1.
January 9, 1914
The Pensacola Journal
Pensacola, FL
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Any doubts that might have existed in the minds of pessimiste SE to the stability of the Citizens and Peoplex National bank and the American National bank were dispended vesterday when those two staunch institutions emerged at the close of the day's bust ness with flying colors and with balances larger than when the day business was begur. A run or the American National bank WILS due to the suspension of the First National bank and had been anticipated by the officials of the mist:tution. who had prepared for any emergency that might arise. There white no uneasiress on the part of the large depositors and business men as a rule but the withgrawals were confined almost entirely to the small depositor and the crewas that collected at the banks showed that two-thirds of choes closing their account were small savdepositors who had become needlessly alarmed Ther there were it number of Greeks and foreigners who equid not understand the situation and who wanted their more EVERY FACILITY AFFORDED The two banks afforded every facility for those desirins to withdraw their deposits and even went NO far as to convert other departments into paying windows so that anxione depositors could secure their money without any delay. President C. W. Lamar of the Am erican National bank where many women and small depositors have their savings and Naturally where the larzest drowd collected, made is short statement shortly after doors of the banis opened He told the waiting crown that the bank wae in a position to pay every dollar than was ail deposit and that 11 would de 80 just 98 last as possible. He asked the people who had come to the bank solely out of curiosity to withdraw and thus mit those who had come to secure their money 1.0 do so without any unnecess sary delay. Mr. Lamar said the had over $600,000 on decosit in 118 vaults and no one need reel alarmed set the least. His remarks not only had an aft upon those who had money iss this bank. but were met with obsers 1POLT those who had indicence that the 11 stitution could stand any run no main ter how prolonged DOLLAR FOR DOLLAR While the small depositors were feDay ceiving their money as fast as the ing tellers could hand it over to that 1119 the receiving tellers were equally busy receiving deposits. and they 1:4 is of no small amounts Business no is which had not banked the da: ous poured their deposits into the bank some of the firms bringing in BUTTE as high as $25,000. The fact that firms in Pensacola known to be sound and with ample capital were putting money in large sums into the bank reassured many and by noon there were only a few people about the bank making withdrawals. And the small crowd at that hour soon dritted away when President Lamar again mounted the cashier , desk and told the depositors that in order to accommodate all who wanted their money the bank would not close keep the paying tellers on duty until = o'clock in the afternoon if necessary to accommodate the patrons. But this was not necessary. for bv 2 o'cloc there was hardly a person in the build. ing who wanted to take his money OUT of the institution. CONFIDENCE RESTORED. Whatever confidence was lacking during the earlier hours of the day had been restored. and bank officials and the public felt better when the afternoon hours found both banks in an even better condition than when the day's business began. "We passed through the day without any trouble whatever." said President C. W. Damar to a Journal representa tive late in the afternoon "Some small depositors closed their accounts, but (Continued on Page Two)
2.
January 10, 1914
The Pensacola Journal
Pensacola, FL
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LARGE DEPOSITS MADE IN THE BANKS Many New Accounts Are Opened In Each Of the Banks, While Not An Account Was Closed During the Day-Bank Examiner Is Expected To Reach the City This Morning Conditions in financial circles and the banking business became almost normal again yesterday, following the flurry of Thursday when the First National failed to open. precipitating a run by small depositors on the American National Shortly after 6 o'clock last night the heads of the Citizens and Peoples National bank and the American National bank stated that conditions in Pensacola were again normal and they anticipated nothing but continued improvement henceforth. Both banks received many deposits and opened many new accounts during the day. and their business as a consequence is larger than at any time previous. Fully two-thirds of the frightened depositors who withdrew their deposits from the American National Thursday returned their money during yesterday, many of them expressing regret at being hasty in closing their accounts. EXAMINER EXPECTED TODAY. National Bank Examiner S. O. Good heart. or some other examiner', is expected here today to take charge of the affairs of the First National and determine what course to parsue in the matter. The examiner was expected yesterday. as dispatches of Thursday stated the comptroller of the currency had ordered a man here immediately. Vice-President Wm. 11. Knowles, who went to New York to secure money and tide the First National over its stringent period. but who reached the metropolis too late, is expected to return this morning.
