11097. First Natchez Bank (Natchez, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1913*
Location
Natchez, Mississippi (31.560, -91.403)

Metadata

Model
gpt-5-mini
Short Digest
a30654cc

Response Measures

Full suspension

Description

Newspapers report a rumor in January (1913) that triggered gradual withdrawals; the bank later suspended/was placed in receivership on Oct 29-30, 1913 and did not reopen. One article (Hattiesburg News) gives the suspension date as Oct 29, 1912 — likely an OCR/year error; I use 1913 consistent with contemporaneous reports. Suspension is attributed to inability to realize assets after crop marketing losses (local shock) though longer-run insolvency and mismanagement are also documented.

Events (3)
1. January 1, 1913* Run
Cause
Rumor Or Misinformation
Cause Details
A rumor circulated in January (1913) that led to gradual withdrawals from the bank.
Newspaper Excerpt
A rumor affecting the bank was circulated last January which resulted in gradual withdrawals
Source
newspapers
2. October 30, 1913 Receivership
Newspaper Excerpt
The First Natchez Bank to-day was placed in the hands of receivers. ... It is stated that all depositors will be paid dollar for dollar.
Source
newspapers
3. October 30, 1913 Suspension
Cause
Local Shock
Cause Details
Directors stated delays and losses in marketing crops and consequent inability to realize promptly on assets and meet obligations, prompting placing affairs in hands of receivers.
Newspaper Excerpt
A notice posted on the door of the First Natchez Bank this morning announces the fact that the bank has been placed in the hands of receivers
Source
newspapers

Newspaper Articles (21)
1. October 30, 1913 The Port Gibson Reveille Port Gibson, MS
Article from The Port Gibson Reveille, October 30, 1913

Click image to open full size in new tab

Article Text

In Hands of Receivers. Natchez, Miss., Oct. 30.-A notice posted on the door of the First Natchez Bank this morning announces the fact that the bank has been placed in the hands of receivers who will collect its assets and wind up its affairs. The bank was capitalized at $250,000 and had a surplus of $40,000. A rumor affecting the bank was circulated last January which resulted in gradual withdrawals and the bank was unable to make collections. No statement of liabili ties and assets was made. It is stated that all depositors will be paid dollar for dollar.

2. October 30, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, October 30, 1913

Click image to open full size in new tab

Article Text

$2,000,000 Bank in Mississippi Fails NATCHEZ, MISS., Oct. 30.-The First Natchez Bank to-day was placed in the hands of receivers. The bank has a capital of $250,000 and deposits of $2,000,000. It was stated that the depositors would be paid in full.

3. October 30, 1913 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 30, 1913

Click image to open full size in new tab

Article Text

Bank Fails at Natchez. Natchez, Miss., Oct. 30.-A notice posted on the door of the First Natchez bank this morning announced that the bank has been placed in the hands of receivers. The bank organized under state laws was capitalized at $250,000. It is stated that all depositors will be paid in full.

4. October 31, 1913 Tensas Gazette Saint Joseph, LA
Article from Tensas Gazette, October 31, 1913

Click image to open full size in new tab

Article Text

FIRST NATCHEZ BANK. The Natchez Democrat of Thursday brings the unwelcome news of the failure of the First Natchez Bank of that city which has gone into the hands of receivers who will liquidate its affairs. The Directors of the bank, in a notice posted on Its doors, state that "on account of delays and losses in marketing crops and the consequent inability of the Bank to realize promptly on its assets and meet its obligations they have deemed it is best for the protection of depositors to place the affairs of the Bank into the hands of Receivers. No statement of the affairs of the Bank is officially made at this time but it is reported that the depositors will be paid in full and the loss will fall on stockholders. The Gazette regrets extremely this disaster to the First Natchez Bank and to the City of Natchez, for the failure of the second largest bank in that city must necessarily be felt not only by stockholders and depositors but by all the customers of the Bank who will be forced to seek elsewhere the accomodations in the way of credit which they had heretofore obtained from that Bank. Besides, this failure will cause a feeling of uneasiness, which, while doubtless without reason, may have the effect of further increasing the depression now prevailing in this section owing to the crop disaster of this year.

