350. Bank of Forrest City (Forrest City, AR)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: August 2, 1913
Location: Forrest City, Arkansas (35.008, -90.790)

Metadata

Model: gpt-5-mini
Short Digest: 68328590

Response Measures

None

Description

Bank closed/entered receivership Aug 2, 1913 (receiver S. H. Mann). Closure appears to be a suspension/receivership initiated by the bank (to avoid an anticipated run and because officers couldn't borrow funds), and the receiver was later discharged and the bank reopened in September 1913. No clear evidence of an actual depositor run prior to suspension—reports describe threats/possibility of a run but not a discrete run event.

Events (2)

1. August 2, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Officers unable to borrow funds amid money-market stringency and threatened litigation; management requested receivership to forestall an anticipated run and to obtain an accounting.
Newspaper Excerpt: The Bank of Forrest City ... closed its doors today. A receiver for the bank will be asked ... Chancellor E. D. Robertson appointed S. H. Mann as receiver
Source: newspapers

2. September 10, 1913 Reopening

Newspaper Excerpt: The Bank of Forrest City will reopen for business about Wednesday, September 10 ... we have $127,000 in live assets over and above all liabilities, and the bank will be a running institution again by September 10, with the same officers.
Source: newspapers

Newspaper Articles (19)

1. August 2, 1913 The Log Cabin Democrat Conway, AR

Article from The Log Cabin Democrat, August 2, 1913

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FOREST CITY BANK CLOSED . E. WILLIAMS. CASHIER ST. FRANCIS COUNTY HAS $100,000 ON DEPOSIT-MAY LOSE ENTIRE AMOUNT. Special to the Log Cabin Democrat Forrest City, Aug. 2.-The Bank of Forrest City, of which Eugene Wiliiams, former treasurer of the St. Francis Levee Board, and who recently resigned the position, is cashier, closed its doors today. A receiver for the bank will be asked in Cross county court. St. Francis county had $100,000 on deposit in the defunct bank, `and indications are that the entire amount will be lost.

2. August 2, 1913 Newport Daily Independent Newport, AR

Article from Newport Daily Independent, August 2, 1913

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WILLIAMS BANK CLOSES DOORS Bank of Forrest City Fails and Receiver Is Asked In Cross County. Special to Independent. Forrest City, August 2.-The Bank of Forrest City of which Eugene Williams was cashier and virtually head, closed its doors today. St. Francis County has $100,000 on deposit in this institution, with indications of losing it all. E. A. Rolfe was president of the bank. J. D. Baugh, vice president and Eugene Williams cashier. The bank was capitalized at $40,000. Eugene Williams has been playing a strong hand in Eastern Arkansas politics for many years and was the treasurer of the St. Francis levee district, an office which he continued to hold though the last legislature passed an act providing that no member of the levee board should be its treasurer and Governor Futrell refused to accept his resignation as a member of the board. Eugene Williams was campaign manager of Governor Donaghey in his last race, but supported Robinson for the Senate before the legislature and was allowed to continue to dominate the levee district board. A receiver for the defunct bank will be asked today before the chancellor in Cross county.

3. August 3, 1913 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, August 3, 1913

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Institution Said to Have On Deposit Large Sums of Public Funds RECEIVER SOUGHT The Officers of the Bank Are Well Known. Story of Failure to Raise Cash. Little Rock. Aug. 2. No bank failure in recent years has caused so much interest in Little Rock as did the news of that of the Bank of Forrest City. The officials are almost as well known in Little Rock as those of local banks. for they were here every few days consulting with the Little Rock bankers about loans. Less than a week ago officials of the Forrest Ciyt Bank came to Little Rock and made an effort to negotiate a loan for $30,000, offering real estate security for $75,000 in order to secure the cash. It was refused by Little Rock banks, and Memphis, Fort Smith. Pine Bluff and other banks are stated by local bankers to have followed suit. The Bank of Forrest City formerly carried large accounts in Little Rock, but this dwindled to nothing and the same is said to have happened in Memphis. None of the Little Rock bankers would venture an opinion as to the cause of the failure of the Forrest City institution, but it is supposed that the demand for the deposits of the St. Francis levee district, which have a:ways been handled by this bank. is the main cause. The last legislature passed an act which required the depositing of the funds of the St. Francis levee board in each county of the district. Prior to that time the Forrest City bank had handled all the funds. State Interested. The State of Arkansas is interested in this bank failure, as the county collector is due the state about $30,000 and it is upposed by local bankers that this is the amount the officers of the bank were trying to raise in Little Rock. The officials of the Forrest City bank have been the most influential politicans of East Arkansas for many years. Eugene Williams and T. A. Buford have held positions with the board, that of members, as well as officials. The last legislature put a stop to this, but they acted as members until a month ago, when they resigned, Williams to continue as the treasurer of the district, and Buford as one of the attorneys. Governor Futrell refused to accept their resignations but Friday appointed James Fussell and S. D. DeRoist, to succeed them. Both of the new officials were conected with the Bank of East Arkansas. Former Sheriff Williams of St. Francis county, one of those asking for a receiver, is the father of Eugene Williams. Eugene Wiliams has long been a factor in Arkansas politics, and is given credit for many changes in the last gubernatorial campaign. He was manager for George W. Donaghey in his last race for governor, and was a worker for Judge George W. Hays in the last campaign. A telephone message from Forrest

