gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0f84d09eb7bba163
Response Measures
Capital injected, Full suspension, Books examined
Other: Plans for consolidation/amalgamation with another local bank or formation of a trust company to take over the First National (reorganization) were actively pursued.
Receivership Details
Depositor recovery rate
78.3%
Date receivership started
1914-01-22
Date receivership terminated
1927-07-18
OCC cause of failure
Losses
Share of assets assessed as good
62.1%
Share of assets assessed as doubtful
21.2%
Share of assets assessed as worthless
16.7%
Description
Suspension followed heavy withdrawals triggered by inability of a Liverpool correspondent (Crow, Rudolph & Co.) to meet drafts and circulating rumors; receiver later appointed and bank assets offered for sale.
Events (5)
1.August 10, 1880Chartered
Source
historical_nic
2.January 8, 1914Run
Cause
Correspondent
Cause Details
Withdrawals precipitated by advices that Crow, Rudolph & Co. (Liverpool lumber brokers), unable to pay about $500,000 in drafts on which the bank was an indorser, plus circulating rumors of weakness.
Measures
Bank decided not to open for business; notified Comptroller of the Currency and awaited examiner; later consolidation/assistance negotiations initiated.
Newspaper Excerpt
an unusual number of depositors had withdrawn their accounts in full ... rumors of weakness which foretold a run on the bank
Source
newspapers
3.January 8, 1914Suspension
Cause
Correspondent
Cause Details
Bank closed after heavy withdrawals triggered by inability of a major correspondent (Crow, Rudolph & Co.) to pay drafts and resultant rumors.
Newspaper Excerpt
The First National Bank ... did not open for business to-day, and a notice from officials stated that it was closed because of the withdrawal yesterday of an unusual number of accounts
Source
newspapers
4.January 22, 1914Receivership
Source
historical_nic
5.April 5, 1914Receivership
Newspaper Excerpt
Judge Sheppard ... ordered receiver to show why $150,000 should not be produced; R. W. Goodhart as receiver of the First National bank referenced in litigation and notices of sale thereafter were issued by receiver R. W. Goodhart.
Source
newspapers
Newspaper Articles (25)
1.January 8, 1914Atlanta GeorgianAtlanta, GA
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Article Text
Pensacola's Oldest Bank Suspends For More Than Million PENSACOLA, FLA., Jan. 8.-The First National Bank, Pensacola's oldest banking house, did not open for business to-day, and a notice from officials stated that it was closed because of the withdrawal yesterday of an unusual number of accounts in full and consequential rumors of weakness which found circulation in the late afternoon and which foretold a run on the bank this morning. Advices from a big Liverpool lumber firm that it could not pay about $500,000 in drafts upon which the First National Bank was an indorser, is given as a contributing cause of the suspension. A statement of the bank's condition at the close of business yesterday showed deposits, $1,645,850; cash in vaults, $126,026; exchange, $306,461.
Pensacola Bank Closes Its Doors Big Depositor Unable to Pay Draft, Starts Run on Bank. Pensacola, Fla., Jan. 8-Failure of the First National Bank of Pensacola to open its doors for business today was explained by officials of the bank as due to the withdrawal yesterday of the accounts of a number of depositors. These withdrawals, it was pointed out, probably resulted from the fact that the Crow, Rudolph & Company, Liverpool Lumber broker, had issued a statement of its inability to pay drafts for approximately $500,000 held by the bank. The other local banks were not affected and their officials said they were prepared to meet any emergency. Washington, Jan. 8-The comptroller of the currency early today dispatched a national bank examiner to Pensacola, Fla., to look into the affairs of the First National Bank of Pensacola which failed to open its doors today. The last report on the condition of the bank showed its capital at $500,000, deposits $1,349,782; gross assets, $2,951,800.
