6451. First Standard Bank (Louisville, KY)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
November 17, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
8355866134e0fdaf

Response Measures

None

Description

Contemporary November 17โ€“18, 1930 newspapers report the First Standard Bank (a small 'Negro' bank in Louisville) closed after affiliated larger institutions (National Bank of Kentucky / Louisville Trust) suspended due to 'wild rumors' about the National Bank. The First Standard was closed as a precaution and later merged with American Mutual Savings into a Mutual Standard Bank, which itself closed and entered liquidation (reported May 4, 1931). No article describes a distinct depositor run on First Standard; its suspension was triggered by distress/closures of other local banks.

Events (2)

1. November 17, 1930 Suspension
Cause
Local Banks
Cause Details
Closed as a precaution after the National Bank of Kentucky suspended and affiliated Louisville Trust & Security Bank suspended amid 'wild rumors' about the National Bank's condition.
Newspaper Excerpt
Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust, later closed.
Source
newspapers
2. May 4, 1931 Other
Newspaper Excerpt
Two negro banks, the First Standard bank and the American Mutual Savings bank, ... were later consolidated into the Mutual Standard bank. The bank resulting from the merger closed May 04 this year and is being liquidated; Liquidating agents have been appointed ... . (The Mutual Standard bank closed May 4 and is being liquidated.) (Note: this snippet is from summary reporting in Aug 1931.)
Source
newspapers

Newspaper Articles (12)

Article from The Vicksburg Post, November 18, 1930

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LEADERS HOPE BANKS Optimism Is Prevalent in Arkansas Financial Situation. SEEK OF THE GENERAL PUBLIC Little Rock Banker Reveals Plans to Return Normalcy. LITTLE ROCK, Ark., Nov. permeated statements Optimism Arkansas financial leaders they plans today reopen some banks which temsuspended or closed yesporarily terday. The executive committee of the American Exchange Trust Comhere, largest and one the pany oldest banks in state which together other banks, the aggregate deposits which were more than Banks, president of the Exchange, and controlling stockholder in of the other banks scattered over state, said the boards directors were trying to obtain pledges loyalty from their communities and capital to assure freedom of danger from run. Resumption of normal business the banks, he said, would folsuch to directors. of stability by assured the public that local are in sound have cash resources relatively small amount bills payable. Hysteria receiver proceedings interested of Caldwell and Company, Nashville, Tenn., bankuntil the American Exchange tributed by directors the latter the cause steady which reached about $4,000,000. The American Exchange Bank's capital was with deposits about as the last bank call in September. CLOSED IN KENTUCKY LOUISVILLE, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these the National Bank of Kentucky at Louisville, which was under the control Keyes, the staff of the comptroller the at Its Directors the Bank Kentucky the yesterday deemed necessary because of. "wild concerning its condition. Simultaneously with closing, two affilLouisville Trust Company and the Security Bank, suspended operations. Their directors they were solvent and that they were closed precautionary measure. three institutions affiliated through the holding company Negro Banks Close Two small negro banks Louisthe Mutual Bank and the First Standard Bank. which through the LouisTrust closed. The Bank of St. Helens, Louisville suburb, suspended as precautionary Two banks outside Louisville also closed when it was learned the National Bank of Kentucky suspended. They were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank Kentucky served as correspondent for both. Officers of other leading Louisville statements last night depositors were than als, reported new accounts were opened during the day, and reiterated earlier that the institutions were solvent.


Article from The Brownsville Herald, November 18, 1930

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BANKS CLOSING PRECAUTION Houses With Many Kentucky Closed Doors Solvent, Officials Declare LOUISVILLE, Ky., Nov. Kentucky financial instituwith resources totalling more tions $75,000,000 were closed today. than these was the NaThe largest of of Kentucky at Louistional Bank under control of ville, which was C. Keyes, of the receiver, Paul staff of the comptroller of the curIts resources rency at approximate Directors of the National Bank said the suspension yesKentucky deemed necessary beterday was cause of "wild rumors" concerning Simultaneously with its condition. two affliated instituits closing, tions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed precautionary The three Institutions affiliated through the BancoKentucky, holding company. Two negro banks in Louisville, the Mutual Savings bank the First Standard bank which through the Louisville Trust closed. The Bank of St. Helens, Louisville suburb, also suspended as precautionary Two banks outside Louisville also closed when was learned the National Bank Kentucky had suspended. They were the McElwain Mcguiar Bank and Trust company Franklin. Ky., and the First Naat tional bank at Horse Cave. Ky. The National Bank of served as correspondent for both. Officers other leading Louisville banks issued statements night declaring yesterday's deposits were greater than withdrawals. ported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.


