Article Text
Rumors Cause Run on Bank at Pine Bluff PINE Ark. Sept. A. reward of $1,000 had been offered here tonight for knowledge of the identity of persons who terday circulated rumors that the Merchants and Planters Bank and
552. Merchants & Planters Bank (Pine Bluff, AR)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Start Date
- October 2, 1930
- Location
- Pine Bluff, Arkansas (34.228, -92.003)
Metadata
- Model
- gpt-5-mini
- Short Digest
d994e779
Response Measures
Accommodated withdrawals, Public signal of financial health, Partial suspension
Other: Militia (National Guard) mobilized to guard bank during run.
Description
Initial run in early October 1930 driven by false/rumorous reports the bank would be closed (militia was called to guard the bank). In mid-November 1930 the bank suspended payments for the five-day period allowed under Arkansas law as part of the A. B. Banks group after heavy withdrawals and general unrest tied to the American-Exchange/Caldwell & Co. episode; articles state the bank intended to resume payment within five days. Sequence: run → suspension → planned reopening.
Events (3)
1.
October 2, 1930
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- False reports/rumors circulated that the bank would be closed, prompting heavy withdrawals and crowding; militia called to guard the bank.
- Random Run
- Yes
- Random Run Snippet
- false report that the bank would be closed
- Measures
- Bank stayed open extended hours to pay depositors; Arkansas National Guard/militia mobilized to guard the bank.
- Newspaper Excerpt
- the local company was mobilized to prevent robbery during the run on the Merchants and Planters Bank. The run on the bank was started ... through false report that the bank would be closed. Hundreds of depositors milled in and around the bank during the day
- Source
- newspapers
2.
November 17, 1930
Suspension
- Cause
- Local Banks
- Cause Details
- Suspension taken as a protective measure amid heavy withdrawals and unrest tied to the American-Exchange Trust company's suspension and publicity about Caldwell & Co.; part of A. B. Banks group actions.
- Newspaper Excerpt
- The Merchants and Planters bank today followed the action of the American Exchange Trust company of Little Rock in suspending payments to depositors for a five-day period.
- Source
- newspapers
3.
*
Reopening
- Newspaper Excerpt
- with the intention of resuming payment within five days (statement placed on the bank's doors).
- Source
- newspapers
Newspaper Articles (10)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Militia Called Out To Guard Bank PINE BLUFF, Ark., Oct. Arkansas National Guardsmen have been called upon to serve many capacities recently, such protecting Negro prisoners from mobs, curbing attacks on working Negroes by jobless whites, and Wednesday night, the local company was mobilized prevent robbery during on the Merchants and Planters Bank. The run on the bank was started, according to through false that the bank would be report closed Hundreds depositors milled in around the bank during the and was decided keep day, the bank night to off those desiring withdraw their funds. Many of the depositors were Negroes.
Click image to open full size in new tab
Article Text
MILITIA CALLED OUT TO GUARD BANK PINE BLUFF Atk., Oct. 2-(A. N. P.)-The Arkansas National Guardsmen have been called upon to serve in many capacities recently, such as protecting Negro prisoners mobs, curbing attacks on working Negroes by jobless whites, and on Wednesday night the local company was mobilized to prevent robbery during run on the Merchants nd Planters Bank. The run on the bank was started. according to bank officials, through a false report that the be closed soon. Hundreds of depositors milled in and around the bank during the day. and it was decided to keep the bank open Wednesday night so as to pay off those des to withdraw funds. Many of the depositors were Ner 08.
