570. Bank of Rogers (Rogers, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 16, 1914
Location
Rogers, Arkansas (36.332, -94.119)

Metadata

Model
gpt-5-mini
Short Digest
d2f3bb1f

Response Measures

None

Description

The Bank of Rogers suspended in mid-July 1914 and was taken into the custody of the state banking department/receiver and did not resume operations; later criminal indictments and receiver actions followed. Contemporary accounts mention prior depositor withdrawals and rumors, but primary documented action is a state-ordered suspension and receivership leading to permanent closure.

Events (4)
1. July 16, 1914 Receivership
Newspaper Excerpt
The Bank of Rogers ... suspended business today at 1 o'clock, and is in the hands of the state banking department. ... taken in charge by the state banking commission (July 17).
Source
newspapers
2. July 16, 1914 Suspension
Cause
Macro News
Cause Details
Failure to realize on paper owing to the unsettled condition of the money market; bank suspended by state banking department.
Newspaper Excerpt
ROGERS, Ark., July 16.-The Bank of Rogers ... suspended business today at 1 o'clock, and is in the hands of the state banking department.
Source
newspapers
3. August 4, 1914 Other
Newspaper Excerpt
G. M. Jennings, vice president of the defunct Bank of Rogers ... were arrested ... charged with receiving deposits when the bank was known to be in an insolvent condition.
Source
newspapers
4. November 17, 1914 Other
Newspaper Excerpt
Kansas City & Memphis railroad, which was placed in the hands of a receiver last August owing to the collapse of the Bank of Rogers.
Source
newspapers

Newspaper Articles (13)
1. July 17, 1914 Tulsa Daily World Tulsa, OK
Article from Tulsa Daily World, July 17, 1914

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Article Text

ARKANSAS BANK SUSPENDS Unsettled Money Market Is Said to Be Cause. ROGERS, Ark., July 16.-The Bank of Rogers, said to be the oldest bank in northwest Arkansas, suspended business today at 1 o'clock, and is in the hands of the state banking department. The bank is capitalized at $150,000 and is said to have deposits amounting to $400,000. President W. E. Talley states that the suspension was caused by failure to realize on paper, owing to the unsettled condition of the money market. It is claimed depositors will be paid in full.

2. July 17, 1914 The Sentinel=record Hot Springs, AR
Article from The Sentinel=record, July 17, 1914

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ARKANSAS BANK FAILS. Bank of Rogers in Hands of Receiver Will Pay Deposits. Rogers, Ark., July 16.-The Bankof Rogers, said to be the oldest bank in northwest Arkansas, suspended business today at 1 o'clock and is in the hands of the state banking department. The bank is capitalized at $150,000 and is said to have deposits amounting to $400,000. President W. E. Talley states that the suspension was caused by failure to realize on paper owing to the unsettled condition of the money market. It is claimed depositors will be paid in full.

3. July 24, 1914 The Springdale News Springdale, AR
Article from The Springdale News, July 24, 1914

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Article Text

WELL KNOWN BANK FAILS Bank of Rogers Closed Doors Last Friday Afternoon. Rogers, Ark., July 17.-The biggest bank failure in Northwest Arkansas since the Morris institution collapsed at Siloam Springs some years ago, occurred yesterday afternoon when the Bank of Rogers, found ed in 1883 and the oldest in Northwest Arkansas, suspended business and was taken over by the state banking department. The failure, how ever, failed to cause any excitement here or any interruption in business. Inability to realize on the bank's assets at a time when money was badly needed to move the big crops of this section is given as the cause of the suspension. It is confidentially believed that the institution will pay dollar for dollar. The bank was formerly owned by W. R. Felker, of this city, one of the leading capitalists in Arkansas. Some years ago W. E. Talley, vice president of the Bankers' Trust Company of St. Louis, became president of the bank and Mr. Felker vice president a position he has since retained. Mr. Felker is the leading spirit in the Kansas City & Memphis railroad, the White River Lumber company and is associated with a concern that owns the local water and electric company and electric plants at Fayetteville. In late years he has not been active in the bank, devoting most of his time to his railroad, the pride of his many enterprises. About a month or SO ago the Bank of Rogers bought out the Citizens bank which had about $150,000 in deposits. The capital of the institution remained at $165,000. The last statement of the bank showed $400,000 deposits and ample assets to cover them. During the past 30 days it was quietly rumored that the bnak was facing financial stress and many depositors withdrew their accounts. None of the other banking institution in the city have been affected.

