21719. Merchants & Farmers Bank (Portsmouth, VA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 27, 1930
Location
Portsmouth, Virginia (36.835, -76.298)

Metadata

Model
gpt-5-mini
Short Digest
1be64b69

Response Measures

Accommodated withdrawals

Other: Officers/directors offered $1,000 reward for detection and prosecution of person who started the rumor.

Description

Newspapers (Aug 29, 1930) describe a silly little run or near-run caused by false and malicious reports/rumors. The bank was sound and met every check; no suspension, reopening, or receivership mentioned. Date of the run referenced as 'Wednesday' in an Aug 29, 1930 paper → 1930-08-27.

Events (1)

1. August 27, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
False and malicious reports/loose talk circulated about the bank's condition, described as reckless speech that led some depositors to withdraw.
Measures
Bank met every check without delay; officers and directors offered a $1,000 reward for detection and conviction of the person responsible for the rumor.
Newspaper Excerpt
the silly little run or near-run on the bank on Wednesday
Source
newspapers

Newspaper Articles (2)

Article from The Portsmouth Star, August 29, 1930

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Article Text

Strikes Hard At Falsehood And Shows What Reckless Speech Does Commenting upon the "false and malicious" reports which brought about sudden and misguided run by some depositors on the always substantial and solid Merchants' and Norfolk Ledger- Dispatch under the headline, "A Public Enemy had this to say in its noon edition today: "All success to the sturdy Merchants' and Farmers' Bank Portsmouth. whose officers and rectors have offered reward of $1,000 for the detection and conviction of the person ho was responsible for the silly little run or near-run on the bank on Wednesday. If that person can be found and identified, the bank and the State of Virginia, through the commonwe attorney. should vigorously prosecute him, demanding that jury impose the full penalty of the law upon him -which, as in the statute. will be fine of $1,000 and year in "As It happened. most of the depositors refused be stampeded by rumor so wholly, and so obviously, without the slightest foundation in truth. Also, of course, the bank, being as sound as old wheat, was In a position to meet every check without moment's delay But the fear, anxiety and distress inflicted upon those who were misled by the vicious rumor concerning the bank's condition call for drastic punishment of the person guilty of having started that rumor "The statute provides for the punIshment of any person who shall "wilfully and maliciously" take part in the diss inination of such story as was spread Wednesday. It should make provision for even more severe punishment of any person who "wilfully and maliciously" spawns such story himself. And it should provide adequate punishment for any person who originates such a story, whether he does It "wilfully and maliciously" or carelessly, recklessly and without regard for the probable consequences. "When an individual is sendered or libeled. he frequently recovers damages for the Injury caused him and also recovers what they call punitive damages-damages imposed by way of nishment. When person is guilty of criminal libel, he is punished for an offense against the state. And whether the guilty person published the libel "wilfully and maliciously," or because he did not care a rap about the consequences, matters very little in court. "So, too, when a person reckless ly, indifferently, or wantonlywhether he is imbued with actual malice or t-originates, or gives currency to false story about the credit of a bank or banking insti tution, he should be punished for his offense against the commonwealth The consequences of his recklessness may bear heavily upon the shoulders of stockholders and other Innocent persons and the general public. "In the case at hand. it is hoped the wanton offender will be caught and properly punished as a public enemy