Click image to open full size in new tab
Article Text
Action Taken Protect to Depositors can Exchange Closing. LITTLE ROCK, Nov. 17 Arkansas banks affili. with the Banks company Little Rock today had vantage of the state law permitting temporary closing for five days and suspension of payment deposits. The Wat included two of the largbanks In Arkansas, the American Exchange and Trust company of Little Rock and the Merchants and Planters bank of Pine Bluff. Believe Banks Many directors reported state banking they their Institutions solvent but closed temperarily to protect depositors. Closing the American Exchange and Trust company was the sign that Arkansas state banks were in trouble. The following banks in which Banks interested business temporarily this morning: Bank North Arkansas bank, Batesville: Bank of Bauxite: Benton Bank and Trust company, Benton:- Arkansas State bank, Carliale: Bank of Carthage: Farmers Bank. Casa: Bank Clarendon, Clarendon: Farmers Bank, Dardenelle: Eudora Bank and Trust company, Eudora: Hampton State bank, Hampton: Olebourne County bank, Heber Springs: Merchants and Planters bank Helena; Arkansas Bank Hope Bank Trust company, Houston. Houstori; Merchants and Planters bank, Humphreys; First National bank, Junction City: Merchants and Farmers bank, Junctibn Kingsland: Chicot Trust Lake Village; American Exchange Rock: and kansas Trust company, Newport:Bank of bank, Perry Merchants and bank, Bank and Trust company, Pine Bank Star City, Star Bluff: City: Victoria bank, Strong: First State bank, Thornton: Bank of baseka, and Exchange Bank Trust Company, Dermott Three banks were officially closed by the state banking their affairs being placed the hands state banking ment officers. These were Bank of McRae, the Branch and the Bank of Foulke, The American Exchange company with deposits In was reputedly. the bank in Arkansas notice posted by officers of bank stated that the institution the opinion of its board of was still solvent and had voted to suspend operations for five days protect interesti of depositors. Heavy during past ten days resulted board's decision last night to the bank Forced by Withdrawals The board's statement follows "With decp regret announce the suspension of payments to posities of the Amerisan Exchange Trust for five company permitted under rection 717, ford and Moses digest of the Arkansas action is forced by excessive withdrawals totaling than $4,000,000 during past days, following announcement of the financial difficultlesjof Caldwell and Investment bankers of Tenn. our optnion the bank solvent condition and believe that with the cooperation depositors plan can be formed affairs of Caldwell and company are Arkansas and nothing but excited public mind could have forced the closof this for Reopening mittee have worked with Invincible courage for the past ten days to averl this situation and cord publicly confidence them and our administration for their brave fight against ground-
Click image to open full size in new tab
Article Text
Action Taken For Protection Of Depositors (By United Press Several banks were closed today in four states. Some were closed as a protective measure to depositors and several announced probable solvency. Four banks failed to open in Louisville, Ky. Two were smaller banks and their closing was attributed to closing of the other two. The two bigger banks, officials said, were closed as "protective measures to depositors" although the institutions were solvent. Due To Heavy Withdrawals In Arkansas 35 banks did not open today. Thirty-two of these took advantage of the state law permitting suspension of operation for five days. The other three closed and were officially placed in the hands of banking department officials. Two small banks closed in Illinois. They were correspondent banks to two which failed recently in Quincy, Ill. Four banks in Missouri also closed today as result of the Quincy bank's closing. Kentucky Banks Close Doors Louisville, Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as precautionary measure, four here and in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected The National Bank of Kentucky of which James B. Brown is president was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources $54,000,000. The other Louisville banks closed were the Security bank which it was stated was closed purely as a precaution: the Louisville Trust company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Union Savings bank and the First Standard bank. Depositors To Be Paid The McElwain Meguiar Bank and Trust company of Franklin, Ky., was fifth to Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching a "run" noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust company delayed traffic slightly and special police were on duty. Appointed Receiver Washington (UP) Appointment of Paul Keyes as receiver to liquidate affairs of the National Bank of Kentucky at Louisville was