3.January 8, 1914Evening StarWashington, DC
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Article Text
BANK OF PENSACOLA FAILS TO OPEN DOORS Controller of Currency Sends Examiner to Look Into Affairs of Concern. PENSACOLA, Fla., January S.-Failure of the First National Bank of Pensacola to open its doors for business today was explained by officials of the bank as due to the withdrawal yesterday of the accounts of a number of depositors. These withdrawals. it was pointed out. probably resulted from the fact that Crow, Rudolf & Co., Liverpool lumber brokers. has issued a statement of its inability to pay drafts for approximately $500,000 held by the bank. The statement issued this morning was as follows: "At the close of business yesterday we discovered that an unusual number of depositors had withdrawn their accounts in full. Following this. rumors that the affairs of the bank were in bad condition began to be circulated. Feared Run on Bank. "Realizing that these rumors probably would result in a run on the bank if it opened for business today, we decided to close its doors. "We have notified the controller of the currency and now are awaiting his directions. Withdrawals of accounts by depositors probably resulted from the fact that the bank held large drafts on Crew, Rudolph & Co. of Liverpool, and that this firm had issued advices that it could not pay these drafts. The bank, however, was making what we had every reason to believe and still believe would be adequate provision to protect these drafts. but the circumstances mentioned precipitated matters SO that the measures we have taken could not be made effectual in time." There was no excitement here over the failure of the First National to open this morning. The other local banks were not affected and their officials said they were prepared to meet any emergency.
4.January 9, 1914Atlanta GeorgianAtlanta, GA
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Article Text
PENSACOLA BANK FAILURE PUZZLE Washington Waits for Details on Million Dollar Institution Which Suffered Run. WASHINGTON, Jan. 8.-The suspension of the First National Bank of Pensacola, Fla., was reported to the office of the Comptroller of the Currency to-day. The report of the bank's condition on October 21, 1913, shows its resources to have been $2,951,798. as follows: Loans and discounts, $1,343,344; U. S. Bonds to secure circulation and deposits, $590,400; premium on bonds, $6,500; bonds, securities. etc., $200,533; banking house, $114,168; other real estate, $15,000; due from banks, $519,146; cash, checks, etc., $136,707; and redemption fund, $25,000. The liabilities were divided as follows: Capital and surplus, $503,000; undivided profits, $17,835; circulating notes, $500,000; due from banks, $421,136; deposits, $1,349,782; cashiers' checks outstanding, $159,000, and deposits of U. S. disbursing officer, $145. "We are puzzled concerning the troubles of the bank." said Acting Comptroller of the Currency Fowler. "The only information now in our possession as to the bank's troubles is a telegram from President F. C. Brent, which states the bank was closed and asked that we send a representative to him. "I have instructed R. W. Goodhart, bank examiner, to leave Washington at once for Pensacola. I have also requested President Brent for further information, but have received no reply. I can hardly believe that the bank is insolvent and I am sure that the trouble is purely local."
SUM $125,000 DESIRED BY THE SCHOOL BOARD WILL NOT REDUCE RATE LOWER THAN NECESSARY TO SECURE THAT AMOUNT ANNUALLYTEACHERS' PAYROLL HELD UP. The state tax commission had a letter before the board of public instruction at its meeting last night asking that the millage be reduced to a rate which will give the county the same income for the support of the schools for the year 1915-'16, that was had for the year 1913-'14, unless it be absolutely necessary to have a greater sum to maintain the schools. The board would not agree to reduce the millage lower than would be necessary to secure an income of at least $125,000 per year. PAYROLL HELD UP. The payroll of the teachers for the month of December, amounting to $9,256.56, will be held up in order to give County Treasurer Williams an opportunity to secure funds with which to pay the teachers, who were to receive their pay today. This was necessary through the lack of funds, owing to the failure of the Pensacola State bank, in which the board of instruction deposited its funds, and also the closing of the First National bank, in which the board deposited its funds after the failure of the former institution. OTHER MATTERS. The bill for school furniture from Peter & Volz was before the board, but the board decided that they would ask them to take a ninety-day note for same. owing to a lack of funds. Mrs. B. F. Goodrich asked that she be allowed to teach sewing in School No. 1 in the afternoon. The board granted her permission to use a room at No. 1 for this purpose. There were several letters from patrons of Pine Barren, who live south of Pine Barren creek, asking that the board reconsider the ruling they made at the last meeting, and allow their children to again attend the school at Pine Barren instead of Barth. The board thought it unwise to do this, owing to the crowded condition at Pine Barren. B. A. Davis was present and offered the board $50 for the old Bellview school house and the land which it is on, but the board thought this too cheap and made him a price of $100. The patrons of School No. 53, Bellview, had a petition before the board asking for a special tax school district election at that place. The board granted this election and instructed Superintendent Edwards to advertise same. There was a petition from the patrons of School No. 51, Olive, before the board, also some patrons present, asking that they be given five months school. The board decided to let the school run a month longer, making it a five months school instead of four.
