7176. First National Bank (Burnside, KY)

View Charter #8903 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
8903
Charter Number
8903
Start Date
September 17, 1909
Location
Burnside, Kentucky (36.989, -84.600)

Metadata

Model
gpt-5-mini
Short Digest
f9addae0

Response Measures

None

Receivership Details

Date receivership started
1909-09-19
Date receivership terminated
1909-12-23
OCC cause of failure
Losses

Description

Bank was closed by board of directors Sept 17, 1909 and receiver R. D. Garrett appointed. Closure attributed to overloans and heavy lending to the Huntington Produce & Feed Co. Bank later resumed operations after about three months under new management (Dec 1909). No contemporaneous article describes a depositor run, so this is classified as a suspension (by directors) with reopening.

Events (7)
1. October 2, 1907 Chartered
Source
historical_nic
2. September 17, 1909 Receivership
Newspaper Excerpt
R. D. Garrett of Princeton, Ky., has been appointed receiver.
Source
newspapers
3. September 17, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by board after heavy loans/overexposure to Huntington Produce & Feed Co., which failed or became involved; overloans and unfortunate business deals cited.
Newspaper Excerpt
The First National Bank of Burnside closed its doors to-day and National Bank Examiner Johnson will take charge.
Source
newspapers
4. September 19, 1909 Receivership
Source
historical_nic
5. December 23, 1909 Restored To Solvency
Source
historical_nic
6. December 24, 1909 Reopening
Newspaper Excerpt
First National bank, of Burnside, resumes operation after being in hands of receiver three months.
Source
newspapers
7. August 8, 1933 Receivership
Source
historical_nic

Newspaper Articles (12)
1. September 17, 1909 Evening Star Washington, DC
Article from Evening Star, September 17, 1909

Click image to open full size in new tab

Article Text

Liverpool Cotton Prices. LIVERPOOL, September 17.-Closing: Cotton-Spot, moderate business done; prices one point higher. American middling. fair, 7.43; good middling, 7.00; middling, 6.93; low middling, 6.73; good ordinary, 6.49; ordinary, 6.24. The sales of the day were 10,000 bales, of which 500 were for speculation and export, and included 8,400 American. Receipts, 2,000 bales, including 1,500 American. Futures opened quiet and steady, and closed barely steady: September, 6.73; September-October, 6.66; October-November, 6.62½; November-December, 6.60; December-January, 6.60; January-February. 6.60; February-March, 6.59½: March-April, 6.59½: April-May, 6.59; May-June, 6.59; June-July, 6.58½; July-August, 6.35½. Kentucky Bank Closed. The controller of the currency was today advised that the First National Bank of Burnside, Ky., was closed today by order of the hoard of directors. R. D. Garrett of Princeton, Ky., has been appointed receiver.

2. September 17, 1909 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, September 17, 1909

Click image to open full size in new tab

Article Text

National Bank Suspends (Special from United Press.) Burnside, Ky., Sept. 17.-The First National Bank of Burnside closed its doors to-day and National Bank Examiner Johnson will take charge. The bank was recently formed by the consolidation of the two state banks of Burnside and has a capital stock of $25,000. It appears that the bank is a heavy lender to the Huntington Produce Company of Burnside, of which President C. W. Stewart of the bank, is also president. Stewart declared today that the Huntington Produce Company indebtedness would be wiped out and the bank resume in a few days.

3. September 18, 1909 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 18, 1909

Click image to open full size in new tab

Article Text

Garrett is Receiver. Washington, Sept. 17-The comptroller of the currency was today advised that the First National Bank of Burnside, Ky., was closed today by the order of the board of directors. R. D. Garrett, of Princeton, Ky., has been appointed receiver.