3.
September 1, 1914
The Daily Ardmoreite
Ardmore, OK
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FLORIDA BANK IS CLOSED. With Nearly Two Millions in Depos. its, Bank Closes Following Run. Pensacola, Fla., Sept. 1.-The American National Bank closed its doors today after a run. The bank had deposits of one million, seven hundred thousand dollars.
4.
September 1, 1914
Evening Star
Washington, DC
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BANK CLOSES DOORS. Run of Depositors Overwhelms Pensacola, Fla., Institution. PENSACOLA, Fla., September 1.-The American National Bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning. For some time after the doors were closed streets in front of the bank's tenstory building were crowded. Officials of the bank have made no statement.
5.
September 1, 1914
The Topeka State Journal
Topeka, KS
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Run Closes a Bank. Pensacola, Sept. 1.-The American National bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night, depositors flocked to the bank ,this morning. Officials of the bank have made no statement.
6.
September 2, 1914
The Pensacola Journal
Pensacola, FL
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The American National Bank closed its doors yesterday morning as the result of a run on the bank by depositors who began to draw out their money when the bank opened for business at 9 0° 'clock. Late yesterday afternoon the comptroller of the currency appointed W. H. Milton as receiver of the institution and he will take charge this morning. Whether the bank will be opened and operated by the receiver or put through a process of reorganization can only be determined after an examination by the agents of the comptroller of the currency, but it is generally believed by the business public that the bank will be found to be perfectly solvent and that depositors will all be paid in full when the affairs of the institution are adjusted. At the hour of opening yesterday the bank had cash on hand to the amount of $162,000 and this with the addition of its exchange and other cash items represented much more than the required legal reserve. The withdrawals during the morning amounted to $62,000, and when it became evident that the run was to be continued the only thing the bank could do, for the protection of all interests, was to close its doors. RUN RESULT OF RUMORS. The run on the American National Bank was the direct result of rumors which had been in circulation for Several days in reference to the bank's solvency. There seemed to be no foundation for the rumors and none of them could be traced to the original source, but they proved their effect tiveness to a most remarkable degree. The rumors were particularly persistent Monday night and by Tuesday morning many of the small depositors of the bank were at the door waiting to get their money. When it appeared that the run was likely to develop into larger proportions, President C. W. Lamar called a meeting of the directors and after at canvass of the situation the following resolution was passed: RESOLUTION ADOPTED. "At a meeting of the board of directors of the American National Bank of Pensacola, Florida, held in the directors' room of said bank in the city of Pensacola, at the hour of ten o'clock, pursuant to notice duly given to each director residing in the city of Pensacola, there were present Messrs. C. W. Lamar, H. L. Covington, Thos. V. Hannah, W. S. Rosasco and Frank Reilly. The president reported to the directors that, owing to conditions arising during the course of business on the 31st day of August and the early morning of the first day of September, followed by heavy withdrawals, caused by persistent damaging rumors, the reserve of the bank was rapidly being depleted to such an extent as to reduce it below the legal requirement, and that the reserve could not be within a limited time replaced within the usual course of business. Upon motion duly made by H. L. Covington and seconded by Frank Reilly, it was "RESOLVED, That the American National Bank of Pensacola, Florida, be closed to business and that no further deposits be received, nor checks, drafts, moneys or other of its assets be paid out until the further order of the comptroller of the currency and that the comptroller be duly notified immediately by telegraph and that this announcement be made by the bank at once.' Following this action by the direc. tors the bank's doors were closed and a notice posted on the door announcing (Continued an Page Three)
7.
September 2, 1914
The Daily Telegram
Clarksburg, WV
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BANK FAILURE. (BY ASSOCIATED PRESS) PENSACOLA, Fla., Sept. 2-The American National Bank of Pensacol has closed its doors after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning.
8.
