352. Arkansas Valley Bank (Fort Smith, AR)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 23, 1926
Location: Fort Smith, Arkansas (35.386, -94.399)

Metadata

Model: gpt-5-mini
Short Digest: b169b28c

Response Measures

None

Description

Articles (Dec 23–31, 1926) describe discovery of large embezzlements and the bank being absorbed by other local banks; depositors were paid in full and the institution formally went out of business on Dec. 23. There is mention the bank faced a possible run but the texts indicate the bank closed and was absorbed rather than a run-only event.

Events (1)

1. December 23, 1926 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of a $30,000 shortage in the bookkeeper F. L. Sprinkle's accounts, following earlier robberies/embezzlements (including a $112,400 theft by a director and a $12,400 robbery), which destroyed public confidence and led directors to cease operations and arrange absorption by other banks.
Newspaper Excerpt: depositors this morning were being paid in full ... First National Bank and the Merchants National Bank, which last night took over the assets and liabilities of the Arkansas Valley ... the institution formally went out of business last night.
Source: newspapers

Newspaper Articles (16)

1. December 23, 1926 The Daily World Helena, AR

Article from The Daily World, December 23, 1926

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FT. SMITH BANK QUITS FOLLOWING A SHORTAGE AND OFFICIAL ROBBERY Ft. Smith, Dec. kansas Valley Bank depositors this morning were being paid in full, under the direction of John C. Gardner, who is acting as agent for the First National Bank and the Merchants National Bank, which last night took over the assets and liabilities of the Arkansas Valley. The institution was absorbed by its sister banks after the disocvery of a $30,000 shortage in the accounts of F. L. Sprinkle, bookkeeper of the Arkansas Vaalley Bank. The alleged defalcation. coming after the $12,400 robbery of the bank last January by M. M. Hayes, inactive vice-president, made it impossible, in the opinion of the bank directors, to retain public confidence in the operation of the bank's affairs, and the institution formally went out fo business last night. Hayes is serving a term in the Arkansas penitentiary. To facilitate liquidation, directors of the Arkansas Valley Bank subscribed $70,000. the First National and the Merchants National Bank assumed a liability for $25,000. and Fort Smith business men called into the conference, subscribed a guarantee fund of $40,000 to indemnify the the two banks againsst any loss to them exceeding $25,000. The City National Bank contributed $5,000 tc minimize-any possible loss to absorbing banks. President Hugh Branzon, of the Arkansas Valley Bank, said that Sprinkle, in a signed confession, admitted embezzlement during the last three years, but most of the $30,000 he was short was taken in the last few months. As an offset to his shortage, he has deposits aggregating $4,900." Information charging embezzle ment was filed against Sprinkle to day in municipal court by D. L Ford, assstant prosecuting attorney and bond was fixed at $7,000, and was signed by Sprinkle's father, J W. Sprinkle Fort Smith, and J.H Cole of Alma, an uncle. Preliminary hearing was set for 10 o'clock Dec ember 28. Sprinkle went to the sheriff's of fice about 11 o'clock in company of his father and surrendered to Sher iff Pink Shaw. The sheriff called Attorney Ford and bond was signed about 30 minutes later. Sprinkle de clined to make any statement. Little Rock, Ark., Dec. 23. (AP) -The State Banking Department has been working on the absorption of the Arkansas Valley Bank at Fort Smith by other institutions or that city for several days Loid Rainwater bank commissioner said today. "We were notified last Sunday of the shortage in the Arkansas Valley Bank and since have been trying to wor kout a plan with other Fort Sm banks whereby it would be taken over," he said. "It is a source of satisfaction to the banking de pa (ment that other banks and businews men of that city have come to its aid and prevented any loss to de positors and creditors.'

