr. Hobbs IS said to be individually good for more than the amount of deposits. Mr. Tucker, who is also wealthy, is in New York.


Article from The Record-Union, June 12, 1893

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Private Bankers Suspend Business. SAVANNAH (Ga.), June 11.-Hobbs & Tucker, private bankers of Albany, suspended payment yesterday. Hobbs says that business will be resumed in a few days.


Article from The Wheeling Daily Intelligencer, June 12, 1893

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Bankers Fail. SAVANNAH, GA., June 11.-Hobbs & Tucker, private bankers, of Albany, suspended payment yesterday. Mr. Hobbs says payment will be resumed in a few days. The failure is due to too heavy loans and an inability to realize on collaterals. A quiet run on the bank has been in progress for a month, and deposits aggregate only $80,000.


Article from The Herald, June 12, 1893

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Private Bankers Suspend. SAVANNAH, Ga., June 11.-Hobbs & Tucker, private bankers of Albany, Ga., suspended payment yesterday. Hobbs says business will be resumed in a few days.


Article from Wheeling Register, June 12, 1893

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Another Suspension. SAVANNAH, GA, June 11.-Hobbs & Tucker, private bankers of Albany, suspended payment yesterday. Mr. Hobbs says payment will be resumed in a few days. The failure is due to too heavy loans and an inability to realize on collaterals. A quiet run on the bank has been in progress for a month and deposits aggregate only $0,000.


Article from The Evening Herald, June 12, 1893

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Another Bank Suspends, SAVANNAH, Ga., June 12.-Hobbs & Tucker, private bankers of Albany, have suspended payment. Mr. Hobbs says pay. ment will be resumed in a few days. The failure is due to too heavy losses and an inability to realize on collaterals.


Article from St. Paul Daily Globe, June 12, 1893

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PRIVATE BANKERS FAIL, Although They Have Plenty to Square Accounts. SAVANNAH, Ga., June 11.-Hobbs & Tucker, private bankers of Albany, suspended payment yesterday. Mr. Hobbs says payment will be resumed 111 a few days. The failure is due to too heavy loaus and an inability to realize on collateral. A quiet run on the bank has been in progress for a month, and deposits aggregate only $80,000. The bank declined assistance offered it during the day. Mr. Hobbs is said to be individually good for more than the total deposits. Mr. Tucker, who is also wealthy, is in New York.


Article from The Morning News, June 13, 1893

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NO SCARE AT ALBANY. The Banks of the City Hold 85 Per Cent. of Their Deposits in Cash. Albany, Ga., June 12.-The situation following the suspension of Hobbs & Tucker's bank is most flattering to Albany. The depositors have accepted the situation calmly, feeling assured that they will get their money at an early date. In addition to the bank's capital Capt. R. Hobbs has pledged his private fortune to the payment of every depositor. This will be done as fast as the bank's resources can be turned into money, and after this is done the firm of Hobbs & Tucker, bankers, which has for years done an enormous business through this section, and which by its kindness to its patrons has brought about their present troubles, will be dissolved. The other banks of the city, it appears, had been anticipating Hobbs & Tucker's embarrassment, and all of them were, and are still prepared for any emergency. Not one of them has less than 85 per cent. of their deposits in bank. Some people had an idea that Hobbs & Tucker's troubles would precipitate a general scare and run on the other banks, but in this they were mistaken. Confidence in these institutions reigns supreme, and Albany is all right.


Article from The Dawson News, June 14, 1893

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ALBANY BANK FAILURE. Hobbs & Tucker Had to Suspend Payment Saturday. SAVANNAH, Ga., June 10.-Hobbs & Tucker, private bankers of Albany, suspended payment today. Hobbs says payment will be resumed in a few days. The failure is due to the heavy loans. and inability to realize on collaterals. Quite a run on the bank has been in progress for a month, and the bank deposits aggregate only $80,000. The bank declined assistance offered it today. Hobbs is said to be individually good for more than the total deposits. Tucker is also wealthy. He is in New York.


Article from Baxter Springs News, June 17, 1893

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THE SOUTH. THE worst is thought to be over in the flooded districts in the south and those threatened with overflow. Great damage has been done to crops and there is much suffering. THE grand jury at Chattanooga, Tenn., has indicted ten inmates of the workhouse, some of them guards and others convicts, for wanton abuse of prisoners. D. B. LOVEMAN, dry goods, Chattanooga, Tenn., has failed. Two men who were in jail at Catletts burg, Ky., for safe breaking were being returned to Pike county for trial, when at Richardson, Ky., they were attacked by a mob, who endeavored to take the prisoners away from the officers. The officers opened fire on the mob, killing two men. HOBBS & TUCKER, private bankers of Albany, Ga., have failed. COTTON planters in Louisiana's and Mississippi's flooded districts will experiment on planting cotton after the June floods. BISHOP JOSEPH D. KEY was overcome by the heat while preaching a baccalaureate sermon at Jackson. Tenn. The attack was not fatal, though the bishop could not finish his sermon. THE Sulphur Lumber Co., located at Sulphur Station, Tex., has been placed in the hards of a receiver. The assets are estimated at $800,000 and the liabil'ties at $100,000.


