Article Text
The Farley National Bank of Montgomery, Als., has suspended payment. It 19 thought the suspension is only temporary nd matters will soon be arranged.
Farley National Bank (Montgomery, AL)
Episode Information
- Episode UID
418001100- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
-
41800national - Charter Number
- 4180
- Start Date
- August 21, 1891
- Location
- Montgomery, Alabama (32.367, -86.300)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
664b9f45815107f2
Response Measures
None
Receivership Details
- Date receivership started
- 1891-10-07
- Date receivership terminated
- 1892-02-15
- OCC cause of failure
- Losses
Description
Bank suspended Aug 21, 1891, placed in receivership Oct 7, 1891, then resumed Feb 15, 1892 after shareholders restored capital.
Events (7)
1.
December 18, 1889
Chartered
- Source
- historical_nic
2.
August 21, 1891
Suspension
- Cause
- Correspondent
- Cause Details
- Inability to raise money to make good paper drawn by others and protested in New York
- Newspaper Excerpt
- posted a note upon its doors that the bank, by a vote of the directors, had agreed to suspend payment temporarily
- Source
- newspapers
3.
October 7, 1891
Receivership
- Source
- historical_nic
4.
October 7, 1891
Receivership
- Newspaper Excerpt
- the controller of the currency to-day appointed ... Henry M. Hall, Jr., receiver of the Farley National Bank of Montgomery, Ala.
- Source
- newspapers
5.
February 15, 1892
Reopening
- Newspaper Excerpt
- The Farley National Bank ... resumed business today. It has cash on hand to pay every dollar of its liabilities and its capital ... is restored intact.
- Source
- newspapers
6.
February 15, 1892
Restored To Solvency
- Source
- historical_nic
7.
July 16, 1906
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (20)
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Bank Suspended. MONTGOMERY, ALA., Aug. 21.-A few minutes after 12 o'clock to-day President Hall, of the Farley National Bank, posted a note upon its doors that the bank, by a vote of the directors, had agreed to suspend payment temporarily, the cause stated being inability to raise money to make good paper drawn by others discounted by the bank and protested in New York.
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Farley National Bank Suspends. MONTGOMERY, Ala., Aug. 22.-The Farley National Bank suspended at noon.
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Payment Suspended. MONTGOMERY, Ala., August 21.-At noon today notice was posted in the Farley National bank that the directors of the bank had agreed to suspend payment temporarily. The cause is stated as being inability to raise money to make good papers drawn bv others and protested in New York. Matters will soon be arranged; no one is suffering money loss.
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A Montgomery Bank Suspends. (By telegraph to the Dispatch.] MONTGOMERY, ALA., August 21.-A few minutes after 12 o'clock, noon, to-day, President Hall, of the Farley National Bank. posted a notice on its doors that the bank, by a vote of the directors, had agreed to suspend payment temporarily. the cause stated being inability to raise money to
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Can Pay Dollar for Dollar. MONTGOMERY, ALA., Aug. 21.-The Farley national bank, which temporarily suspended to-day has ample security for the papers that were protested in New York this week. There is enough in the bank in cash and securities to pay depositors dollar for dollar, and no one apprehends the loss of a cent.
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Farley National Bank Suspends. MONTGOMERY, Ala., Aug. 22.-The Farley National Bank suspended at noon. - - - -
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The Farley National Bank Suspends. MONTGOMERY, Ala., Aug. 21.-At noon to-day notice was posted on the Farley National bank that the directors of the bank had agreed to suspend payment temporarily, the cause stated being inability to raise money to make good paper drawn by others and protested in New York. Matters will be soon arranged, no one suffering a money loss.
