Article Text
RECEIVER FOR BANK. JACKSON, Miss., Feb. 21.-A receiver was appointed today for the Central Bank, a State concern, on the application of depositors whose checks were not paid. It is believed that the bank will not resume operations.
11022. Central Bank (Jackson, MS)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- February 1, 1908*
- Location
- Jackson, Mississippi (32.299, -90.185)
Metadata
- Model
- gpt-5-mini
- Short Digest
0ba23086
Response Measures
None
Description
Multiple articles (Feb 21-22, 1908) report the Central Bank of Mississippi at Jackson placed in hands of a receiver; sources state there was no run and the bank was placed in receivership because of financial stringency and unpaid checks. Subsequent reporting shows indictments for embezzlement and the bank remained closed—treated as a permanent closure. I corrected the bank name to include 'of Mississippi' as used in many articles.
Events (3)
1.
February 1, 1908*
Other
- Newspaper Excerpt
- The affairs of the Central bank are being investigated by an expert accountant (reporting aftermath of receivership). The bank will pay all outstanding indebtedness in full. Subsequent indictments for embezzlement followed in March 1908 and later trials noted in 1911-1912 reporting the bank's failure during the panic of 1907 with alleged fraud by promoters W. J. Rice and others.
- Source
- newspapers
2.
February 21, 1908
Suspension
- Cause
- Government Action
- Cause Details
- Receiver appointed on application of depositors after checks were not paid; bank suspended operations amid financial stringency.
- Newspaper Excerpt
- A receiver was appointed today for the Central Bank, a State concern, on the application of depositors whose checks were not paid.
- Source
- newspapers
3.
February 22, 1908
Receivership
- Newspaper Excerpt
- The Central Bank of Mississippi, located here, was placed in the hands of a receiver ... There has been no excitement or run on the bank, and the officers are confident that they will pay all outstanding paper. E. E. Hindman ... was appointed receiver by Chancellor Hyell. (Bryan Morning Eagle, Feb. 23, 1908, reporting Feb. 22).
- Source
- newspapers
Newspaper Articles (15)
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RECEIVER IN CHARGE. Texas Printing Company and Others Take Action Against Bank. Jackson, Miss., Feb. 22.-The Central Bank of Mississippi, located here, was placed in the hands of a receiver on the application of the Dorsey Printing company of Dallas, Tex.: A. K. Seago of New Orleans and others. There has been no excitement or run on the bank, and the officers are confident that they will pay all outstanding paper. E. E. Hindman, a young Jackson lawyer, was appointed receiver by Chancellor Hyell.
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One Failure Causes Another. Jackson, Miss., Feb. 28.-E. E. Hindman, receiver for the Central bank of this city, announced that the Bank of Star, Simpson county, has closed its doors on account of the failure of the Central bank. The affairs of the Central bank are being investigated by an expert accountant
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The Central Bank of Mississippi, at Jackson, was placed in the hands of a receiver last Friday. It was established about a year ago with capital of $600,000 and commenced business with a bright|prospect, but the financial stringency of the past few months rendered its investments unprofitable and forced suspension. It will pay all outstanding indebtedness in full.
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falled to take all the advantage pos* sible. The Central Bank of Mississippi, established at Jackson less than one year ago with a capital of $500,000. la in the hands of a receiver. It is understood that the present embarrassed condition of the bank is brought about by reason of the financial stringency which has impaired the stability of certain banks and merchants in the country districts, and that the affairs will soon be righted, and that the receivership is only tem. porary. Doc Willis, a negro, convicted of murdering Sol Aronovitz, a peddler, near Leland Oct. 22, was legally executed at Greenville last week. Willis killed Aronovitz because he wanted 82. and committed his crime in a most brutal manner. clubbing his victim into insensibility and leaving him for dead in a thicket by the roadside. The grand commandery. Knights Templars, at its session held at Hattiesburg resolved to break away from the Blue Lodge organization to the extent of holding its annual grand session at & different time from the regular grand lodge. This action was taken because it was found that under the present arrangement the grand commandery did not get time enough to transact all of its business. The independent telephone corporations in Mississippi have joined the Cumberland in the fight against the Engle physical connection bill, the purpose of which is to compel all telephone companies to connect their lines and pro rate the tolls. Mrs. Mand Ballington Booth, who is leading the prison reform movement and is making the rounds of Southern State prisons, paid R visit to the Mississippi convict farms, and afterward addressed the State legislature along the lines of prison reforms. General Manager White, of the Lib. erty-White railroad, declares that & 2-cent rate law in this State would be suicidal to every railroad in Mississippi; that the smaller lines can hardly exist at the present time and give the traveling public a good service. The anti-bucket shot bill, a measure which absolutely puts an end to all dealings in futures in this State, has been approved by the governor, and is now a law. A monster petition to the Mississippi legislature is being