4. September 23, 1909 The Fulton County News McConnellsburg, PA
Article from The Fulton County News, September 23, 1909

Click image to open full size in new tab

Article Text

WASHINGTON BY TELEGRAPH Roadmasters warned the railroads that they are confronted with a shortage in the supply of timber for ties. Assistant Secretary Hays will inspect the process of turning a North Carolina swamp into arable land. Consul General Skinner, of Hamburg, says Germany offers a good market for toys and mechanical devices. Gen. L. Myer, Department of Texas, said the Roosevelt riding tests are a detriment to the service. Postmaster General Hitchcock is attempting to eradicate some of the kinks in the money order system. John T. Titcumb, a well-known fishery expert, resigned from the United States Fish Commission. Civil service employes need not return to their home states to take examinations for promotion. Surgeon Spear said there were traces of powder around the wound in Lieutenant Sutton's head. Alleging discrimination in favor of Chicago, Detroit and Toledo by the Chesapeake and Ohio, the St. Louis Blast Furnace Company filed a complaint with the Interstate Commerce Commission. United States Consul Fleming, at Yarmouth, N. S., has telegraphed the State Department that the revenue cutter Androscoggin towed to Yarmouth the Anne Blies, of New York. The Secretary of State has postponed until May, 1911, the meeting in Washington of the International Convention for the Protection of Industrial Property. The boundary dispute between Peru and Bolivia has been settled, both countries having accepted the award made by Argentine as arbitrator. The Comptroller of the Currency appointed R. D. Garrett, of Princeton, Ky., as receiver of the failed First National Bank of Burnside. Charles H. Treat, of New York, treasurer of the United States, announced that he had tendered his resignation to President Taft. Secretary Ballinger withdrew for temporary sites 13,700 acres of land lying along the Klickitat River, in Washington. Another $2,000 was sent. by the American National Red Cross Society to American Consul Hanna, at Monterey, Mexico. The armored cruiser squadron which is to participate in the celebration at New Orleans when the President visits that city is to rendezvous at Hampton Roads. Government receipts in Cuba are increasing, according to an official re. port at the State Department. The spillway of the Gatun Dam, Panama Canal, is said to be the largest ever constructed. Announcement was made at the State Department that Spencer Eddy, United States minister to Roumania, Servia and Bulgaria, had tendered his resignation. Ceorge B. Colton, who will succeed Regis H. Post as governor of Porto Rico, will assume his office November 1. Fred W. Carpenter returned to Washington and resumed his duties at the White House. Secretary Bailinger, who has been suffering with bronchitis. was much improved.

5. September 23, 1909 The Citizen Berea, KY
Article from The Citizen, September 23, 1909

Click image to open full size in new tab

Article Text

BANK CLOSES ITS DOORS. First National of Burnside Dragged Down by Failure of Produce Company. Burnside, Ky.-The First National bank was closed by the board of directors until It could hear from the comptroller of the currency at Washington. It is understood the Huntington Produce & Feed Co. is a heavy borrower and when this firm became involved and assigned the directors of the bank decided they could no longer continue. The Huntington concern claims to have quick assets sufficient to pay off its total indebtedness, and if such is the case the depositors will not lose a cent. There is already talk of reorganizing under new management. Mr. R. D. Garrett has been appointed receiver. Local depositors are very much excited, but remain in silence. The Huntington Produce & Feed Co. failed, including all branch offices at Moreland, Worthville, Carrollton and Sparta, Ky. C. W. Stuart, Its president, refused to discuss the company's affairs, except that he hoped they would be able to continue with their business in a few days. Stuart, who is well known in Kentucky as a shrewd financier, purchased the entire wool crop of the Kentucky Wool Growers' Association Pn May, and contracted with Eastern buyers to take It off his hands at a handsome profit. After the passage of the new tariff law, and the slump in wcol, the Philadelphia buyers refused to accept the wool, and the produce company, so It is claimed by Stuart, now has the bag to hold. The bank has a capital of $25,000; surplus and undivided profits, $524; deposits, $59,495, and resources of $91,302.

