Merchants National Bank (Rome, GA)

Episode Information

Episode Type
Suspension β†’ Reopening
Start Date
April 27, 1895
Location
Rome, Georgia (34.257, -85.165)
Bank Type
national
Charter Number
3670

Metadata

Notes

Bank examiner was placed in charge during suspension; later authorized to resume by Comptroller after conditions met.

Events (4)

1. April 14, 1887 Chartered
Source
historical_nic
2. April 27, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Short of ready money and overloaded with real estate loans; directors posted notice of temporary closure and examiner placed in charge.
Newspaper Excerpt
This bank closed temporarily by order of the board of directors was the notice posted on the closed doors of the Merchants' National bank this morning.
Source
newspapers
3. August 8, 1895 Reopening
Newspaper Excerpt
The Merchants' National Bank of Rome, Georgia ... has been authorized to reopen its doors and resume business.
Source
newspapers
4. December 15, 1897 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (14)

Article from The Seattle Post-Intelligencer, April 28, 1895

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Business Failures. Washington City, April 27.-A telegram was received today by Comptroller Eckels stating that the Merchants' National bank of Rome, Georgia, had closed. The bank has a capital of $170,000. San Francisco, April 27.-Rumble & Co., put and call operators on the produce exchange, suspended payment today on a


Article from Birmingham Age-Herald, April 28, 1895

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IT WAS A SURPRISE. The Suspension of the Merchant's National Bank of Rome, Ga. Rome, Ga., April 27.-"This bank closed temporarily by order of the board of directors" was the notice posted on the closed doors of the Merchants' National bank this morning. The suspension of the bank was a great surprise. It is believed that all the depositors will be paid every dollar. The directors hope to reopen the institution soon, with a new president. The city's funds, amounting to several thousand dollars, were deposited in the bank. President Jack King has tendered his resignation. No statement can be obtained of the bank's affairs beyond the announcement that it is short of ready money.


Article from The Providence News, April 29, 1895

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Georgia Bank Suspends. WASHINGTON, April 29.β€”The Merchants' National bank of Rome, Ga., has closed its doors. The bank has a capital of $100,000.


Article from New-York Tribune, April 29, 1895

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COLLAPSE OF A GEORGIA BANK. Rome, Ga., April 28.-The suspension of the Merchants' National Bank yesterday was a great surprise. It is believed that all the depositors will be paid in full. The directors hope to reopen the institution soon with a new president. The city's funds, amounting to several thousand dollars. were deposited in the bank. President King has tendered his resignation, and the bank examiner has been placed in charge. The institution seems to have been overloaded with real estate, upon which It could not realize. The deposits amounted to $165,000.


Article from Evening Star, August 8, 1895

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Will Resume Business. The Merchants' National Bank of Rome, Georgia, which suspended payment April 27, 1895, having fully complied with the conditions imposed by the controller of the currency precedent to resumption, and its capital stock being unimpaired, has been authorized to reopen its doors and resume business.


Article from The Evening Times, August 8, 1895

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Bank of Rescue. The Merchants National Bank, of Rome, Ga., has been authorized by the Comptroller to reopen its doors and resume business. This bank suspended payment April 27, 1895, but has fully complied with the conditions imposed by the Comptroller of the Currency, and its capital stock is uninjured.


Article from Birmingham Age-Herald, August 9, 1895

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Rome, Ga., Bank Authorized to Resume. Washington, Aug. 8.-The Merchants' National bank of Rome, Ga., has been authorized by the comptroller to resume business. The bank suspended April 27, 1895, but has fully complied with the conditions imposed by the comptroller of the currency, and its capital stock is uninjured.


Article from San Antonio Daily Light, August 9, 1895

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Merchant's National Resumes. WASHINGTON, Aug. 9.-The Merchant's National bank, of Rome, Ga., which suspended payment April 27, 1895, having fully complied with the conditions imposed by the comptroller of the currency, precedent to the resumption, and its capital stock being unimpaired, has been authorized to resume business.


Article from The Times, August 9, 1895

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A Bank to Resume. WASHINGTON, D. C., Aug. 8.-The Merchants National Bank of Rome, Ga. has been authorized by the Comptroller to resume business. The bank suspended April 27, 1895, but has fully complied with the conditions imposed by the Comptreller of the Currency, and its capital stock is uninjured.