prepared by employees of railroads in this State in opposition to the proposition before the legislature to enact a 2-cent passenger rate law. The employees are fearful that any further reduction of earnings of the railroads will cause reductions in salaries. There have been no less than 1,000 cases of grip at Columbus. The victims are entirely among the white people, and many stores, offices and factories are sadly crippled on account of illness among employes. At the age of 92 Henry Pittman, the oldest citizen of Montgomery county, died near Kilmfchael. "Uncle Henry," as he was familiarly known, was a member of the Baptist church for 70 years. Twenty negroes, men and women, were arrested at Brookhaven on the charge of selling liquor. Negro detectives were employed to land the boot. leggers. On account of bad condition of the roads the February term of the circuit court at Ashland was postponed till the regular term in August. The house appropriations committee killed the bill carrying an appropriation of $5,000 per year to aid the Mississippi Industrial Exposition in its work, the sum to be used in the award of special premiums under the supervision of the State government. The Columbus canning factory was sold at public outery for $1,800. The factory was erected less than one year ago at a cost of $10,000, and the ground on which the building stands is probably worth more than was paid for the entire property. Judge Z. M. Stephens; one of the leading criminal lawyers of the State, while making an argument in a murder case at New Albany, was completely prostrated from an attack of the grip and was carried from the courtroom. Ata good roads meeting by citizens of Lincoln county resolutions were
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The Central Bank of Mississippi, established at Jackson less than one year ago with a capital of $500,000, is in the hands of a receiver. It is understood that the present embarrassed condition of the bank is brought about by reason of the financial stringency which has impaired the stability of certain banks and merchants in the country districts, and that the a fairs will soon be righted, and that the receivership is only temporary.
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Edississippi News Insurance Commissioner T. M. Henry having received an inquiry asking if the Druggist Indemnity Exchange of St. Louis is authorized to transact business in Mississippi, replied as follows: "Beg to say that the concern referred to is not authorized to transact business in Mississippi, and has never made an attempt to be. Every person who solicits business therefor is violating the law, and should be punished, adequate penalties being provided in secI tions 2615, 2616 and 2643 of the code. trust you will make affidavits against the parties, have them arrested and tried. You can depend on this department to render you all the assistrnce in its power. I want to do everything possible to rid the State of all kinds of wildcats, and to protect the people against themselves. Should a loss occur to a policyholder covered by insurance in an unauthorized company the company could not send an adjuster to adjust the loss, nor could suit be brought in Mississippi to recover. Thus the policy holder would be placed absolutely at the mercy of the company, and I have rarely known or heard of a case of this kind where the company fafled to take all the advantage possible." The Central Bank of Mississippi, established at Jackson less than one year ago with a capital of $500,000, is in the hands of a receiver. It is understood that the present embarrassed condition of the bank is brought about by reason of the financial stringency which has impaired the stability of certain banks and merchants in the country districts, and that the affairs will soon be righted, and that the receivership is only temporary. Doc Willis, a negro, convicted of murdering Sol Aronovitz, a peddler, near Leland Oct. 22, was legally executed at Greenville last week. Willis killed Aronovitz because he wanted $2, and committed his crime in a most brutal manner, clubbing his victim into insensibility and leaving him for dead in a thicket by the roadside. The grand commandery, Knights Templars, at its session held at Hattiesburg resolved to break away from the Blue Lodge organization to the extent of holding its annual grand session at a different time from the regular grand lodge. This action was taken because it was found that under the present arrangement the grand commandery did not get time enough to transact all of its business. The independent telephone corporations in Mississippi have joined the Cumberland in the fight against the Engle physical connection bill, the purpose of which is to compel all telephone companies to connect their lines and pro rate the tolls. Mrs. Maud Ballington Booth, who is leading the prison reform movement and is making the rounds of Southern State prisons, paid a visit to the Mississippi convict farms, and afterward addressed the State legislature along the lines of prison reforms. General Manager White, of the Liberty-White railroad, declares that a 2-cent rate law in this State would be suicidal to every railroad in Mississippi; that the smaller lines can hardly exist at the present time and give the traveling public a good service. The anti-bucket shot bill, a measure which absolutely puts an end to all dealings in futures in this State, has been approved by the governor, and is now law. A monster petition to the Mississippi legislature is being prepared by employees of railroads in this State in opposition to the proposition before the legislature to enact a 2-cent passenger rate law. The employees are fearful that any further reduction