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Bank Suspended. New York, March 26.-Advices received in this city to-day announce that the bank of Rome. Georgia, has suspended. No further pardeulars are given.
Bank of Rome (Rome, GA)
Episode Information
- Episode UID
6333740690975- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
633374069hash - Start Date
- March 26, 1881
- Location
- Rome, Georgia (34.257, -85.165)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
22753852a241a760
Response Measures
None
Description
Suspension followed by appointment of a receiver and lengthy legal/collection proceedings; no evidence the bank reopened.
Events (2)
1.
March 26, 1881
Receivership
- Newspaper Excerpt
- J. H. Reynolds, President of the First National Bank, was appointed receiver, and it is thought the bank of Rome will meet all its liabilities.
- Source
- newspapers
2.
March 26, 1881
Suspension
- Cause
- Correspondent
- Cause Details
- Heavy advances on cotton shipments and flood-damaged cotton led New York correspondent banks to refuse payment, leaving the bank without funds.
- Newspaper Excerpt
- The Bank of Rome suspended payments this morning.
- Source
- newspapers
Newspaper Articles (15)
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SUSPENSION OF A GEORGIA BANK. CHATTANOOGA, Tenn., March 26.-A special dispatch to The Times. from Rome, Ga., states that the Bank of Rome has suspended. The Bank was started in April, 1874, with an authorized capital of $500,000. but only $50,000 was paid in, the entire subscribed stock then being owned by the President, A. T. H. Brower, and Isaac Ogden jr., of NewYork city. The bank did a large business with cotton dealers. but reasonable profits could not be realized, and on February 20, 1879 the bank and charter were sold to a new corporation with C. S. Samuel as President and E. D. Traske as Vice-president, the working capital being $50,000. Tueir report last May showed the average depositis to be $75,000 and the surplus to be $12,649, the real estate being valued at $10,500 and being without encumbrance. The New-York correspondent was the Bank of North America.
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The Bank of Rome Suspends. ROME, GA., March 26.-The Bank of Rome suspended payments this morning. The liabilities are as yet unknown. LaFayette's Grandson Dead.
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MINOR TELEGRAMS Ex-Secretary Schurz was entertained at dinner by the German residents of New York Saturday night. The house and barn of Hugo Obermpt at East Hampton, Mass., were burned Saturday night. Loss $5000; insurance $3500. Chicago proposes to celebrate the anniversary of the great fire, which occurs in October. A despatch from Rome, Ga., states that the bank of Rome has suspended. Liabilities not given. Mr. W. E* Dawson, stenographer in the Secretary's office of the War Department, has been granted two months leave of absence by Secretary Lincoln and will accompany Gen. Grant on his visit to Mexico, acting as his secretary and stenographer. The Saxony woolen mills at Columbus, Ind., owned by Dalerubber, Sargent & Co., were burned Saterday. Loss $75,000 to $100,000; insurance $25,000. The Mississippi river has broken up at Warsaw, Ill., without damage. In the billiard match in New York for $1000 Saturday night, R. Heiser won making 417 against Carter's 380 points. Keith's shoe factory at South Abington, Mass., was burned Saturday night. Loss $25,000. The Wabash railroad is to be extended to Des Moines. James Walsh was found guilty of nurder in the first degree in New York, Saturday, for the killing of Barbara Goenthal. He was remanded for sentence. Chas. O'Brien, second mate of the ship Orient, was burned to death in a fire at a sailor's boarding house in New Orleans, Saturday. It is reported that the Receiver of the Lehigh Coal Company will be removed this spring and the Jersey Central and Lehigh unite interests. The second installment of 10 per cent. on subscriptions to the stock of the American Cable Construction Co. has been called for, payable on the 31st. A promineLt executive officer of the Northwestern Railroad Company declares the snow storm damages to this road have been comparatively small, and that the spring season has never been so late as to prevent farmers from sowing all the spring wheat they wished to put in. Gen. James B. Steadman has been nominated as the Democratic candidate for mayor of Toledo, Ohio. Gen. Geo. R. Leet, a well known member of Gen. Grant's staff throughout the war, and member of the firm of Leet & Stocking of New York, died at Grand Rapids, Mich., Saturday. The Iowa line of the Illinois Central is now open. The cuts on the Wisconsin division of the Chicago & Northwestern, between Howard, Ill., and Janesville, Wis., are still obstructed. The Dominion governmeut and syndicate have been in communication with reference to the matter of constructing the Vancouver Island railway, as a part of the Canada Pacific railway. Oscar De Lafayette, Senator of Frauco and grandson of Gen. Lafayette, is dead. Bank Commissioner Lyman of New Hampshire, reports the deficiency in the Ashuelot savings bank to be $112,490.22 Ex-Secretary Exarts declines a dinner tendered him by prominent citizens of New York. Thomas M. Halpin, a widely known Irish leader, died in Chicago yesterday.
