554. Merchants and Planters Bank and Trust Company (Pine Bluff, AR)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: September 24, 1930
Location: Pine Bluff, Arkansas (34.228, -92.003)

Metadata

Model: gpt-5-mini
Short Digest: a73781c4

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

A small run occurred on Sept. 24–25, 1930 precipitated by false telephone rumors; the bank stayed open and paid withdrawals. Later (Nov 17, 1930) the bank was among A. B. Banks–affiliated institutions that temporarily suspended business for a five-day precautionary period under state law; these suspensions were precautionary and intended to reopen. I classify the Nov suspension as a government_action-type precaution (state law/department involvement).

Events (2)

1. September 24, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Anonymous/false telephone calls and circulated rumors that the bank faced insolvency and would close, causing withdrawals of about $30,000.
Random Run: Yes
Random Run Snippet: anonymous telephone calls circulated false rumor bank would close
Measures: Bank remained open, tellers paid all withdrawals; $500,000 reserve brought from Little Rock; Arkansas National Guard company stood by to preserve order.
Newspaper Excerpt: false report that the bank planned to close tomorrow night had been started to cause run
Source: newspapers

2. November 17, 1930 Suspension

Cause: Government Action
Cause Details: Banks affiliated with A. B. Banks company temporarily suspended under state law for a five-day precautionary period to protect depositors amid statewide banking panic; intended to reopen.
Newspaper Excerpt: the Merchants and Planters Bank and Trust Company closed. ... Thirty-two banks in which B. Banks ... suspended business this morning, with announcements being made to the effect that they would reopen for business after five days.
Source: newspapers

Newspaper Articles (13)

1. September 25, 1930 The Tribune Scranton, PA

Article from The Tribune, September 25, 1930

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GUARD MOBILIZED IN RUN ON BANK PINE BLUFF. Ark. Sept. 24 The Pine Bluff company of the Arkansas national guard was mobilized here tonight to prevent possible robbery during run on the Merchants and Planters Bank and Trust company. which remained open to pay depositors desiring to withtheir funds. Officials of the bank. which has deposits $2,500,000 said they believed the run had been broken about 8:30 tonight and that $5,000.000 was on hand if its use became necessary. Withdrawals during the dav were estimated at $30,000. Police authorities said that false report that the bank planned to close tomorrow night had been started to cause run so that bandits could "hi-jack" depositors or hold up the bank.

2. September 25, 1930 The Knoxville Journal Knoxville, TN

Article from The Knoxville Journal, September 25, 1930

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'RUN ON BANK' Pine Bluff Co. Serves To Protect Against Thieves. PINE BLUFF Ark., Sept. 24 (AP). The Pine Bluff company of the Arkansas national guard was mobil ized here tonight to prevent possible robbery during run the Merchants and Planters Bank and Trust company which early tonight believed have abated and rumors of the bank's closing Captain R. M Rowe, in command of Company sent to the bank the doors of which were still open tonight prevent any possibility of bandits holding up the bank or its depositors. Troops being used only for police the funds the bank. which officials said open as usual tomorrow. By depositors had with drawn and o'clock to night $30.000 had been taken out Deposits total approximately Shortly after o'clock sent from Little made the Banks company that on hand necessary offi cers were telephone received by seven negroes that the bank close its doors tomorrow The calls had been traced officers said negro name not disclosed Officers thought the motive might have been initiate then depositors during the night.

3. September 25, 1930 The Sedalia Democrat Sedalia, MO

Article from The Sedalia Democrat, September 25, 1930

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BLUFF, Institution Remains and Danger Is Over ON REPORTS STARTED Thousand Dollars Reward Offered For Identity of Circulators The PINE Ark., Sept. The Merchants and Planters Bank Trust Company which experienced small run late yesterday last night opened usual with less than dozen persons mostly negroes waiting in front withdraw their deposits. The early withdrawals were confined to small deposits. Bank officials expressed the that all danger of serious run had passed. Reward Offered. Press. PINE BLUFF. Ark., Sept. reward of had been offered today, for knowledge of the identity persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust Company faced insolvency and would thus precipitating on the bank. Both officials the Merchants Planters Bank and the Banks Company, Little Rock, who majority stock in the Pine Bluff loss comprehend reason foundathe rumor, which resulted the bank and withdrawal approximately $30,000. The bank remained open until last night, tellers paying all desired to their posits. reserve $500,000 brought here from Little Rock the afternoon excited depostold that funds adequate current deposits of $2,500,000 hand needed. The bank officials denied any intention closing and said would for today, usual. Officers continuing their investigation of seven telephone calls received negroes here that the bank faced and would its doors today. negro suspected, officers Confusion concerning the Pine Bluff Company of Arkannational guard resulted last night from the offer of Captain Rowe use his men ing to police the bank locality. reported had been mobilized but later was learned the had only been requested stand of attempted robbery or trouble during the excite-