September 2, 1914
The Pensacola Journal
Pensacola, FL
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tation looking to an adjustment of the unfortunate situation. To a Journal representative President Lamar said that an examniation will demonstrate that the bank was simply the victim of groundless rumors that resulted in the run and that every depositor will be paid in full. ORGANIZED IN 1900. The American National Bank was organized in 1900 by W. C. O'Neal and others. After President O'Neal's death in 1905, H. L. Covington was elected president and he was succeeded by C. W. Lamar. The bank enjoyed prosperity from the beginning and in 1908 erected the handsome bank and office building which has been its home since that time. The present officers are C. W. Lamar, president; Thos. V. Hannah, vice-president; M. E. Clark, cashier; John Pfeiffer, assistant cashier; J. W. Andrews, assistant cashier. The last published statement of the bank, for the close of business on June 30, showed a capital and surplus of $360,000, with cash and amounts due from other banks of $518,887.18. Its deposits amounted to $1,705,923.53. The bank was probably in better or in as good condition when it opened business yesterday morning as it was on June 30 when its last statement was made.
9.
September 2, 1914
Pine Bluff Daily Graphic
Pine Bluff, AR
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RUMORS DO FOR ANOTHER BANK The American National of Pensacola, Fla., Forced to Close by "Run." Pensacola, Fla., Sept. 1-The American National bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated late yesterday and last night depositors flocked ot the bank this morning. For some time after the doors were closed streets in front of the bank's tenstory building were crowded. Officials of the bank could not be communicated with un until noon. The bank had deposits of $1,715,000, according to the last annual statement. The capitalization is $300,00 and the surplus $35,000 On last January 1 its loans and discounts amounted to $2.000.000, C. W. Lamar is president of the institution, and M. E. Clark cashier. The American National successfully weathered a severe storm a few months ago when the First National bank closed its doors.
10.
September 2, 1914
The Times Dispatch
Richmond, VA
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PENSACOLA BANK CLOSES Depositors Aroused by Sensational Reports. Make Run on Institution. PENSACOLA, FLA., September 1.The American National Bank of Pensacola closed its doors to-day after a run lasting about an hour. Aroused by sensational reports circulated last night. depositors flocked to the bank this morning. For some time after the doors were closed streets in front of the bank's ten-story building were crowded. Officials of the bank have made no statement The bank had deposits of $1,715,000. according to the last annual statement. The capitalization is $300,000, and the surplus $35,000. On last January I its loans and discounts amounted to $2,000,000. C. W. Lamar is president of the institution, and M. E. Clark, cashier. The American National successfully weathered a severe storm a few months ago. when the First National Bank closed its doors.
11.
September 3, 1914
Ottumwa Tri-Weekly Courier
Ottumwa, IA
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TO PUT RECEIVER IN CHARGE OF BANK Washington, D. C., Sept. 2-Arrangements are being made to put a temporary receiver in charge of the American National bank of Pensacola, Fla., which closed its doors today after a short run. A brief report to the comptroller of the currency says the bank was closed by its directors but gives no details.
12.
September 4, 1914
The Pensacola Journal
Pensacola, FL
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THE LATTER BUSY ALL OF YESTERDAY Will Require Several Days Before Proposed Plan Can be Got Into Shape For Presentation to Comptroller of Currency, But All Depends Upon the Depositors Themselves. No one is taking any more interest in the reopening of the American National Bank than is Receiver W. H. Milton. He is co-operating with the committee of depositors in every way, and to a Journal representative last night, Mr. Milton said: "I am deeply interested in seeing the American National re-opened No depositor could feel a keener interest in it than I feel and I am ready to co-operate in every way possible to the end that the bank may be able to resume business at the earliest possible time. Pensacola and West Florida need this bank and I sincerely trust the plans now being made for re-opening It will prove effective." The depositors committee, headed by Morris Bear, was busy all day yesterday and until late last night going into the details of the bank's condition and satisfactory progress is being made. It will require several days, however, before the proposed plan, as outlined in The Journal yesterday, can be got into shape for presentation to the comptroller of the currency, but the public will be advised as the work progresses. The plan of course depends entirely on the depositors themselves and until they can be communicated with and their agreement to it secured, it cannot be put into effect. Public sentiment regarding the American National seems to be unani mously in favor of its resuming business and all depositors who have been heard from are free in their approval of the plan proposed. The suspension of a bank is, in probably 99 cases out of 100, followed by more or less criticism of the management of the institution. The case of the American National, however, appears to be an exception to the rule, Not only has there developed no criticism, but the bank and the bank management probably never had so many friends as they have now. An examiner sent by the comptroller of the currency is expected to arrive in a day or two, but the committee will in the meantime keep at work on the plan for an early resumption of business by the bank.
