2706. Gate City National Bank (Atlanta, GA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2424
Charter Number: 2424
Start Date: February 22, 1893
Location: Atlanta, Georgia (33.749, -84.388)

Metadata

Model: gpt-5-mini
Short Digest: 568d63be

Response Measures

None

Description

The bank closed (suspended) after discovery of a large defalcation by assistant cashier Lewis (Lewis/Redwine) Redwine in late February 1893. The closure was due to embezzlement/defalcation (bank-specific adverse information). The Comptroller/examiner transferred funds, the bank was placed briefly in receivership in late June, depositors were being paid June 29, and the bank was authorized to resume and reported reopened by late July 1893. No independent run (panic-driven withdrawal) is explicitly described as the initiating event in the articles; the trigger was the cashier's defalcation.

Events (6)

1. February 22, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of large defalcation/embezzlement by assistant cashier Lewis Redwine (shortages reported $65,000 to $95,000).
Newspaper Excerpt: When the bank closed on the night of February 22d, it had in the vaults about $38,000 in cash and $4,000 in checks.
Source: newspapers

2. March 1, 1893 Other

Newspaper Excerpt: Controller Hepburn said ... there would be no need of the appointment of a receiver for the Gate City National Bank ... Bank Examiner Stone has gone to Atlanta to assist Examiner Campbell in straightening the affairs of the bank.
Source: newspapers

3. April 7, 1893 Other

Newspaper Excerpt: Mr. Stone, the examiner in charge, was directed by Comptroller of Currency yesterday to transfer the funds in the bank to the Atlanta National Bank ... The bank has now on hand about $320,000 in cash and the cash assets ... Reorganization in the sense of reopening the bank has been given up
Source: newspapers

4. June 24, 1893 Receivership

Newspaper Excerpt: Gate City Bank in Receiver's Hands. ... The Gate City Bank, which was placed in the hands of a receiver by the Comptroller of the Currency about two months ago, will close its affairs up, paying its depositors
Source: newspapers

5. June 29, 1893 Other

Newspaper Excerpt: At 9 o'clock this morning the Gate City National Bank began paying off its depositors. ... about $160,000 was paid out.
Source: newspapers

6. July 28, 1893 Reopening

Newspaper Excerpt: Among those which have re opened during the last few days are: Gate City National Bank, Atlanta, Ga.: ... authorized by the Controller of the Currency to resume business: Gate City National Bank, Atlanta, Ga.
Source: newspapers

Newspaper Articles (23)

