546. Bank of Pine Bluff (Pine Bluff, AR)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: June 8, 1914
Location: Pine Bluff, Arkansas (34.228, -92.003)

Metadata

Model: gpt-5-mini
Short Digest: 221f94bf

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Full suspension, Books examined

Other: Reorganization/new bank took over assets and assumed liabilities; state banking department placed bank in charge and later facilitated sale to new organizers.

Description

A rumor-triggered run occurred June 8, 1914. Heavy withdrawals and inability to realize on securities led directors to place the bank in charge of the state bank examiner on July 3, 1914. Stockholders reorganized and transferred assets to a new institution, with announcements in July indicating the bank would re-open.

Events (3)

1. June 8, 1914 Run

Cause: Rumor Or Misinformation
Cause Details: Idle gossip/rumor (report that an official had 'gone crazy' or confusion with name of another institution) sparked withdrawals on June 8.
Measures: Pine Bluff Clearing House and local banks sent cash (citizens' bank placed $30,000; Merchants & Planters' $20,000; Cotton Belt $20,000). Bank met dollar-for-dollar withdrawals that day.
Newspaper Excerpt: An idle rumor...is said to have been responsible for the 'run.'...the withdrawals by the day exceeded the deposits...
Source: newspapers

2. July 3, 1914 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors closed the bank because of inability to realize on collateral/securities combined with unusually heavy demands and prior withdrawals since the June run.
Newspaper Excerpt: In accordance with a decision...the Bank of Pine Bluff did not open for business today. A. W. Rapp, state bank examiner, is in charge...Inability to realize on security is given as the reason for suspension.
Source: newspapers

3. July 23, 1914 Reopening

Newspaper Excerpt: The Bank of Pine Bluff will be reorganized...and will in all probability be open for business the first of the coming week...directors voted to transfer the assets to the new bank.
Source: newspapers

Newspaper Articles (21)

1. June 9, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, June 9, 1914

Click image to open full size in new tab

Article Text

'RUN'' " ON BANK OF PINE BLUFF Gossip Creates Apprehension Among Small Depositors of Institution. MEETS ALL DEMANDS Every Depositor Who Sought to Withdraw Funds Yesterday Paid in Full-Deposits of Day Exceed Withdrawals by $14,486. The Bank of Pine Bluff sustained something of a "run" yesterday, open but every demand and even kept all met the sun went down to withdraw give until ones a chance to of the timid deposits. At the close Hudson day's their business; Cashier W. announced C. the books and had exscanned the deposits for the day $14,486.53. that the withdrawals by ceeded is exclusive of the monies placed Pine This the disposal of the Bank of at by other banking institutions House Bluff by the Pine Bluff Clearing $10,000 association, and which sent over unmeeting at which it was Pine after a decided the Bank amount of animously Bluff was entitled to any needed to pay off depositors. Idle Rumor Starts Run. An idle rumor, which seems to to have have spread Sunday, is said Acto been been responsible for the "run." advised cording to some who were rumor was withdraw their funds, the of the the effect that an official its transto bank "had. gone crazy. In institumission the name of another officers of was involved, and the by tion were called upon Sunday know friends who desired to They several this bank in it." in"if there is anything ended it reassured, and that it But were this bank was concerned. Bluff. sofar as with the Bank of Pine was not so rumor as to this institution learned The persistent that its officers might so tale and realized what best way of the Knowing that the any dehappen. to dispel alarm was to that meet the bank mand, and, realizing easily, the necessary money could do to so pay dollar for dollar of every depositor was procured. expected happened. When there the The opened its doors yesterday their debank on hand with was a books. crowd Most of these people were having posit small deposits. Many Italians. Banks the other Send banks Thousands. in the hurried city When of the situation, they of Pine learned support of the Bank attitude they to the showing by their the solvBluff the utmost confidence M. in E. Bloom, had of the institution. Bluff Clearing ency of the Pine of the manager association and cashier with $30,House bank, hurried over disCitizens' he placed at the the Bank of Pine as000 in of cash which Bluff. those Mr. posal made a short talk to was not Bloom assuring them there that the sembled, slightest cause for alarm; shape the Pine Bluff was in good cent. Bank of Year losing one none Savings Bank & and The Cotton need Belt $20,000, and Presi- Trust sent over Merchants ir Company C. Alexander of the so much dent S. bank loaded the e & Planters' a wheelbarrow that Alexmoney auto on collapsed. President knot of t Irish also addressed the little Pine Bluff, s depositors ander that at the the Bank bank of was all entirely the solvent declaring and could obtain n le money it desired. Men Not Perturbed. d Business the merchants and business confiId Many the of city displayed their ace men in in the institution by opening and those dence with large. sums, who counts and merchants made are 's business men of the bank e regular patrons heavy Monday deposits at yesterday, their usual indicating they were not all perturbed. run was virtually their over. All in At who noon had the sought to full. withdraw After seedeposits were volume paid of money on came the ing the large the bank, many failed who to do counters'in ask for their deposits institution satisfied to the elseso and left more safe there than that it was During the afternoon. out during many where. taken their money placed who had came back and again the run, bank. it on deposit in it was the discovered that bank. a run As was soon being as made had on a large the sign Cashier Hudson which informed the patrons until painted, that the bank would be open sundown. After working hours at of the the shops men accounts yesterday afternoon, many with the bank u who carry rush to the institution their W. made but after a mad arriving decided to let in taccounts McDennell stand. Behind Bank. k. McDonnell, the new president W. D. ye J. S. who succeded about teu ur of the bank, vice president, his assets is Hearn, now states that all of back of this days ago, than $500,000, are other assets more with the and < bank. This, bank unusually strong who make there is the no doubt but what many (CONTINUED ON PAGE THREE

