Eagle & Phenix Savings Bank

Episode Information

Episode UID: 8845052291094
Episode Type: Suspension → Closure
Bank Type: savings
Bank ID: 884505229 hash
Start Date: February 18, 1891
Location: Columbus, Georgia (32.461, -84.988)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 15db5573cb82e362

Response Measures

None

Description

The bank announced it would close and pay out depositors in bonds rather than cash, which constitutes a suspension of normal cash payments.

Events (1)

1. February 18, 1891 Suspension

Cause: Voluntary Liquidation
Cause Details: The bank announced it would close its savings department and pay depositors in 6% bonds rather than cash.
Newspaper Excerpt: The published announcement that the Eagle and Phenix would close up its savings bank created considerable surprise, but nothing like a panic
Source: newspapers

Newspaper Articles (1)

1. February 19, 1891 The Morning News Savannah, GA

Article from The Morning News, February 19, 1891

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Article Text

EAGLE AND PHENIX MILL. The Annual Meeting of the Stockholders and the Elections. COLUMBUS, GA, Feb. 18.-The annual meeting of the stockholders of the Eagle and Phenix Manufacturing Company was held here to-day. The following directors were elected: William H. Young, Joseph Peabody, and C. E. Battley, all of Columbus; J. S. Bigsby, C. A. Collier, and J. C. Warnock, all of Atlanta; L. A. Trammell of Marietta, E. P. Dismukes of Florida, and J. E. Armour of Greensboro. Great interest has been felt in the election for some time, and it has been asserted, with a degree of positiveness, byllarge stockholders, that Col. William H. Young would be retired from the presidency. Messrs. Bigsby, Warnock and Collier voted a large majority of the stock to-day. THE BY-LAWS. During the day a report was circulated to the effect that the by-laws would be changed so as to restrict the powers of the president and bring the directors more actively into the management of the mill than heretofore. This report could not be officially confirmed, but an impression prevails that there is something in it. At the meeting of the directors this afternoon Col. Young was reelected president. Col. Young is widely known as the father of successful manufacturing in the south, and in spite of the fact that he is advanced in years is still active, energetic, and considered by a large majority of the stockholders the best available man for the important position. The property of the company is worth $3,000,000. A NEW TREASURER. E. P. Dismukes was elected secretary and treasurer, to succeed Alexander Young. Mr. Dismukes is a banker of Quincy. Fla, and a man of considerable means. He will move to Columbus at once. Both stockholders and directors will meet again tomorrow. The published announcement that the Eagle and Phenix would close up its savings bank created considerable surprise, but nothing like a panic, as no possible loss to depositors can occur. The deposits in the bank amount to more than $1,500,000, and will be paid in bonds bearing six per cent. interest. Small depositors can get their cash.