Article Text
Virginia Bank Failure. LEXCHBURG, Va., Feb. 12.-Thebank of Bedford, located at Liberty, Va. suspended payment this morning. San Francisco Clearing-House. e
Bank of Bedford (Bedford, VA)
Episode Information
- Episode UID
7044603091070- Episode Type
- Suspension โ Closure
- Bank Type
- trust
- Bank ID
-
704460309hash - Start Date
- February 12, 1889
- Location
- Bedford, Virginia (37.334, -79.523)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
11e1714d77c84c0a
Response Measures
None
Description
Contemporary reports locate the bank at Liberty, Va. (Bedford County) and describe an assignment/receiver petition.
Events (2)
1.
February 12, 1889
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension caused by overdrawn accounts by stockholders and loose management; bank made an assignment.
- Newspaper Excerpt
- The Bank of Bedford, located at Liberty, Va., suspended payment this morning.
- Source
- newspapers
2.
February 13, 1889
Receivership
- Newspaper Excerpt
- A petition signed by most of the business-men ... asking that M. P. Barks be appointed receiver.
- Source
- newspapers
Newspaper Articles (12)
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A Bank Suspends Payment. LYNCHBURG, Va., Feb. 12.-The Bank of Bedford, located at Liberty, Va., suspended payment this morning.
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A Bank Failure. LYNCHBURG, W. Va., Feb. 12.-The Bank of Bedford, located at Liberty, Va., suspended payment this morning.
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Further from the Bedford Bank Failure. [Special to the TIMES.] ROANOKE, VA., February 18.-The Bank of Bedford, at Liberty, has suspended payment and closed its doors. Overdrawn accounts by stockholders is assigned as the trouble. It is not thought any one will lose anything in the end by the suspension. Contracts for a bridge works and chair factory here have been signed.
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More About the suspension of the Bank of Bedford. [Special telegram to the Dispatch.) LIBERTY, VA., February 13.-Following the suspension of the Bank of Bedford a petition signed by most of the business-men who kept their accounts with that bank bas been presented to Judge Horsely asking that M. P. Barks be appointed receiver. What the exact liabilities are cannot now be ascertained. The cashier and one of the directors said that the depositors will get every dollar of their money. The bank made "n assignment and the depositors come second. The suspension has occasioned quite a sensation, as most people thought the bank was entirely safe. Besides, the bank declared a dividend of 10 per cent. in January. The Liberty Savings Bank, the only other banking institution in the town, prepared for the probable panic and was ready with plenty of funds. The failure of the Bank of Bedford and the suspension of the Liberty Woolien-Millswhich will be sold on February 28th-bas thrown & damper over the community, and will occasion considerable inconvenience to many of the business-men and other citizens of the place.
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THE SOUTH. A COMBINATION of Boston and Kansas City capitalists have purchased 32,000 acres of land in the vicinity of Fort Payne, Ala., and have organized the Fort Payne Coal and Iron Company. THE new hotel at Sutherland, Fla., was burned out recently. Among the escaping inmates was a party of Omaha excursionists. JAMES E. WALLER private secretary of Governor Lee, of Virginia, committed suicide recently in his office at the State Capitol, Richmond. The cause for the act was not stated. E. A. WATSON has been brought in to Fort Smith, Ark., as the assassin of Belle Starr. VIGILANTES numbering from 600 to 1,000 are reported to be preparing to rid Lafayette Parish, La., of all idle and disreputable negroes. The officials are all opposed to the order and will suppress it if possible. By the explosion of a large boiler in the terra cotta works at Chattanooga, Tenn., the other day a man was burned to death and his son fatally injured. THE Patna rice case was decided on the 11th at New Orleans, the jury returning a S sealed verdict, which, it was understood, i was in favor of the Government. h FATHER ASHFIELD, a Catholic priest, n was recently stabbed to death at Memphis, Tenn., by a crazy friend named Reese When found the lunat e was caressing the dead body of the priest. THERE will be a heavy movement of cattle from Texas to the Indian Territory this spring, estimates being placed all the way between 125,000 and 150,000 head. GOVERNOR BUCKNER, of Kentucky, declares that under no circumstance would he be a candidate for the United States Senate against Mr. Blackburn. Two more fruitless ballots for United States Senator were taken by the West SS Virginia Legislature on the 12th. d. THE Bank of Bedford at Liberty, Va. d has suspended. Assets and liabilities un. known.