2. June 9, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Click image to open full size in new tab

Article Text

"RUN" ON BANK OF PINE BLUFF (Continued from page cue.) withdrew their money yesterday will make another run on the bank this morning to place it on deposit again. The cause for the run cannot be explained by anyone, and its origination seems to have many puzzled. During the afternoon yesterday President McDonnell and Cashier Hudson received congratulations from many for the fine manner in which the crowd was handled.

3. June 9, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Click image to open full size in new tab

Article Text

INE BLUFF ROGRESS ROSPERITY P A BANK RUN. Idle gossip is one of the worst sins in which people can indulge because it inflicts suffering without benefit, does harm without good. a Idle gossip was responsible for small-sized run on the Bank of Pine Bluf yesterday. We say idle gossip bécause had any one taken the trouble to ascertain the facts he would have found that the institution is safe and sound, as was proved when the Pine Bluff Clearing House association met, scanned the securities of the Bank of Pine Bluff and promptly loaned that institution $100.000. The biggest and strongest banks in the world do not carry in its vaults cash sufficient to pay off all depositore at once, because the success of a bank depends upon keeping its funds well invested. That's why one bank must borrow from another occasionally when unusual demands are made upon it. That an institution can take its securities and go to the clearing house or to another bank and secure funds is the best evidence that the borrowing bank is eatirely solvent and that its funds have been well invested. Many banks, like individuals, have been damaged by idle gossip; by some one's "they say." Many a woman has gone through life under a cloud because of some sinner's "I hear." Of all despicable things that of spreading harmful gossip is the worst. The Philadelphia Forward, an inter-denominational Sunday school journal. discussed this sin recently in a most able and impressive way, under the heading, "A Bank Run," saying. very sound and wellbank in New managed Last winter, a York City seek- was suddenly besieged by depositors ing to withdraw their money. It was a bank that did a large business among East Side immigrants. Many depositors in the line that formed outside the bank could not speak stood of English. gard and They excited, fearing in the the the rain, loss world. hageverything they had in Women with little children in their arms, exposed to the inclemency of the weather, wept over their tighly clutched bank books. It was a scene of panic and disorder for nearly a week from the day that the run began, and the police had to be on had all the while. In vain the officers of the bank exto the money plained was no danger depositors of their that being there lost, as the bank was in first-rate financial condition. In vain the other New York bankers came forward. offering to help the institution to any extent if ready money should be needed, assuring the public that the affairs of the bank were in splendid condition. In vain the police warned those yho were drawing out their money in a lump that thieves were hovering about to rob them. No one would listen. The run went on relentlessly. On the second day, two eiderly women were among those who stood in line for hours. Each had savings of about a thousand dollars, the TO sult of years of thrift, and each drew out the whole amount. As these women went to their homes, ta.h were atacked by theives, knocked down or struck so as to daze them. and their money was stolen. The savings that would have been the stay of their age were lost in a moment. How many others were robbed in their homes, or swindled out of their money by the greedy speculators who immediately followed them up, and beguiled them to invest in something "safer than the bank," will of course never be known. But the whole -

