East Tennessee National Bank (Knoxville, TN)

Article Text

Run Halted on Knoxville Bank; Rumors Blamed

KNOXVILLE. Tenn. Nov. (P)-Officials of. the East Tennessee National bank, an institution having approximate resources of demands from depositors for their money had been met during the day. and the bank would open Saturday usual with plenty of money.' William Rule. first vice-president, "only comparatively small amount was withdrawn by group of small depositors that had been frightened by rumors. "The bank." he said, "brought in $2,000,000 from the federal reserve bank at Atlanta. and it can get plenty more."

Article Text

CHECK "RUN" ON KNOXVILLE BANK

Institution Does Normal Business Rumors Blamed.

000,000 cash rushed by airplane from the Sixth district federal reserve bank at Atlanta in its vaults, the East Tennessee National bank did a normal business today. There was no trace of the flurry of excitement that caused withdrawals of deposits yesterday. Officials attributed the quickly checked "run" to circulation of false rumors. Eugene R. Black, governor of the Atlanta federal reserve bank, visited the bank here for short time today.

Article Text

TENNESSEE

Knoxville, Tenn., Jan. East Tennessee Bank, the largest and oldest in Tast Tennessee, was closed here today after heavy withdrawals hr reduced deposits by 50 per cent. The last statement showed the bank had deposits of approximately $10,000,000. At time deposits were more than The bank had depositors. Secured deposits by the State of Tennessee, United States and Philippine Islands amounted The bank had borrowed from the Reconstruction Finance Corporation.

Article Text

KNOXVILLE'S LARGEST BANKING HOUSE CLOSES

KNOXVILLE Jan. Affairs the East National largest institution are in the of the the Ben Morton, president of the last night that direcof the bank had voted to close the 2% 6% protection depositors. He said the action taken due to and heavy the bank issued as Dec showed total deposits The was known to have borfrom the 4½ Reconstruction Finance corporation during the last

Article Text

Maynardsville Bank Open for Business

"aynardsville. Tenn., Jan. 27-(U.P)Mounardsville State Bank was open ngain todav. week after it was susmended. following the closing of the East Tennessee National Bank And depositors came in to deposit more

"This bank had suspended to avoid any hysteria that might follow the closing of the East Tennessee National at Knoxville," said R. V. Beeler, vice-president.

Article Text

BANK REOPENS

Rutledge Suspension to Be Lifted Today.

RUTLEDGE. Feb. 1-The Citizens Bank Trust Co., which gus. pended business January 24, will reopen tomorrow, Cashier C. B. Cabbage, announced tonight. The bank suspended under state laws after closing the East Tennessee National Knoxville and the First National bank in Morristown. Officials said this action was of deand to avoid the effects of caused by the failures. Over 95 per cent. of the Rutledge bank's depositors have signed an agreement not to take any of the bank for 90 days and then to accept five per cent. of their total deposits. Five per cent. of deposits will be paid every 90 days those wanting their cash, Cabbage said. "We have had wonderful cooperation from depositors expect few if any to take their money of the bank when the five per cent. refunds come due. In fact we have been by majority of them that the cash will be left in the bank, which is in every respect,' said. This is the second of several banks to reopen after closing avoid hysteria' after the failure of the East Tennessee in Knoxville. Maynardville State bank at Maynardville was the first to resume business.

ENTERS OFFICE ATHENS, Tenn. Feb. Boyd Wilkins, recently appointed clerk and master for IcMinn county by Chancellor T. Stewart, was inducted into office today. County Court Clerk John E. administered the oath. Mr. Wilkins succeeds Latham, who has been serving the pired term of her late husband. ducted Thursday at 2 m. at Little Emory church. The Rev Mr. Chaney, Harriman, will officlate. Burial will take place in Harriman.

MRS. LUCY SPEARS CHARLES Lucy Spears Charles, died at the home of her daughter, Mrs. Minnie Hale, at p. m. today, following a lingering illness. Funeral services will be conductfrom the M. church, South, Thursday at m. Interment will be in the cemetery. Surviving besides the one daugh ter J. Charles, of Flora Home, Fla,

RILEY ADAMS CROSSV Feb. Funeral services were at Orab Orchard for Riley Adams, 83. who died Rockwood hospital He the oldest Mason Cumberland county, having joined Crossville Lodge No. 483 more than 60 years ago. His widow and one daughter survive.

MRS. LUCY BEELER services conducted yesterday from the Block Springs Baptist church for Mrs. Lucy Beeler, who died Sunday Burial was in the church cemetery.

MRS. ALLIE VALENTINE ELIZABETHTON. Feb. Mrs. Allie Valentine, 32. of Cosby, Ten.n. died at the home of her parents. Judge Mrs. L. B. Morley, of

Article Text

Rail Employes Call Bank Mass Meeting

Railroad members of the Four" brotherhood, will hold mass meeting Labor Temple m. Tuesday "what can be done East Tennessee National Bank closing. The meeting is sponsored by the Central Labor Union.

Article Text

SANFORD CONFERS ON BANK REOPENING

To See Bernard Baruch on Refinancing Closed Houses.

Hugh W Sanford Knoxville capitalist has gone from Washington to New York to confer with Bernard M. Baruch, financier and Demperatic leader, about plan that Mr Sanford has worked out for re-financing not only the East Tennessee National Bank of Knoxville but other closed banks thruout the country Ben Morton who was with Mr Sanford at Washington but who has returned to Knoxville, said Mr Sanford did not want the plan given out until it has been approved. Several versions of the plan have been on the street for the last week but none of them is said to be correct Mr. Sanford also is seeking an amendment to the Glass banking reform bill which would permit holders of 85 per cent of the depositors in closed bank to agree to plan for re-opening bank. At present the law requires the consent of every depositor. which is considered next to impossible to obtain.