4. August 5, 1914 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, August 5, 1914

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ARREST OFFICERS OF DEFUNCT BANK Men Connected With Bank of Rogers Held on Criminal Charges. Rogers, Aug. 4.-G. M. Jennings, vice president of the defunct Bank of Rogers, which suspended about three weeks ago; Dick Hall, assistant cashier, and Lee Graham and J. F. Little, directors, were- arrested by Sheriff Harry Blake today. They are charged with receiving deposits when the bank was known to be in an insolvent condition. They were placed under $2,500 bonds each. Warrants have been issued for the arrest of other officials of the bank, but they have not yet been served because of their absence from the city. The Bank of Rogers failed July 15 and on July 17 was taken in charge by the state banking commission. Deputy Commssioner L. H. McGill is in charge of the defunct institution. The bank was capitalized at $150,000, with a surplus of $15,000. The three directors arrested, together with Ben Hatley and W. R.

5. August 28, 1914 The Springdale News Springdale, AR
Article from The Springdale News, August 28, 1914

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BENTON COUNTY SCHOOLS ARE VERY HARD UP. At the meeting of the school directors of Benton county Saturday at Bentonville, a County Director's Association was effected and Julius Giger of near Bentonville was elected president and W. F. D. Batjer, of District 40, east of Rogers, as secretary. F. H. Duff of Rogers presided in the absence of County Supt. W. R. Edwards, who had been called out of town by the serious illness of his mother. Addresses were made by the attorneys for the county in the suit against the bondsmen of the Bank of Rogers, by County Treasurer Henry, W. F. D. Batjer and others. It was agreed that unless the bank was reorganized, the suit could not be pushed rapidly enough this fall to help any of the country schools in the fall terms. It was the opinion of a majority of the directors that the best thing to do was to make the best possible arrangement with the teachers in each district. In some of the districts, the patrons have agreed to furnish part of the cash while the teacher will wait for the balance. In other districts the teachers have agreed to wait for all their salary until the county could realize from the suit or until the bank reorganizes. Others have agreed to take script and will dispose of it where ever possible. There seems to be no way by which the county can help the schools in the least. The money from the state will soon be available and will help but it is not enough to give any of the districts their regular school year. It was felt that it would be fatal to let any of the schools stand idle on account of the bank failure, but it was admitted that it would be a hard pull in a number of districts. But if teachers and patrons will share the burden for a few months it is thought the former are certain of getting their money in full in the long run.-Rogers Democrat.

6. November 18, 1914 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, November 18, 1914

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BIG LUMBER FIRM IN BANKRUPTCY BY ASSOCIATED PRESS. Fort Smith, Ark., Nov. 17.-The Ozark Land & Lumber Company, capitalized at $500,000, was declared bankrupt today after a voluntary petition. The company is a subsidiary of the Kansas City and Memphis Railway, which was placed in the hands of a receiver last August owing to the collapse of the Bank of Rogers. It has $250,000 outstanding in first and second mortgage bonds and values its property at $185,000.

7. November 18, 1914 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, November 18, 1914

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Lumber Company Bankrupt. Fort Smith, Nov. 17.-The Ozark Land & Lumber company of Rogers, capital $500,000, was declared bankrupt in the United States district court today. It is a subsidiary of the Kansas City & Memphis railroad which went into receivership last August after the Bank or Rogers failed. The bankrupt company has $250,000 mortgage funds outstanding and values its property at $185,000.