4. July 3, 1914 The Daily Telegram Clarksburg, WV

Article from The Daily Telegram, July 3, 1914

Click image to open full size in new tab

Article Text

BANK CLOSES As Result of Decision of the Directors and An Examiner is in Charge. (BY ASSOCIATED PRESS) PINE BLUFF, Ark., July 3.-In accordance with a decision reached at a meeting of the board of directors last night, the Bank of Pine Bluff did not opên for business today. A. W. Rapp, state bank examiner, is in charge of the institution. The last statement showed capital stock of $100,000; surplus, $100,000; deposits, $783,000. Inability to realize on security is given as the reason for suspension.

5. July 3, 1914 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, July 3, 1914

Click image to open full size in new tab

Article Text

OTHER BANKS ARE WOBBLY Receivers May be Asked for Broadway State and Calumet State. TWO ABLE TO REOPEN All Institutions Affiliated With Lorimer Banks Are Having Rough Plowing These Days. [United Press Leased Wire Service.) SPRINGFIELD, III., July 3.-Receivers may be asked by Attorney General Lucey next week for the Broadway State bank, and the Calumet State bank of Chicago, two of the institutions affiliated with the LaSalle Street Trust and Savings bank of Chicago, closed three weegs ago, State Auditor Brady admitted today. The Ashland-Twelfth Street bank and the Illinois State bank in the same group have indicated that they expect to be able to open next week, and the auditor stated they will be permitted to do so upon reorganization and showing the soundness of their condition. Officials of the other two have made no statement as to their intentions. Reports on the condition of the four institutions, subsidiary to the bigger Lorimer-Munday LaSalle Street bank, were received by Auditor Brady from examiners today. These were submitted to Attorney General Lucey who said several days would be required to examine them carefully enough to determine on receiverships. Bank Closes Doors. PINE BLUFF, Ark., July 3.-The bank of Pine Bluff failed to open for business this morning, following a decision reached at the meeting of directors last night. State Bank Examiner Alvin Read is in charge. Inability to realize on securities is given as the cause. A run WAS made on the bank a month ago, soon after J. N. McDonnell succeeded W. D. Hearn as president, and since then many accounts have been withdrawn. The last statement of the condition of business March 4, showed capital of $100,000 and a surplus of the same amount, with individual deposits of $516,440 and public funds totaling $227,365. Other banks here are not affected.

6. July 3, 1914 The Waxahachie Daily Light Waxahachie, TX

Article from The Waxahachie Daily Light, July 3, 1914

Click image to open full size in new tab

Article Text

A PINE BLUFF BANK FAILS TO OPEN DOORS Institution Was Crippled by a Run Made a Month Ago-Had Capital Stock of $100,000. By the United Press. Pine Bluff, Ark., July 3 -The Bank of Pine Bluff failed to open for business this morning and a state bank examiner is in charge. A run on the bank was made a month ago and since, the officials have been unable to realize on securities. The last statement, on March 4, showed a capital of $100,000 and the individual deposits were shown to be $516,440 together with a public fund of $227,366.

7. July 3, 1914 Newport Daily Independent Newport, AR

Article from Newport Daily Independent, July 3, 1914

Click image to open full size in new tab

Article Text

Pine Bluff Bank Closes. United Press Dispatch. Pine Bluff, July 3.-The Bank of Pine Bluff failed to open this morning, following a decision of the directors last night, and Assistant State Bank Examiner Reiff is in charge. Inability to realize upon securities is assigned as the cause of closing, a run following a change of presidents several months ago, and steady withdrawal has taken place since that time. $150,000 in tax funds was on deposit, the bank having $227,365 public funds and half million of individual deposits, according to the March report. The capital stock is $100,000, with a surplus of $100,000. The directors of the bank hope to resume business soon.