1. February 24, 1893 Middlebury Register Middlebury, VT

Article from Middlebury Register, February 24, 1893

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Mr. Cleveland announces that he has completed his cabinet by the selection of Richard Olney of Boston for attorney general and Hillary A. Herbert of Alabama for secretary of the navy. The second trial of Dr. Thatcher Graves for the alleged murder of Mrs. Barnaby has been set now for May 22, at Denver, Col.: meanwhile the prisoner will remain in jail, having refused all offers of bail. The Chicago & Northwestern railroad will elevate all its tracks within the city limits of Chicago at an expense of $24,000,000. The plans provide for the elevation of 27 miles of main and second track and 143 miles of side track. Henry Joy, express messenger on a New Hampshire road, was blown off while going from one car to another between Durham and Madbury Monday night. He had to walk to Durham, two miles. His face, nose, ears, hand and toes were frozen. He was thrown down three times by the terrific wind on the way. J.C. Eno, who wrecked a bank in New York and has been a fugitive from justice for nine years, has returned and surrendered himself to the authorities. He says that he was guilty of indiscretions, and expects to be acquitted. He was charged with making way with about $4,000,000 of the bank's money. His home has been at Quebec since he fled the country. A.L.8. 46 A sensation was caused in business eircles at Youngstown, O., Friday, by the failure of Robert L. Walker, a prominent banker and capitalist. The failure will be widespread in its effects, involving Gov. McKinley, and the indications are now that every dollar of property owned by the governor will be swept away. During the past ten years Mr. Walker has been rated as a very wealthy man. Five boys from 12 to 14 years old discovered a large bundle of bank bills the other afternoon in the cellar of a large brick house in Hartford, Conn. The boys were mending their double-ripper and one of their discovered the package, which they shared among them. The police have not obtained all the money, which is estimated at $500. No clue to the owner has been found. The Reading system of railway lines has again passed into the hands of receivers. The downfall of the company caused almost a panic on the New York stock exchange on Monday. The failure of the company is believed to have been the outcome of its attempt to control the anthracite coal trade of the country, a venture for the accomplishment of which it had too little capital. The disappearance and defalcation of Assistant Cashier Redwine of the Gate City national bank is the biggest financial sensation Atlanta, Ga., has known in years. The officers of the clearing house association report his defalcation is about $65,000. They declare that the Gate City national bank can pay up every cent and can pay up stockholders in full. Redwine evidently lived beyond his means for years. An important offshoot of the annexaion of the Hawaiian islands by the United States is the large number of vessels which may then be available for the American coasting trade. There are known to be some 30 or 40 large vessels owned by Americans, but sailing unler the Hawaiian colors, which may then un up the stars and stripes and be entitled all the protection and privileges of the national flag. Two Mormon preachers who had miles been Lewis county, Tenn., 25 from in Pulaski, preaching Mormonism, after being repeatedly warned to leave a he country, were, while preaching to crowd, assassinated by a band of masked men. The men road up to a side vindow of the house in which the Morwere holding their meeting, both and, nons iring through the window, killed instantly. No one else was injured. Mrs. J. Gilman Adams. who was badburned at a tenement house fire a Anna few weeks y ago, has since been at the Mass. James hospital in Newburyport. The Friday skin grafting was tried. On yound was so large that it was impossi- for le to obtain human skin enough and purpose, so frogs were used, from he them the skin was taken and graftthe hand. Nearly 300 grafts were d on The frogs were chloroformed them. before ut on. the skin was taken from 'he operation is likely to prove successui. The coroner's jury which has been inrestigating the destruction of the county find asylum near Dover. N. H., usane the evidence leads to the conclusion Lahat fire was started by Mrs. who, in soure way, and ignited her tesIt also appears Countaine, hat match the from bed or obtained the chair been ushion. that the commissioner has of andicapped mony by the limited sum Whatever money for annual repairs. been the lay it appears that every one withHowed tire, have immediate all cause con- of with the institution did the be eeted his extinguish and or her power to they I and save the inmates, cause, ames the next, or proximate with a nd as of things not in age or in un 11 duties to the poor condition enlightened unfortunates harmony keeping with who re our voluntary wards. FOREIGN

2. February 28, 1893 The Morning News Savannah, GA

Article from The Morning News, February 28, 1893

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REDWINE STILL IN JAIL. EFFORTS TO OBTAIN BAIL FOR HIM UNSUCOESSFUL. The Young Swells Who Knew Him in His Palmy Days Not Anxious to Lend Him a Helping Hand Now-The Cashier's Downfall Not Due to an Escapade With a Woman. ATLANTA, GA., Feb. 27.-Lewis Redwine, the defaulting cashier of the Gate City Bank, has not yet given bond. Efforts were made by his attorneys to do so to-day, but now that he is in a position to use them the many young swells of wealth who last week were SO willing to make good his shortage after he had fled are not so ready with their assistance. A statement by the bank examiner will be made in a day or two. Usually there is a woman or two in such a case as Redwine's, but diligent search by the gossips have 80 far failed to disclose any particular female to whom the defaulting cashier's downfall might have been even remotely due. He seems to have been fond of women, but not of any particular woman, though curiosity has been created by the bouquet which was sent him by an unknown friend the day of his capture. A QUEER NOTE. Just after Redwine had left the police station for the United States court where he was taken to have his bond set, a queer communication was sent to him. It was examined by the officers, but it was not delivered to him. It was written on a deposit slip of the Gate City National Bank and on one side was inscribed, "Therefore doth my Father love me because I have lain down my life that I mighttake it up again." Below this is written, "John X., 17." On the opposite side was written: "These things I command you, love one another." Just below was the quotation, "John XV., 17." Just who wrote this note is not known. It was written in a slanting hand and no signature was attached that would give any clew to the writer. NO RECEIVER NEEDED. WASHINGTON, Feb. 27.-Controller Hepburn said this morning that as far as he was advised there would be no need of the appointment of a receiver for the Gate City National Bank of Atlanta, Ga. Bank Examiner Stone has gone to Atlanta to assist Examiner Campbell in straightening the affairs of the bank.

