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FAILURES. GAINESVILLE, Tex., Oct. 16.-Cleaves & Fletcher, wholesale and retail dealers in hardware and agricultural implements, assigned today. Assets, $235,000; liabilities, $200,000. NASHVILLE, Oct. 16.-A telephone message from Columbia, Tenn., at 1 o'clock a. m. says that the Columbia Banking company, capital 200,000, and the Bank of Columbia, capital $60,000, assigned at midnight. No particulars were received.
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Bankers Assign. NASHVILLE. Tenn., Oct. 17.-Atalate hour news was recived here that assignments were made at Columbia by the Bank of Columbia and the Columbia Banking Company. The capital stock of the former is $100,000 and that of the latter $60,000. The liabilities and assets are not known. but it is said the officers of both institutions claim that creditors will be paid in full in time. Failure to make colleetions is assigned as the cause. These banks have been in business for some years and the news of their assignment will create a segnation,
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Banks Go Down. COLUMBIA, Tenn., Oct. 18.-The Columbia Banking company, capital $100,000, and the Bank of Columbia, capital $60,000, have assigned. Nostatement of the assets of either concern has been made public.
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Bankers Assign. NASHVILLE. Tenn., Oct. 17.-Atalate hour news was recived here that assignments were made at Columbia by the Bank of Columbia and the Columbia Banking Company. The capital stock of the former is $100,000 and that of the latter $60,000. The liabilities and assets are not known. but it is said the officers of both institutions claim that creditors will be paid in full in time. - Failure to make collections is assigned as the cause. These banks have been in business for some years and the news of their assignment will create a sensation.
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Bankers Assign. NASHVILLE. Tenn., Oct. 17.-Atalate hour news was recived here that as. signments were made at Columbia by the Bank of Columbia and the Columbia Banking Company. The capital stock of the former is $100,000 and that of the latter $60,000. The liabilities and assets are not known. but it is said the officers of both institutions claim that creditors will be paid in full in time. Failure to make collections is assigned as the cause. These banks have been in business for some years and the news of their assignment will create a sensation.
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The Tennessee Bink Failures. NASHVILLE. Tenn., Oct. 19.-The assignments made by the Bank of Columbia and the Columbia Banking Company created no little excitement in Columbia. The Bank of Columbia assigned to Col. J. W. S. Ridley, with assets of $467,004.95 and liabilities $285,800, leaving assets in excess of liabilities, $181,204.93. Maj. W. P. Ingram, the president of this bank, made a personal mortgage of $30,000 additional. The Columbia Banking Company assigned to G. T. Hughes, with assets $316,620. and liabilities $554,428, leaving assets in excess of liabilities, $61,192.
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Deserved Compliment: American: -It was a high and well deserved compliment paid to Maj. W. P. Ingram, President or the Bank of Columbia, and Mr. Lucius Frierson, Cashier of the Columbia Banking Company, when the creditors of the two banks met and asked that these two gentlemen be made trustees for their respective banks. Both of these gentlemen have long held the confidence and esteem of the community and the action taken by the creditors shows this confidence has not been shaken by the misfortuue which has overtaken them. It shows also that the people of that community are not rattled or panicked by the failure, but have the pluck and spirit necessary to meet the exigencies of the situation. The evil effect of a failure is reduced to a minimum when the people meet it with a bold front.