8. July 3, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, July 3, 1914

Click image to open full size in new tab

Article Text

This Action Decided Upon at Conference Ending This Morning at 1:30. FULL STATEMENT TO BE ISSUED TODAY Inability to Realize UL. Collateral and Heavy Demands of Past Thirty Days Impels Officers to Take Action. "The bank is in the hands of the state bank commissioner, and a statement will be issued by the directors this morning to the customers, public and friends of the bank." This was the statement made by Cashier W. C. Hudson of the Bank of Pine Bluff at the conclusion this morning at 1:30 o'clock of a conference the Bank Pine the State clearing of of officers house Bluff, association and members directors and of of Bank Examiner Alvin J. Reap. Mr. Hudson said further that the action was decided upon as a result of unusually heavy demands made upon the bank during the past thirty days and the fact that at this season of the year it was unable to realize upon its collateral, The bank will not open for business this morning, but it is not certain that the institution will not realize sufficiently on its assets in a few days and resume business. It was intimated that the entire situation will be made clear in the statement to be issued-by the directors today. The bank is said to be entirely solvent and in position to pay dollar for dollar to all if it were possible to realize upon its securities at once. There is said to be little likelihood that the depositors of the institutions will lose. Securities for $300,000 were offered last night, but the ready cash was not obtainable. Realizing that rumors would probably cause an unusual demand today, it was deemed to be the wisest course to place the institution in the hands of the state bank commissioner until it could he determined what course is best to pursue to protect the interests of depositors and stockholders. "Run" Three Weeks Ago. The Bank of Pine Bluff sustained something of a "run"on Monday, June 8, as the result of rumors. The clearing more than demands of and house enough depositors association money to that supplied meet day, the business men who knew of the actual situation deposited more than the amount withdrawn. Since that time, however, it is understood there were heavy withdrawals. This, coupled with the fact that the bank has been unable to realize upon securities it holds; prompted the action taken this morning. The Bank of Pine Bluf was organsteadily ized on October grown in 10, strength. 1889, and It has is one of the most popular banks in the city, and has numerous friends in the adjacent Pine Bluff country as well J. S. McDonnell, who became president of the institution on May 30, succeeding W. D. Hearn, is regarded as one of the wealthiest planters in the state. When the "run" was experienced several weeks ago, Mr. McDonnell announced he would place all his resources behind the bank and it is not intimated that he has altered his attitude. Mr. McDonnell, however, is understood to be in a position similar to that of the bank-be is unable to realize upon securities and property. An unofficial explanation of why the clearing house association did not furnish all the cash needed to supply the bank's momentary demands is that there was a difference of opinion between the officials of the Bank of Pine Bluff and the officers of the clearing house association as to the liability that should be assumed by the indidividual officers of the bank. When Mr. McDonnell became president on May 30, W. D. Hearn was made vice president. The other officers are W. C. Hudson cashier and C. W. Pettigrew assistant cashier. Both of these gentlemen have been with the institution for years. The officers are A. W. Nunn, J. W. Sanders and H. L. Westbrook comprise the directorate. Although the situation may not be considered bright with the bank's ON PAGE THREE

9. July 10, 1914 The Penn's Grove Record Penns Grove, NJ

Article from The Penn's Grove Record, July 10, 1914

Click image to open full size in new tab

Article Text

Secretary of State Bryan has leased a summer home at Ashville, N. C. Four mountaineers were killed during Fourth of July celebrations in Pike County, Kentucky. Edwin Laranzo, an animal trainer, of Mount Clemens, Mich., was attacked by a lion and fatally injured. The bank of Pine Bluff, Ark., was ordered closed. The bank has a capital of $100,000 and deposits of $1,000,000. Judge Martin L. Clardy, former senator from Missouri and vice-president of the Missouri-Pacific Railroad, died in St. Louis. The Wabash receivers filed a report showing a deficit of $1,583,032 on the Wabash lines between July 1, 1913, and April 30, 1914. Fifteen persons were drowned when the launch Superb, with 23 persons aboard upset in Lynn Canal near Skagway, Alaska. The safe of the Chicago, Milwaukee & St. Paul ticket office in Chicago was blown open by three masked bandits who escaped with $2,000. Appropriation for a government building at the San Francisco Exposition was increased to $500,000 in the sundry civil appropriation bill reported to the Senate. Dr. Elbert B. Cooley, of Danville, Ill., estimated worth $500,000, announced his candidacy for Congress on the Republican ticket in opposition to Joseph G. Cannon. William B. Bateman, a gunner on the torpedo boat Foote, lost his right hand by the accidental explosion of a one-pound souvenir shell in the home of his sister in Washington. John Anderson, a youth of Waterbury, Conn., is to undergo an operation for the removal of a piece of bone resting on his brain, which is believed to be responsible for his mania for burglary. The British delegates of the International Congress of Chambers of Commerce, held in Boston in 1912, presented to the Boston chamber a silver cup as a souvenir of their visit to the United States. The Chicago Theological Seminary has become affiliated with the University of Chicago. National headquarters of the Progressive party were opened at Chicago and Senatorial and State campaigns begun. The Supreme Court of West Virginia decided that club members can drink in clubrooms without violating law. Governor Walsh asked Massachusetts legislature to authorize Salem to borrow $800,000 for reconstruction. St. Louis voters adopted a new city charter which makes radical reforms in the municipal administration. Colonel James W. Pender, who fired the first gun in the Battle of Gettysburg, died at El Paso, Tex., aged 83 years. Cardinal Gibbons celebrated the fifty-third anniversary of his priesthood and the twenty-eighth of his cardinalate. August Novak, a street cleaner of Passaic, N. J., inherited a $25,000 estate in Germany. He says he will continue to sweep streets. Joseph Brown, twice Governor of Georgia, formally announced his candidacy for the United States Senate to succeed Hoke Smith. Absence of a majority caused the House rules committee to postpone action on the Hobson national prohibition constitutional amendment until August 1.

