7377. Coal & Iron Bank (Middlesboro, KY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 14, 1893
Location: Middlesboro, Kentucky (36.608, -83.717)

Metadata

Model: gpt-5-mini
Short Digest: ccde8d90

Response Measures

None

Description

Multiple newspapers (Nov 14–15, 1893) report the Coal & Iron Bank of Middlesboro, KY closed its doors on Nov 14, 1893. Reports describe impaired assets (depreciation of land values, backing failed) and the bank being the last in town; later a receiver (D. E. McDowell) sold nominal assets in July 1894, confirming permanent closure and receivership. No clear, contemporaneous description of a depositor run is given; closure appears due to poor assets/losses and loss of confidence rather than an expressly described run triggered by a specific rumor.

Events (2)

1. November 14, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Depreciation of land values and failure of backing (American Association); assets described as nominal; publication of shaky condition shattered confidence leading to closure.
Newspaper Excerpt: The Coal and Iron Bank of Middlesborough, Ky., closed its doors this morning.
Source: newspapers

2. July 21, 1894 Receivership

Newspaper Excerpt: The nominal Assets of the Coal and Iron Bank ... were sold to-day by Receiver D. E. McDowell at public auction for $1,644.
Source: newspapers

Newspaper Articles (11)

1. November 14, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, November 14, 1893

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TELEGRAPHIC BREVITIES It is said that Columbian guards are being enrolled at Jackson Park, Chi cago; to go to Honduras to help along miniature revolutions. A feud over the possession of a mil near Mount Pincon, Ala., last night re sulted in the death of two men and the serious injury of the third. Francis B. Thurber, the wholesale grocer, head of the Thurber-Whyland Company, of New York, made an individual assignment to-day. It is announced in Dubuque, Iowa that Governer Boies will present him self as the next democratic candidate for Congress in that district. John Johnson, colored, paid the per alty of his life to-day at Auburn, N. Y. for a double murder committed April 17 last, in the broom shop of the prison Frank A. Johnston, of Mansfield, O. recently appointed U.S. Consul at Chi huahus, Mexico, died last night of con sumption at El Paso, Texas, while en route to Chihuahua. The Coal and Iron Bank of Middles borough, Ky., closed its doors this morning. This is the last bank in town where but a few years ago more than a million of English capital was dumped. J. M. Breedlove, sheriff of Henry county, Tenn., was shot and instantly killed yesterday afternoon by a negro named Coleman. The negro was in ambush and used a shotgun, blowing the top of the sheriff's head off. Bovine tuberculosis has developed in the blooded alderney stock of Chas S. Taylor, just outside of Burlington, N. J., and already some twenty cows out of a herd of 150 have been killed while quite as many more are doomed The sub-marine torpedo boat built al Oshkosh was given a successful trial yesterday. The boat, which is propell ed and lighted by electricity, carried three men and remained under water nearly an hour, under perfect control At Saltville, Va., there are five cases of smallpox and all travel on the railroads has been stopped. The schools have been suspended and all works are -hut down. It is feared that the disease will become epidemic. At Cleveland, O., yesterday, Michael McNamaray shot and, probably, fatally wounded Mrs. Ellen Sweene and her daughter and then shot himself in the head. McNamaray will die. The cause of the shooting is not known. The report that a number of member of the Young Men's Christain Association were burned in last night's fire at Memphis seems to be without foundation, except as to Thomas Bond, who caunot be found. It is thought that he perished in the flames. Van Roberts, a hotel keeper at Rush Hill, Mo., has fallen heir to $600,000 left him by John Bennett, who died at Las Vegas, N. M. Roberts saved Ben nett from drowning in the Sangamon river, near Decatur, IHs., twenty years ago, and the $600,000 is the reward. The suit of John M. Glover, lawyer and ex-Congressman, against the American Casuality Insurance and Security Co., of Baltimore, for $150,000 damages for publishing him as an embezzler, came to trial at St. Louis yesterday and resulted in a verdict for $27,000. John Burgraff's three boys, aged 6, 11 and 13 years, were in a field husking corn near Running Water, S. D., yesterday, when the elder one picked up a gun for the purpose of scaring the other two, and in the attempt to shoot over their heads he blew the head off one and dangerously wounded the other. At S o'clock this morning Leon Harrison, aged 35 years, a St. Louis bill poster by occupation, was shot and instantly killed by Michael Donohue, a bricklayer. Both men were married and the murder was the result of a family quarrel. Donohue surrendered to the police and claims he acted in self-defense. A mob composed entirely of negro 8 lynched a negro named D. T. Nelson at Varner, Ark., last night. Nelson had murdered Ben Bettis, another negro. He was hanged to a tree and a volley of bullets fired into the body. An attempt was made to burn him, but a drenching rain extinguished the fire. At Augusta, Ga., to-day the largest meeting of merchants ever held in that city convened to take action against