4. September 25, 1930 Okmulgee Daily Democrat Okmulgee, OK

Article from Okmulgee Daily Democrat, September 25, 1930

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REWARD OFFERED AFTER BANK RUN Pine Bluff Institution Is After Person Who Started False Rumor PINE BLUFF, Ark., Sept. (AP)-A reward of $1,000 had been offered here today for knowledge the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolveney and would close today thus precipitating run on the bank. Both officials of the Merchants and Planters bank and of the A. B. Banks company, Little Rock. who own majority stock in the Pine Bluff institution. were at loss to comprehend the reason or foundation of the rumor, which resulted in withdrawals of approxThe bank remained open until late last night, tellers paying all who desired to withdraw their deposits. reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current deposits of $2.500,000 were on hand If needed. The bank officials denied any Intention of closing and said It would open for business today. as usual.

5. September 25, 1930 Bartlesville Examiner-Enterprise Bartlesville, OK

Article from Bartlesville Examiner-Enterprise, September 25, 1930

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STARTED RUN ON PINE BLUFF BANKING FIRM Bankers Offer $1,000 ward for Person Responsible for the Rumor WITHSTOOD RUN Bank Kept Open All Night Paying Depositors Who Demanded Money (By the Associated Press) PINE BLUFF, Ark., Sept. reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency and would close today, thus precipitating run on the bank. Both officials of the Merchants and Planters bank and of the Banks company, Little Rock, who own majority stock in the Pine Bluff institution, were at loss to comprehend the reason or foundation of the rumor, which resulted in withdrawals of approximately $30,000. The bank remained open until late last night, tellers paying all who desired to withdraw their deposits. reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate cover current deposits of $2,500.000 were on hand needed. The bank officials denied any intention of closing and said it would open for business today, as usual. Officers were continuing their Investigation seven telephone calls received by negroes here that the bank faced insolvency and would close its doors today. negro was suspected. officers said. Confusion concerning the use of the Pine Bluff company of Arkansas national guard resulted last night from the offer of Captain W. Rowe to use his men in assisting to police the bank locality. was reported Company had been mobilized but later it was learned the men had been requested to stand by in case of attempted robhery or trouble during the excitement.

6. September 25, 1930 The Guthrie Daily Leader Guthrie, OK

Article from The Guthrie Daily Leader, September 25, 1930

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REWARD IS OFFERED AFTER RUMOR SPREADS ON CLOSING OF BANK Officials Puzzled At Report That Brings Withdrawals Of $30.000 Stay Open Until Late A reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency and would close today, thus precipitating a run on the bank. Both officials of the Merchants and Planters bank and of the A. B Banks company. Little Rock. who own majority stock in the Pine Bluff institution were at a loss to comprehend the reason or foundation of the rumor, which resulted in withdrawal of approximately $30.000. The bank remained open until late last night tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current depesits of $2,500,000 were on hand If needed The bank officials denied any intention of closing and said It would open for business today, as usual Officers were continuing their investigation of seven telephone calls received by Negroes here that the bank faced insolvency and would close its doors today A Negro was

7. September 25, 1930 The Ada Evening News Ada, OK

Article from The Ada Evening News, September 25, 1930

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PINE Sept. reward of had offered here today for knowledge of the identity of peryesterday circulated rumors that the Merchants and Planters Bank and Trust comfaced insolvency and would pany close today. thus precipitating bank. Both officials the Merchants and Planters and of the Banks Little company Rock own majority stock the Pine Bluff institution, loss the of the rumor. resulted of which bank remained open until The late last tellers all their deposits. here from Little bruoght Rock afternoon and depositors told that funds adequate cover current deposits hand needed. The hank officials denied intention closing said would open for usual. Officers were of seven telephone received negroes here calls that the bank faced and would today. officers negro was said. Confustion concerning the the Pine Bluff Arkansas national guard last from the Capt. Rowe bank localto police reported Company been but later learned only been requested stand robbery trouble during excitement.