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Card From Mr. Lucius Frierson to the Public. EDITOR HERALD: May I ask for space in your columns for a communication of a personal character? I feel it due to express my heartfelt gratit de for the confidence reposed in me by the depositors and creditors of the Columbia Banking Company, in placing me back in charge of the affairs of the bank; for the magnanimity and sympathy shown me by my friends and the people of Maury County and Columbia, where I was born and have spent my entire life This, my first trouble of a financial nature, is to me the severest trial of my life, and that of the deepest mortification. To attempt an explanation of the causes of the reverses that have come upon the bank and forcing its suspension, would be unnecessary in this card. Whatever of errors of mismanagement in the way of too liberal loans and investments on my part, I can only plead came from an error of judgment and a spirit on my part of a help to the people and a desire to build up the town and county. A kindness of heart and generosity of feeling, I now realize is no palliation for mistakes in business life. With an assurance on my part to wind up the trust reposed in me as rapidly and to the best of my ability for the best interest of all concerned as I can, can I not appeal to those who are indebted to the bank to come forward and pay their indebtedness, that I may pay over to the depositors and creditors their dues as rapidly as possible? I desire to correct an erroneous impression that seems to have been given some credence in the community. That I am in some way connected with the Maury Bank and Trust Co., the new bank, which is occupying a portion of our building. Such is not the case. I have no interest in it whatever, only that it may be successful and assist in restoring confidence in the disturbed condition of business affairs in the county. Nor has the new bank anything whatever to do with, or means of proffiting by, the assetts of the suspended bank. The new institution is officered and governed by gentlemen of the highest character and financial influence. I agreed to the occupancy from purely business motives; tbat is, of getting a monthly rental to help save expenses of winding up, and to secure when the proper time came a possible purchaser or lessee for the property, which is fitted peculiarly for a banking business. I crave indulgence for this personal explanation and ask a continuance of the kindly feelings and confidence that has been extended me since my childhood from the people with whom I have been reared. LUCIUS FRIERSON. Columbia, Tenn., Nov. 5th, 1891.
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Condition of Insolvent Banks. PITTSBURG, Dec. 16.-A Greensburg (Pa.) special says: The Irwin Bank at Irwin. Pa., failed to open this morning. Pool & Son, proprietors, made an assignment. They say the bank could not recover from the shock caused by the former suspension. It is said between $75,000 and $100,000 was drawn out within the past week. The Pools assert that every dollar of deposits will be paid. COLUMBIA (Tenn.), Dec. 16.-The Creditors' Committee of the Bank of Columbia and the Columbia Banking Company, now insolvent, reported this morning that the banks will pay 60 or 70 cents on the dollar certain, with the probability of more.
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Business Troubles. COLUMBIA, Tenn., Dec. 16.-The creditors' committee of the Bank of Columbia and the Columbia Banking Company, now insolvent, reported this morning that the banks will pay 60 or 70 cents on the dollar, with a probability of more. GREENSBURG, Pa., Dec. 16.-The Irwin bank, at Irwin, Pa., failed to open this morning. Poole & Son, the proprietors, had made an assignment. They say the bank could not recover from the shock caused by a former suspension. It is said that between $25,000 and $100,000 has been drawn out within the past week. Poole claims that every dollar of the deposits will be paid up.
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Embarrassed Banks. GREENSBURG, Pa., Dec. 16.-The Irwin bank at Irwin, Pa., failed to open this morning. Pool & Son, the proprietors, made an assignment. They say the bank could not recover from the shock caused by its former suspension. It is said between $75,000 and $100,000 was drawn out within the past week. The Pools claim that every dollar of deposits will be paid. COLUMBIA, Tenn., Dec. 16.-The creditors' committee of the Bank of Columbia and the Columbia Banking company, now insolvent, reported this morning that the banks will pay 60 or 70 cents on the dollar certain, with a probability of more.