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BANK SUSPENSION. Special Dupatch to The Chicago Tribuna. ATLANTA, Ga., March 25--The Bank of Home, Gu., suspended business co-day. Liabilities not known. The State of Georgia had over $50,000 lu its vaults. The bank was run In the Interest of cotton buyers, and has u good deal of money
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BUSINESS FAILURES. sh & Custer, groMARION, Ind., March 28. cere, of this city; closed their doors this morning. Assuts and liabilities are unknown. Their linbilities may rench 86,000; the assots will probably balance one-half of that. MEMPHIS, Tenn., March %s.-Shorwood & Co., wood and willowware, made an assignment this morning. ALBANY, N. Y., March 28.-Henry Rowland, jewelor, has . assigned. Liabilities, $75,000; ussets, $00,000. ROME, Qa.. March 28.-Liabilities of the Bank of Rome, exclusive of capital stock, $105,000; nominal assets. $221,000. CANDEN. N. J., March 28.-The Josse W. Starr Iron-Works bay U closed. throwing is large number or usads out or employment.
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Why the Bank of Rome Suspended. ROME GA., March 26.-The cause of the embarrassment of the Bank of Rome is the heavy advances made on cotton shipments. The bank has cashed the drafts of probably 500 bales of cotton per week. The recent floods so damaged large quantities of cotton consigned to New York that the New York banks refused to pay. This left the Rome bank without tyunds, and hence the suspension. J. H. Reynolds, President of the First National Bank, was appointed receiver, and it is thought the bank of Rome will meet all its liabilities.
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AUSTIN, MOWER COUNTY, MINN., WEDNESDAY, APRIL 6, 1881. The liabilities of the insolvent bank of Rome, CARPENTER AND BUILDER. VARIOUS TOPICS. NEWS IN BRIEF. Ga., are $165,000, and the nominal assets $221,000. Henry Rowland, jeweler, Albany, N. Y., has J. S. COX, Burglarized. THE inauguration committee at Washington, suspended payment. Liabilities $75,000; assets G ! The residence of Justice Field in Washing$40,000. after paying all expenses, have a surplus of - - things while the mother
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# CONFIDENCE IN BANKS. The Rome Tribune tells the following: Yesterday a juryman who lives in the country, told us the following in connection with the failure of the Bank of Rome: One of his neighbors who had three hundred dollars, his all, deposited in the bank, was speaking of this fact, and lamenting the bank's failure in the presence of an old lady, was abruptly stopped by the old lady ejaculating: "Good gracious! didn't have but three hundred dollars, and put that in bank! Why if I had had three hundred dollars I never would have put it in a bank. I would have put it and kept it in my stockings, and I know they wouldn't abusted-for I knit 'em myself." And Bill Arp norates this in connection with the same institution :- One good lady had $650 in there and when she heard that the bank was a little shaky, she told her husband to take it out, but he put on generous airs about it and said it would be wrong--it would show a lack of confidence-that it was confidence that sustained the banks and kept 'em from breaking. A few days afterwards the bank broke and he went home a sadder man and get demoralized and went to bed sick and took on amazin, and wouldn't eat and couldn't sleep and groaned and tumbled about on the bed and called for morphine, and finally his wife told him to sit up a minute, and then she showed him a package of money marked $600, and informed him she took the money out herself before the suspension, and he got well immediately and danced all around the room, and kissed her forty times without stopping, and on looking at the package again. "Why," says he, "this is only $600, and we had $650" "That's so," said his wife, "I took out $600 for us and left $50 in there for confidence."