8. September 25, 1930 The Greensboro Record Greensboro, NC

Article from The Greensboro Record, September 25, 1930

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Circulated Rumors Cause Run On Bank PINE BLUFF Ark Sept. 25.-(AP) reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency. precipitating a run on the institution

9. September 25, 1930 Daily American Republic Poplar Bluff, MO

Article from Daily American Republic, September 25, 1930

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BLUFF, Reward of $1000 Offered for Information Leading to Cause of the Run. By The Associated Press Pine Bluff. Ark., Sept. The Merchants and Planters Bank and Trust Company which experienced small run late yesterday and last night opened as usual today with less than dozen persons, mostly negroes, waiting in front to withdraw their deposits. The early withdrawals were confined to small savings posits Bank officials expressed the belief that all danger of serious run had passed. A reward of $1,000 had been offered today for knowledge of the identity of persons who yesteday circulat ed rumors that the bank faced insolv eney and would close, thus precipitating run. Puzzled Officials Both officials of the Merchants and Planters Bank and of the B. Banks Company, Little Rock, who own majority stock in the Pine Bluff institution, were at loss to comprehend the reason or foundation of the rumor which resulted in run on the bank and withdrawal of approximate The bank remained open until late last night, tellers paying all who sired to withdraw their deposits. A reserve of $50,000 was brought here from Little Rock the afternoon and excited depositors told that funds adequate current deposits $2,500,000 were on hand if needed. Denied Rumor. The bank officials denied any intention of closing and said it would open for business today as usual. Officers were continuing their investigation of seven telephone calls received by negroes here that the bank faced insolvency and would close its doors today A negro was suspected, officers said. Confusion concerning the use of the Pine Bluff company of Arkansas Na. tional Guard resulted last night from the offer of Captain R. W. Rowe to use his men in assisting to police the bank locality It reported Company had been mobilized. but later was learned the men had only been requested to stand by in case of attempted robbery or trouble during the excitement.

10. September 26, 1930 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, September 26, 1930

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Bank With Put Opens Bullpups Few Very Waiting Through Last Work Withdraw Before First Savings Game Run Wednesday Believed Have Started Result as Of Telephoned Rumor By The Associated Press Pine Sept Merchants and Bank and Trust Company, which small and last night opened today with less than en persons, mostly negroes, waiting to withdraw their small savings Additional funds were brought in from Little Rock this morning as although officials said it had not been necessary so far to of* the half million dollars brought last night during the run Officials expressed belief that the danger of serious was over raying that the deposits during the first half an hour exceeded the drawals. The bank remained open until last night The run is believed to have been started result telephoned rumor of closing the Pine Bluff Sept. B. Banks. Little Rock, of the Mer chants and Planters Bank and Trust telegram officers the institution here last night offered reward $1,000 for the apprehension who started the report in Pine Bluff the the bank small noted noon and the report current on the streets that being made on the bank caused the officials to keep the institution open after the usual closing in order to pay off any one. Half million dollars in currency was brought here by motor shortly after closing hour by Wilbur Gulley of the Investment Department the B. Banks Company at Little Rock. Despite that many people were tracted up town by report of only few withdrawals were President Jones addressed crowd in the lobby of the bank and assured them that necessary the would open all night to accommodate those who wished to withdraw their funds Jones Issues Statement The following statement issued last night by Jones, president. unfounded rumor started by the series of anonymous telephone calls that run on progress the Merchants and Planters Bank and Trust Company caused number small depositors to appear the bank the close of the day's inquire about their deposits. The officers the bank kept the bank open until late in the evening in order that who was uneasy might draw their deposits. There some few withdrawals and large number of spectators. bank shipped half million dollars in currency the evening as precaution against Officers assured spectators that the was perfectly solvent and that its deposits could be paid off dollar for dollar in cash telegram received from Banks statthat he had the utmost confidence stability of the Merchants and Planters Bank and Trust Company, and assuring that he would stand behind the institution with all his resources necessary The fright seems to have originated with negroes who telephoned number their friends that the bank was having run There was no foundation for the rumor as there had been unusual withdrawals. closing in July of the National Bank of was probably sponsible for the Coach Barnes Gives Reserves Final Drills Before Whirlwind Contest (From Thursday's Daily Press) Sending his charges through signal drill and workout and Coach Barnes final preparations this for clash of the 1930 football season the High o'clock tomorrow afternoon at the Harmon field when the Bullpups, reserves of the Paragould High school meet the Whirlwinds the Jonesboro Junior High who are under the coaching of Paul Local fans will have chance to their future high school stars action in tomorrow's contest, which promises be very interesting return game will be played October the second team will enter foreign territory for the first large delegation Jonesboro likely will attend clash the Jonesboro are going Little Rock to play Saturday The the varsity idle tomorrow as they open date. They will see actual tion for the first time this season next Friday afternoon Newport. The Bulldogs seek revenge for the to defeat suffered year hands of the Newport delegation the local squad's home gridiron Coach Barnes announced today the season tickets for the Paragould were meeting favor and many already been sold These being offered very tractive prices, affording the Paragould fans opportunity to witness of home games very Coach his probable starting lineup for Ralph Waldrum. left end: Owen Butler left tackle: James James Hart Jack Justice Cletis Thomp right Joe right Cecil right Benny Rosenthal quarter back: Paul left Vernon right and Lyle full The following reserves likely get chance play in game Henry Paul Frank Weatherly James Freeman, Alva Wadley and Joseph Straub Lionel Armstrong former Paragould High school star, referee the game. Clarence Wilbourn will be the umpire.