5. October 31, 1913 The Prescott Daily News Prescott, AR
Article from The Prescott Daily News, October 31, 1913

Click image to open full size in new tab

Article Text

Natchez Bank Is Closed. Natchez, Miss., Oct. 31.-A notice on the door of the First Natchez bank announced that the bank has been placed in the hands of receivers. The bank was organized under state laws and was capitalized at $250,000.

6. November 7, 1913 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, November 7, 1913

Click image to open full size in new tab

Article Text

Negro Bank Fails. Natchez.-The Bluff City Savings Bank, a negro institution, closed its doors on account of a run made as a result of the failure of the First Natchez Bank.

7. March 25, 1914 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, March 25, 1914

Click image to open full size in new tab

Article Text

JUDGE ORDERS PROBE OF B INK FIRST NATCHEZ BANK TO RECEIVE THOROUGH INVESTIGATION BY GRAND JURY. Ntchez, Miss., March 5.-Judge R. E. Jackson, in the Adams county Circuit Court, has directed the grand jury to investigate the failure of the First Natchez Bank and defined the law covering embezzlement, accepting deposits knowing the bank to be insolvent and officers swearing a bank is sound when it is insolvent. The bank suspended October 29, 1912, with $15,872 cash, and, according to official figures, held deposits subject to check and certificates of deposit $1,323,296. The report of an accountant declared that depositors would probably receive not more than 15 per cent, as quite an amount of securities had been rediscounted and were held by outsiders.

8. April 7, 1914 The Sentinel=record Hot Springs, AR
Article from The Sentinel=record, April 7, 1914

Click image to open full size in new tab

Article Text

BANKERS GO TO JAIL. Natchez, Miss., April 6.-Andrew G. Campbell, president; S. H. Lowenburg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicted recently for receiving deposits after the bank was insolvent, went to jail here today in order that a writ of habeas corpus might issue. They were under bond for their appearance tomorrow for trial in the Adams county circuit court. The trial is estopped. The writ of habeas corpus was granted today by the state supreme court and is returnable tomorrow before Chancellor Jones at Jackson.

9. April 10, 1914 The Green Forest Tribune Green Forest, AR
Article from The Green Forest Tribune, April 10, 1914

Click image to open full size in new tab

Article Text

Mississippi Bankers in Jail. Natchez, Miss.-Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.

10. April 10, 1914 The Caldwell Watchman Columbia, LA
Article from The Caldwell Watchman, April 10, 1914

Click image to open full size in new tab

Article Text

Mississippi Bankers in Jail. Natchez, Miss.Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.

11. April 11, 1914 The Madison Journal Tallulah, LA
Article from The Madison Journal, April 11, 1914

Click image to open full size in new tab

Article Text

Mississippi Bankers in Jail. Natchez, Miss.-Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.

12. April 18, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, April 18, 1914

Click image to open full size in new tab

Article Text

SUES BANK DIRECTORS Seek Recovery of Over a MillionExcessive Loans and Dividends Charged. Natchez, Miss., April 16.-L. P. Conner, receiver for the First Natchez Bank, has filed suit in chancery court for $1,252,219.12 against the directors of the bank, "and if petitioner has asked wrong or insufficient relief, then for such other further different and general relief as is just and proper." " The defendants named in the bill filed are A. G. Campbell, James K. Lambert, Sim H. Lowenburg, W. P. Stewart and P. W. Mulvihill. A. G. Campbell was president of the bank and is now on trial in the circuit court on a charge of receiving money in an insolvent bank. Sim H. Lowenburg was vice president and R. Lee Wood, second vice president, and H. M. Gaither, manager for the saving department, are also under indictment under the same charge, there being a total of 45 charges against the four. Mr. Campbell is also charged with false pretense and perjury The bill declares that the bank was insolvent in 1907, and closed its doors on October 29 last, at which time there was to the credit of the various depositors for the said bank, subject to check, the sum of $1,314,219, as shown by the books of regular entry. According to the statement of the condition of the bank on the day it closed there was only $15,868.34 cash on hand. The bill filed by the receiver says that the insolvent condition of the said bank loss to the depositors of the entire amount of their deposits save and except the amount of $60,000 now in the hands of this receiver was caused directly by the negligence and want of even ordinary care and diligence on the part of the defendants as directors, managers and trustees of the said bank, as well as divers and sundry other reasons mentioned in the bill

