Bank of Berryville (Berryville, VA)

Episode Information

Episode UID
4227403390936
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
422740339 hash
Start Date
December 20, 1877
Location
Berryville, Virginia (39.152, -77.982)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e4edc1ff6ce0c42b

Response Measures

None

Events (6)
1. December 20, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Sudden suspension due to mismanagement and large unauthorized overdrafts that left assets insufficient to meet liabilities.
Newspaper Excerpt
The Bank of Berryville suspended to-day. Liabilities not known.
Source
newspapers
2. December 27, 1877 Receivership
Newspaper Excerpt
A. Moore, Jr., elected by the stockholders of the Bank of Berryville its receiver (27th of December).
Source
newspapers
3. May 4, 1878 Other
Newspaper Excerpt
A dividend of 6 cents on the dollar is being paid depositors, by order of the advisory committee of the Receiver.
Source
newspapers
4. May 10, 1878 Other
Newspaper Excerpt
Receiver statement of condition; large unauthorized withdrawals of $34,535.29 permitted by officers.
Source
newspapers
5. June 22, 1878 Other
Newspaper Excerpt
The receiver of the Bank of Berryville, Va., is about to pay to depositors in said bank a dividend of five per cent.
Source
newspapers
6. January 10, 1879 Other
Newspaper Excerpt
Receiver paying fourth dividend of 5 percent to depositors.
Source
newspapers

Newspaper Articles (18)
1. December 24, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 24, 1877

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And now to cap the c'ymax of financial disasters, the Bank of-Berryville, in the county of Clarke, in this State, has suspended ! Worse still, it is aonounced that the liabilities are unknown ! But, it is thought, "depositors will be paid in full." Happy thought -happier if ever realized. The announcement of the sus. pension must have been as "a clap of thunder from a clear sky." for the correspondent of the Richmond Dispatch, who gives the intelligence to the public, writes :-"It had been thought if there was an institution on the continent beyond the reach of frivolous freaks of ficke for tune it was the Bank of Berryville." And so everybody says after a collapse. We are told that the Bank "has been a great convenience and accommodation to the business public," which it is no longer-having now "busted." Alas for the good people of Clarke I that little county away up in the mountains, where Banks are few and far between. How their bright anticipations of a merry Christmas have thus been clouded. But, let them take comfort and learn to lay up for themselves treasures in Heaven, where "thieves do not break through and steal," values do not shrink, and where riches do not take wings unto themselves and flee away, If in order at this season-we con. dole.

2. December 24, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 24, 1877

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CLARKE COUNTY. BERRYVILLE, Va., December 20, 1877. Editors Dispatch: We are having dehtiul weather. December has borrowed from May. Christmas is upon us. Fireworks are the order of the day. The attitude of the Dispatch respecting the public debt is appreciated. Our people have no sympathy with forcible reΓ€djusters. Governor Kemper's message is regarded as an unanswerable document. Colonel Holliday's inaugural will put completely to rout the already demoralized squadrons of the public enemy. We prediet a grand moral position for the Governor-elect. The disturbers of the peace and dignity of the Commonwealth" must eventually bide their diminished heads." The logic of Kemper has scattered them all over the plains. They seem to be many. They make a vain parade of strength. Holliday's eloquence (that true eloquence that is the offspring of a noble mind) will cause the rocks and mountains of Virginia to fall upon them. "The places that know them now will soon know them no more forever." The Bank of Berryville suspended to-day. Liabilities not known. Depositors, it is thought, will be paid in full. It had been thought if there was an institution on the continent beyond the reach of frivolous freaks of fickle fortune it was the Bank of Berryville. We hope that it may soon resume operations. It has been a great convenience and accommodation to the business public. In conclusion, permit us to suggest a continuance of your solid shots at the repudiators." May it be your happy privilege to Dispatch everv one of them. C.M.L.