6. September 24, 1909 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, September 24, 1909

Click image to open full size in new tab

Article Text

pol the czar's health is very bad. The emperor and empress intend to remain some time in the south. They will make a long sojourn in the vicinity of Malta. St. Louis has landed the Eagles convention for next year. In the federal court at Marquette, Mich., E. T. Larson, former cashier of the defunct Ironwood National bank, was sentenced by Judge Knap pen to seven years in the Detroit house of correction. Three robbers dynamited the safe of the Neosha (Kans.) State bank and escaped with $3,000. The bank fixtures were wrecked. The thieves exchanged several shots with the city marshal without effect. John S. Parks of Kansas City was appointed receiver for the Merchants Refrigerator Co. of that city by Judge Phillips in the United States district court. The refrigerating company failed in October, 1907, with approximately $900,000 in creditors' claims. The First Natinal bank of Burnside, Ky., has closed its doors. The bank has $25,000 capital stock. Overloans and some unfortunate business deals are said to be the cause of the failure. After holding up and robbing Miss Freda Santage, 18 years old, about two miles from the end of the Spring Garden avenue car line, at Pittsburg Leon Johnston, a 17-year-old negro narrowly escaped lynching at the hands of three infuriated neighbors from the city. An advance of from 5 to 10 per cent in the price of watches to jobbers has been made by the Elgin and Waltham watch companies. It is stated the advance is based purely on the new tariff bill, though both companies deny this. Aroused by the challenge hurled at Texas Democracy and the veiled at tack against himself by W. J. Bryan in his Fort Worth speech. Senator Bailey announces that he will reply to Bryan in Dallas. J. E. Sayers of Richmond county, W. Va., was on the verge of madness in his cell after being arrested for the murder of his bride, a girl of 14. They had been married only two weeks. The allegation is that he gave poison to his bride, with whom he eloped. Fulfilling his promise to Sheriff Gaston, made at his Birmingham home, where he was questioned, Fred Banding, the University of Michigan baseball player, who has been mentioned in connection with the murder of Mabelle Millman voluntarily went to Detroit. He went immediately to police headquarters for a secret conference with Captain of Detectives McDonnell. Running at full sped into a group of three nuns crossing the street, the automobile of Charles Mueller, a real estate dealer of New York, hurled the women aside with frightful force, killing one of them and possibly fatally injuring another. Secretary Ballinger, it is understood, will retire from the Taft cabinet. This does not mean that his resignation will be immediately accepted. It is the information of his subordinates that the president is not satisfied with the explanations which have been given regarding his connection with the Cunningham coal tract in Alaska. One torpedo boat destroyer and three torpedo boats, bound from Hampton Roads to St. Louis, entered the mouth of the Mississippi river at Port Eads, La., Monday afternoon and proceded on their way to New Orleans. Fire destroyed the business section of Monroe City, Ind., at a loss of $100,000. Both telephone exchanges were destroyed and communication with this city was cut off. John R. Early, the so-called leper,

7. September 24, 1909 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, September 24, 1909

Click image to open full size in new tab

Article Text

Kentucky Bank Closed. Washington.-The Comptroller of the Currency was advised that the First National Bank of Burnside, Ky., had been closed by order of the Board of Directors. R. D. Garrett, of Princeton, Ky., has been appointed receiver.

8. September 24, 1909 Dakota Farmers' Leader Canton, SD
Article from Dakota Farmers' Leader, September 24, 1909

Click image to open full size in new tab

Article Text

Kentucky Bank Suspends. The First National bank, of Burnside, Ky., closed its doors Friday. The bank has $25,000 capital stock. Overloans and some unfortunate business deals are given as the cause of the failure.