13. April 22, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, April 22, 1914

Click image to open full size in new tab

Article Text

SIGNIFICANT PLANTATION LOANS. Accountant Gives Illuminating Figures From Books of First Natchez Bank. Natchez, Miss., April 20.-The cross-examination of R. E. Connor, special accountant. employed by the depositors of the First Natchez Bank, continued all today Connor tesified that A. G. Campbell, president of the bank, had on deposit at the time of its suspension, $83.96. Witness stated that since January, 1909, the bank had paid out $83,320 in dividends to stockholders. The indebtedness of the planting companies was stated, and the connection of the officers of the bank. It was stated that A. G. Campbell was the vice president and a stockholder of the Adams Land Company, that the Ballina Planting Company stood in the names of A. G. Campbell, W. P. Campbell and H. M. Gaither; that March 1, 1909, the total indebtedness of the Adams Land Company to the First Natchez Bank was $14,097.70, and at the time the bank closed was $212,682. The witness testified that the Ellen H. Green Company owed the bank March 1, 1909, $153,973 29. At the time the bank closed it owed $357,967.39. Other planting companies followed, and Mr. Connor testified that the indebtedness of all of them had increased by large amounts. J. D. Miller, tax assessor of Concordia parish, where most of the lands are situated, testified that $20 per acre IS a fair valuation. A number of letters were read from out-of-town banks, written before the failure, requesting that notes from loans be retired. The case will continue through the week.

14. April 23, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, April 23, 1914

Click image to open full size in new tab

Article Text

BANK RECEIVER SUES DIRECTORS L. P. CONNER SEEKS RECOVERY OF A MILLION-46 CHARGES AGAINST DIRECTORS. LONG INSOLVENCY CHARGE Bill Recites Bank Unsound Since 1907, But Did Not Close its Doors Until October, '13-Excessive Loans and Dividends. Natchez.-L P. Conner, receiver for the First Natchez bank. has filed suit in chancery court for $1,252,219.12 against the directors of the bank. "and If petitioner has asked wrong or insufficient relief, then for such other further different and general relief as is just and proper." The defendants named in the bill filed are A. G. Campbell, Jas. K. Lambert, Sim H. Lowenburg, W. P. Stewart and P. W. Mulvihill. A. G. Camp bell was president of the bank and is now on trial in the circuit court on a charge of receiving money in an insolvent bank. Sin: H. Lowenburg was vice-president, R. Lee Wood, second vice-president, and H. M. Gaither, manager for the saving department, are also under indictment under the same charge. there being a total of fortyfive charges against the four. Mr. Campbell is also charged with false pretense and perjury. The bill declares that the bank was inselvent in 1907, and closed its doors on October 29 last, at which time there was to the credit of the various depositors for the said bank. subject to check, the sum of $1,314,219. as shown by the books of regular entry. According to the statement of the condition of the bank on the day it closed there was only $15,868.34 cash on hand. The bill filed by the receiver says "that the insolvent condition of the said bank loss to the depositors of the entire amount of their deposits save and except the amount of $60,000 now in the hands of this receiver was caused directly by the negligence and want of ordinary care and diligence on the part of the defendants as directors, managers and trustees of the said bank. "That since 1907 the said directors, defendants herein, have, notwithstand ing the insolvency of the said bank. declared semi-annual dividends and ) paid the same to the stockholders of the said bank from deposits made, when defendants knew, or by the exerelse of proper care and examination could have known, that the said bank was insolvent, the stock worthless and that the assets were insufficient to pay even the deposits."