13.
September 13, 1914
The Pensacola Journal
Pensacola, FL
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To Reinstate Local K. of C. An important meeting of the local branch of the Knights of Columbus will be held at the usual hour this evening, and the attendance of every member is earnestly desired. Important work is to be done. It was stated officially yesterday that the local branch stands suspended, and the meeting this evening will mainly be for the purpose of remedying this condition with national headquarters. The draft which was sent in payment of the local branch's c-bligations to the national headquarters was not honored on account of the failure of the American National Bank in Pensacola, and there will be some plan worked out at the meeting to place the Pensacola branch in the usual good standing. Dr. M. A. Lischkoff is out aug23tf of the city
14.
September 20, 1914
The Pensacola Journal
Pensacola, FL
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A Warning. The suspension of the American National Bank in Pensacola, with the added stringency in financial matters in this section which this has brought about, all came from idle gossip. The bank was perfectly solvent. there is no question as to the honesty of its officials, but in the excited state of the public mind it required but little to start a run which necessitated its closing. Another warning against talking about things of which you know nothing.-DeFuniak Breeze.
15.
November 29, 1914
The Pensacola Journal
Pensacola, FL
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AMERICAN NATIONAL BANK AFTER 90 DAYS' SUSPENSION REOPENS DOORS TOMORROW With New Money and New Officers Institution Now Telegram From Comptroller. One of Strongest Washington, D. C., Nov. 28, 1914. W. H. Milton, Receiver American National Bank, Pensacola, Fla. MORE THAN $600,000 This office having been advised by you that the directors of the American National Bank of Pensacola, Florida, have complied with the IN CASH ON HAND requirements requested of them, and that the bank now has sufficient funds with which to conduct business, the American National Bank is hereby authorized to resume business on Monday, Nov. 30, 1914. James G. Pace is President JOHN SKELTON WILLIAMS, Comptroller of the Currency. and Morris Bear is Vice-
16.
November 29, 1914
The Pensacola Journal
Pensacola, FL
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American National Bank After 90 Days' Suspension Reopens Doors Tomorrow (Continued From First Page.)
17.
December 3, 1914
The Lakeland Evening Telegram
Lakeland, FL
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PENSACOLA BANK REOPENS FOR BUSINESS Pensacola, Dec. 3.-The reopening of the American National Bank yesterday morning constituted a gala day in Pensacola, and particularly was this true in the vicinity of the bank At 9 o'clock a large number of citizens were present to congratulate the bank officials and to give the institution their support nd confidence by making deposits and opening new accounts. The deposits received during the day aggregated $75,000 and the withdrawals were so small as to be almost selfaible. Among the large depositers was the City of Pensacola, Mayor Greenhut placing $10,000 on leposit early in the morning for the city's account, while Thos. A. Johnson, as chairman of the county board of bond trustees, deposited $14,000. A feeling of greater confilense than Pensacola has experin a year now seems to perthe whole city and with the sound, solvent, and enterprisakk doing business there is reason for faith in both the and the future.
18.
December 4, 1914
The Palatka News and Advertiser
Palatka, FL
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PENSACOLA BANK REOPENS American National Bank, Which Recently Closed, Reopens Its Doors For Business Pensacola.-The American National Bank, which closed its doors following a run several months ago, threw open its doors again under new management. With that end in view, a large corps of clerks and assistants are working day and night this week, and it is expected that there will be no hitch in the arrangements to resume business. The announcement that business will be commenced again came from the lips of the committee on reorganization and the new officers to form the official personnel of the institution. Receiver Milton is busy in making out time certificates of deposits for periods of three, six nine and twelve months to those having over a certain sum on deposit, in conformity with agreements signed by the depositors.
19.