10. July 12, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, July 12, 1914

Click image to open full size in new tab

Article Text

This Is Statement of Officers of Bank of Pine Bluff. WILL ORGANIZE NEW INSTITUTION Stockholders are Called to Meet July 22 to Decide as to Future-Plans Contemplate Company With Capital of $200,000. That depositors of the Bank of Pine Bluff be paid in full and that a meeting of the stockholders of the institution will be held on Wednesday July 22, to take steps for re-organizing are the salient features of two statements issued yesterday by the officers of the Bank, which has been in charge of the state bank commissioner since July 3. In a public statement to the depositors, the directors of the Bank of Pine Bluff announce they are convinced that the assets of the bank are sufficient to pay depositors in full, even without taking into considerhave recourse to the stockholders ers for deposits. Under the laws of Arkansas, depositors in a bank may have recourse to the sockholders should the institution prove unable to return deposits. The depositors are requested to exert patience, being assuer that every effort is being made to arrange matters satisfactorly, and that there is every prospect that the outcome will be entirely satisfactory to the depositors. The statembent concludes with the declaration taht there "is absolutely no occasion for discountiny" claims against the bank. This proves the directors are fully convinced that the claimes will be paid in full, and that they are desirous of protecting fully all friends of the institution. Reorganization Plans. The call for the meeting of the stockholders is signed by J. S. McDonnell, president, and W. C. Hudson, secretary and cashier. In this it is stated that the meeting is "for the purpose of considering the advisability of reorganization, or selling and disposing of the assets to a banking company, now organized, or to be organized, or for such banking company to take over the assets of the said Bank of Pine Bluff and to assume its liabilities." It is learned from an authoritative source that the plan favored is an entire reorganization with a capital of $200,000. Half of this to be invested by business men, planters and merchants who have not been interested in the Bank of Pine Bluff, while the remainder will be furnished by an investment company now doing business. The new company will take over the assets and liabilities of the Bank of Pine Bluff, many of the same officers and stockholders to be interested in the new organization. The prospects for a satisfactory settlement of the problem are declared

11. July 23, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, July 23, 1914

Click image to open full size in new tab

Article Text

Anticipated That Institution Will Re-Open Early Next Week. C. H. TRIPLETT TO BE PRESIDENT Directors Decide in Meeting Yesterday to Effect Re-Organization and Details Will Be Completed at Meeting This Week. The Bank of Pine Bluff will be reorganized the latter part of the week and will in all probability be open for business the first of the coming week. C. H. Triplett, a well known local business man and capitalist will be new of the Many president of old the stockholders institution. will be identified with it and have contributed liberally for additional stock. The bank went into the hands of the state bank examiner on July 3. At a meeting of the stockholders of the institution yesterday morning and afternoon it was unanimously voted to transfer the assets to the new bank. The meeting was largely attended, about 90 per cent of the S lockholders being present. Among the out-of-town men interested in the bank, who attended the meeting were W. D. Attwood of New Ediaburgh; J. A. Dean of Portland; V. J. McCloy of Monticello; John E. Wells of Hot Springs. Another meeting of the stockholders will be held the latter part of the week to further plans for the new banking institution. At this meeting all the details will be worked out and the date for the opening announced. The officers of the bank will also be made known after this meeting. Re-organization plans are now well under way and will be completed by the end of the week. The prominence and financial standing of those interested in the plans for the new bank presage success for the new institution. Special Deputy Bank Commissioner R. E. Pugh filed a statement in the chancery court here recently showing the assets of the bank on the day It suspended business to be $967,804.43 and later a statement was issued above the signatures of the directors stating that all depositors would be paid in full. The full liabilities of the bank have not been announced.