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ROANOKE. A Perfect Industrial Cyclone-Number of New Manufactories Established - - The Bedford Bank-Other Matters. [Special Correspondence of the TIMES.] ROANOKE, Va., February 14.-An industrial cyclone has struck this city. On Monday the negotiations for a bridge plant were brought to a successful conclusion: on Tuesday a site was secured and an option taken on the machinery for a large chair factory, and on Tuesday evening the Manufacturing Investment Company recently organized by the Board of Trade reported satisfactory progress of negotiations to securea stove plant and a knit goods factory. A public meeting will be held in a few days, at which it is confidently believed $100,000 will be subscribed to the stock of the Investment Company. Mr. C. C. Wentworth has resigned the position of principal assistant chief engineer of the Norfolk and Western Railroad Company, to accept the position of manager of the Bridge Manufacturing and Construction Company. He will be assisted by Mr. Joseph ฮ. Hunter. The suspension of payments by the Bank of Bedford at Liberty, was a great surprise to the business community. It is said the affairs of the bank were loosely managed, and that depositors were allowed to overdraw their deposits, hence the failure reported by telegraph yesterday. Edward Clarke, a Baltimore negro, was arrested at Lynchburg Tuesday evening on a telegram from this city, where he is wanted for stealing two overcoats and a seal-skin cap, valued at $100, from the residence of the Rosenbaum Bros. An editorial in a recent issue of the Sun, with reference to an extension of the Baltimore and Ohio road, so as to secure a Southern connection via this part of Virginia, created a flutter of excitement here.
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Mt. Airy's Bank Suspends. The Exchange Bank of Mt. Airy suspended last Friday. The suspension was caused by a heavy run on it on account of the failure of the Bank of Bedford at Liberty, Va. The depositors may get their money. As soon as the news came to Winston THE SENTINEL made inquiries and was rejoiced to find that neither of our banks lost a dollar in the Mt. Airy collapse, nor did any citizen in Winston or Salem so far as we have heard.
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THE SOUTH. By the explosion of a large boiler in the terra cotta works at Chattanooga, Tenn., the other day a man was burned to death and his son fatally injured. THE Patna rice case was decided on the 11th at New Orleans, the jury returning a sealed verdict, which, it was understood, was in favor of the Government. FATHER ASHFIELD, a Catholic priest, was recently stabbed to death at Memphis, Tenn., by a crazy friend named Reese When found the lunatic was caressing the dead body of the priest. THERE will be a heavy movement of cattle from Texas to the Indian Territory this spring, estimates being placed all the way between 125,000 and 150,000 head. GOVERNOR BUCKNER, of Kentucky, declares that under no circumstance would he be a candidate for the United States Senate against Mr. Blackburn. Two more fruitless ballots for United States Senator were taken by the West Virginia Legislature on the 12th. THE Bank of Bedford at Liberty, Va., has suspended. Assets and liabilities unknown. THE investigation into the cause of fires on cotton ships now in progress at Charleston, S. C., by a committee of the Stock Exchange, is watched with considerable interest.
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Two more fruitless ballots for United States Senator were taken by the West Virginia Legislature on the 12th. THE Bank of Bedford at Liberty, Va., has suspended. Assets and liabilities unknown. THE official trial of the new gunboat Yorktown was made in Delaware bay recently and was pronounced a success. MONROE WILKERSON, a colored murderer condemned to be hanged at Scottsville, Ky., March 12, made a desperate attempt to escape the other night but was recaptured and chained to the jail floor.