3. December 26, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 26, 1877

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THE BANK SUSPENSION AT BERRYVILLE -The Clarke Courier furnishes the following particulars of the suspension of the Bank Berryvile heretofore noticed in the Gazette: "On Thursday morning last the citizens of Berryville were startled by sooing on the door of the Bank of Berryville an announcement from i S president that by his advice and direction that institution was closed until an investiga. tion of its affairs could be made, and that due notice would be given for & meeting of the stockholders to take such action us might be no cessa ry under the circumstances. Happily not one those who found their depoits locked no in the bank and beyond their immediate control Was heard to use any violent language, but each and all expressed the hope that the officers of the institution had not permitted its affairs to go SO far astray as to endanger the bank's liabilities to its depositors, As far as we are able to learn it has negotiated no bad paper. There are but two or three persons owning stock to the amount of $500 or $6.0-the other whares, (par value $50,) numbering about two hundred, being held 111 small lots by other indivi Buals. The suspension falls the harder upon the mass of depositors because it is 80 near the fi st of January, when business men make their annual settlements. "The Bank of Berryville was chartered by the Legislature in the session of 1871-72, was organized in March 1872, and commenced opera. tions on the 1st of April of the same year, with a subscribed stock of $5,160, which has since increased to over $10,000. 1 be present condition of the bank's affairs is 16 great misfortune, and will it is feared, to & great extent cripple business in a county that was fairly ge ting over the prostration incident to the late c.vil war. I is now believed the bank will not pay more than fifty cents on the dollar 10 depositors. It thi turns out to ba correct 80100 individuals will be losers to the amount ofseveral thousand dollars."

4. January 2, 1878 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 2, 1878

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Letter from Clarke County. [Correspondence f the Anxandria Gizette.] WHITE POST, Va., Dec. 29th, 1877.-The salutation of the past few days of "A bappy Christmas," is about to merge into that of "A happy New Year." Christmas passed off here very quietly. the only celebration being a Xmas tree in the Episcopal Church for the Sunday Schoo!. The church was handsomely dressed, and for the first time lighted with its new chandeliers, which have just been procured through the coeΞ“ey of the ladies and the generosity of friends. There wasa beautifully ornamented and filled with gifts for distribution to the child ren, numbering some forty, all of whom seemed greatly to enjoy the cocasion. The order of "Good Templars" held an oys ter festival in the village for the purpose of furnishing their hall, and were, I hear, quite suc cessful. So far as the year about ending is concerned our people have much to be thankful for, the crops of grain being nousually good, and the fine season preserving the pastures so as to keep the cattle in good condition to the present time with little or no assistance from other quarters. Prices, however. have generally ranged very low. Especially have farmers been much disappointed in the price of wheat, very many still holding on with the idea that the Eastern war would put up the price. So far this is a disappointment, as the price here is considerably less now than at the opening of the season. Among the things for which our people are disposed not to be thankful is the suspen sion of the bank of Berryville. While it is true that not a riple is formed probably cutside of this county by this little break, yet it makes a deep impression here. The people of this county have been borne down with debt, mostly conscquent upon the war, but by hard work and many sacrifices, a great improvement had taken place, when now comes the suspension of the bank, in which was deposited the hard earoings ot a large number. It is impossible yet to say what the losses will foot up. The depositors have recommended that A. Moore, esq, be ap. pointed receiver. Should this be done, much confidence is felt in a speedy and economical administration of its affairs. The loss of the bank is also felt from the fact that it was estab lishing a business centre in the county, a Want long felt. It would be very hard to get the confidence of the people in another one. The warm weather, 80 far, has given the growing crop of wheat a very fioe start. The prosect was never beiter for a crop. Our legislature is being closely watched to seu what the "oew party" of readjusters will accomplish. Many think their principle work will be but combe resolutions. Far better this than that the good name of the State should be tarni-hed by any edacument looking towards the repudiation of its just indebteduess. M.

5. January 4, 1878 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 4, 1878

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THE BANK OF BERRYVILLE.-Sine we wrote and published in last week's issue our article announcing the suspension of the Bank of Berryville, parties in this community and in the county have been very much divided in their views of the winding up of the affairs of the bank. It is to be deeply regretted that these differences have arisen. as they must tend to. wards retarding as well as increasing the costs of settling up the bank's affairs. The committee appointed to ascertain the amounts due to depositors report that the various sums aggregate about $43,000. as appears from a partial examination of the books of the bank. In addition to what is due depositors, there is in the neighborhood of $11,000 worth of paid up stock The assets of the bank consist, as far as we are able to learn from those engaged in making the examination, of about $15,000 in loans and $19,000 in overdraws-in all about $34 000. It thus appears that there is & considerable difference between the liabilities and the assets of the bank. but it is believed by those who know the cashier, Mr. Marshall, that a carfeful investigation of the books and papers of the bank will account for this deficit. The affairs of the bank have been greatly mismanaged, but it is no more than right that judgment against the officers of the institution should be suspended until 8 thorough investigation of its books and papers is had by some one appointed for that purpose. At & meeting held last Thursday by the depositors of the bank, A. Moore, jr., was recommended as receiver for the bank, and his appointment was subsequently made by the steck. holders, but an injunction restraining him from acting in that capacity has, upon application, been granted by Judge Page, of the County Court, and the matter will ba carried before Judge Turner, of the Circuit Court.

