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Bank Suspended. New York, March 26.-Advices received in this city to-day announce that the bank of Rome. Georgia, has suspended. No further pardeulars are given.
2996. Bank of Rome (Rome, GA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- March 26, 1881
- Location
- Rome, Georgia (34.257, -85.165)
Metadata
- Model
- gpt-5-mini
- Short Digest
30f53f70
Response Measures
None
Description
The Bank of Rome (Rome, GA) suspended payments on March 26, 1881. Coverage attributes the suspension to heavy advances on cotton shipments damaged by floods, causing New York buyers/banks to refuse payment. A receiver (J. H. Reynolds) was appointed and later court actions treated the bank as insolvent (State granted preferred claim), consistent with a permanent closure/insolvency rather than a temporary suspension. No contemporaneous article describes a depositor run.
Events (3)
1.
March 26, 1881
Receivership
- Newspaper Excerpt
- J. H. Reynolds, President of the First National Bank, was appointed receiver, and it is thought the bank of Rome will meet all its liabilities.
- Source
- newspapers
2.
March 26, 1881
Suspension
- Cause
- Local Shock
- Cause Details
- Heavy advances on cotton shipments; recent floods damaged cotton consignments so New York buyers/banks refused to pay the bank's drafts, leaving it without funds.
- Newspaper Excerpt
- The Bank of Rome suspended payments this morning.
- Source
- newspapers
3.
April 25, 1881
Other
- Newspaper Excerpt
- The Supreme Court of Georgia ... giving the State a prior claim to the assets of the bank over personal and all other creditors of the bank.
- Source
- newspapers
Newspaper Articles (13)
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SUSPENSION OF A GEORGIA BANK. CHATTANOOGA, Tenn., March 26.-A special dispatch to The Times. from Rome, Ga., states that the Bank of Rome has suspended. The Bank was started in April, 1874, with an authorized capital of $500,000. but only $50,000 was paid in, the entire subscribed stock then being owned by the President, A. T. H. Brower, and Isaac Ogden jr., of NewYork city. The bank did a large business with cotton dealers. but reasonable profits could not be realized, and on February 20, 1879 the bank and charter were sold to a new corporation with C. S. Samuel as President and E. D. Traske as Vice-president, the working capital being $50,000. Tueir report last May showed the average depositis to be $75,000 and the surplus to be $12,649, the real estate being valued at $10,500 and being without encumbrance. The New-York correspondent was the Bank of North America.
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The Bank of Rome Suspends. ROME, GA., March 26.-The Bank of Rome suspended payments this morning. The liabilities are as yet unknown. LaFayette's Grandson Dead.
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ALL AROUND THE GLOBE. Prince Charles has been proclaimed king of Roumania. A special from Rome, Ga. says the Bank of Rome has suspended. Carl Schurz was dined Saturday evening by prominent Germans of New York city. Gen. Jas. B. Steedman has been nominated by the Democrats of Toledo, O., for mayor. The Jay Gould administration is making numerous changes in the operative force of the Western Union in New York city. General Wood has been appointed high commissioner of Southeastern Africa and governof of the British possessions. Somebody unknown has been writing threatening blackmailing letters to F.C. Bessions, a bank president at Columbus, 0. The pigeon shooting match between Dr. Carver and Rover, to have taken place the 31st inst., has been abandoned by mutual consent. Hattie Deue, the silent woman of Iowa City, has completed the thirty-first day of her fast and is considered good for several days more. James Walsh, tried for the murder of his sweetheart, Barbara Gryenthal, in Brooklyn last May, has been found guilty of murder in the first degree and remanded for sentence. The Central Tunnel railway company filed articles of incorporation at Albany Saturday. Capital $5,000,000. It is to run from city hall, New York, to the Grand central depot, New York. The woolen mills owned by Dolbreck, Sergeant & Co., at Columbus, Ind., were burned Saturday morning. Loss, $75,000; insurance, $25,000.. John Knight, watchman, perished in the flames. A missionary (M. Milum) reports that the custom of making human sacrifices still prevails at Abomey, Africa, several hundred natives having been barbarously sacrificed during his recent stay there. A coroner's jury Saturday returned a verdict in the case