December 6, 1914
The Pensacola Journal
Pensacola, FL
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OTHER BANKS WELCOME BACK THE AMERICAN THE GREATER PENSACOLA CLUB LUNCHEON MEETING HEARS ENTHUSIASTIC SPEECHES OF GRATIFICATION OVER RETURN OF AMERICAN NATIONAL BANK TO BUSINESS ACTIVITY. Yesterday's luncheon meeting of the Greater Pensacola Club was the largest and most enthusiastic that has occurred in a long time. According to President Bingham's announcement the meeting was in the nature of a celebration over the return to business activity of the American National Bank and it aroused great enthusiasm. A significant and pleasing feature of the affair was the ovation given to President Jas. G. Pace and former President C. W. Lamar, of the American National, when they entered the room and later to Mr. Lamar when he arose to respond to the several speeches of welcome. The cheers and applause lasted for some moments and it was with difficulty that he could begin his remarks. John S. Beard presided as toastmaster in his usual eloquent and happy manner, and he announced President J. S. Reese of the Citizens and Peoples National Bank as the first speaker. Mr. Reese spoke in strong terms of his gratification over the return of the American National to active business and he complimented the men whose energy and means had made it all possible. He paid a fine tribute to Receiver W. H. Milton for his own good work in looking after the interests of the bank. In closing, Mr. Reese gove eloquent expression to his faith in Pensacola, her people and her future. President R. W. Goodhart responded on behalf of the National Bank of Commerce. He said the reopening of the American National had accomplished more good than was visible. It had restored confidence and we need confidence. Its suspension was due to conditons which no one could foresee, and its rehabilitation shows that we are all getting together-a very essential thing. Mr. Goodhart extended the compliments and best wishes of his own bank to the reorganized institution. Wm. Fisher, a director in the Banking, Savings and Trust Co., spoke in behalf of that institution. Mr. Fisher said that adversity sometimes served a good purpose. It brings out friendships and removes the glitter of material prosperity, enabling one to see the facts as they are. It teaches that We are all dependent on each other and that when a competitor goes down it is our duty to help him onto his feet again. He welcomed the American National back and said the thanks of the community were due to the men who reopened it. C. W. Lamar responded on behalf of the American National Bank, but it was apparent that he was greatly affected by the remarks of the previous speakers and the ovation which was given him when he arose to speak. Mr. Lamar expressed his heartfelt appreclation of the welcome to the bank and of the co-operation which had made its reorganization possible. He had found that one of the chief assets of a business was friends and he was happy that the bank had SO many friends. In adjourning the meeting, President Bingham announced that next Saturday would be "Chamber of Commerce day," and he expressed the hope that a large gathering would be present.
20.
December 20, 1914
The Pensacola Journal
Pensacola, FL
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Pensacola's Revival As Seen on the Outside. Pensacola's business revival is being noted by outside people and papers and their expressions, added to the faith of our own people, are splendidly indicative of the high place which Pensacola holds in the purview of every careful student of future events. The Montgomery Advertiser recently said: Times are better in Pensacola. The banks of that city have been reinvigorated, after a season of punishment and illness; they are stronger now than ever before. Pensacola should go forward now. She is recovered, practically, from her many troubles which ailed her long before she started. The American National Bank of Pensacola, which suspended operations three months ago has re-opened with over $600,000 in actual cash with which to begin. The bank has been re-organized by the business men of Pensacola. In speaking of this cheering event, The Pensacola Journal says: "During the past year all but one of Pensacola's banks have suspended. The one that did not suspend is stronger now than it was a year ago, and for each of those that did suspend we have an absolutely solvent and infinitely stronger institution than exlisted before. "Could anything more be said, and could any Pensacolian desire more as an evidence of the recuperating power of the Deep Water City and section?" The Advertiser begs to extend its congratulations to Pensacola. We have seen good and deserving families touched with sickness, proving again that troubles come in bunches. But all of a sudden all members of the family begin to recover; when they do recover they are healthier and more prosperous than before. It was much the same with Pensacola. Within the past eighteen months her troubles seem to come in bunches. But now they are leaving in bunches. There is no reason in the world why Pensacola should not go forward in leaps and bounds. Pensacola, like Mobile, is bound to become one of the great seaport cities of the country. We think it has already started to gain that growth which will make it such a city. This is exactly the view that our own people hold, and we are gratified to see it expressed by so able and observing a journal as the Montgomery Advertiser.