2. December 23, 1926 The Daily World Helena, AR

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FT. SMITH BANK QUITS FOLLOWING A SHORTAGE AND OFFICIAL ROBBERY Ft. Smith, Dec. kansas Valley Bank depositors this morning were being paid in full, under the direction of John C. Gardner. who is acting as agent for the First National Bank and the Merchants National Bank, which last night took over the assets and liabilities of the Arkansas Valley. The institution was absorbed by its sister banks after the disocvery of a $30,000 shortage in the accounts of F. L. Sprinkle, bookkeeper of the Arkansas Vaalley Bank. The alleged defalcation. coming after the $12,400 robbery of the bank last January by M. M. Hayes, inactive vice-presi dent, made it impossible. in the opinion of the bank directors, to retain public confidence in the operation of the bank's affairs, and the institution formally went out fo business last night. Hayes is serving a term in the Arkansas penitentiary. To facilitate liquidation, directors of the Arkansas Valley Bank subscribed $70,000. the First National and the Merchants National Bank assumed a liability for $25,000. and Fort Smith business men called into the conference, subscribed a guarantee fund of $40,000 to indemnify the the two banks againsst any loss to them exceeding $25,000. The City National Bank contributed $5,000 to minimize any possible loss to absorb ing banks. President Hugh Branzon, of the Arkansas Valley Bank, said that Sprinkle, in a signed confession, ad mitted embezzlement during the last three years, but most of the $30,000 he was short was taken in the last few months. As an offset to his shortage, he has deposits aggregating $4,900." Information charging embezzle ment was filed against Sprinkle to day in municipal court by D. L Ford, assstant prosecuting attorney and bond was fixed at $7,000, and was signed by Sprinkle's father, J W. Sprinkle Fort Smith, and J. H Cole of Alma, an uncle. Preliminary hearing was set for 10 o'clock Dec ember 28. Sprinkle went to the sheriff's of fice about 11 o'clock in company of his father and surrendered to Sher iff Pink Shaw. The sheriff called Attorney Ford and bond was signed about 30 minutes later. Sprinkle de clined to make any statement. Little Rock, Ark., Dec. 23. (AP) The State Banking Department has been working on the absorption of the Arkansas Valley Bank at Fort Smith by other institutions or that city for several days Loid Rainwater bank commissioner said today. "We were notified last Sunday of the shortage in the Arkansas Valley Bank and since have been trying to wor kout a plan with other Fort Smith banks whereby it would be taken over," he said. "It is a source of satisfaction to the banking de pa tment that other banks and busimen of that city have come to Its aid and prevented any loss to de positors and creditors.'

3. December 30, 1926 The Niles Daily Star Niles, MI

Article from The Niles Daily Star, December 30, 1926

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Old Masters BY HAL COCHRAN. SO here hath been dawning Another blue day: Think. will thou let It Slip. useless away? Out of eternity This new day is born: Into eternity night return No eye ever did: So soon It forever From all eyes is hid. Here hath been dawning Another blue day: Think, wilt thou let it Slip useless away? Thomas Carlyle THERE'S a new electrically refrigerated hox in the White House! Hereafter when President Calvin the Cool goes to the cool ice box midnight snack. will extend the presidential hand Adams and Jefferson wanted com crumstick or piece cheese, they went into the cellar." dug 15 feet down under the White House Abraham Lincoln's ice box, whither be repaired when the pangs of hunger became overpowering. was justre wooder box of rough lumber cantked with putty and paint butter fried chicken, cold tapico pudding. and other left overs from the White House dinner or lunch eons. what glory shalt theirs! This job of being a president seems. to improve right along! WISE PEOPLE OF ANDORRA! THERE nation in this wide universe which loather the word "progress This nation in Andorra. perched up in the Pyrenees like an eagle its aerie, midway twixt Spain Andorra has 160 square miles and 5600 people. Its president receives about $15 a year. and each of its 24 councilmen about $4 The Andorrans plow with a crooked stick, carry animals and crops on their backs like SO many pack donkeys. and roof their houses with leaves. They say, that where someone actions the 'conveniences," the "progress," m the world side, the Audorrans froth at the mouth in anger, and say that they shall 40 thats One wonders if. perhaps. the Andorrans are not wiser than their crities after III. they have food and shelter and enough clothes for comfort They have time for gossip and singing and rest when the day's work in over They know not the feverish mad quest for the wherewithal for auto, better house. radio. jewels, finer clothes and richer foods Wise people of Andorra! THE SPIRIT THAT COUNTS THE prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of Its directors robbed the institution of $112,400 and to top all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve But for this. as well as for many another Christ mas crisis, there hero John Gardner, president of the Arkansas Valley Trust company. was the man. Last Wednesday night after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by Its directors. Gardner called in the business men of the town. It was up them. he told them. to guaraptee sufficient amount to insure the absorbing bank against any loss exceeding $25,000 Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank Doctors, lawyers. merchants and chiefs guaranted $48,000 The other banks in the town absorbed the ing institution The smallest depositor's was protected It was Christmas eve but the spirit shown is something uncommon HOLIDAY GREETINGS. THE Christmas and New Year holiday greeting business by postcard method has become some thing enormous Postoffice that their labors have been largely increased by the tremendous number of these cards distributed. If a mail carrier has to take 10 to 50 cards to each of several hundred homes the custom means much more think spend too much time in selecting these greeting addressing them But their Interest in cards doing and it suggests that are not a mere perfunctory and conventional method of politeness They affections But the children may be as well off in stormy weather in, school, as if they were playing around out doors. If parents thoroughly protect their children against storm. they could usually be regular through the winter. A serious economic problem would soon tra. exist if every person could qualify for a whitecollar job WRC 469 To make the score when needed is the route to sudden fame. cal. AS FAR ON THIS LINE AS