6. January 9, 1878 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, January 9, 1878

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THE BANK SUSPENSION AT DERRYVILLE, VA.-At a recent meeting of the depositors of the Bank of Berryville, Clarke county, Va., which recently suspended, M. A. Moore, Jr., was recommended to the stockholders' meeting as receiver for the bank, and his appointment was subsequently made at the stockholders' meeting. An injunetion was asked for by Mr. Marshall, the cashier of the bank, and who was a depositor to the extent of about $5.000, (he being the county treasurer, and the money deposited belonging to the State,) the other depositors declining to allow him to vote on the question of a receiver. The injunction was granted by Judge Page, of the county court, restraining Mr. Moore from acting in the capacity of receiver, and the matter will be carried before Judge Turger, of the circuit court. It was shown at the depositors' meeting by a committee appointed to look into the affairs of the bank that the remaining amounts due depositors aggregate about $48,000, as appears from a partial examination of the books of the bank. In addition to what is due depositors there is In the neighborhood of $11,000 worth of paid up stock. The assets ofthe bank consist, it is stated, of about $15,000 in loans and $19,000 in overdraws-in all : about 34.000.

7. January 9, 1878 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, January 9, 1878

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# THE BANK, AT BERRYVILLE, Suspended several weeks ago. We are informed that it had about $11.000 in paid up stock, and that one depositor, who was not pecuniarily responsible, was permitted to overdraw his account for an amount not less than 13.000. It is evident that the business of the bank was conducted with a negligence not short of criminality. The prosperity of a community is dependent in no small degree upon the success of the banks. A suspension or failure is felt by every class of the community and is indeed a public calamity. Banks, like every other business, should be conducted on business principles. Accomodations to favorites is in many cases as fatal as individual appropriation of funds on the part of officers. Parties depositing funds, as those who hold stock, should at all times be acquainted with the condition of the banks with which they transact business. Nearly every respectable bank publishes semi annual statements to papers having a general circulation in the neighborhood of the banks. From these statements the public can readily ascertain the amount of paid up stock, amount of deposits, amount of reserve fund, and what relation the assets bear to the liabilities. A bank that reports a small amount of paid up stock and a large amount of deposits, is not generally considered in a very safe condition. The management of a bank is an important item, and this should be conducted upon well known business principles some of which we may discuss at length in a future issue.

8. January 30, 1878 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, January 30, 1878

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THE RECEIVERSHIP OF THE BERRYVILLE BANK.-On Saturday last A. Moore, Jr., who was on the 27th of December elected by the stockholders of the Bank of Berryville its receiver, having received from the duly authorized agent of the bank a deed conveying to him the assets of the bank, together with the unexpired lease on the bank building, called on the president of the bank, Major Moore, for the keys, which had been placed in his charge until a receiver was appointed, and upon the refusal of Major Moore to surrender the keys, he proceeded to take possession of the bank-building by entering through the window. The motion to dissolve the injunction granted by Judge Page, of the County Court, restrained Mr. Moore from acting as receiver of the bank, was argued before Judge Turner, of the Circuit Court, at Front Royal, en the 15th instant, and after the conclusion of the argument, his Honor granted the petition for a dissolution. On Monday, while Mr. Moore was at work in the bank, he was estopped from further progress by another injunction, granted by Judge Sherrard, of Winchester. This case will be heard before Judge Turner on Thursday, the 31st.Clarke Courier.