announced today by Comptroller the John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff. Little Rock. (UP) Arkansas banks affiliated with the A. B. Banks company of Little Rock, closed today, taking advantage of state law permitting temporary suspension for five Three banks, all small, were ordered closed by the State Banking department. The five-day closing law was invoked by the institutions in the Banks group, was announced by directors, due to fear of hasty withdrawals. Most of the banks issued reassuring statements announcing probable solvency. The list of B. Banks company institutions which closed to remain so for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock, and the Merchants and Planters' Bank of Pine Bluff. The State Banking took over three small banks not affiliated with the group, the Bank of McRea, Bank of Branch and Bank of Foulke. Springfield, III. (UP) Two Illinois banks were closed today, increasing the number of failure in the state since Friday five. The Bartlett and Wallace State bank, Clayton, and the Timewell State Bank of Timewell, closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State (Continued on page 7)
Click image to open full size in new tab
Article Text
BANKS CLOSED (Continued from Page 1, This Section) 35 the number of banks in the state either closed or having suspended business The five day closing law was taken advantage of by the institutions in the bank's group, it was by directors, due to fear of hasty withdrawals Most of the banks announced solvency. The list of A. B. Banks company institutions which close for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock and the Merchants and Planters' Bank of Pine Bluff. The state banking department took over three small banks not affiliated with the group. the Bank of McRea. Bank of Branch and Bank of Protect Kentucky Deposits LOUISVILLE Ky., Nov. 17. (U.P.) -The Louisville Security Bank. and the American Mutual Savings Bank. the latter negro-owned and operated. closed their doors here today after the National Bank of Kentucky and the Louisville Trust company failed to open for bust The Security Bank was affiliated with the National Bank which was taken over by the Federal comptroller of currency. The negro bank was affiliated with the Louisville Trust company which was placed in the hands of the state banking The four banks combined list resources aggregating $65,000,000. All of the institutions were declared solvent, but that It "was necessary to close them to conserve the resources and protect creditors. depositors and all others concerned.' Receiver Put In Charge WASHINGTON, Nov. 17. (U.P.)Appointment of Paul Keyes as re. ceiver to liquidate the affairs of the National Bank of Kentucky at Louisville was today by Comptroller of the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is veteran member of the comptroller's staff. General Solvency Reported NEW YORK. Nov. 17. (U.P.)-Several banks were closed today in four states. Some closed as protecttive measure to depositors and several announced probably solSix banks failed to open in Louisville, Ky Two were smaller banks and their closing was attributed to closing of the other The two bigger banks, officials said. were closed as "protective measures to depositors" altho the institutions were solvent. In Arkansas 35 banks did not open today. Officials the largest of these, bank in Little Rock, attributed the closing as due to heavy withdrawals brought on by psychological reaction recent bank difficulties in Nashville, Tenn. Two small banks closed in IIIInois. They were correspondent banks to two which failed recently in Quincy, III. Four banks in Missouri also closed today as result of the Quincy bank's closing. One bank closed in Iowa today owing to frozen assets.
Click image to open full size in new tab
Article Text
SENATOR BORAH SERVES NOTICE HE WILL NOT BE STAMPEDED IN COMING SESSION OF CONGRESS NATIONAL BANK OF KENTUCKY CLOSED BY ACTION BOARD LOUISVILLE, Ky., Nov. 17. The National bank of Kentucky, the oldest bank in Kentucky. was clored today by resolution of its board of directors and placed in the hands of national bank ex aminer The Louisville Trust company, an affiliated institution. also was closed by action of its board of James E. Brown. president of the National Bank of Kentucky, issued the following statement Due to withdrawals in the past week and constantly increasing rumors on the streets it was deemed advisable by majority of the board of directors to close the bank, at least temporarily. for the best interests of depositors and all concerned. Presidents of other Louisville banks issued statements that their institutions were solvent. The National Bank of Kentucky. founded in 1834 as the Bank of Kentucky, and capitalized at $5.000,000 in its last statement listed total resources at $54 701 633 and deposits of $41,145,794 40 Directors of the bank in their resolution said the action was taken "to