577. Salem State Bank (Salem, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 29, 1907
Location
Salem, Arkansas (36.371, -91.824)

Metadata

Model
gpt-5-mini
Short Digest
c9aebb09

Response Measures

None

Description

Contemporary articles report the Salem State Bank closed its doors (Nov 1907), a receiver (Harvey Pickren) was appointed (Dec 12, 1907), and later reporting (Feb 1908) links the suspension to a $17,000 misappropriation by president R. A. Youngblood. No article describes depositor runs prior to suspension; bank went into receivership.

Events (3)
1. November 29, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles later (Feb 1908) report a discovered $17,000 misappropriation by president R. A. Youngblood precipitated the suspension.
Newspaper Excerpt
The Salem (Ark.) State bank has closed its doors.
Source
newspapers
2. December 12, 1907 Receivership
Newspaper Excerpt
Harvey Pickren has been appointed receiver of the bank at Salem. The assets of the bank are $10,000 and the liabilities are reported to be $12,000.
Source
newspapers
3. February 13, 1908 Other
Newspaper Excerpt
The Federal Department of Justice forced the arrest ... of R. A. Youngblood, until recently president ... Bank Examiner Weir discovered a mis-appropriation of $17,000 ... The suspension of the bank at Salem, Ark., followed.
Source
newspapers

Newspaper Articles (9)
1. November 29, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, November 29, 1907

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Article Text

BRIEF BITS OF NEWS. Fire at La Moure, N. D., destroyed a number of business houses, causing a loss of $150,000. The Salem (Ark.) State bank has closed its doors. The liabilities are $30,000, with assets of $35,000. The police of Leipsio have expelled from Saxony four Mormon missionaries as "obnoxious foreigners." The York (Pa.) Silk Manufacturing company has gone into the hands of receivers on petition of creditors, who allege the company is insolvent. The federal grand jury at Danville, Va., has returned eleven more indictments against bonded distillers for violation of the internal revenue laws. General Novitsky, who last summer assumed the office of governor general and prefect of Odessa, died suddenly in that city of paralysis of the heart. The death is announced of Cyril Flower, first Baron Battersea. He was born in 1843 and was lord of the treasury in Gladstone's last administration. Sir Henry Campbell-Bannerman, the British premier, who has been in ill health for some few weeks, has left London for Biarritz, where he will take the rest cure. Unofficial but authentic advices have been received at Washington from Lisbon denying the reports of disturbances in Portugal and stating that complete calm prevails. Captain Baron Fersen, who was reprimanded recently on account of the mutiny of Russian sailors at Vladivostok, has been removed from the post of commander of the port of Vladivostok.

2. December 12, 1907 Woodruff County News McCrory, AR
Article from Woodruff County News, December 12, 1907

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Article Text

Salem Bank Failed. Harvey Pickren has been appointed receiver of the bank at Salem. The assets of the bank are $10,000 and the liabilities are reported to be $12,000.

3. December 12, 1907 The Carlisle Independent Carlisle, AR
Article from The Carlisle Independent, December 12, 1907

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Article Text

Salem Bank Failed. Harvey Pickren has been appointed receiver of the bank at Salem. The assets of the bank are $10,000 and the liabilities are reported to be $12,000.

4. January 17, 1908 Sharp County Record Ash Flat, Cave City, Evening Shade, AR
Article from Sharp County Record, January 17, 1908

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Article Text

debt. A Baptist church is to be built at Guion. An epidemic of mumps is raging at Tuckerman. The cotton gin at Calico Rock put up 110 bales this season. $ Quite a lot of sickness is reported in the vicinity of Barren Fork. The gin at Melbourne put up only 100 bales of cotton this season. C.F. Smith, a grocer of Sulphur Rock, has gone into bankruptcy. J. A. Jacobs of Oxford lost $350 in the recent failure of the Salem bank. The Tuckerman Times, which paper suspended some months ago, is to be revived. "Uncle Bill" Altom of Alonzo, Independence county, is 93 years old, and enjoys good health. T. V. Marshall has moved his distillery from near Mammoth Spring to a point near Salem. Several valuable horses have died lately in the vicinity of Magness from blind staggers. Something like $10,000 worth of cross ties and cedar posts are on the railroad yard at Guion. S.L. Guthrie of Franklin has purchased an interest in a mercantile company at Calico Rock. J.B. Hunt, one of the oldest and best citizens of Fulton county, died at Mammoth Spring last week. Guion is said to again be free from blind tigers, through the persistent efforts of the town of ficers. During the six months ending December 31st, the Batesville postoffice handled 17,569 pounds of mail matter. An adjourned term of Chancery Court was held at Newport last week, and several cases were disposed of. Tom Christian of Ingleside, Jackson county, recently cut a bee tree, from which he got 120 pounds of honey. The cotton gin at Culp, Baxter county, which usually gins 400 bales in a season, put up 215 bales this season. Robert Chiem, a prominent farmer of Salado, died last week of pneumonia, leaving a wife and five children. The Melbourne carding factory received a load of wool a few days ago from a farmer of Shannon county, Mo. The town council of Newark has passed an ordinance prohibiting the running at large of goats within the town. Luther Ford, an excellent young man living near Newark, died very suddenly one night last week from the effects of a chill. W. K. Estes and family removed to Texas from Melbourne last week. For years and years Mr. Estes was Clerk of Izard county. Lester Smith, living near Tuckerman, accidentally shot his wife several days ago while handling a pistol. The wound was not fatal. Robins are plentiful around