Article from The Daily Times, November 18, 1930

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mining good will for the United States in the world market. The political medicine had been prepared by both Democratic and Republican elements in the convention. in executive sessions. Both groups said they would demand of their parties that they hold fast to support of prohibition. Miss Aldrich's movie report, which she intended to make before offering her resolution, declared that "repeated promises to stop putting anti-prohibition and anti-respect for authority propaganda on the screen have been followed by continued production of films containing this very propaganda. The public has been very willing to give the motion picture industry a chance to clean up. But the public is not blind. We cannot ignore the fact that it continues, that this injurious propaganda appears in comics or inserts in connection with some of the best films." two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as precautionary measure. The three institutions are affiliated through the BancoKentucky, a holding company. Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Bank Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Banks of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were sol-


Article from The Herald-Palladium, November 18, 1930

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EIGHT BANKS IN KENTUCKY CLOSE DOORS Louisville Institution First To Suspend; 'Wild Rumors' Start Run (By Associated Press) LOUISVILLE, Ky., Nov. 18-Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National bank of Kentucky said the suspension yes. terday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions. the Louisville Trust company and the Security bank, suspended operations. Their dirctors said they were 'solved and that they were closed as precautionary measure. The three institutions are affiliated through the Banco-Kentucky, a hold. ing company. Two small Negro banks in Louisville. the American Mutual savings bank and the First Standard bank. which cleared through the Louisville Trust company. later closed. The bank of St. Helens, a Louisville suburb, also suspended as precautionary measure. Two banks outside Louisville also closed when it was learned the National bank of Kentucky had suspended. They were the McElwain Negular Bank & Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky. The National bank of Kentucky served as correspondents for both. Officers of other leading Louisville banks issued statements last


Article from The Decatur Daily, November 18, 1930

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PLANS Public Support Institutions Is Requested RESUMPTION OF BUSINESS SET Optimism Again Throughout Dixie Section LITTLE ROCK, Ark., Nov. permeated statements of financial leaders they laid plans today to some of the banks which temporarily suspended or closed yesterday. The executive committee of the American Trust Co. here, largest and one of the oldest banks the state, which for five days, was employed upon plans to resume Closing of the American Exchange was followed by suspension of tivities by 42 other banks. the aggregiate deposits of which were more than Banks, president of the American Exchange, and controlling stockholders in the 42 other banks scattered over the state, said the boards directors were trying obtain pledges loyalty from their and supporting capital from danger run. Resumption of normal business by the banks, he would follow assurances to directors. Expressions of confidence in the general stability of the state's nancial structure were added Parnell and Senator Robinson to those of bankers. CO-RECEIVER Tenn., Nov. general agent the Central Railway, tered today upon his duties receiver for Caldwell Co., investment banking house. He and Lee Douglas, Nashville who was receiver last Thursday night, will enjoy equal authority. EIGHT ARE CLOSED LOUISVILLE Nov. Eight Kentucky institutions with than closed today The largest these was the NationBank of at Louisville, which was under the control of Paul Keyes, of the staff the conptroller of the Washington. Its resources proximate Directors the National Bank Kentucky said the suspension yesterday deemed necessary because "wild rumors" concerning its with its closing, two affiliated stitutions, the Louisville Trust pany and the Security bank, suspended operations. Their directors said they were solvent and that they were closed precautionary measure. three affiliated through tucky, holding company. Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the LouisTrust company, later closed. (Continued Page Seven)


Article from The Daily Sentinel, November 18, 1930

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MORE BANKS CLOSED IN LOUISVILLE (Associated Press Leased Wire.) Closing of the National Bank of Kentucky here yesterday was followed by five smaller banks closing up as precautionary 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 respeet 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 were $54 000 000, The other Louisville banks closed were the Security bank which It was stated was closed purely as 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 are not members of the local clearing house associaation but did their clearing through the Louisville Trust company The McElwain Meguiar bank and trust company of Franklin, was the fifth to close. 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 "run" was noted bank officials issued optimistic statements that the public would not become excited.


