American Trust Company (Little Rock, AR)

Article Text

DOORS OF FOUR BANKS CLOSED

65 Millions Are Listed in Combined Resources: Others Shut.

United LOUISVILLE Louisville Security bank and the American Mutual Savings bank, the latter operated doors today after the National Bank of Kentucky and the Louisville Trust Company failed for business. The Security bank was afffiliated with the National Bank, which over by the federal controller currency The Negro bank was affiliated with the Louisville Trust Company, which placed in the hands the state banking commissioner. The four banks combined list All solvent, it said that them and protect creditors, depositors concerned. Closing of banks was scribed financial circles outgrowth of rumors circulated following Caldwell Nashville, Tenn., largest investment house in the south Brown, president of National reiterated plans for group merger Caldwell abandoned the brokerage went into the hands receiver.

Steady Run Blamed

United LITTLE ROCK, Ark., Nov. The American Trust Company, failed to open for busihere today. notice posted by officers of the that the the its board of solvent and has to susfor five days to depositors. affiliated banks also closed. The of the institution. which and Sept. 24, had assets of $20,005,697, that the action forced "by excessive withdrawals totaling more than $4,000,000 during the last ten

Article Text

30 BANKS SUSPEND

Close Doors For Five Days to Determine Which Way They Attributed to lic Excitement.

Little Rock, Ark., Nov. c'als Banks Company, Arkansas, financial institution, nounced today 30 banks the state with which the company filiated have suspended period five days. Eight other affiliated banks adthe company they were remaining open. Company officials said they had not heard today from eleven others the affiliation to what action they were taking. The the board of directors of the AmeriExchange Trust of Rock, largest bank to suspend payments and close for five days resulting in the temporary closing the others, the company Arkansas banking laws provide that bank might payments to depositors for days and open the of that period or be placed hands of the state banking department. three exceptions the banks closed are small institutions. Harrison, of the Banks and Company, he expected least" half of the banks will re-open. The temporary closing the American Trust Company attributed by the direcpublic from the placing of Caldwell and Company, bankers Nashville, Tenn., in receivership November

Article Text

Expect to Open Most of Closed Arkansas Banks

LITTLE ROCK, Ark. Nov. 18 leaders struck note of optimism today as negotiations went forward for the opening of most the 49 banks Arkansas which have closed suspended within the past two days. additional small institutions close. under five days' suspension law taken charge by the state banking detoday. One of these was the called banks group were most of those closing or yesterday after the Trust Little Rock suspended for days. Banks said he was conferring rapidly possible with of the including American Trust Co., with view to ening within the five day period or re-organizing and re-opening soon.

Article Text

PLANS

Public Support Institutions Is Requested

RESUMPTION OF BUSINESS SET

Optimism Again Throughout Dixie Section

LITTLE ROCK, Ark., Nov. permeated statements of financial leaders they laid plans today to some of the banks which temporarily suspended or closed yesterday. The executive committee of the American Trust Co. here, largest and one of the oldest banks the state, which for five days, was employed upon plans to resume Closing of the American Exchange was followed by suspension of tivities by 42 other banks. the aggregiate deposits of which were more than Banks, president of the American Exchange, and controlling stockholders in the 42 other banks scattered over the state, said the boards directors were trying obtain pledges loyalty from their and supporting capital from danger run. Resumption of normal business by the banks, he would follow assurances to directors. Expressions of confidence in the general stability of the state's nancial structure were added Parnell and Senator Robinson to those of bankers.

CO-RECEIVER Tenn., Nov. general agent the Central Railway, tered today upon his duties receiver for Caldwell Co., investment banking house. He and Lee Douglas, Nashville who was receiver last Thursday night, will enjoy equal authority.

EIGHT ARE CLOSED

LOUISVILLE Nov. Eight Kentucky institutions with than closed today The largest these was the NationBank of at Louisville, which was under the control of Paul Keyes, of the staff the conptroller of the Washington. Its resources proximate Directors the National Bank Kentucky said the suspension yesterday deemed necessary because "wild rumors" concerning its with its closing, two affiliated stitutions, the Louisville Trust pany and the Security bank, suspended operations. Their directors said they were solvent and that they were closed precautionary measure. three affiliated through tucky, holding company. Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the LouisTrust company, later closed. (Continued Page Seven)

Article Text

Three Additional for Business Open

Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps

Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps.

The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made.

MORGAN HONORED

Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university