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Banking Co. assumed the liabilities of The First National Bank and took all the as sets of said old bank. The capital stock of The Columbia Banking Co. was fixed as shown in the minutes, at $150,000.00 Shortly after the organization of The Columbia Banking Co. J. C. Wooten had to his credit $50,000 and over as depositor of The Columbia Banking Co., for which J. C. Wooten received interest, part of the time, at 4 per cent and part at 5 per cent. It is due Mr. Wooten to state that the erasure in the stock subscription is explained by Mr. Wooten to have occurred shortly after the subscription was made-h believes the day it was made; but Mr. Frierson did not recollect when it occurred. The capital stock of this bank was advertised at $100,000, but unless this $50,000 is calculated, it does not appear it was all taken. But it appears that after making this subscription they concluded to just take the stock of The First National Bank and count this only, and dividends were paid only on this stock. But there has been no change of the stock of The First National Bank and none of these facts known to the public, and no stock issued by The Columbia Banking Co. to any one-not even one dollar. The following are the directors of The Columbia Banking Co.: J. M. Mayes, J. C. Wooten, Lucius Frierson, T. W. Keesee, Jno. M. Allen, H. B. Titcomb. J. M. MAYES, President. J.C. WOOTEN, Vice- Prest. LUCIUS FRIERSON, Cashier. No meeting of the directors, as shown on minutes, after July 18, 1886. W 0 find Mr. Wooten, Vice President. kept usually on deposit, from Sept. 1885 to June 1889, from $50,000 to $68,000. On June 21st 1889, it was reduced to $39,000, and on February 1890, was reduced to $24,000. On Feb. 7th, 1891, he had about $28,000 to his credit and loaned to Lucius Frierson and Columbia Banking Company $26,438.02. This was from money on deposit in Columbia Banking Co's Bank. As security for this he received a mortgage on what is known as the S. D. Frierson farm and the Rye House and lot and a number of good notes of the Columbia Banking Co. The farm is the property of the Columbia Banking Co.; was paid for by its assets, be ing claim against D. B. Cooper; and this mortgage of Mr. Wooten was not regis tered until after the assignment, and we think belongs as a part of the trust. That although it stood in name of Lucius Frierson it was or should have been well known to Mr. Wooten that it was paid for by the funds of the bank, that the loan was to the bank and it was the property of the bank. Subsequently, viz, about the 22nd of April 1891, some of the notes being taken up, Mr. Wooten made another loan and settlement with The Columbia Banking Co., the debt being then reduced to $17,500, and $21,000 of notes being placed as collateral. This did not take up the debt of $15,000 mort rage, SO there is outstanding to J. C. Wooten the $15,000 and $17,500, as shown it Some of the notes have been exchanged for other notes in the bank. We find Mr. Frierson' 8 total indebted ness of every kind and description, included in this all corporations of which he is a party and all endorsements, is e about the sum of $28,000. We find that Mr. Mayes has on deposit about $2,700, but is endorser on f several papers in bank. We find nothing irregular about the books of the bank, and although there are small overdrafts of the two clerks, e in fact very small overdrafts, their ac 8 counts are clean, and their salary would probably cover these overdrafts. We find nothing suspicious or irregular about the books of the bank, and no at shortage in accounts, the books being neat and well kept. We see no use to have an expert. We have worked day of and night for fully ten days, and have examined the affairs of the bank as d carefully as we can, and think we have gotten at the facts. Of course there might arise other liabilities by endorse ment that we can not see, and the ac10 count between The Bank of Columbia 00 reconciled. and Columbia Banking Co., must be g ANOTHER STATEMENT OF ASSETS AND LIABILITIES. Amount of assets found as $122,278 41 aper our report 77,000 27,720 Solvent Interest and unpaid stock 88 31,000 Dividends paid out n $257,998 as Interest on dividend paid 55,580 00 10 out se $263,578 41 S. This leaves a large amount of doubtrt ful assets for the stockholders, as the above will pay depositors. rAs Mr. Wooten has asubscription and holds the claims against the bank, one might be set off against the other d leaving all the property held by him to d belong to the bank. We are called on to report the condition of the bank and the causes of the 11 failure. We say: ce 1st. The condition of the First National Bank was not good. of 2nd. The stock subscribed to the Coed lumbia Banking Co., was not paid. 3rd. The tightness of money and want bc of confidence created by the necessarily or large sum borrowed, causing a general rush, extending back for a long time. ending in a panic on the 16th of October he 4th. A large amount of currency was drawn out on checks sent by express. 