conserve the resources of this bank for the benefit of its creditors." Directors of the trust company said the institution was placed in the hands of the commissioner of banking of Kentucky "to conserve its assets and trust estates for the benefit of all concerned,' adding that the officers believed the company solvent. Bank Suspends Payments LITTLE ROCK. Ark., Nov. (AP) The American Exchange Trust company of Little Rock, one of the oldest and largest banking institutions in the state, today suspended payments to depositors for period of five days, as permitted by state law. A directors' statement said action was "forced upon us by excessive withdrawals totaling more than $4,000,000 during the past 10 days, following the announce ement of the financial difficulties of Caldwell & Co., investment bankers of Nashville, Tenn.' The statement expressed the opinion that the bank was solvent and that "with the cooperation of our depositors a plan can be found to resume operations. Deposits on Sept. 24, the date of the last bank call, were given as $15,014,589.4 The bank was capitalized at $1,000,000 and had surplus of $500,000. The statement also said affairs of Caldwell & Co., "are remote from Arkansas and nothing but an excited public mind could have forced the closing of this strong bank." Payments Suspended PINE BLUFF, Ark., Nov. 17. (AP) -The Merchants and Planters bank today followed the action of the Amercian Exchange Trust company of Little Rock is suspending payments to depositors for a fiveday period. Walker Jones of Pine Bluff is president of the bank and A. B. Banks, president of the AmericanExchange in Little Rock is a director. The Sept 24 statement showed deposits of $2,638,790.15. The bank is capitalized at $200,000 with surplus of $50,000. WASHINGTON, Nov. 17. In blunt terms Senator Borah of Idaho, Republican independent leader, has served notice he will not be stampeded in the disposal of legislation at the coming term of congress. Returning to the capital yesterday the Idaho senator used the term "superlative impudence" in discussing implications he saw in the administration quest for assurances from leaders of both Republicans and Democrats in congress against filibuster to force an extra session in the spring. have not heard of any such threats from the Democrats, neither have heard any such threats from the Progressives, he said. think it an exhibition of superlative impudence to be stating in effect that the progressives or the Democrats have not just as keen a sense of responsibility and quite as intelligent conception of their duty as the regulars.' He added he never had filibustered and did not intend doing now but did not propose "to stampeded out of giving proper and necessary consideration to appropriation bills and such other important legislation as we know is now Will Pay No Attention "I will pay no attention to any cooked up effort to stampede the congress, he concluded. His statement immediately was interpreted here as a sign the independents will demand full consideration for their favored measures. Among them is the Norris resolution for government operation of Muscle Shoals, which now looms a stumbling block to speedy disposition of vital appropriations. Also there has been talk of reviving the export debenture and equalization fee plans of farm relief, which have been fought by the administration. Yet, although the Republican independents appear aroused by President Hoover's move for Democratic cooperation in averting the extra session, leaders of all groups are agreed that on the present outlook no deliberate attempt to force a special term is likely. The Democratic chieftains have not shown any desire 80 far either for an extra session or immediate assumption of power in congress. Some Republicans, not among the party leaders, have suggested that if an early meeting of the new congress were forced, organization of the senate should be left to the opposition.
Click image to open full size in new tab
Article Text
Council Reduces The Pay of City Officials, Situation Over the State More Favorable Tones No Action Taken by CounCondition Panicky Detailed cilmen on Proposed Down More Granting Survey Made Gas Franchise BANKS SUFFER ONE MEMBER ABSENT CHAIN Arkansas LargeNortheast Effects of ly Escapes 39 Suspensions The Associated Press Little Rock, Ark., Nov. tabulation of banking troubles tailed in the state yesterday reveals that City of hysteria played big part influencing large number of banks avail themselves of the legal privilege of temporarily closing down paydepositors in order to get ments to themselves adjusted to new order. cope with the situation brought the collapse of Caldwell Nashville, Tennessee, chain Company, bankers and the embarrassment of Banks Company another chain system of banking With this information assembled appears to be clearing and greater order prevailing with degree of prospects of an adjustment and conditions getting