10977. Bank of Ethel (Ethel, MS)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
December 24, 1930
Location
Ethel, Mississippi (33.120, -89.466)

Metadata

Model
gpt-5-mini
Short Digest
6d3e44b8

Response Measures

Accommodated withdrawals, Partial suspension

Description

A small run (triggered by the closing of nearby Bank of McCool) led directors to suspend payments Dec 24, 1930 as a protective step; plans to freeze deposits were discussed and the bank reopened after several weeks (reported Feb 2–4, 1931).

Events (3)

1. December 24, 1930 Run
Cause
Local Banks
Cause Details
Run developed following the closing of the nearby Bank of McCool, causing depositors to withdraw funds from Bank of Ethel.
Measures
Officers handled withdrawals through the day; directors later petitioned to suspend and proposed a freezing plan (restricted withdrawals) to protect depositors.
Newspaper Excerpt
A small run on the bank developed from the closing yesterday of the Bank of McCool, at McCool, nearby
Source
newspapers
2. December 24, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension taken as protective step after the run triggered by the closing of nearby Bank of McCool; petition of several large depositors prompted action.
Newspaper Excerpt
After meeting all demands through the day, the Bank of Ethel ... was forced to close its doors last night as a protective step in behalf of depositors ... officers, on petition of a number of large depositors, decided on suspension.
Source
newspapers
3. February 2, 1931 Reopening
Newspaper Excerpt
The Bank of Ethel at Ethel ... opened their doors today after several weeks' suspension ... the Bank of Ethel at Ethel [reopened].
Source
newspapers

Newspaper Articles (6)

Article from The Vicksburg Post, December 24, 1930

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Article Text

ETHEL BANK CLOSES JACKSON, Dec. 24.-After meeting all demands through the day, the Bank of Ethel, in Attala county, was forced to close its doors last night as a protective step in behalf of depositors, J. S. Love, state superintendent of banks, announced A small run on the bank developed from the closing yesterday of the Bank of McCool, at McCool, nearby, it was reported to the banking department and although all withdrawals were handled, officers, on petition of a number of large depositors, decided on suspension. The Bank of Ethel is capitalized at $10,300, with surplus of $11,000. Total deposits were estimated to be $150,000. A plan of "freezing" deposits has been advanced in connection with possible reopening of the bank, Supt. Love said. The plan, based on & system of restricted withdrawals, is being utilized in connection with reopening closed banks at Greenwood, the superintendent pointed out, and was winning enthusiastic support of depositors. To prove that Ireland does have snakes, the Dublin ZOO will exhibit a specimen, nearly three feet long, which was found by child while playing in a Dublin garden. More than 21,500,000 acres in Argentina were planted to wheat this season. I believe most positively in my own ideas, right or wrong. -George Jean Nathan. The Irish Free State has apgovernment officials to consider applications for protective tariffs.


Article from The Greenwood Commonwealth, December 24, 1930

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Article Text

BANK OF ETHEL CLOSES DOORS Run Following Closing of Bank McCool Causes Action of Directors JACKSON, Miss. (AP) After meeting all demands through the day, the Bank of Ethel, in Attala county, was forced to close its doors last night as protective step in behalf of depositors, J. Love, state superintendent banks, announced today A small run on the bank developed from the closing yesterday the Bank of McCool, at McCool, nearby, was reported to the banking department and although all were handled, officers, on petition of number of large depositors, decided on suspension. The Bank of Ethel is capitalized $10,300, with surplus of $11,000. Total deposits were estimadto be $150,000 A plan of "freezing" deposits has been advanced in connection with possible reopening of the bank, Supt Love said. The plan, based on system of restricted withdrawals, being utilized connection with the reopening of the closed banks Greenwood, the superintendent pointed out and was winning enthusiastic support of depositors.


Article from Clarion-Ledger, December 25, 1930

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ATTALA BANK IS FORCED TO CLOSE Run Develops from Closing of Institution at Mc- Cool After meeting all demands through the day, the Bank of Ethel, in Attala county, was forced to close its doors Tuesday night as a protective step in behalf of depositors, J. S. Love, state superintendent of banks, announced today. A small run on the bank developed from the closing Tuesday of the Bank of McCool, at McCool, nearby, it was reported to the banking department and although all withdrawals were handled, officers, on petition of a number of large depositors, decided on suspension. The Bank of Ethel is capitalized at $10,300, with surplus of $11,000. Total deposits were estimated to be $150,000. plan of "freezing" deposits has been advanced in connection with