4. December 30, 1926 Times Herald Olean, NY

Article from Times Herald, December 30, 1926

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WISE PEOPLE OF ANDORRA ! There is a nation in this wide universe which loathes the word "progress." This nation is Anderra, perched up in the Pyrenees like an eagle in its aerie, midway 'twist Spain and France. Andorra has 160 square miles and 5600 people. Its president re: Ives about $15 a year, and each of its 21 councilmen about $1. The Andorrans plow with a crooked stick, carry animals and crops on their backs like E0 many pack donkeys, and roof their houses with leaves. They say that when someone mentions the "conveniences," the "progress," in the world outside, the Andorrans froth at the mouth in anger, at d say that they shall go their own way, the way of their fathers, and what could be sweeter? One wonders if, perhaps, the Andorrans are not wiser than their crities. After all, they have food and shelter and enough clothes for comfort. They have time for gossip and singing and rest when the day's work is over. They know not the feverish mad quest for the wherewithal for auto, better house, radio, jewels, finer clothes, and richer foods. Wise people of Andorral The prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,100, and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this, as well as for many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust Company, was the man. Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivals were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, inerchants and chiefs guaranteed $18,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon. On Dec. 15, the British government sent us her Christnias respects and a nice check for $92,950,000, wiping out another fraction of the well-known war debt. The policy is in keeping with Sir Austen Chamberlain's statement "We will make no complaint. We will discharge our obligations." It is the best way to pay debts that we know of.

5. December 30, 1926 The Lima News Lima, OH

Article from The Lima News, December 30, 1926

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The Spirit That Counts prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,400. and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this, as well as many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust Co., was the man. Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.

6. December 30, 1926 Miami News-Record Miami, OK

Article from Miami News-Record, December 30, 1926

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THE SPIRIT THAT COUNTS The prospect of Christmas was rather dreary for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,400, and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this, as well as for many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust company, was the man. Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.

7. December 31, 1926 The Salisbury Post Salisbury, NC

Article from The Salisbury Post, December 31, 1926

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THE SPIRIT THAT COUNTS. The prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,400, and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of run on the bank on Christever. But for this, as well as for many anothChristmas crisis, there was hero. John C. Gardner, president of the Arkansas Valley Trust Company, was the man. Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failbank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guar. antee sufficient amount insure the absorbing banks against any loss exceeding Bitterly opposing factions met on comground. Old quarrels, ancient and business rivalries were forgotten. A hand was extended to the unforbank. Doctors, lawyers, merchants guaranteed $48,000. other banks in the town absorbed failing institution. The smallest deposmite was protected. It was Christever, but the spirit shown is someuncommon.

8. December 31, 1926 Chippewa Herald-Telegram Chippewa Falls, WI

Article from Chippewa Herald-Telegram, December 31, 1926

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The Herald-Telegram Chippewa Falls, Wis. Successors to the Chippewa Herald and the Chippewa Telegram) Published every evening except Sunday by The Herald- Telegram Publishing Company at 7 East Spring treet. Entered as second class mater at the postoffice at Chippewa Falls, Wisconsin, under the act of March 8, 1879. MEMBER AUDIT BUREAU OF CIRCULATIONS SUBSCRIPTION RATES By carrier-3c per copy; 50 cents er month in advance; $6.00 per /ear in advance. By mail, in Chipewa county, or in the first and second postal zones, $4.00 per year; third tone, $5.00; fourth, fifth and sixth tones, $6.00; seventh and eighth MEMBER THE ASSOCIATED PRESS The Associated Press is exclusively entitled to the use for republication of all news dispatches credited to it or not otherwise credited in this newspaper and also local news published herein. TELEPHONES BELL 800 and 801 The Herald-Telegram prints freely of events when they are news. The following items are chargeable at the rate of 10 cents a count line average five words to the line: Obituaries, Cards of Thanks, Notices of all kinds where a charge is made to the public. The Spirit That Counts The prospect of Christmas wa rather drear for the depo itors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors and to top it all off just la week an other embezzlement of $30,000 WILL discovered. The bank faced the pros pect of a run on the bank on Christmas eve. But for this, as well as for many other Christmas there was a hero. John Gar r. president of the Arkansas Valle Trust Company, was the man. Last Wednesday night, after fellow banke of Fort Smith had declared they would not absorb the assets and bad Hitle of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them. he told them, to guarantee a suffic amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarr ancient and bitter bu ines ivalries were forgotten. A helping 11. was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other in the town absorbed the failing institution. The smallest depositor' mite was protected. It was Christmas but the spirit shown is something uncommon.

