Union & Planters Bank

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 7, 1928
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 98517618

Response Measures

Accommodated withdrawals

Description

Multiple July 8, 1928 newspaper articles report a short-lived run on the Union & Planters Bank & Trust Company in Memphis caused by a washerwoman's gossip (false rumor). The bank remained open, paid depositors, and did not suspend. OCR errors in the clippings were corrected (e.g., Union Planters Bank and Trust company => Union & Planters Bank & Trust Company). Date of the run inferred as July 7, 1928 (reported July 8, referencing 'Saturday').

Events (1)

1. July 7, 1928 Run

Cause: Rumor Or Misinformation
Cause Details: A false rumor/gossip (reported started by a washerwoman) among depositors triggered withdrawals.
Random Run: Yes
Random Run Snippet: washerwoman's gossip falsely started run; proved untrue
Measures: Bank stayed open late, paid depositors cash, announced it had ample funds (reported $10 million on hand) and remained open to meet demands.
Newspaper Excerpt: run on the Union Planters Bank and Trust company here ... said to have been started false among negro depositors
Source: newspapers

Newspaper Articles (6)

1. July 8, 1928 The Anniston Star Anniston, AL

Article from The Anniston Star, July 8, 1928

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Article Text

MEMPHIS BANK MEMPHIS, Tenn., July run on the Union Planters Bank and Trust company here day, said to have been started false among negro depositors, had resulted tonight withdrawal of several thousand dollars depositors, according bank officials. Instead of closing at noon, legal hour, bank stayed open all afternoon and will remain "so long as there anyone wants their Frank Hayden, president, said tonight. can pay off every depositor cash and still million Hayden said. said the bank be open Monday morning with ten million dollars on hand to meet all demands.

2. July 8, 1928 The Tennessean Nashville, TN

Article from The Tennessean, July 8, 1928

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Cashier's Parole Followed by Run Memphis Memphis, Tenn., July Ramsey Beauchamp, cashier Union Planters Bank Trust Company here. had been paroled from the Atlanta the conclusion his on the bank began here today with institution open after the noon demonfact could called course. release nothing do with gossip nearo on Beale During the height of the John the Southern Association, for deposited the Its usual Saturday fidence years marked and the bank sound Federal Reserve Bank also remained open assist the but was not necesBeauchamp. himself is headed for As fact, for to be at New Hayden, president of the whom reportfor hours during the about the thing occasion to two.

3. July 8, 1928 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, July 8, 1928

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Article Text

A Good Bank By Its Courage Converts Fear Into Confidence The people of Memphis have had some unfortunate experiences with their deposited funds. Naturally they never want anything to happen to their savings. But they should not let their judgment be impaired by vicious or unjustified rumor. For day or two injurious stories have been circulated concerning the Union and Planters Bank and Trust Company, one of the largest, oldest and best banks in this section-a bank with large resources, and with courageous experienced management, headed by Frank Hayden, president. The bank member of the Federal Reserve System, has strong ties and recently statement establishing plete soundness. Evidencing its skill and the bank's never moment pay any depositor wanting his money. when o'clock, the usual closing time, the bank stayed open as long as anyone chose to ask for were notified to answer bank will remain open for business as long as any depositor wants his money. The officers, men of high standing, who can look a customer the eye and speak with are genuinely sorry of anxiety; the bank is in splendid shape; we would be your glad have continue with us, but if you are really will you be glad indeed to give deposits.' was that o'clock the lobby of the bank was more of reception than tellers' windows open, but people in the lobby mostly friends, indignant that such story started, and and eager to helpful. Most of the continued normal routine of depositing, borrowing and chatting with the officers. Appeal saw the Union and Planters Bank start in business 60 years During the years that followed with pride its steady resourcefulness put the test its splendid service to the community What think our old neighbor and friend today could not be evidenced better than note that 500 employes The Commercial Appeal about yesterday their salary checks the Union and Planters Bank in their pockets. they will look forward the usual pleasure next Saturday, when they again get the Union and Planters Bank. and the delta are on the eve of wave of prosperity. We stand firm faith in these institutions, of which is shown by statements to be in thoroughly sound condition The rumors have an aspect that is especially vicious. We do not know how they started. They have rapidly spread. It is time to use careful thinking and stop them. Don't be stampeded by fools and gossips!