12. November 26, 1914 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, November 26, 1914

Click image to open full size in new tab

Article Text

A. D. Foster was appointed by Judge J. M. Elliott as receiver for an auto belonging to James E. Madiaing. Mr. Senyard is suing Mr. Madding for $900 claimed as due on the machine, and seeks the foreclosure of a deed cf trust on lots 1 and 2, block 4, Portis' addition. The machine was placed in the hands of a receiver upon petitioner's allegation that the property in trust would not cover the amount claimed. Bank Failure Echo. Another echo of the failure of the Bank of Pine Bluff was heard yesterday when Mrs. Cora N. Troxel was named as trustee of a part of the estate cf her late husband, W. H. Westbrook. By the terms of Mr. Westbrook's will, the executors were ordered to sell and turn over to the nk as trustee one-third of the amount received. This they did. The petition filed yesterday for the appointment of another trustee recited that the bank had failed, and that anTrexel trustee, Judge Elliott orminister the estate, which is for the benefit of John Franklin Westbrook son of petitioner. In appointing Mrs. Westbrook trustee, Judge Elliott ordered that the liquidators of the Bank of Pine Bluff should pay over to her whatever funds or securities the bank held in trust under the will. Judgment in favor of S. E. Tucker for $83.78 was rendered by Judge Elliott in the suit of J. B. Duncan company vs. John Brooks and S. E. Tucker. Defendant Tucker showed that he had had settled for Brooks a debt for the amount awarded him. The suit grows out of a farming transaction. The case of S. Geisreiter et al. vs. Daniel D. Rawls was dismissed at plaintiffs' cost. The disabilities of minority of James Stanislaus Barraque were removed that Mr. Barraque might participate in the division of the estate of his late uncle, J. S. Barraque. New Suit. Suit was instituted in the circuit court yesterday by W. O. Farrin for M. H. Farrin against A. J. Maury for $505.40 and possession of the Porto Rico plantation, near Sherrill. The suit is based on a contract of lease entered into February 2, 1914, by which it was agreed that Maury was to have the place for four years in consideration of a rental the first year of $1,150, and of $4 an acre for the remaining three years. The $1,150 was to be paid by Nov. 15, 1914, or the place was to be surrendered. Plaintiff alleges that only $644.60 was paid. and that defendant has refused to surrender the property.

13. January 8, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, January 8, 1915

Click image to open full size in new tab

Article Text

WANT RECEIVER FOR PLANTATION Suit Instituted Against the Clear Lake Co. on Behalf of Bank of Pine Bluff. Little Rock, Jan. 7.-State Banking Commissioner John M. Davis, in charge of the affairs of the Bank of Pine Bluff, filed suit in the Pulaski chancery court against the Clear Lake Farming company et al., to foreclose a mortgage for $65,000 held by the Pine Bluff bank. The plantation is located near England and comprises about 1,500 acres, situated in Lonoke and Pulaski counties, and is valued at $175,000. The complaint suggests that the forced sale of the property at this time would probably fail to bring sufficient to pay off the debt to the bank and a prior lien of $49,000, held by 3 William H. Adams, and asks that receiver be named to operate the farm during 1915. The property is now in charge of the state banking department. A co-plaintiff with the banking commissioner is W. C. Hudson, trustee, and defendants are John McGaughy, N. B. Beakley, E. H. Eieve, James B. Gray and George M. Chaplin.

14. January 16, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, January 16, 1915

Click image to open full size in new tab

Article Text

DURHAM RECEIVER CLEAR LAKE PLACE England Man Takes Charge of Farmiug Company Indebted to Bank of Pine Bluff. Little Rock, Jan. 15.-Ben Durham of England has been appointed receiver for the Clear Lake Farming company as the outcome of a suit filed in the chancery court here. by John M. Davis, state banking commissioner, in charge of the affairs of the defunct Bank of Pine Bluff. W. C. Hudson, trustee, is a co-plaintiff with the bank commissioner. It is alleged the farming company owes the Bank of Pine Bluff $65,000 on past due notes. The petitioners ask that the receiver operate the place during 1915.