9. December 31, 1926 The Plain Speaker Hazleton, PA

Article from The Plain Speaker, December 31, 1926

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GOODBYE AND HELLO. Goodbye, or Nineteen Twenty The ties "tween us must sever. You're picking up your bag o'tricks And moving on forever. We've fault and praised lot You've been both cursed and sainted. But the feeling we've all got: We're glad we've been acquainted. Hello there, Twenty-Seven! You Arrive mid quite scramble. Of course you're very welcome, too Join hands with us and ramble We look to you for better things If better things you know of. let's all work together-that's What happiness will grow of THE SPIRIT THAT COUNTS. The prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of For Smith, Ark. Last spring one of its directors robbed the institution of $112,400 and to top it all off just last week another embezzlement of $30.000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this. as well as for many another Christmas crisis, there was hero. John C. Garner, president of the Arkansas Valley Trust Co. was the man. Last Wednesday night after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors. Gardner called in the business men of the town. It was up to them. he told them, to guarantee sufficient amount to Insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks In the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.

10. December 31, 1926 The Huntsville Times Huntsville, AL

Article from The Huntsville Times, December 31, 1926

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THE SPIRIT THAT COUNTS The prospect of Christmas was rather drear for the the depositors 01 the Arkansas Valley Bank of Fort Smith, Ark. Last spring one 01 its directors robbed the institution of $112,400, and to top it all 011 just last week another embezziement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this, as well as for many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust Company, was the man. Last Wednesday night, after fellow bankers 01 Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the falling institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.-Exehang Really the big kicks of life come out of the tremendous fights that have to be made for progress and prosperity. Really its inspirational and the spirit that does never downs.

11. December 31, 1926 Evening Herald Courier Bristol, TN

Article from Evening Herald Courier, December 31, 1926

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The Spirit That Counts The prospect of Christmas was rather drear for the depositers of the Arkansas Valley Bank of Fort Smith. Ark. Last spring one of its directors robbed the institution of $112,400, and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas eve. But for this, as well as for many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust Company, was the man. Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.

12. December 31, 1926 The York Dispatch York, PA

Article from The York Dispatch, December 31, 1926

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BENJAMIN & KENTNOR CO. West 45th Mallers Building Los Angles Building. Philadelphia, MR. HULL ON TARIFF One of the most ardent disciples of free trade in the house of reprementatives is Cordell Hull, of Ten spoke the Wilson in this last Tuesday In recent outburst of wrath against this system. Mr. Hull and the of the present tariff are the case of Russia. that the tariff the of 15 per cent our that the other 85 per cent pay the freight He blamed all agricultural troubles on to the tariff and declared that the best to get rid of the present treassurplus would be to lower the Mr. Hull is right in the ment Abolishing the protective would get rid of the treasury surplus without doubt. Most of experiences free trade have brought empty treasuries pay the We could cut down our from and the same time our from For the flood of such action would lot incomes, big and and so of the Income revenue For the prosperity, the and the less Hull forgot to tell us would go along this With eign local pression, big of unemployed and *bread and soup lines. This is not it a statement based on If the of tax but they for selvis for the great body of Americans, capitalists and wageIt unfortunate for Mr Hull's statement that it the of the De partment of that the in the world with the highest standard of living the world has known. We not only have a surplus in the treasury but we have for Our workingmen have equipped and of them ride to work in their We are innocent enough to wonder how this could all be true If the tariff is as iniquitous thing us think the only country in the really which has standard of happens to be with this same terrible Fordney tariff? WISE PEOPLE OF ANDORRA! There nation in the word up in the like an eagle in its midway Twixt Spain and France square miles 118 president about and of its 24 $4 The Andorrans plow with crooked stick. carry animals and crops their backs like many pack donkeys and roof their houses that when mentions froth the in per and that the shall go their own way the of their fathers, and be One if. the Andorrans not wiser than their they and shel for They and singinc and rest when the day's work is over They know not the feverish mad quest the for clothes and richer foods. Wise people of Andorra THE SPIRIT THAT COUNTS The of Christmas was rather drear for the depositors of the Árkansas Valley bank of Fort Smith, Ark Last spring one of its directors nobbed the institution of and to top it all just last week covered The bank faced the pros. pect of run on the bank on Christmas eve But for this as well as for many another crisis, there was hero. John Gardner president of the Arkansas Valley Trust company the Last Wednesday night after fellow bankers of Fort Smith had declared they would not absorb the and liabilities of the failing bank for the guar. by its directors, Gardner called in the men of the up to them. he told them, to insure the absorbing banks against any loss exceeding $25 Bitterly opposing factions met on cient and bitter business rivalries forgotten helping hand was extended to the unfortunate bank. merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas eve, but the spirit shown is something uncommon.

