Bank of Madison (Jackson, TN)

Episode Information

Episode UID
3422834191089
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
342283419 hash
Start Date
September 27, 1890
Location
Jackson, Tennessee (35.615, -88.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0e0c33b64b9b89bd

Response Measures

None

Description

President White made an assignment and the bank is later described as defunct with indictments of officers.

Events (1)

1. September 27, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent; president made assignment of personal property and an assignment was filed; liabilities $200,000 versus assets $225,000 (reported), suspension described as temporary but bank later became defunct.
Newspaper Excerpt
The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of creditors.
Source
newspapers

Newspaper Articles (19)

Article from Fort Worth Daily Gazette, September 28, 1890

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A Bank Suspends at Jackson, Tenn. MEMPHIS, TENN., Sept. 27.-The Bank of Madison at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of creditors. Liabilities, $200,000; assets, $225,000. The suspension is said to be only temporarily.


Article from The Wichita Daily Eagle, September 28, 1890

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Sure cure-Preston's "Hed-Ake." SUSPENSION TEMPORARY. MEMPHIS, Tenn., Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of his creditors. Liabilities $200,000, assets $225,000. Suspension temporary.


Article from New-York Tribune, September 28, 1890

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FAILURE OF A TENNESSEE STATE BANK. Memphis, Tenn. Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank. with a capital stock of $50,000. Prestdent White has made an assignment of all his per sonal property for the benefit of creditors. The lia bilities are $200,000 assets. $225,000.


Article from The Morning News, September 28, 1890

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A Bank Suspends. MEMPHIS, TENN., Sept. 27.-The / Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White has made an assignment of all his personal property for the benefit of creditors, Liabilities, $200,000; assets, $225,000. The suspension is temporary.


Article from Wheeling Sunday Register, September 28, 1890

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TERSE TELEGRAMS. Governor Luce, of Michigan, yesterday, sent letters to all the Prosecuting Attorneys in Michigan, ordering them to see to it that the new United States law against lotteries is strictly enforced. This move was made at the request of the anti-lottery people of Louisiana, and as far as Michigan is concerned the Governor says the law shall he enforced to the very letter. The Bank of Madison, at Jackson, Tenn., suspended yesterday morning. It was a State bank with a capital of $50,000. President White has made an assignment of all his personal property, for the benefit of creditors. Liabilities, $200,000; assets, $225,000. Suspension temporary. Gen. Abram Duryea, of New York, died at 9 o'clock yesterday morning, at his residence in West One-Hundred-and-Twentysixth street. He had been ill forsome time past with paralysis, and it was not believed that he would recover. M. Rochefort, yesterday, sent a challenge to a duel to M. Dupieus, director of the Petit Parisien. It is reported that the Spanish government is placing a cordon of troops along the frontier of Portugal, in consequence of the apprehensions of a revolution in that country.


Article from Richmond Dispatch, September 28, 1890

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A Tennessee Bank Suspends. [By telegraph to the Dispatch.] MEMPHIS, TENN, September 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a State bank, with 8 capital of $50,000. President White had made an assignment of all his personal property for the benefit of creditors. LAbilities, $200,000 : assets, $225,000. The suspension is temporary.


Article from The Seattle Post-Intelligencer, September 28, 1890

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A Tennessee Bank Fails. JACKSON, Tenn., Sept. 27.-The Bank of Madison suspended this morning. The liabilities are $200,000; assets, $225,000. The suspension is temporary. LOUISVILLE, Sept. 27.-The bank of Fulton, Ky., suspended payment today. The assets and liabilities are unknown.


Article from St. Paul Daily Globe, September 28, 1890

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Failure of a Tennessee Bank. MEMPHIS, Tenn., Sept. 27.-The Bank of Madison, at Jackson, Tenn., suspended this morning. It was a state bank, with a capital of $50,000. President White made an assignment of all his personal property for the benefit of creditors. Liabilities, $200,000; assets, $225,000. Suspension temporary.


Article from The Portland Daily Press, September 29, 1890

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Bank of Madison in Trouble. MEMPHIS, Tenn., September 27.-The Bank of Madison, Jackson, Tenn., suspended this morning. President White made an assignment of all his personal property for the benefit of the creditors. The liabilities are $200,000; assets, $225,000. The suspension is temporary.