2. November 15, 1893 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, November 15, 1893

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RECEIVERSHIPS. New York, Nov. 14.-Judge Andrews of the supreme court today appointed Andrew Kirkpatrick and Thomas Reed receivers for Thurber, Wayland & Co Francis B. Thurber, president of the con (cern, in his application for receivers, says that the debts of the company aggregate $800,000, of which $500,000 are in commercial paper. The company does a business, he says, of $125,000 % week. It conducted an important domestic and importing wholesale grocery business at Beadle and Huron streets and West Broadway. The company was in trouble during last season's panic, but pulled through with the aid of the leading bankers of the city. Its stock has been quoted very low recently. It is said that this is due 10 the action of small holders in continually selling. Mr. Thurber, in speaking of the assign ment, said: "While all the creditors can be paid in full, the business cannot be profitably continued without fresh capital. This has been and can be obtained, but only through a reorganization, which, in the opinion of the largest stockholders, is preferable to dragging along on the present basis, not only without dividends, out with danger to all interests concerned. The liabilities will amount to about $800,000, against which there are assets amounting to about $2,000,000, though the realization of this sum will depend upon judicious handling, and to some extent upon the continuance of the business." The man who is to furnish $500,000 capital to Thurber, Wayland & Co. is said to be a Mr. Haas, a retired grocer of San Francisco, who has just come east. KANSAS CITY, Nov. 14.-Receivers have been appointed by the circuit court of Clay county for the Excelsior Springs company. The allegation is that the company is insolvent and unable to meet its obligations. The company made no answer to the suit. All the unsold lands and lots are in the name of the company, and the Elms hotel is also in its possession. No change will be made in the management of its interests, the receivership having been adopted as a method of self-protection against obligations already incurred. ST. PAUL. Minn., Nov. 14-In the United States court this afternoon the Farmers' Loan and Trust company of New York, brought suit to foreclose mortgages for three sets of bonds on the Northern Pacific railroad, aggregating $53,000,000. and asked for the appointment of receivers. Judge Caldwell appointed the same receivers as heretofore. and directed that all indebtedness be considered as preferred claims. MIDDLEBORO, Ky., Nov. 14.-The Coal and Iron bank, the last bank doing business here, closed its doors this morning. The assets and liabilities are unknown.