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GEORGIA GLEANINGS. The Georgia Baptist Convention will meet in Athens to-day, 21st. Miss Lou Ramsey died in Rome, tata.; ou Friday, from swallowing a sprig of cedar some weeks since. Throughout the State the people of Georgia are just now paying two prices for all the corn they consume. company of itlanta capitalists have been in Conyers for the purpose of purchasing the mill property and converting it into a costou neill. It is now stated upon authority that the eggs which were thrown at Uncle Tom's Cabin combination at Griffin were not rotten, but the ben which laid them was in bad health. THE Deaf and Damb Asylum of Cave Spring was one of the unfortunate victims of the bursted Bank of Rome to the tune of about $5,000 Montgomery Wingfield, aged sixty was found dead in bis bed at the Central Hotel, in Rome, Ga Sunday. An empty chloral bottle was by his bedside. Mr. David Knight tells the Hous ton Journal that he has a turkey hen that recently laid fifteen egga and hatched them all, and that she is the only turkey that has been months on the place during the past six "It The Sparta Ishmaelite says: costs a great deal more to buy bay than it does to raise forage on the farm A bale of cotton will pay for a ton of hay; but the labor and expense of raising the cotton, if dispensed on some good forage crop, would probably yield ten tons of hay John H. James, a director of the Georgia Railroad, is reported as making over $150,000 by the recent lease, while W. B. Johnston, a director of the Central railroad, was a very heavy owner of South Carolina railroad stock, which by this lease was run up to 50, and netted Mr. Johnston ao immense sum. One day last week a house on the bank of the Missouri river, near 5 Parkville, Mo., occupied by a wo man and three children, was swept into the stream by the current cutting into the bank. It was after. wards boarded about sever miles below by two young men, who cut a hole in the roof-the only part above f water-and rescued the terrified in mates. A correspondent of the Columbus ! Times, says there is proof strong and sufficient that farming in the South is a lost industry, and it is a true of us, as Mr. Stephens says,tha as a people, we are growing poorer, I and will continue to do so as long as r e we run in the old grooves. The Griffio banking company, one of the State depositories, has concluded to turn over all the States t funds now in hand to Treasurer a Speer. The amount is $51,000. The recent court decision making d the State a preferred creditor, caused the bank to take this step. it being deemed an injury to other depositors a to ao business under such a decision.
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BAD FOR THE CREDITORS. The State of Goorgia Declared by the Mupreme Court to Be a Preferred Creditor of the Bankrupt Romo Bank. Special Dispatch to The Chicago Tribune. ATLANTA, Gu., April 25.-The Supreme Court of Georgia to-day rendered a unanimous decision in favor of the State in the COMU of The State of Georgia VR. The Bank of Rome, which was n State depository, giving the State a prior claim to nii the assets of the bank over personal and all other creditors of the bank. This was made a test enso, the BRIND being involved in doolding priority of the State over the claims of creditors of the Citizens' Bank, niso a depository, which suspended payment two weeks since. Associate-Justice E. Crawford delivered the decision, which the Court claims is based upon the common law, and also upon the law governed by the Depository act. By this decision personal as well as all other creditors of the Bank or Rome, as well na citizons of Georgia, will have to take what is left after the State is satisfied. The Home Bank owes tho State $53,000, and the Citizens' Bank is indebtod to the Stato $103,000. The Impression seems to be that after the State is entistical there will be nothing left for the other creditors, ne both banks were regarded as wildout concerns, sclouted eithor through negligence on the part of the Governor, or criminal collusion between bim and the officers of the bank, by which both parties to the contract were to be benefited. The case may be curried to the Supremo Court of the United States. This, however, depends upon whether an appual can be taken.
