ADAIR COUNTY NEWS
The Bank of Cane Valley 1907-1910
(Transcribed from the Adair County News unless otherwise noted.)
May 2, 1906 (two entries)
The following are the officers of the new bank to be started at Cane Valley: S.G. Banks, President; F.P. Rice, Vice President; O.W. McClister, Cashier; T.T. Tupman; A.R. Feese; Horace Massie; W.N. Smith; Dr. D.B. Atkinson; Dr. N.M. Hancock; Jake Bault.
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(In the Cane Valley community newsletter)
Mr. J.W. Hutcheson, of Brodhead, a well-known banker, was here several days of last week and organized a bank of $15,000 capital. The building committee has been authorized to build a brick building and a meeting of the stockholders will elect their officers next Monday evening. Mr. O.W. McAllister, of Shelbyville, will be the cashier.
May 4, 1906 (In the Brodhead newsletter, Mount Vernon Signal, published at Mount Vernon, Ky.)
J.W. Hutcheson has organized another bank at Cane Valley, Adair county, Ky. Who says Hutcheson is not a banker must be bad off.
May 30, 1906 (two entries)
All the stock for the Cane Valley Bank has been paid in and the establishing of the institution is now an assured fact. A brick building will be erected. Preparations for making brick has commenced.
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(In the Cane Valley community newsletter)
Mr. Robt Casey, of New Castle, was here last week and contracted the building of the new Bank. The building is to be a two story brick, 24 x 46 feet and will cost $3,000.
June 13, 1906 (In the Cane Valley community newsletter)
Robt Casey the Bank contractor arrived here last Saturday with his machinery and will burn about 300,000 [sic] brick. After he completes the Bank he will build two business houses for R.B. Wilson.
September 5, 1906
We understand the work preparatory for the banking building at Cane Valley is getting along nicely. The people of the Cane Valley section think that it will be a paying institution, and are very anxious for opening day to arrive.
October 24, 1906
The foundation for the Cane Valley bank has been put down, and as soon as the brick-kiln cools out, work will begin in earnest.
November 14, 1906
Brick Work Completed
Mr. Robt. H. Casey, the contractor, has completed the brick work on the new bank at Cane Valley, and in a few days will put the finishing touches on the building. When completed and organization begins receiving deposits we will have four banks in Adair county. The three institutions now in operation are doing a thriving business, and we trust to hear a good report from the bank of Cane Valley. [The other three financial institutions were Citizens Bank, Columbia; First National Bank, Columbia; and the Bank of Columbia.]
November 28, 1906
Mr. O.W. McClister, of Shelby county, who has been selected as cashier of the Cane Valley Bank, was in Columbia last Thursday. He is a young man of pleasing address, and as we understand it, is well up in the banking business. Mr. McClister hopes to have his bank open for business before the new year. He is well pleased with Cane Valley, and this part of the country in general.
January 9, 1907
Cane Valley Bank Opens
The Farmers' Bank at Cane Valley opened its doors for business last Wednesday, January 2nd. We could not learn the exact amount on deposit but understand that it was very satisfactory. The following are the officers in charge: S.G. Banks, President; F.P. Rice, Vice President; and O.W. McAllister, Cashier. [Another bank, the fifth in the county, opened at Roley almost exactly four months later, on May 4, 1907 under the name Farmers Bank of Casey Creek.]
January 16, 1907
Nearly eight thousand dollars on deposit in the Farmer's Bank at Cane Valley the first day.
May 8, 1907
On Wednesday, May the 15th, at the residence of J.C. and M.A. Henson, on Green river, near Mt. Carmel church, all the person property belonging on the farm will be sold to the highest and best bidder. The property is as follows: ...5 shares of stock in the Farmer's Bank of Cane Valley, [and] 1 share of stock in Camp Knox and Mt. Carmel Telephone line...--J.C. Henson.
September 25, 1907
Will Wed This Evening
Mr. O.W. McAlister, cashier of the Cane Valley Bank, and Miss Louise Callison, daughter of Mr. and Mrs. Bruce Callison, one of Adair county's best young women will be married this evening at 7:30 o'clock. The ceremony will be performed by Eld. Z.T. Williams in the Christian church [at] Cane Valley, which will be handsomely decorated for the occasion...
November 20, 1907 ("Personal" column)
Mr. O.W. McAllister and Mr. R.E. McAllister, cashier and assistant cashier of the bank of Cane Valley, were in Columbia Sunday.
December 13, 1907 (In the Brodhead newsletter, Mount Vernon Signal, published at Mount Vernon, Ky.)
O.W. McAllister, cashier of The Farmers Bank of Cane Valley, Ky., was here last Sunday to see J.W. Hutcheson.
January 8, 1908
A very credible statement of the Cane Valley Bank appears in to-day's paper. This institution is in good hands, its business steadily increasing. Read the statement. [The statement indicated that, as of "the close of business on the 31st Day of December, 1907," the Bank had resources and liabilities each totaling something over $35,000. Mr. McAllister was still the cashier, and the other Directors who signed the statement were W.N. Smith, A.R. Feese, and N.M. Hancock.]
May 13, 1908
[An advertisement in this edition noted the capital stock of the Farmer's Bank was $15,000, and stated "Your Business Earnestly Solicited."]