Article from Reporter and Farmer, June 22, 1893

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GENERAL. The body of Herman Schaffner, the Chicago banker, was found in Lake Michigan. Hobbs & Tucker, private bankers at Albany, Ga., have assigned. Deposits aggregate $80,000. The supreme lodge of the Knights'of Honor has created the office of supreme medical examiner. The name of the Right Worthy Grand Lodge of Good Templars is changed to International Supreme Lodge. Two trunks from Toronto were seized at Buffalo and were found to contain 200 pounds of smuggled opium. Six colored workmen were attacked at Lamont, III., by 600 strikers. The men were finally rescued by officers. "Railroad Jack," the dog whose trayels by rail throughout the United States have made him famous, died at Albany, N. Y. Five thousand of the iron workers and coal and iron miners at Klando, fifteen miles from Prague, are out on strike. Cardinal Gibbons says that the position of the Catholic churches is that the world's fair should be open Sunday afternoons. Chancellor Creighton, of the Nebraska Wesleyan university," announced at chapel his intention of handing in his resignation. The bill providing for a board of arbitration to settle disputes between employes and employers was passed by the Illinois house. German Pythians from all parts of the country met at Indianapolis to protest against the law requiring the use of English rituals. The Burnham cafe at Indianarolis, Ind., recently fitted up at an expense of $10,000 on interior decorations and fixtures, went into the hands of a receiver. Kuhn, Dorflinger & Co., of New York, importers of diamonds and precious stores, have made an assignment. The etimates of liabilities range from $150,000 to $250,000. The property of the Verde Antique Marble Company at Ishpeming, Mich, has been seized and will be sold to satisfy executions. The company opened a quarry three years ago. Another severe affliction has fallen upon the imperial house of Austria. Duke Maximilian Emanuel, brother of Empress Elizabeth, while returning to Munich from a ride. ruptured a cardiac artery and died almost immediately. The duke was born in Munich in 1849, and married in 1875 Princess Amelie of Saxe-Coburg and Gothe.


Article from The Princeton Union, June 22, 1893

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ers. Troops are required for the serv ice and several riots have occurred. CASUALTY. Charles Thorson died from sunstroke at Ishpeming, Mich Thomas Cummins, 50 years old killed himself at Columbus, Ind. with a rifle G. Stewart of Braidwood, III., was drowned in the Kankakee river while bathing. N. B. Wheeler, a Hazleton, Ind., photographer, was killed by leaping from a train. The Joseph Burns Chemical Works at Williamsburg, N. Y., burned with a loss of $100,000 Philip Walsh, a farmer diving near Maywood, Mo., was run over by a harrow and fatally injured. A fatal accident occurred at the Andway Plaisance, world's fair, a coasting train jumping the track A cloudburst at East Peoria, III, caused a number of families to be driven from their homes. The Mexican town of Pauchmetta was destroyed by a wind storm. Some thirty persons were injured. Frank Drilling, the son of a wealthy farmer living near West Union, Ia., accidentally shot himself and died. The plant of the Meriam & Morgan Parraffine Company at cleveland, O., was destroyed. The loss is $250,000. The village of Alba, in Antrim county, Mich., was nearly destroyed by fire. Every business house except the Exchange hotel was burned. Peter Blume, 18 years of age, who came from Holland three months ago, was killed by lightning while working in a field near Kalamazoo, Mich W. P. Willson was struck by a train on the Des Moines, Northern & Western while driving over the track at Boone, Iowa, and instantly killed. William Hammer, of Madison, S. D. and Miss Gay Pyle, of Bryant, were drowned in Lake Madison, at Madison, S.D. They were out rowing in a boat after dark and the boat capsized. Harry Boyd and Fred M. O'Donnell were drowned in the Allegheny river at Pittsburg. The two men with another companion were out in a boat which upset. Their bodies were recovered. The latest allocution of the pope is a discussion on the situation in Italy and the general policy of the Vatican The stories that it was on the school question in America is denied, there being no reference to America in the letter. The Nashville Savings company, the oldest financial institution in Nashville Tenn., founded in 1853, assigned. The liabilities are placed at $222,000 and the assets, according to the president' estmate, will pay not more than 25 or 30 per cent. The chemical works of Joseph Burns, in Williamsburg, N. Y., were destroyed by fire. The works are one story frame buildings at White and McKibbin streets and cover an area of two blocks. The fire destroyed the entire plant, with the exception of one building The concern carried a stock of at least $200,000, and the loss will run over $100,000. 1 GENERAL The body of Herman Schaffner, the Chicago banker, was found in Lake Michigan. Hobbs & Tucker, private bankers at Albany, Ga., have assigned. Deposits aggregate $80,000. The supreme lodge of the Knights of Honor has created the office of supreme medical examiner. The name of the Right Worthy Grand Lodge of Good Templars is changed to International Supreme Lodge. Two trunks from Toronto were seized at Buffalo and were found to contain 200 pounds of smuggled opium. Six colored workmen were attacked at Lamont, Ill., by 600 strikers. The men were finally rescued by officers. "Railroad Jack," the dog whose travels by rail throughout the United States have made him famous, died at Albany, N. Y. Five thousand of the iron workers and coal and iron miners at Klando, fifteen miles from Prague, are out on strike. Cardinal Gibbons says that the position of the Catholic churches is that the world's fair should be open Sunday afternoons. Chancellor Creighton, of the Nebraska Wesleyan university, announced at chapel his intention of handing in his resignation. The bill providing for a board of arbitration to settle disputes between employes and employers was passed by the Illinois house. German Pythians from all parts of the country met at Indianapolis to protest against the law requiring the use of English rituals. The Burnham cafe at Indianapolis, Ind. recently fitted up at an expense of $10,000 on interior decorations and fixtures, went into the hands of a receiver. Kuhn, Dorflinger & Co., of New York, importers of diamonds and precious stones, have made an assignment. The etimates of liabilities range from $150,000 to $250,000. The property of the Verde Antique Marble Company at Ishpeming, Mich., seized and will be sold to The company openthree years ed satisfy has a been quarry executions ago. Another severe affiction has fallen


