475. Real Estate Bank of the State (Little Rock, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 20, 1855
Location
Little Rock, Arkansas (34.746, -92.290)

Metadata

Model
gpt-5-mini
Short Digest
1e875913

Response Measures

None

Description

The bank had a receiver in chancery and notices from the receiver appear repeatedly (1858–1861). The paper in 1891 explicitly calls it the defunct real estate bank of Little Rock, which suspended operations in 1861. There is no description of a depositor run in the articles provided; instead they document receivership, asset sales, and legal proceedings. I therefore classify this as a suspension leading to permanent closure. Significant OCR issues corrected: 'R. E. Bank' interpreted as Real Estate Bank; dates taken from article text (Chancery order of 1855 and 1861 suspension reference).

Events (5)
1. April 20, 1855 Receivership
Newspaper Excerpt
under the order of the Chancery Court of Pulaski county, made on the 20th of April, 1855, the bonds ... are not receivable ... GORDON N. PEAY, Receiver, R. E. Bank of Arks. March 21, 1860.
Source
newspapers
2. July 21, 1858 Other
Newspaper Excerpt
OFFICE OF RECEIVER OF R. E. BANK, Little Rock, Ark., July 21, 1858. ... GORDON N. PEAY, Receiver. This shows that these gentlemen owe nothing to the Real Estate Bank
Source
newspapers
3. June 23, 1859 Other
Newspaper Excerpt
GORDON N. Peay, as Receiver of the assets of the Real Estate Bank of the State of Arkansas ... In the Chancery Court ... 23d day of June, A. D. 1859.
Source
newspapers
4. September 5, 1859 Other
Newspaper Excerpt
I sold the 360 acres of land ... on the 5th of September 1859, to Messrs. Arthur Thompson and Lucius J. Polk ... Respectfully, your obd't. serv't., GORDON N. PEAY, Rec.
Source
newspapers
5. January 1, 1861* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Chronic mismanagement and losses under trustees and subsequent insolvency leading to suspension of operations; receivership and asset sales recorded over 1855–1861.
Newspaper Excerpt
the defunct real estate bank of Little Rock, which suspended operations in 1861
Source
newspapers

Newspaper Articles (8)
1. July 28, 1858 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, July 28, 1858

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Article Text

The Napoleon Planter Caught Lying. The Napoleon Planter of the 9th July made the assertion that Benj. Johnson owed the Real Estate Bank the sum of $29,600, Joel Johnson owed it $49,000 and Jas. S. Conway owed it $21,400 This statement of the Planter we denied and asked it, in justice to the three gentlemen thus slandered, all of whom are now dead, to correct the error into which it had fallen. Instead of doing so cheerfully, as any gentleman would have done, it reiterates the slander, and protests that the sums stated are still owing by Benj. Johnson, Joel Johnson and Jas. S. Conway. The Planter goes on the principle that "a lie well stuck to is as good as the truth." For the facts, we refer the Napoleon Planter to the following note from the Receiver in Chancery of the Real Estate Bank who is charged with the collection of all the debts due the bank and has in his possession all the books and papers belonging to it: OFFICE OF RECEIVER OF R. E. BANK, Little Rock, Ark., July 21, 1858. R. H. JOHNSON, ESQ.Sir: In reply to your note of this morning. I have to state that it appears from the books of this office that the debts of Benjamin Johnson, Joel Johnson and James S. Conway to the Real Estate Bank were paid in full to the late trustees prior to their removal from office. Respectfully your ob't serv't, GORDON N. PEAY, Receiver. This shows that these gentlemen owe nothing to the Real Estate Bank-that they have paid up every cent of their debts, and the fol lowing note from the Financial Receiver of the State Bank shows they owe nothing to that institution either: Office of the Bank of the State of Ark., Little Rock, July 22d, 1858. 5 Mr. R. II. JOHNSON-Sir: I have to state in reply to your inquiry that neither Benjamin Johnson, Joel John son or Jas. S. Conway owe any thing whatever to "the Bank of the State of Arkansas." Respectfully, etc., HUGH G. WILSON, Financial Receiver. Thus the statement of the editor of the Planter is shown to be a lie. Neither of the gentlemen mentioned owe any thing to either of the Arkansas Banks. Such lies, we cannot call the editor's lying assertions by a milder term, will do his candidates, Col. Furguson and Judge Patterson no service. If they have no better capital to go before the people upon than slandering the dead, they will live a long while before they will reach the summit of their ambition. As for Tucker, the editor of the Planter himself, he has gone to down-right lying, and is unworthy further notice.