Article from Asheville Daily Citizen, September 30, 1890

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AFFAIRS OF CONSEQUENCE FOREIGN. The King of Holland has suffered a relapse, and his condition is such that he is untit to sign any documents. Prince Bismarck has promised Lord Rosebery to visit Scotland next spring it the political situation in Germany permits him. During the morning service at St. Paul's Cathedral, London, Sunday, a man named Easton, who was in the congregation, took his own life by shooting himself. WASHINGTON. The schoolship Saratoga has reached Philadelphia after a cruise of 9,000 miles. Mr. Crisp. of Georgia. is regarded as the coming democratic leader in the house. The United States senate, Saturday. confirmed the nomination of General E. Burd Grub, of New Jersey. to be minister to Spain. HOME. The bank of Madison, at Jackson. Tenn., has suspended. It was a state bank. with a capital of $50,000. Liabilities $200,000; assets $225,000. H. C. Hemp. rear brakeman of the coal train which caused the disastrous wreck on the Reading railroad near Shoemakersville, Pa., Sept. 19, in which 21 persons were killed and thirty wounded, was arrested Saturday at Reynold's station, Schuylkill county, Pa., charged with manslaughter.


Article from The Semi-Weekly Tribune, October 1, 1890

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CONDENSED TELEGRAMS. It is reported that during the Russian army maneuvers 400 soldiers fell through a bridge and were drowned. The bank of Madison at Jackson, Tenn, suspended with liabilities at $900,000 and assets at $225,000. Boxing rules were adhered to and the authorities in London wont touch Slavin and McAulliffe. Kinmount, Ont. was almost entirely consumed by fire yesterday.


Article from The Caucasian, October 2, 1890

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NEWS OF THE WEEK THE WORLD'S EVENTS GATHERED IN SMALL COMPASS. The Latest Happenings at Home and Abroad Collected and Presented in Terse and Readable Form. Domestic Summary. The Bank of Madison. at Jackson, Tenn., has failed. Stocks were off and business dull in Wall street last week. Colonel Boudinot, the well known chief of the Cherokee Indians, is dead. General Abraham Duryea, commander of the famous Duryea'sZouaves" during the war, is dead in New York The executors of Samuel. J. Tilden have appealed the celebrated will case to the general term of the supreme court A second fight has taken place between the county seat factions in Bucca county, Col., and several persons were shot. Miss Sophie France, aged 60, has sued Solomon Oviatt. aged 60, for $2,000 for forcibly kissing her at Akron, Ohio, Judge Thayer, of Philad siphia, has rendered a decision that "Krentzer Sonata" is not an immoral publication. Among the passengers on the steamer Germanic, which arrived in New York this week, were the Comte d'Paris and party. John Sowders, said to be the oldest Grand Army veteran in the United States, died near Riegelsville, N. J., at the age of 90. Ex-Commissioner of Pensions Tanner has accepted the managing editorship of the Republic Magazine, a New York Grand Army publication. Charles J. Edgerly, the husband of Rose Coghian, the actress, has secured a divorce on the ground of desertion. He lives at Sionx Falls, S. D. The Tradesman reports for the third quarter of 1890, 1,114 new enterprises in the Southern States against 774 in the corresponding quarter of 1889. Governor Campbell, of Ohio, has called upon three members of the board of public works of Cincinnati for their resignations on account of irregularities. A 3 year old girl named Cooper. visiting John Tyndall, of Moravia, Pa., fell into a pig sty. Two powerful hogs attacked her. and mangled her body so badly she died. Hon. Richard Vaux has been nominated on an independent ticket in the Third district of Pennsylvania in opposition to McAlcer, the regular Democratic nominee. General Grove, one of Virginia's World's Fair commissioners, has appointed Miss Midred Lee, a daughter of General Robert E. Lee, a member of the board of lady managers of the exposition. A terrible disaster occurred on the Oregon Short Line Railroad near Shoshone, Washington. Two passenger trains came into colliston. resulting in the death of over twenty persons, and many injured. A second horrible murder, much rer sembling that of Annie Laconey. has taken place near Camden. N. J. The victim was Mrs. John Miller Susivion


Article from Delaware Gazette and State Journal, October 2, 1890

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A Woolen Firm's Failure. JACKSON, TENN., Sept. 29.-The Jackson woolen mills have assigned to R. A. Allison. The Habilities are ov r $ 00,000. The assets are about $40,000 in woolen goods, $40,000 in outstanding accounts on sales, and the plant valued at $90,000. The inability to sell the stock on han , on account of the stringent money market and the failure of the Bank of Madison precipitated the fallure. The Jackson Ive factory virtually under the same management, made a mortgage last night for loans.


