267. Tuscumbia Bank & Trust Company (Tuscumbia, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
June 9, 1893
Location
Tuscumbia, Alabama (34.731, -87.703)

Metadata

Model
gpt-5-mini
Short Digest
5afdb6ec

Response Measures

None

Description

The bank closed/ suspended June 9, 1893 amid the nationwide money-stringency (panic of 1893). Reporting indicates the bank remained suspended, depositors likely to recover only ~15 cents on the dollar, and officers (cashier and later president) were arrested — consistent with a suspension followed by permanent failure. No article describes a depositor run prior to suspension; cause attributed to stringency of the money market (macro/systemic).

Events (3)

1. June 9, 1893 Suspension
Cause
Macro News
Cause Details
Closed because of the stringency of the money market / tight money; could not meet obligations without readjustment or issuing receivers' certificates.
Newspaper Excerpt
FLORENCE, Ala., June 9.-The Tuscumbia Banking company closed its doors this morning.
Source
newspapers
2. June 22, 1893 Other
Newspaper Excerpt
Cashier Carr, of the Tuscumbia Banking company, was arrested last night. Carr returned from New York yesterday and claimed to have sufficient money to pay the depositors of the suspended bank. Instead of this he made a proposition to compromise, which was rejected, and his arrest followed. It is now thought the bank will only pay fifteen cents on the dollar.
Source
newspapers
3. August 4, 1893 Other
Newspaper Excerpt
Hinton E. Carr, late president of the Tuscumbia Banking company, was arrested yesterday at Cedar Rapids, Iowa ... during his absence the suspension of his bank was announced ... it was realized that a number of people here of modest means had suffered ... with no show for a cent.
Source
newspapers

Newspaper Articles (11)

Article from The Wichita Daily Eagle, June 10, 1893

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short of the amount necessary for current disbursements, and that unless the plan of readjustment offered by the board of managers be accepted by the securityholders, it will not be possible to meet the obligations, and that it will be necessary to make an issue of not less than $4,000,000 of receivers' certificates. FLORENCE, Ala., June 9.-The Tuscumbia Banking company closed its doors this morning. The president is absent and no statement will be made until he returns. NEW YORK, June ).Peter F. Meyer, Richard Croker's partner, was today appointed receiver for the Casino theater. NEW YORK, June 9.-Edward F. Sanford, dealer in diamonds and jewely, has assigned without preferences. The liabilities are upwards of $150,000 and the assets probably $100,000. NEW YORK, June 9.-Snow & Burgess, shipping and commission merchants, have assigned. Tight money is the cause. No statement was made.


Article from The Times, June 10, 1893

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MORE BANK FAILURES. The Hudson Savings Bank Forced to Suspend-other Small Failures. HUDSON, WIS., June 9.-The Hudson Savings Bank closed its doors to-day, with the following notice: "Closed. Owing to stringency of the money market, we deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits." Nearly $700,000 was on deposit. The general belief is that the bank will find It difficult to renew business. The city funds were deposited in the bank. National Bank Closed. HILLBORO, O., June 9.-The Citizens' National Bank, of this place, has been closed by order of the Comptroller, and is now in the hands of the bank examiner. Other Business Failures. NEW ORLEANS, June 9.-The Louisiana Cypress Lumber Company went into the hands of a receiver yesterday, the cause being the depression of the money market. The assets are $300,000, and the indebtedness probably $200,000. Judge Billings appointed as receiver Pearl Willet, placing his bond at $50,000. An Alabama Bank Failure. FLORENCE, ALA., June 9.-The Tuscumbia (Ala.) Bank Company closed its doors this morning. The president is absent from the city. No statement will be given out until he returns. Refused to Reduce Assessment. WASHINGTON D. C., June 9.-A committee consisting of S. J. Keith, Hermann Justis, J. H. Thompson, J. H. File and J. B. Richardson, representing the Commercial National Bank of Nashville, Tenn., had a conference with Comptrolier Eckels to-day. He refused to reduce his assessment upon the stockholders of 100 per cent., but agreed to distribute its collection over a longer period than two weeks.