9. May 4, 1878 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, May 4, 1878

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Clarke County Clippings. From the Courier: John Robinson's Circus and Menageric will visit Berryville on Monday, May 61b. We are requested by A. Moore, Jr., receiver of the Bank of Berryville, to inform those holding claims against the said Bank that by callIng at his office after Friday next they will be paid what is due them on the first dividend made. A dividend of 6 cents on the dollar is being paid depositors, by order of the advisory committee of the Receiver. The barn of Mr. G. W. Allen, who resides a mile and a half southwest of town, was destroyed by fire on Monday afternoon, together with a new drill, a lot of gears, and some hay-the loss being between $400 and $500. The fire resulted from the carelessness of a colored man, who visited the barn with a lighted pipe. Wm. H. Young, auctioneer, sold the lands belonging to the estate of the late Col. J. B. Larue, as follows: The home place, containing 108 acres of cleared and 15 acres of wood land, subject to dower interest, to John Larue at $25 per acre. The mill property and 70 acres of land to A. D. Hardesty at $48.25 per aore. The tract of 00 acres to Wm. Thorpe at $27 per acro.

10. May 10, 1878 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 10, 1878

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Virginia News. The Clarke Courier says:-A Moore, jr., re. ceiver of the recently suspended bank of Berryville, has made a statement of its condition. He says the failure of the bank is due to the fact that amounts aggregating the enormous sum of $34,535.29 were permitted by its officers to be drawn out by parties who had nothing on de. posit to meet their checks. The amount due depositors is $50,698; due stockholders on ac. count of dividends, $266; stock paid up in cash, $8,334; total indebtedness, $59,296. Assets of every description, $48,137; excess of expenses over income during the time the bank did bus. iness, $5,622; total $53,759; amount unse counted for, $5,536. The receiver says that of the assets received there is supposed to be desperate $22,702; the remainder, $25,434, is sup. posed to be good. The Fredericksburg Bulletin says:-"It is generally conceded that Hon. John T. Goolrick will get a solid delegation from this county for Congress, notwithstanding the many candidates mentioned. He is aged thirty four, was wound. ed in the defence of his country in 1864, was elected judge of the corporation of Fredericks burg and County Court of the county in 1871; since which time he has filled these positions of momentous trust with great ability and general satisfaction. As an orator, he is fluent and impressive; as a debater, he is ready and forcible; as a gentleman, affable and courteous. Truly he is a statesman, and one of the rising sons of the "Old Commonwealth;" and, judging from his faithfulness in the past, he will dis charge honestly any trust committed to him.' Friendship Lodge of Good Templars, the first established in Rappabannock county, was organized at Washington on the 3d inst., by Taverner Stokes, State Lecturer. The applicants for charter numbered 39. The Chief Templar is W. W. Moffett, editor of the Blue Ridge Echo; Chaplain, Rev. W. L. Jett, of the Reformed Episcopal Church; Secretary, E. C.Hetnick, deputy clerk of the court. Lodges will shortly be organized at Flint Hill and Amissville in that county. A violent wind, rain aud hail storm, accom panied by severe thunder and lightning, swept over Richmond and vicinity late Wednesday night, and some damage was done in the city by the lightning. The crops, especially wheat, which is heading. and fruit trees, and, in fact, all vegetation, suffered seriously. The name of Rev. E. E. Wiley, D. D., President of Emory and Henry College, will probably be brought forward in the Methodist General Conference, now in session at Atlanta, for the office of Bishop, to fill the vacancy 00 casioned by the death of Bishop Marvio. Thomas K. Terry and Miss Sarah Virginia Kirkpatrick were married on horse back, in front of Captain J. C. Matheny's residence, by Rev. A. Q. Flaherty, in Highland county, on the 3d inst. Marshal J. F. Lewis of the western district of Virginia, bas appointed D. Sheffey Lewis, Rudolph Turk, and Peter Rader his deputy marsh als. The Board of Directors of the Richm bad Chamber of Commerce have requested their representatives in Congress to vote for the im mediate repeal of the bankrupt law.

11. May 15, 1878 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, May 15, 1878

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The Clarke Couriersays:-A. Moore, jr., receiver of the recently suspended bank of Berryville, has made a statement of its condition. He says the failure of the bank IS due to the fact that amounts aggregating the enormous sum of $34,535.29 were permitted by its officers to be drawn out by paries who had nothing on deposit to meet their checks. The amount due depositors is $50,698; que stockholders on account of dividends, $266; stock paid up in cash, 88,334; total indebtedness, $59,296. Assets of every description, $48,137; excess of expenses over income during the time the bank did business, $5,632; total $53,759; amount unaccounted for, $5,536. The receiver says that of the assets received there is supposed to be desperate $22.702, the remainder, $25,434, is supposed to be good.