4. August 3, 1913 Pine Bluff Daily Graphic Pine Bluff, AR

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other business concerns will be affected by the failure. Two well known men connected with the defunct bank are E. A. Rolfe, president, and Eugene Williams, cashier. There are not enough particulars available at this hour to form any estimate of just what the extent of the failure will be. The bank is said to have done something like $500,000 or $600,000 business annually. Excitement is running high over the closing of the bank. Judge E. A. Rolfe, president of the bank, left here in company with his brother, Fred Rolfe, of Wynne, Judge S. H. Mann and Judge R. J. Williams in an automobile for Cross county, where, it is said, an applicaiton will be made for a receiver for the defunct bank before Chancellor E. D. Robertson The Bank of Forrest City was the county depository and it is stated that something like $100,000 of public money is involved in the failure. St. Francis County Protected. Dr. J. S. Shields, deputy county treasurer of St. Francis county, says the bank of Palestine, C. M. Wilkinson, president, is the legal depository of St. Francis county's funds and that the county treasurer's office holds the Bank of Palestines receipts for the $90,000 of the county's funds that have recently passed through the county treasurer's office, and that this office is in no way involved. Treasurer Tipton could not be found this morning, but his deputy says his chief is wholly in the clear. For the past few years it is said the funds of the St. Francis levee board have been handled through the Bank of Forrest City and no bank in Eastern Arkansas has wielded more prestige and greater power and influence in the financial world. The crisis here precipitated by the closing of the Bank of Forrest City's doors has left no school money in sight and a number of county teachers here today with their warants have been unable to get them cashed.

5. August 4, 1913 Newport Daily Independent Newport, AR

Article from Newport Daily Independent, August 4, 1913

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Says Depositors Will Be Paid. Forrest City, Aug. 3.-A threat simmering in the melting pot of east Arkansas politics; a knowledge that his bank would be wrecked by a run should the threat be culminated; an inability to negotiate loans owing to an alleged stringency in the money market, and a desire to ask for, rather than be forced to, an accounting, are the causes set forth here today by Eugene Williams, cashier of the Bank of Forrest City, that moved him to seek a receivership and a suspension of the bank's business yesterday. It was Mr. Williams' first statement in explanation of the closing of his bank. "I have nothing to conceal, neither am I attempting to run away," said Williams. "We are simply able to meet all liabilitie and were we not I might add $60,000 to the assets by blowing out my brains and permitting the insurance money to be collected. But that is unnecessary. Our creditors and depositors, approximately 3,000 in number, will lose nothing now that we have asked an accounting and will have sufficient time to come to a complete settlement. "I sought the receivership when confronted with the seemingly inevitable and disastrous possibility of being forced into litigation, which would incite 7 run and wreck the bank. We have the receivership and I ar certain that our liabilities, approximating $300,000, will be more than covered." Asked for a definite statement concerning the assets and liabilities, Mr. Williams explained that he desired the receiver to announce the condition of the bank's affairs after he has completed his investigation.