of earnings of the railroads will cause reductions in salaries. There have been no less than 1,000 cases of grip at Columbus. The victims are entirely among the white people, and many stores, offices and factories are sadly crippled on account of illness among employes. At the age of 92 Henry Pittman, the oldest citizen of Montgomery county, died near Kilmichael. "Uncle Henry," as he was familiarly known, was a member of the Baptist church for 70 years. Twenty negroes, men and women, were arrested at Brookhaven on the charge of selling liquor. Negro detectives were employed to land the bootleggers. On account of bad condition of the roads the February term of the circuit court at Ashland was postponed till the regular term in August. The house appropriations committee killed the bill carrying an appropriation of $5,000 per year to aid the Mississippi Industrial Exposition in its work, the sum to be used in the award of special premiums under the supervision of the State government. The Columbus canning factory was sold at public outery for $1,800. The factory was erected less than one year ago at a cost of $10,000, and the ground on which the building stands is probably worth more than was paid for the entire property. win reare 1113 luming wen provided for. His argument is to the effect that the nation exacts from its ex-presidents a dignity and aloofness from the usual occupations of life that restrain them from engaging in money making
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The Central Bank of Mississippi, established at Jackson less than one year ago with a capital of $500,000, is in the hands of a receiver. It is understood that the present embarrassed condition of the bank is brought about by reason of the financial stringency which has impaired the stability of certain banks and merchants in the country districts, and that the affairs will soon be righted, and that the receivership is only temporary.
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dississippi smale ance Commissioner T. M. Henry received an inquiry asking it aggist Indemnity Exchange of is is authorized to transact busiMississippi, replied as follows: : say that the concern referred t authorized to transact busiMississippi, and has never made mpt to be. Every person who business therefor is violating and should be punished, adeenalties being provided in sec15, 2616 and 2643 of the code. I ou will make affidavits against ties, have them arrested and Y ou can depend on this departrender you all the assistrnce in er. I want to do everything = to rid the State of all kinds of , and to protect the people themselves. Should a loss ocpolicyholder covered by insuran unauthorized company the y could not send an adjuster to he loss, nor could suit be brought sissippi to recover. Thus the holder would be placed absot the mercy of the company, ve rarely known or heard of a this kind where the company o take all the advantage posentral Bank of Mississippi, esd at Jackson less than one year h a capital of $500,000, is in the of a receiver. It is understood : present embarrassed condition ank is brought about by reason financial stringency which has d the stability of certain banks chants in the country districts, t theaffairs will soon be righted, t the receivership is only temWillis, a negro, convicted of deppler, B I°S duy eland Oct. 22, was legally exet Greenville last week. Willis Aronovitz because he wanted committed his crime in a most manner, clubbing his victim ensibility and leaving him for a thicket by the roadside. grand commandery, Knights rs, at its session held at Hat( resolved to break away from el Lodge organization to the exholding its annual grand session fferent time from the regular odge. This action was taken it was found that under the arrangement the grand comy did not get time enough to : all of its business. adependent telephone corpora1 Mississippi have joined the land in the fight against the physical connection bill, the of which is to compel all teleompanies to connect their lines rate the tolls. Maud Ballington Booth, who is the prison reform movement making the rounds of Southern risons, paid a visit to the Misconvict farms, and afterward ed the State legislature along S of prison reforms. al Manager White, of the Libite railroad, declares that a ate law in this State would be to every railroad in Mississippi; e smaller lines can hardly exist resent time and give the travpood B 19 nti-bucket shot bill, a measure absolutely puts an end to all $ in futures in this State, has proved by the governor, and is
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ANDERS INDICTED. Banker at Jackson, Miss., Makes His Bond. Birmingham, March 11.-N. T. Anders, President of the Commercial Bank of Jackson and former President of the Central Bank of Mississippi has been indicted by the Hinds County grand jury on the charge of embezzling $25,000 from the latter institution. Anders was placed under arrest and immediately gave bond. The Central Bank of Mississippi was placed in hands of receivers several days ago and the grand jury is probing the failure.
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BANKERS INDICTED. Mississippi Men Held By Grand Jury for Embezzlement. Jackson, Miss., March 17.-The Hinds County grand jury today Indicted W. J. Rice, President, and L. E. Schilling. organizer, of the Central Bank of Mississippi, which was placed in the hands of a receiver a few days ago. They are charged with embezzlement, receiving deposits when the bank was insolvent, and obtaining money under false pretense. Schilling is under arrest and Rice is a fugitive from Justice. N. T. Anders, former President of the bank, was Indicted for embezzlement a short time ago.