Article from The Muscatine Journal, November 18, 1930

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Doors Closedign 8 Kentucky Banks Louisville, Eight Kentucky financial institutions with resources totalling more than $75,000,000 were Closed today The largest of these was the National Bank of Kentucky at Louisville, which was Under the control of receiver, Paul C. Keyes, of the staff of She comptroller of the currency at Washington Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the Suspension Monday was deemed -nucessary because of "wild rumors 4oncerning its condition. Simultaneously with two affiliated institutions, the Louisville Trust company and the Security bank. suspended operations. The other banks diofed were two small negro banks IN Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the M Elwain Meguiar Bank and Trust company at Franklin, Ky., and First National bank at Horse Cave Ky.


Article from The Birmingham News, November 18, 1930

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TALLADEGA MISS WHO WILL BE AMONG BEVY OF BEAUTIES AT GAME SARAH HUBBARD McCONNELL Talladega little time select ing of beauty for football festival at Legion Field Saturday. This municipality voted large majority for Sara Hubbard McConnell the town. She appear the South Howard parade and will see the game with the bevy of beauties from over Alabama. Whom will Miss Talladega cheer at the game Well, that's big Just tune Saturday and find out. Their directors said they were vent and they were closed as cautionary The three stitutions are affiliated through the holding company Two small negro banks in ville, the American Mutual Bank and the First Standard Bank which cleared through the Trust later closed. The Bank of St. Louisville suburb ,also suspended as a precautionary measure. Two banks outside Louisville also closed when was learned the Na tional Bank of Kentucky had pended. They were the McElwain Megular Bank Trust Company at Franklin, Ky. and the First National Horse The Na Bank at tional Bank Kentucky served as correspondent for Officers of other leading Louisville banks issued declaring Monday's deposits were greater than reported counts were opened during the day and reiterated earlier the institutions are solvent


Article from The Greensboro Record, November 18, 1930

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RUMORS CAUSE ACTION; LARGE RESOURCE FUND Financial Institutions Total $75,000,000; National Bank Is the First to Close TAKE STEP Directors Quick to Suspend Activity When Wild Rumors Get Underway LOUISVILLE, Nov. Kentucky financial institutions with resources totaling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky Louisville, which was under the control receiver, Paul Keyes, of the staff of the comptroller of the currency Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday deemed necessary cause "wild rumors" concerning condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. Negro Banks Close. Two small negro banks Louisthe American Mutual Savings bank and the First Standard bank, which cleared through the LouisTrust company, later closed. Bank Helens, Louisville suburb, suspended cautionary measure. Two banks outside Louisville also closed when learned the National Bank Kentucky had pended. They were the McElwain Bank and Trust company Franklin. and the First National bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.


Article from The Paducah Sun, November 19, 1930

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AUDITORS TO MAKE REPORT ON BANK Books of Closed Institution Being Checked LOUISVILLE, Nov. 19 statement of the condition the National Bank Kentucky, ceivership, may submitted late today tomorrow, examiners in charge of audit said. The bank closed its doors Monday. Auditors today were working also the books two affiliated institutions, the Louisville Trust Company and the Security Bank, which suspended payments when the National Bank of Kentucky closed. Records of two Negro banks here, the American Mutual Savings Bank and the First Standard Bank, and the Bank of St. Helen's, Louisville suburb, also were being viewed after their suspension. Closing these six financial stitutions was followed by sion of business of banks at FrankHorse Cave, Booneville and Sulphur, making total of ten institutions in the state closed.