6. August 4, 1913 The Log Cabin Democrat Conway, AR

Article from The Log Cabin Democrat, August 4, 1913

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DEPOSITORS MAY BE PAID IN FULL GRAFT CHARGES DENIED OFFICERS OF DEFUNCT BANK DECLARE THERE IS MONEY TO PAY ALL. Forrest City, Aug. 4.-The flurry. and excitement started here Saturday on account of the failure of the Bank of Forrest City, has not yet subsided. The suspension of this bank will prove far-reaching in its effect, and from the highest to the lowest among the citizenship throughout this section of the state are still discussing the failure. It is a pretty generally conceded fact also that many exaggerated stories of losses being circulated cannot be substantiated and that a number of the charges and criticisms made against the prominent officials and the leading citizens connected with the defunct bank are unjust. County Judge E. A. Rolfe, president of the Bank of Forrest City, in discussing the failure, said that he was not "broke" and that he could raise $100,000. He also stated that his brother, F. D. Rolfe, of Cross county, was worth $200,000, which he had of fered him and placed at his disposal for the purpose of clearing up and paying off all the indebtedness of the defunct bank. President E. A. Rolfe stated that nobody connected with the bank had stolen anything and that every depositor in the Bank of Forrest City would be paid in full-dollar for dollar, even to the last dime due and for which the bank was obligated. It was also stated here today that Eugene Williams, cashier of the Bank of Forrest City, was estimated to be worth $75,000 in excess of all indebtedness, and that he had said that every dollar of his property would go in to save the depositors and liquidate the bank's obligations. Judge S. H. Mann, the receiver for the Bank of Forrest City, says he can make no comprehensive statement with reference to the affairs of the bank now closed until the books are audited. Judge Rolfe said the depositors should not lose one dime, and branded as false and slanderous the charges that he had heard to the effect that the Bank of Forrest City had put up any money to assist in paying the expenses of the campaign of Judge G. W. Hays for governor. The public is hanging upon every scrap of news and every expression made that has any reference to the affairs of the defunct bank, but several days must elapse, or until the receiver compiles his statement, before anything really authentic or any definite facts can be reported.

7. August 8, 1913 The Green Forest Tribune Green Forest, AR

Article from The Green Forest Tribune, August 8, 1913

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FORREST CITY BANK CLOSES State and County Funds Tied Up by the Failure. Western Newspaper Union News Service Forrest City.-The Bank of Forrest City closed its doors. The failure of the bank is said to have been caused by the inability of its officers to borrow money to continue the business, owing to the stringency of the money market. Chancellor E. D. Robinson appointed S. H. Mann as receiver and Mr. Mann made a bond of $250,000. While Mr. Mann said he could not state the amount of the assets and liabilities of the bank, it is said that about $155,000 belonging to the state and to St. Francis county, including the school funds of the county, are tied up by the failure. This amount is said to have been deposited by the Bank of Palestine, which was the county depository. The Bank of Forrest City had a total of deposits at the time of closing, Mr. Mann estimates, of about $390,000. The directors of the Bank of Forrest City will be responsible, Mr. Mann says. The stockholders of the Bank of Palestine will be responsible for the county funds, he says. The officers and directors of the bank are: E. A. Rolfe, president; J. D Baugh, vice president; Eugene Williams, cashier; Charles Simmons, assistant cisher; and the following directors: L. J. Pugh, W. W. Bryan, C. M. Wilkinson, E. Turley, B. F. McCrary, Robert Pettus and S. B. Trapp.

8. August 8, 1913 The Forrest City Times Forrest City, AR

Article from The Forrest City Times, August 8, 1913

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CLOSES ITS DOORS Judge S.H. Mann Appointed Receiver and Assisted By Expert Account. ants is Now Investigating Bank's Affairs. STATEMENTS MADE BY OFFICIALS Believed by Many that Depositors Will Be Paid in Full -Quiet Soon Res. tored Other Bankers Optimistic. A sad and deplorable chapter the business history of Forrest City was written on Saturday a chapter that. unless the wreck can be saved from going to pieces upon the rocks of commercialism. to which end many strong and good men are now laboring will be written in tears distress and grief for a large number of those who will suffer from the crash which resulted in the closing of the doors of an institution which its promoters, friends, patrons and the public of St. looked upon with a county donable has Francis pardegree of pride for the past eleven years. The news that the Bank of Forrest closed its doors came so so on City denly had and unexpectedly Satur. sudday morning that many could not believe it, and men, even after they had heard it. went to the door of the bank. twisted the knob and pushed hard against the heavy panel of glass. convinced against their will, turned away dejected and sorrowful, as if from the tomb of some dear friend or relative It was a sad blow to many. It was a disaster the III effects of which, to this city and community, cannot computed. It was a calamity as far. reaching and blighting in its influences as a scorching and plague-laden east wind, which left all it touched either cringing with fear or shaken with anger. A failure such as this not onlyhurts those who have trusted their earnings and their savings to the keeping of others, but hurts those also who have neyer been able to accumulate a dime to lay away in the banks. times tight for the lowly man It makes wom an who must earn their daily bread by the sweat of their brows, as well as those who enjoy the ordinary forts, and still others who have all the luxuries of life. It was a crushing blow for all, and one for which The Times cannot press We its regret in word or thought. have always, and still do, look on the officers and directors of the up. Bank of Forrest City as gentlemen of the highest integrity and honor. we deeply deplore thisdire misfortune and and embarrassment that has overtaken them Since the Bank of Forrest City pended business Saturday susthe very air has been alive with ru- morning mors. There have been all stories and criticisms afloat sorts the silence was deafening and those first in a position to give out the news were reticent and stern Since day morning statements have Monflying thick and fast. and a regular been potpouri of information has been dished up to the public through the press, from various sources. The deposits, at the time the bank closed. are said to have been about $200,000 The cash on hand wasabout $10,000 The capital, surplus and undivided profits were $100,000. bank has made no public statement The since January was organized about eleven years ago Among the stockholderscf the Bank of Forrest City are numbered of the most thoroughly reliable many substantial citizens of Eastern Arkan- and sas, and the claim is made from thentic sources that the bank has au. abundance of means to pay off all an of its indebtedness Just as soon as it was known that the Bank of Forrest City had of its doors, the question of the safety closed the county funds arose Dr. J. S. Shields, deputy treasurer of St. Francis county the Bank of Palestine, county, M. Wilkin son. president, was the legal the !tory of St. Francis county and deposcounty treasurer's office holds that the Bank of Palestine's receipts for thing like $95,000 of the county's funds some that have recently passed through that office. and that the office is in the clear Treasurer Tip treasurer's ton could not e sound Saturday ing. but his deputy said that Mr. failure Tipton was in no way involved by the Shortly after the doors of the bank were closed, County Judge E.A. Rolfe, president of the Bank of Forrest City. accompanied by his brother Circuit Clerk F. D. Rolfe, of Cross county: Judge S. H. Mann and Judge R.J. Williams, left this city in automobile for Wynne, where an an plication for the appointment ap- a receiver for the defunct bank of made before Chancellor E.D. Robert- was son, which resulted in the appointment of Judge Mann to that position. Judge Mann is a member of the law this firm of Mann, Rollwage & Morrow, of city, and is one of the leading at. torneys of Eastern Arkansas A bet. ter man for the receivership could not have been chosen. He a gentleman in whom the public reposes implicit confidence. and is fitted in the duties of ership to discharge the every receive way in an unbiased, impartial and intelligent manner. and his appoint.