2. July 6, 1859 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, July 6, 1859

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Article Text

AUGUSTUS M. WARD, Clerk. July 6, 1859.-2w (Prs. fee $8 00.) THE STATE OF ARKANSAS, / COUNTY OF PULASKI. I In the Chancery Court of said county, at the June term, A. D. 1859: 23d day of June, A. D. 1859. Benjamin D. Whitney, Complainant. vs. i In Chancery. Gordon N. Peay, as Receiver of the assets of the Real Estate Bank of the State of Arkansas, John HolDefendants. ford and John James Holford, as executors and devisees of James Holford, deceased, et al. N this day appeared said complainant, by O Watkins & Gallagher, solicitors, and files his bill of complaint herein, with the exhibit therein referred to, the object of which bill is to obtain an account of the amount advanced by the North American Trust and Banking Company, of New York, to, and justly due with the interest accrue S ) thereon, from the Real Estate Bank of the Stat. of Arkansas, or its receiver, upon the five hun I dred bonds of said State, issued to said Real Estat. Bank, and hypothecated to said banking company to have such amount allowed and established as 1 claim in favor of complainant, against said Rea ) Estate Bank, or its assets, in the hands of said re 1 ceiver, and paid as other claims against the trus fund; and praying that the representatives of Jame t Holford be required to produce said hypothecate bonds, and assert their claim thereto against sai Real Estate Bank, or its assets, and in defaul e thereof, that they be forever precluded from having or asserting any such right or claim, and that san bonds may be canceled and annulled by decree o this court; and it appearing from affidavit annexe I to said bill of complaint, that the defendants, John e Holford and John James Holford, as executors an S devisees of James Holford, deceased, and Henry S. Holford and Frederick F. Holford, as adminis t trators with the will annexed, of said James Hol e ford, deceased, the children of John Holford, whose names are unknown, and David Leavitt as receive r in chancery of the assets of said North American Trust and Banking Company, are non-residents o this state. It is therefore ordered by the court tha 1 said non-resident defendants be notified of the S filing and pendency of said complainant's bil e against them in this behalf, by publication of thi order in some newspaper printed in the State o Arkansas, for the number of times and within the time prescribed by the statute. and that unless the appear in this court, on or before the fourth day o the next term thereof, to be held at the court house of said county of Pulaski, in the city of Little Rock, Arkansas, on the third Monday of October ) A. D. 1859, and file exceptions, plead, demur O) 1 answer to said complainants bill, the same will be taken as confessed against them, and an interiocu1 tary decree entered accordingly. A true copy from the record. e Attest: GORDON N. PEAY, Clerk. July 6th, 1859-2w. (Prs. fee $11 00.)