8. February 19, 1915 The Springdale News Springdale, AR
Article from The Springdale News, February 19, 1915

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Benton County "Hews (Rogers Democrat.) "An echo of the Rogers bank failure." We wish the news writers would get some new way of introducing their stories: We are getting tired of the one just quoted. Some echoes never know when to quit echo ing, and a bank failure seems about the worst of the variety. Thursday, February 18, one week from today the voters of Rogers will be called on to vote upon the matter of issuing $10,000 of 6 per cent municipal bonds for the purpose of purchasing fire equipment. While no definite agreement has been reached, it is quite certain that the greater portion of the money thus raised would be used in the purchase of an auto truck, equipped with all modern fire fighting apparatus. Rev. R. M. Thompson tells us of an old fashioned wedding at which he performed the ceremony, held Sunday at the home of J. N. Blankenship, five miles east of Garfield, The contracting parties were Edward Pratt, son of Wm. Pratt of near Brightwater, and Miss Mary Blankenship. Both families are among the oldest and best known in that part of the county, and the bride was for six years a clerk in McKinlay's store at Garfield, having an unusually large circle of friends and acquaintances. The only action of any consequence taken by the depositors meeting at the city hall Saturday afternoon was to pass a resolution asking L. H. McGill, receiver of the Bank of Rogers and the Citizens Bank, to appear before the next meeting, Saturday, February 20th, at 2 o'clock, and make a report or tell what is being done toward collecting in on the notes and paper held by the defunct banks. It was felt that such a report was in all justice due the depositors who have now waited eight months without knowing definitely whether or not a single thing has been done in their behalf. As a result of the numerous cases of typhoid fever that have developed in Rogers during the past week or ten days, a meeting of the local Board of Health is called for tonight by the mayor and it is expected that to immediate steps will be taken have a thorough examination made by a competent authority to discover if possible the source of the trouble. It has been suggested that Dr. Shipley, who made the examination at Harrison last fall when that city was suffering from a scourge of typhoid, be secured. Rogers has had a few cases of typhoid all fall and

9. March 12, 1915 The Springdale News Springdale, AR
Article from The Springdale News, March 12, 1915

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NOT VERY ENCOURAGING, Bank Situation in Rogers is Very Cloudy and Depositors are Downcast. Receiver L. H. McGill of the defunct Bank of Rogers appeared before the depositors' meeting at the city hall Saturday afternoon last and the entire session was devoted to listening to his report and to his answers to the numerous questions. It was not a cheerful report, and as the depositors filed out of the hall at the close of the meeting they were more discouraged than they had been at any time since the bank closed its doors last July, Mr. McGill was very frank in his opinion that but a small per cent could be realized on the assets of the Bank of Rogers, and said that only in case the office and stockholders of the bank could make good their pledges obligations and bonds was there a chance for the bank to pay out anything like dollar for dollar. He went into details as to amounts and showed that a total of $150,000 was owing the bank by companies and corporations that have either already gone into bankruptcy, or the hands of a receiver, are threatened with such proceedings, or have no visible assets. The list includes the canning factory, the distillery, the Ozark Land & Lumber Co. the K. C. & M. Ry., Jones Bros., etc. He said slow progress was being made in collecting from the smaller debtors owing to the tightness of the local money market and the impracticability of forcing them to sell land or stock at this time. A number of questions were asked with regard to the vinegar plant situation and Mr. McGill said he would no know about it until after the federal court passes on the application made by him to throw Jones Bros. into bankruptcy. He said the firm claims o be solvnt and he hoped that it would be able to prove that it is. Mr. McGill explained that the delay in matters of settlement are due very largely to the fact that the majority of the stockholders of the bank live outside the state and it is a slow difficult and diplomatic matter to get the numerous persons interested to act together as a unit and to make a settlement without tedious and costly litigation in the federal courts that might drag along for years. He advised compromising with them or the best possible terms.- Rogers Democrat,