July 8, 1908
By reference to another column the statement of the Farmers Bank, Cane Valley, can be found. This institution is less than two years old, but under safe management its business has gradually increased. [This statement showed that "at the close of business on the 30th day of June 1908," the resources and liabilities of the Bank each total slightly over $40,000. By December 31, 1908, each of these sums had increased to $57,000.]
November 10, 1909
Action of Cane Valley Bank
At a meeting of the stockholders of the Farmers Bank, Cane Valley, Ky., held Nov. 6th, 1909, the following named gentlemen were named as directors for next year: S.G. Banks, J.G. Sublett, James Butler, J.C. Bault, T.T. Turpen, W.N. Smith, W.I. Feese, A.R. Feese and N.M. Hancock.
Mr. F.P. Rice, who is preparing to move to Campbellsville, Ky., who has been a director, and Vice President of the bank since it was organized, tendered his resignation as director, and J.G. Sublett was chosen to take his place on the board. The board of directors passed a resolution thanking Mr. Rice for his services as director and Vice President .
O.W. McAllister, who has bee a director for the past two years tendered his resignation as a director, and Mr. James Butler was elected to fill the vacancy.
Immediately following the stockholders meeting, the new directors met, and elected the following officers of the ensuing year.
S.G. Banks, was reelected as President; W.N. Smith was elected to succeed F.P. Rice as Vice Prest., O.W. McAllister was reelected as Cashier, and his salary increased to $100.00 per month.
T.W. Callison was elected as assistant Cashier.
N.M. Hancock was made chairman of the board of Directors, the bank is in a prosperous, healthy condition, and will make 8 per cent this year.--J.G. Sublett. [T.W. (Thomas) Callison was the younger brother of Louise McAllister, nee Callison, wife of Cashier O.W. McAllister. In November, 1909, young Thomas was about month short of having reached the age of majority.]
June 8, 1910 (legal notice)
Adair Circuit Court
W.N. Smith, Administrator of Myria H. Moore, dec'd, Plff, to Adair Circuit Court, Notice:
By virtue of a judgement rendered at the May term, 1910, of the Adair Circuit court, I will offer for sale at public outcry...on a credit of three months, at the door of the Farmers Bank in Cane Valley, Ky., on Saturday the 18th day of June, 1910...four shares of Bank Stock in the Farmers Bank of Cane Valley, Ky., of the per value of one hundred dollars each, being the same stock owned by Myria H. Moore, deceased...--W.N. Smith, Admr of Myria H. Moore, deceased. [Myra/Myria Moore died in Cane Valley on Sept. 2, 1909, aged 79 years. She was a daughter of Champ Butler and married first James M. Sharp, second William Moore.]
July 13, 1910
[The Report of the Condition of the Farmers Bank "doing business at Main Street" as of June 30, 1910 indicated that the Bank's Resources and Liabilities each totaled slightly over $60,000. The Report noted that "Loans and Discounts with one or more endorsers as surety" totaled $46,095.27. The bank building was valued at $3,025 and the furniture and fixtures were valued at $2,180.]
September 28, 1910
Cane Valley Bank Closed
The Farmers Deposit Bank, which has been doing business at Cane Valley, this county, for three or four years, suspended payment last Saturday [Sept. 24th]. The bank has a heavy debt out, and on account of the scarcity of money, the Directors met and decided to temporarily suspend business until collection could be made. [The "scarcity of money" arose from the "panic" (recession) of 1910-11.]
November 3, 1910 (in the Citizen, published at Berea, Ky.)
Frankfort.--Secretary of State [Ben L.] Bruner asked for a receiver for the Cane Valley Farmers' Bank, of Adair county. The bank has been closed for more than a month, and a receiver is wanted to wind up the affairs of the bank. The depositors will be paid in full. Overloaning was the cause of the bank's failure. Bruner has closed 12 banks since the first of the year.
November 2, 1910
At a meeting of the Directory and number of stockholders of the defunct Cane Valley Bank, held last Monday, Judge W.W. Jones, of this place, was unanimously selected to wind up the affairs of the concern. The books, notes and papers have been placed in his hands for final settlement. In our judgment a more competent man could not have been selected.
November 9, 1910 (In the "Additional Locals" column)
The adding machine which was the property of the defunct bank at Cane Valley was stolen from the building last Saturday night. No clue.
November 23, 1910
Judge W.W. Jones, assignee of the defunct Cane Valley Bank, is making collections as rapidly as possible. Up to this date he has paid the depositors 37 1/2 per cent. It will take a little time to close up the business, but Judge Jones thinks now that he will be enabled to pay the concern out without assessing the stockholders.
[Michael C. Watson, in An Adair County, Kentucky History (2001), Vol 1 p 205, noted that Mr. T.T. Tupman (an original officer of the Farmers Bank of Cane Valley) was named as President when the bank (re)opened in 1919. Mr. Tupman's wife Martha ("Mattie" was the sister of Bruce Callison, the father of assistant cashier T.W. Callison and Louise Callison McAllister, wife of cashier O.W. McAllister. O.W "Ollie" McCallister died in Taylor County in 1913.]