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OLD NORTH STATE. AN IMPORTANT REPORT ON THE GOVERNOR'S MANSION. The Election Law-Holden's DisabilitiesA Disaster from Snow-Brilliant Club Reception. (Special telegram to the Dispatch.] RALEIGH, February 22.-In the Senate there was an important report by the select committee upon the Governor's Mansion. This committee recommends that the Mansion be completed, convict labor being used, and that money from the sale of the State's lots be used to meet the expenses, to which $4,000 is 10 be added from the Treasury. There was a warm debate over the bill to amend the election law, but the bill passed its second reading by a vote of 24 to 9. It is practically the same as the South Carolina election law and provides that the voter shall deposit his OWD ticket in the boxboxes to be labelled. The bill was made the special order for next Thursday on its third reading. HOUSE. The session of the House was marked by a long debate on the bill to remove the dissbilities of ex-Governor Holden. It found warm friends and opposents. An amendment was offered that Holden's disabilities be not removed until those of Jefferson Davis are removed. The bill failed to pass Its second reading by a vote of 45 to 57. The result was greeted with applause. The House passed a bill to increase the capital stock of the Durham. Blue-Wing and Clarksville railway to $2,000,000. and to allow It to make Hillsboro' its terminus, with power to extend to the South Carolina line. The suspension of the Exchange Bank of Mt. Airy was caused by a heavy run upon it, due to the failure of the Bank of Bedford at Liberty, Va. The weight of the snow crushed in the roof of the barns of George Shellem, near this city, last night and killed several thoroughbred Jersey cows. The buildings of the Cape Fear and Yadn-Valley railway at Wilmington are to be built at once. It is now certain that the road will reach there this year. The Capital Club of this city gave this evening the most elegant reception ever held here. It was in special compliment to ladies. Mrs. James McKee, wife of Dr. McKee, president of the club, aided by a number of ladies, assisted in receiving. Charles M. Busbee was chairman of the Re. ception Committee. Governor Fowle and other State officers, together with all the prominent members of the Legislature, was present. Supper was served and there was dancing. Invitations*bad been sent to Richmond, Norfolk, Winston, Asheville, and Wilmington clubs. The negroes have gotten over their exodus fever to some extent, certainly in the Goldsboro' section. The stir is LOW here and at Durham, it appears. Everv day some leave. Of course those who have no contracts can go where they like. Many persons ask why the negroes are ursed to go to Kansas. Your correspondent will endeavor to tell. Farmers there employ agents to come here and induce negroes and their families to emigrate. The reasons of the desire for families is two-fold. A fixed rate per head 18 paid for persons secured. This the farmer pays, and he also pays the cost per head of the emigrants delivered. If the cost is 82 for each person and say $15 for railway fare the figure to the farmer is $17 per head. But when the farmer gets the emigrants in his bands be makes a charge of full fare, say $85 or $40 against each person, instead of tue sums really paid, so that the negro finds bimself in debt, gay $150 or $200, and under the laws of Kansas becomes virtually the farmer's slave until this is worked out to the uttermost farthing. Thus the case stands about in this wise: The labor agent makes money; the railway bauling 14 great mauy people in solid trains at a low figure, comes out with a good thing; the farmer makes money under the Kansas law. The only loser is the negro, who leaves a place where be is at home and where be is certainly kindly treated; runs after strange gods,
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LATER NEWS. STATE officers of the Grand Army of the Republic were elected in Massachusetts, Pennsylvania and New Jersey. REAR ADMIRAL S. B. LUCE struck his flag from the masthead of the Galena a few days ago, at Key West, Fla. He bade official farewell to officers and crew and sailed on the steamer Olivette for Tampa, whence he proceeds to Washington, where he will be retired. MR. AND MRS. HENRY WOMAC, of Monroe' Ga., have died of hydrophobia caused by a cat's bite. GENERAL ALGER has bought the Pitts. burgh and Lake Superior Company's iron mine, at Marquette, Mich.. for $800,000, including 1800 acres of iron land. THE Bank of Bedford, at Liberty, Va., has suspended payment on account of overdrawn accounts by stockholders. MRS. HARGROVE, a wealthy lady of Smyrna, Ga., was murdered by unknown parties in her own home. while she was alone. She was found by her son horribly mutilated and her skull crushed in. THE nomination of Norman J. Colman, of Missouri, to be Secretary of Agriculture, has been confirmed by the Senate. THE proceedings of the Senate on the Br:tish Extradition Treaty have been made public. THE Ameer of Afghanistan is circulating a rumor of approaching war with Russia. It is alleged that he is beheading three hundred persons daily for interfering with frontier traffic. THE Queen Regent of Spain has received Hon. Perry Relmont, the new American Minister to Madrid, who presented his credentials. Her Majesty cordially welcomed Mr. Belmont, who made an appropriate reply. THE biggest and coldest blizzard of the winter raged in Canada. Snow blocked the trains, telegraph lines were in inextricable confusion; sleet and wind made walking dangerous. Numerous deaths were reported. FREQUENT skirmishes between natives and French troops are reported outside of Haiphong Haner and the coast ports of Tonquin, China. A band of 1000 natives recently at. lacked the French and have practically driven them out of Monkay. In these fights three French soldiers were killed and five were wounded.