9. August 8, 1913 The Forrest City Times Forrest City, AR

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This fight, ID $ of the St. Francis levee district isconcerned, began when was a young man," said Cashier Williams to the Gazette's correspondent Since that date we have battled back and forth and through the dissen- for sion among us who were striving the control of the board and which in recent years has spread to the gubernatorial elections, I have made politàenemies who now grasp the posical tion I am in. as a club to wield against me This club is none other than the business relationship that exists be tween the Bank of Forrest City and the Bank of Palestine The latter bank is the certified depository for C. state funds for St. Francis county M. Wilkinson is that bank He is a director of our bank and when in it so was necessary for him to give bond order to make his bank the certified depository, our Board of Directors voted to fürnish the surety necessary Other than this there is no connection between the two banks, but we having supplied the surety funds. and fact that Mr. Wilkinson is a memthe of our Board of Directors, caused the ber to accept from Mr. Wilkinson state's funds. approximating $40,000. filed by Dr. J. F. MacDougal sheriff collector for St. Francis county, and with Mr. Wilkinson's bank. the Bank of Palestine This acceptance of the funds 00 was legal. we will contend, in reality were the while Mr. our for the/depository we part Wilkinson, surety Palestine, for or ratherjhis bank. the Bank of the certified depository in name our was This money was loaned by only. and we have gilt edged collateral funds of bank as we have also for the that for it. St. Francis Levee District, the have loaned But our opponents of we advantage of their knowledge with took relationship and transation told the Bank of Palestine and am the threatened the to bring suit to test we legality of the proceeding That test would have been safe OD the steadfastly believe, but the mere would rum that we were to be sued us. have or brought a run and wrecked view of the threat and called the knowledge In that we would be the to pay the state funds into upon I. after attempting to nego- the treasury, loan of cash to cover tiate a of the state's funds, decided one amount the best course would be the have taken knew we were safe if we could also. sufficient time to settle. accounting I have that run or a forced to knew sufficient time in which without would wreck us. I called tosettle the Board of Directors and put All gether plainly before them. should be agreed the case that a receivership asked. was done formally yesterday of This and Chancellor Robertson. named Cross evening. county at our request. bond of S. H. Mann, who gave Judge Prior to the appointment Bank $250,000. receiver we took to the available of the Eastern Arkansas our 8,000. We of asum approximating would cash, that our suspension and we feared on the Eastern out cause transferred a run this amount to them of banking courtesy that this money be. The rumor the St. Francis Levee Dis- to longed to that I made this payment reclear trict and myself of responsibility the district. as is gards the funds of the rumor that So is district groundless of the funds of the previ$101,000 our bank. As I have were in the amount we had belong; ously ing to said, the levee district approximated $20,000 allegation about the funds of of This board is the outgrowth of the the levee among the members attempt dissension resulted when an we are me but board or was made because which to oust very either distant, relatives Mr. Buford it The exrelationship both is tendered our resigna- reists, and Acting we Governor Futrell and to accept our resignations of elected to the tions. fused we board. continued I on as members which was office cre- the of secretary-treasurer, Assembly ated by the last the General dissension among the me board Through members a suit I had charging not distri. with graft because of the levee board buted the This funds suit was beaten in last the Cross arose County Chancery Court afterward, week, and immediately Futrell appointed James Mr. Buford Acting Fussell Governor and F W. DeRositt to Mr. Bu I succeed me and but I am still secretary been treasurer ford is out, of the board. having elected to further that office charges of graft about and The comply with the the deposito- law refusal to the funds to the appointdistributing up since acting gov. ries have sprung made by the these ments were in the face of ernor, and it the was knowledge had would of charges the disastrous suit and and results an enforced terminate which settle the ment follow that I sought in to a manner satis- for affairs of the bank, will pay dollar to command dollar haps, factory about $75,000, I all can cent We shall when go it personally my neces crop Mr is in, and every full settlement rated at Buford of our and that alone $380,000. sary toward a Board of Directors is

