American National Bank (Pensacola, FL)

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BANK FAILURE

(BY ASSOCIATED PRESS) PENSACOLA, Fla., Sept. 1-The American National Bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning.

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FLORIDA BANK IS CLOSED

With Nearly Two Millions in Depos. its, Bank Closes Following Run. Pensacola, Fla., Sept. 1.-The American National Bank closed its doors today after a run. The bank had deposits of one million, seven hundred thousand dollars.

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FLORIDA BANK CLOSES DOORS AFTER A RUN (By Associated Press.) Pensacola, Fla., Sept 1.-The American National Bank closed its doors today after a run. The deposits of the institution amounted to $1,700,000.

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FLORIDA BANK IS CLOSED AFTER RUN Pensacola, Fla., Sept. 1-The American National Bank of Pensacola closed its doors today after a run lasting about an hour. For some time after the doors closed. streets in front of the bank's ten story building were crowded Officials of the bank have made no statement.

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PENSACOLA BANK CLOSED ITS DOORS (By Associated Press.) Pensacola, Fla., Sept. 1.-The American National Bank closed its doors today after a run. It carried deposits of $1,7000,000.

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Run Closes a Bank

Pensacola, Sept. 1.-The American National bank of Pensacola closed its doors today after a run lasting about an hour. Aroused by sensational reports circulated last night, depositors flocked to the bank ,this morning. Officials of the bank have made no statement.

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The American National Bank closed its doors yesterday morning as the result of a run on the bank by depositors who began to draw out their money when the bank opened for business at 9 0° 'clock. Late yesterday afternoon the comptroller of the currency appointed W. H. Milton as receiver of the institution and he will take charge this morning. Whether the bank will be opened and operated by the receiver or put through a process of reorganization can only be determined after an examination by the agents of the comptroller of the currency, but it is generally believed by the business public that the bank will be found to be perfectly solvent and that depositors will all be paid in full when the affairs of the institution are adjusted. At the hour of opening yesterday the bank had cash on hand to the amount of $162,000 and this with the addition of its exchange and other cash items represented much more than the required legal reserve. The withdrawals during the morning amounted to $62,000, and when it became evident that the run was to be continued the only thing the bank could do, for the protection of all interests, was to close its doors. RUN RESULT OF RUMORS. The run on the American National Bank was the direct result of rumors which had been in circulation for Several days in reference to the bank's solvency. There seemed to be no foundation for the rumors and none of them could be traced to the original source, but they proved their effect tiveness to a most remarkable degree. The rumors were particularly persistent Monday night and by Tuesday morning many of the small depositors of the bank were at the door waiting to get their money. When it appeared that the run was likely to develop into larger proportions, President C. W. Lamar called a meeting of the directors and after at canvass of the situation the following resolution was passed: RESOLUTION ADOPTED. "At a meeting of the board of directors of the American National Bank of Pensacola, Florida, held in the directors' room of said bank in the city of Pensacola, at the hour of ten o'clock, pursuant to notice duly given to each director residing in the city of Pensacola, there were present Messrs. C. W. Lamar, H. L. Covington, Thos. V. Hannah, W. S. Rosasco and Frank Reilly. The president reported to the directors that, owing to conditions arising during the course of business on the 31st day of August and the early morning of the first day of September, followed by heavy withdrawals, caused by persistent damaging rumors, the reserve of the bank was rapidly being depleted to such an extent as to reduce it below the legal requirement, and that the reserve could not be within a limited time replaced within the usual course of business. Upon motion duly made by H. L. Covington and seconded by Frank Reilly, it was "RESOLVED, That the American National Bank of Pensacola, Florida, be closed to business and that no further deposits be received, nor checks, drafts, moneys or other of its assets be paid out until the further order of the comptroller of the currency and that the comptroller be duly notified immediately by telegraph and that this announcement be made by the bank at once.' Following this action by the direc. tors the bank's doors were closed and a notice posted on the door announcing (Continued an Page Three)

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BANK FAILURE

(BY ASSOCIATED PRESS) PENSACOLA, Fla., Sept. 2-The American National Bank of Pensacol has closed its doors after a run lasting about an hour. Aroused by sensational reports circulated last night depositors flocked to the bank this morning.

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TO PUT RECEIVER IN CHARGE OF BANK Washington, D. C., Sept. 2-Arrangements are being made to put a temporary receiver in charge of the American National bank of Pensacola, Fla., which closed its doors today after a short run. A brief report to the comptroller of the currency says the bank was closed by its directors but gives no details.