Article from Iron County Register, January 8, 1891

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AN EVENTFUL YEAR. Many Things That Happened During 1890. RECORD OF NOTABLE OCCURRENCES. Disastrous Business Failures-Fatal Casualties and Startling Crimes-Leading Political and Social Events-Necrology-Disastrous Fires, Etc. BUSINESS FAILURES. [INVOLVING $300,000 AND OVER, ON BANKS GENERALLY.] Jan. 6-R. Deimel & Co., Chicago furniture dealers: $300,000. Jan. 14-Smith Middlings Purifier Co., Jackson, Mich.: $484,000: Jan. 16-Bank of H. R. Pierson & Son, Albany. N. Y. Jan. 21-State Bank of Irwin, Kan. Jan. 27-John B. Lollande, New Orleans, cotton merchant: $600,000. Feb. 4-Joseph P. Murphy, Phila delphia, manufacturer of cotton and woolen goods: $500.000. Feb. 11-Franklin Woodruff & Co., dealers in fish and salt. New York City; $400,000. Mar. 13-Harrison & Loder, wholesale dry goods, New York City: $350,000. Mar. 19-John F. Plummer & Co., wholesale dry goods, New York City: $1,000,000. Apr. 7-George K. Sistare's Sons, bankers. New York City; $500,000. Apr. 8-Manhattan Bank, Manhattan, Kan. $561,000. Apr. 17-Louis Franke & Co., silk merchants, New York City: $900,000. , Apr. 30-Bank of America and twelve branches, Philadelphia: $700,000. May 1-Fechheimer, Rau & Co., shirt manufacturers, New York City: $400,000. May 13-Plattsburg Bank. Plattsburg, Mo. May 14-J. F. Reynolds, broker, New York City: $300,000. May 19-Public Grain and Stock Exchange. New York City; largest bucket-shop in United States. May 22-Bank of Middle Tennessee. Lebanon, Tenn. May 23-Owego (N. Y.) National Bank. Jun. 20-Park National Bank. Chicago. Jun. 24-Bank of Hartford. Hartford, Wis. Jul. 29-J. E. Tygert & Co., fertilizer manufacturers, Philadelphia, Pa.: $317,000. Aug. 6-State National Bank, Wellington, Kan. Aug. 27-Potter, Lovell & Co., bankers, Boston: $5,000,000. Aug. 29-City National Bank, Hastings, Neb. Sep. 3-Hoxie & Mellor, Wisconsin lumber dealers. $500,000. Sep. 4-Sawyer, Wallace & Co., New York, Louisville and London, commission merchants and brokers: $2,000,000. Sep. 6-National bank at Kingman, Kan. Sep. 17-Gardner. Chase & Co., bankers and brokers. Boston; $2,000,000. Sep. 27-Bank of Madison, Jackson, Tenn.: $200,000. Oct. 4-Fleming Bros., patent medicine firm, Pittsburgh, Pa.: $500,000. Oct. 10-Indianapolis (Ind.) Car Manufacturing Company: $600,000. Oct. -Wallace, Waggoner & Co., wholesale grocers, Houston, Tex.; $300,0000 J. H. Hagerty & Co.'s bank. Aberdeen, S. D.; $230,000. Oct. 16-R. G. Peters' Salt and Lumber Co., Manistee, Mich. $3,000,000. Oct. 31-Leopold Bros., wholesale clothiers, Chicago, $300,000. Nov. 11-Panic in Wall st., N. Y., caused the failure of brokers Decker. Howell & Co. ($10,000.000): C.M. Whitney & Co. ($300.000), and Daniel Richmond ($200,000) John T. Walker & Co., silk importers, of New York City, $900,000. Nov. 14-Kansas City Packing Co., Armourdale, Kan.: $500,000. Nov. 15-Kansas City Packing & Refrigerating Co., Boston: $1,000,000. Mills. Robeson & Smith, brokers. New York City: $350,000. Nov. 18-P. W. Gallaudet & Co., New York City, brokers: $1,000,000. Nov. 20 -Barker Brothers & Co., bankers, Philadelphia; $3,000,000. Nov. 21-Banking firm of Ragsdale & Co., Oklahoma City. O. T. Nov. 22-First National Bank of Alma, Kan. Bank of Waverly, Waverly, Kan. Nov. 24-Edward Brandon, New York broker: $1,500,000. Thomas Fawcett & Co., extensive coal dealers. Pittsburgh. Pa.: $400,000. Nov. 25-Thomas H. Allen & Co., cotton commission firm. Memphis, Tenn.: $750,000. Nov. 27-H. H. Bell, banker, Duluth, Minn.; $750,000. Nov. 28-B. K. Jamison & Co., bankers and bro kers, Philadelphia: $1,000,000. Dec. 3-Rittenhouse Manufacturing Co., Passaie, N.J.: $800,000. Dec. 5-V. & A. Meyer, cotton dealers, New Orleans: $2,500,000. Delameter & Co., Meadville. Pa., bankers; $400,000 Chicago Safe & Lock Co.: $700,000. Dec. 8-Roberts, Cushman & Co., dealers in bolters' materials, of New York City, $500,000. Dec. 9-American National Bank, Arkansas City. Kan Nightingale Bros. & Knight, silk manufacturers, Paterson, N. J.; $400,000 Whitten, Burdett & Young, Boston, wholesale clothiers: $700,000. Kendriol Bettug