4. July 8, 1928 The Commercial Appeal Memphis, TN

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negro little afflicted by the heat of the past week. Indulged in bit of idle gossip yesterday and brought about the most ridiculous situation that Memphis banking institution has been confronted with in many day. Ridiculous in more ways than one, for what started to run on the Union Planters Bank Trust Company developed into regular reception. It true that many depositors did bit worrying for awhile. and few of the timid drew their deposits but when the bank did finally close for the day that the posits made during the time the of sure, the Union Planters Bank. one the oldest the city and one of the strongest in this section. showed itself ready any emergency. well able to care for demands any made upon The bank closed its doors 9:10 o'clock last night when the visitors dwindled They will open again ready to pay any depositors. Serious Aspect Quickly Overcome. To be yesterday's its aspects situation created by vicious gossip criminal affects but Union Planters Bank is concerned. quickly overcome To get back that washerwoman. backyard fence she hung and peddled the about bank must remain eled the South Main Street section, ticularly along Beale Avenue. the Main Street branch the Union Planters began to get from later the morning the North Memphis where Walsh holds forth, began to feel the effects the Then reached the bank main on By the lobby was filled. and the streets. Newspapers were besieged by bank ordinarily would closed Instead stayed until late had positors wished would have remained open all last night, Regular Reunion Held. And were the hundreds of persons who into between noon and the late afternoon hours money They were not. come curiosity, out friendliness to They remainlaugh with the ridicuof the situation the rumors to express at those who had started Commercial Appeal reporter by the for What In those there passed jority of Memphis' biggest and professional Not one expressed not one failed offer aid and being the bank develgreater that held moved into its building. road down doubled customary deposit. prominent Memphis attorney and with book walked in laid down prominent walked $10,000 her on all The bank did not grateful for made the real that shown. Down the street the Federal Its were Continued on Page

5. July 8, 1928 The Commercial Appeal Memphis, TN

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RUN ON BANK TURNS OUT TO BE RECEPTION (Continued From Page One) they been needed. In New York and other large where the bank has strong connections, big bankers were waiting to lend hand if they had been called upon. Orchestra Needed. There was only one thing lacking and that an orchestra, few carnations for the ladies and punch bowl of good, cold onade for the men. Every other element of first class reception was there. There were no tears. no frantic rushes or any of the scenes that genuine bank From Frank Hayden. president. the biggest deposthe bank has. there were hearty laughs, handshakings aplenty, and good repartee to furnish peasant break from the notony. The politicians overlooked big bet when they didn't step to make few speeches. The lemonade was not forthcoming but late in the afternoon tub of iced Coca Cola was placed in the lobby and the reception as sumed far less formal aspects. Founded more than half century ago, the bank was never in better condition than is now. Here the men for its conduct. There is no stronger, or more able more in Memphis. group Frank Hayden is president. The vice are Gilmer Winston, Edward C. Tefft. John Noland Fontaine, Frank Bragg and B. Gentry The cashier R. H. Matson and C. T. Denton is secretary The assistant cashiers are R. Thomas, Shepherd and K. Earp. E. Wriedon is auditor. Wightman Hughes is trust offi. cer with W. F. Harper as his sistant. Guy P. Long. vice president, is manager the trust partment and Guy M. Long his assistant. vice president and the bond partment with Howard Ross as assistant. The North Memphis Savings Bank is charge John Walsh, vice president and executive Oscar Hurt, cashier: Longinotti and Connors, assistant cashiers At the Main Street Branch, A1bert Wooldridge cashier and executive manager with Kenneth L. Nazor, assistant cashier. Powerful Directorate. The directors of the Union and Planters Bank and Trust Company M. J. Anderson. attorney. Ashcroft, American Building and Loan Association. Bruce, president E. L. Bruce P. Stenning Coate. capitalist. H. Eagan, director, Y. & M. V. Railroad. Capt. G. Fitzhugh, attorney. Noland Elias Gates, Wilson, Gates Armstrong John Heflin, vice president. Geo. Hooper, president Mo. Ralph Jurden, president Penrod-Jurden Co. Robert E. Lee, capitalist. B. Mallory president South Memphis Land Co. John D. Martin. attorney. Joseph E. Maury, president Richards Co., cotton factors. William Orgill, president Orgill Co. Prescott. vice president, Memphis Coal president K. Salsbury Cotton Estates S. Steinberg S. Steinberg & Co. M. Stratton, president StratHardware Co. John T. Walsh, president Winkelman, president Winkelman Baking Gilmer Winston, vice president. In Mexico City street cars are frequently as at fu. nerals, the following in other cara.

6. July 9, 1928 The Sun Jonesboro, AR

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A RUN DEFEATED. One idly dropped sentence can start a run on a bank no matter how strong the institution may be. One of Memphis' strongest banks, the Union & Planters Bank & Trust Company experienced a run caused by a washerwoman's gossip Saturday. The run turned out to be a reception and good-will meeting because the bank was so powerful that its friends showed up the ridiculous feature of the run and completely changed the tide. There is a strong law against starting a rumor about a bank but it is not enforced properly. On the other hand banks should be like the Union & Planters Bank & Trust Company, so well intrenched that otherwise staggering blows could not hurt them. The Democrats have omitted indorsement of the League of Nations from their platform, the Republicans are now free to adopt a policy which some of the most eminent men of their party-including Roosevelt, Root, Taft and Hughes-have earnestly favored.