Article Text
Receiver. Receiver's Office, State Bank, Little Rock, October 1, 1850.
483. State Bank (Little Rock, AR)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- October 1, 1850
- Location
- Little Rock, Arkansas (34.746, -92.290)
Metadata
- Model
- gpt-5-mini
- Short Digest
28f5d152
Response Measures
None
Description
Articles (Nov–Dec 1850) report a Financial Receiver and receiver's office for the State Bank at Little Rock (John M. Ross), indicating the bank was in receivership/liquidation. No contemporaneous run is described. This is therefore classified as a suspension leading to permanent closure/receivership.
Events (3)
1.
October 1, 1850
Suspension
- Cause
- Government Action
- Cause Details
- State-appointed Financial Receiver overseeing liquidation of the State Bank and its branches; formal receivership/closure process initiated by state authorities as described in receiver's report.
- Newspaper Excerpt
- Receiver's Office, State Bank, Little Rock, October 1, 1850.
- Source
- newspapers
2.
November 20, 1850
Other
- Newspaper Excerpt
- JOHN M. ROSS, Financial Receiver. October 1, 1850. Receiver's Office, State Bank, Little Rock, ... report exhibits the amount of received ... the debts reported as doubtful ... The office of Financial Receiver might, privity, be abolished, and the assets of the bank and branches placed in the hands of the State Treasurer.
- Source
- newspapers
3.
December 2, 1850
Other
- Newspaper Excerpt
- A report from the Financial Receiver at Little Rock, John M Ross, Esq in response to certain enquiries of the Bank committee was laid before the House ... the report was referred to the Bank committee with instructions to make a strict investigation of the conduct of State Bank officers.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
Bank, and cancelled and filled them with the as required by the sec. ap: act exhibits the amount of received at the Principal 6th of 1849, to the 1st Oct, what it was propriation day and State Table disbursed purpose Treasurer, April, G, of 1844. expended. Bank, without specie 2d from 1850, the and of last Le gistature adjourned to pay the by the Governor, under a The appropriation Bank resolution Agent Receivers making of ap- the for Assembly, to n ceive from pointed General State the Bank of different branches of the ! of such branches, and return Bank. His expenses assets any the them engaged amount- to the the in of his duties as Agent, considerable sum; all of out of his private funds, or to him. Under these pay ed the Principal to performance a abandon while which he the had Bank, trust to I him cut of the specie on hand in paid confided of $160. circumstances, the upon his application, the sum The $50 paid to Mr. Carroli, attorney for this was under the following circumstances.on the 9th Jan., 1844, Mary B. Miles, et on 3 ment bank, The bank, against al. obtained note Chicot judg- for $2,700. The officers run an execution to returnable to the April term, 1847; and same time agreed with the would the arrearages of they at county, the pay interest, parties, cost that and if discount, they could put in new note for the amount ($2,700), due in 12 months. This was acceded to and on of Mrs. Miles; and on the the of proposition the part principal Thomas complied 15th April, H. with Rives, 1847, she paid or caused to be paid to of Chicot county. the sum of $1,345, and executed note for $2,700, due 1st The judgment remained the in then Arkansas new sheriff funds, unsatisfied and when April, handed Mr. 1848. Car- him roll and 1 came into office, and to recover the amount, we caused an execution to issue, when the above facts were shown by the parties; any w recover from Mr. Rives the $1,345 in cash, and had the new note executed by Miles, Mr. Curroll to go Chicot county, and the $56 received by him was to bear bis expenses. Mr. Carroll covered the note; but Mr. Rives failed to pay the money collected. to recover which suit has been brought to the next December term. The amount expended in repairn-2 the bank house was absolutely necessary to presewe it from ruin, as the roof was in a very leaky CO~Ition, and the fencing was rotten and down. The horse now some repairs to be to 10 to the future policy in In requires relation made of the preserve State, relation to the State Bank, I would respectfully suggest the propriety of adopting some mode whereby the expenses of collecting the debts due the bank may be reduced. The available assets yet outstanding are now reduced The debts to less already than $300,000. lost, and those known to be entirely insolvent, should be stricken out of the assets, as they only encumber the books, and give the officers is great deal of unnecessary work and trouble. The debts reported as doubtful, or at least a large portion of them, might be placed in the hands of attorneys, residing in counties where the parties them power to debts, secure a portion, if all cannot so do, as and to give compromise be the with collected, proThe office of Financial Receiver might, priety, be abolished, and the assets of the bank and branches placed in the hands of the State Treasurer. Since the adjournment of the last Legislature, judgments have been obtained against the bank, and her paper, in favor of James M. Curran John on G. Cocks. For the amounts, I respectfully reter you to the report of D. W. Carroll, Esq, attorney for the principal bank, accompanying this report, marked il. Before closing this report, I must, in justice to myself, state, that errors will be found in the tables the exhibiting the condition of the branches, as at none of them were the act of liquidation went into since books regularly effect; condition kept con- up sequently it is impossible to ascertain the note. I have endeavore.1 to show the of note, and have done so I have been able to of condition Dest every information every from procure, be the atWhen errors are found, I hope they will tributed to the want of proper entries on the books, from which I could have obtained the necessary information, and not from any desire on my part to misrepresent any. have the honor to be, respectfully, your ob't serv't, JOHN M. ROSS, Financial Receiver. October 1, 1850. Receiver's Office, State Bank, Little Rock,