10. August 8, 1913 The Forrest City Times Forrest City, AR

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the fidence among the depositors and with public his return from Wynne said Saturthe Upon afternoon Judge Mann day have been named receiver 6 o'clock of 1 "I of Forrest City. and for at $250,000. Bank made my bond of the assets tonight DO estimate I have can make liabilities of the bank AS as SOOD as and opened the books public state not I will make a bank possible of the condition of the institution ment directors of the and I The liable for all deposits able will be doubt but they are amply of the have no the entire liabilities funds to pay As far as the county's Palesnine, bank concerned. the Bank of must are which this is loss the county In this depository. instance, there the is stockholders pay are liable, and of the doubt but that every cent no money will be paid. of county's failure of the Bank Forrest of the The has not yet affected any which City various business enterprises the opinion allied with it. and be were and it is generally other is advanced that there will be Saturday's no failures lieved, as the result of crash. $148,055.43 of the county by and the The money that is tied up on state's failure. represented all had balances been col. the taxes that Bank of band and and turned over to the 1 and lected City between January sheriff Forrest 1. by Dr. J. F. McDougal, of the county sum the school of July and this collector money teachers revenues is inIn and many of the in paycluded. country, who hold warrants worthe for their services, are not them ried ment over not being able to get cashed rumored here Monday Bank that of It was of the depositors of the sell their some were offering to for fifty cents on man who was deposits Forrest responsible City the in Forrest dollar Pond A that date from Round would like City that OD he had 81000 he of Forsaid in buying up Bank the to rest invest City deposits at fifty cents OD dollar S. H Mann, the receiver, City Judge into the Bank of Forrest went morning at 8 o'clock superwork of auditing he is books. In this work Monday ing vising the and check St. up assisted the by T.C. Tupper, assistant of being expert accountant and Bank, Louis, the Central National Robert & with E. F. of Memphis: S. cashier of accountant that of city: H Wilson, Leathern Mann, public Jr, Co., and Thomas Gatling, of this city the shock occasioned by of the doors of inthe City, it was very Following Forrest closing the hard those Bank of to get statements from posideed were in authority and in a upon who give out news based facts, but the of which indicate truth tion later, to all and statements that cleared, came of everybody will be able to skirts that the bank will be we and all its indebtedness, and may hope and trust Judge E. A. Rolfe, sincerely liquidate County that president said it Sunof the Bank of Forrest City, day morning not broke, and I want it that nobody connected has Bank of Forrest understood I am the City $100,000. brother, with anything I can raise Cross stolen F. D. Rolfe. of which My is worth $200,000, all of and of at my disposal the use of, for the county, he fered has me placed the off purpose all clearing up and paying Forrest indebtedness of of the Bank of in this All I am asking for the City. is that the people know that I mean it when say Bank of Forrest City to truth. business and I depositor even every be paid dollar for dollar. the will last dime due and for which the the is obligated, even if it takes I've last bank cent and the last foot of land got. far as we have heard there have So charges or suspicion expressed The been no person stealing anything any we think very clearly the true situation, stands of public, and patient.and is under sympathetic and willing to be hope, the outcome, which we him await it is liberal and clever in for to will not make it say Rolfe to sacrifice his and while Judge so, sympathy necessary property has the universal as confidence He of the public, so far integ- we able to learn, in his and ability, assist leave nothing of have rity will of been purpose undone and to out that Judge he Mann to bring order chaos in interview this matter. with an Arkansas In an correspondent in this city Sunday Gazette Mr. Eugene Williams, which gave out the following statement.