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CENSUS OFFICE CORRECTED. Acting Superintendent Replies to the Contradiction of His Figures. UNCLE SAM'S FINANCIAL CONDITION. Secretary Foster Says There is Money Enough in the Treasury to Meet All the DemandsWashington Notes. WASHINGTON. D. C., August 26.-The atten. tion of the Acting Superintendent of the Census was called to-day to the dispatch from Charleston, S. C., stating that there was no foundation for the figures given in the bulle. tin issued by the Census Bureau last Wednesday showing the value of real and personal property of that State. "The bulletin," he said. "shows precisely the valuation of real estate and personal property for that year 88 reported to this office by the several counties of the State and as published by the Comptroller. It seems, however, from the report of that officer that in making up the total taxable property of the State for 1890 there is included an additional sum of $17,905,913, value of railway property which is not classed as real or personal property in the bulletin. the county reports or the report of the Comptroller. Only a few States give any valuation to railroad property for taxation purposes. and it is not the intention of the Census Office to include any such values as part of the assessed valuation of real or personal property of the country. The value of railroad property will be separately considered for all the States." THE TREASURY FINANCES. The amount of 41/2 per cent. bonds contin. ued at 2 per cent. to date is $21,338,150. and Secretary Foster says that it was his impresthat theamountwouldrunover$30,000,000 before the transaction closes. If his expectations are realized there will be less than $20,000,000 of the 43/2 per cent. loan sub. ject to redemption after September 2d. the limit within which it must be presented for continuance. Secretary Foster says that there will be no difficulty whatever in meeting this payment, or a larger one if necessary, without recourse to the one-hundred-million-dollar gold reserve and the $17,000,000 on deposit with National banks. TheSecretary said that including #49. 000,000, representing disbursing officers' balances. outstanding checks, the National is bank redemption fund, &c. there an available balance of $106,000,000, exclusive of the "gold reserve" of $100,000,000, and he regarded that as ample to meet all current obligations of the Government. The bonds, he added, are of course redeemable in gold, if demanded, and there is over $29,000,000 of that coin in the Treasury in addition to the 'gold reserve," an amount in itself more than sufficient to redeem all the41/2 per cents that will be outstanding September 2d. The Secretary said also that he regarded the amount of public funds in the hands of disbursing officers as greatly in excess of the needs of the service, and that he was considering a plan whereby it may be greatly reduced. There is now, he said, a balance of $35,000,000 in the hands of these officers, for a considerable portion of which there is no immediate need, and it is his opinion that this amount could be reduced to about $30,000,000 and maintained at that figure without embarrass. ment to public business. THE BANK MAY RESUME BUSINESS. Bank-Examiner Campbell, in a report to Aeting-Comptroller Nixon, says the present indications are that the Farley National Bank of Montgomery, Ala., which closed its doors a few days ago, will resume business. The depositors. and stockholders, he thinks, will not lose a cent. At the Treasury Department the Farley bank is said to have had too much money on hand to make money. It does not owea cent. has no bad debts excepting the one that closed it, and was in all respects a model bank. Its surplus was about $110,000. The bank had been in the habit of cashing drafts for the Alabama Terminal Railroad Company and the last draft of $109,000 was not paid when presented in New York. Even should the bank lose this large amount it is represented as solvent.
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THE Failey National Bank of Montgomery, Ala., has suspended payments, temporarily. The cause being inability to make good paper drawn by others, discounted by the bank, and protested in New York,
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ACTING CONTROLLER NIXON has decided that there is no necessity for the appointment of a receiver for the Farley National Bank of Montgomery, Ala.
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The Farley Bank at Montgomery. (By telegraph to the Dispatch.) WASHINGTON, September 1.-The Acting Comptroller of the Currency has decided that there is no necessity for the appoint. ment of a receiver for the Farley National Bank of Montgonery. Ala.
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No Receiver Needed. WASHINGTON, Sept. 1.-The acting controller of the currency has decided that there is no necessity for the appointment of a receiver for the Farly National Bank of Montgomery, Ala.
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RECEIVERS APPOINTED.-The controller of the currency has appointed Benjamin J. Haywood receiver of the First National Bank of Clearfield, Pa., and Henry M. Hall, jr., receiver of the Farley National Bank of Montgomery, Ala.
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Appointed Bank Receivers. W ASHINGTON, Oct. 7.-The - controller of the currency to-day appointed Benjamin J. Hay wood receiver of the First National National Bank of Clearfield, Pa.. and Henry M. Hail, Jr., receiver of the Farley National Bank of Montgomery, Ala.
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Two Bank Receivers'Appointed. WASHINGTON, Oct. 7.-[Special|-The comptroller of the currency to-day appointed Benjamin J. Haywood receiver of the First National Bank of Clearfield. Pa., and Henry M. Hall, Jr., receiver of the Farley National Bank of Montgomery, Ala.
