gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
50a0a9692813e8b6
Response Measures
Accommodated withdrawals, Capital injected, Full suspension, Books examined
Description
Receiver appointed January 3, 1891; bank reopened April 1891 after stockholder assessment.
Events (6)
1.August 25, 1884Chartered
Source
historical_nic
2.December 10, 1890Run
Cause
Local Banks
Cause Details
Run followed the suspension/failure of the Franklin Bank and the assignment of Kendrick, Pettus & Co., triggering withdrawals.
Measures
Paid out over $60,000 before closing doors (per contemporaneous report).
Newspaper Excerpt
A run on the Farmers' and Merchants' National Bank followed, and the doors were closed.
Source
newspapers
3.December 15, 1890Suspension
Cause
Local Banks
Cause Details
Following the run caused by failures in local firms/banks, the bank suspended and closed its doors.
Newspaper Excerpt
The Farmers & Merchants Bank threw up the sponge on the 15th and will not attempt to resume.
Source
newspapers
4.January 3, 1891Receivership
Newspaper Excerpt
The bank was closed and a receiver appointed January 3, 1891. E. S. Peck ... has been appointed receiver of the Farmers' and Merchants' Bank of this city.
Source
newspapers
5.April 21, 1891Reopening
Newspaper Excerpt
The Farmers and Merchants Bank of this city resumed business yesterday. The bank has an abundance of money to meet all claims that may be presented.
Source
newspapers
6.October 19, 1893Voluntary Liquidation
Source
historical_nic
Newspaper Articles (19)
1.December 11, 1890The Morning NewsSavannah, GA
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Article Text
CRASHES AT OL A RKES VILLE. A Bank and a Tobacco Firm Forced to Suspend. NASHVILLE, TENN., Dec. 10.-A special from Clarksville, Tenn., says: "The Franklin bank of this city suspended pay ment this morning. The failure was caused by the recent failure of Henry Seafert, of New York, a large tobacconist, with whom the Franklin bank had done a large credit business, The Franklin bank is a private bank, with a capital stock of $50,000. The assets and liabilities of the bank are not known as yet. "Kondick, Pet'us & Co., a large tobacco firm, made an assignment to-day. The suspension of the bank, in which the firm had a large deposit, and the stringency of the money market made it impossible for the firm to meet their obligations. Ia order to protect all their creditors alike, they assigned. The liabilities are $41,000. A statement of their assets has not been made. "The liabilities of the Franklin bank amount to over $200,000, and the assets exceed the liabilities by about $50,000. "The liabilities of Kondick, Pettus & Co. are over $400,000. The nominal assets 0Xceed this amount. "A run on the Farmers' and Merchants' National Bank followed, and the doors were closed. This was caused by the other failures, but that institntion will probably resume business in a day or two."
2.December 11, 1890Wheeling RegisterWheeling, WV
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Article Text
Financial Failures in Tennessee. CLARKSVILLE, TENN., December 10.The Franklin bank, of this city, suspended payment this morning. The failure was caused by the recent failure of Henry Seafert, of New York, a large tobacconist, with whom the Franklin bank had been doing a largecredit business. Liabilities over $200,000, and assets exceed the liabilities by about $50,000. The directors hope for an early settlement, but the prospects are discouraging. Kendrick, Peetus & Co., a large tobacco firm, made an assignment to-day. Liabilities, over $400,000; nominal assets exceed this amount. The suspension of the bank in which the firm had large deposits, and the stringency of the money market, was the cause of the assignment. A run on the Farmers and Merchants' National Bank followed, and the doors were closed. This was caused by the other failures, but that institution will probably resume business in a day or two. Great excitement exists in business circles.