11. August 8, 1913 The Nevada County Picayune Prescott, AR

Article from The Nevada County Picayune, August 8, 1913

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FORREST CITY BANK CLOSES ITS DOORS Forrest City, 2.-The Bank of Forrest City closed its doors this morning. The failure of the bank is said to have been caused by the inability of its officers to borrow money to continue the business, owihg to the stringency of the money market. Chancellor E. D. Roberston appointed S. H. Mann as receiver and Mr. Mann made a bond of $250,000 at 6 o'clock this afternoon. While Mr. Mann said he could not state the amount of the assets and liabilities of the bank, it is said that about $155,000 belonging to the state and to St. Francis county, including the school funds of the county, are tied up by the failure. This amount is said to have been deposited by the Bank of Palestine, which was the county depository. The Bank of Forrest City had a total of depssits

12. August 8, 1913 The Forrest City Times Forrest City, AR

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Notice to Depositors All persons having accounts with the BANK OF FORREST CITY will please bring their pass books to the Bank to be balanced. S. .H. MANN, Receiver for Bank of Forrest City. Prof. J. M. Weatherly, principal of the Crowley Ridge Institute, arrived Saturday morning from his home in Kernersville, North Carolina, where he has spent the summer with homefolks and friends. The gentleman re ports that he is in fine health and spirits, and predicts one of the most successful years in the history of the Forrest City High School. Mr. and Mrs. I. B. Stewart and baby boy, Louis, arriyed home Sunday afternoon from a most pleasant visit in Memphis, accompanied by their friend, Mrs. E. F. Wilson, and son Chester. The party was met at the depot by Mrs. Stewart's father, Mr. L.J. Pugh, and driven to the family home in Yocona, about five miles south of the city, in that gentleman's Ford car. Mrs. D. R. Myers and two interesting little daughters, Misses Flora and Sue, arrived in the city Saturday from Marianna, where they had spent a couple of weeks most delightfully with her uncle, Mr. E. J. Beazley, and family, and are now on a visit at the home of her parents, Mr. and Mrs. W. E. Allen, for a week or ten days, after which she will return to her home in Little Rock. Prof. J. M. Barton, of New Castle, principal of the school at that point, was a genial visitor in the city Saturday, and paid The Times office an appreciated call. The gentleman reports that he is getting along tine in his school work, and that the enrollment is very good. He was greatly surprised and sorry to learn of the bank failure, and failed to get a warrant for $105.00 cashed. Mr. Sol Hambleton, an old-time Forrest City boy, who is holding down a lucrative position with the Cox Pharmacy in Memphis, accompanied by his wife and paby, stopped off in this city Wednesday on a brief visit with relatives and friends, and were guests of Mr. and Mrs. M. C. Hambleton. They were en route to Hot Springs for a vacation of two or three weeks, and resumed their journey today.

13. August 14, 1913 The Mena Weekly Star Mena, AR

Article from The Mena Weekly Star, August 14, 1913

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THE STATE FUNDS WILL RUN LOW With Exception of Settlements of Four Counties No Money Is in Sight Until First of Next Year. Little Rock. Aug. 12.-Four counties have not yet made their annual settlement with the state treasurer. They are Poinsett, Little River, St. Francis and Yell. St. Francis county funds were tied up in the receivership of the Bank of Forrest City, and the settlements will be for large amounts, but probably not exceeding $100,000 for all four counties. Out of this the general revenue fund will probably not be boosted more than $30,000, the remainder going to pensions, school, capitol and other state funds. The payment of warrants on the general revenue fund has kept up steadily during the time the county collectors have been making their annual settlements, and the result is that there is now nothing in that fund. There are probably enough warrants outstanding to "eat up" the amount that will come into the general fund from the four counties above mentioned, so that the state practically faces an emtpy treasury, so far as the general revenue is concerned. During the last few weeks the warrants have been dumped upon the state treasury in great bunches. The four state agricultural schools have been especially active in securing their building funds authorized by the last legislature, and thousands of dollars have been paid out to these institutions within the past month. One school has just drawn on the treasury for about $30,000. and this is just a small part of the total amount paid out for these schools. No Relief in Sight. There is little or nothing in sight to relieve the famished fund before January 1, and as the general expenditures run about $75,000 per month it is easy to see where the general fund will stand by the first of the year. Even state officials face the alternative of having their warrants for salary discounted by the banks, if they get them cashed at all. The state university will be a sufferer, as it depends on the fund and great general cannot exceed draw in advance an amount to one month's expenses. It will probably to into the business of diswarrants for counting have go teachers' term salaries, etc., when the next opens. This has been done before, but for only short periods at a time. Now there is absolutely nothing in sight. except the $100,000 to be collected early in the year from the insettle lectors surance again companies, until next the summer, colas the liquor license, amounting to stands to be cut off through the recent amountabout $175,000, $75,000, ing The to franchise state-wide tax money, act. has to the already tune been paid in and spent, of at least $112,000, when the books were balanced in the treasurer's office Monday. This tax is paid into the general fund.