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Georgia Affairs. The citizens of Rome want somebody to run 8 skating rink in that city during the coming season. The Courier thinks if a rink were perly run it would prove a bonanza, Rome is about to organize a Y. M. C. A., with every prospect of success. Great interest in the movement is expresssed by the good people of the community on the subject. The Rome Female College Was opened this season with eighty pupils, and every day adds to the number. Present indications point to over one hundred and fifty students by the 1st of November. The cyclone struck Griffin about 9 o'clock Saturday night, continuing until 9 o'clock Sunday morning. No damage was done to human life, but the damage to buildings, trees, fencing, and standing crops was great. The chinaberry trees throughout the city were almost universally broken down and several buildings unroofed. It was the worst storm known in Griffin for years. Three children in Louisville have been bitten by rabid Spitz dog. Mr. Frank Leverett was elected Mayor of Eatonton on Wednesday last, and Phil. Sanford Marshal. There are several breaks in the road between Milledgeville and Macon, and it will be two or three days before trains will run regularly between the two cities. The trains will arrive at Milledgeville up on the usual schedule and make connection at the breaks beyond Millidgeville, The public schools of Columbus resumed their duties on Monday, with a fair attendance. although there was a falling off as compared with last year and the year before. The attendance on Monday was 912, against 960 last year and 1,055 the year previous. On the 9th instant, in the United States District Court, Judge McCay sentenced John Thames, a sixty-year-old farmer, who lives near Red Oak, to six months in Fulton county jail, and to pay $500 fine and costs for violating the revenue laws. The Democratic primary in Baldwin county on Saturday last resulted in the nomination of Dr. Mark Johnston, Jr., as the Democratic candidate for the Legislature. A revival in Lithonia has so affected the only saloon man there that he desires to sell out and leave. The Democrats of Monroe county will select, by primary election, on Saturday next, two candidates to represent the county in the next Legislature. Ex-cadet Whittaker, the colored man whose West Point experiences are familiar to all, lectured at Athens on last Tuesday night. His subject was, "Ears and the color line at West Point.' Hon. A. H. Stephens arrived in Columbus at 1:40 o clock Tuesday afternoon, and was met by a committee of citizens composed of Messrs, W. H. Young, J. M. McNeil, John King, C. B. Grimes, G. Gunby Jordan, Reese Crawford, Porter Ingram, and C. A. Redd, who accompanied him to the Rankin House, where he rested Tuesday night. He addressed the citizens last night at the Opera House, which was packed to its utmost limits, the ladies turning out to greet the next Governor of Georgia in numbers. At the preliminary trial of Frank Sims, Jr., for the stabbing of Mr. Hollis, at Cusseta, held on Saturday last, the defendant was held to bail in the sum of $750 to answer the charge of assault with intent to murder, and was committed in default of the same. Hollis is in a most critical condition, but his relatives and friends are more hopeful than ever of his recovery. Judge L. P. D. Warren, of Albany, and brother of Hon. Josiah L. Warren, of Savannah, died of consumption at his home in Albany, on Sunday morning last. He was born in Twiggs county on the 22d October, 1828, and in 1816 was admitted to the bar by special act of the Legislature before he was of age In all the relations of life, social and professional, he was a man of uncompromising integrity and decided character. His funeral took place Monday morning, the members of the Albany bar acting as pall bearers, and the Masonic fraternity, of which he was a bright member, buried him with Masonic honora The Commissioners of Oconee county have decided not to issue atiy more licenses to sell liquor. The Walton News says a rock thrown by one of the blasts on the railroad extension last week went through a window of a house near by, striking Mr. W. A. Bain on the head and killing him instantly. There are ninety prisoners in Fulton county jail, and the institution is about full. The crops in the vicinity of Crawfordville have been injured 30 per cent. by the storm. The Georgia Railroad Company have de" clared a quarterly dividend of $2 75 per share, payable after October 15. Carroll county has voted for fence by a large majority. Monroe Advertiser: "Four persons have been killed in Dodge county within a month. Dodge county is a good county to dodge. The receiver of the broken Bank of Rome has paid into the State Treasury on the account of the State, another $2,000. making in all $25.paid in'so far, leaving a balance of $26,is 98 still due the State. When the war closed the High Shoals Fao very runed one hundred thousand Confederate bonds that have been lying in the safe for sev euteen years. a regarded as worthless. The other Mr. Geo. W. Felker took them to Atlanta and sold the pile for $650 in curreacy. It's an iii wind that blows nobody good" was verified in the experience of a Sumter county farmer, who says, that all the ears of corn at were pointed in the direction the wind caree from Saturday night were already shucked when he got up Sunday morning. the wind heat blow the shucks back, leaving ear exposed The grand jury of Monroe county. in its BODER general pre sentment, say: "We congrathiate our people for the evidence of mercy the blessings showered in rich profusion 4 them the present year in the way of dient harvests freedom from epidemics, arthemani estations among people support good order, for the