3.December 11, 1890Sacramento Daily Record-UnionSacramento, CA
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Article Text
FAILURES. More Institutions Unable to Stand the Stringency of Money. NASHVILLE. December 10th -A special from Clarksville, Tenn., says: The Franklin Bank of this city suspended this morning. The fail ure was caused by the recent failure of Henry Seafert of New York, with whom the bank had been doing much credit business. The liabilities amount to over $200,000; assets, $250,000. The prospects for settlement are discouraging. Kendrick, Pettus & Co., a large tobacco firm, also assigned to-day. The suspension of the bank and the stringency of the money market made it impossible for the firm to meet its obligations. The liabilities are over $400,000. The nominal assets exceed this amount. A run on the Farmers' and Merchants' National Bank followed, and the doors were closed. I his was caused by the other failures, but that institution will probably resume in a day or two. Business circles are greatly excited. GROCERY FIRM ATTACHED. DENVER, December 10th.-The grocery and importing house of John H. Carleton has been closed on attachments aggregating $24,000. The liabilities are $24,000; assets unknown.
4.December 11, 1890Evening StarWashington, DC
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Article Text
Tennessee Banks Suspend. The suspension of the Franklin Bank : of Clarksville, Tenn., yesterday was followed by the assignment of Kendrick, Pettus & Co., tobacco dealers. Two or three hours later the Farmers' and Merchants' National Bank suspended payment. The Franklin Bank was a private institution, with a capital stock of $52,000. Kendrick, Pettus & Co.'s liabilities are $410,000. Their assets are not known.
5.December 17, 1890The Port Gibson ReveillePort Gibson, MS
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Article Text
Clarksville, Tenn., thrown into great excitement Wednesday by the failure of the Franklin bank, and Kendrick, Pettus & Co., wholesale tobacco dealers. Run upon Farmers and Merchants bank ensued, and after paying out over $60,000, that house also closed its doors.
6.December 19, 1890The Iola RegisterIola, KS
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Article Text
THE SOUTH. THE "three C's" a Tennessee railroad, is in the hands of a receiver. A FATAL plague is prevailing among the cattle of East Tennessee. Hundreds of them have recently died from some unknown cause. A TORNADO went through Walton County, Ga, on the 8th. Several persons were killed. THERE is great suffering among the striking miners' families at Monogah, W. Va. Notices of eviction have been served on those occupying the company's houses and it is probable that over 2,000 persons will be homeless. A BUN on the Farmers' & Merchants' Bank at Clarksville, Tenn, caused it to fail. WADE HAMPTON was defeated for the South Carolina Senatorship by his Alliance opponent, John L M. Irby. The final vote was 105 to 42. Irby is only thirty-six years old. THE Anchor line steamer City of Baton Rouge has been sunk on a snag in the Lower Mississippi. Two lives were lost. The boat was valued at$75,000 and the cargo at $100,000. THE Druid duck mills at Baltimore, Md., have failed. The liabilities were heavy. Three hundred and fifty operatives were employed. Two small children were fatally burned at Jackson, Tenn, from grate fires.
7.December 19, 1890Hopkinsville KentuckianHopkinsville, KY
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Article Text
Latest From Clarksville. There have been no further failures at Clarksville. The Farmers & Merchants Bank threw up the sponge on the 15th and will not attempt to resime. Its directors published a card saying its affairs had passed into the hands of a Receiver and exonerating the cashier. Mr. J. W. Faxon, from personal blame for the failure. The errors in management were jointlv assured and shared by all of the directors, viz: Geo. S. Bowling, J. J. Crusman, H. T. Drave. J. J. Garrott, Phil Lieber and G. W. Jesup. The depositors will get their money after a time, but the stockh olders will lose heavily, if not totally. The situation was quiet and more settled yesterday. The other big, warehouse that has been shaky has not failed, but is still in a very close place. Unless it is crowded by creditors it may pull through.
8.January 7, 1891Deseret Evening NewsSalt Lake City, UT
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Article Text
Receiver Appointed. CLARKVILLE, Tenn., Jan. 7.-E. S. Peck, a banker of Frankfort, has been appointed receiver of the Farmers' and Merchants' Bank of this city. Nothing is stated in regard to the affairs of the bank.
BANKRUPTS. CHICAGO, Jan. 7.-Justice Hamburger today held Banker Kean in $3.000 bonds to the grand jury, for receiving deposits when he knew he was insolvent. CLARKSVILLE, Tenn., Jan. 7.-E. S. Peck, a banker of Frankfort, Ky., has been appointed receiver of the Farmers and Merchant's bank in this city.