Article Text

Payment of $101,000 Deposit Of Park Body Blocked

Knoxville, March Great Smoky Mountain Conservation association, headed by Chapman, has blocked "plans ment deposit the state park had the closed Tennessee National bank. George Dempster, chairman of the said today he was advised by the Chemical Bank and Trust New York protest. The New York bank, holders the park commission's had been by Jay Riley, bank sell enough the bonds to pay the $101,000 deposit. Chapman said the amount of bonds that needed pay the commission's deposit protect the deposit of 666, also tied up in the bank,

Article Text

SIGN UP DEPOSITS

Committee To Take Bank Plan to Washington Next Week for Approval.

Frank Kerr announced today that the owners of least per cent of the deposits and holders of least two-thirds of the total number of shares in the closed East Tennessee Bank had proved the plan for re-opening. meeting the requirements of the emergency banking act recently passed. is not datory upon the Comptroller the Currency in therefore the committee in charge of obtaining signatures hopes that many will add their proval to the before the committee goes Washington next week to present the signatures the Comptroller and ask his to re-open the bank Mr. Kerr chairman the committee which all week been obtaining signatures the of the former Bankers Trust Co. Building. Next those who have yet signed up can do the Chamber of Commerce offices the second floor of the same building. are satisfied that depositors representing per cent of the total amount of unsecured deposits the plan, Mr. Kerr said. "Those signed up include almost all of the big for instance, had in the bank. of the large depositors were from out town, and they either came here personally or sent in signed coupons

Article Text

KNOXVILLE, April 13 (AP).—While Knoxville business men and labor union representatives were conferring in Atlanta in an attempt to reopen the East Tennessee National bank, Receiver Jay M. Riley today notified all stockholders to pay the 100 per cent. assessment on their stock as required by law.

Article Text

Arrangements were made yesterday to complete the signing of stockholders and depositors of East Tennessee National bank for the reopening plan.

Stockholders began signing up at the office of Cecil H. Baker, General building. Mr. Baker, Charlton Karns, and M. O. Cowan are trustees under the reopening plan. The first to sign was Hugh W. Sanford, who held a large block of the stock. Stockholders must sign notes, put up collateral, and surrender to the trustees their stock in the old bank.

Article Text

Knoxville Trust Co Sued by Bank Receiver Knoxville, Tenn., June Trust Co. of Knoxville today was sued in federal court by Jay M. Riley, receiver for the East Tennessee National Bank, for $44,882.93 This sum, the complaint alleges, is the total withdrawn Jan 14, 16, and 18, the latter date being the last day the bank was open.

Article Text

Death Claims Jay M. Riley

Prove Fatal To Paralysis E. Tenn. Bank Receiver.

Knoxville, Tenn., June Jay Morton Riley, 55, federal ceiver for the East Na tional bank, died at St. Mary's hospital Sunday at 10:30 of paralysis which struck him suddenly while he was at work at the bank Saturday afternoon. He did not regain consciousness. Little hope had been held for recovery. Mr. Riley in his office at the bank, talking to Williston attorney, and his W the attack occurred. Leg Gives Way He complained of dizziness, then arose from his chair and started to walk to another chair when one of his legs gave way. Given he complained of numbness of his face and body An ambulance called and was taken to St. Mary's hospital. where he soots Gost conse ousness, the paralysis continuing to creep over his body He was apparently in good health yesterday, but had suffered from high blood pressure, his relatives reported. He was planning of leaving for Washington, Saturday night for ference wih Rt. officials on the bank affairs Since he has been receiver for

Article Text

Bank Receiver Dead

Knoxville, Tenn., June apoplectic stroke suffered Saturday has proven fatal to Jay M. Riley, receiver for the East Tennessee National Bank. He died at Sunday night. Riley called Lineoln, Neb., home. He came here from Pine Bluff, Ark.

Article Text

PIONEER OF TALKING

MACHINE FIRM DIES WENONAH. N. June 26. (P)-Belford G. Royal, former vice president and general manager of the Victor Talking Machine Company and one of the pioneers of the firm, died yesterday at his home. He was 68.

Other deaths: NEW Herbert Venner, president Securities Company: H. Venner Company, General Investment Company and New York Central Securities Company,

ST. STEPHEN, N. C.-G. Horne Russell, noted Canadian landscape painter.

SYRACUSE, N. Y.-Albert Leverett Brockway, 68, architect, leader in civic and agricultural affairs here.

KNOXVILLE Tenn-Jay Morton Riley. 55, receiver for East Tennessee National Bank since its closing.

ST. LOUIS-Rev. Dr. Baxter P. Fullerton. 82, long leader in religious affairs, former the Presbyterian Church of the United States.

H. Moore, 41, assoclate justice the Colorado Supreme court since 1929.

Article Text

Bank Receiver Named Tenn

June has named for the East Tennessee National Bank succeed Jay M. who died last Boone assistant Riley. came Knoxville with Riley from Pinebluff.

Article Text

WOULD OFFSET CLAIM BY DEPOSIT

Anderson, Dulin, Varnell Co. posit the East Tennessee National Bank time of closing, against claim the bank receiver has filed against the comThis offer is an answer to the suit Federal Court. The answer was for return of the withdrawn by the Varnell Co. just

Article Text

BANK MAY AT EARLY DATE

Park Stockholders Continue Daily Sessions.

The stockholders' meeting of the old East Tennessee National bank scheduled for yesterday journed to will from day open the new Park bank In explained, they will avoid meeting of the stockholders while awaiting final action from ington the plans. The bank expected to ready open trustees, Cecil Baker. Cowan and Charlton Karns, under the reopening plan doing all the voting of stock Joseph Gaut temporary chairman and Joe McAfee secretary