342. Ashley County Bank (Hamburg, AR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 16, 1914
Location
Hamburg, Arkansas (33.228, -91.798)

Metadata

Model
gpt-5-mini
Short Digest
f237179b9617015c

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Jan 16–23, 1914) state a slight run caused by an ugly or false and malicious rumor led the directors to close the bank and place its affairs with the State Bank Commissioner for liquidation. The bank was taken into the custody of the State Bank Commissioner and a deputy commissioner/liquidator was appointed; articles indicate liquidation rather than reopening.

Events (3)
1. January 16, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
A false, malicious, ugly and scandalous rumor circulated about the bank's condition, prompting depositor withdrawals.
Measures
Directors decided to close the bank and turn its affairs over to the State Bank Commissioner to avoid further trouble.
Newspaper Excerpt
there had been a slight run on it during the last few days
Source
newspapers
2. January 16, 1914 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank suspended operations after depositor withdrawals triggered by false and malicious reports; directors opted to close rather than borrow funds.
Newspaper Excerpt
closed its doors and placed its affairs in the hands of State Banking Commissioner Davis
Source
newspapers
3. January 17, 1914 Receivership
Newspaper Excerpt
took charge of the Ashley County Bank ... appointed Frank Pugh ... to liquidate its affairs and pay off the depositors; examiner to file statement of the assets of the bank placed a deputy bank commissioner in charge and to liquidate the affairs indicates winding up under state supervision.
Source
newspapers

Newspaper Articles (7)
1. January 17, 1914 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, January 17, 1914

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Article Text

UGLY RUMOR CAUSED BANK TO SUSPEND ASHLEY COUNTY BANK OF HAMBURG CLOSES ITS DOORS TO AVOID FURTHER TROUBLE In Hands of State Bank Commission. er Could Have Secured Funds In This City. The directors of the Ashley County Bank, of Hamburg, one of the oldest and most substantial of the smaller banking institutions in South Arkansas, met Friday morning and decided to close the doors of the bank and turn its affairs over to State Bank Commissioner John M. Davis. This action was taken after as slight run on the bank had been made by depositors and was deemed the best thing to do, notwithstanding the bank is said to be in fine condi ticn and could have secured funds from the Citizens Bank of this city, according to Cashier M. E. Bloom, had the request been made. The Ashley County Bank is capitalized at $25,000 and has a surplus of $20,000. J. H. Pryor Sr., one of the wealthiest men of South Arkan3as. has been at the head of the rank for years and J. H. Schafer is cashier. It was stated that an "ugly and scandalous" rumor was circulated regarding the bank, causing uneasiness among its depositors. The action of the directors was taken to avoid further trouble. The affairs of the bank will either be liquidated or it will be reopened for business in a few days.

2. January 17, 1914 The Sentinel=record Hot Springs, AR
Article from The Sentinel=record, January 17, 1914

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Article Text

ARKANSAS BANK CLOSED. Ashley County Bank, at Hamburg, in Liquidation.! Hamburg, Ark., Jan. 16-The Ashley County Bank today closed its doors and placed its affairs in the hands of State Banking Commissioner Davis. Officials of the bank declared that It is perfectly solvent but said that there had been a slight run on it during the last few days and they preferred to close its doors rather than seek to borrow money. It is said that they had been offered loans by Pine Bluff banks but declined. O4fficials of the bank said the run had been started by false and malicious reports concerning its condition.

3. January 20, 1914 The Prescott Daily News Prescott, AR
Article from The Prescott Daily News, January 20, 1914

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Article Text

ASHLEY COUNTY BANK CLOSES ITS DOORS Hamberg Financial Institution in Hands of State Bank Commissioner. Oldest in CountyEstablished 18 Years State Bank Commissioner Davis has returned from Hamburg, where he took charge of the Ashley County Bank, which closed its doors last week. He left State Bank Examiner, A. J. Reap there to make an examination of the institution, and appointed Frank Pugh, cashier of the Farmers and Merchant's Bank of Hamburg, as special Deputy Bank Commissioner to liquidate its affairs and pay off the depositors. The Examiner will 'file with the Chancery Clerk, probably today, a statement of the assets of the bank. The Ashley County Bank was the oldest in the county, having been established eighteen years ago. J. H. Pryor, sr., is president, and J. H. Schaffer is cashier. The capital stock is $25,000, with $10,000 surplus. An action has been instituted in Pulaski chancery court by a depositor of the Argenta bank which failed last week, for the appointment of a receiver. The Bank Commissioner has already taken possession under the new law, placing a deputy bank commissioner in charge, and the action of the depositor is for the express purpose of testing the validity of the statutory provision by which the Bank Commissioner has proceeded to wind up the affairs of the bank.