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RESTORED To A BUSINESS BASIS.-The controller of currency has permitted the Farley National Bank of Montgomery, Ala., to resume business as an active banking association. In August, 1891, the capital stock of this bank was found to be seriously impaired, and on October 7 it was placed in the hands of a receiver. The impaired capital stock has been fully restored by voluntary contribution of the shareholders, and the bank is now in a thoroughly solvent condition.
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A Bank Resumes Business. MONTGOMERY, ALA., Feb. 15,-The - Farley National Bank, which suspended payment on Aug. 21 last, resumed business today. It has cash on hand to pay every dollar of its liabilities and its capital of $100,000 is restored intact. Not a dollar was withdrawn from the bank to-day. The former receiver states that this is the second instance of the kind in the history of the national banking system.
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A Bank Restored. WASHINGTON, Feb. 16.-Thecomptoller of the currency has permitted the Farly national bank, of Montgomery, Alabama, to resume business as an active national banking association. In August, 1891 the capital stock of this bank was found to be seriously impaired, and on October 7 it was placed in the hands of a receiver. Theimpairedcapitalstock has been fully restored by voluntary contributions of the share holders and the bank is now in a thoroughly solvent condition.
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IN GENERAL. The bill to incorporate the East River Bridge Company was Tuesday passed by the New York assembly. The strike at Blackwood colliery, Tamaqua Pa., involving about 200 men, was settled Tuesday and work was resumed. The Mississippi house on Tuesday adopted a resolution inviting Senator Hill of New York, to visit Jackson and to deliver an address. Edward Tenny, colored, of Washington, was stabbed and killed on Monday night by Edward Small, also colored, during a 10W in a saloon. Minnie Nichols, aged 30 years, a former opera singer, died in New York city last evening from the effects of chloroform administered by herself. Thomas Stevenson, the keeper of a notorious dive known as "The Slide," in New York. was convicted Tuesday of keeping a disorderly house. The steel workers of the Columbia iron and steel works, at Uniontown, Pa., yesterday rejected the proposed reduction in their wages, holding that the present scale should remain in force until July. A resolution was introduced in the Virginia house of delegates Tuesday memorializing congress to purchase the celebrated farm at Yorktown, in York county, the scene of the surrender of Lord Cornwallis. Anonymous letters have been sent to Mrs. Henrietta Snell, widow of A. J. Snell, Tascott's victim, during the past two or three weeks, demanding the payment of $2,000, under pain of being blown up with dynamite. The Allegheny river is gorged with ice for miles above and below Parker's, Pa., and the town is threatened with inundation. Nitro-glycerine was shipped from Pittsburg, Tuesday, to be used in breaking up the ice-pack. Bert Hard, a deputy sheriff, was shot dead by a negro named Walter Austin, whom he was trying to arrest in Arcadia. Fla., on Monday night. The murderer was captured by a posse and lynched in the woods near the town Tuesday night. The Chicago city council has adopted a resolution providing that hereafter all buildings to be erected shall be limited to a height of 150 feet and that they shall only be constructed to that height when fronting width. on streets of 80 feet or more in The Farley National Bank of Montgomery, Ala., which on October 7th, was placed in the hands of a receiver, has been permitted by the comptroller of the currency to resume active business. Its impaired capital has been restored by the stockholders, and it is now solvent. An Indianapolis dispatch says that the "brewery war" which has been raging in Ohio, Indiana, Missouri. Kentucky, Wisconsin and Illinois, and which brought down the price of beer to the lowest point ever reached, is about to be settled by the formation of a compact to regulate prices. According to a Deming. New Mexico. dispatch, 07 of the prisoners under arrest for participating in the revolt at Ascension, Mexico, will be taken to Chihuahua for sentence within the next few days. It is understood that two of the leaders in the revolt "are not to reach Chihuahua alive." The brakemen on the Mobile & Birmingham road, a branch of the East Tennessee, Virginia & Georgia railroad, struck on Sunday for increased wages, and their places have been filled by negroes. The latter have not been molested, but the strikers say they have no intention of giving up the road to them. The body of Anton Glatzbach. aged 19 years, was found Tuesday morning on the river bank at Pittsburg. He had bullet holes through his heart. his right temple and his left breast. over the heart, and a revolver, with three empty chambers. was lying by his side. He is said to have had a large sum of money when he left home, but only 10 cents were found on the body. Murder is indicated, though his brother 0019 bei bei