8c925e4cAccommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health
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MEMPHIS BANK INVITES TO GET MONEY Attempt Made to Halt Dramatic Jan attempting halt bank. officials the Bank ComTrust Co. opened business merce Wednesday morning with the anthey sufficient penny of depos"to every its on its books timid souls" were invited by director and torney for bank into their deposits if they wished.
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Bank at Memphis Paying In Full Memphis, Tenn., Jan 25-Dramatiteally attempting to halt run the bank, officials of the Bank of Commerce & Trust Co., opened for business today with the announcement that they have sufficient cash "to pay every penny of deposits its books. timid souls" were invited by E. McCadden. director and attorney for the bank, to get into line and withdraw their deposits if they wish. The announcement that the bank had sufficient cash pay depositors 100 cents on the dollar came at after worried bank directors and business men had met intermittently since Monday night to arrange for $13,000,000 loan from the Finance Corporation and an additional $2,500,000 loan among local business men. These two sums, added to the $4,000,000 the bank has hand, will be more than sufficient to pay the $16,000,000 to which the bank's deposits have dropped during the recent heavy run. executive committee of the bank was given authority to remain for 24 hours straight to every depositor to line up and withdraw his funds, if he wishes. Idle rumors are blamed for starting the run about two weeks this week the run was só intensified that long lines of cited depositors stood in the lobMost of the counts withdrawn yesterday, bank officials claim, were of small accounts. One excited woman hysterically demanded her money immediately. Her balance was found to be 40 cents.
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MEMPHIS BANK PAYING IN FULL Gets $13,000,000 Loan From R. F. C. and $2,500,000 More From Business Men. By United Press M E H Jan. 25 Dramatically attempting to halt run on the bank, officials of the Bank of Commerce & Trust Co. opened business today with the announcement that they have sufficient cash "to pay every penny of deposits on its books." "All timid souls" were invited by J. E. McCadden. director and attorney for the bank, to get into line and withdraw their deposits they wish. The announcement that the bank had sufficient cash to pay depositors 100 cents on the dollar came at m. today after worried bank directors and business men had met intermittently since Monday night to arrange for $13,000,000 loan from the Reconstruction Finance Corp. and an additional $2,500,000 loan among local business men. These sums. added to the the bank has on hand. will be more than sufficient to pay the to which the bank's deposits have dropped during the recent heavy run. The executive committee of the bank was given authority to remain open for 24 hours straight to permit every depositor to line up and withdraw his funds today, if he wishes. Idle rumors are blamed for starting the run about two weeks and this week the run was so intensified that long lines of excited depositors stood in the lobby yesterday. Most of the accounts withdrawn yesterday, bank officials claim. were of small accounts. One excited woman hysterically demanded her money immediately. Her balance was found to be 40 cents. phony WNOX Jones' Marine Band. Martini and Columbia Jones' Remsen's Albright Kennedy's Hour. Off at 10.