That the First National bank will be reopened by means of a consolidation of the closed institution with one of the other banks here, and that such a consolidation. If made, will be consummated not later than Saturday of this week, is the statement of Federal Bank Examiner S. O. Goodheart who was sent here by the comptroller of currency to take charge of the affairs of the First National bank. He said that such an amalgamation would result only from a cooperation of all the business people of the city, great personal sacrifices on the part of the dt. rectors and stockholders of the First National and added that the other banking houses of the city seemed willing to lend all aid possible toward bringing about an amicable settlement of the present unsettled financial conditions. MR GOODHEART TALKS A Journal representative four I Mr. Coodheart in his room at t' can or error Carlos hotel with Thomas an officer of the First Net her asked for a sis'er "We are working or or a can Ion of loral Cark local barks. I would dicate which of the local bar consolidation will be made wi it cause I would ather they would for themselves but I will say that both the other banks show an Inelination to assist in every way possible "The consolidation will result only from great personal sacrifices by the directors of the First National bank which they are willing to make and have so indicated to me The direct tors are also hopeful that every de positor will be paid in full and are working to that end as T3 didiy as possitle We have teen in the bank since 9 o'clock this morning and will ably RO back avain tonight You UIIderstood that the adjustment of the affairs of a closed bank means hard and constant work ALL MOVING STEADILY "Negotiations have reached a point." continued the examiner, "where a consolidation is very possible-you may say probable-and I want The Journal to encourage the idea of a consolidation, show that it will be best for all concerned, and create a sentiment that will cause the public to insist upon hat kind of arrangement which can be brought about only by the coopera. tion of everybody connected with the bank and the earnest and hearty supsort of the entire business community The other two banks show an indtcation to assist in every way possible. If the consolidation is effected the tank will be opened not later than Saturday." DEPOSITS AVAILABLE SOON. As soon as the amalgamation is brought about the funds of the depositors will be available. In case the bank should go to 11guidation. which does not seem probable from the remarks of Examiner Goodheart, receivers would not be appointed by the courts but by the comptroller of currency at Washington There is maintained by the government a corps of experienced receivers. It is not thought. however that it will be found necessary to call upon the government for the appointment of rereivers. The consolidation of the First National bank with one of the other banks here, which would prove the solution to the entire financial di:emma in which Pensacola now finds itself, seems to be almost certain, and that at a very early date.
STATE BANK NOTES BEING PAID SLOWLY FAILURE OF FIRST NATIONAL HAS INTERFERED WITH COLLECTIONS BY STATE BANK RECEIVERS. According to W. Clyde Roberts, one of the receivers of the Pensacola State Bank, recently ordered closed by the State Comptroller, the recent failure of the First National Bank in Pensacola is seriously effecting collections of outstanding notes and other amounts due the defunct State Bank. Since the complete invoice of all assets, liabilities and physical property of the Pensacola S ate Bank was completed by the receivers, J. B. McNeill and W. C. Roberts, and filed with the clerk of the criminal court of record, the receivers have been busy collecting on all notes possible. As soon as sufficient funds have been received, Judge Kirke Monroe, of the criminal court of record, will be notified and he will declare the first dividend for the depositors, and as more money is collected other dividends will be declared from time to time.
THINK SUSPENDED BANK WILL SOON RESUME Pensacola. Jan. 22. Stockholders of the First National Bank held a joint meeting yesterday and appointed a committee to deal with a number of outside e-pitalists who are figuring upon taking over the bank in trouble and opening it 11D for business. \ number of outside bankers were at the conference which was held through the efforts of National Bank Examtner Good hart, who is of the opinion that the bank will soon be opened up and be ble to pay the depositors in full.