3. July 13, 1859 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, July 13, 1859

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Article Text

AUGUSTUS M. WARD, Clerk. July 6, 1859.-2w (Prs. fee $8 00.) THE STATE OF ARKANSAS, COUNTY OF PULASKI. In the Chancery Court of said county, at the June term, A. D. 1859: 23d day of June, A. D. 1859. Benjamin D. Whitney, Complainant. VS. > In Chancery. Gordon N. Peay, as Receiver of the assets of the Real Estate Bank of the State of Arkansas, John HolDefendants ford and John James Holford, as executors and devisees of James Holford, deceased, et al. N this day appeared said complainant, by Watkins & Gallagher, solicitors, and files his bill of complaint herein, with the exhibit therein referred to, the object of which bill is to obtain an account of the amount advanced by the North American Trust and Banking Company, of New York, to, and justly due with the interest accrued thereon, from the Real Estate Bank of the State of Arkansas, or its receiver, upon the five hundred bonds of said State, issued to said Real Estate Bank, and hypothecated to said banking company; to have such amount allowed and established as a claim in favor of complainant, against said Real Estate Bank, or its assets, in the hands of said receiver, and paid as other claims against the trust fund; and praying that the representatives of James Holford be required to produce said hypothecated bonds, and assert their claim thereto against said Real Estate Bank, or its assets, and in default thereof, that they be forever precluded from having or asserting any such right or claim, and that said bonds may be canceled and annulled by decree of this court; and it appearing from affidavit annexed to said bill of complaint, that the defendants, John Holford and John James Holford, as executors and devisees of James Holford, deceased, and Henry S. Holford and Frederick F. Holford, as adminis trators with the will annexed, of said James Holford, deceased, the children of John Holford, whose names are unknown, and David Leavitt as receiver in chancery of the assets of said North American Trust and Banking Company, are non-residents of this state. It is therefore ordered by the court that said non-resident defendants be notified of the filing and pendency of said complainant's bill against them in this behalf, by publication of this order in some newspaper printed in the State of Arkansas, for the number of times and within the time prescribed by the statute. and that unless they appear in this court, on or before the fourth day 01 the next term thereof, to beheld at the court house of said county of Pulaski, in the city of Little Rock, Arkansas, on the third Monday of October, A. D. 1859, and file exceptions, plead, demur or answer to said complainants bill, the same will be taken as confessed against them, and an interlocutary decree entered accordingly. A true copy from the record. Attest: GORDON N. PEAY, Clerk. July 6th, 1859-2w. (Prs. fee $11 00.)

4. October 26, 1859 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 26, 1859

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Article Text

One of the Trustees of the Real Estate Bank. To show where the blame of the crippled condition of the Real Estate Bank rested, we, several weeks since, took up the transactions of Col. Biscoe with the bank, and showed that the bank was the loser by them. The charge was made by Mr. T.C. Hindman that the Johnsons" ruined the bank. To defend them, and show where the blame justly rested, we were compelled to turn to the Trustees who had the assets in possession from 1842, till 1855--the space of 13 years. We singled out Col. Biscoe's transactions to comment upon, because he was the father-in-law of Mr. Hindman-the man who raised the question. As a Trustee of the Real Estate Bank, Col. Biscoe was a public officer, who had assumed vast responsibilities.How he executed the trust reposed in him is a matter of legitimate inquiry with every citizen of Arkansas. In our article above referred to, we pointed out a transaction by which Col. Biscoe paid off a debt to the Bank of sixteen thousand, two hundred dollars, with three hundred and sixty acres of land-the land being valued at $45 per acre. We stated the bank was bound to be the loser in this transaction, as it was impossible to sell the land for its valuation. Col. Biscoe replied by publishing a card from Arthur Thompson, of Phillips county, proving that the land was worth $50 -$5 more than he asked the bank for it. Mr.Thompson had purchased the land from the Bank. We called upon the Receiver in chancery toknow the purchaser, and the price that was paid for the land, and received the following reply: OFFICE OF RECEIVER R. E. BANK, , Little Rock, Ark. Oct., 22d, 1859. S R. H. JOHNSON, FSQSir: In reply to your note of the 19th inst., I have to state, that as Receiver of the bank, I sold the 360 acres of land in sec. 21, T. 2 S., R. 4E, on the 5th of September 1859, to Messrs. Arthur Thompson and Lucius J. Polk, of Phillips county, for the sum of ten thousand dollars, payable in State bonds and coupons, one third in hand and the residue in one and two years, the deferred payments bearing interest at the rate of eight per centum per annum and secured by mortgage on the land. This is the same tract of land conveyed to the late trustees of the bank by Col H. L. Biscoe, in part payment of his indebtedness to the trust. Respectfully, your obd't. serv't., GORDON N. PEAY, Rec. Thus it is shown that the land was sold for only 10,000 dollars. It cost the bank the sum of 16,200 dollars. Thus is the bank the loser in the sum of 6,200 dollars. And this is not all-the bank has lost four years of interest on the sum of 16,200 dollars, the amount of Col. Biscoe's debtfour years being the time that has elapsed since the purchase and the sale of the land by the bank. This six thousand, two hundred dollars, thus lost in one of the private transactions of a trustee, falls upon the stockholders.They will have it to pay-and if they should not be able to pay it and the multiplicity of other losses, occasioned by the trustees, amounting in the aggregate to one million. three hundred thousand dollars, the State will have it to pay by a tax upon the people. We make no statements we are not able to substantiate. The balance of Col. Biscoe's card we will reply to as we have time and leisure. We shall show clearly, that it was not the 'Johnsons," but the trustees, who are responsible for the inability of the bank to pay its debts. Mr. Hindman need not go out of his own family to find a cause for the present crippled condition of that unfortunate institution.