3. February 28, 1893 New-York Tribune New York, NY

Article from New-York Tribune, February 28, 1893

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NO NEED OF RECEIVERS FOR THE BANKS. Washington, Feb. 27.-Controller Hepburn said this morning that as far as he was advised. there would be no need of the appointment of receivers for the Gate City National Bank, of Atlanta, Ga., or for the First National Bank, of Wilmington. Del., both of which recently suffered losses through employes. Bank Examiner Stone has gone to Atlanta to assist Examiner Campbell In straightening the affairs of the Gate City Bank.

4. March 2, 1893 The Times Richmond, VA

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HIS SHORTAGE $93,000. The Money Taken From the Gate City National Bank by Redwine. WASHINGTON March 1.-The Comptroller of the Currency is advised that the defalcation of Assistant Cashier Redwine, of the Gate City National Bank of Atlanta, Ga., will foot up $95,000 The bank will probably be reopened soon. and the necessity of putting it in the hands of a receiver avoided.

5. March 2, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, March 2, 1893

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Redwine's Defalcation 893,000. [By telegraph to the Dispatch.) WASHINGTON, D. C., March 1. .-The Comptroiler of the Currency is advised that the defalcation of Assistant-Cashier Redwine, of the Gate City National Bank. of Atlanta, Ga., will foot up $95,000. The bank will probably be reopened BOOD and the necessity of putting it in the hands of a receiver avoided.

6. March 2, 1893 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, March 2, 1893

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Redwine's Defalcation $93,000. WASHINGTON, March 2. - The comptroller of the currency is advised that the defaleation of Assistant Cashier Redwine, of the Gate City National bank of Atlanta, Ga., will foot up to $95,000. The bank will probably be reopened soon, and the necessity of putting it in the hands of a receiver avoided.

7. March 3, 1893 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, March 3, 1893

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hand of Columbus, Ind., is the only heir to this vast estate. three-cornered fight at West resulted in of Liberty, A Ky., all three the combatants being killed. The coal dealers of Boston and vicinity have reduced the price of anthracite coal fifty cents a ton. The Manhattan Athleticclub house has been closed by a receiver, the debts aggregating nearly $1,000,000. The supreme court of Kansas, it is declared by the populist senate, has no jurisdiction in the house muddle. Two Mormon proselyters, who have among Tennessee peowere assassinated been ple, working by masked men. Rev. David Keene, for nearly half a century, rector of St. John's Episcopal church, Milwaukee, is dead. The Kansas populist passed house of resolution the legislature a in favor of removing the state capital to Kanapolis. John Hughes, a theological student of Moberly, Mo.. insulted a white girl on the street and was shot full of holes by her brothers. Gen. Beauregard, the ex-confederate and one of the principal members of the Louisiana Lottery company, died at New Orleans. Governor McKinley has assigned all his property for the benefit of creditors of the Walker failure, and is thus rendered penniless. John G. Eno, the defaulting bank president, who has been missing for many years, has surrendered himself in the United States court, at New York. The wholesale grocery firm of Beaupre. Keogh & Davis of St. Paul has assigned. The liabilities will approximate $400,000: the assets $288,000. Mrs. Thos. Schlicher, wife of a motorman, of Allentown, Pa. was delivered of four children, one boy and three girls. All died shortly after birth. Charles M. Jackson. ex-treasurer of Crawford county, Mich. has been arrested on the complaint of the supervisors charged with the embezzlement of county funds during his term of office. It is said the shortage will amount to over $13,000. The jury in the murdercase against Hugh )'Donnell brought in a verdict of not guilty. He was accused of being an active participant in the Homestead riot. during which T. .1. Connors, a Pinkerton detective received the wound which cost him his life. A party of body-snatchers, among them Dr. J. W. Overton. dean of the Drake University medical department, and John W. Shaffer of the United States signal office were caught in the act of robbing a grave at Des Moines. The affair caused a great sensation. The Chicago Times is agitating the return to the United States government of the $2,500,000 advanced to the Columbian Exposition coilmission on condition of Sunday closing, and thereby release the commission from the pledges given on accepting gift. Winona has a ghost. A week ago the watchman in the railway tower became insane and was killed by an engine. Since then three different watchman have been employod and each has quit on account, as they allege, of an unearthly figure that visits the tower each night. Allan Manvel. pres dent of the Sante Fe railroad, died last week at San Diego, Cal., where accompanied by his wife, he arrived three weeks ago from St. Paul for the benefit of his failing health. It is believed the cause of his death was Bright's disease. The disappearance and defalcation of Assistant Cashier Redwine, of the Gate City National bank. of Atlanta, is the biggest financial sensation Atlanta has known for years. This morning a thorough examination of the bank's affairs wasmade by officers of the clearing house association, and they reported the defalcation was about $65,000.