A Third Bank For Pensacola. It is very evident to the business interests here that Pensacola needs three banks. At this time the community interest should center on the organization of an institution to take over the business of the First National bank. Regardless of who has or who has not stock and deposits in the distressed institution, it is to the interest of all Pensacolians that the million and a half dollars of deposits now tied up in the First National bank, be released at this time. A receivership means absolute and lengthy liquidation and heavy costs to the depositors. The organization of a bank and trust company to take over the business of the First National, as is now proposed, means more than many of us have hitherto realized. Liquidation of the First National bank, which would require years, may mean the ruin of many local men and businesses, who might, if a reorganization can be effected, work out all of their obligations speedily. In order that Pensacola's business interests may be conserved, all Pensacollans should give the movement to organize a. third bank their earnest moral and financial support, and the slogan should be "A Third Bank for Pensacola."
GULFPORT IS AFFECTED BY FAILURE HERE GULF CITY WHICH EXPORTS LUMBER AND BRANCH OFFICE OF KEYSER . MULDON, FEELS RECENT PENSACOLA AND LIVERPOOL SUSPENSIONS. According to the Shipping Illustrated, a New York publication devoted to the interests of shippers and maritime news generally, Gulfport is already feeling the effects of the failure of the Crow-Rudolph Company, of Liverpool, and the Keyser-Muldon Lumber Company, of Pensacola. The Shipping Illustrated correspondent at Gulfport states that decreases in exports have already occurred as a result and that unless foreign orders show a revival further decreases will be noted. The Shipping Illustrated has the following in its last issue: "Exports of yellow pine from Gulfport and other Mississippi and Louisiana points are showing a decided slacking up and indications are unless foreign orders show an unexpected revival further decreases in exports will occur. "The failure of Crow-Randolph & Co. and the consequent suspension of payment by the National Bank. of Pensacola, which has recently closed its doors, is responsible for a decided falling off in the Liverpool and European demand for Louisiana and Mississippi yellow pine. Shipments now going forward to South America are principally in fulfillment of back orders."
# THE TRUST COMPANY AND
# THE FIRST NATIONAL BANK
Editor Pensacola Journal:
The failure of two of our banks in rapid succession, together with the bankrupt cases following, is a matter that should cause every man to pause and study the reasons why such an economic misfortune should occur in a city so well situated, and full of advantages, which other cities are devoid of, and yet more prosperous and progressive.
We do not believe that the causes lie hidden in a problem too deep to be unearthed. We believe that they stand out as plainly as a torch light procession on the darkest kind of a night, and the features, instrumental in bringing about our present depression, may be resolved into evils which could have been avoided by proper vigilance and business caution.
What these evils are should be known by every business man, and to define them will require but a few brief sentences.
Easy credit, the extremes to which loans were carried, free from the proper safeguards to protect them: the inconsiderate way in which they were granted by the lender: the indifference of the borrower to the importance of redemption, and an extravagance equal to a Sultan of "Turkey;" stranded a city, whose prospects are as bright if not brighter than any city in the south.
The shock given our city by business maladministration, is not too severe for us to survive, and we regard it but a lesson taught by natural law for the benefit of man in his future progress, and we believe that the proposition to take over the responsibilities of the First National Bank, by forming a Trust Company, is the best that could be devised, and should receive the support of every depositor, business man, and citizen who has his city at heart.
We appeal then to the few doubting Thomases whose confidence has been shaken by the unfortunate suspension of one of the oldest banks in the state, not to oppose a movement which we think will redound to the interest of our city and all concerned.
While we know that it is natural for man to lose confidence in human enterprises when once injured, thereby, from bad management, we still cling to the determination of repairing the injury by a more rigid discipline in business methods, and a vigilance, which will restore a confidence greater than that practiced in the past, and which will place business on a sounder basis and a more perfect safety.
We stand then, squarely in favor of the Trust Company taking over the bank, resuming business, and saving an institution, which an opposition thereto, would be an evidence of weakness on our part, and which we should be ashamed to acknowledge.