back to normal. banks in Arkansas. the American Exchange Trust cluding Company yesterday and four were operation taken over by the State Banking Commission for liquidation and reorganization. following the announcement Board of Directors of the from the American Exchange and Trust Comone the oldest pany. the the that the bank banks would suspend payments to depositors for five days. Trust ComThe American of which Banks presipany. dent. did not open its doors yesterday Some of the other banks the Banks group opened for few hours but shut down when runs developed. of the banks which suspended payments for five days 32 state banks and one national cluded affiliated through the bank. All were Banks of Little Rock Company Combined deposits of the state banks whose doors closed as on terday were given the date of the last bank call, September 24. Total capital, not including surplus, was $2,896,800. The decapital the First Naposits and tional Bank of Junction City, one of affiliated with Banks the group of Arkansas NaCompany, and of Heber which tional Bank not affiliated. not listed. in Little Rock were not The banks affected by the temporary closing the Exchange Trust Comfew depositors withA panicky drew their accounts during the first hour business. but many of those who withdrew their small them again when it became evident that there was no occasion for alarm. At the end of the banking day had been terday many bank in Little Rock opened in every the total cash balance and in several on hand exceeded the morning balthe fact that two or ance. despite banks had paid out large sums three the normal banks carrying accounts small town in Little Rock. At the suggestion of officers in one the Little Rock banks large sums of money were sent to six points to provide reserve fund the of county banks and protect depositors for any emergency that to provide The receiving these might arise banks were involved in financial funds difficulties of kind. but wanted any to be meet any demands prepared which might be made upon their during the banks of the Little Rock Member Clearing House Association, including banks Little Rock and North Little Rock, are in excellent condition, statement issued last night by officers of the association said. Banks Greater Little Rock have large cash resources, the statement said, and the total bills payable are less than $200,- "They are ready and able to take care of the banking and credit needs the community," the statement tinued. Confidence in the sound financial condition Arkansas also was pressed by Senator Joe T. Robinson and Governor Parnell. Senator Robinson attributed closing of 43 banks in the state to wave of hysteria" that terday followed in the wake of financial difficulties which Caldwell Co., vestment bankers of Nashville, Tenn., became involved. "My information leads me to believe that the American and Trust Company is solvent.' the senator said. that closed its doors because fear in the minds of depositors that its connections with Caldwell Co., had impaired its assets." Of the 43 banks that closed yesterday nine were independent banks, not affiliated with the B. Banks Company. but majority of them were in the territory of the group institutions affected. In most instances their closwas said to have resulted from heavy runs on deposits. The independent banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company of Morrilton, which were taken over by the State Banking Grant County Peoples bank, McRae: Izard County Peoples State the Exchange Bank and Trust and Arkansas National bank Economic Conditions Made It Necessary to Reduce City's Expenditures (From Tuesday's Daily Press) Many city employes' salaries were cut at last evening's meeting of the Council at the City Hall, the aldermen considering that the present economic conditions making necessary that this action be taken Those attendance the meeting were: Mayor Craig, and Aldermen John Collins and Walter Ellis of the first ward. Dallas McDonald and second and James Taylor Arthur Stewart of the third ward. Alderman Tom Welsh the third ward was not present. Reductions in city officials' monthly salaries follows Street Commissioner Phillips from to $100: Assistants Arthur Stewart, Harry Knott and Lawrence Spillman, each from $90 to $80; Fire Truck Driver John Butler from $150 Fire Chief James Taylor $125: Police Harry Spillman from $140 Assistant Chief of Police Leo $125; Schmuecker from $110 to and Patrolmen Bob Hays and CharlNight Stepp each from $100 $90 was taken the sal No action aries of the following officials. which salaries fixed by ordinance: Mayor are Craig, members of the city council. Clerk H. Joyce. City Attorney Jeff Bratton. and City Health Officer Dr. Hardesty No action was taken the posed ordinance granting gas franHornaday Bexar chise who is seeking francounty. Texas, chise to furnish Paragould with artificial gas. Mayor Craig stated this morning that none of the members