11. November 17, 1930 Jonesboro Daily Tribune Jonesboro, AR

Article from Jonesboro Daily Tribune, November 17, 1930

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BANKS CLOSED TEMPORARILY STATE CITIES Number of Banks Chain Suspend Business Today In Order to Protect Interest of Depositors. Will Open in Five Days After Precautionary Steps Taken. Thirty-two banks in which B. Banks, Arkansas financier, is interested, temporarily suspended business this morning, with announcements being made to the effect that they would reopen for-business after five days. Capitalists viewed the closing of the banks with little alarm, expressing the belief that the banks are all absolutely solvent and that their temporary closing is for the protection of depositors and to avoid runs that might have resulted from the present panicky condition of the state, Fortunately, no Jonesboro banking interests were in any way connected with any of the banks that closed. according to statements made this morning. The following United Press dis patch tells of the temporary closing of the banks: LITTLE ROCK, Ark., Nov. 17.The following banks in which A. B. Banks company is interested suspended business temporarily this morning: Bank of Altheimer. Altheimer; North Arkansas Bank, Batesville: Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle: Bank of Carthage, Carthage; Farmers Bank, Casa; Bank of Clarendon; Farmers Bank, Dardanelle; Eudora Bank and Trust Company, Eudora: Hampton State Bank, Hampton: Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Henlena; Arkansas Bank and Trust Company, Hope; Bank of Houston, Houston Merchants and Planters Bank, Humphreys, First National Bank, Junction City: Merchants and Farmers Bank, Junction City: Cleveland County Bank; Kingsland, Chicot Trust Company, Lake Village; American Exchange and Trust Company, Little Rock; First State Bank, Osceola: Bank of Pangburn, Pangburn; Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Victoria Bank, Strong: First State Bank, Thornton, Bank of Wabsseka, Wabaseka: Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott, Bank of Fordyce, Fordyce; Exchange Bank of Dermott. and Sheridan, clased at noon, due to heavy runs this morning.