B. J. GONZALEZ.
That a trust company, with strong financial backing. is one of the new projects under consideration for Pensacola, became known yesterday afternoon, but from the information that could be gleaned last night the plans of the backers are yet in their embryo state and may not mature for several weeks to the point where any definite announcement can be made. J. D. C. Newton, Frank Chaffin and others of Milton, who are financially in a position, to put through such a proposition in Pensacola, were recently in Pensacola and it is understood, made an investigation of conditions and were impressed with the opening here for a trust company. Mr. Newton, when called over the long distance phone last night at his Milton home, confirmed the report that the proposition Is under construction, but that at the present time nothing definite could be given out for publication: He said, however, that he would be in Pensacola within a few days when he would possibly be in a position to make some statement. AFTER BANK BUILDINGS. It became known yesterday that some parties have opened negotiations for both the vacant bank buildings in this city, but it is not known what connection these offers have with the proposed trust company. One report was that the Milton men were afer the Pensacola State bank location, while another report in circulation was that parties from some other state were desirous of securing it. It became known last night that Receiver Goodhart had also been made an offer for the buildings and fixtures of the First National bank.
# ARGUMENTS ARE
# HEARD IN SUIT
# AGAINST BANK
JUDGE SHEPPARD OVERRULES
DEMURRER AND ORDERS RECEIVER TO SHOW WHY $150,000
SHOULD NOT BE PRODUCED.
Judge Sheppard yesterday heard arguments in the case of H. G. DeSilva, as trustee of the Florida & Alabama Land Co., against R. W. Goodharts as receiver of the First National bank, in which the former seeks to compel the latter to turn over to him $150,000 which he alleges W. K. Hyer as president of the Florida & Alabama Land Co. paid to the bank on the personal accounts of officers of the land company.
The case came up on a demurrer filed and argued by W. A. Blount, in which it was sought to show that the petition of the trustee was not specific and insufficient grounds had been shown. Anderson & Beall and Judge E. C. Maxwell appeared for the trustee.
Judge Sheppard overruled the demurrer and ordered the receiver to show cause immediately why the money should not be turned over to the trustee for the benefit of creditors of the land company.
NOTICE.
Sealed proposals for the purchase of the property known as the Banking House of the First National Bank of Pensacola, together with vault, furniture and fixtures of the said First National Bank will be received up to, and including 12:00 O'clock noon, on April 25th, 1914. Prospective bidders are requested to send their bids in a sealed envelope, marked "Proposed Bid for First National Bank Building, Pensacola, Florida." enclosing this envelope in another envelope, addressed to R. W. Goodhart, Receiver of the First National Bank, Pensacola, Florida.
The Government reserves the right to refuse any and all bids.
Prospective purchasers are requested to be present in the office of the Receiver, in the First National Bank Building, at 1:00 o'clock noon. on April 25th, 1914, to witness the opening of these bids.
R. W. GOODHART.
Receiver of the First National Bank of Pensacola, Florida.
349-A5apr-td
15.May 24, 1914The Pensacola JournalPensacola, FL
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Article Text
SUSPENSION OF FIRST NATIONAL WILL BE PROBED United States Court Convenes Tomorrow, Judge Sheppard Presiding. ACCOUNTANTS AND ATTORNEYS CONFER District Attorney Love Ar rives in the City and Yesterday Afternoon Had Long Conference With Two Expert Accountants Who Have Been Going Over the Books of Suspended Bank.
CITY GETS ALL MONEY FROM 1ST.NATL.BANK CHECK FOR ENTIRE REMAINING AMOUNT OF DEPOSIT WAS RECEIVED AT THE MAYOR'S OF. FICE YESTERDAY. In the financial statement of Acting Comptroller, J. H. Bayliss, rendered to the city commissioners under date of July 1, 1914, under the heading of "cash in banks," the item then in the First National, which had failed. was referred to as follows: "In suspended First National bank, $307.22." That was the last of the city's money in the bank and not even that amount was lost, for the mayor yesterday received a check for that amount, and was glad to get it. The city was called upon a few days since to take up an acknowledgement which it had there. and did so. At the same time Mayor Greenhut asked if the amount due the city could not be wiped out, and upon that suggestion. an arrangement was effected which had its ending in the receipt of the check at the mayor's office yesterday.