12. May 25, 1878 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, May 25, 1878

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Clarke County Clippings. From the Courier The cheese factory adjoining Berryville began operations for the season on the 1st of May. Mr. Peter McPierce had his knee-cap knocked out of place by the kick of a colt. The annual memorial services at the Old Chapel will be commemorated on Saturday, the 1st day of June, at $41 o'clock, P. M. A. Moore, Jr., receiver of the recently-suspended bank of Berryville, has made a statement of its condition. He says the failure of the bank is due to the fact that amounts aggregating the enormous sum of $34,535 29 were permitted by its officers to be drawn out by parties who had nothing on deposit to meet their checks. The Amount due depositors is $50,698; due stockholders on account of dividends, $266 ; stock paid up in cash, $8,334 ; total indebtedness, $59,296. Assets of every description, $48,137 ; excess of the expenses over income during the time the bank did business, $5,622. total, $53,759 ; amount unaccounted for, $5,536. The receiver says that of the assets received there is supposed to be desperate $22,702; the remainder, $25,434 is supposed to be good.

13. June 22, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 22, 1878

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LONDON, June - -The Berlin dispatch to the Pall-Mall Gazette says a special messenger has gone to St. Petersburg, it is said on the part of the Czar, on the progress of negotiations, which are affirmed to be taking a different course from what was expected by Russia, owing mainly to a fresh rupprochΓ©ment between England and Austria, which appears to render further concessions on the part of Russia necessary. President MacMabon Thursday held a grand review at Long Champs of 40,000 Frenchtroops, comprising infantry, eavairy, and batteries. The receiver of the Bank of Berryville, Va., is about to pay to depositors in said bank a dividend of five per cent.

14. June 27, 1878 The Valley Virginian Clifton Forge, Staunton, VA
Article from The Valley Virginian, June 27, 1878

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The receiver of the Bank of Berryville, is about to pay to depositors in said bank a divi dend of five per cent. -

15. October 5, 1878 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, October 5, 1878

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Clarke County Clippings. From the Courier: Samuel Scollay Moore, Esq, was recently elected Mayor of Berryville. Mr. Benj., Crampton, deputy assessor of Clarke county, was paralyzed on *Saturday week. The creditors of the Bank of Berryville were paid the third dividend on Saturday last by the Receiver. Berryville and vicinity contributed $300 in money and provisions to the yellow fever sufferers.

16. January 15, 1879 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, January 15, 1879

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The Shenandoan Valley Bank has declared a semi-annual dividend of three per cent.payable on and after the 10th inst. The Receiver of the Bank of Berryville is now paying he fourth dividend of5 per cent to the des ositors.

17. January 25, 1879 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, January 25, 1879

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The Receiver of the Bank of Berryville is now paying his fourth dividend of five per cent. to the depositors.

18. September 16, 1882 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, September 16, 1882

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Clarke County CHpptngs From the Courier: Property in Berryville is rapidly rising in value. On Saturday last special commissioner McCormick sold a vacant lot, fronting 30 feet on Main street and running back 130 feet, adjoining the residence of Mr. C. Bowser, for $610. The price paid was at the rate of $6710 per acre. Messrs. Hardesty & Kerfoot were the purchasers. A lot of land of 161 acres, lying on the Winchester and Berry's Ferry turnpike, near Boyeeville, the property of Mrs. M. L. Somerville, of White Post, has been sold to W. H. Hall at the price of $650. A. Moore, jr., the trustee of the Bank of Berryville, is prepared to pay another dividend to the depositors in that institution. A. S. Lippitt recently sold to Wm. B. Page 108 acres of land at $45.00 per acre. He also sold 45 acres to his brother, Dr. Lippitt. Mr. Lippitt has bought & farm of 200 acres, in Fanqilier country, for $7000. The new Baptist Association, to be called the Shehandoah Association, composed of the several churches in Berkeley, Jefferson, Clarke and Warren counties, met in Berryville on the 13th first. to perfect the organization.