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AT THE STATE CAPITAL. The Rome Bank Cases Decided-Dentists in Session-Redwine's Case. ATLANTA, May 13.-The Supreme Court held a session to-day for the purpose of rendering decisions. The only important one was the Rome Bank case, which was docketed as follows: Colquitt, Governor, VS. Simpson & Ledbetter; Colquitt, Governor, vs. J. W. & W. L. Smith; Mathis vs. Morgan. These three were known as the Rome Bank cases. The effort on the part of the State was to subject the property which had been owned by the sureties on the bond of the Bank of Rome as a State depository. The property was sold by the sureties previous to the suspension of the bank, and when the bank failed the State issued executions and levied on the property. The court decided that the State could subject the property in all of the cases except in that of the Smiths. The property involved in the Smith case was purchased from Mrs. Deacon, whose name appears on the list, but who insists that the signature is a forgery. The court decided that this case will have to go before a jury to decide the genuineness of the signature. No definite information is at hand showing whether the property found subject is sufficient to cover the loss sustainod by the State in the failure of the bank. The court adjourned to meet on Monday next, when another batch of decisions will be rendered. Among these it is probable that there will be the Shorter will case, another Southern Mutual Insurance Company case. THE DENTISTS. The State Dental Society is in session here to-day in the basement of the new court house. The attendance was satisfactory, Dr. George A. Winkler, of Augusta, presided as President of the association. The address of welcome was delivered by Dr. Catching, of Atlanta, and the response in behalf of the association was made by Dr. G. P. Campbell, of McDonough. President Winkler delivered the annual address. The association will be in session two days, during which time regular routine busines will be transacted. After the adjournment the association will be banqueted by the local dentists. REDWINE'S CASE. Representative John C. Redwine, of Hall county, reached Atlanta to-day for the purpose, if possible, of securing the release of his son, F. W. Redwine, who is under arrest charged with appropriating to his own use money belonging to Morrison, Bain & Co., for whom Redwine was working as a traveling salesman when he got away with the funds of the firm, It is believed that the case will be compromised by the return of the amount at stake. A meeting of prominent citizens was held here to-day for the purpose of arranging for the entertainment of the delegation of New England editors to arrive here Friday. Committees were appointed, and it was decided to entertain the delegation at private residences in the city. A reception will be given them at the executive mansion.
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The final decision of the Supreme Court favorable to the State in the case of the sureties of the Bank of Rome, late State depository, will doubtless soon result in the collection of the balance due the State from the defunct bank. The amount due at the time the bank suspended was $53,017 03, of which the sum of $30,809 50 has been collected out of the assets of the bank. There has been a long and tedious legal fight between the State and the sureties, who contended that their liability was discharged by the forgery of the name of Mrs. Deason, one of the co-sureties. There is more than enough property under levy to pay the balance due. It is to be hoped the State will be equally as successful in the matter of the Citizens' Bank of Atlanta, which still owes the snug sum of $57,218 81, and which the Attorney General is hopeful of collecting.
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GEORGIA AND FLORIDA. NEWS OF THETWO STATES TOLD IN PARAGRAPHS. Burning of - Gin House in CalhounAn Ox with 8 Horn in the Middle of His Back-A Singular Phenomenon Near Cuthbert. GEORGIA. Col. James Madison Beall, of LaGrange. died a day or two ago. On account of a misdrawal of the jury there was no court in Clinch county this term. A lady living on Eugenia street, in Atlanta, recently found a silver quarter in a can of oysters. Green T. Dodd, a prominent wholesale grocer of Atlanta. says he will put $25.000 in the proposed new morning paper for Atlanta. At Atlanta Friday the jury in the case of Mollie Farmer, the Begro woman charged with infanticide, reported that it was unable to reach a verdict, A mistrial was entered and the discharged. The gin house on A. W. Turner's Furlough place. in Calhoun county. was destroyed by fire on Wednesday. Ten bales of cotton went with the building. The fire originated from