8. March 30, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, March 30, 1893

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Investigation of the Atlantic Bank Defalcation Suddenly Ended. The Matter Was All Ready to Lay Before the Grand Jury, When Attorney General Olney Wired to Suspend Action. Forgeries of the Whisky Certificate Made in a Bunglesome Manner. ATLANTA, Ga., March 29.-The following sensational story is printed here this afternoon: The investigation of the Gate City bank defalcation by the United States grand jury has been brought to a sudden stop. Day and night for some time past United States District Attorney Darnell and Capt. Henry Jackson have done herculean service in pushing this investigation; they have literally gone to the bottom of things. Mr. Parnell announced yesterday in court that today very important matters would be laid before the grand jury, and while it was not stated that they were connected with the Gate City bank affairs, the public were anxious to know what action the grand jury would take this morning. It is a fact that the matter which the grand jury was to have handled today was the Gate City bank case. A number of new bills against citizens of Atlanta, charging them with violating the law in connection with the failure of the Gate City bank had been elaborately drawn and witnesses were at hand. All were ready to go on with the investigation. sensational developments were expected, but the investigation was summarily stopped, AttorneyGeneral Onney wiring from Washington to suspend action until further notice, and this morning in the United States court, the grand jury, which was ready to take in hand these new and most important bills against others than Redwine, was dismissed until April 10.

9. March 31, 1893 The State Chronicle Raleigh, NC

Article from The State Chronicle, March 31, 1893

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TOM COBB JACKSON DEATH. UNFITS HIS FATHER TO ACT AS COUNSEL IN THE GREAT BANK MATTER. His Services Temporarily Suspened but not Removed-Thesitualion an Intricate One. WASHINGTON, March 30 -It is author itatively learned at the department of justice that special counsel Henry W. Jacks n, employed in the Gate City National bank case, of Atlanta, Gs, has not been removed, but any further action on his part in the case has been suspended until Attorney General Olney and Secretary Carlisle of the tressury depart ment agree upon the course to be pur sued. The Gate City National bank case as far as information reaches here goes, has assumed a very peculiar phase The bank today, in the opinion of treasury officials, is in a position to open its doors and pay off every dollar of its indebted ness caused by the defalcation of Redwine, its cashier, but there is said to be some disagreement 88 to who shall constitute the board of directors, and for that reason principally the bank has not been re opened. Oa the other hand it is understood that several of the old di rectors are open to the charge of having wrongfully taken money from the bank. This view is said to be held by special counsel Jackson, who was formerly at torney for the bank. Gen. Jackson's son, it will be recalled, committe d suicide shortly after Red wine's defalcation, and in some way not clearly indicated, the suicide of young Jackson was connected with Redwine's defalcation. Gen. Jackson's special counsel in this case, was natur ally very much grieved at the suicide of his son, and the intimation unofficially thrown out here is that General Jackson has become overwhelmed with grief and has made very wild statements and in sinuations against some of the old board directors, so grave in characters that the government has felt called upon to stop the further action on his part in the case, until the most thorough and searching investigation of the banks condition car be made. Attorney-General Oaley has no further information on the subject of a General Jackson's contemplated visit t b Washington than that contained in th newspapers.