17.August 5, 1914Americus Times-RecorderAmericus, GA
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Article Text
Four Men Are Indicted For Wrecking a Bank Pensacola, Fla., Aug. 4.-A federal grand jury here today returned indictments against W. K. Hyer, former president; W. H. Knowles, former vice president; Thomas W. Brent, former assistant cashier of the First National bank, and W. S. Keyser, president of the Keyser-Muldon Lumber companhy, charging them with aiding in misapplication of funds of the First National bank which suspended here some time ago. Knowles' bond was given at $10,000, and the others at $8,000 each. All gave bond.
# W. N. ROBERTS
DIES AFTER A
SHORT ILLNESS
ASSISTANT CASHIER OF BANK OF
COMMERCE SUCCUMBS IN MO-
BILE FOLLOWING AN OPERA-
TION.
Telegrams received in the city last night announced the death in Mobile of W. N. Roberts, assistant cashier of the National Bank of Commerce. Death occured shortly after 6 o'clock last night and followed an operation which was performed in the Mobile Sanitarium Sunday a week ago. Mrs. Roberts and children were in Mobile when the death occured and will accompany the remains to this city, arriving this morning at 6:20 o'clock.
Mr. Roberts had been suffering from a complication of stomach troubles for some weeks and went to Mobile a little over a week ago. There it was found necessary to operate and up to until a day or so ago reports were that Mr. Roberts was improving. However, his condition grew worse and death occurred early last night.
Mr. Roberts was a native of the city in which he died, but had resided in Pensacola since 1885. He was connected with the First National bank in various capacities and when it suspended operations he was the assistant cashier.
The deceased had many friends in Pensacola and the surrounding territory. He was popular with his associates as well as the general public and many will regret to learn of his death. He was 57 years of age and is survived by a wife and five children, three sons and two daughters, besides a number of other relatives.
The hour and date of the funeral will be announced later.
19.November 20, 1914The Palatka News and AdvertiserPalatka, FL
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Article Text
# BANK OFFICERS REINDICTED
Federal Grand Jury Takes Action In
The Pensacola Bank
Case
Pensacola. - Two officials and two former officials of the suspended First National Bank here were reindicted by a local United States grand jury on the charge of misapplying the funds of the institution.
The defendants are William H. Knowles, vice president; Thomas W. Brent, assistant cashier; W. K. Hyer, former president, and William S. Keyser, a former director.
Attorneys for the defendants attacked the previous indictments, alleged that the grand jury returning them had been drawn illegally. No decision of their validity has yet been made, but the government decided to ask for new true bills.
FOR SALE-The following shares of stock: 98 shares Barcelona St. Wharf Co., 2 shares Ferry Pass Inspectors & Shippers Assn., also 240 residence lots in Hazelhurst, one lot and two-story dwelling on Bayou Chico: 15,100 acres pine land, Santa Rosa county, 100 shares of stock in the Interstate Casualty Company, one lot in the Town of Andalusia, Alabama, and a number of lots in the New City Tract and East Pensacola: 2 residence lots in Montgomery, Ala., $25.-000.00 bonds of Pensacola Suburban R. R. $25,000.00 G. F. & A. R. R. Co. bonds; 58 shares of preferred stock G F. & A., 174 shares of common stock G. F. & A. 140 lots in Highland Park. 53½ acres land West of Country Club, and South of the hard road. 12 8-10 acres of land facing Brent road. 87 acres of land in Oakfield Survey adjoining the Campbell homestead. W. H. Milton, receiver Firts National Bank, 11 West intendencia street, Pensacola, Fla. 1may
FOR SALE-The following share of stock: 98 shares Barcelona St. Wharf Co., 2 shares Ferry Pass Inspectors & Shippers Assn., also 240 residence lots in Hazelhurst, one lot and two-story dwelling on Bayou Chico; 15,400 acres pine land, Santa Rosa county, 100 shares of stock in the Interstate Casualty Company, one lot in the Town of Andalusia, Alabama, and a number of lots in the New City Tract and East Pensacola; 2 residence lots in Montgomery, Ala., $25,000.00 bonds of Pensacola Suburban R. R. $2,000.00 G. F. & A. R. R. Co. bonds; 58 shares of preferred stock G F. & A., 174 shares of common stock G. F. & A. 140 lots in Highland Park. 53½ acres land West of Country Club, and South of the hard road. 12.8-10 acres of land facing Brent road. 87 acres of land in Oakfield Survey adjoining the Campbeli homestead. W. H. Milton, receiver Firts National Bank, 11 West intendencia street, Pensacola, Fla. 1may