of the little boy found dead in an alley in the heart of Detroit last week that he came to his death from causes unknown. The case is a very mysterious one. A train on the Little Miami railroad at Jamestown Crossing Saturday morning struck a wagon containing William Dean and wife. Both were seriously if not fatally injured and the team was demolished. Michael J. Reilly, who killed Rufus Hatch on the 9th inst., was discharged by the criminal court at Carrollton, Mo., Saturday, after hearing the evidence for the prosecution, the judge holding the homicide justifiable. John F. Cahill, of St. Louis, has obtained the indorsement of the president of the Cincinnati board of trade to the recommendation given him by the St. Louis chamber of commerce and board of trade for the position of minister to Mexico. The wife of ex-President E. b. Fairchild, of Hillsdale college, Michigan, and present chancellor of Nebraska State university, was found dead in bed Saturday morning, at Mendon, Ill. She had been at her daughter's in Kalamazoo and was going home. St. Louis rejoices over a new time indicator, a ball on top of the Jaccard building, which is dropped at exactly noon each day, St. Louis time, and is operated by electricity from the Morrison observatory at Glasgow 200 miles away, by Prof. Pritchett in charge of that institution. The Excelsior stove manufacturing company of St. Louis, whose hands struck about three weeks ago because they would not discharge four non-union men in their employ, announces that hereafter no member of the union will be allowed to work in its shops under any circumstances.
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MINOR TELEGRAMS Ex-Secretary Schurz was entertained at dinner by the German residents of New York Saturday night. The house and barn of Hugo Obermpt at East Hampton, Mass., were burned Saturday night. Loss $5000; insurance $3500. Chicago proposes to celebrate the anniversary of the great fire, which occurs in October. A despatch from Rome, Ga., states that the bank of Rome has suspended. Liabilities not given. Mr. W. E* Dawson, stenographer in the Secretary's office of the War Department, has been granted two months leave of absence by Secretary Lincoln and will accompany Gen. Grant on his visit to Mexico, acting as his secretary and stenographer. The Saxony woolen mills at Columbus, Ind., owned by Dalerubber, Sargent & Co., were burned Saterday. Loss $75,000 to $100,000; insurance $25,000. The Mississippi river has broken up at Warsaw, Ill., without damage. In the billiard match in New York for $1000 Saturday night, R. Heiser won making 417 against Carter's 380 points. Keith's shoe factory at South Abington, Mass., was burned Saturday night. Loss $25,000. The Wabash railroad is to be extended to Des Moines. James Walsh was found guilty of nurder in the first degree in New York, Saturday, for the killing of Barbara Goenthal. He was remanded for sentence. Chas. O'Brien, second mate of the ship Orient, was burned to death in a fire at a sailor's boarding house in New Orleans, Saturday. It is reported that the Receiver of the Lehigh Coal Company will be removed this spring and the Jersey Central and Lehigh unite interests. The second installment of 10 per cent. on subscriptions to the stock of the American Cable Construction Co. has been called for, payable on the 31st. A promineLt executive officer of the Northwestern Railroad Company declares the snow storm damages to this road have been comparatively small, and that the spring season has never been so late as to prevent farmers from sowing all the spring wheat they wished to put in. Gen. James B. Steadman has been nominated as the Democratic candidate for mayor of Toledo, Ohio. Gen. Geo. R. Leet, a well known member of Gen. Grant's staff throughout the war, and member of the firm of Leet & Stocking of New York, died at Grand Rapids, Mich., Saturday. The Iowa line of the Illinois Central is now open. The cuts on the Wisconsin division of the Chicago & Northwestern, between Howard, Ill., and Janesville, Wis., are still obstructed. The Dominion governmeut and syndicate have been in communication with reference to the matter of constructing the Vancouver Island railway, as a part of the Canada Pacific railway. Oscar De Lafayette, Senator of Frauco and grandson of Gen. Lafayette, is dead. Bank Commissioner Lyman of New Hampshire, reports the deficiency in the Ashuelot savings bank to be $112,490.22 Ex-Secretary Exarts declines a dinner tendered him by prominent citizens of New York. Thomas M. Halpin, a widely known Irish leader, died in Chicago yesterday.