9. September 24, 1909 The Midland Journal Rising Sun, MD
Article from The Midland Journal, September 24, 1909

Click image to open full size in new tab

Article Text

WASHINGTON BY TELEGRAPH Roadmasters warned the railroads that they are confronted with a shortage in the supply of timber for ties. Assistant Secretary Hays will inspect the process of turning a North Carolina swamp into arable land. Consul General Skinner, of Hamburg, says Germany offers a good market for toys and mechanical devices. Gen. L. Myer, Department of Texas, said the Roosevelt riding tests are a detriment to the service. Postmaster General Hitchcock is attempting to eradicate some of the kinks in the money order system. John T. Titcumb, a well-known fishery expert, resigned from the United States Fish Commission. Civil service employes need not return to their home states to take examinations for promotion. Surgeon Spear said there were traces of powder around the wound in Lieutenant Sutton's head. Alleging discrimination in favor of Chicago, Detroit and Toledo by the Chesapeake and Ohio, the St. Louis Blast Furnace Company filed a complaint with the Interstate Commerce Commission. United States Consul Fleming, at Yarmouth, N. S., has telegraphed the State Department that the revenue cutter Androscoggin towed to Yarmouth the Anne Blies, of New York. The Secretary of State has postponed until May, 1911, the meeting in Washington of the International Convention for the Protection of Industrial Property. The boundary dispute between Peru and Bolivia has been settled, both countries having accepted the award made by Argentine as arbitrator. The Comptroller of the Currency appointed R. D. Garrett, of Princeton, Ky., as receiver of the failed First National Bank of Burnside. Charles H. Treat, of New York, treasurer of the United States, announced that he had tendered his resignation to President Taft. Secretary Ballinger withdrew for temporary sites 13,700 acres of land lying along the Klickitat River, in Washington. Another $2,000 was sent by the American National Red Cross Society to American Consul Hanna, at Monterey, Mexico. The armored cruiser squadron which is to participate in the celebration at New Orleans when the President visits that city is to rendezvous at Hampton Roads. Government receipts in Cuba are increasing, according to an official report at the State Department.

10. October 15, 1909 The Interior Journal Stanford, KY
Article from The Interior Journal, October 15, 1909

Click image to open full size in new tab

Article Text

RECEIVER GARRETT, of the First National Bank of Burnside, has reported to the Controller of the Currency as follows: Good assets, $55,537.29; doubtrul, $45,444.81; worthless, $8,005 35; total face value of assets, $108,450.40; with liabilities of $83,053.97. It is believed an assessment will have to be levied upon the stockholders unless the doubtful assets can be realized upon. The case of President Stewart, of the bank, has been turned over to the Department of Justice at Washington for prosecution.

11. December 24, 1909 The Paducah Evening Sun Paducah, KY
Article from The Paducah Evening Sun, December 24, 1909

Click image to open full size in new tab

Article Text

KENTUCKY KERNELS. Tom Short, Trigg county, dies. Joseph Beckman, Louisville, dies. Corbin remains "dry" by 28 majority. Wm. N. Stokes, of Russell county, dies. Annie Turner, Cerulean, seriously burned. Leonard Mann, 62, of Kenton county, burned to death. Edward H. Marin, formerly of Newport, dies in Florida. Murray waterworks bonds sold in Chicago, above par. Hugh Arrant, accidentally shots himself while hunting in Graves. Recent cold snap does damage to crops in Central Kentucky. C. A. Atkinson, revenue agent from Magoffin, removed from office. Charles Bradford freezes to death in a few feet of his home at Winchester. First National bank, of Burnside, resumes operation after being in hands of receiver three months. Charles Sheat, Trigg county farmer, attacked by footpads at Hopkinsville, knocked insensible and robbed. John Lewis, Murray, dies. "Uncle" Joe Graves, Civil war veteran, dies at Burkesville. C. J. Jackson, undertaker, and Ed. Palmer, contractor, thrown from hearse at Owingsville and seriously injured. William Murray shoots and kills Elbert Cole, Mrs. Murray, his wife, and mother-in-law, then himself, in Laurel county. W. S. Hamilton, of Brandenburg, graduate of Kentucky State University, next holder of Rhodes Scholarship at Oxford University, England. Fielding Metcalfe, of Hustonville, while on way home to spend Christmas, has attack of heart failure at Cincinnati and may not recover.

12. December 30, 1909 The Citizen Berea, KY
Article from The Citizen, December 30, 1909

Click image to open full size in new tab

Article Text

Somerset, Ky.--After being in the hands of a receiver for the past three months the First National bank, of Burnside, resumed business with a new directorate and new officers. Capt. A. B. Massey is president, F. E. Bradshaw cashier, and L. E. Mann vice president.