10. March 26, 1915 The Springdale News Springdale, AR
Article from The Springdale News, March 26, 1915

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BANK PRESIDENT TO PENITENTIARY, W. E. Talley of Rogers is Convicted and Receives Two Years' Sentence. Bentonville, March 20.-W. E. Talley, president of the defunct Bank of Rogers, was found guilty of receiving deposits after he knew the bank to be insolvent and sentenced to two years in the penitentiary this morning. The jury brought in its verdict after deliberating ovre the case since 9 o'clock last night. The defense contended that the bank now is solvent and that its closing was brought about by a run of six months, which it was charged was caused by undue interference of the State Banking Department with the bank's affairs. They declared the depositors eventually will be paid in full. They said that Talley had been connected with the bank only two years before the date of its closing and that the causes of the bank's difficulties dated back considerably further than that. They said Talley had made every effort to comply with the rulings of the State Banking Department and that he had lost everything, even the savings of his wife, in the closing of the bank. The prosecution laid stress on testimony to the effeet that the bank is insolvent. They declared Talley knew the bank was insolvent when in June he signed a bond with other of ficers of the bank guaranteeing the depositors $100,000. They argued that the probability of the depositors being paid in full did not enter into the case. Prosecuting Attorney J. S. Combs was assisted by Attorneys Fowler and Ivie of Rogers, while Talley was defended by Attorneys John Nance, W. B. Hollyfield and State Senator John R. Duty, all of Rogers. Other officers of the bank who are under indictment on similar charges are J. F. Little, J. Everett Stroud, Benjamin Hatler, J. W. Walker and J. E. Felker. Little's trial is set for Monday.

11. March 26, 1915 The Weekly Soliphone Paragould, AR
Article from The Weekly Soliphone, March 26, 1915

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BANKER TALLEY GETS TWO YEARS IN PENITENTIARY Former Citizen of Paragould Was Charged With Defrauding Depositors in Rogers Bank. W. E. Talley, at one time a citizen of Paragould and who has been heavily interested in farm and timber lands and various kinds of industries and enterprises in Northeast Arkansas, later embarking in the banking business with J. E. Franklin, head of the now defunct Bankers' Trust Company of St. Louis, was convicted at Bentonville Saturday on an indictment charging him with reciving deposits in the Banks of Rogers. after he knew the bank was insolvent. The case has attracted widespread interest on account of the prominence of Talley in Arkansas and Missouri and the verdict of the jury in finding him guilty and assessing his punishment at two years in the penitentiary came as a severe blow to his many friends who do not believe he has been guilty of any crime. The news story sent out from Bentonville to the papers Saturday night follows: "W. E. Talley, president of the defunct Bank of Rogers, was found guilty of receiving deposits after he knew the bank to be insolvent and sentenced to two years in the penitentiary this morning. The jury brought in its verdict after deliberating over the case/since 9 o'clock last night. "The defense contended that the bank now is solvent and that its closing was brought about by a run of six months which it was charged, was caused by undue interference of the state banking department with the bank's affairs. They declared the depositors will be paid in full. They said that Talley had been connected with the bank only two years before the date of its closing and that the cuases of the bank's difficulties dated back considerably further than that. They said Talley had made every effort to comply with the rulings of the state banking department and that he had lost everything, even the savings of his wife, in the closing of the bank. "The prosecution laid stress on testimony to the effect that the bank is insolvent. They declared Talley knew the bank was insolvent when in June he signed a bond with other officers of the bank guaranteeing the depositors $100,000. They argued that the probability of the depositors being paid in full did not enter into the case. "Prosecuting Attorney J. S. Combs was assisted by Attorneys Fowler and Ivie of Rogers, while Talley was defended by Attorneys John Nance, W. B. Hollyfield and State Senator John R. Duty, all of Rogers. "Other officers of the bank who are under indictment on similar charges are J. F. Little, J. Everett Strour, Benjamin Hatler, J. W. Walker and J. E. Felker. Little's trial is set for Mondav."