15. June 24, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, June 24, 1914

Click image to open full size in new tab

Article Text

DEBAUCHING JUSTICE. A petition has been filed with Chancellor R. W. Cutrer at Natchez, asking that the receiver of the defunct First Natchez Bank be authorized to make settlement of the obligations due from S H Lowenburg, vice-president of the bank, for $30,000. Mr Lowenburg submits this offer, with the condition attached that, if accepted, the authorities will endeavor to have the criminal proceedings pending against him in the circuit court dismissed from the docket. If Chancellor Cutrer has the backbone we have heretefore believed him to possess, he will not only reject this offer, but send to jail for contempt of court the man who makes it. Such a proposal was once made and accepted in a bank failure case in this state, to the humiliation and shame of our judicial system. If Mr. Lowenburg owes the First Natchez Bank $30,000. he ought to pay it. Furthermore, the courts can force him to pay it. He is either guilty or not guilty of that offense, and his guilt cr innocence can only be determined by a fair and impartial trial. To settle the question any other way would be an outrageous de-

16. July 15, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, July 15, 1914

Click image to open full size in new tab

Article Text

CHARGE LOSS TO DIRECTORS. Receiver Holds That Board are Responsible for Both Stock and Deposits. Natchez, Miss , July 11.-An amended bill of complaint was filed in Chancery Court this morning by L. P. Conner, receiver of the First Natchez Bank, asking that the directors of the bank, James K. Lambert, W P. Stewart, P. W. Mulvihill, Sr., and S. H. Lowenburg. be held liable for the value of the stock, $250,000 and $1,252,219 12, the amount shown by the books to have been on deposit at the time the bank closed its doors. The bill of complaint states that the stock owned by the stockholders is absolutely worthless and that the stockholders will lose $250,000 through the carelessness and negligence of the directors. The suit probably will be given a hearing by Chancellor Cutrer when Chancery Court convenes here July 21.

17. July 22, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, July 22, 1914

Click image to open full size in new tab

Article Text

Natchez Bank Failure. The receiver of the Bluff City Bank, a defunct negro savings bank, has filed his second account. His report states that the bank has paid a dividend of 20 per cent, having collected $12,665 09 and disbursed $10,279 42, leaving a cash balance of $2,394.67. The First Natchez Bank of this city, which closed its doors the same day, has not paid its depositors a dividend. / Natchez Special

18. July 24, 1914 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, July 24, 1914

Click image to open full size in new tab

Article Text

Natchez.-Chancellor Cutrer was here and it was learned he would sign the petition authorizing the receiver of the First Natchez bank to accept the compromise made by James K. Lambert, through a committee of depositors, by which Lambert is to suffer a complete loss of all moneys and accounts credited to his name in the bank when the institution failed last October.

19. July 30, 1914 Oxford Eagle Oxford, MS
Article from Oxford Eagle, July 30, 1914

Click image to open full size in new tab

Article Text

Natehez-Chancellor Cutrer ordered a decree entered in the case of L. P. Conner, receiver for the First Natchez Bank. against James K. Lambert et al. on the motion of the complainant to dismiss the suit as regards James K. Lambert, but without prejudice as to the other defendants.

20. October 16, 1915 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, October 16, 1915

Click image to open full size in new tab

Article Text

STEWART SUIT POSTPONED. Natchez, Miss., Oct. 16.-The suit of L. P. Conner, receiver of the First Natchez Bank, against R. Percy Stewart, one of the directors of the failed institution, which was due to have been heard today before Chancellor R. W. Cutrer, has been postponed until Wednesday. Mr. Stewart and the other directors of the bank were sued for a million and a quarter dollars, the amount on deposit when the bank closed its doors. All of the other directors effected a compromise. The suit was halted by a series of accidents. Chancellor Cutrer soon after arriving here got a cinder in his eye, causing intense suffering, and E. H. Ratliff, associate council for Mr. Stewart, while