12. November 18, 1930 The Washington Herald Washington, DC

Article from The Washington Herald, November 18, 1930

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CLOSE THEIR DOORS IN FIVE STATES IN DAY BANKS 50 SMALL the Standard Bank, all ficials and State and Federal Union Bank of Knoxville, the Libbanking department. Six Kentucky Institutions (Continued from First Page) Louisville, and the McElwain and ceivers working upon the affairs erty Loan and Trust Company. The American Exchange Trust which they could not at once col- Close to Protect Patrons Mequiar Bank and Trust Com- of four institutions which have Nashville, nor Caldwell and ComCompany of Little Rock was the lect and on which they did not wish to foreclose. Head of Bank Chain Calls Conference in Arkansas iest men in Arkansas, tonight LITTLE ROCK. Ark., Nov. 17 ordered officials of the 34 affil(U.P.) Thirty banks affililated banks to come to Little ated with the A. B. Banks ComRock for a conference. pany, of Little Rock, closed toOther banks in Little Rock did day. business as usual today, and Three small banks in addition none reported heavy runs. were ordered closed by the State first to shut its doors, At Pine Bluff, Ark., the Merchants and Planters Bank and Trust Company closed. Others followed. A. B. Banks, one of the wealth- LOUISVILLE, Ky., Nov. 17 (U.P.).Six Kentucky banks, two of them negro owned and operated. closed today. Announcements said that all were solvent, that the suspension of business was "to protect the interests of creditors and depositors." The National Bank of Kentucky, the Louisville Trust Company, the American Mutual Savings Bank, the Securities Bank pany of Franklin, were the institutions affected. Negroes operate the American Mutual and Standard banks. Tennessee Officials Quiz Affairs of 4 Closed Banks NASHVILLE, Tenn., Nov. 17 (U.P.).-A quiet, uneventful day was passed today in the Tennessee banking situation with State of closed their doors in the last two weeks. No word came from Attorney General L. D. Smith on what steps he contemplated in his efforts to recover $4,840,000 in cash and securities he reported missing from the assets of the Bank of Tennessee, first of the four to go into receivership. No inventory yet has been filed in the failures of the Holston- pany, the South's leading investment banking house.

13. November 18, 1930 The News and Observer Raleigh, NC

Article from The News and Observer, November 18, 1930

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SOUTH Chain Institutions in Arkansas Suspend For Five-day Period RUN STATE TOTAL Senator Robinson Says Suspensions Merely Precautionary Measure and Directly Due To Caldwell and Company Difficulties; Six Banks in Kentucky Close banks affiliated with Banks Company, Little Rock, advantage today of state law which permits temporary closing for five days suspension payment deposits. Three banks addition closed by the State Banking Department. Joseph Robinson blamsituation hysteria financial difficulties Caldwell Company Nashville, Tenn. the banks solvent," Senator Robinson said. "Arkansas financially, soon excitement incident the closthe banks has subsided, the state will return normal condithe reopen." Officials Banks group nounced the closing had caused fear hasty withdrawals. The Exchange Trust Company, of Little Rock, the the Banks institutions doors. the largest the State. Depositors gathered the streets near the bank and gazed silently the signs had temporarily. Others Cease. Within hour came word from Pine Bluff, that the Merchants and Planters Bank and Trust Company there, and smaller bankArkansas had failed to open their doors today. Then messages were received from Helena that the and Planters Bank there had closed. Officials they vent, but were closing protect positors. Almost coincident with this advice the from the Branch Bank the Banks group, taken over by the Dethe list mounted. The number for few then then and finally the closing banks other parts the State reached here. Five Days. The state law the banks remain closed five days. At of time they either must reopen for business place selves the hands of the State Banking Departmet. Banks, the wealthiest Arkansas, night ordered officials the filiated banks to come to Little Rock conference. It understood that he would was some definite plan, effect before the end of the fivesuspension allowanee. Little Rock did Other business usual today, reported heavy runs by depositors. Caldwell and Company, Nashthe financial difficulties upon which Senator Robinson blamed placed the today's closings, receiver last week. The hands of the largest investfirm was one the South. concerns SIX BANKS SUSPEND IN BLUE GRASS STATE Louisville, Ky., Nov. Kentucky owned operated, closed that solvent, that the suspension business protect the interests creditors and depositors." National Kentucky, Louisville Trust the American Mutual Savings Bank, the Bank Standard Securities all Louisville, and the Bank, and Mequiar Bank and Trust Elwain the Company, stitutions affected. Negroes operate American Mutual Standard banks. Financial circles here held that banks were forced close bethe cause of rumors growing the collapse Caldwell Company, Nashville, Tenn., largest investment the South. There concern connection between any closed banks and the company, however, merger once had though group discussed. QUIET AGAIN IN TENNESSEE BANKS Nashville, Tenn., Nov. uneventful day passed quiet, today Tennessee state officials and state uation federal working upon affairs four closed their doors in the last came from Attorney Smith what steps in his efforts recover $4,840,000 cash and securities ported from assets Bank of Tennessee, of four into receivership. inventory yet has been filed in failure Knoxville, the Bank and Trust Company, Turn