5th. It appears there was a great fallon ing off in deposits. The last 30 days show ng the ing $25,000 bank. more drawn out than put in or There is also an asset in the form of 78, some walnut in North Carolina, not es counted in this estimate. The state ment of the condition of this bank by rt officers, as required by law, has not in been published so far as we can find As Mr. Wooten was director we do not think he could withdraw his deposit nd to injury of the other depositors. As will be seen from the communica nt, tion of Mr. Frierson he has expressed iswillingness to resign his trusteeship the depositors desire to have some on more competent to bring suit against the stockholders and directory, for the reason he has set forth. nd We the committee advise this resig he nation be accepted and Mr. R. C. Church be substituted as trustee. Mr. Church ast did not make this suggestion, but W or the committee find him an efficient and competent man and he is now wel acquainted with the affairs of the bani ur from close investigation. We also ad a vise that Mr. Frierson be continued ve assistant to Mr. Church. ng JOSEPH TOWLER, Ch'm. W. H. WILSON, Sec'y. er ROBERT C. CHURCH. WM. J. WEBSTER. D. A. Davidson. he W. M. Cathey. ked, asMr. Frierson Resigns His Trusteeship on Co. are lumbia To the Banking committee of examination Co Gentlemen: Since my qualification a m Trustee, it has trequently come to her that in the settlement of the trust, me might stand in an awkward position that confronting myself as truste
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under his pillow. The new Mennonite college at Newton, Kansas, is to be opened in the fall of 1892 It has been endowed with $58,000 PT in subscriptions Lawrence, Massachusetts, and adjoining towns afflicted with la grippe which has become epidemic Workshops and stores are closed. Edwin M. Field of New York has been arrested for larceny in the first degree, notwithstanding the fact that be is supposed to be insane The head of the man who tried to kill Russell Sage has been identified beyour doubt as that of Henry L Norcross, a crazy Boston broker. Both first and second chiefs of the Cherokees have died, and the chief of the Senate is :sick. The Cherokee nation is now without . head California's beet sugar output this year received $161,400 bounty from the government The total production was 8,070,138 pounds of sugar. At Findlay, Ohio, the captain of the Salvation Army was arrested on a charge of obstructing the sidewalks with meetings found guilty and fined $10. Conover Brothers, piaso manufacturers, New York, are insolvent, liabili ties, $31,840 contingent liabilities is bills receivable, $35,850; assets, $22,913 Governor Buchanan of Tennessee has decided to send back the convicts to work in the Briceville mines. Military and civil guards will escort them The Bank of Columbia. Tennessee, and the Columbia Banking company which recently suspended, will pay sixty or seventy cents on the dollar to creditors George Stuart, inventor of s submarine telephone, died suddenly of heart disease in New York on the 10th Hewas native of Georgia and forty eight years of age. President Harrison has commuted the sentence of Jasper Knight of Pens sylvania, sentenced to seven years for em bezzlement, to four years actual imprison ment. The suspended negotiations between the Syrian arms factory and the Russian government for the delivery of a large quantity of repeating rifles have been re sumed Rev. Geo. J. Lindner, a minister of the Christian church, has given bogus checks for $500 in Nashville, obtained jewelry on false pretenses and made his escape to Mexico Paul Gressor. the young Frenchman killed in a saloon row in Ottawa Illinois, on Tuesday, is the wayward younger son of a French nobleman He was sent to America for reform. Ex-Congressman Moore of New Hampshire is endeavoring to secure in dietments against the American Bobbin, Spool and Shuttle Company for a violation of the anti trust laws. The issue of standard silver dollars from the mints and treasury offices during the week ended December 12 was $578,013. The issue during the corresponding period of last year was $706,535. Charles Lomax. a colored tough in Washington, wounded a policeman by shooting him in the back. He then at tacked another officer, who returned the fire, shooting Lomax dead. Governor E. M. McCook, formerly of Colorado, has been granted a most im portant concession of mining lands in the district of Sahuraipa, Sonora A syndicate will work the mines Speaker Crisp of the House of Representatives is busily engaged in arrang ing his committee lists and the House will probably do no business until after the holiday recess. The Senate will do little more. Five thousand carloads of Western grain are to be hauled to New York over the Canadian Pacific, the Watertown & Ogdensburg and the New York Central railroads, all to go to Europe within a few weeks. The troops of the insurgents in Rio Grande do Sul have laid down their arms and disbanded. The Uruguayan battalion has returned home and its members will eventually be incorporated into the regu army. La grippe has become epidemic in St. Louis Hundreds are down and physicians are run down with work. Ten men are down from one wholesale house and ten professors of the St. Louis University are laid up. Eureka, Indiana, miners' strike, near Brazil, has ended. The miners gained their point, but the operators will have to shut down the mines, because they have lost their customers since tbe strike commenced Tank Kee, the Chinese lecturer,will deed his library of 3,800 volumes on Chinese history, the largest extant, to the Texas University. The books are to be kept undivided and known as the "Tank Kee Library. The wife of the late S. S. Cox. formerly congressman from Ohio and New York, has been presented with a silver service by the United States Life Saving Service. S.S. Cox was the founder and friend of the service.