15. February 7, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, February 7, 1915

Click image to open full size in new tab

Article Text

ment on property in the Waterloo Drainage district is an aftermath of the failure of the Bank of Pine Bluff, in which the district had about $90,000 of its funds. At a meeting of the property-owners recently there were protests against an increase in taxation. A committee named at this meeting to devise a plan for securing the money needed to meet contractors' estimates recommended a second issue of bonds to the amount of $30,000. These were issued, and it is believed that the amount to be collected from the bank will be sufficient to retire these bonds. If this expectation is fulfilled the county court has the authority under the Wilson of bill to suspend the collection taxes to the amount recovered.

16. February 7, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Click image to open full size in new tab

Article Text

OLD PINE BLUFF FIRM TO THE WALL A. D. Foster Made Receiver for the Puddephatt Furniture Company. A. D. Foster, cashier of the Merchants & Planters' bank, was appointed yesterday by Chancellor J. M. Elliott as receiver for the Puddephatt Furniture company. The action was taken upon the petition of William Puddephatt, president, and C. H. Puddephatt, secretary, of the furniture company, whose stockholders voted on Friday to dissolve. Mr. Foster's bond was fixed at $10,000, which he promptly furnished. The liabilities and assets are not mentioned in the petition. The failure is attributed to the inMility of the firm to collect outstanding accounts, the recent failure of the Bank of Pine Bluff and difficulties encountered in the wholesale furniture trade during recent months. The Puddpeah company was one of the oldest business houses in the state, having been organized in 1889, and incorporated in 1905. It was one of three exclusive wholesale furniture houses in Arkansas, and had a trade that extended throughout Arkansas and Louisiana and into Mississippi. The company was a great factor in advertising Pine Bluff as a manufacturing and commercial center, as well as in the development of the city. The principal stockholders are Wm. and Chas. H. Puddephatt. Others interested in the company are T. L. Davis, W. E. Hopkins. W. H. Scherick, E. J. Hickson, A. P. Feine, J. W. Sanders, Miss Mark Parks, A. M. Scherick, W. H. Roane, W. L. Toney, Jeff Hicks, Walter Hudson, R. H. Stearns, Mrs. Elizabeth P. Dowell and Henry Marx.

17. March 19, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, March 19, 1915

Click image to open full size in new tab

Article Text

the "run" on the institution Mr Hearn assigned to .Mr. McDonnell a trustee the Hearndale farm, and th Hearn home which was bid in fo $17,000 at the sale Monday. W. C. Hudson, the cashier, has beer active in attempts to revive or reor ganize the bank, although under th laws of the state he could not b connected with it in an official capac ity. Mr. Hudson stated recently tha if the assets of the bank were pur chased by a syndicate of local peo ple contemplating the establishmen of a bank, it would be reorganized un der the federal laws and would par depositors of the Bank of Pine Bluf losses sustained by the failure of tha institution. Most of the assets wer acquired by Mr. McDonnell, W. A Kientz, a banker of Altheimer, an Mr. Hudson. The bank building wa purchased by Handley & Howell. Both Hearn and Hudson are mar ried and have resided here practical ly all of their lives. Mr. Hearn wa virtually the founder of the Bank o Pine Bluff, and Hudson started i with the institution as runner. Both men enjoy the confidence and esteen of hundreds. Regular Venire Quickly Exhausted Only one juror was secured from the regular panel, this being Jame Hargrove former bartender. The stat was not disposed to accept men who were long associated with the de fendant or with W. C. Hudson, o who had secured loans from the bank while the defense was not incline to accept as jurors any who ha money on deposit at the bank at th time of the failure, or who are re lated to persons who were depositor when the bank closed. The selection was made additionally difficult be cause of many entertaining opinion or prejudice in the case. Nearly al of those who disqualified themselve admitted they had formed opinion from reading in newspapers article concerning the bank. Prosecuting Attorney Parham cite supreme court opinions showing tha an opinion formed on hearsay is no sufficient ground for the disqualifi cation o fa juror, but Special Judg Gantt opined that twelve men wh had not formed opinions could b secured, and expressed the belief tha these would make the best jurors, fo the state as well as the defense. Six jurors were secured from th special panel of 22 Judge Gantt ord ered the sheriff to have in court b 1:30 p. m.. and J. G. Alexander, wh was afterwards excused by agree ment of the counsel, was the firs man of the reserve panel of 20 sum moned. S. D. Arnett seemed ao ceptable to both sides, until Attorne Rowell asked "To what church d you belong, Mr. Arnett?" "Baptist. replied the talesman. "We'll excus Dinek