10. March 31, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, March 31, 1893

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REDWINE DEFALCATION. An Atlanta Bank Scandal to Be Investigated. WASHINGTON, March 30.-It is authoritatively learned at the Department of Justice that Special Counsel Henry W. Jackson, employed in the Gate City National Bank case at Atlanta, Ga., has not been removed, but that any further action on his part in the case has been suspended till Attorney-General Olney and Secretary Carlisle of the Treasury agree on the course to be pursued. The case has assumed a very peculiar phase. The bank to-day, in the opinion of Treasury officials, is in a position to open its doors and pay every dollar of its indebtedness caused by the defalcation of Cashier Redwine; but there is said to be a disagreement as to who shall constitute the Board of Directors. On the other hand, it is intimated that several old directors are open to the charge of having wrongfully taken money from the bank. Jackson was formerly counsel for the bank. His son committed suicide shortly after the Redwine detalcation became known. This overwhelmed Jackson with grief, and it is said he made some very wild statements as a result against the members of the old Board of Directors. They are so grave that the Government felt called on to stop further action on his part in the case till a searching investigation of the bank's condition is made.

11. March 31, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, March 31, 1893

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A PECULIAR PHASE Of the Gate City Bank Affair-Gen. Jack. son's Proceedings Stopped. WASHINGTON, D. C., March 30.-It is authoritatively learned at the department of justice that Special Counsel Henry W. Jackson, employed in the Gate City Bank case. Atlanta, Ga., has not been received, but any further action on his part in the case has been suspended until Attorney General OIney and Secretary Carliale, of the treasury department, agree upon a course to be pursued. The Gate City Bank, as far as information reaches here goes, has assumed a peculiar phase. The bank to-day, in the opinion of treasury officials, is in a position to open its doors and pay off every dollar of its indebtedness caused by the defalcation of Redwine, the cashier, but there is said to be some disagreement as to who shall constitute the board of directors, and for that reason principally the bank has not been reopened. On the other hand it is intimated that several of the old directors are open to the charge of having wrongfully taken money from the bank. This view is said to be held by special counsel Jackson, who was formerly attorney for the bank. General Jackson's son, it will be recalled, committed suicide after Redwine's defalcation and in some way, not clearly indicated, the suicide of young Jackson was connected with Redwine's defalcation. General Jackson, the special counsel in this case, was naturally very much grieved at the suicide of his son and the intimation officially thrown out here is that General Jackson has become overwhelmed with grief and has made very wild statements and insinuations against some of the old board of directors, so grave in character that the government has felt called upon to stop further action on his part in the case until a most thorough and searching investigation of the bank's condition can be made.

12. March 31, 1893 New-York Tribune New York, NY

Article from New-York Tribune, March 31, 1893

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THE GATE CITY BANK CASE. WHY THE GOVERNMENT HAS SUSPENDED THE INVESTIGATION. Washington, March 30.-It is learned that the special counsel. General Henry W. Jackson, employed in the Gate City National Bank case at Atlanta, Ga., has not been removed. but any further action on his part has been suspended until Attorney-General Olney and Secretary Carlisle, of the Treasury Department, agree upon a course to be pursued. The bank to-day. in the opinion of Treasury officials, is In a position to open its doors and pay off every dollar of its indebtedness caused by the defalcation of Redwine. General Jackson's son committed suidide soon after Redwine's defalcation, and In some way not clearly indicated the suicide of young Jackson was connected with Redwine's defalcation. General Jackson was much grieved at the suicide of his son, and the intimation unofficially thrown out here is that General Jackson has become overwhelmed with grief. and has made wild statements and Instruations against some of the old board of directors, so grave in character that the Government has felt called upon to stop further action on his part in the case until a most thorough and searching investigation of the bank's condition can be made.