5. April 7, 1860 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, April 7, 1860

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Article Text

OFFICE OF RECEIVER, OF REAL ESTATE BANK OF ARKANSAS, Little Rock, March 14th, 1860. Notice is Hereby Given, T HAT under the order of the Chancery Court of Pulaski county, made on the 20th of April, 1855, the bonds of the State of Arkansas, issued to the Real Estate Bank, Letter C., numbered from 1 to 500, dated 1st January, 1840, signed by J. S. Conway, Governor, countersigned by John Hutt, Treasurer, and the coupons signed by C. A. Harris, Cashier, known as the " hypothecated bonds," are not receivable in this office in payment of any demands due the Bank of any kind whatever. GORDON N. PEAY, Receiver, R. E. Bank of Arks. March 21, 1860. 4w

6. April 14, 1860 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, April 14, 1860

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Article Text

OFFICE OF RECEIVER, / OF REAL ESTATE BANK OF ARKANSAS, Little Rock, March 14th, 1860. S Notice is Hereby Given, THAT under the order of the Chancery of Pulaski county, made on the 20th of April, 1855, the bonds of the State of Arkansas, issued to the Real Estate Bank, Letter C., numbered from 1 to 500, dated 1st January, 1840, signed by J.S. Conway, Governor, countersigned by John Hutt, Treasurer, and the coupons signed by C. A. Harris, Cashier, known as the " hypothecated bonds," are not receivable in this office in payment of any demands due the Bank of any kind whatever. GORDON N. PEAY, Receiver, R. E. Bank of Arks. March 21, 1860. 4w

7. December 5, 1861 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, December 5, 1861

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OFFICE OF THE RECEIVER OF THE REAL ESTATE BANK. TAME undersigned has written and forwarded to the sheriff I of each of the counties of Ashley, Clark, Crawford, Chicot, Crittenden, Dallas, Desha, Drew, Hompstead, Hot Spring, Jackson, Johnson, Mississippi. Monroe. Ouachita, Phillips, Pike, Poinsett. St. Francis, Scott and Wash ngton, a full list (compared with the list in the auditor's office.) of all the land taxed to the Real Estate Bank with a request to have the said list receipted and sent to the State treasurer, with whom the amount will be deposited to the credit of the respective sheriffs on account revenue of 1861. The postages are fully paid. and having thus taken all available means for the prompt payment of taxes. it is hoped the bank may not be subjected to any costs from accidental misc arriage of the lists sent, or from any other cause beyond the control of the undersigned. J. H. CREASE, Nov 28, 1861. 2t For G. N. PEAY, Receiver.

8. January 27, 1891 The Sedalia Weekly Bazoo Sedalia, MO
Article from The Sedalia Weekly Bazoo, January 27, 1891

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A HALF MILLION INVOLVED Suit on a Before-the-War Debt Affects the Title to Valuable Property. Pine Bluff, Ark., Jan. 20.-Subpoenas were to day served upon all the owners of property in what is known as the Cockerill additions to Pine Bluff, abont three hundred acres in all, enjoining them to appear before the United States District court for the eastern district of Arkansas, nn March 2, to there testify in a suit brought by N. A. Perry against S. R. Cockerill, for* the collection of $50,000 and interest, a debt dating back before the war. The suit is brought by the defunct real estate bank of Little Rock, which suspended operations in 1861, and is for money borrowed by Cockerill to pay for his plantations in this neighborhood. The value of the property involved is about $500,000 and includes the round house and machine shops of the St. Louis and Southwestern railroad.