Article from The Commercial Appeal, December 25, 1930

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GRENADA BANKS PAY $35,000 IN DIVIDENDS Declare 14 Per Cent On Stock During Year. Miss., Dec. capitalization of the Grenada banking carrying in towns besides the main bank at Grenada, just paid seven cent dividends to a total of 14 per cent. $35,000, paid out in dividends to these stockholders dur ing the year. The branch banks are in AckerBelzoni, Calhoun EupoLouisville, Shaw and Summer. The Grenada system. of which Thomas of this is president, paid seven per cent to its in ran to A similar amount paid early in materially aided in swelling sales volume the territory involved. find everywhere that buying is the Mr. Thomas. our territory farmers are enthusiastically for the crop rearranging their planting system to prevent any recurrence of failure that usually attributed to a worst of the unemployment evidently is over and we are hopeful that the volume of trading be increased at an early date.' LITTLE ROCK. Ark., Dec. state banks which recently closed were reopened today the state banking department announced. They are the Clark County Bank at Gurdon and the Citizens Bank. formerly the Arkansas State Bank, Carlisle. The Gurdon bank suspended last week for five days and is one of the few of the many closed in the last few weeks which reopened within the five-day suspension period. The closing of the Gurdon bank was followed the next day by the suspension of the Merchants and Planters Bank at Arkadelphia, in the same county. whose president. James G. Clark, also is president of the Gurdon bank. After meeting demands thro gh the day the Bank of Ethel in Attala County, was forced to close its doors last night as protective step in behalf of depositors Love, state superintendent of announced small on the bank developed from the closing yesterday of Bank of was reported to the The Bank of was capital ized with surplus of Total deposits were estimated to be $150,000. LITTLE ROCK. Ark., Dec. Little Rock North Little Rock and several concerns paid bonuses to employes day. Some of the banks paid $20 to with blaze was discovered Its occu- were in Dyersburg at the time of one year or more service and $10 to those with less pants, Mr. and Mrs. Willie Allen, the fire. time. One North Little Rock bank gave all of its employes $25, and another $10 each. One concern gave each of women employes a fur choker and each man signet ring. MRS. PARHAM, 71, BURIED. UNION CITY, Tenn., Dec. Mrs. Caroline Parham, 71. died at the home of her Mrs. John Robinson, of Harris community. services were held yesterafternoon at the Primitive Bap. tist Church, conducted by the Rev. Stallings, of Greenfield, followed by interment in East View Cemetery Surviving Mrs. Parham are her Mrs. Robinson with she has made her home for the past 11 years; daughter. Mrs. John Gwynn, of Paragould, Ark. nephew, H. F. Jones, of this city: other nieces and nephews and seven grandchildren. Two other children died in infancy She was member of the Primitive Baptist Church. RESIDENCE DETROYED. Fire destroyed large country residence on the Bernard Tarrant es. tate, few miles north of burg. The large two-story built of fine yellow popular timber lumber throughout. practically destroyed before the


Article from The Clarksdale Press Register, February 2, 1931

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few minutes before when the convicts' car tumbled into a ditch. MORE BANKS IN Their lookout, John Creecon, was seized on the spot of their latest crime in Beacon, N. Y. The first three, accompanied by STATE REOPEN; William Rapp of Yonkers, escaped from penitentiary in the midst of holiday festivities last FREEZING PLAN Christmas Eye and fled into snow* carpeted woods near White Plains, week in City Hall Park, Yonkers, Depositors "Freeze" DeYesterday chase started when posits and Get Three Beacon jewelry store was robbed. Shots near the store failed to halt Opened by Agreement. the burglars. An alarm was sent. JACKSON, Miss., Feb. 2. (A) tween Beacon and New York. SpeedThree Mississippi banks ing along at 70 failes an hour, the robbers encountered state motoropened their doors today after sev. eyele policeman in Ossining, N. Y., eral weeks' suspension In th face but beat off his pursuit. of runs, J. S. Love. sup Intendent Roaring through Yonkers, they of banks announced. exchanged fire with another ofThe institutions resuming busi ficer and went off the road near the ness were: Bronx line. Reynolds was bagged Bank of Winona, Winona; the here but the others resumed their Bank of Kilmichael, at Kilmichael, flight in cab. At 242nd Street, and the Bank of Ethel at Ethel. one policeman jumped on their The plan for reopening the banks running-board and another menaced include "freezing" of deposits. them from the middle of the street. Under the plan only ten per cent As the cab ground to a halt, the withdrawal is permitted. desperadoes fired and missed. Both The Peoples Savings Bank of officers emptied their guns into the Starkville plans to résume business tonneau. Sirico rolled out lifeless tomorrow. and Clark died on the way The banks reoponed today are but hospital. several of a lengthy list that the Sirico was identified by tattooing superintendent hopes to have re- reading opened during the week or early Mary" and Clark by the this month. Red Cross nurse


Article from The Indianapolis News, February 4, 1931

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VAN SWERINGENS BID Brothers Seek to Add Eastern Road to Rail Empire. Once more the Van Swerseek wider for their ingen empire Comalmost top of the for division eastern into major systems, Vans-M. and left doubt of their to their network into If this invasion the brothers, who entered the field their real will stand at the network from the coast Maine to Rockies Great Salt lake. Their & Ohio, Nickel carry them from the at New York the plains and dustrial cities of the west, the Missouri Pacific takes across the Mississippi to Utah and the Rio Grande, Their determination to acquire the miles of trackage of the Boston Maine railroad for their Nickel O. system were before the Chamber last by William H. Boyd, Cleveland attorney. Mississippi Banks Reopen. JACKSON, Miss., February 4 (A.P.) -Resumption of business by Mississippi banks recently closed goes forward. The first of the larger tutions reopened and others pare follow. The Peoples Savings Bank at Starkeville, closed for several has reopened. The reorganized Greenwood Bank and Trust Company probably will resume Thursday or Friday and the Bank of Blue Mountain and its branch at Ashland probably Wednesday Thursday. Three recently at Winona, Kilmichael and Ethel have reopened. Four Iowa Banks Merge. OTTUMWA, Ia., February 4 (A.P.) -Merger of four Ottumwa banks into the Union Bank and Trust Company announced. The banks involved the Ottumwa Savings, Iowa Ottumwa National and Wapello CounSavings Bank. The merged tutions have resources of more than 000 making it one of the largest banks in southern or northern Missouri.