Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-01-04


If the year 1879, this institution
the twenty year of
Is existence. Believing that con-
Germ which has for quarter of a
century taken So active a part in
he business affairs of GAINESVILLE
could not fail to have history
many points in which would be in
to our readers, we under |
took for once the role of an inter-
viewer, and for that purpose re-
1uested few minutes conversation
with the Hon. d. N. Kennedy, the
we'll known President of the institu-
ton. The interview was freely ac-
corded, and we found the President
not only courteous and agreeable in
his manner, as we have always
known him, but much more COM
than we supposed a
banker likely to be when questioned
on the affairs of his bank.
The following may be taken as
correct account of our
conversation.
Question. Am ! permitted, Mr..
Kennedy, to ask a few questions
about the history of the bank Of
which you are President
Answer. 1 Will answer with great
pleasure any questions you may
put, SO far a am able.
Q. Will you, then, tell me what
ever is proper to communicate about
the original organization of the
bank?
A. The Northern Bank of Ten
nessee was first organized for BUSH
ness on the LIST of January, 1854, by
the same stockholders as now own
it, and with the same leading Off
Gers, viz: myself sPresidentand Mr..
Jas. l.. Glenn as Cashier. Mr.. John
w. Faxon became Teller and AS
sistant Cashier in 1865.
O.. Did the Northern Bank ever
issue notes of its own?
A. Yes, until the war. It's cir
culation, however, was never the
chief source of its profits, nor indeed
an important one.
@. What was its largest circula-
ton?
a. Seventy thousand dollars.
I'VE could at any time have trebled
it had we thought it desirable.
@. What are the comparative
profits of banking as business be
fore and since the war?
A. On the same amount of bust
ness they are very much less than
they were before the war.
@. In what department does the
diminution chiefly take place?
A. In that of exchanges. Before
the war there was a difference ol
exchanges, varying from one to
sixteen per cent. These exchanges
depended upon the variable dis
counts on the currencie5 of the seYe-
raj States.
@. Can you relate anything OF
interest concerning the purchaser,
and acceptor5 of bills during the
| first year OF the banks existence?
| A. The bank purchased during
that year bills of forty-one different
persons, which were drawn on
thirty-six different firms or indi.
viduals as acceptors. OF the former
all but twelve afterwards failed, OF
the latter all but five. OF these five
only one is now doing business,
Messrs. Sawyer, Wallace & Co., o
New York.
@. Are any bank officers now
doing business in Tennessee you
seniors
A. Mr.. w. p. Hume, now Cashier
of the First National Bank of Clarks
vile, is the oldest bank officer II
the State, having been Cashier o
the GAINESVILLE branch of the Plant
ers' Bank in 1913. / am next il
seniority, having been Presiden
and Cashier of the branch Bank o
Tennessee at GAINESVILLE from 184!
to 1854, when the Northern Bank
was organized.
O. Have you any records of you
regular bank correspondents during
1851?
A. We had that year twenty
two bank correspondents all bu
FIVE afterwards failed. OF thes'
five only three are now engaged il
business, viz: the American Eek
change Bank and the metropolitan
Bank of New York, and A. u. Hun
| & Co., of Louisville.
| Q. Can you give me any infOr
nation about your original deposi
| tors?
! A. Our depositors numbered
about three hund ed during on
first year. Twenty-Five only q
| these are still living in this city anC
neighborhood; of these eighteel
still deposit with us.
Q. Did you lose heavily by an.
of the failures you have mentioned
A. The entire losses Of our banl
up to the war did not exceed $500
during the war, and from circum
stances growing out of it, abou
| $4,000. | think the losses sustained
by the banks in Tennessee from 1856
to the war were small; it was f;
profitable and successful time TO
business. The war brought heavy
losses upon most of the banks in tht
entire South, bankrupted many o
them and forced nearly all int
liquidation.
Q. Can you tell me anything o
| the various panics which have 81
severely tried the banks of th'
United States since you have beer
in the business
1 A. The first financial panic which
| ooourrOJ n flor Tho orora.,i yofiOo n