Article from New Pittsburgh Courier, February 14, 1931

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As Other Races Support Theirs, So We Must Support Ours HILADELPHIA, Feb. 12-Possibly the most encouragabout the banking situation, as it concerns the ownerand management of banks by members of our own race, fact that at least one of the banks which closed has a successful comeback. The two banks in Louisville, an example which is worthy of imitation by all every section of of the American Mutual Savings Bank and the First Standard Bank, have not only succeeded in having their stockholders merge these two banks, but have even merged their own aspirations by demoting themselves to the position of vice presidents, in order that the people may have in their com munity bank owned and controlled by memb of the This is truly an excellent spirit and shows that Negroes can succeed in banking. Frequently a great deal of the dissatisfaction and sometimes immedi ate occasion for trouble, not only in banks but in others of our businesses. is the ambition of men who are willing to destroy their institution rather than submerge their per sonal ambitions The Louisville bankers have shown us the way They deserve the thanks of every man and community which desire strong bank. Letters from both Mr. Blanton and Mr. Ray have unwittingly expressed this most encouragbelieve that in N hville the same thing could happen as has happened in Louisville, Ky., and I sincerely hope that it will happen. A splendid communication pub- lished in the Dunbar News from Mr. P. B Young, editor of the Norfolk Journal and Guide, indicates that there is a strong purpose on the found. part of those responsible for the Metropolitan Bank and Trust Com pany to demonstate that these responsible and influential men and women come to the rescue of Mr. William Rich, the able president of the Metropolitan Bank and Trust Company Mr. Rich was a victim of untoward which affect not only colored banks but white banks throughout the entire country This business depression has dismantied more than 1300 wh ite bar during the year of 1930 and more than 6000 white banks during the past decade. We do not alles this as an excuse for the fullure of 11 of our banks. but we state as a fact. a stubborn fact, which has affected millions of the people of the United States. The unemployment tu which embract more than 7,000,000 people has affected astrously 50 per cent of the wage-earning colored people In the ted States, the thousands of people who are supporting our banks The c.onclusion is not hard to guess. Few people realize the difficulties and the tribulations which must be met by th pioneer men and women who undertake to manage a bank for, our people. I am sure that no class of bankers have had a more difficult task than that which has been undertaken by our race bankers. am glad, however, to state that believe that our people are becoming more and more interested in the success of banks of their own race. They are beginning to realize that we must have banks. It matters not what sacrifices we have to make variety. to have these banks. Here in the city of Philadelphia our people are becoming more and more interested in banking by our race. A few days ago one of the largest white banks. with some 21 offices, closed its doors, tying up the money of thousands of colored people in the city of Philadelphia. The same thing was true when another white bank, not quite so large, but among the largest banks of Philadelphia, followed the example of this strong bank and closed its doors. tying up additional sums of money of colored people who had their deposits in these banks. At first blush