Article from Richmond Dispatch, June 10, 1893

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Telegraphicalities. The Tuscumbia (Ala.) Banking Company closed its doorsyesterday morning. The Hudson (Wis.) Savings Bank closed it doors yesterday owing to the stringency of the money market. The Manitoba and Northwest railway has been placed in the hands of a receiver on judgments aggregating $8,000,000. The Citizens' National Bank, of Hills. boro', O., has been closed by order of the Comptroller and is now in the hands of a bank examiner. New York Port-Appraiser Manville W. Cooper yesterday evening sent to Presi. dent Cleveland a letter resigning his office and asking that his resignation take effect at once. The Lehigh-Valley trestle and coal storage warehouses, containing 60,000 tons of anthracite coal, at Buffalo, N. Y., were destroyed by fire last evening. Loss about $500,000. Insurance unknown. Francis P. King, of Johns Hopkins University, and S. W. McCallie, of the University of Tennessee, were yesterday appointed Assistant State Geologists of Georgia under Professor Yeates. The Louisiana Cypress Lumber Com. pany, New Orleans, went into the hands of a receiver Thursday, the cause being the depression in the money market. Assets nominally $300,000; indebtedness probably $200,000. Six masked men held up the New Orleans express on the Mobile and Ohio railroad at Forest Lawn, eight miles north of Columbia, III.. Thursday night. robbed the express car of $10,000 in cash and valuables worth a large amount. A fire at Fayetteville, Ga. yesterday evening destroyed the drugstore of N. Grizzard, the stores of C. P. Yates, containing the post-office: also the stores of R. G. Kitchens & Co. and S. A. Burks. Loss about $10,000. Insurance small. The Infanta Eulalie yesterday spent some hours sightseeing in the fair upon her own account unannounced and in company with only three or four persons Last evening she met Chicago's Four Hundred" at Potter Palmer's residence. Ira Dumas, a young colored man, was lynched Wednesday night at Gleason, a railway station nine miles east of Dresden. Tenn., for feloniously assaulting the daughter of a farmer living two miles from Dresden. He made a full confession. Messrs. Drexel, Morgan & Co. state that large deposits have already been made and are still being made of securities of the Richmond Terminal properties under the reorganization plan. This is the last day on which securities will be received subject to the agreement. A special from Greenville, S. C., savs two white men in Pickens county who had been in the habit of visiting a colored woman were waylaid by White Caps. who were white women in disguise, and were terribly flogged. They were warned to desist from their habits or worse would fol. low. Lieutenant William P. Rav. United States Navy, commanding the United States Coast-Survey steatner Arthur, committed suicide at the Mare-Island Naval Hospital, California, yesterday by cutting throat. He was suffering from nervous prostration. He was a native of Indiana, and leaves a family. A committee representing the Commercia! National Bank. of Nashville, Tenn., had a conference with Comptroller Eckels yesterday, but he refused to reduce his assessment upon the stockholders of 100 per cent.. though he agreed to distribute its collection over a longer period than two weeks. The fire in the ruins of the Ville Marie Convent. near Montreal. Can., is still smouldering. Nothing is left but bare walls. It IS now estimated that the loss will amount to about $1,500,000. to meet which there is an insurance of only $100,000. The convent is, however, to be re. built at once.


Article from The Wilmington Daily Republican, June 23, 1893

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Very Little for Depositors. FLORENCE, Ala., June 23.-Cashier Carr, of the Tuscumbia Banking company, is under arrest. Carr returned from New York on Wednesday and claimed to have enough money to pay depositors of the suspended bank. Instead of this he made a proposition to compromise, which was rejected, and his arrest followed. It is now thought the bank will only pay fifteen cents on a dollar.


Article from New-York Tribune, June 23, 1893

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ARREST OF A SOUTHERN CASHIER. Florence, Ala. June 22.-Cashier Carr, of the Tuscumbia Banking Co., was arrested last night. Carr returned from New-York yesterday and claimed to have sufficient money to pay depositors of the suspended bank. Instead of this he made a proposition to compromise, which was rejected and his arrest followed. It is now thought the bank will only pay fifteen cents on the dollar.