3. November 15, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, November 15, 1893

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HEAVY FAILURE. A Grocery Firm Goes Under, With Large Liabilities. NEW YORK, Nov. 14.- Francis B. Thurber has made an assignment without preference. The assets and liabilities are as yet unknown, but will be very heavy. Judge Andrews in the Supreme Court to-day appointed Andrew Kirkpatrick and Thomas Reid as receivers for the Thur ber-Ryland Company. Francis D. Thurber, President of the company, in his application for a receiver says the debts aggregate $800,000, of which $500,000 is commercial paper. He says the company does a business of $125,000 a week. It conducted an important domestic and importing wholesale grocery business. The company had trouble during last season's panic, but pulled through with the aid of the city banks. Speaking of the assignment, Thurber said: "All the creditors can be paid in fuil, but the business cannot be profitably continued without additional capital, which has been offered, with the understanding that the company shall be reorganized. The liabilities amount to $800,000, and the assets, if carefully managed, will yield $2,000,000." It is said that Mr., Haas, a retired groceryman of San Francisco, has offered to put in $500,000 additional capital. A KENTUCKY BANK SUSPENDS. MIDDLESBORO (Ky.). Nov. 14.-The Coal and Iron Bank, the last bank doing business here, closed its doors this morning. The assets and liabilities are unknown. It had a capital of $500,000. It lost through the depreciation of land values over a quarter of a million. The American Association, which backed it, failed a month ago, and the depression in business here added to the blow. The assets are believed to be merely nominal.

4. November 15, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, November 15, 1893

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Biggest Concern in the Yazoo Delta, Memphis, Tenn., November 4.-Weiss & Goldstein, who have been in business in Greenville, Miss., for 25 years, and are the largest mercantile firm in the Yazoo Delta, assigned today. The liabilities will reach $300,000; assets $600,000. The cause of the failure is the general dull times and failure to collect debts. The Last of the Banks, Louisville, Ky., November 14.-The Coal and Iron Bank of Middlesborough closed its doors this morning. This is the last bank in a town where, but a few years ago, more than a million of English capital was invested.

5. November 15, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, November 15, 1893

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TELEGRAPHIC BREVITIES. WASHINGTON. Nov. 14.-The president has removed from office Thomas V. Cooper, collector of customs for the port of Puiladelphia. HOUGHTON. Mich. Nov. 14.-Jack Butler, one of the Mine al Range robbe s. to-day pleaded guilty and was sentenced to five years in prison. NUNDA. N.YY. Nov. 14.-A school house at Cooperville burned 10-day. May Porter, she teacher, and Willard Johnson, aged four. were burned to death. MILWAUKKE, Wis.. Nov. 14.-The Morning Times, a United press paper. backed by politicians, suspended publication to-day after an existence of five weeks. MIDDLESBORO. Ky.. Nov. 14.-The Coal and Iron bank, the last bank doing business here, closed its doors this morning. Assets and liabilities unknown. It had a capital of half a million. WASHINGTON. Nov. 14.-San Salvador has issued a decree imposing an annual tax of $30,000 on shipping houses in La Libertad and Acujulto. Some of the merehants declare they will close rather than pay 19. DALLAS, Tex.. Nov. 14.-Dook Flannagan, member of the Dallas Athletic olub, authorized the Associated press to say $20,000 has been secured and deposited and $5,000 for expenses for the Mitchell-Corbett fight to come 10 Dallas.

6. November 15, 1893 The Sun New York, NY

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Minor Buslness Tronbles. CINCINNATI. Nov. 14.-Henry Kissel. who from playing the clarinet in the orchestra became proprietor of the largest of the "Over the Rhine" concert halls. assigned to-day with $30,000 liabilities. AUGUSTA. Nov. 14.-W. H. Campbell & Bro., one of the oldest and strongest firms of this city. assigned yesterday. Liabilities about $35,000: assets from $40,000 to $50,000. Creditors are mostly Southern firms. LOUISVILLE, Nov. 14.-The Coal and Iron Bank of Middlesborough closed its doors this morning. This is the last bank in a town where but a few years ago more than a million of English capital was invested. MEMPHIS, Nov. 14.-The firm of Welss & Goldstein. which has been in business in Greenville. Miss., for twenty-flve years, and was the largest mercantile firm in the Yazoo delta, made an assignment to-day to Messrs. H. & C. Newman of New Orleans. to cover an indebtedness due the firm. Liabilities, $300.000; assets, $600,000.