14. September 3, 1913 Newport Daily Independent Newport, AR

Article from Newport Daily Independent, September 3, 1913

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Bank Of Forrest City Will ReOpen. Special to Independent. Little Rock, Sept. 3.- The Bank of Forrest City will reopen for business about Wednesday, September 10, and it is predicted that it will have no further trouble. 3 Eugene Williams, cashier of the bank, County Treasurer Geo. P. Taylor, and Sheriff and Collector J. F. McDougal are in the city today winding up the settlement with the State Treasurer. Mr. Williams Tuesday afternoon deposited with the W. B. Worther & Co. Bank $40,000 and had enough besides to meet all the requirements of the state. Today Sheriff McDougal turned over to the state a total of about $41,000, settling with the state in full. There had never been any doubt of the county having the money, it was only a question of being able to secure the funds on collateral in hand. State Auditor Coffman Tuesday afternoon recognized George P. Taylor as county treasurer and as such Mr. Taylor received from the State Superintendent a check for $17,082, covering St. Francis apportionment from the school fund of the state. The school fund of St. Francis county amounting to over $30,000, lacked three days of being available for apportionment, and under the ruling of the Attorney General this must be carried OVer until the 1914 apportionment. The allotment for the state is about 31/2 cents per capita smaller this year on account of the failure of St. Francis County to get in on time, but next year it will be just that much larger. In discussing the affairs of the Bank of Forrest City, Mr. Williams said: "The Bank of Forrest City went into the hands of S. H. Mann as receiver Aug. 2. It was not a failure-it was a condition that could not be reached any other way at the time. But now we have $127,000 in live assets over and above all liabilities, and the bank will be a running institution again by September 10, with the same officers, and I predict that instead of people wanting to draw out their money, they will be coming to us with deposits. But every depositor or other creditor of the bank can get every dollar coming to him if he wants it." The officers the bank are County Judge E. A. Rolfe, president, J. D. Baugh, vice president, Eugene Williams, cashier. George P. Taylor was elected Treasurer at the last election, but the books had not been turned over to him by J. H. Tipton, his predecessor. Mr. Taylor now has received his commission and his bond has been approved and filed.

15. September 3, 1913 The Prescott Daily News Prescott, AR

Article from The Prescott Daily News, September 3, 1913

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BANK OF FORREST CITY TO RE-OPEN Little Rock, Sept. 3.--The Bank of Forrest City will open for business about September 10 and it is predicted that it will have no further trouble. Eugene Williams, cashier of the bank, County Treasurer G. P. Taylor, and Sheriff J. F. McDougal are in the city today winding up the settlement with the state treasurer. Mr. Williams Tuesday afternoon deposited with th W. B. Wortham & Co. Bank $40,000, and had enough besides to meet all the requirements of the state. Today Mr. McDougal turned over to the state a total of about $41,000, settling with the state in full. There has never been any doubt of the county having the money, it was only a question of being able to secure the funds on collateral in hand. State Auditor Coffman Tues day afternoon recognized Geo. P. Taylor as county treasurer and as such Mr. Taylor received from the State Superintendent a check for $17,082, covering St. Francis apportionment from the school fund of the state. The school fund of St. Francis county, amounting to over $30,000, lacked three days of being available for apportionment, and un der the ruling of the attorney general this must be carried OVer until the 1914 apportionment. The allotment for the state is about 31-2 cents per captia smaller this year on account of the failure of St. Francis county to get in on time, but next year it will be just that much larger. In discussing the affairs of the Bank of Forrest City Mr. Will iams said: "The Bank of Forrest City went into the hands of S. H. Mann as receiver August 2. It was not a failure-it was a condition that could not be reached any other way at the time. But now we have $127,000 in live assets over and above all liabilities and the bank will be a running institution again by September 10, with the same officers, and I predict that instead of people wanting to draw out their money, they will be coming to us with deposits. But every depositor or creditor of the bank can get every dollar coming to him if he wants it. The officers of the bank are County Judge E. A. Rolfe, president; J. D. Baugh, vice presi dent; Eugene Williams, cashier.