Article from The Morning News, August 9, 1895

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Rome's Bank to Resume. Washington, Aug. 8.-The Merchants' National Bank of Rome, Ga., has been authorized by the controller to resume business. The bank suspended on April 27, 1895, but has fully complied with the conditions imposed by the Controller of the Currency and its capital stock is uninjured.


Article from The Indianapolis Journal, August 9, 1895

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General Notes. WASHINGTON, Aug. 8.-The Controller of the Currency has appointed Frank M. Wallace, of Pittsburg, a national bank examiner, to succeed A. F. Henlein, resigned. The Merchants' National Bank, of Rome, Ga., which suspended payment April 27, 1895, having fully complied with the conditions imposed by the Controller of the Currency precedent to resumption, and its capital stock being unimpaired, has been authorized to resume business. To-day's statement of the condition of the treasury shows: Available cash balance, $184,142,803; gold reserve, $104,118,662. At Indian Head, to-day, a test was made by Lieutenant Mason of the Leonard bulletproof shield cloth for the purpose of ascertaining its fitness for naval purposes. The official report will be made in a few days. A marriage license has been issued here to Marshall A. Cunning, of Indianapolis, and Hannah Anderson, of Washington. The President has refused a pardon in the case of Jim Billy, sentenced in. Texas to three years for assault with intent to rob. Among the cadets appointed to the Mili tary Academy at West Point is Charles Borders, of Winamac, Ind., as alternate. Postmaster-general Wilson left the city for a few days at Long Branch to-day. Third Assistant Craig is now acting as Postmaster-general, the first, second and fourth assistants being absent on vacations.


Article from River Falls Journal, August 15, 1895

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IN Cleveland, 0., A. E. Kelley, a commission dealer, shot and killed himself at the grave of his wife. WHILE drunk Eli Hix, a laborer at Bigstone Gap, Va., set fire to his home and be and four of his children were cremated. THE Iowa democrats in state convention at Marshalltown nominated the following ticket: For governor, Judge W. I. Babb, of Mount Pleasant; lieutenant governor, S. L. Bestow, of Chariton; superintendent of public instruction, Lyman B. Parshall, of Maquoketa; railroad commissioner, Col. George James, of Dubuque; supreme judge, Senator Thomas G. Harper, of Des Moines. The platform reaffirms the national platform of 1892, indorssing the money plank therein adopted, urges the repeal of the mulet law and the enactment of a local option measure, favors the election of United States senators by a direct vote of the people and favors just and liberal pensions to all deserving veterans. THE death of Mrs. Archibald Thacker, aged 104 years, occurred at her home in Martinsville, Ind. THE doors of the Rocky Mountain savings bank at Denver were closed, with liabilities of $60,000. A SCHOOL census of Nashville, Tenn., shows the population to be 82,374, of which 37,654 are negroes, an increase in one year of 8,268. ON Monday and Tuesday, September 16 and 17, 1895, the twenty-seventh reunion of the Society of the Army of the Tennessee will be held in Cincinnati. MISSISSIPPI democrats in convention at Jackson nominated A. J. McLaurin for governor. L. F. ELLIS, of Cleveland, was elected commander in chief at the national convention in Lima, O., of the Union Veterans' union. IN a wreck on the Atlantic & Pacific railroad tGrant Station, N. M., twelve persons were reported killed and twenty-five wounded. THE Nebraska republican convention will be held at Lincoln October 2. AT Toledo, O., the old established book and stationery house of B. F. Wade & Co. failed. IN mass meeting the miners rescinded a resolution expelling all neg: bes from Spring Valley, III. AT a railway crossing in Decatur, Ind., Mrs. Henry Johnson and her three children were struck by an engine and one child was instantly killed and the others were fatally injured. FLAMES at Pendleton, Ore consumed the Transfer hotel and several buildings and four persons lost their lives. IN Logan, Trego and Thomas counties in Kansas, black rust was sald to be ruining hundreds of fields of spring wheat. Ar Peoria, III.. Hearst, Dunn & Co., a large agricultural implement firm, failed for $123,435; assets, $115,649. IN a railway wreck near Denver, Col., Rev. E. C. Wheeler, a Baptist evan, gelist, who had been in California with his car Emanuel, was killed. Several other persons were hurt. IN session at Minneapolis the United Typothetæ elected E. R. Andrews, of Rochester, N. Y., president and decided to meet in Rochester in August, 1896. AT his home in Lowell, Ind., Peter Surprise celebrated bis 102d birthday. AT Jacksonville, Fla., E. A. Smith, a barber, dropped dead. Since his death it has developed that he was married to seven women. AT Rome. Ga., the Merchants' national bank which suspended payment April 27, 1895, was authorized to resume business. IN the 64th year of his age Howell Edmunds Jackson, associate justice of the supreme court of the United States, died at his residence at West Meade, Tenn. of consumption. BETWEEN the summit of Pike's Peak and army headquarters in Denver, & distance of 09 miles, helio raph communications were exchanged.


