11023. Central Bank (Jackson, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 5, 1909
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini
Short Digest
e4674218

Response Measures

None

Description

The articles describe the Central Bank (Central Bank of Mississippi/Central Bank of Jackson) as having gone broke, being defunct and placed in the hands of a receiver (E. E. Hindman). The failure is due to embezzlement/shortages by cashier W. J. Rice; depositors/creditors are receiving dividends from the receiver. No run or temporary suspension/reopening is described — the bank is closed and in receivership.

Events (3)

1. June 5, 1909 Other
Newspaper Excerpt
Rice May Settle Affairs of Bank. Creditors of the late Central Bank of Jackson, of which W. J. Rice, of Kentucky was president, and which went broke a few months after opening for business, are negotiating with Rice ... Rice and two of his associates were indicted ... receiver had no funds to fight the case.
Source
newspapers
2. June 5, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed due to embezzlement/shortages by cashier W. J. Rice and related misconduct by officers; led to insolvency and receivership.
Newspaper Excerpt
the defaulting cashier who wrecked the Central Bank of Mississippi ... absconded ... successfully resisted requisition papers ... is now quite likely to be tried here on several charges of embezzlement ... E. E. Hindman, receiver for the defunct bank, has received a telegram ...
Source
newspapers
3. October 5, 1909 Receivership
Newspaper Excerpt
Receiver E. E. Hindman, of the defunct Central Bank of Mississippi, yesterday paid the first dividend of fifty per cent. to the creditors of that institution ... Mr. Hindman has been importuned by the creditors ... to make a payment on account ... which necessarily excluded the stockholders, whose claim come last.
Source
newspapers

Newspaper Articles (3)

Article from The New South-News, June 5, 1909

Click image to open full size in new tab

Article Text

Rice May Settle Affairs of Bank. Creditors of the late Central Bank of Jackson, of which W. J. Rice, of Kentucky was president, and which went broke a few months after opening for business. are negotiating with Rice in an effort to get some sort of settlement. Rice, who practically owned the concern, left to escape arrest when the bank broke, leaving his financial affairs in a tangle and his business associates in a bad box. Rice and two of his associates were indicted though no trials have been had. All efforts to get Rice on requisition failed, as he resisted with habeas corpus proceedings and the receiver had no funds to fight the case. Recently he has indicated a desire to settle, and H. V. Watkins, attorney for the receiver, has gone to confer with him. His creditors are willing to abandon criminal prosecution If he will straighten out the business and make a satisfactory compromise.


Article from The Hattiesburg News, October 4, 1909

Click image to open full size in new tab

Article Text

BANKER RICE TO HAVE A HEARING Man Who Wrecked Several Banks in Mississippi Will Probably Be Tried at Jackson Soon. Special to the News. JACKSON, Miss., October 4.-W. J. Rice, the defaulting cashier who wrecked the Central Bank of Miss.ssippi, together with several banks in smaller towns of the state and absconded to Kentucky, where he sue cessfully resisted requisition papers by cleverly having himself held under an old charge at Morehead, where he has lately been practicing law. is now quite likely to be tried here on several charges of embezzlement during the present term of the circuit court. Rice is now in custody of Jack Cain, of this city, and is probably on his way back here, although no positive advices have been received as to just when the start would be made. Cain left here on Wednesday armed with the necessary papers, including a requisition from Governor Noel for both Rice and his daughter, Carrie, who is also under indictment here in the same connection. He was to have been joined at Morehead by District Attorney McNeil, in the event an attorney was necessary. E. E. Hindman, receiver for the an funct bank, has received a telegram from Cain advising him that Governor Willson had honored the requisition for Rice, but had refused that for his daughter. Later, a telegraphic inquiry from Rice as to Cain's authority, and asking that it be revoked if he had any, was received by Mr. Hindman's attorneys. This included the suggestion that it would be to the financial interest of all parties concerned to leave him alone. This, while it is understood to mean that Rice might propose to settle up his shortages or a part of them, on condition that the prosecution be withdrawn, was replied to, to the effect that the matter was in the honds of the state and that they had nothing to do with it.