13. December 31, 1926 The Evening News Harrisburg, PA

Article from The Evening News, December 31, 1926

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THE SPIRIT THAT COUNTS prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank, of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,400, and to top it all off just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of a run on the bank on Christmas Eve. But for this, as well as for many another Christmas crisis, there was a hero. John C. Gardner, president of the Arkansas Valley Trust Company, was the man. Wednesday night of last week, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee a sufficient amount to insure the absorbing banks against sny loss exceeding $25,000. Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries were forgotten. A helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was protected. It was Christmas Eve, but the spirit shown is something uncommon.

14. December 31, 1926 The Daily Item Port Chester, NY

Article from The Daily Item, December 31, 1926

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THE SPIRIT THAT COUNTS The prospect of Christmas was rather drear for the depositors of the Arkansas Valley Bank of Fort Smith, Ark. Last spring one of its directors robbed the institution of $112,400, and to top it all off just last week another embezzlement of $30,000 discovered. The bank faced the prospect of a run on bank on Christmas eve. But for this, as well as for many another Christmas crisis, a hero. John C. Gardner, president of the Arkansas Trust Company, was the man. On December 23rd, fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,guarantee subscribed by its directors, Gardner called in the business men of the town. It was up to them, he told them, to guarantee sufficient amount to insure the absorbing banks against any loss exceeding $25,000. Bitterly opposing factions met on Old quarrels, ancient and bitter business rivalries were forgotten. helping hand was extended to the unfortunate bank. Doctors, lawyers, merchants and chiefs guaranteed $48,000. The other banks in the town absorbed the failing institution. The smallest depositor's mite was It Christmas protected. was but the spirit shown is something uncommon.

15. December 31, 1926 The Omaha Daily News Omaha, NE

Article from The Omaha Daily News, December 31, 1926

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The Spirit That Counts The prospect of Christmas rather drear for the depositors of the Arkansas Valley bank of Fort Smith, Ark. Last spring one of its rectors robbed the institution of and to top it all just last week another embezzlement of $30,000 was discovered. The bank faced the prospect of run on the bank on Christmas But for this, as well as for many another Christmas crisis, there was hero. John Gardner, president of the Arkansas Valley Trust company, was the man Last Wednesday night, after fellow bankers of Fort Smith had declared they would not absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors, Gardner called in the business men of the town It to them, he told them, to guaransufficient amount to insure the absorbing banks against any loss exceeding Bitterly opposing factions met on common ground. Old quarrels, ancient and bitter business rivalries forgotten. A helping hand extended to the unfortunate bank Doetors, lawyers, merchants and chiefs guaranteed The other banks in the town absorbed the failing institution. The smallest depositor's mite protected. It was Christmas but the spirit shown something uncommon.

16. January 6, 1927 The Macon News Macon, GA

Article from The Macon News, January 6, 1927

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the Sidelines Seen on SPIRIT THAT COUNTS The prospect of Christmas for the depositors of the Arkansas Valley Bank of Fort Smith. Ark. Last spring tors robbed the institutions $113,400. all off just last week another ment of the prospect of the bank ChristBut for Christmas there John Gardner. president of the Arkansas Valley Trust Company. was the man Last Wednesday pight, after fellow bankers Fort Smith had declared they would absorb the assets and liabilities of the failing bank for the $70,000 guarantee subscribed by its directors. Gardner called the business men of the town was to them. he told them sufficient amount insure the absorbing against any loss exceeding $25,000 Bitterly opposing factions met on common ground. Old quarrels. ancient and bitter ness rivalries were forgotten. helping extended to the unfortunate bank. lawyers, merchants and chiefs The other banks in the town The smallest depositor's protected Christmas shown *uncommon