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BANK SUSPENSION. Special Dupatch to The Chicago Tribuna. ATLANTA, Ga., March 25--The Bank of Home, Gu., suspended business co-day. Liabilities not known. The State of Georgia had over $50,000 lu its vaults. The bank was run In the Interest of cotton buyers, and has u good deal of money
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BUSINESS FAILURES. sh & Custer, groMARION, Ind., March 28. cere, of this city; closed their doors this morning. Assuts and liabilities are unknown. Their linbilities may rench 86,000; the assots will probably balance one-half of that. MEMPHIS, Tenn., March %s.-Shorwood & Co., wood and willowware, made an assignment this morning. ALBANY, N. Y., March 28.-Henry Rowland, jewelor, has . assigned. Liabilities, $75,000; ussets, $00,000. ROME, Qa.. March 28.-Liabilities of the Bank of Rome, exclusive of capital stock, $105,000; nominal assets. $221,000. CANDEN. N. J., March 28.-The Josse W. Starr Iron-Works bay U closed. throwing is large number or usads out or employment.
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The office of commissioner of Indian affairs being looked after. The two candidates most prominent are Hon. Jerry Rusk of Wisconsin and Mr. Stickney, secretary of the board of Indian peace commissioners. Judge Bennett of Dakota is also being urged upon the attention of Secretary Kirkwood, but as he has not yet determined on making a change in that office, the matter hangs fire It appears from the books of the treasury department that, after all there were deductions made from the salary of Senator Sharon of Nevada on account of his chronic absence. Mr. Sharon did not put in an appearance at any period of the extra session which commenced on March 18, 1879, and ended on July 1 of that year, and by order of the secretary of the senate his pay for that entire period was retained and covered back into the treasury. The republican senate cancus has agreed to make a Virginia Readjuster, in the person of Senator Riddlebeger, sergeant-at-arms, Geo. C. Gorham for secretary and Chas. W. Johnson of Minnesota, for chief clerk. Riddlebeger is a warm personal friend and political ally of Senator Mahone. He was in the confederate army, and is now editor and proprietor of the Weekly Readjuster at Woodstock, Va. Mr. Johnson was nominated at the instance of Senator McMillan. The nomination of Robertson, who led the fight against Grant and Conkling in New York last fall, for collector of the port of New York city, creates surprise and considerable comment. The collector of New York has a large patronage and will wield an immense political power, more than any other officer in the State. Conkling, it is said, greatly perferred not to have this power in the hands of a man who opposed him 80 strongly as Robertson. It is learned positively that Conkling and his friends are very indignant at the nomination of Robertson and threaten to oppose his confirmation. CURRENT EVENTS. The bank of Rome, Georgia has suspended. Gov. C. C. Washburn, now at the HotSprings, is not improving as rapidly as his friends could wish. Gen. John Crawford, aged eighty-eight, prominent in the war of 1812, died at Wauwatoosa, Wis. The Rhode Island Republican State convention, unanimously mominated the present State officers for re-election. Minister Christiancy gave his private secretary $1,800 with which to get testimony damaging to Mrs. Christiancy. Col. E. A. L. Roberts, the inventor and patentee of the successful torpedo for oil wells, died suddenly, at Pittsville, Pa. The democrats of Chicago have renominated Carter H. Harrison for Mayor, and the Toledo democrats have nominated Gen. James H. Steadman. The pressed glass manufactures of Pitts burg have resolved to shut down from May to September. This will reduce the stock of table ware very perceptibly. The wife of ex-President E. B. Fairfield of Hillsdale college, Michigan, and the present chancellor of the Nebraska State university, was found dead in bed, at Mendon, Illinois. It is understood that Gen. Grant resigned the presidency of the Worlds's Fair because of the lack of interest displayed in the fair by the residents of New York, and demands of private interests which require all his time. Mrs. Senator Carpenter has engaged Judge Black to settle up her husband's estate, which estate is worth from $130,000 to $150,000. The senator died leaving will, and the estate will have to go through the probate court. The decision of Judge Adams in the Keokuk Northern Line Packet company denied the petition of the Davidson party to have the