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Three Independent Banks Also Suspend LITTLE ROCK ously with the suspension the Banks banking group, three other suspensions not nected with Mr. Banks nounced Monday by Walter Taylor, state banking commission- These are: People Bank McRae; Bank of Branch; and the State Bank of Fouke. Commissioner Taylor announced Monday that the Merchants Bank of which belongs the Banks group, turned over to him liquidation.
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HYSTERIA GIVEN AS CAUSE 32 CLOSINGS ENTIRE STATE AFFECTED BY CLOSING OF AFFILIATED BANKS IN SECTIONS ALL FOR FIVE DAYS Three Largest Close Are Americal Exchange, Little Rock; Merchants and Planters Trust Company, Pine Bluff, and Merchants and Planters at Helena Little Rock, Ark., Nov. affiliated banks in Arkansas ciosed today for five days as a result of what officials described as "public hysteria" over the receivership of Caldwell and Company, Nashville, Tenn., investment bankers. The decision of the board of directors of the Exchange Trust Company, Little Rock, the largest the state, to suspend payments deposits for five-day period allowed by law, was followed by the temporary closing of of 46 others associated with A. Banks and Company. A. B. Banks is president of the American-Exchange Trust Company and of several of the smaller banks which closed One other small bank in the Banks company group was placed in charge of the state banking department liquidation. Four other small independent banks also closed, two for five days and the others for liquidation. Walter Taylor, state bank commissioner, announced after a conference with Attorney General Hal Norwood that under the law he could not take charge of banks taking advantage of the five-day closing provision until the end of the period. The three largest banks in the group are the AmericanExchange, Little Rock; the Merchants and Planters Trust Company, and the Merchants Planters Bank, Helena. These three had combined total deposits of approximately $18,000,000 at the last bank call Sept. 24. The other closed banks are comparatively small: The Merchants and Planters at Humphrey, in the A. B. Banks for liquidation. The State Bank of Fouke, at Fouke, and theBank of Branch, a Branch not in the group, closed for liquidation. closing of the American-Exchange followed heavy withdrawals during the past few days. Other affiliated banks for the most part closed the protection of depositors" because of general unrest resulting from the closing officials