21. October 12, 1916 The Brandon News Brandon, MS
Article from The Brandon News, October 12, 1916

Click image to open full size in new tab

Article Text

MISSISSIPPI NEWS ITEMS Ripley.-Monday was trade day in Ripley, a special feature of which was the colt show. This is an annual event here. Natchez.-On account of the extremely low stage of Black river at its mouth transportation by boat has been discontinued. Gulfport.-A contract was made with a Mobile firm by the city commissioners for the erection of the Gulfport sea wall. Natchez.-City property of the First Natchez Bank which failed three years ago was offered for sale by Receiver L. P. Conner. Greenwood.-The Greenwood Woman's Club will act as host for the 8th district to the Mississippi Federation of Women's Clubs Nov. 14-17. Winona.-The good roads commissioners sold for beat No. 1 $65,000 worth of bonds to build the Jefferson Davis Highway through this beat. Walthall.-The Tri-County fair, embracing the counties of Choctaw, Oktibbeha and Webster, will open Oct. 18 at Mathiston and continue for three days. Lucedale.-At a special, election held in George county it was decided by a vote of three to one to issue $90,000 worth of bonds for road improvement. Carthage.-On Saturday, Oct. 7, a large crowd was here to attend Trades day. The teachers and the boys' corn club were in session and a gala time was had. Meridian-J. M. McBeath, the chairman of the Mississippi Highway commission; Cliff Williams and E. S. Bostick went to Mason and met the pathfinders of the Jackson Military Highway, and conducted them through Kemper county to Meridian. Gulfport-County Superintendent of Education W. H. Wood has issued a proclamation making Oct. 13, which is ground-breaking day for the Mississippi centennial, a holiday for the schools of Harrison county, in order that teachers and children may attend the exercises. Vicksburg.-Little 12-year-old Georgia Chichester, whose father, mother and sister were killed in an automobile accident two weeks ago and herself badly injured, was kept in ignorance of the fact that she was an or. phan until Thursday. Several times she remarked that she couldn't understand why her parents had not come to see her. "They never did me this way before," she remarked once. Jackson.-Eight states will be rep resented at the Southern Tuberculosis Conference to be held in Jackson on Oct. 30 and 31. The states of North Carolina, South Carolina, Tennessee, Georgia, Alabama, Mississippi, Florida and Louisiana will send delegates, and it is expected that fully 500 of the leading citizens of these states will be in attendance. Columbus.-For the second time in her history Columbus had the pleasure of entertaining the Jackson highway pathfinders, the party consisting of Emory C. Dent of Kentucky, Walter B. Crimm and W. I. Brown of Indiana, Official Pathfinder H. E. Toms, a road engineer in the employ of the federal government, and C. K. Gibbs, editor of the Motor Age, having arrived in Columbus Tuesday afternoon. The scouts were met at the Alabama state line by a committe of Columbians, which included Hon. T. J. Locke, Jr., local member of the executive committee of the Jackson Memorial Highway Association; Messrs. F. W. Maer, E. H. Sherman, B. A. Weaver, J. C. Hacklewan, Jr., W. H. Carter, W. B. Harrington, R. E. Johnston, Irvin Kaufman, Earl Waters and Wr. J. W. Lipscomb. Jackson.-After devoting several years to experiments in an effort to eliminate the greatest pest in the cotton belt of the south by a noted planter, the following advice is given: "Puli up all the cotton stalks in all the cotton counties and back them, being very careful to make a clean burning so there will be none left to start another generation for the following year. The boll weevil has filled the cotton stalks full of eggs now. It is done by a cross-breed of insects, the boll weevil, with a sharp snout, that may be called elephant snout, and a small bug about the size of a lightning bug. He is called the sharp-shooter. The sharp-shooter and the boll weevil mate together, and make the first generation of the boll weevil that hatch in the cotton stalk. The first generation will hatch out of the cotton stalk by the first of May. That generation will hatch out another generation of boll wevil insects in fifteen days." Columbus.-Gen. G. W. Price, commander of the Third Brigade, Missis--