property turned over to them by the assignee. A special says that "the effect of this decision is a disastrous defeat to the new board represented by Capt. Lowery, behind which is the Davidson power and interest." The first train on the southern Minnesota from Fairmont since the 8th arrived at La Crosse on the 21st. The process of shoveling out on the extreme west end has been slow on account of difficulty in moving men. There are engines all along the line, but the fuel supply is scant and needed for the use of the people. For this reason no trains are moving on the cleared sections west of Jackson. Beecher has sold his house on Columbia Heights, Brooklyn. He has lived in the house many years. The house was mortgaged some years ago for $10,000, and subsequently for $5,000; the last named sum being raised for the benefit of Theodore Tilton, when the scandal, which afterward came to light, was being smothered. It is understood that Beecher expects to remove his home to Peekskill, but will probably continue to have a winter residence in Brooklyn.
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NEWS IN GENERAL. Gen. Grant has tendered his resignation as President of the World's Fair Commission of 1883. The chief of the Bureau of Statistics reports the arrival of 15,075 immigrants in the United States during the month of February, 1881. The total number reported to have arrived during the eight months, ending February 28, was 305,022. A meeting of the Readjuster State Committee endorsed the course of General Mahone in the Senate. The Demoeratic State Convention of Rhode Island met and passed resolutions declaring that the Democrats of Rhode Island unite with the Democratic Senators in Congress, especially with Senator Hill, of Georgia, in denouncing the unprecedented action of the Republican party in organizing the national Senate in their own interests, and denouneing the unmanly, dishonest and treacherous course of Senator Mahonein aiding and abet. ting the Republican party. Republicans interested in appointments in the Southern States have suggested to the President the recalling of Gen. Longstreet from Turkey and making him Marshal of Georgia. After being out twenty-four hours the jury in Kallooh's case brought in a verdict of not guilty. The verdict was received with much applause. He was arraigned for killing Dr. Young, who abused his father. The Illinois Legislature has passed a bill for the regulation of the trafic in deadly weapons, and to prevent the sale of deadly weapons to minors. Any person carrying deadly weapons, or any person selling, hiring or giving such weapons ta minors, will be amenable to heavy fines. A shocking scandal is exposed at the Detroit, Michigan, asylum. A female emplye and former patient named Celia Wyncoop is about to become a mother, and an investigation will be made to settle various ugly charges against officers of the institution. The Kansas Legislature has passed a prohibitory liquor law, which is stringent enough to gratify the most ardent total abstainer. The act forbids the manufacture or sale of cider and wine, as well as stronger liquors, except for scientific, mechanical or medicinal purposes. Physicans are put under oath that they will not prescribe it except in cases of actual sickness. Each prescription must be recorded on the drugggist's book, open to inspection, as well as the name, residence and occupation of the patient. The purchaser of liquor for medical, mechanical or scientific purposes must present a written application, setting forth his name, occupation and residence, the quantity and kind of liquor wanted, and for what purpose, sworn to before proper officers." The flood of European gold to this country continues. Four hundred thousand dollars was shipped by a French steamer on the 27th, and $750,000 from London. A man by the name of John Williams, alias Jefferson Williams, supposed to be a murderer from Mississippi, for whosearrest a reward of $1,000 had been offered, resisted and was killed in Lincoln county, Arkansas, by the officer who attempted to take him. The National Committee of the Greenback party issued a call for a conference to be held in St. Loius in May. The Bank of Rome, at Rome, Ga., has suspended-reason assigned is that the bank had advanced a large amount of money on cotton shipped to New York, and the cotton having been damaged by the late rains New York buyers refused to pay the bank's draft for damp cotton. The bank is a State depository and contains over $50,000 of the State money, which is said to be well secured. Liabilities about $100,000; assets unknown.
