First National Bank (Gadsden, AL)

Episode Information

Episode Type
Suspension β†’ Reopening
Start Date
August 12, 1893
Location
Gadsden, Alabama (34.014, -86.007)
Bank Type
national
Charter Number
3663

Metadata

Events (4)

1. March 31, 1887 Chartered
Source
historical_nic
2. August 12, 1893 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the broader August 1893 banking stringency/panic and tight money market affecting many banks.
Newspaper Excerpt
The First National bank suspended payment this morning.
Source
newspapers
3. September 12, 1893 Reopening
Newspaper Excerpt
The First National Bank of Gadsden, Ala., which recently suspended, has been authorized to resume business.
Source
newspapers
4. August 21, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (18)

Article from San Antonio Daily Light, August 12, 1893

Click image to open full size in new tab

Article Text

Has Struck Alabama

GADSDEN, Ala., Aug. 12.-The First National bank suspended payment this morning. It had a capital stock of $50,000 and deposits of $80,000. The directors assure the depositors that they will be paid in full.


Article from Asheville Daily Citizen, August 12, 1893

Click image to open full size in new tab

Article Text

CLOSED DOORS.

No Very Important Failures In This List.

BROOKLYN, N. Y., Aug. 12.β€”The Commercial bank of Brooklyn, a State institution, failed to open its doors this morning.

GADSDEN, Ala., Aug. 12.β€”The First National bank suspended payment this morning. Depositors will be paid in full.

LANCASTER, Pa., Aug. 12.β€”The bank of E. K. Smith at Columbia, closed this morning to liquidate. The bank is a small one.

NASHVILLE, Tenn., Aug. 12.β€”The People's bank at Lewisburg, Tenn., suspended payment this morning.


Article from Evening Star, August 12, 1893

Click image to open full size in new tab

Article Text

CLOSED THEIR DOORS

Banks That Have Suspended Payments to Their Depositors. LANCASTER, Pa., Aug. 12-The following notice was posted on the doors of the bank of E. K. Smith, at Columbia, this morning: "Closed for the present to liquidate." The bank is a small one. No statement of assets and liabilities has yet been made. GADSDEN, Ala., Aug. 12.-The First National Bank suspended payment this morning with a capitol stock of $50,000 and deposits of $80,000. The directors assure depositors that they will be paid in full. NASHVILLE, Tenn., Aug. 12.-The People's Bank at Lewisburg, Tenn., suspended payment this morning.


Article from The Morning News, August 13, 1893

Click image to open full size in new tab

Article Text

BANKS STILL CLOSING

They are Keeping Up the Sad Record of Suspension. Gadsden, Ala., A.u.g. 12.-The First National bank suspended payment this morning, with a capital stock of $50,000, and deposits of $80,000. The directors assure depositors. that they will be paid in full.


Article from Richmond Dispatch, August 13, 1893

Click image to open full size in new tab

Article Text

QUARANTINE AGAINST BRUNSWICK

WAYCROSS, GA., August 12.-Waycross has quarantined against Brunswick tonight and also against Pensacola. QUARANTINE AT SAVANNAH. SAVANNAH, GA., August 12.-Savannah declared a quarantine to-night against Brunswick, and no passengers, baggage. or freight will be permitted to enter Savannah from that point. Electric Brevities. The People's Bank at Lewisburg, Tenn., snspended payment yesterday. The following notice was posted on the doors of the bank of E. K. Smith, at Columbia, Pa., vesterday morning: Closed for the present to liquidate." The bank is a small one. The First National Bank of Gadsden. Ala., suspended payment vesterday morning. Capital stock. $50,000: deposits. $80,000. The directors assure depositors that they will be paid in full. The Commercial Bank of Brooklyn, N. Y., a State institution. failed to open yesterday morning. the following notice being posted on its doors: "This bank is compelled to close temporarily. J. J. Vail, Cashier."


Article from The Indianapolis Journal, August 13, 1893

Click image to open full size in new tab

Article Text

Other Bank Troubles.