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Article Text
was read, the rules suspend and the bill passed On motion of Mr Chiem, the Senate adjourned. HOUSE. MONDAY, Dec. 2d. Mr. Sadler presented a petition signed by sundry citizens of Dardanelle Township, Pape county, praying the Legislature to attach them to Yell county laid on the table. Mr. Tebnetts, from the select committee to whom was referred the memorial of Rufu- King. reported a bill legalizing the will of Win. Prescott. decea-ed. bill and recummended its passage. On motion the was read its several times and passed Mr Morton from the select committee to whom was referred the bill for the relief of John Carnall, late Sheriffo Crawford county, reported an amendment, which was adopted and the bill was put on its 31 reading and passed. On motion of Mr. Eaton, Resolved, That Standing Committe be appointed on propositions and grievances- adopted. Mr. Ayres o leave introduced a bill to be entitled act to exempt certain persons from paying a poll tax. On motion the bill was read a second time and referred to the Committee on "Ways and Means " Mr. Trapnall presented a communication from General Belknap, relative to the resolutions of cenure passed by the Senate, and reported to the House a lew days since This document gets forth the orders given General Belknap by government. to preserve order and decorum among white persons who visit or live in the Indian country. and in obelience to which, General Betknap has been induced to use harsh treatment to certain white persons in th- Cheroke- ano Cioclaw Nations, Mr Colwell introduced a bill to distribute the proceeds of the 500,000 ocres of land donated to the State of Arkansas, and approved January 1548 Mr Colwell moved that the bill be read a second time and be made the special order of the day in committee of the hole on Thursday next. Mr Tebbetts opposed the motion. and moved to refer the bill to the committee on internal improvements Mr Flourney supported the motion to go into committee of the whole, and said there was but three or four general propositions contained in the bill. and as considerable length of time had already been consumed in the Senate on a bill of similar character, he thought that now was a proper time to committee, and avail themsel ves of the use and advantages of such a committee. We want information on this subject, and every member will have information before he will dare act, while so much is at stake. In the committee of the whole. discussion is elleited which will give information on this subject, and enable us to come-to some clasion in the premises I submit to the will of the House Mr Tebbetta said he hoped that the bill would take the usual cour-e By the system of procedure proposed by the gentleman, bills are often crippied, or by management. forced upon the people against their will Standing committees are appointed for the purpose of Investigation; then let the bill be referred. Mr Flourney replied in support of the bill. The bill was referred to the committee on interna! improvements. TUESDAY. Dec. 3. On motion of Mr Watson. the vote taken yesterday upon a bill making certain adpropriations was reconsidered and the bill recommitted to the com mittee on ways and means. A report from the Financial Receiver at Little Rock. John M Rose, Esq in response to certain enquiries of the Bank committee was laid before the House On motion of Mr Tobey, 1.000 copies were ordered to be printed for the use of the House On motion of Mr.Trapmall. the report Was referred to the Bank committee with instructions to make # strict investigation of the conduct of State Bank officers Mr Trapnali, from the Judiciary committee, reported favorably a bill for the relief of Henry F Sewall, which was passed. Mr Witherspoon was called to the Chair. Mr Trapuall, from the committee on the judireported bill to confer juriediction Justices of the Peace on ing. The was adopted and ciary. upon report the Sabbath bill rejected. break. Also, a bill to limit the time of widows to claim dewer. The report was adepted and the bill rejectod. Also, a bill to change the time of holeing the Circuit Court in the 6th Judicial Circuit-recommending its passage. The bill was passed Also, a bill to change the time of holding the Circuit Court in Prairiecounty-recommending its passage. The bill was passed Also, the hill revising the Statute. under the head of runaway slaves-reporting adversely The report was adopted and the bill rejected. Also, a bill to amend the Statute in reference to Sheriffs sales, and reported that such change would be inexpedient. The bill was rejected Also. a bill to:repeal certain_sections of the Stat. ute in reference to days-reported adversely The bill was rejected. Also, bill for the reller of certain persons in which suits against the State were pendingcommending its re-committal to the committee on ways and means. Adopted. Also, a bill to exempt certain counties from sunmoving special jurors Mr Cline moved to lay the bill on the table, which was adopted. Mr Lafferty, from a select committee, on the bill for the reli f of James M. Pierce. Sheriff of Van Buren county, reported a substitute, which was adopted. from a select committee. reported a bill for the relief of the county. The bill was favorably Mr Cauthron. passed. Sheriff of Scott Mr Forrest introduced bill to reduce the numbers of Representatives and Senators in this State. Referred to the committee on the judiciary. Mr Carroll introduced a bill to change the time of holding the Probate Courts in the counties of Poinsett and St. Francis. Referred to a select.com mittee of Measts Culdwell, Harris and Leslie. Mr Billingsley offered a bill to authorize the clerk of the county of Fulton to transcribe certain records of the chaucerv court of that county. Upon metion of Mr Embree, the bill was read * third time and passed. of levies and draine. Mr Trupuell introduced a bill in relation to the