Article from Alexandria Gazette, February 13, 1892

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Charges Against Bank Officers. JACKSON, Tenn., Feb. 13.-The grand jury has found true bills against N. B White and J. W. Thene, president and cashier of the defunct bank of Madison, which suspended in B tember 1890. The indictment charges them with 6 knowingly, unlawfully and feloniously receiving money for deposit, knowing the Insolvoney of the bank" just before the assignment.


Article from New-York Tribune, February 14, 1892

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TWO BANK OFFICERS INDICTED. Chicago, Feb. 13.-A dispatch from Jackson, Tenn., says: The Grand Jury has found true bills against N. S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended bustness in September, 1890. The indictment charges them with "knowingly, unlawfully and feloniously of receiving money for deposit, knowing the insolvency the bank," just before the assignment.


Article from Richmond Dispatch, February 14, 1892

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Bank Officers Indieted. [By telegraph to the Dispatch.] CHICAGO, ILL., February 13.-A special from Jackson, Tenn., says: The grand jury has found true bills against N. S. White and J. W. Theus. president and cashier of the defunct Bank of Madison, which suspended in September, 1890. The indictment charges them with *knowingly, unlawfully, and teloniously receiving money for deposit, knowing the insolvency of the bank," just before assignment.


Article from Delaware Gazette and State Journal, February 18, 1892

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Prosecuting Bank Officers. CHICAGO, Feb. 13.-A special dispatch from Jackson, Tenn., says: The grand jury has found true bills against N. S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended in September, 1890. The indictment charges them with "knowingly, unlawfully and feloniously receiving money for deposit, knowing the in solvency of the bank, just before the assignment."


Article from The Camden Chronicle, February 19, 1892

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SENSATION AT JACKSON. Former Bank Officers Indicted for Allaged Violations of Law. A sensation was caused at Jackson last week when it became known that the grand jury before adjourning had found true bills against N.S. White and J. W. Theus, president and cashier of the defunct Bank of Madison, which suspended September, 1890. They are charged with knowingly, unlawfully and feloniously receiving money for deposit, knowing the insolvency of the bank before the assignment. About 30 per cent. has been paid the depositors since the failure, and although there were threats soon after the assignment of legal proceedings, it was believed nothing would be done, and the indictment came in the nature of a surprise. It will be the first of the kind ever tried in Tennessee.