11184. Citizens Bank (Woodville, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 19, 1913
Location
Woodville, Mississippi (31.105, -91.300)

Metadata

Model
gpt-5-mini
Short Digest
7c809a3f

Response Measures

None

Description

Cashier D. C. (C. D.) McLeod/McCloud admitted embezzling roughly $40,000–$43,000; bank was ordered suspended and closed (left town without a bank). Later references (1917) call it defunct and depositors meeting to recover losses, indicating permanent failure. No article describes a depositor run prior to suspension.

Events (1)

1. January 19, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier admitted embezzling approximately $40,000–$43,000 and losing most speculating in cotton futures, prompting suspension.
Newspaper Excerpt
Citizens' Bank of Woodville Closses Doors. Woodville, Miss., Jan 19.-D. C. Mcleod, cashier of the Citizens' Bank, of this place, was arrested to-day for being $40, 000 short in his accounts...Pending a complete investigation of the affairs of the institution the bank has been ordered suspended.
Source
newspapers

Newspaper Articles (4)

Article from The Hattiesburg News, January 20, 1913

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Article Text

bezzled the $40,000 of the bank's funds, and further stated that he had squandered most of it speculating in cotton futures. Pending a complete investigation of the affairs of the institution the bank has been ordered suspended. Mr. McLeod has resided here with his family for the past ten or fifteen years, during which period he was held in the highest esteem by the citizens of this place and vicinity. Just five months ago Woodville's other bank hit the wall in a financial difficulty, and the suspension of the Citizens' Bank leaves this town without any now.


Article from The Era-Leader, January 23, 1913

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Article Text

Citizens' Bank of Woodville Closses Doors. Woodville, Miss., Jan 19.-D. C. Mcleod, cashier of the Citizens' Bank, of this place, was arrested to-day for being $40, 000 short in his accounts. He later acknowledged the accusation, and is being held in the County Jail to await the action of the grand jury President J. M. Sessions, of the bank went to New Orleans recently, where he investigated through the Hibernia Bank and Trust Company the affairs of his institution, but had not any intimation of the shortage until the probe was concluded. When McLeod was taken into custody to-day he readily confessed having embezzled the $40, 000 of the bank's funds and further stated that he had squandered most of it speculating in cotton futures. Pending a complete investigation of the affairs of the institution the bank has been ordered suspended. Mr. McLeod has resided here with his family for the past ten or fifteen years, during which period he was held in the highest esteem by the citizens of this place and vicinity. Just five months ago Woodville's other bank'hit the wall in a financial difficulty, and the suspension of the Citizens' Bank leaves this town without any now.


Article from The True Democrat, January 25, 1913

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Article Text

le ANOTHER WOODVILLE a A BANK GOES TO WALL S 1 t The Citizens' Bank of Wilkinson o County, located at Woodville, Miss., 1 has closed its doors and C. D. Mc13 Cloud, cashier of that institution, is ) in jail charged with embezzling ap: proximately $43,000 of the bank's funds. The suspension of business by the bank and the arrest of the cashier followed an investigation made in New Orleans by J. M. Sessions, president of the bank. When McCloud was taken into custody he admitted f having gotten away with the bank's funds and stated further that he had lost most of the amount in speculan n tion. Only five months ago the Bank of Woodville was closed for similar bt reasons, and now Woodville is withS out a bank. For some time a coterie of men in n Woodville have been dabbling in cotd ton futures. While some of them 11 have accumulated considerable mond ey from this source, it is a fact be that this has been the cause of wrecking two banks, the imprisonment of two men and the loss of much money to stockholders and depositors. At the time the Bank of Woodvillle went to the wall, the Citizens' Bank published a statement which looked very well on paper, E though at that time the same insidious cause that wrecked its rival was at work on its own vitals. The banking laws of Mississipp nt, paare not nearly so strict as those o he Louisiana, and there is no state bank ering department. It is related that a Ora recent session of the Mississipp legislature the proposition was mad el, vas to enact more stringent banking leg cal islation. This did not meet with th ent approval of Mississippi bankers, and it is said, there were not enoug ion boarding houses at the state capita ock to care for the crowd of people wh went there to lobby against the pro will eck posed laws. the $27,000 belonging to the count was on deposit with the bank whe and it closed its doors. age


Article from Macon Beacon, February 16, 1917

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Article Text

Fellow lodges in Columbus Feb. 19. Starkville The residence formerly used as the Methodist parsonage for circuit riders, was totally destroyed by fire. Aberdeen.-An Aberdeen country club has been organized with sufficient subscribed members to insure 1ts success Columbus.-A continuous highway from Michigan to the Gulf of Mexico 18 being projected by the Meridian highway association. Meridian-The bond issue of $25,000 to purchase terminal property for the Meridian and Bigbee railroad carried by a vote of 338 to 96 Senatobia.-A local camp of the Sons of the Confederacy was organ ized here by N. B. Forrest, grandson of Gen N. B. Forrest of civil war fame. Senatobia.-In a special election held in the third district of Tate county, for the election of constable, L. N. Wallace was elected to fill out the un expired term of R. L. Wright, deceased. Hattlesburg.-News has been re celved here of the construction of a planing mill at Collins by the Kola Lumber company. The plant was burned several months ago and is now being rebuilt. Pascagoula.-The Southern paper mill will, on March 1, give to all employes who have been employed for three months a 10 per cent increase in wages. This plant is situated in Moss Point, on the Escatawba river. Biloxi.-An action in libel was filed in the United States court at Biloxi by the sailors of the Swedish vessel Windsor Park. now in port at Gulf port, against the vessel and her master. whereby the crew seeks to recover two years' wages. Hockory. The mayor and board of aldermen appointed Dr. Jas. A. King as town health officer. Among other business attended to, the marshal was instructed to strictly enforce the stock law by taking up all stock that might be caught running at large. Meridian.-A city ordinance, requir Ing every owner of a wagon, dray or other vehicle for the transportation of passengers and property to give a $500 bond was declared unreasonable and void on habeas corpus before Circuit Judge R. W Heidlberg. Vicksburg.-Noble M. Hullem, a former employe of the Y. & M. V. railroad, has filed a suit against that company for damages to the extent of $75,000, claiming that through the company's negligence he has lost an eye and his hearing has been impaired. Hattiesburg Announcement has been made that the New Orleans & Northeastern railroad, now a part of the Southern railway system, will double track its lines from Meridian to New Orleans with 105-pound steel rails as soon as a survey can be made and the rails procured. Natchez.-State Senator W. C. Bowman of the highway committee of the Natchez chamber of commerce, has been advised that all funds necessary for the preliminary survey of the Natchez-Winnsboro highway are now in the hands of the Louisiana state highway department, and it is expected that within the next few days construction work will start. Purvis-Advices received here of the supreme court's affirmation of the case against Dr. S. E. Rees, sentenced to a life term for murder, excited much interest in view of the fact that the ap peal by Dr. Rees was for a conviction In the circuit court of Lamar county for the killing of Wiley A. Blackburn, and because Dr. Rees had for many years been active here in professional and political circles. Woodville.-Judge R. W. Cutrer of the chancery court attended a meeting of the depositors of the defunct Citizens Bank of Wilkinson county. This bank failed four years ago, and since that time the depositors tried to recover a portion of their losses. A compromise has been proposed. but owing to a wreck on the Y. M. V. railroad, the lawyers in the case failed to reach here, and it was postponed indefinitely. Biloxi.-H. H. Cross of Denver, Col.,