18. March 20, 1915 The Sentinel=record Hot Springs, AR

Article from The Sentinel=record, March 20, 1915

Click image to open full size in new tab

Article Text

PRESIDENT HEARNE ACQUITTED. Was Accused of Making False State. ment of Bank of Pine Bluff. Pine Bluff, Ark., March 19.-W. D. Hearne, who was president of the Bank of Pine Bluff, which recently was declared insolvent, was acquitted by a jury in circuit court late tonight of havin bmade a false statement as to the bank's condition to the state banking department. The jury deliberated but forty minutes. The statement on which the indictment was based was made March 4 of last year and the bank closed its doors on July 3. following a run. A similar indictment is pending against W. C. Hudson, who was the cashier of the bank, but it is probable it now will be dismissed.

19. July 23, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, July 23, 1915

Click image to open full size in new tab

Article Text

M'DONALD MAY SUE BANK COMMISSIONER J. IS. McDonald, former president of the defunct Bank of Pine Bluff, yesterday filed a petition in Chancery court asking permission to make John M. Davis, state bank commissioner, a party to a foreclosure suit against the (Puddephatt Furniture Manufacturing company. Chancellor Elliott granted the petition and made the necessary order. McDonald, according to the petition, will sue the furniture company on notes long past due and unpaid. He was given a mortgage on lot 3 in Wocdruff's addition as security. This property was turned over to the bank commissioner or an indebtedness and was sold with other assets cf the defunct bank to C. H. Triplett Sr. Permission for filing the suit was necessary, the petition set forth, because the bank commissioner's status is similar to that of a receiver. The petition was drawn by Crawford & Hooker.

20. September 22, 1915 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, September 22, 1915

Click image to open full size in new tab

Article Text

ERS CONTESTING RECEIVERSHIP SUIT Is That by Terms of Agreeand Court Order He Is End to Further Time to Pay. Sanders yesterday filed anD the suit for receivership inrecently by C. H. Triplett et purchased the assets of the Bank of Pine Bluff, to which ders was indebted. Mr. Sanenies that he has refused to etain property, and points out is is not an opportune time mpt to dispose of the holdings. ies that the property mortS insufficient to meet the iness, and avers that the mill w operating profitably, despite at that the European war has etrimental to the lumber inHe cites an order issued by John M. Elliott on April 1, the Bank of Pine Bluff case ch the value of the indebtedas fixed at $125,000, and was paid in one, two and three and that evidences of the iness were pledge dto the bank Bioner. He prays that he be further time to satisfy the 100 per the agreement with R. E. rustee, and R. Carnahan, trusroved by the court, and that ver of plaintiffs for receiverdenied, so he may obtain price instead of having the sacrificed, as would be the contends, should the petition ivership be granted.

21. April 15, 1916 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, April 15, 1916

Click image to open full size in new tab

Article Text

MEMPHIS COMPANY TO COLLECT DEBT Intervenes in Bank of Pine Bluff Case and Will Receive Dividends Due J. A. Cornwall. Bank Commissioner John M. Davis was yesterday ordered by Judge John M. Elliott to pay to the Memphis Trunk & Bag company all future dividends due J. A. Cornwell from his claim against the defunct Bank of Pine Bluff. The order was entered in the intervention of the Memphis concern, which showed that it has obtained judgment against Cornwall for $183 and judgment against the bank commissioner as garnishee. Upon the petition of the Packington Realty company, Judge Elliott ordered cancelled the plat of the Industrial addition to Pine Bluff, it being shown the same property is included in the Packingtown addition, and that the existence of two plats would cause confusion. Receivers Discharged. The case of M. W. Ware et al. vs. T. Q. Woodward et al. was dismissed at plaintiffs' cost upon their motion. The court ordered the discharge of C. S. McNew as receiver, who was instructed to pay over the money in his possession to M. W. Ware. Sebastian Geisreiter and F. W. Berry, trustee, dismissed their suit against Miles Pitts and wife, and Berry was discharged as receiver. The case of F. Silbernagle and Dan Silbernagle vs. James Butler was stricken from the docket, upon the report that it had been settled.