Commercial & Savings Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: March 10, 1914
Location: Murphy, North Carolina (35.088, -84.035)

Metadata

Model: gpt-5-mini
Short Digest: a0e66ae2

Response Measures

Full suspension

Other: Bank closed doors and refused withdrawals; described as result of lack of confidence/run.

Description

Article (Western Carolina Democrat, 1914-03-12) reports depositors made a run on the Commercial and Savings Bank at Murphy; management closed the doors and none were permitted to withdraw. No reopening of the Murphy bank is mentioned. The banks were run by J. L. Smathers and termed the Smathers banks. Date of closure inferred from article: Tuesday March 10, 1914 (article published Mar 12, 1914).

Events (2)

1. March 10, 1914 Run

Cause: Rumor Or Misinformation
Cause Details: General lack of confidence among depositors prompted heavy withdrawals (described as a run). No specific insolvency or external shock reported.
Measures: Management closed the doors and did not permit withdrawals once depositors began to withdraw funds.
Newspaper Excerpt: The closing of the Smathers banks was the result of the lack of confidence on the part of the depositors, who made a run on the banks.
Source: newspapers

2. March 10, 1914 Suspension

Cause: Rumor Or Misinformation
Cause Details: Closure was a direct response to depositor withdrawals and lack of confidence (preventing further withdrawals).
Newspaper Excerpt: The Commercial and Savings bank at Murphy closed its doors Tuesday ... When the banks' management realized that depositors were going to withdraw funds, the doors were closed and none were permitted to withdraw.
Source: newspapers

Newspaper Articles (1)

1. March 12, 1914 Western Carolina Democrat and French Broad Hustler Hendersonville, NC

Article from Western Carolina Democrat and French Broad Hustler, March 12, 1914

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Article Text

CHEROKEE BANKS CLOSE. The Commercial and Savings bank at Murphy closed its doors Tuesday and on Wednesday the Bank of Andrews followed the same course. These two banks were known as the Smathers banks and were practically under the same management, J L. Smathers being president of both. It is generally believed here that the depositors in neither bank will lose anything. The stockholders may suffer a slight loss. The closing of the Smathers banks was the result of the lack of confidence on the part of the depositors, who made a run on the banks. When the banks' management realized that depositors were going to withdraw funds, the doors were closed and none were permitted to withdraw.-Bryson City Times. Announcement was made yesterday to the effect that the Bank of Andrews, which closed its doors Wednesday, will be opened within the next twenty days. It is stated that the board of directors deemed it advisable to close the institution for a term of twenty days to avoid the possibilityof a run which might result from the closing of the Commercial and Savings Bank at Murphy.-Asheville Citizen.