Article from The Sun, June 23, 1893

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HARD TIMES FORTHE BANKS. SIX MORE OF THEM SUSPEND IN SOUTHERN CALIFORNIA. With their Money Locked Up they Could Not Face n Email Paste San Francisco Banks Expect to See Great Exettement To-day Bad Showing of the Plankintes Bank- A Kent Estate Failure in Chicago LOS ANGELES Cal. June 22 Confidence has been restored among local bank depositors and the exciting seen of yesterday were not repeated. All the closed banks. except the City Bank, will open in A few dave. All have ample assets. but they were paralyzed by the insano panic which infected the people. The influence of these suspensions was seen to-day. when the First National and the Commeretal banks of Santa Ana closed, and were speedily followed by the banks in Orange and Tustin. This leaves the new county of Orange, which was partitioned off from Los Angeles. without a single bank remaining open. These banks are declared solvent. but they could not pay sudden demands of depositors. The People's Bank of Pomona and the Bank of Commerce of San Diego also suspended to day The latter stood a run of two days and then succumbed. The trouble with all the South California banks is that they have a large part of their coin loaned out on farms and city property on which they cannot realize. SAN FRANCISCO June 22. The effect of the bank runs insouthern California was felt in San Francisco to-day for the first time. There was a small run on the German Savings Bank to-day. but it was quickly ended by the prompt payment of all who demanded money. Considerable excitement is expected to morrow. but it is understood that if any bank is singled out for attack the others will aid it. and should this be done the trouble will be ended quickly All the leading savings banks have been adding to their reserve. so they are well prepared for any runs To-morrow will see big financial excitement in San Francisco, as it was decided to-night that the Pacific Bank would not open. The Pacific has long been regarded as the weakest commercial bank in the city Its President is Dr. R. M. McDonald, the Vinegar Bitters millionaire, but it has been managed by his son. The bank has gono into many speculative enterprises. such as the electric railway of Los Angeles. the Brown colony in Madeira and several Arizona irrigation schemes. in which it has sunk large sums. Its suspension will also probably close up the People's Home Savings Bank. an institution which has made a bid for small deposite by giving little safes for the household. The manager of the Clearing House does not think any other city banks are in danger. but the conference of bankers to-day declined tondvance funds to help the Pacific Bank becondition cause of its RIDGWAY June The Ridgway Bank, private institution. this morning posted the following notice on its deors: financial situation on interests doors. full soup on given to the public as soon can be prepared. The notice is signed by D. C. Oyster. President. and cashier. A gentleman was closoconsultation with the officials the bank during the estimates assets $364,000 and the liabilities $216,000. This bank has had the confidence of working people many whom have all their wealth in the bank's care. BIRMINGHAM, Ala. June 22 An unfounded rumor that the First National Bank had refused to pay check for $80,000 precip Itated run on that stitution this morning The bank paid out about $40.000 up to noon. when confidence was restored and the run ceased FLORENCE Ala. June Cashier Carr of the Tuscumbia Banking Company was arrested last night. Carr returned from New York yesterday claimed to have sufficient money to pay depositors of the suspended bank. Instead this he made a proposition to compromise, which was rejected, and his arrest followed. It is now thought the bank will pay only fifteen cents on the dollar. June 22.-The City National Bank of this ity was closed this morning by order of Bank Examiner Caldwell No statement of the condition has been made public. The cause of the suspension was the steady withdrawal of deposits and the stringency of the money market. There is no exeitement. the depositors generally having perfect confidence that the bank will come out Il right MILWAUKEE. June 22.-An analysis of the Plankington bank statement filed by Assignee William ankington shows that President socured in loans from the bank nearly $400,000 instead of $300,000. Of this sum $278 000 was loaned to himself and $100,000 to the Milwaukee Brass and Copper Works, which he was President. statement that fourteen firms owe the bank over $1,000,000. as follows Lappen & Co., $263,128 Lappen Furniture Com $10,210: Frederick Day. $278,000: Benedict & $105,500 Buffalo Mining Company $55,000: Got tenburg and Improvement Company $10,180 A. Hildebrand $10,000; Milwaukee Brass and Copper Works. T.Day President. $100.000; John H. Meyers. $30,000; Meyers and $25,137 Mas Brothers. $10.000; Richter Shubert & Dick $15,232: Swift Co. $10,000; Schlessinger Brothers, $45,000. The only security for the Benedict loans is forty notes made by R dozen people. the face value of which is about $15,000. The Lappen notes have security chattel mortgages, shares intheHidalgoSmithing Company, and an assignment in a tract of land contract to ninety-five acrew in Waukesha county. The Day notes are secured by Dakota lands and local real estate Thirty banks throughout this and other States were caught in the failure for various sums. BOSTON. June was decided -day by the full bench the Supreme Court that a national bank bound by the insolvency law that prohibits debtors from conveyin such a as way property ing to ereate an unjust forence. This ruling WAR made f George Chipman Arthur Tellan. and the Traders National Bank V8 George Chipbank had lent money to Dudley C. Hall. taken note secured by two conveyances Medford. These conveyances when Hall was insolvent although not assign unti five months afterward bank claimed he State Insolven law was in conflict with the United States law giving a national bank right to take and hold propand mortgages upon real perty as security for dehts previously contracted. on June The SCHENECTADY the run Schenectady Savings Bank ended at noon Yesterday 181 depositors ine-tenths of were Poles. Swedes and Italians. drew a littl $44,000. This morning $ 100 was drawn out The Schenectad Savings Bank one of the trongest and most vatively conducted bank n the State The -annual statement, published on June 15, showed bank has an actual surplus, after paying debt of over $40,000, without including the real estate State Bank Examiner after recent examination of the bank declared it to be as sound any bank in the State FAILURE IN THE COFFEE TRADE