13. April 8, 1893 The Times Richmond, VA

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THE MONEY UNLOCKED. Funds in the Gate City Bank Put in Circulation. ATLANTA, GA., April 7.-The money locked up in the vaults of the Gate City Bank was turned back into circulation to-day. Mr. Stone, the examiner in charge, was directed by Comptroller of Currency yesterday to transfer the funds in the bank to the Atlanta National Bank. The work of counting the funds and removing the fund began this morning. This is not the usual proceeding, but to meet the general desire to have the money unlocked the Comptroller took this step. The depositors do not get their money yet, but the $200,000 or more in actual cash row in the Gate City Bank will be in another National bank, which can loan it out and relieve the financial stringency. It has been decided also to liquidate. The bank will not go into the hands of a receiver if the present plans can be carried out, and there is every reason to believe they can be. Bank Examiner Stone thinks the bank will soon have enough money in hand to open its doors and pay all the depositors as fast as they come up. He will not open the doors until there is a dollar on hand for every dollar that is owed. The bank has now on hand about $320,000 in cash and the cash assets, When the bank closed on the night of February 22d, it had in the vaults about $38,000 in cash and $4,000 in checks. Mr. Stone says he thinks the inconvenience caused by locking up the bank's money has been over estimated, but he deemed it a wise thing to have a transfer made of the money to another bank, where it will be availabe for regular banking purposes, and so recommended to the Comptroller. Since the bank closed the maturing paper has been collected very promptly, considering that it is a suspended bank. Some debtors have not been prompt, but they are good, and the money will be obtained. Mr. Stone states that the paper which the Gate City Bank was carrying was of a high class as a rule, and there will 'be very little of it that cannot be collected. Every depositor will get dollar for dollar, and the stockholders will get par or very near for their stock. Reorganization in the sense of reopening the bank has been given up

14. June 25, 1893 The Times Richmond, VA

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BANK FAILURES SOUTH. Bank of Cartersville Suspends Payment. Receiver for Another. ATLANTA, GA., June 24.-The Howard Bank, of Cartersville, Ga., the largest town between Atlanta and Chattanooga, suspended payment this morning, owing to the withdrawal of funds by depositors and the inability of the bank to realize on its assets and on account of general hard times. The bank has posted a notice that depositors will be paid in full as soon as collections can be made. It has heretofore been considered one of the strongest banks in the smaller towns of the State. Gate City Bank in Receiver's Hands. ATLANTA, GA., June 24.-The Gate City Bank, which was placed in the hands of a receiver by the Comptroller of the Currency about two months ago, will close its affairs up, paying its depositors

15. June 30, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, June 30, 1893

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Depositors Being Paid. (By telegraph to the Dispatch. ATLANTA. GA., June 29.-At 9 o'clock this morning the Gate City National Bank began paying off its depositors. There was a stoady stream of depositors all day. and about $160,000 was paid out. The deposits withdrawn were all small ones. the larger depositors holding off until after the rush. The payment of this money IS having au excellent effect on business.

16. June 30, 1893 The Morning News Savannah, GA

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Paying Gate City Bank Depositors. Atlanta, Ga., June 29.-At 9 o'clock this morning the Gate City natioal bank began paying off its depositors. There was a steady stream of depositors all day and about $160,000 paid out. The deposits withdrawn were all small ones, the larger depositors holding off until after the rush. The payment of this money is having an excellent effect on business.