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Why the Bank of Rome Suspended. ROME GA., March 26.-The cause of the embarrassment of the Bank of Rome is the heavy advances made on cotton shipments. The bank has cashed the drafts of probably 500 bales of cotton per week. The recent floods so damaged large quantities of cotton consigned to New York that the New York banks refused to pay. This left the Rome bank without tyunds, and hence the suspension. J. H. Reynolds, President of the First National Bank, was appointed receiver, and it is thought the bank of Rome will meet all its liabilities.
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GEORGIA GLEANINGS. The Georgia Baptist Convention will meet in Athens to-day, 21st. Miss Lou Ramsey died in Rome, tata.; ou Friday, from swallowing a sprig of cedar some weeks since. Throughout the State the people of Georgia are just now paying two prices for all the corn they consume. company of itlanta capitalists have been in Conyers for the purpose of purchasing the mill property and converting it into a costou neill. It is now stated upon authority that the eggs which were thrown at Uncle Tom's Cabin combination at Griffin were not rotten, but the ben which laid them was in bad health. THE Deaf and Damb Asylum of Cave Spring was one of the unfortunate victims of the bursted Bank of Rome to the tune of about $5,000 Montgomery Wingfield, aged sixty was found dead in bis bed at the Central Hotel, in Rome, Ga Sunday. An empty chloral bottle was by his bedside. Mr. David Knight tells the Hous ton Journal that he has a turkey hen that recently laid fifteen egga and hatched them all, and that she is the only turkey that has been months on the place during the past six "It The Sparta Ishmaelite says: costs a great deal more to buy bay than it does to raise forage on the farm A bale of cotton will pay for a ton of hay; but the labor and expense of raising the cotton, if dispensed on some good forage crop, would probably yield ten tons of hay John H. James, a director of the Georgia Railroad, is reported as making over $150,000 by the recent lease, while W. B. Johnston, a director of the Central railroad, was a very heavy owner of South Carolina railroad stock, which by this lease was run up to 50, and netted Mr. Johnston ao immense sum. One day last week a house on the bank of the Missouri river, near 5 Parkville, Mo., occupied by a wo man and three children, was swept into the stream by the current cutting into the bank. It was after. wards boarded about sever miles below by two young men, who cut a hole in the roof-the only part above f water-and rescued the terrified in mates. A correspondent of the Columbus ! Times, says there is proof strong and sufficient that farming in the South is a lost industry, and it is a true of us, as Mr. Stephens says,tha as a people, we are growing poorer, I and will continue to do so as long as r e we run in the old grooves. The Griffio banking company, one of the State depositories, has concluded to turn over all the States t funds now in hand to Treasurer a Speer. The amount is $51,000. The recent court decision making d the State a preferred creditor, caused the bank to take this step. it being deemed an injury to other depositors a to ao business under such a decision.
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BAD FOR THE CREDITORS. The State of Goorgia Declared by the Mupreme Court to Be a Preferred Creditor of the Bankrupt Romo Bank. Special Dispatch to The Chicago Tribune. ATLANTA, Gu., April 25.-The Supreme Court of Georgia to-day rendered a unanimous decision in favor of the State in the COMU of The State of Georgia VR. The Bank of Rome, which was n State depository, giving the State a prior claim to nii the assets of the bank over personal and all other creditors of the bank. This was made a test enso, the BRIND being involved in doolding priority of the State over the claims of creditors of the Citizens' Bank, niso a depository, which suspended payment two weeks since. Associate-Justice E. Crawford delivered the decision, which the Court claims is based upon the common law, and also upon the law governed by the Depository act. By this decision personal as well as all other creditors of the Bank or Rome, as well na citizons of Georgia, will have to take what is left after the State is satisfied. The Home Bank owes tho State $53,000, and the Citizens' Bank is indebtod to the Stato $103,000. The Impression seems to be that after the State is entistical there will be nothing left for the other creditors, ne both banks were regarded as wildout concerns, sclouted eithor through negligence on the part of the Governor, or criminal collusion between bim and the officers of the bank, by which both parties to the contract were to be benefited. The case may be curried to the Supremo Court of the United States. This, however, depends upon whether an appual can be taken.