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THE LATTER BUSY ALL OF YESTERDAY Will Require Several Days Before Proposed Plan Can be Got Into Shape For Presentation to Comptroller of Currency, But All Depends Upon the Depositors Themselves. No one is taking any more interest in the reopening of the American National Bank than is Receiver W. H. Milton. He is co-operating with the committee of depositors in every way, and to a Journal representative last night, Mr. Milton said: "I am deeply interested in seeing the American National re-opened No depositor could feel a keener interest in it than I feel and I am ready to co-operate in every way possible to the end that the bank may be able to resume business at the earliest possible time. Pensacola and West Florida need this bank and I sincerely trust the plans now being made for re-opening It will prove effective." The depositors committee, headed by Morris Bear, was busy all day yesterday and until late last night going into the details of the bank's condition and satisfactory progress is being made. It will require several days, however, before the proposed plan, as outlined in The Journal yesterday, can be got into shape for presentation to the comptroller of the currency, but the public will be advised as the work progresses. The plan of course depends entirely on the depositors themselves and until they can be communicated with and their agreement to it secured, it cannot be put into effect. Public sentiment regarding the American National seems to be unani mously in favor of its resuming business and all depositors who have been heard from are free in their approval of the plan proposed. The suspension of a bank is, in probably 99 cases out of 100, followed by more or less criticism of the management of the institution. The case of the American National, however, appears to be an exception to the rule, Not only has there developed no criticism, but the bank and the bank management probably never had so many friends as they have now. An examiner sent by the comptroller of the currency is expected to arrive in a day or two, but the committee will in the meantime keep at work on the plan for an early resumption of business by the bank.

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To Reinstate Local K

of C. An important meeting of the local branch of the Knights of Columbus will be held at the usual hour this evening, and the attendance of every member is earnestly desired. Important work is to be done. It was stated officially yesterday that the local branch stands suspended, and the meeting this evening will mainly be for the purpose of remedying this condition with national headquarters. The draft which was sent in payment of the local branch's c-bligations to the national headquarters was not honored on account of the failure of the American National Bank in Pensacola, and there will be some plan worked out at the meeting to place the Pensacola branch in the usual good standing. Dr. M. A. Lischkoff is out aug23tf of the city

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PEOPLE AT THE CAPITAL RECEIVER MILTON AND MESSRS. PACE AND BEAR SEE COMPTROLLER OF CURRENCY ABOUT OPENING OF AMERICAN NATIONAL BANK-INSTITUTION TO OPEN NEXT WEEK. SPECIAL TO THE JOURNAL Washington, D. C., Nov. 18.-The American National Bank of Pensacola, which went into receivership two and a half months ago, will re-open its doors within a week or ten days. The Comptroller of Currency agrees to this arrangement, and announcement that the bank will re-open was made yesterday by ex-Senator W. H. Milton, its receiver. With Senator Milton here are J. G. Pace and Morris Bear, who will be president and vicepresident, respectively, of the reorganized bank. All three will go from here to New York to get acquainted with the bank's correspondent and other financiers there. The reorganized bank will have finances and prestige to make it a very strong institution.

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AMERICAN NATIONAL BANK AFTER 90 DAYS' SUSPENSION REOPENS DOORS TOMORROW With New Money and New Officers Institution Now Telegram From Comptroller. One of Strongest Washington, D. C., Nov. 28, 1914. W. H. Milton, Receiver American National Bank, Pensacola, Fla. MORE THAN $600,000 This office having been advised by you that the directors of the American National Bank of Pensacola, Florida, have complied with the IN CASH ON HAND requirements requested of them, and that the bank now has sufficient funds with which to conduct business, the American National Bank is hereby authorized to resume business on Monday, Nov. 30, 1914. James G. Pace is President JOHN SKELTON WILLIAMS, Comptroller of the Currency. and Morris Bear is Vice-

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American National Bank After 90 Days' Suspension Reopens Doors Tomorrow (Continued From First Page.)

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PENSACOLA BANK REOPENS FOR BUSINESS Pensacola, Dec. 3.-The reopening of the American National Bank yesterday morning constituted a gala day in Pensacola, and particularly was this true in the vicinity of the bank At 9 o'clock a large number of citizens were present to congratulate the bank officials and to give the institution their support nd confidence by making deposits and opening new accounts. The deposits received during the day aggregated $75,000 and the withdrawals were so small as to be almost selfaible. Among the large depositers was the City of Pensacola, Mayor Greenhut placing $10,000 on leposit early in the morning for the city's account, while Thos. A. Johnson, as chairman of the county board of bond trustees, deposited $14,000. A feeling of greater confilense than Pensacola has experin a year now seems to perthe whole city and with the sound, solvent, and enterprisakk doing business there is reason for faith in both the and the future.

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PENSACOLA BANK REOPENS American National Bank, Which Recently Closed, Reopens Its Doors For Business Pensacola.-The American National Bank, which closed its doors following a run several months ago, threw open its doors again under new management. With that end in view, a large corps of clerks and assistants are working day and night this week, and it is expected that there will be no hitch in the arrangements to resume business. The announcement that business will be commenced again came from the lips of the committee on reorganization and the new officers to form the official personnel of the institution. Receiver Milton is busy in making out time certificates of deposits for periods of three, six nine and twelve months to those having over a certain sum on deposit, in conformity with agreements signed by the depositors.

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Congratulations to PensacolaAfter a suspension of ninety days the American National Bank of Pensacola on yesterday re-opened its doors with a capitalization of $300,000. According to the news dispatches the depositors whose money had been tied up since the suspension showed their confidence in the bank and those directing its affairs by not withdrawing their accounts. On the contrary more than $100,000 in deposits was added, and of that sum the city government deposited $10,000. The temporary embarrassment of the bank was not due to mismanagement but to the failure of one of its largest customers abroad and the consequent tying up of much paper on which a fair realization will be made in due time. The Times congratulates Pensacola, which has had more than its share of hard luck during the past two years. There is nothing really wrong with the Deep Water City or the fine territory that is back of it, as will be shown in due season.-Tampa Times.