17. June 30, 1893 The Times Richmond, VA

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Paying Off Depositors. ATLANTA, GA., June 29.-At 9 o'clock this morning the Gate City National Bank began paying off its depositors. Ther was a steady stream of depositors all day, and about one hundred and sixty thousand dollars was paid out. The deposits withdrawn were all small ones, larger dpositors holding off until after the rush. The payment of this money is having an excellent effect on business.

18. July 13, 1893 The Gold Leaf Henderson, NC

Article from The Gold Leaf, July 13, 1893

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THE SILVER QUESTION AND THE SOUTH. The Baltimore Manufacturer's Record, of June 30th, speaking of the stringency in the money market and its effect upon the South financially, says this: The siver question has increased the feeling of financial distrust throughout the country. Every section reports greater stringency in money matters. The action of India in declaring against silver as a monetary standard has had an unfavorable effect, but this may be only temporary. The South is passing through the time of trial with credit, which will prove a great benefit to it when the feeling of confidence in investments is fully restored. According to Bradstreet's, fifty-four concerns suspended in the South during the week ending June 22, against 369 in the United States, of which 142 were in the West and Northwest and fifty-three on the Pacific coast. Of the Southern failures but nine were over $5,000. Dividends are being declared by banks and corporations from Maryland to Texas. The State of Tennessee will meet its July interest promptly. Many dividends have been paid in advance to relieve any pressing demands of investors. Thus far no banks have applied for clearing-house certificates in Baltimore or New Orleans, though nearly $6,000,000 in certificates have been drawn from the New York clearing-house. The inability to realize on paper good at any other period is the reason given for most of the Sohthern failures of the week. The local trouble at Wilmington, N. C., and Brunswick, Ga., seems to be over. The Bank of the Carolinas has resumed business and is paying dollar for dollar. The Gate City Bank creditors have been paid in full, which relieves the situation at Atlanta considerably. The Georgia Central decision will settle the uncertainty about that system. Chicago passenger business is increasing Southern railway earnings, and their stocks have not been affected beyond the general range of the market, except in the case of the Chesapeake & Ohio. The suspension of iron works in Pennsylvania and the West may counterbalance the effect on Southern furnaces made by the recent advance in Northern freights. The dividend declared by the Tennessee Coal, Iron & Railroad Co. was a feature of the situation during the week.

19. July 24, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, July 24, 1893

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Bank Troubles Since January 1. 1 WASHINGTON, July 22.-Since Jan. nearly 200 national banks have closed their doors, against less than 50 during the same period last year. Of the failures this year five have been United States depositories, as follows: The First national bank of Little Rock, the Gate City national 1 ank of Atlanta, the People's national bank of Denver, the German national bank of Denver, the Kentucky national bank of Louisville. The latter bank which closed its doors today had by the last report received $330,000 of United States funds. The government, however, will not lose anything by these failures, as each national bank that is a government depository has to deposit United States bonds to the amount of government money it is allowed to carry. These bonds, in case of failure, are sold for the account the government and as United States bonds are at a premium in the financial market there is never any difficulty in realizing. Saturday's Bank Failures. LOUISVILLE, July 22. - -The Kentucky National Bank of this city closed its doors this morning. The capital stock is $1,000,000 paid up. This bank is a government depository, and its last statement showed $190,000 to the credit of the government. The loans and discounts outstanding amounted to $1,719,966 and the surplus was $108,500. KNOXVILLE, July 22.-The - State National bank closed this morning. The notice posted on the door says: "This bank has closed for liquidation. Depositors will be paid in full." Liabilities and assets are not known. MILWAUKEE, July 22.-The Milwaukee National bank and South Side Savings bank failed to open their doors this morning. Runs were made on all the leading banks in the city. Cleveland Counts Up. NEW YORK, July 25.-The - Bond Buyer today prints the following: "Just as we go to press we learn that President Cleveland has had made by one of the most

