Bank of the State of Arkansas

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 20, 1850
Location: Little Rock, Arkansas (34.746, -92.290)

Metadata

Model: gpt-5-mini
Short Digest: df526934e00d08b3

Response Measures

None

Description

Article is a financial receiver's report describing the Bank of the State of Arkansas (Principal Bank at Little Rock) placed in liquidation and under a financial receiver. No mention of a depositor run; the bank is in liquidation/receivership, i.e., suspended and effectively closed.

Events (2)

1. November 20, 1850 Receivership

Newspaper Excerpt: REPORT Of the Financial Receiver of the Bank of the State of Arkansas ... I have the honor, herewith, to submit my report. Table A, exhibits the individual indebtedness of the PRINCIPAL BANK at Little Rock ... the Act placing the State Bank in liquidation; ... collections made ... to the 1st day of October, 1850, amount to the sum of $402,320.31.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Placed in liquidation by act of the state legislature; bank operations placed under a financial receiver.
Newspaper Excerpt: the Act placing the State Bank in liquidation; I have the honor, herewith, to submit my report.
Source: newspapers

Newspaper Articles (1)

1. November 20, 1850 Washington Telegraph Washington, AR

Article from Washington Telegraph, November 20, 1850

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Article Text

REPORT Of the Financial Receiver of the Lank of the State of Arkansas. His Excellency John S. Roane, Governor of the State of Arkunsas: SIR: In pursuance of an act of the General Assembly of the State of Arkansas, entitled "An Act concerning the printing of the Governor's message and accompanying documents," approved the 8th January, 1849; An Act further to define the duties of Financial Receivers of the State Bank and Branches," approved 23d December, 1846; and the Act placing the State Bank in liquidation; I have the honor, herewith, to submit my report. Table A, exhibits the "individual indebtedness of the PRINCIPAL BANK at Little Rock; by reference to which, it will be seen, that the total amount of the bills and notes now due, with the interest calculated on each to the 1st day of October, 1850, amount to the sum of $402,320 31. I have classed the debts into four classes, denominated Solvent," "Doubtful," "Insolven'," and "Lost," and from the best information I have been able to obtain of the circumstances of the debtors, 1 believe the following will be found very near, if not entirely, correct: Solvent, $136,978 65; doubt$64,494 29; insolvent, $115,152 14; and lost, $85,695 % This classification shows that a very small fraction over one-third of the debts now due the Principal Bank, can be relied on as assets, and that about one-half is now entirely lost and insolvent. Table B. exhibits the bills and notes due the Branch of the Bank of the State of Arkansas at BATESVILLE, on the 10th day of February, 1847, when C. D. Cook, Esq., took charge of said Branch as Receiver; the amount of collections made at said bank from the 16th Feb., 1847, to the 1st July, 1850, &c. The bills and notes due said branch, on the 1st day of October, 1850, with interest on same, to that time, amount to $283,871 79: of which, I class $9,959 25, as solvent; $132,852 20, as doubtful; $71,291 25, as insolvent; and $69,769 27, as lost. The parties to the notes classed as "doubtful," are generally good; but I have deemed it my duty to class them as doubtful, from the fact that a great many of the notes have been in suit for two or three years-during which time the Attorney for the Bank has not been able to recover judgments ou any notes of large amount, that have been defended. Could collections be enforced, I have no doubt but there are debts due this Branch, from which the Bank could realize at least $100,000. Table C, exhibits the bills and notes due the Branch Bank of the State of Arkansas, at A kansas Post; and the collections made at said branch since the month of November or December, e47. The bills and notes due on the 1st Oct., 1850, with interest calculated on each to that time, amount to $173,748 88, of which I have classed $85,005 23, as solvent; $21,819 69, as doubtful; $21,458 89, as insolvent; and $45,465 07, as lost. This is independent of the amount remaining due from M. W. Dorriss, Esq, late attorney for said branch. By reference to the proper column in table C, you will perceive that he, as Attorney, collected, from Nov. 1847, to June, 1849, the sum of $52,581 30. By reference to table E, you will see that on the 2d July, 1849, M. J. Dorriss, as executrix of the estate of M. W. Dorriss, dec., paid into bank the sum of $15,235, leaving a balance due the bank of $37,346 30, as exhibited in table F. or this amount, the administrators of the estate claim that $12,000 or $14,000, have been paid to the bank. The vouchers upon which this offset is founded are on file in bank, and will be laid before the bank committee, for adjustment. Table D, exhibits the bills and notes due the Branch of the Bank of the State of Arkansas, at Fayetteville, on the 6th of April, 1849: the amount collected by J. M. Tebbetts, Esq., the Attorney for said branch, from that time to the 12th Sept, 1830; and the amount of bills and notes due said branch on the 1st Oct., 1850. The bills and notes, with the interest, due on the 1st Oct., 1850, amount to $221,619 19; of this amount I class $35,243 68, as solvent; $22,238 52 as doubtful; $68,762 18, as insolvent: and