of the council had had chance to study the ordinance, which received. and they did not wish to vote upon the proposed dinance until they had studied very which suspended ments for five days. The Merchants Planters bank affiliated with Banks Banking by was taken over by the State State banks for fiveday period, affiliated with A. Merchants and Planters Pine Bluff: American Exchange Trust ComLittle Rock: First State Morrilton: First State bank, Stuttgart: Benton Bank Trust Co., Benton: Bank Bauxite: Cleburne County bank, Heber North Arkansas bank, Batesville: Arkansas State bank, Carlisle; Arkansas Trust Newport; Arkansas Bank and Trust Hope: Merchants and Planters Helena: Eudora Bank Trust Eudora: Chicot Trust Company, Lake Village: Bank of Clarendon: Bank of CounBank of Houston: Hampton State bank, Hampton First Osceola: Bank of Carthage, Perry State Perry: Victoria Strong: Farmers Bank, Leola State Leola: Merchants and Planters Junction City: Farmers bank, Dardanelle: Bank PangBank of Wabbaseka, and Citizens bank, Thornton, and the Bank of list of the 43 banks that closed yesterday, their deposits and capital, follows: American Exchange Trust Company, Little Rock: deposits, $15,014,589.41; capital, $1,000,000 State Bank of Fouke: deposits, capital $10,000. Bank of Branch; deposits, $11,800. Peoples bank McRae: deposits, $96, capital, $10,000 Grant County bank. Sheridan: posits, capital, $35,000. Bank of Altheimer: deposits capital, $25,000 North bank Batesville: deposits, capital, $100,000. Bank of Bauxite: $123,436.deposits capital, $20,000. Benton Bank and Trust Company: deposits, Arkansas State bank, Carlisle: deBank of Carthage: deposits, capital, $10,000. Farmers bank, Casa: deposits, $25,capital, $10,000 Bank of Clarendon: deposits capital, $25,000 Farmers bank, deposits, capital, $50,000 Eudora Bank and Trust Company: capital $50,000. Hampton $25,000. Cleburne County Springs; deposits, capital, Merchants and Planters bank, Heldeposits, Bank of Harrisburg: deposits, Arkansas Bank and Trust Hope deposits, capital, Bank of deposits, capital, $10,000 Merchants and Planters phrey: deposits, capital, Cleveland County
Click image to open full size in new tab
Article Text
Most of the Closed Institutions Are Affiliated With A. B. Banks Company. Some To Be Liquidated, While Others Will Be Re- Opened Little Rock, Nov. Thirty-nine banks in Arkansas suspended business and four closed for liquidation or re-oragnization Monday after the American-Exchange Trust company of Little Rock, the largest bank in the state, announced it was taking advantage of a state law permitting suspension of payments to depositors for five days. Most of the banks that closed, including the American-Exchange, are affiliated through A. B. Banks and company, Little Rock. The combined deposits were given as more than $20,000,000 on the date of the last bank call in September. The total capital stock is approximately $2,000,000. All but two of the institutions affected are state banks. The Board of directors of the American-Exchange decided last night to suspend payment for the five-day period allowed. Forty-six affiliated banks were notified of its action. Thirty-four of these failed to open Monday as a precautionary measure for protection of depositors, officials announced, or closed during the day when withdrawals began to jeopardize their condition. Caldwell Rumors Force Action The American-Exchange said in a statement that it was forced to take action because of public hysteria resulting from Caldwell and company. Nashville, Tenn., investment bankers, being placed in receivership November 7th. A. B. Banks, the president, announced Friday that local capitalists had purchased all of the Caldwell and company's interest in the bank. Other banks announced they were closing because of a general unrest likely to follow the American-Exchange suspension. The largest banks in the group are the American-Exchange, the Merchants and Planters Trust company, Pine Bluff, and the Merchants and Planters Bank, Helena. The three had combined deposits of close to $18,000,000 at the last bank call. Withdrawals from the AmericanExchange, however, amounted to about $4,000,000 during the last few days, the board said. Most of the nine independent banks which closed, six of them under a five day suspension, were in the same towns or the immediate territories of the group institutions affected. Officials of A. B. Banks and company expressed the belief more than half the closed banks would reopen List of Suspended Banks State banks suspending for a fiveday period, affiliated with A. B. Banks were Merchants and Planters Bank, Pine Bluff; American-Exchange Trust company, Little Rock; First State Bank, Morrilton; First State Bank, Stuttgart; Benton Bank and Trust company, Benton; Bank of Bauxite, Bauxite; Cleburne County Bank, Heber Springs; North Arkansas State Bank, Carlisle; Arkansas Trust company, Newport; Arkansos Bank and