GADSDEN, Ala., Aug. 12.β€”The First National Bank suspended payment this morning with a capital stock of $50,000 and deposits of $80,000.

LANCASTER, Pa., Aug. 12.β€”The following notice was posted on the doors of the Bank of E. K. Smith, at Columbia, this morning: "Closed for the present to liquidate." The bank is a small one.

JEFFERSONVILLE, Ind., Aug. 12.β€”The Jefferson City Brewing Company, which was organized here about a year ago, made an assignment late this evening. The


Article from New-York Tribune, August 13, 1893

Click image to open full size in new tab

Article Text

MORE BANKS CLOSE THEIR DOORS

INSTITUTIONS IN MANY STATES FORCED TO SUSPEND. Lancaster, Penn., Aug. 12.-The following notice was posted on the doors of the bank of E. K. Smith, at Columbia, this morning: "Closed for the present to Hquidate." Mr. Smith refused to say anything about the closing beyond that it was due to the stringency of the money market. Deposits are estimated at $100,000, and it is believed depositors will be paid in full. Business will not be resumed. E. K. Smith confessed judgment last night in favor of his wife in the sum of $36,167 4 Nashville, Tenn., Aug. 12.-The People's Bank at Lewisburg failed to open its doors this morning. The suspension is due to the suspension of the First National and American National Banks of Nashville, a constant drain by depositors and failure to collect. The president and cashier state that the bank is in first-class condition, and they are confident that it will be able to resume in a few days or as soon as a meeting of the stockholders and depositors can be held. There is no excitement at Lewisburg on account of the suspension. Cadsden, Ala., Aug. 12.-The First National Bank suspended payment this morning, with a capital stock of $50,000, deposits of $80,000. The directors assure depositors that they will be paid in full. Terre Haute, Ind., Aug. 12.-The Prairie City Bank, a private institution of this city, made an assignment this morning to B. V. Marshal. J. S. Beach, its president, is also treasurer of the Terre Haute Savings Bank, but owes that bank nothing. He has assigned all his property for the benefit of his creditors. There is no indication of a run on the other banks. Monticello, III., Aug. 12.-The banking house of W. W. Beatty, known as the Mansfield Bank, at Mansfield, III., made an assignment yesterday to A. J. Langley, whose bond was fixed at $25,000. The liabilities are $106,759, and assets $135,000, principally real estate in Platt County and Chicago. McAllister, 1. T., Aug. 12.-The South McAllister Bank has gone into liquidation for the purpose of suspending. All depositors will be paid in full. The National Bank of Denison is winding up the affairs of the suspended bank. San Francisco, Aug. 12.-On application of several creditors, Judge Garber made an order yesterday afternoon citing the Pacific Bank to show cause or August 24 why it should not be adjudged insolvent, and surrender its estate for the benefit of its credItors.


Article from The Atlanta Constitution, August 15, 1893

Click image to open full size in new tab

Article Text

Nashville, Tenn., August 12.--The People's bank, at Lewisburg, failed to open its doors this morning. The suspension is due to the suspension of the First National and American National, of Nashville, a constant drain by depositors and failure to collect money. The president and cashier state that the bank is in first-class condition and they are confident that it will be able to resume in a few days or as soon as a meeting of the stockholders and depositors can be held. There is no excitement at Lewisburg on account or the suspension. Gadsden. Ala., August 12.-The First National bank suspended payment this morning with a capital stock of $50,000: deposits of $$0,000. The directors assure depositors that they will be paid in full. Lancaster, Pa., August 12.-The following notice was posted on the doors of the bank of E. K. Smith, at Columbia, this morning: "Closed for the present to liquidate." The bank is a small one.


Article from The Russellville Democrat, August 17, 1893

Click image to open full size in new tab

Article Text

To be Paid in Full

GADSDEN, ALA., August 12.The First National Bank suspended payment this morning with a capital stock of $50,000, deposits, $80,000. The directors assure the depositors they will be paid in full.


