10918. Bank of Baldwyn (Baldwyn, MS)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 2, 1931
Location
Baldwyn, Mississippi (34.510, -88.635)

Metadata

Model
gpt-5-mini
Short Digest
6768b103

Response Measures

None

Other: Mass meeting called by Judge Allen (Alle) Cox; depositors pledged not to withdraw, averting an imminent run.

Description

Articles describe an imminent run triggered by rumors/mistrust that was averted by a mass meeting called by Judge Allen/Alle Cox; no suspension or closure mentioned. Bank appears to have remained open and confidence was restored.

Events (1)

1. January 2, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Imminent run prompted by rumors and general mistrust about the bank's condition; depositors were urged not to withdraw funds.
Measures
Judge Cox called a mass meeting of depositors; citizens pledged not to withdraw except for urgent needs; public statements reassuring the bank's soundness.
Newspaper Excerpt
To set aside rumors in regard to the Bank of Baldwyn, Judge Cox called mass meeting of citizens... Virtually everyone present agreed to stand by the bank... As result... confidence was restored and the bank is now in splendid shape.
Source
newspapers

Newspaper Articles (2)

Article from The Winona Times, January 4, 1931

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Article Text

Pledge Confidence To Baldwyn Bank At Meet BALDYN, Miss., Jan. 2-Baldwyn's financial situation was greatly improved and the danger of bank run eliminated by prompt action on the part of Judge Alle Cox, presiding judge of the Mississippi delta division of the northern district of the United States court at Clarks dale, according to friends of the judge here. To set aside rumors in regard to the Bank of Baldwyn, Judge Cox called mass meeting of citizens, at which the large crowd in attendance was asked to pledge their assistance to the bank. Virtually everyone present agreed to stand by the bank in every way possible and not to withdraw money except where needed. As result of this method confidence was restored and the bank is now in splendid shape.


Article from The Clarksdale Press Register, January 8, 1931

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Article Text

YOU CAN TRUST THE PEOPLE. Judge Allen Cox of Baldwyn, presiding judge of the delta division of the United States district court at Clarksdale, prevented a bank run in his home town and preserved that institution. from disorganization by truthfully presenting the Baldwyn financial situation to depositors. The Bank of Baldwyn is strong, but no institution of this kind can afford to lose the confidence of the people. Realizing that a run on the bank was imminent because of mistrust, Judge Cox called a mass meeting of depositors. A large crowd attended. Judge Cox accurately and truthfully explained the situation. The jurist said that the bank was sound, but that it could not last in the crisis if there were heavy withdrawals. The people of Baldwyn, the depositors of the bank, responded to his plea to stand by the bank in a rising vote. Depositors signed an agreement main loyal. Each said that he or she would not withdraw deposits exeept for the most urgent necessities and to carry business. The depositors returned quietly to their homes or places of business. Confidence was restored. Business proceeded as usual. The Bank of Baldwyn today stands as a monument to the people's trust and confidence. Baldwyn put another building stone in its. financial and trade structure by faith. They may have builded better than they knew. For few of us have yet come to realize that prosperity is grounded in confidence. But the jurist himself scored by the truth. He did not attempt to minimize the seriousness of the situation. He said; Your bank is strained to the breaking point. proved to himself and the people Baldwyn that honesty is policy We tell ourselves that we may deceive and get away with it. We scheme and strive by false methods to gain prevent financial and trade and professional shipwreck. We take for granted that most people are as dishonest as ourselves. The truth is, that which is untrue does not it does not deceive. We see through that which is false in othersthey see through that which is untrue in ourselves. There is something about us, a subconscious, spiritual aura, that speaks plainer than our words. Put your cards on the table, my friend. If you are drifting down, if you can not pay, if you are overwhelmed by debt, you will fail if you seek to cover it up. You will drift lower if you fail to be man. Come out into the open! It is right to keep your head up in adversity, but you might as well be frank with your creditors, They know you. If you attempt to deceive you add to your burdens. If you are honest about it, the people will respect you. They will forget your circumstances and conditions. They will see only an honest light shining through. We gain a point who say, Here am, honest to God!" The truth-the whole truth and nothing but the pays better dividends than those dehave weathered the storm. It is the greatest thing in the world, bar the truth. For it is written all over the face of things despite what you say and do. It creates confidence and These things ARE basic