4. January 20, 1914 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, January 20, 1914

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Article Text

Hamburg Bank Closed. Special to Independent. Little Rock, Jan. 21.-State Bank Commissioner Davis has returned from Hamburg, where he took charge of the Ashley County Bank, which closed its doors last week. He left State Bank Examiner A. J. Read there to make an examination of the institution, and appointed Frank Pugh, cashier of the Farmers and Merchants Bank of Hamburg, as special deputy bank commissioner to liquidate the affairs of the bank, and pay off the depositors. The examiner will file with the chancery clerk, probably today, a statement of the assets of the bank. The Ashley County Bank was the oldest in the county, having been established eighteen years ago. J. H. Pryor, Sr., is president, and J. H. Schaffer is cashier. The capital stock is $25,000, with $10,000 surplus. An auction has been instituted in Pulaski chancery court by a depositor of the Argenta bank which failed last week, for the appointment of a receiver. The bank commissioner has already taken possession under the new law, placing a deputy bank commissioner in charge, and the action of the depositor is for the express purpose of testing the validity of the statutory provision by which the state bank commissioner has proceeded to wind up the affairs of the bank.

5. January 22, 1914 The Dermott News Dermott, AR
Article from The Dermott News, January 22, 1914

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Article Text

ASHLEY COUNTY BANK SUSPENDS THREATENED RUN CAUSES OLD INSTITUTION TO CLOSE ITS DOORS. Western Newspaper Union News Service. Hamburg.-The directors of the Ashley county bank of Hamburg, one of the oldest and most substantial of the smaller banking institutions in south Arkansas decided to close the doors of the bank and turn its affairs over to State Bank Commissioner John M. Davis. This action was taken after a slight run on the bank had been made by depositors. The bank is said to be in fine condition and could have secured funds from other banks, had the request been made, it is said. The Ashley county bank is capitalized at $25,000 and has a surplus of $20,000. J. H. Pryor Sr. has been at the head of the bank for years and J. H. Shafer is cashier. It was said that an "ugly" rumor was circulated regarding the bank, which caused uneasiness among its depositors. The action of the directors was taken to avoid further trouble. The affairs of the bank either will be liquidated or it will be re-opened for business in a few days.

6. January 23, 1914 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, January 23, 1914

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Article Text

ASHLEY COUNTY BANK HIT Old Institution Forced by Run to Close Its Doors. Western Newspaper Union News Service. Hamburg.-The - directors of the Ashley county bank of Hamburg, one of the oldest and most substantial of the smaller banking institutions in south Arkansas decided to close the doors of the bank and turn its affairs over to State Bank Commissioner John M. Davis. This action was taken after a slight run on the bank had been made by depositors. The bank is said to be in fine condition and could have secured funds from other banks, had the request been made, it is said. The Ashley county bank is capitalized at $25,000 and has a surplus of $20,000. J. H. Pryor Sr. has been at the head of the bank for years and J H. Shafer is cashier. It was said that an "ugly" rumot was circulated regarding the bank, which caused uneasiness among its depositors. The action of the directors was taken to avoid further trouble

7. January 24, 1914 The Harrison Times Harrison, AR
Article from The Harrison Times, January 24, 1914

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Article Text

ASHLEY COUNTY BANK HIT Old Institution Forced by Run to Close Its Doors. Western Newspaper Union News Service. Hamburg.-The directors of the Ash. ley county bank of Hamburg, one of the oldest and most substantial of the smaller banking institutions in south Arkansas decided to close the doors of the bank and turn its affairs over to State Bank Commissioner John M. Davis. This action was taken after a slight run on the bank had been made by depositors. The bank is said to be in fine condition and could have secured funds from other banks, had the request been made, It is said. The Ashley county bank is capitalized at $25,000 and has a surplus of $20,000. J. H. Pryor Sr. has been at the head of the bank for years and J. H. Shafer is cashier. It was said that an "ugly" rumor was circulated regarding the bank, which caused uneasiness among Its depositors. The action of the directors was taken to avoid further trouble.