5. February 13, 1908 The Monticellonian Monticello, AR
Article from The Monticellonian, February 13, 1908

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Article Text

R. A. Youngblood Is Under Arrest. A dispatch from East St. Louis, III., says. The Federal Department of Justice forced the arrest Thursday of R. A. Youngblood, until recently president of the Coal Belt bank of Benton, III., and the Salem State bank of Salem, Ark. Bank Examiner Weir discovered a mis-appropriation of $17,000, said to have been used in coal stock speculation, when he examined the Benton bank last November, and forced the resignation of Youngblood. The suspension of the bank at Salem, Ark., followed. The $17,000 was made good by the other stockholders and criminal proceedings were not contemplated until the report of the examination was submitted to the Department of Justice. Youngblood came here, accompanied by his aged mother and his wife's father, George T. Hubbard, who gave a $5,000 bond for him. Youngblood's troubles are said to have hastened the death of Judge Marion Youngblood, his father.

6. February 13, 1908 Woodruff County News McCrory, AR
Article from Woodruff County News, February 13, 1908

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Article Text

NEWS OF ARKANSAS R. A. Youngblood Is Under Arrest. A dispatch from East St. Louis, Ill., says. The Federal Department of Justice forced the arrest Thursday of R. A. Youngblood, until recently president of the Coal Belt bank of Benton, III., and the Salem State bank of Salem, Ark. Bank Examiner Weir discovered a mis-appropriation of $17,000, said to have been used in coal stock speculation, when he examined the Benton bank last November, and forced the resignation of Youngblood. The suspension of the bank at Salem, Ark., followed. The $17,000 was made good by the other stockholders and criminal proceedings were not contemplated until the report of the examination was submitted to the Department of Justice. Youngblood came here, accompanied by his aged mother and his wife's father, George T. Hubbard, who gave a $5,000 bond for him. Youngblood's troubles are said to have hastened the death of Judge Marion Youngblood, his father.

7. February 13, 1908 The Nevada County Picayune Prescott, AR
Article from The Nevada County Picayune, February 13, 1908

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Article Text

R. A. Youngblood is Under Arrest. A dispatch from East St. Louis, III., says. The Federal Department of Justice forced the arrest Thursday of R. A. Youngblood, until recently president of the Coal Belt bank of Benton, III., and the Salem State bank of Salem, Ark. Bank Examiner Weir discovered a mis-appropriation of $17,000, said to have been used in coal stock speculation, when he examined the Benton bank last November, and forced the resignation of Youngblood. The suspension of the bank at Salem, Ark., followed. The $17,000 was made good by the other stockholders and criminal proceedings were not contemplated until the report of the examination was submitted to the Department of Justice. Youngblood came here, accompanied by his aged mother and his wife's father, George T. Hubbard, who gave a $5,000 bond for him. Youngblood's troubles are said to have hastened the death of Judge Marion Youngblood, his father.

8. February 14, 1908 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, February 14, 1908

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Article Text

R. A. Youngblood Is Under Arrest. A dispatch from East St. Louis, III., says The Federal Department of Justice forced the arrest Thursday of R. A. Youngblood, until recently president of the Coal Belt bank of Benton, III., and the Salem State bank of Saiem, Ark Bank Examiner Weir discovered a mis-appropriation of $17,000. said to bare been used in coal stock speculation when be examined the Benton bank last November, and forced the resignation of Youngblood The suspension of the bank at Salem, Ark. followed The $17,000 was made good by the other stockholders and criminal proceedings were not contemplated until the report of the examination was submitted to the Departmeat of Justice Youngblood came here, accompanied by his aged mother and his wife's father George T Hubbard. who gave a $5,000 bond for him. Youngblood's troubles are said to have hastened the death of Judge Marion Youngblood his father

9. February 15, 1908 The Huttig News Huttig, AR
Article from The Huttig News, February 15, 1908

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Article Text

R. A. Youngblood Is Under Afrest. A dispatch from East St. Louis, Ill., says. The Federal Department of Justice forced the arrest Thursday of R. A. Youngblood, until recently president of the Coal Belt bank of Benton, Ill., and the Salem State bank of Salem, Ark. Bank Examiner Weir discovered a mis-appropriation of $17,000, said to have been used in coal stock speculation, when he examined the Benton bank last November, and forced the resignation of Youngblood. The suspension of the bank at Salem, Ark., followed. The $17,000 was made good by the other stockholders and criminal proceedings were not contemplated until the report of the examination was submitted to the Department of Justice. Youngblood came here, accompanied by his aged mother and his wife's father, George T. Hubbard, who gave a $5,000 bond for him. Youngblood's troubles are said to have hastened the death of Judge Marion Youngblood, his father.