7. November 23, 1893 The Farmers' Union Memphis, MO

Article from The Farmers' Union, November 23, 1893

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FINANCIAL AND INDUSTRIAL -Lehigh Valley and New Haven are said to have formed a traffic alliance, which may mean a big combination. -Stockholders of a failed Indianapolis bank will sue to have their deposits treated as an offset to their personal liability. -According to the receivers Northern Pacific has lost $2,000.000 a year by maintaining its branch lines In appointing receivers for the Sedalia Narrow Guage Judge Field. of Missouri. criticised the attitude of the Missouri Pacific. -Earnings of the Monon during the months of the summer are said to have been phenomenal. -The Excelsior Springs Company. of Kansas City, which obtained the highest award at the World's Fair on mineral waters, and which owns a fine hotel. a branch railroad. and many springs, has gone into the hands of receivers. -The Coal and Iron Bank at Middlesborough. Ky., closed its deors. It was the last bank in town and had weathered the financial storm successfully until a pubiication of its shaky condition shattered confidence. -11. M. Brill, clothing merchant at Vicksburg. Miss., has assigned. Assets and liabilities. $25,000 each. -The petition of A. W. Bruck asking for the appointment of a receiver for the Cincinnati Tribune was denied by Judge Saylor. The plaintiff. he said, had no standing in court for the application of a receiver. -George W. Ferris and the Pittsburg Construction Company. which built the Ferris Wheel at the World's Fair. are said to have lost $62,000. having received but $300,000. while the wheel cost $352,000. The stockholders. however, have been paid 22 per cent. on their investment A movement is On foot to induce Pittsburg stockholders to turn over their stock to Mr. Ferris at 10 cents on the dollar in order that he may save himself and the builders from loss. -W. P. Campbell & Bro., general merchants in Augusta, Ark., have assigned. Liabilities. $3,500; assets, $4,500. -Morgan, Davis & Co., tea brokers at Toronto. have suspended payment. Liabilities. $40,000; assets, nominally the same. -R G. Dun & Co.'s Weekly Review of Trade sums up the situation as follows: The turn of the tide has come Since the elections there has been a direct improvement in busine S and particularly in manufacturing There is some increase in actual transactions and much of the tone of business Men of all parties feel that there is around for greater confidence, the silver question being put definitely out of

8. November 23, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, November 23, 1893

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THE HARD TIMES. "Tis Plain They Have Not Yet Passed Away. Memphis, Nov. 15.-The firm of Weiss & Goldstein, which has been in business in Greenville, Miss., for twenty-five years, and was the largest mercantile firm in the Yazoo delta, has made an assignment to Messrs. H. & C. Newman, of New Orleans, to cover an indebtedness due the firm. The total liabilities will reach $300,000, while the assets are $600,000, leaving an excess of assets over the liabilities of fully $300,000. The cause of the firm's failure is the general dull times and failure to collect debts. Kansas City, Nov. 15.-The Excelsior Springs company, which obtained the highest award at the world's fair on mineral water, and which owns a fine hotel, a branch railroad and many springs, has gone into the hands of a receiver. Howard M. Holden and Samuel F. Scott, of this city, and Judge Chambers, of Excelsior Springs. were appointed assignees. They claim that it is a friendly suit to wind up the old company, which is in debt and has been succeeded by a new company. No statement of assets or liabilities can be obtained. It is said that the new railroad line built by the company has been absorbed by the Wabash. Middlesborough, Ky.-Nov. 15-The Coal and Iiron Trust bank, doing business at this place has closed its doors. It was organized in 1889 by an English syndicate, with $500,000 capital. During boom times a great deal of paper was taken that was worthless. When the collapse came thousands of dollars were then lost. At present the assets are nominal; liabilities, $50,000. Detroit, Nov. 15.-A receiver has been appointed for the Davis Boat and Oar company, with works at Wyandotte. The companw has been in trouble ever since the Cudahy failure at Chicago. The amount of the company's liabilities is not stated. Cincinnati, Nov. 15.-Henry Kissel, the concert hall proprietor, has assigned to Edward J. Dempsey. Assets and liabilities about $30,000 each. He gives as the cause of his assignment the midnight and Sunday closing ordinances, and the financial stringency. Norwalk. Ohio, Nov. 15.-The failure of Jacob Rich, the man milliner, is a bad one. The liabilities thus far amount to over $16,000 with not much, if any, over $5,000 assets.