Article from Messenger-Inquirer, August 26, 1931

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A Scolding By LARS MORRIS Don't One Across When a Friend Has Six Across ACROSS 1-Scold 6-Fits of temperament 11-Trembling 12-Aims of perfection 14-Sun god 15-Book of psalms 17-Pronoun 18-Salutation 20-Russian rulers 21-American humor- 22-Female horse 24-Before 25-Hint 26-Gazed fixedly 28-Pressure 30-Self (Scot.) 31-Attention 32-Courageous 38-Male deer 39-Greek "E" 41-She (Fr.) 42-Rage 43-Lures 45-That there 46-Public notice 17-Zeppelin SATURDAY'S ANSWER 49-Paid (ab.) 50-Pert. to fasting season 52-Escapes 54-Active ones 55-Repetitions DOWN 2-That man 3-Mischievous child 4-Does (poet.) 5-Removed 6-Ecclesiastical head-dresses 7-Short poems 8-Above (poet.) 9-Daddy 10-Slips 11-Trolley cars 13-Boiled meats 16-Household god 19-Deletion 21-Actively 23-Standing 25-Large container 27-Large deer 29-Golf mound 32-Small bottle 33-Greased 34-Longs for 35-Parent 36-Runs away 37-Tears 40-It is 43-Funeral carriage 44-Grain storehous 47-Took dinner 48-Place 51-Negative 53-Prefix: not Bank of Russellville, Russellville, June 12, 1930 $183,660: Hazel Green bank, Hazel Green, June 30. 1930, $184,054; Elsmere Savings bank, Erlanger, July 3, 1930, $192870; Vine Grove State bank, Vine Grove, $91,464. The banks that have reopened since November of last year include the Security bank Louisville with approximate gross deposit liabilities of $1,996,001. It was able to open for business few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGular Bank & Trust Co., Franklin. $373,509; Bank of St. Helens, Shively, $412,824; Peoples bank, Sulphur, $132,950; Bank of Caneyville Caneyville, $318,216; Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Buechel, $151.279; Farmers bank Fulton, $292,638; Bank of Sturgis, Sturgis Two negro banks, the First Standard bank and the American Mutual Savings bank, which closed In Louisville November 17. were later consolidated into the Mutual Standard bank. The bank resulting from the merger closed May 04 this year and is being liquidated Liquidating agents have been appointed for the following banks closed since November: Owsley County bank. Booneville, $100,329: Union Central bank, Louisville, $503,578; Bankers Trust company Louisville $553,279: Hopkins County bank, Madisonville, $717,587 Woodbury Deposit bank, Woodbury $37,693; Citizens Bank & Trust Co., Middlesboro. $495,977; Webster County bank, Clay, $164,676; Bank of Ludlow, Ludlow $636,359; Bank of Hardinsburg & Trust Co., Hardinsburg, $253,381. Liquidating agents have not been appointed for five state banks which have closed since the first of July These banks are: Citizens bank, Drakesboro $81,755: Bank of Barlow, Barlow. $91,910: Butler Deposit bank, Butler, $164,388; Bank of Wayland, Wayland $145,348; Beaver Valley State bank, Weaksbury, $113,269. GREENVILLE NEWS Greenville, Ky., Aug. 26.-M. L. Wickliffe was in Paducah several days last week. Dr. B. W. Smock, Mrs. Smock and daughter, of Louisville, are guests of Mrs. Smock's parents, Mr. and Mrs. C. W. Taylor. Miss Christine Kelley, of Madisonville, was week end guest of Mr. and Mrs. R. D. Brooks. Mrs. Ed Yonts and son, Edward, went to Louisville Monday to be a guest of relatives. Mrs. Town Martin and Miss Dixie Dexter were in Louisville last week. Mrs. Mabel Bruner, Mr. and Mrs. C. H. Chatham were in Louisville last week. Mr. and Mrs. Harry Denny, of Detroit, are guests of Mr. and Mrs. E. A. Denny. Mr. and Mrs. H. Shaver and family, of Bremen, were guests Sunday of Mr. and Mrs. Andrew Wilkins. Mr. and Mrs. R. H. Whitmer, of South Carrollton, were guests of Mr. and Mrs. I. P. Summer Sunday. Mr. and Mrs. F. M. Puryear were hcsts to family dinner Sunday Mr. and Mrs. H. J. Boradile will leave this week for Lake Erie to spend their vacation. Mrs. Bettle Newman, who has been visiting at Graham, returned home the last of the week. Miss Helen Vincent had one of her eyes removed Sunday. She is doing nicely. Mr. and Mrs. W. A. Har erveder and daughter will move to Central City this week. John Jeffries is improving, having been confined to his room two weeks by cut foot. James Brooks, who is attending business college in Bowling Green, was home for the week end. Edward L. Oates has gone to Beaufort, S. C., for two weeks visit to Mr. Hamner McCracken. Mrs. Leona Bailey, of Pueblo, Col., has been a guest of her brother, Mr. A. Y. Craig, and Mrs. Craig. Mr. and Mrs. Bradford Noffsinger, of Graham, was guest Sunday of Mr. and Mrs Luke Wilkins, Mrs. James Nadeau and family. also Mrs. Ed Murphy, of Winedot, Mich., were guests of Mr. and Mrs. A. Yeargan last week. Mr. and Mrs. Charles Blackwell, of Jackson, Miss., are guests of relatives. Mr. and Mrs. Bob Carden, who have been inding school in Lexington, are expected home this week. CALHOUN NEWS Calhoun, Ky., Aug. 26.-Evangelist Burton L. Hoffman, of Hopkinsville, is conducting series of meetings at the Calhoun Christian church and will continue until September 3. Mr. Hoffman is forceful speaker and is delivering fine gospel sermons each evening. Elder Harvey Riggs and family, of Michigan, have returned home after brief visit to his brother, J. L Riggs, and family. Mr. and Mrs. Shelby Riggs, of Orlindo, Tenn., have returned home after spending several days with relatives here. Mrs. Clara Crow and Mise Cora Stroud left today for Lexington to attend the county clerks' convention at Lexington. Miss Laura Franklin has returned to Bowling Green after spendIng several days with her mother, Mrs. Lelia Franklin. Mrs. Louis Key Turner, of New Orleans, is a guest of her parents, Mr. and Mrs. Ed C. Bryant. Mr. and Mrs. Gip Cary and daughter, Mary Jane, and Mrs. Ruth Cary, Miss Mary Cary have returned from a motor trip to historical points in Kentucky. Mr. and Mrs. Forest Leachman, Mr. and Mrs. Homer Puyear and daughter, Mary Elizabeth. left today on motor trip to Florida. They will be guests of relatives at Palmetto and Bradentown. Dr. J. W. Scudder and Mrs. Scudder have returned from Reelfoot lake, where they attended a session of public health workers from Kentucky, Tennessee and Missouri. Misses Katie and Maggie Swint. who have been guests of friends here, have returned to their home in Evansville. Dr. P. D. Moore and Mrs. Moore, of Seattle, Wash., who have been guests of Mr. and Mrs. J. L. Moore and other relatives, have returned to their home. Charles Reid Greenup has gone to Evansville.