Article from The Irish Standard, August 19, 1893

Click image to open full size in new tab

Article Text

OUT OF CASH

Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, Ill. WASHINGTON, Aug. 13.-The bank. failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2,000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the First national at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn. WASHINGTON, Aug. 16.-Notice was received yesterday that the Hartford bank of Phoenix, A. T., had assigned, and that Johnson, Buck & Co., bankers at Ebensburg, Pa., with branch banks at Carrolltown and Hastings, had closed their doors.


Article from Grant County Herald, August 24, 1893

Click image to open full size in new tab

Article Text

OUT OF CASH

Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 11.-The following bank failures were reported yesterday: The American national at Nashville, Tenn., the Hamilton county state bank at Webster City, la., the Caldwell county exchange bank at Kingston, Mo., the Exchange bank at Polo, Mo., and Johnston, Buck & Co., of Ebensburg, Pa., conducting banks at Ebensburg, Carrollton and Hastings. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, III. WASHINGTON, Aug. 13.-The bank failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking. house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2.000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the Firstnational at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn.


Article from The Times, September 13, 1893

Click image to open full size in new tab

Article Text

National Banks Resume

WASHINGTON, D. C., Sept. 12.-The First National Bank of Gadsden, Ala., which recently suspended, has been authorized to resume business.


Article from Richmond Dispatch, September 13, 1893

Click image to open full size in new tab

Article Text

Alabama Bank Resumes

(By telegraph to the Dispatch.) WASHINGTON, D. C., Sept. 12.-The first National Bank of Gadsden, Ala., which recently suspended, has been authorized to resume business.


Article from The Morning News, September 13, 1893

Click image to open full size in new tab

Article Text

Gadsden's Bank Resumes

Washington, Sept. 12.-The First National Bank of Gadsden, Ala., which recently suspended, has been authorized to resume business.


Article from New-York Tribune, September 13, 1893

Click image to open full size in new tab

Article Text

MORE BANKS RESUMING BUSINESS

Washington, Sept. 12.-The First National Bank of Gadsden, Ala., which recently suspended, has been authorized to resume business. Denver. Sept. 12.-Two more Colorado banks opened their doors for business yesterday, after several weeks' suspension. They are the Western National, at Pueblo, and the Bank of Florence, at Florence. Memphis, Tenn., Sept. 12.-A dispatch to "The Commercial" from Vicksburg, Miss., says: "The five banks of Vicksburg which some weeks ago adopted the system of certified checks and reduced cash payments to depositors to $50 daily met last evening, and unanimously voted to remove all restrictions, thus showing their confidence in the present improved conditions."


Article from The Sun, September 13, 1893

Click image to open full size in new tab

Article Text

A National Bank Resumes

WASHINGTON. Sept. 12-The First National Bank of Gadsden. Ala., which recently suspended. has been authorized to resume business.


Article from The Providence News, September 13, 1893

Click image to open full size in new tab

Article Text

Southern Bank to Resume

WASHINGTON, Sep. 13.-The First National Bank of Gadsden, Ala., which recently suspended has been authorized to resume business.


Article from Asheville Daily Citizen, September 15, 1893

Click image to open full size in new tab

Article Text

CONDENSED TELEGRAMS

Attorney-General Olney says the deportation clause of the Geary law will not be enforced by any general action on the part of the United States until Congress, by supplemental legislation, directs that this should be done and provides adequate means to do it. Notwithstanding the alarmist reports in regard to Prince Bismarck's condition that have been circulated, it is said in Kissingen that the ex-chancellor is recovering from his recent attack of sickness. His condition is improving daily. Senator Hill will make three speeches in the Ohio campaign, at Cleveland, Columbus and Cincinnati. He will travel on a special train and makelittlespecches from the-platform. Among things sent to distitute sea islanders by wealthy New Yorkers are plush dolmans, French shoes, tailor-made suits, etc. The First National bank of Gadsden, Ala., which recently suspended, has been authorized to resume business. Emigration from the port of New York t exceeds immigration for the first time in the history of the port. Malaria and diarrboea is terribly prev alent in South Carolina in the track O e the late cyclone. is The present government in Brazil wil t almost certainly be dethroned by th revolutionists.