Article from The Hattiesburg News, October 5, 1909

Click image to open full size in new tab

Article Text

DEFUNCT CENTRAL BANK PAID 50 PER CENT DIVIDEND POPULATION OF Depositors of Wrecked Institution Are Treated to a Pleasant ENTIRE WORLD Surprise. United States Ranks After China Special to The News Great Britain, and RussiaJACKSON, Miss., October 5.-ReFrance Now Fifth. ceiver E. E. Hindman, of the defunct Central Bank of Mississippi, yesterday paid the first dividend of fifty per Special to the News. cent. to the creditors of that instituCHICAGO, October 5.-An unkind tion, this being much more money statistician has almost eclipsed Ohicago by comparing its 2,250,000 popthan any of the creditors ever expectulation with the total population of ed to receive, the installment the world, 1,452,000,000. In this comamounting in total to about $41,000. parison even the 1910 census populaThe distribution does not include tion of the United States, 90,000,000 the stockholders of the bank, who will or more, becomes almost insignificant although its population increase durprobably never recover anything at ing the second half of the last century all. It does, however, include the dewas 228 per cent, and for the first positors and other creditors, who will half of that century 240 per cent, a probably receive a total of 75 or 80 more marvelous record than any othper cent. on the final settlement of er country can show from immigration the accounts. The items of the world population, Other Claims Pending. which diminished Chicago to a mere There are one or two contested fly speck on a battered tin globe, inclaims yet to be settled by the chancluded the following: cery court, and in the event these al433,000,000 Chinese Empire lowed the total payment to the other 410,000,000 British Empire creditors will be slightly reduced 152,000,000 Russian Empire thereby. United States (includMr. Hindman has been importunea ing Philippine Islands for some time by the creditors, and 95,000,000 and Porto Rico) even by some of the stockholders, to France 90,000,000 make a payment on account, but has 72,000,000 German Empire in just got the affairs of the institution 49,000,000 Japan in such shape as to justify a distribu45,000,000 Austria-Hungary tion on the basis mentioned, which Netherlands 43,000,000 e necessarily excluded the stockholders, 35,000,000 Ottoman Empire whose claim come last. 33,000,000 Italy Stockholder in Bad Fix. si-, The curious fact about these figure. of The only possible chance for the is that the population of western Eu ne stockholders to get a cent will be in rope has not diminished, notwith ut the settlemen of his accounts by W. standing the enormous immigration J. Rice, the defaulting cashier, who to North and South America, Aus on with his daughter and the former prestralia and South Africa from Europe rs, ident of the institution, N. T. Anders, an countries. Never since historian are under indictment here for em began to keep tab on population ha bezzlement. That a settlement might there been such an increase as dur be made as a condition of a light sening the last half of the nineteent tence or. a plea of guilty is not imposcentury and the beginning of this one sible, although it seems rather improbable. Stockholders' Claims, WRIGHT MAK The claims of the stockholders amount to very little at most, there SU CCESSFUL FLIGHT et having been less than $5,000 of stock etactually paid into the institution, alor though in the sworn statements made the by Rice to the state auditor he repreBy Associated Press W. sented it to be more than $100,000. NEW YORK, October 5.-Wi W. Former President N. E. Anders was Wright started his aeroplane fligl Mr. forced after the failure to pay in his shortly before 10 o'clock yesterda lay stock subscription of $10,000, which ces morning. he claimed to have prevoiusly paid. ive After circling about the battery for but which Chancellor Lyell, after a paintient hearing of the evidence, decided a short time, he sent his machin to he hadn't. straight up the Hudson river, flyir There has been some disapointment about one hundred feet above the su here among the creditors of the bank face of the water. over the refusal of Governor Willson, At 10:25 Wright passed Fulton, an of- Kentucky, to honor the requisition stretching, turned and started back o for the return here of Miss Carrie ubhis way to Governors Island. H tenRice, who was indicted at the same landed safely at Governors Island om10:29. time her father was( she having been han a confidential clerk in the bank, alThe aeroplane passing like a b tety bird across the waters of New Yo though general satisfaction was exlay, pressed at the fact that the requisi harbor, was a sight well worth se Citition for Rice himself was honored. ing. As a rule the creditors are more than digto glad to have a small portion of the asreet sets expended in a prosecution of the CHANGES IN defaulting cashier. CAD