Article from Hot Springs Weekly Star, June 23, 1893

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GENERAL. The body of Herman Schaffner, the Chicago banker, was found in Lake Michigan. Hobbs & Tucker, private bankers at Albany, Ga.. have assigned. Deposits aggregate $80,000. The supreme lodge of the Knights of Honor has created the office of supreme medical examiner. The name of the Right Worthy Grand Lodge of Good Templars is changed to International Supreme Lodge. Two trunks from Toronto were seized at Buffalo and were found to contain 200 pounds of snuggled opium. Six colored workmen were attacked at Lamont, III., by 600 strikers. The men were finally rescued by officers. "Railroad Jack." the dog whose trayels by rail throughout the United States have made him famous, died at Albany, N. Y. Five thousand of the iron workers and coal and iron miners at Klando, tifteen miles from Prague, are out on strike. Cardinal Gibbons says that the position of the Catholic churches is that the world's fair should be open Sunday afternoons. Chancellor Creighton. of the Nebraska Wesleyan university, announced at chapel his intention of handing in his resignation. The bill providing for a board of arbitration to settle disputes between employes and employers was passed by the Illinois house. German Pythians from all parts of the country met at Indianapolis to protest against the law requiring the use of English rituals. The Burnham cafe at Indianapolis, Ind., recently fitted up at an expense of $10,000 on interior decorations and fixtures, went into the hands of a receiver. Kuhn. Dorflinger & Co., of New York. importers of diamonds and precious stones, have made an assignment. The etimates of liabilities range from $150,000 to $250,000. The property of the Verde Antique Marble Company at Ishpeming, Mich., has been seized and will be sold to satisfy executions. The company opened a quarry three years ago. Another severe affliction has fallen upon the imperial house of Austria. Duke Maximilian Emanuel, brother of Empress Elizabeth. while Feturning to Munich from a ride, ruptured a cardiac artery and died almost immediately. The duke was born in Munich in 1849, and married in 1875 Princess Amelie of Saxe-Coburg and Gothe.


Article from The Morning News, September 14, 1893

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COUNTER LAW SUITS. Two Wealthy Citizens of Albany Suing Each Other for Damages. Albany, Ga., Sept. 13.-Two of Albany's wealthiest citizens, Capt. Richard Hobbs and Mr. D. Greenfield, have begun a game of cross-purposes, which promises to prove interesting. Greenfield was one of the depositors in the suspended bank of Hobbs & Tucker, and, having lost confidence in the firm's promises to its depositors, began an action to-day to recover the amount of his claim against the firm. In his bill of complaint, Greenfield alleges that the suit which he has begun was by reason of the fraudulent conveyence by Hobbs of his (Hobbs') property in order to prevent his property from being made subject to his debts. HOBBS' STATEMENT. Hobbs, in rebuttal, claims that he rightly owes Greenfield nothing and will enter suit against Greenfield in the sum of $50,000 for damages done to his character by Greenfield's allegation of his having falsely conveyed his poperty to other parties. There are a number of other depositors of the suspended bank who have also begun suit to recover their money, which makes a heavy civil docket for the October term of court and a rich feast for the lawyers. QUARANTINE RENEWED. Mayor Gilbert of this city received 8 telegram from Mayor Lamb of Brunswick this afternoon announcing another death from yellow fever as proven by an autopsy. As a result of this information, Albany has again instituted quarantihe against Brunswick, which will be more rigid than before.