16. September 11, 1913 The Mena Weekly Star Mena, AR

Article from The Mena Weekly Star, September 11, 1913

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FORREST CHIYBANK ON ITS FEET AGAIN Institution That Was Forced to Close Will Reopen About September 10 and Expects No Further Trouble. Little Rock, Sept. 3.-The Bank of Forrest City will reopen for business about Wednesday, September 10, and it is predicted that it will have no further trouble. Eugene Williams, cashier of the bank, County Treasurer George P. Taylor and Sheriff and Collector J. F. McDougal are in the city today winding up the settlement with the state treasurer. Mr. Williams Tuesday afternoon deposited with the W. B. Worthen & Co. Bank $40,000, and had enough besides to meet all the requirements of the state. Today Sheriff McDougal turned over to the state a total of about $11,000, settling with the state in full. There had never been any doubt of the county having the money; it was only a question of being able to secure the funds on collateral in hand. State Auditor Coffman Tuesday afternoon recognized George P. Taylor as county treasurer. and as such Mr. Taylor received from the state superintendent a check for $17,082. covering St. Francis apportionments from the school fund of the state. The school fund of St. Francis county, amounting to over $30,000. lacked three days of being available for apportionment, and under the ruling of the attorney general this must be carried over until the 1914 apportionment. The allotment for the state is about 21/2 cents per capita smaller this year on account of the failure of St. Francis county to get in on time, but next year it will be just that much larger. In discussing the affairs of the Bank of Forrest City, Mr. Williams said: "The Bank of Forrest City went into the hands of S. H. Mann. as peceiver. August 2. It was not a failure-it was a condition that could not be reached any other way at the time. But now we have $127.000 in live assets over and above all liabilities and the bank will be running institution again by September 10. with the same officers. and I predict that instead of people wanting to draw out their money they will be coming to us with deposits. But every depositor or other creditor of the bank can get every dollar coming to him if he wants it." The officers of the bank are: County Judge E. A. Rolfe, president: Eugene Williams, cashier.

17. September 12, 1913 The Forrest City Times Forrest City, AR

Article from The Forrest City Times, September 12, 1913

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To Open for Business Next Week. Mr. Eugene Williams, cashier of the Bank of Forrest City, left Wednesday morning for Little Rock, thence to St. Louis, on a business trip of two or three days, A short time before his departure, Mr. Williams said to a Times man "It is now an assured fact that the Bank of Forrest City will reopen for business during the coming week under the same officers and directors and with the same office force in charge of the clerical work. Proceedings looking to the discharge of the receiver will be had next Monday before Chancellor E. D. Robertson at Cotton Plant, after which all litigation will be withdrawn and the bank's affairs taken out of court. I am positive in the statement that the Bank of Forrest City will again open for business during the coming week.

18. September 17, 1913 Newport Daily Independent Newport, AR

Article from Newport Daily Independent, September 17, 1913

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Williams Bank to Reopen. Forrest City, Sept. 16.-Judge S. H. Mann was discharged today as receiver of the Bank of Forrest City in Chancellor E. D. Robertson's court at Cotton Plant and the property of the bank turned over to the president, Judge E. A. Rolfe. The court's order dissolving the receivership was secured by the bank's attorney, Senator R. J. Williams, upon the representation that the officers and directors of the Bank of Forrest City had arranged to add $150,000 to the assets of the institution. Judge Mann said that he thought the addition of this sum would be sufficient to safeguard the interests of all depositors. Upon his return from Cotton Plant this afternoon Senator Williams said: "The chancellor gave us everything we asked for, the receiver was discharged and the property of the bank turned over to the president, Judge Rolfe. This means that the Bank of Forrest City will reopen again for business at 9 o'clock Thursday morning." M. R. Sturdivant, vice president of the Central National Bank of St. Louis, was here today in conference with Eugene Williams, and together they went over the books of the Bank of Forrest City, after which the St. Louis banker signified his willingness to stand by the Bank of Forrest City with all the money needed to reopen and continue business. The Bank of Forrest City closed its doors Saturday, August 2, and went into the hands of Receiver Mann on the afternoon of the same day.

19. September 19, 1913 The Brinkley Argus Brinkley, AR

Article from The Brinkley Argus, September 19, 1913

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handled in one day 48 sacks of nothing but mail order catalogues. The Free Press, Arkansas County's leading weekly, is installing a late model intertype typesetting machine. Clay Heath, a farmer living near Stuttgart, was instantly killed Tuesday morning on a rice farm, while getting ready to attach an engine to the binder. He crawled under the machine and a part of it fell upon his head crushing it. He had a wife and two children. At 9 o'clock Thursday morning the bank of Forreet City reopened. It went into "the hands of receivers on Aug. 2'