Article from Huntsville Gazette, June 24, 1893

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CONDENSED TELEGRAMS. THE collections of internal revenue for the eleven months of the current year amounted to $145,682,390, an increase over the corresponding period of the last fiscal year of $7,457,403. H. E. CARE, the missing cashier of the Tuscumbia (Ala.) Banking Company, has returned and brought with him money to pay the depositors in full. A TERRIFIC thunder storm raged at River Falls, Wis., on the 21st. Rain fell in sheets and great floods of water formed almost in an instant in the streets. UNITED STATES SENATOR STANFORD, of California, died on the 21st. He passed away peacefully. A DISTINCT earthquake shock was felt at Savannah, Ga., on the 20th. The vibrations lasted about four seconds. and the movement was from south to north. GRADUALLY, and in the absence of export, the gold in the treasury is increasing. On the 19th it was $93,759,545, a gain of nearly $5,000,000 during the past three weeks. THE Capital Bank of Indianapolis, Ind., which suspended payment May 11th, resumed business on the 19th. There were only three men in front of the bank when Bank Examiner Young opened the doors at 9 o'clock. FOREST fires are raging everywhere in Northern Wisconsin and have done great damage to standing timber. No rain has fallen for over a month, and the fires run through the woods with almost irresistible rapidity. THROUGH the negotiations of the United States minister the Peruvian government has agreed to pay 2,000 soles to the United States commercial agent at Molendo, whose house was attacked by a mob in March. THE issue of standard silver dollars from the mints and treasury offices during the week ended June 17th, was $356,630, and for the corresponding period of 1892, $440,104. COMPLETE official returns of the Chinese registration under the Geary act have been received by Internal Revenue Commissioner Miller. They show that out of 110,000 Chinese in the United States, 13,179 registered. IRONWOOD, Mich., is scourged with typhoid fever. There are 500 cases now under treatment, and new ones are being reported every day. Last week there were sixty deaths from it.


Article from Arizona Republican, June 30, 1893

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Arrested the Cashier. FLORENCE, Ala., June 29.-Cashier Carr of the Tuscumbia Banking ccm pany was arrested last night. Carr returned from New York yesterday and claimed to have sufficient money to pay the depositors of the suspended bank. Instead of this he made a proposition to compromise, which was rejected, and his arrest followed. It is thought the bank will only pay 15 cents on the dollar.


Article from The Times, August 5, 1893

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Bank President Arrested. TUSCUMBIA, ALA., August 4.-Hinton E. Carr, late president of the Tuscumbia Banking company, was arrested yesterday at Cedar Rapids, Iowa, Carr had come here some five or six years ago from Jasper, Ala., where it is said he had wrecked a little banking enterprise, but he landed here when times were good and confidence not hard to abuse, and started a bank. He went to New York ostensibly to sell $100,000 worth of Colbert county bonds, and during his absence the suspension of his bank was announced, and it was realized that a number of people here of modest means had suffered to an extent aggregating $35,000, with no show for a cent. Carr was to have been arrested in New York, but hastened to Tuscumbia and made a plausible statement, which got him mercy and a bond. He left here at the first opportunity and had not been heard of until his arrest yesterday.


Article from The Morning News, August 5, 1893

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A BANKER A PRISONER. People of Modest Means to Lose $35,000 by His Failure. Tuscumbia, Ala. Aug. 4.-Hinton A. Carr, late president of the Tuscumbia Banking Company, was arrested yesterday at Cedar Rapids, Ia. He had come some five or six years ago from Jasper, Ala., where it is said he had wrecked a little banking enterprise. But he landed here when times were good and confidence not hard to gain and started a bank. He went to New York ostensibly to sell $100,000 worth of Colbert county bonds and during his absence the suspension of his bank was announced, and it was realized that a number of people here of modest means had suffered to an extent aggregating $35,000, with no show for a cent. Carr was to have been arrested in New York but hastened to Tuscumbia and made a plausible statement, which got him mercy and a bond. He left here the first opportunity and had not been heard of until yesterday.


Article from Mississippi Leader, August 15, 1893

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ARREST OF A BANK PRESIDENT. His Depositors in Tuscumbia Afraid of Losing Their Money. TUSCUMBIA, ALA., August 7.-Hinton E. Carr, president of the Tuscumbia Banking Company, was arrested at Ceder Rapids, Ia. Carr came here some five or six years ago fram Jasper, Ala., where, it is said, he had wrecked a little banking enterprise, but he landed here when times were good and confidence not hard to gain, and started a bank. He went to New York ostensibly to sell $100,000 worth of Tolbert county bonds, and during his absence the suspension of his bank was announced, and it was realized that a number of people here of modest means had suffered to an extent aggregating $35,000, with no show for a cent. Carr was to have been arrested in New York, but hastened to Tuscumbia and made a plausible statement, which got him mercy and a bond. He left here August 1st, and had not been heard of until his arrest.