Trust company, Hope; Merchants and Planters Bank, Helena; Eudora Bank and Trust company, Eudora; Chicot Trust company, Lake Village; Bank of Clarendon, Clarendon; Bank of Altheimer, Altheimer; Cleveland County Bank, Kingsland; Bank of Houston, Houston; Hampton State Bank, Hampton; First State Bank, Osceola; Bank of Carthage, Carthage; Perry State Bank, Perry; Victoria Bank, Strong; Farmers Bank, Casa; Leola State Bank, Leola; Merchants and Planters Bank, Junction City; Farmers Bank, Dardenelle; Bank of Pangburn, Pangburn; Bank of Wabbaseka, Wabbaseka; and Citizens Bank, Thornton; Bank of Fordyce, Fordyce; Bank of Harrisburg, Harrisburg. State banks taken over by the state banking commission affiliated with A. B. Banks, were Merchants and Planters Bank, Humphrey. State banks suspending, not affiliated with A. B. Banks, were Grant County Bank, Sheridan; Peoples' Bank, McRae; Izard County Bank, Guion; People's State Bank, DeValls Bluff; Exchange Bank and Trust company, Dermot. State banks not affiliated with Mr. Banks, taken over by the state banking commission, were Bank of Branch Branch, State Bank of Fouke; People's Trust company of Morrilton. The First National Bank, Junction City, affiliated with Banks, and the Arkansas National Bank, Heber Springs, not affiliated with Banks, were the national banks suspending business. Pine Bluff Bank Suspends For Five Days Pine Bluff, Ark., Nov. 18.-The Merchanas and Planters Bank today followed the action of the AmericanExchang Trust Company of Little Rock in pending payments to depositors for five-day period. J. Walker Jones, of Pine Bluff, is president of the bank and A. B. Banks, President of the AmericanExchange in Little Rock is a director. The September 24 statement showed deposits of $2,638,790.15. The bank is capitalized at $200,000 with surplus of $50,000. The merchants and Planters is a state bank, as is the American-Exchange at Little Rock. Under the five day closing law, the bank may reopen at the end of the period or be placed in charge of the state banking department for liquidation. Helena Bank Says it Will Reopen Helena, Ark., Nov. 18.-The Merchants and Planters Bank here, in which A. B. Banks, of Little Rock is interested, today announced suspension of payments to depositors for five days. A statement signed by officials and placed on the bank's doors, said that "because of the general unrest now existing this bank has suspended payment of checks drawn against deposits with the intention of resuming payment within five days." "We have in cash bonds and sight exchange over $200,000 which is more than the legal requirements but for the protection of depositors in that the interest of each and every one may be placed on an equal basis, the action was taken," the statement, added. Five Kentucky Banks Suspend Louisville, Ky., Nov. 18.-Closing of the National Bank of Kentucky Monday was followed by five smaller banks closing up as a prequtionary measure, four here and one in Franklin, Ky. Meanwhile, presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected. The National Bank of Kentucky, of which James B. Brown is president, was placed in the hands of Paul Keyes of the federal comptroller general's office, as receiver. Its announced resources were $54,000,000. The other Louisville banks closed were the Security Bank, which it was stated was closed purely as a precaution; the Louisville Trust company, which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Mutual Savings Bank and the First Standard Bank. The latter two are not members of the local clearing house association but did their clearing through the Louisville Trust company,
Click image to open full size in new tab
Article Text
40 CLOSED ARKANSAS BANKS CLOSE WELL AS OLDEST BANK KENTUCKY." During the ten days, forty banks throughout the country have according to news At Louisville, Kentucky, the National Bank of Kentucky, oldest bank in that state, closed Monday order of the board of directors. Heavy withdrawals of deposits and street gossip was given the direct cause of the closing. LouisTrust Co., an affiliated institution, also closed. Officials of the Banks Co., Little Rock. also announced that 27 banks in that state had suspended payments depositors. American Exchange Trust of Little Rock, the largest bank to suspend. At Pine Bluff, Ark., the Merchants and Planters Bank suspended under the state banking laws of Arkansas. Six more banks have closed result of the big clash among banks which occurred at Quincy, last week. As result of the closing of one of the largest and oldest banks in Quincy, four banks in Missouri towns closed, well as two smaller Illinois towns. Frozen assets given as the cause of these failures. Again, want express our confidence faith in the banks old Barry county Recent nancial statements issued by them. show they are all enjoying nice business and in and healthy safe condition, which highly commendable the part of their management.