Article from Ledger-Star, August 29, 1930

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Article Text

this As have been expected, emergency. financiers, anxious they were unable offer any way out other that would be the task localities and Intermediate banks to handle credits, hinting very strongly that there no loosening the strings which govern the ordinary course of Through co-operative organizations for buying supplies marketing what agricultural products may be available until something the normal returns, way of alleviating the situation can possiBly be found many tions of Tidewater. But the reverberations the drought hereabouts, has been emphasized. will be for come, and unless there provision for on public roads, suggested by Highway Commissioner Truxtun, there may be acute need for from the American Red Cross among the familles of farm laborers this winter. But Secretary Hyde's ruling adhered Tidewater will be excluded even from this help that is already assured other sections of Vir. ginia. Secretary Hyde rushed to the Shenandoah Valley the behest of Republican pollticians, to become there profiteering in hay and other livestock feeds by shippers in the West. not suggested that he come Tidewater, but urged relying upon the Byrd commission handle the situation in Virginia, he should cept its to the area in the affected by the drought. PUBLIC ENEMY All success the sturdy Merchants Farmers Bank of Portsmouth, whose officers and directors have offered reward of for the detection conviction of the was responsible for the silly little run near-run on the bank on Wednesday. If that announce choice and the naming of the defender before the end of the trial races may been due to the loose talk that attended the racing off Newport. That there was plenty of scandalous gossip shown by the newspapers. accused the two big syndicates behind the Weetamoe and Enterprise of having bought all the bronze plating they could find, thus making necessary to plank the Whirlwind with mahogany. They were also accused cornering the sall market, causing the equipment of the Yankee to exactly borne out when the Weetamoe owners small mainsail the disposal of the Yankee in one of her races. The naming of the Enterprise came surprise, and possible that both Morgan and his son-in-law, George Nicholls, sailing master of the Weetamoe, angered at the annoying gossip going around, requested the committee without further racing. Anyway, the Enterprise has been named, Thomas Lipton's have an antagonist the best boat of the quartet built to defend the cup. true that the Yankee has outsailed the other three in heavy weather, and in moderate breezes, with sea, the Weetamoe has shown well, but on the last three or four occasions both fair and moderate weather, the Enterhas shown up remarkably and lively breeze and sea set the Yankee doing even the cup course of thirty miles. Shamrock reported to be ghost winds, but, as noted before in these umns, her time abroad has by no means been and despite the good wishes to which Thomas entitled and the general fervent that he will lift the this time, the cup chances appear to be against it. Letters and readbe published space While The not suggest their the views them, that they constitute matters public importance and that people general should opportunity read them. asked confine their communications 300 words: and the editor course, right eliminate matter may not be suit. able for publication. Signatures and addresses must be attached for publication COLONIAL PICTURES FROM DIARY OF MR. FITHIAN That Colorado who sunk doughnut scheme seems have only the show for Bath tubs are said to be cheaper. Yes, some folks get them for Some fellow down South stole two hundred hens from farm in one night and got away Evidently knew the lay of the According to statistics the business of the gangsters has fallen off considerably. Here's work for another commission with Federal The New York grand jury having declared that Earl Carroll's "Vanities" not indecent show, Earl to sue that body for damaging his business. excerpts below taken the diary Phillip VickFithian afford interesting people during the period. diaries letters for their the life New and Virperiod just preceding English stock; entered Col1770 the class Aaron Burr, James Madison Henry Lea. year taught the family Robert Carter his palatial Nomini County, Va., Virginia and listed chaplain the New Jersey militia July, 1776. "Monday, December 13, that general custom here, gentlemen to another home to dine, and consult about termine their common business, either before after service the for gentlemen church begin when body, come the They seem to be breaking the rules of the them prayers. They game down in North Carolina; had three strikes after the already. the preaching. Almost lady when they ride out they tie head that Virginia, distressed lady. thought The people hospitable and very both which most certainly versal characteristics the but practice seems disapproved. have that country notorious gaming: this have not pack nor betting kind the Almost four: many six horses. New York Day By Virginia don't the NEW YORK, August while by Saturday strolling: How many remember when the Negroes) looks An auto license plate and All the like submarine. What became class and the servants and Frederic Fanny Hatton? Tweedy the consider Surprise for beauty and and spent brunette manageress at Schrafft's they severally the near choose Robert Garland, Baltimore, Md., be but they make that good the Very ladies and wear neck furs. Jefferson Machamer, count church useful weekly the artist. who totter do business. told, roues not been to church show Then sit down front the doze. the forensic and on political "Hot offers menus for Here Chinese Sing. William Lyon and Mary Phelps, the critic. Sign: house for quet and bachelor.' Leslie Howard his double. the same college polite cops and 6th street. Ben Bernie would come back "February 1774. After having town. went over of bath used to have Carter's study. and that the Gerdes things, and length Cincinnati. The society college and Julia turning into her Park that Avenue present, that the look of perpetual surprise. Like Ring children with propriety there and useful education. Wrecking sign: building must be down That he has known the days $25,000. notion all night cards take my coat help. what public houses the and Helen would sing drunken hour Justine Hall, who used That charter the our gang and doesn't look vastly extensive, and Beckley. support Ladies who white to being about pounds The avenue bird shop called That along. scholar yearly pounds street Russia cafes but officers they the Mr. and you the Volga boat and dancer. gaged published gargoyles. And Latin the Gazette scription University Club. hope students shaped riding pants. history find the composer. Who used play piano Bustanoby's FILLMORE basement. And roosts Norfolk,