9. November 24, 1893 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, November 24, 1893

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THE hard TIMES. "Tis Plain They Have Not Yet Passed Away. Memphis, Nov. 15.-The firm of Weiss & Goldstein, which has been in business in Greenville, Miss., for twenty-five years, and was the largest mercantile firm in the Yazoo delta, has made an assignment to Messrs. H. & C. Newman, of New Orleans, to cover an indebtedness due the firm. The total liabilities will reach $300,000, while the assets are $600,000, leaving an excess of assets over the liabilities of fully $300,000. The cause of the firm's failure is the general dull times and failure to collect debts. Kansas City, Nov. 15.-The Excelsior Springs company, which obtained the highest award at the world's fair on mineral water, and which owns a fine hotel, a branch railroad and many springs, has gone into the hands of a receiver. Howard M. Holden and Samuel F. Scott, of this city, and Judge Chambers, of Excelsior Springs, were appointed assignees. They claim that it is a friendly suit to wind up the old company, which is in debt and has been succeeded by a new company. No statement of assets or liabilities can be obtained. It is said that the new railroad line built by the company has been absorbed by the Wabash. Middlesborough, Ky.-Nov. 15-The Coal and Iiron Trust bank, doing business at this place has closed its doors. It was organized in 1889 by an English syndicate, with $500,000 capital. During boom times a great deal of paper was taken that was worthless. When the collapse came thousands of dollars were then lost. At present the assets are nominal; liabilities, $50,000. Detroit, Nov. 15.-A receiver has been appointed for the Davis Boat and Oar company, with works at Wyandotte. The companw has been in trouble ever since the Cudahy failure at Chicago. The amount of the company's liabilities is not stated. Cincinnati, Nov. 15.-Heary Kissel, the concert hall proprietor, has assigned Edward J. Dempsey. Assets and liabilities about $30,000 each. He gives as the cause of his assignment the midnight and Sunday closing ordinances, and the financial stringency. Norwalk. Ohio, Nov. 15.-The failure of Jacob Rich, the man milliner, is a bad one. The liabilities thus far amount to over $16,000 with not much, if any, over $5,000 assets.

10. November 30, 1893 The Comet Johnson City, TN

Article from The Comet, November 30, 1893

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CONDENSED NEWS. The Coal and Iron Bank, of Middlesborough, Ky., has closed its doors. The Southern Exposition was opened at Augusta. Ga, last week, 50 000 people turned out in honor of the occasion. J. Scott Harrison, the Democratic brother of the ex-President, was appointed Surveyor of Customs at Kansas City. It is said that Congressman Bynum, of Indian, will retire from politice at the expiration of his present term and locate in Washington to practice law. At Varner, Ark., Monday night a mob composed of negroes took D. T. Nelson, a negro murde,er, from jail and, after shooting him, burned him to death. The grocery firm of ThurberWhyland Company, of New York, has been placed in the hands of receivers. Liabilities are said to be $800,000 and assets $2,000,000. One of the big iron furnaces at Ash land, Ky., has been fired up after an idleness of several months, and three hundred men have been put back to work. Another furnace will be fired about Decemqer 1th.

11. July 24, 1894 The Mt. Sterling Advocate Mount Sterling, KY

Article from The Mt. Sterling Advocate, July 24, 1894

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For a Song. Middlesboro, Ky., July 21.-The nominal Assets of the Coal and Iron Bank, consisting of personal, notes, stocks of various Middlesboro corporations and city warrants put up as collatoral, amounting to $644,000, were sold to-day by Receiver D. E. McDowell at public auction for $1,644.