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2' Governor's Messor STATE OF EXECUTIVE DEPARTMENT. 5th.-Tothe GEORGIA, ATLANTA, July Representatives: Senate is the and duty House of of the General executive Assemcommunicate It time to to the time, information for the of bly, condition from and suggestions the of the commonwealth. that I regret to inform of the United sam government Department you the the Treasury has declined to pay by con of approved States $35,555.43. appropriated March 3, 1883, gress in "to the refund act, money to expended the State by of Georgia certain the common defense of said State for first Comptroller decided the Treasury shall be credited has be on due account for sam what is claimed of direct to taxes, tax in 1777." quota The apportion- that this the act of the the State bv the direct ed to 5th, 1861. I is have in my notified judgement the the State Secretary does not of the acof August that erroneous This decision claimed and Treasury it. If the taxes the quiesce the obligation is upon are due, and not upon in the the State, pay be citizen. has never assumed cannot which the taxes and All proment of charged with them. secure the justly will be used to for per payment means of the sum appropriated in the benefit of the matters State. submitted The various predecossors, in messages with the annual official and connection the of my otherwise reports receive of should, State and doubtless their will, importance the consideration desire to supplement to down inviting your subjects of a them Iditional by legislation. attention act of October 16, 1879, name proThe "the Governor shall chartered vides that appoint a solvent, credit, and of good standing and of this bank, of the following cities Atin each to wit: In the cities Columbus, of State, lauta, Athens, Savannah, Augusta, Rome, Gainesville. Americus, Macon, Hawkinsville, shall Albany, and LaGrange, which State de- be Griffia known and designated as of this In pursuance desigpositories." following banks were to-wit law nated the as State depositories, November 18, "Bank Savings of Rome. Department Company, Eagle & 1879 ; Manufacturing 1879; Phenix November 21, Macon, Columbus, Georgia Bank, Griffin Central 24, 1879; November Company, November and 24, Banking LaGrange Banking 1879; 1870; Company, November 24, Atlanta, Trust Bank of Georgia, Bank November Citizens' 26, 1879; Southern December Savannah, Banking of 1879. Georgia, Georgia Railroad December and Company. Augusta, of the University, Ath- the 1879; December Bank 6, 1879 and 1880, ens, of Americus, March 16, The Bank for a term of four years. and the Citizens each Bank of have Georgia ceased to do 18th business, Bank of Rome and the Griffin day of Banking April, Company, on the to receive further other deof public to assigned them. posits banks 1881, the duties declined named continue money. The discharge The further act Urder this legislation would seem at to the contemplate expiration construction, of these the terms. of the executive to the was exhausted in power appoint provision fore- depositories exercise of it. No apmade, of the same going in terms, for gut sequent banks, or pending the the four years, or subsequent term. It is pointments is other banks, to manifest- term ex- of piration unwise of to the leave a matter construction. of such ly ince to executive consequenimport A mistake of nature might too involve serious to be incurred CEB a without necessity. act should be repealed, condi- or amended The to to conform exist to The the policy large of tions SOOD for the safety of the be kept providing of money necessary to times in sums treasury at certain of the the to meet the expenses State government must be left to the each in year debt. and to pay If wis- the the I public of the Legislature continued, as to present dom system recommend is to he that for the sub- law SO under respectfully b amended appointments, provide require any circumstances sequent which may by cerA recent application. State them. sareties on the boad of a tain to be relieved on the bond, depository liability from upon sure- fur- the other satisfactory which i was ready I amendment. bank's ther giving to do, sug- the derelease these sareties, for