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"FRENZIED FINAN: CIER" FACES TRIAL (National News Association) JACKSON, Miss., Dec. 16.-The many persons who suffered financial loss through failure several years ago of the Central Bank of Mississippi are looking forward with much interest to the trial of W. J. Rice, which is scheduled to begin here Monday. Rice was the promoter of the bank and in en. tire control of the institution. The bank was capitalized at half a million dollars, but when it closed its doors, during the financial panic of 1907, it had less than ten dollars in the vaults. Revelations following the bank's failure tended to show, according to the authorities who conducted the investigation, that Rice was a typical "Get-Rich-Quick Wallingford." He is alleged to have started "wild cat" banks and inaugurated other schemes of finance in Kentucky, Missouri. Illi nois and several other states. Efforts to learn his whereabouts after the failure of the Central Bank of Mississippi were for a long time fuitle. Recently the Mississippi authorities located the former banker at his home in Moorehad, Ky., and after successfully fighting a habeas corpus proceedings brought to resist the requisition, returned him to Jackson to await trial on charges of embezzlement and violations of the state banking laws.
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"Frenzied Financiers" Face Trial. JACKSON, Dec. 16.-The many persons who suffered financial loss through the failure several years ago of the Central bank of Mississippi are looking forward with much interest to the trial of W. J. Rice,, which is scheduled to begin here Monday. Rice was the promoter of the bank and in entire control of the institution when it closed its doors, during the financial panic in 1907, it had less than $10 in the vaults. Revelations following the banks failure tended to show, according to the authorities who conducted the investigation, that Rice was a typical "Get Rich Quick Wallingford." He is alleged to have started "wild-cat" banks and inaugurated other schemes of finance in Kentucky, Missouri, Illinois and several other states. Ef. forts to learn his whereabouts after the failure of the Central bank of Mississippi were for a long time futile. Recently the Mississippi authorities located the former banker at his home in Morehead, Ky., and after successfully fighting a habeas corpus proceeding brought to resist the requisition, returned him to Jackson to await trial on charges of embezzlement and violations of the state banking laws.
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TEN DOLLARS ASSETS. Jackson, Miss., December 18The trial of W. J. Rice, president of the defunct Central Bank of Mississippi, began today. Rice was the promoter of the bank and had entire control of the institution. The bank was capitalized at $500.000, but when it closed its doors during the panic of 1907 with $250 000 liabilities it had less than $16 in the vaults. Rice in alleged to have started wildcat banks and inaugurated other schemes in Kentucky, Missouri. Illinois and other states. Efforts to learn his where abouts were for a long time futile. Recently the Mississippi authorities located him in Morehead, Ky., and after successfully fighting a habeas corpus proceeding returned him to Jackson to await - trial on charges of embezzlement and violation of the state banking laws.
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BANKER RICE TO BE GIVEN TRIAL Criminal Term of Court Convenes in Hinds County Today-Four Murder Cases. Jackson, Miss., June 17-The criminal term of circuit court for June opened here today with Judge W. A. Henry on the bench. The docket is composed principally of blind tiger cases although several murder cases are expected to be disposed of at this term, the session having opened one week earlier than usual in order that the docket may be cleaned up in the end. While the whiskey cases seem to have first call, an early trial for W. J. Rice, the banker who fled from this state after the failure o fhis Central Bank here in 1907, and who was captured and brought back is predicted by attorneys on both sides. A long legal battle will ensue when Rice's case is called as the accused has been indicted on several counts. His attorneys will attenipt to show that he was the scape goat for others who left him in the lurch during the great financial panic. Of the murder cases, four of the S men who are to be placed on trial for their lives are white men, two of them, brothers, being under age. t. Opinion of Supreme Court 'A long list of opinions was handed S down this morning by the Supreme r Court of Mississippi, a majority of W which affirmed the finding of the lown er coutrs. Several damage suits Dagainst railroads which were appeale ed from the Hinds County court on to failure to obtain damages, were affirmof ed. aBody of Unknown Negro in River d A coroner's jury failed to identify re the body of an unknown negro found e floating in Pearl river near the city ly on Saturday. The report that at first egained circulation leading to the bey. lief that the body was that of a white ed citizen of Jackson was found to be leerroneous. This is the third body ed that has been dragged from Pearl nriver recently. pi Sunday was Hottest of Year n, Sunday proved to be the hottest es day of the year, the thermometers runto ning well up into the nineties in the te shade on the streets of Jackson, hav being the citizens sweltering for hours during the afternoon.