sparks blown from where some negroes were washing clothes mear the gin house. In reporting the final settlement of the Bank of Rome case it was stated that tue original amount duethe State by the bank was $48,000. Attorney General Anderson states that the whole amount of the claim of the State against the Bank of Home. including interest, was nearly $65,000, instead of $43,000. Toursday William Martin, who lives mear James Station, in Jones county, attempted to draw & pistol from his pocket, when the hammer eaught in bis clothing and the weapon was discharged the ball entering his right arm near the wrist and ranging upwards toward the elbow, where it is still lodged. A. B. Belcher, of Decatur county, owns a ten-year-old OX having and wearing three fully developed borns- at their proper places and the third growing out of his shoulder, near the withers, and probably fourteen inches in length. Mr. Belcher has owned him all his life, and this third described horn made tsappearance several years ago. A. N. King. Deputy Clerk of Franklin county, says that A. M. Praddy, of Leadville, Col., has been to Carnesville, and had deeds to 110,000 acres of land lying in Franklin and Clarke counties, recorded. The deeds were made many years ago by a man named Whitehead. and from all appearances seemed to be genuine, Some of the land called for by the deeds lies near the paper mills in Clarke. It was believed at Cartersville Wednesday night thatCrawford had beaten Foute for the Legislature, as nearly complete returns put the former thirty-six votes shead. But the complete returns elect Foute by forty-one maj rity. Dr. Feiton ran about 200 votes ahead of these two, and Conyers about 100 behind them. Akin received a small vote. The total wote of the county was about 1,600. The sensation in Atlanta is the circulaLION of a small pamphlet entitled the "Truth." published by the "Dollar for Dollar" Association, or, in other words, by Mr. James Findley, a wealthy gentleman of Atlanta. It seems that by the John H. James bank mailure Mr. Findley lost $35,000 in casb, which ne had deposited in the bank at the time, and he is taking this method of getting revenge upon Mr. James. Jesse Hammond. a negro man. was tried at Atlanta Friday upon the chargeof hurglary. found guilty and sentenced to a term of five years in the penitentiary service of the State. The evidence of the prosecution was that Hammond entered thebouseof a Mrs. Burke, near the Atlanta and Charlotte Air Line shops, and stole a small toy sale, the property of Mrs. Burke's son. The safe contained about$: It was broken open by Hammond and the money stolen from it. Thursday night a week ago Sterling Jenkins of Buena Vista was awakened about 12 o'clock in the night by some alassware failing from a shelf in the house, and thinking there were burglars in the house be got up and made a search, but he observed notuing unusual except the broken glassware. The next day his ife discovered that the room in which the ware fell, and attached to the main building. was moved at least three-quar ters of an inch from the other portion ot the house, and the supposition is that it was caused by an earthquake shock, Bather a novel sight for Atlanta was seen on the streets Friday. It was a large covered wagon, puiled by two borses, the entire outfit decorated with flage and bunting. On the canvas covermg of the wagon was painted in large black letters: "Go to G. B. Stewart, Hill street, Griffin, for pure corn whisky, either at wholesale or retail." As the wagon paraded the streets it attracted considerable attention. As the quart license system 01 Atlanta is about to re. the from business, Mr. Stewart is working for the trade of this city, The wagon will parade the streets for several days, and, if possible, it will he made to attract more attention than it did 10-may. The gin house. contents and screw on D. C. N. Burkbalter's plantation a few miles from Americus was destroyed by fire on ednesday night last. Twelve or fourteen bales of cotton were burned with the gin house, on which there was no in. surance. The cotton was owned by D. N Burkhaiter and Illie Drane, who were running the place on shares, and will prove quite loss to these two gen lemen. as the cotton burned was of the improved Monroe" variety which commands nearly a cent a pound more in the market than the ordinary staple. The cause of the fire is supposed to have been incendiary, as the buildings were burned between 10 and 11 o'clock, and no work had been done there since dark. Cuthbert Enterprise: An unaccounta. ble phenomenon 18 reported to us as happening within a mile of Dawson. For several days a distinct rainfall has been noticed. covering a small space of ground in the front yard of a man's dwelling No clouds are discernible, and yet to stand in that place would teoroughly saturate a person's clothing in 8 short time. The ground is very wet. and the water drips constantly from the surrounding shrubbery. Many people have visited the place recently, and are mystined at the remarkable occurrence. On Sunday last Mr. "Sonk' Phelps was present. and saw rain falling distinctly. He says there was a clear sky, and elsewhere was as dry and dusty as a desert. Tom Greene, a white man, was made to face the court at Atlanta Friday upon