20. July 28, 1893 The Durham Daily Globe Durham, NC

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IN THESE days of suspensions and failures it is gratifying to note that many of them are due only to temporary embar rassments and that many of the reputed bursted banks are over their trouble and are again doing business. Among those which have re opened during the last few days are: Gate City National Bank, At lanta, Ga.: First National Bank, Los Angeles, Cal.; First National Bank, San Diego, Cal.: First National Bank, Santa Anna, Cal; First National Bank, San Bernardino, Cal: the Southern California National Bank, Los Angeles, Cal: Merchants' National Bank, Fort Worth, Tex.; Second National Bank, Ashland, Ky.; Capital National Bank, Indianapolis, Ind: First National Bank, Palouse City, Wash; Washington National Bank, Spokane Falls, Wash; National Bank of Commerce, Provo City, Utah, and First National Bank, Cisco, Texas.

21. July 29, 1893 New-York Tribune New York, NY

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It is to be observed that in twenty-one States and Territories there have been no !ailures of National banks, viz: In Alaska, Arizona. Arkansas, Connecticut. Delaware, District of Columbia, Idabo, Indian Territory, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Nevada, New-Jersey, Pennsylvania. Rhode Island, South Carolina, Vermont, Virginia and West Virginia. It is further worthy of note that no National banks have failed in Boston, Brooklyn, Philadelphia, Pittsburg, Baltimore, Washington, Buffalo, Cincinnati. St. Louis, New-Orleans, San Francisco, Minneapolis, St. Pan! and numbers of other great commercial centres: and that but one has closed in New-York, two in Chicago. and one In Milwankee. The cause of the failures in NewYork and Chicago was due largely to mismanagement, as were numbers of others. Local scares have caused many of late to suspend. Nine of the banks failed were robbed by officials who are now under arrest. The following National banks have been authorIzed by the Controller of the Currency to resume business: Gate City National Bank, Atlanta, Ga.: First National Bank. Los Angeles, Cal.: First National Bank, San Diego, Cal.: First National Bank, Santa Ana, Cal.: First National Bank, San Bernardino, Cal.: Southern California National Bank, Los Angeles, Cal.: Merchants' National Bank. Fort Worth, Tex.: Second National Bank, Ashland, Ky.: Capital National Bank, Indianapolis.: First National Bank, Palouse City, Wash.: Washington National Bank, Spokane Falls, Wash.: National Bank of Commerce. Provo City, Utab: First National Bank. Cisco, Texas: Missouri National Bank, Kansas City, Mo. Many more will reopen, as the majority of those recently failed are absolutely solvent, and only closed through an unwarranted lack of confidence in them, causing disastrous runs. Resume: Number now in operation, 3,785: number failed since January 1, 1893. 105; number reopened, 14: number In hands of receivers, 33: number In hands of Bank Examiners, with application to Controller for resumption, 58.

22. November 2, 1893 The Evening World New York, NY

Article from The Evening World, November 2, 1893

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# Suspended Bank Cashier Indicted. ATLANTA, Ga., Nov. 2.-Edward McCandless, Marshal of Atlanta, was indicted yesterday by the United States Grand Jury. McCandless was cashier of the suspended Gate City National Bank, and is charged with having paid a draft for $5,000, drawn by T. Cobb Jackson, when Jackson had no funds in the bank. McCandless is also charged with having conspired with Redwine to deceive National Bank Examiner Campbell.

23. November 2, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, November 2, 1893

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ATLANTA'S MARSHAL INDICTED. He Was Involved With Redwine in the Gate-City Bank Mess. (By telegraph to the Dispatch.) ATLANTA, GA., November 1.-Edward McCandless, Marshal of this city, was indicted to-day by the grand jury. McCandless was cashier of the Gate City National Bank before it suspended. He is charged with having paid a draft for $5,000 drawn by T. Cobb Jackson when Jackcon had no funds in the bank. Jackson committed suicide after Redwine, the assistant cashier, absconded. McCandless is also charged with having conspired with Redwine to fool National Bank Examiner Campbell. Redwine palmed off some $25,000 twice on Campbell, and thus hid a shortage which existed in the bank. McCandless gave bond.