FOR SALE-The following sharer of stock: 98 shares Barcelona St. Whar! Co., 2 shares Ferry Pass Inspectors & Shippers Assn., also 240 residence lots in Haselhurst, one lot and two-story dwelling on Bayou Chico: 15,400 acres pine land, Santa Rosa county, 100 shares of stock in the Interstate Casualty Company, one lot in the Town of Andalusia, Alabama, and a number of lots in the New City Tract and East Pensacola: 2 residence lots in Montgomery, Ala., $25,000.00 bonds of Pensacola Suburban R. R. $25,000.00 G. F. & A. R. R. Co. bonds; 58 shares of preferred stock G F. & A., 174 shares of common stock G. F & A 140 lots in Highland Park. 58½ acres land West of Country Club, and South of the hard road. 128-10 acres of land facing Brent road. 87 acres of land in Oakfield Survey adjoining the Campbell homestead. W. H. Milton, receiver Firts National Bank. 11 West intendencia street, Pensacola. Fla. imay
FOR SALE-The following share of stock: 98 shares Barcelona St. Whart Co., 2 shares Ferry Pass Inspectors & Shippers Assn., also 240 residence lots in Hazelhurst. one lot and two-story dwelling on Bayou Chico: 15,400 acres pine land, Santa Rosa county, 100 shares of stock in the Interstate Casualty Company, one lot in the Town of Andalusia, Alabama, and a number of lots in the New City Tract and East Pensacola; 2 residence lots in Montgomery, Ala., $25,000.00 bonds of Pensacola Suburban R. R. $22,000.00 G. F. & A. R. R. Co. bonds; 58 shares of preferred stock G F. & A., 174 shares of common stock G. F. & A. 140 lots in Highland Park. 53½ acres land West of Country Club, and South of the hard road. 12 8-10 acres of land facing Brent road. 87 acres of land in Oakfield Survey adjoining the Campbell homestead. W. H. Milton, receiver Firts National Bank. 11 West intendencia street. Pensacola. Fla. 1may
FOR SALE
The following share of stock: 98 shares Barcelona St. Wharf Co., 2 shares Ferry Pass Inspectors & Shippers Assn., also 240 residence lots in Hazelhurst, one lot and two-story dwelling on Bayou Chico; 15,400 acres pine land, Santa Rosa county, 100 shares of stock in the Interstate Casualty Company, one lot in the Town of Andalusia, Alabama, and a number of lots in the New City Tract and East Pensacola; 2 residence lots in Montgomery, Ala., $25,000.00 bonds of Pensacola Suburban R. R. $23,000.00 G. F. & A. R. R. Co. bonds; 58 shares of preferred stock G. F. & A., 174 shares of common stock G. F. & A., 140 lots in Highland Park, 53½ acres land West of Country Club, and South of the hard road. 12 8-10 acres of land facing Brent road. 87 acres of land in Oakfield Survey adjoining the Campbell homestead. W. H. Milton, receiver First National Bank, 11 West Intendencia street, Pensacola, Fla. 1may
W. H. Milton Refuses to Confirm Washington News About Him. MAKE STATEMENT WITHIN DAY OR TWO Further Developments Are Awaited With Considerable Interest. SPECIAL TO THE JOURNAL. Marianna, Fla., Aug. 14.-A report reached this city tonight that Hon. W. H. Milton has resigned the receivership of the First National Bank of Pensacola. Mr. Milton, being a resident of Marianna, a representative of The Journal called him over the telephone and asked for a statement on the subject. This, however Mr. Milton declined to give at this time, stating that he would make a statement within the next day or two. He declined to either confirm or deny the report, which is of great interest to the people of this city and section, owing to the prominence of Mr. Milton and of the institution of which he has been receiver for more than two and a half years. Further developments in the matter will be awaited with interest. Mr. Milton just recently has declared a five per cent dividend as receiver on the deposits of the defunct bank, making a total of sixty per cent thus far returned to the depositors.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