Article from Warren Sheaf, August 15, 1895

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WEST AND SOUTH. THE Iowa democrats in state convention at Marshalltown nominated the following ticket: For governor, Judge W. I. Babb, of Mount Pleasant; lieutenant governor, S. L. Bestow, of Chariton; superintendent of publie instruetion, Lyman B. Parshall, of Maquoketa; railroad commissioner, Col. George James, of Dubuque; supreme judge, Senator Thomas G. Harper, of Des Moines. The platform reaffirms the national platform of 1892, indorsing the money plank therein adopted, urges the repeal of -the mulct law and the enactment of a local option measure, favors the election of United States senators by a direct vote of the people and favors just and liberal pensions to all deserving veterans. WHILE drunk EL Hix, a laborer at Bigstone Gap, Va., fire to his home and he and four of his children.were cremated. A SCHOOL census of Nashville, Tenn., shows the population to be 82,374, of which 37,654 are negroes, an increase in one year of 8,268. ON Monday and Tuesday, September 16 and 17, 1895, the twenty-seventh reunion of the Society of the Army of the Tennessee will be held in Cincinnati. MISSISSIPPI democrats in convention at Jackson nominated A. J. McLaurin for governor. L. F. ELLIS, of Cleveland, was elected commander in chief at the national convention in Lima, 0., of the Union Veterans' union. IN a wreck on the Atlantic & Pacific railroad at Grant Station, N. M., twelve persons were reported killed and twenty-five wounded. THE Nebraska republican convention will be held at Lincoln October 2. AT Toledo, O., the old established book and stationery house of B. F. Wade & Co. failed. IN mass meeting the miners rescinded a resolution expelling all negroes from Spring Valley, III. AT a railway crossing in Decatur, Ind., Mrs. Henry Johnson and her three children were struck by an engine and one child was instantly killed and the others were fatally injured. FLAMES at Pendleton, Ore., consumed the Transfer hotel and several buildings and four persons lest their lives. IN Logan, Trego and Thomas counties in Kansas, black rust was said to be ruining hundreds of fields of spring wheat AT Peoria, III., Hearst, Dunn & Co., a large agricultural implement firm, failed for $133, 435; assets, $115,649. IN a railway wreck near Denver, Col., Rev. E. C. Wheeler, a Baptist evan, gelist, who had been in California with his car Emanuel; was killed. Several other persons were hurt. IN session at Minneapolis the United Typothete elected E. R. Andrews, of Rochester, N. Y., president and decided to meet in Rochester in August, 1896. AT his home in Lowell, Ind., Peter Surprise celebrated his 102d birthday. a AT Jacksonville, Fla., E. A. Smith, barber, dropped dead. Since his death it has developed that he was married to seven women. AT Rome. Ga., the Merchants' national bank which suspended payment April 27, 1895, was authorized to resume business. IN the 64th year of his age Howell Edmunds Jackson, associate justice of the supreme court of the United States, died at his residence at West Meade, Tenn., of consumption. BETWEEN the summit of Pike's Peak and army headquarters in Denver, a distance of 60 miles, heliograph communications were exchanged.


Article from The Gold Leaf, August 15, 1895

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Col. Burgwyn's Good Management. About four months ago the Merchant's National Bank of Rome, Ga., suspended. Soon thereafter Col. W. II. S. Burgwyn, bank examiner, was put in charge to wind up its business. This he has done with good success, the result being that the bank has again opened its doors, under new organization, as we see from the Rome Tribune of last Friday. That paper in speaking of the excellent management of our townsman since the affairs of the suspended bank were put in his hands, says this : Col. Burgwyn, the bank examiner, who bas SO faithfully guarded the trust confided to him, turned the affairs of the bank over to the new board of directors and the new officers were duly installed. In his excellent management of the affairs of the bank, enabling the stockholders to recover themselves and reorganize under such favorable terms. Col. Burgwyn deserves and has received the thanks of the stockholders and depositors of the bank together with all the people of Rome.