12. September 17, 1915 The Springdale News Springdale, AR
Article from The Springdale News, September 17, 1915

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Democrat. NEW RECEIVER AT ROGERS. C. A. Rogers of this city, who has served since last fall as chairman of the Depositors Committee of the defunct Bank of Rogers, was on last Thursday appointed as special deputy bank commissioner, or receiver as the position is more commonly known succeeding L. H. McGill of Bentonville. Senator John R. Duty was appointed attorney. Mr. McGill retains the receivership of the Citizens Bank. The matter came up last Thursday in the chancery court at Bentonville hwen Mr. McGill made his report and tendered his resignation. The State Bank Department was represented by Messrs. Davis and Covey and their attorney, W. B. Smith of Little Rock, and the depositors were represented by their attorneys, members of the committee and numerous Rogers citizens. The depositors asked for the appointment of Senator Duty but an opinion was presented the court in which Attorney General Moose held that he could not hold any other civil office while a member of the state senate. The court refused to decide the question and after the suggestion of several names as successor to Mr. McGill, that of C. A. Rogers was agreed upon. When Mr. McGill's report was filed objection was made to a number of items and the court set September 16 as the date for hearing same and passing upon the report. The hearing will be had at Fayetteville, Rogers Democrat.

13. March 17, 1916 The Pulaskian Little Rock, AR
Article from The Pulaskian, March 17, 1916

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This trust company was given a judg ment for $162,000 in chancery court October 1, 1915. Thos. J. Kavanaugh of St. Louis, representing the trust company, bought the property. The administrative council of the University of Arkansas has sent to the delegation from Arkanletter giving sas congressional a arguments military against the of the McKellar bill. The principal bill voiced in the school to the passage objections letter are is a bad piece of educational it puts a very machinery, that it large provides financial burden on the states and a course of study too difficult for the students who would be admitted. The Supreme Court, in holding that the formation of an improvement disin Craighead county road law was Alexander trict illegal estimates of road was not cause the proposed proper district, under the submitted cost ren- the be- of to property owners in the dered a decision of great importance to road building in the state, officials of the Department of State Lands, Highways and Improvements, believe. Contract for between $12,500 and $15,000 worth of interior furnishings recently was fulfilled by the Arkansas Carpet and Furniture Company of Lit- ho. tle Rock for the new Waukesha tel at Hot Springs, which has been formally opened. The contract is one of the largest ever filled in the state of Arkansas by an Arkansas house. The Waukesha, it is said, rivals the larger hostelries at Hot Springs for beauty and appropriateness of the flttings. William Dobbs of Walnut Ridge, who murdered his stepdaughter, Bertie Burleson, last November in a cotton patch by cutting her throat, then of mutilating her body, was convicted to first degree murder and sentenced the penitentiary for life Twenty minutes after the verdict he was en route to the penitentiary, the sheriff fearing a lynching. Chancellor J. E. Martineau ordered sale of the real and personal propthe erty of the Weil Packing Company to satisfy the claim of Lloyd England, as receiver of the State National Bank of Little Rock for $63,650.63 and $5, the 996.44 interest, and the claim of Ravenswood National Bank of Chica. go, $3,800 and $371.92 interest. The officials of the Four States' Highway Association of Texarkana, fosrecently formed for the purpose of in tering good roads development Louisiana, Arkansas, Texas and Okla. homa, has completed arrangements here for a good roads convention Thursday, March 23. Fire originating in the kitchen, destroyed the Commercial hotel of Eng land and spread to the adjoining two loss story building, destroying it. The to both buildings and their contents will exceed $7,000. The Rev. A. M. Crane has resigned pastor of the Baptist church at as Yellville and will remove to Mountain Home. He will take up missionary work in the White River Association. The firm of McGinty & Ponting ct Decatur, Ill., has purchased 3,000 acres of land lying partly in Missistp The county and partly in Missouri. pi firm paid $100,000 for the tract. In the last few days 18 carloads of have been shipped to Lonoke. The rice rice was raised on the plantation of Mr. Poroe and Judge Evans of Roe. A big crew is at work grading and filling for the narrow gauge road which is under construction from Yellville to Rush. Mr. and Mrs. F. M. Drake of Imboden recently celebrated the 66th anniversary of their wedding. Twenty thousand dollars was paid out at Rogers by Special Deputy Bank Commissioner Charles A. Rogers to in the defunct Bank of Rog. disbursement depositors ers. This represents is the first a 17 per cent dividend and payment to depositors. Another pay. ment will soon be made. Depositors all are assured of receiving practically their money in time. The Rev. E. P. Plummer, a Metho dist minister of Altheimer, was grant I ed license to practice law.