10.January 8, 1891The Morning CallSan Francisco, CA
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Article Text
Receiver Appointed. CLARKVILLE (Tenn.). Jan. 7.-S. Peck, a banker of Frankfort, has been appointed receiver of the Farmers' and Merchants' Bank of this city. Nothing is stated in regard to the affairs of the bank.
11.January 22, 1891Oxford EagleOxford, MS
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Article Text
A Clarksville (Tenn.) Bank. F. S. Peck. a banker of Frankfort, Ky has been appointed receiver of the Farmers' and Merchants' Bank in Clarksville, Tenn. Nothing can be stated concerning the winding up of the business of this bank until the re ceiver arrives and matures his plans.
John W. Faxon. This gentleman left last Monday for Chattanooga, where he has accepted a position as assistant cashier of the First National Bank, and to make that city his future home. Clarksville can ill afford to lose such a citizen as Mr. Faxon, for he has for many years been identified with its business and enterprise and did much to make the Clarksville of today. For many years he was connected with the Northern Bank, severed his connection with that bank to assume the cashiership of a Nashville bank, where he lived a short while, and finally returned to Clarksville to accept the position of cashier of the Farmers & Merchants National Bank. In a very short while this bank took its place among the best banks in the State. The stringency of the money market, a tobacco business in excess of home ability to carry, visited upon Clarksville a por tion of the general money panic, some of our oldest enterprises were forced to the wall, and the scare that ensued created a run on this bank, necessitating its suspension. Many other good banks all over the country suffered the same fate. Mr. Faxon's many friends regret his departure from Clarksville, and he will be missed socially, in his church, and in business circles. Mrs. Faxon and children will remain a few months before moving to their new home. It is Clarksville's loss and Chattanooga's gain, but we extend to Mr. Faxon and family our best wishes for success.
13.April 22, 1891Richmond DispatchRichmond, VA
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Article Text
A Broken National Bank Resumes. (By telegraph to the Dispatch.) NASEVILLE, TENN.,. April 21.-A Clarksville (Tenn.) special says: The Farmers and Merchants Bank of this city resumed business yesterday. The bank has an abundance of money to meet all claims that may be presented. No large depositors have withdrawn their money. The cashier says that they are receiving deposits and expect to go on. This bank breaks the record, being the first national bank that ever resumed after having passed into the hands of a receiver.
Loosening up Business. A prominent business man remarked this morning that the reopening of the Farmers and Merchants Bank had already loosened up business greatly and relieved much of the presure on the other banks, that this policy would amount to the saving of at lest $100,000 to the community and was another feather in Clarksville's cap for good business capacity, it being the first national bank that was ever reopened after suspension.
15.April 24, 1891Evening StarWashington, DC
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Article Text
To REOPEN FOR BUSINESS.-The controller of the currency has revoked the commission of the receiver of the Farmers and Merchants' National Bank of Clarksville, Tenn., and has permitted the association to reopen for business. The bank was closed and a receiver appointed January 3, 1891. The stockholders have, by voluntary assessment, made good the impairment of capital stock, and it resumes business in an entirely solvent condition. Mr. E. T. Peck, late receiver, has been elected cashier.
16.April 24, 1891The Columbia HeraldColumbia, TN
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Article Text
The suspended Farmers' and Merchants' National Bank of Clarksville has elected fffeers, and will resume business to-day. The Bank Examiner says the concern's affairs have been straightened out, and that its condition LB all that could be desired.
17.April 30, 1891Iron County RegisterIronton, MO
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Article Text
Resumed Business. The Farmers' and Merchants' national bank of Clarksville, Tenn., recently placed in the hands of a receiver, has resumed business.
18.May 2, 1891Southern StandardMcMinnville, TN
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Article Text
If you have headache try Preston's "Hed-Ake." The Farmers and Merchants Bank of Clarksville, which suspended and went into the hands of a receiver some months ago, resumed business last Monday, and is said to be the first case of the kind on record in the United States.
Bank Examiner Campbell.
J. O. Campbell, of Birmingham, Ala., is in the city inspecting the national banks. Mr. Campbell is the bank examiner who had charge of the Farmers' and Merchants' Bank when it suspended payment, and while he was here he made many friends, who are glad to see him on his return. He will be in the city only a day or two.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
