693. Phoenix National Bank (Phoenix, AZ)

View Charter #4729 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
4729
Charter Number
4729
Start Date
March 23, 1921
Location
Phoenix, Arizona (33.448, -112.074)

Metadata

Model
gpt-5-mini
Short Digest
de21c07c

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension

Other: Large amounts of cash were brought (truck/wagon) and Los Angeles Clearing House sent telegrams assuring support and readiness to stand behind Phoenix banks; local mass meeting encouraged deposits.

Description

Newspaper accounts (Mar 25, 1921) describe a run on Phoenix National triggered by rumors about smaller banks; Los Angeles Clearing House and correspondent support and cash shipments steadied the situation. Subsequent reports (Mar 30) describe a meeting endorsing a plan to reopen the bank, implying it had suspended temporarily and was preparing to resume operations.

Events (4)
1. April 20, 1892 Chartered
Source
historical_nic
2. March 23, 1921 Run
Cause
Rumor Or Misinformation
Cause Details
Widespread unfounded rumors about weakness of some smaller Phoenix banks led depositors to withdraw funds from Phoenix National.
Measures
Large cash shipments (wagon/truck) to bank; public statements and telegrams from Los Angeles Clearing House assuring support; mass meeting at Chamber of Commerce prompted depositors to redeposit.
Newspaper Excerpt
Sanity Returns As People Realize Banks Of Phoenix Are Financially Sound Run Of The Previous Day At The Phoenix National Made By Foolishly-Advised Flickers Out Over Night
Source
newspapers
3. March 24, 1921 Suspension
Cause
Rumor Or Misinformation
Cause Details
After the run described in late March, the bank apparently suspended operations temporarily while a plan of readjustment and reopening was organized by officers, depositors and clearing house supporters.
Newspaper Excerpt
the efforts for a complete readjustment ... to give the program every support ... urged everyone present to sign the agreement and to support the plan of readjustment.
Source
newspapers
4. March 30, 1921 Reopening
Newspaper Excerpt
H. J. McClung, president of the Phoenix National bank, made a short address in which he assured the depositors that the Phoenix Clearing House association was thoroughly in sympathy with their efforts to reopen the bank.
Source
newspapers

Newspaper Articles (5)
1. March 25, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 25, 1921

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Article Text

Sanity Returns As People Realize Banks Of Phoenix Are Financially Sound Run Of The Previous Day At The Phoenix National Made By Foolishly-Advised Flickers Out Over Night And Ordinary Business Returns - Los Angeles Clearing House Attests Stability Of Phoenix Banks And Declares Its Readiness To Stand Back Of Them-The Phoenix National Was Prepared For Run Of Any Length The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. -It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.

2. March 25, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 25, 1921

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Article Text

entered the day doors. the crowds they previous Phoenix NaAs on the greatest at the Savings Bank were the the Phoenix in the course was detional and the Trust and company, considerable.m and demand money for morning the forenoon of out. But the depositors early at long the drawn posits until decreased noon during nervous intervals. when banks Some only hour at the coming for noon, crowds, but ready are appeared emptying at that no windows stopped notand seeing their turned doors the tellers at of business. passed it icing transaction The run had Phoenix into and for the went the will financial away. stand history as a more of or less humorous where page. Load of Money Repared was Phoenix Wagon National that could cash pos- of for any been have been mild sibly The have kind before of would organized. a run several Its more sufthe day withstand the morning to But early company of the banks outbreaks. ficient express in and taken three was backed up hound cash the coast. from heavy a truck iron- to the filled chests with were were from estiout. They were Their contents to $3,000,000. mated at $1,000,00 was guesses. about than The real between figure these ncouraging letter to the midway But what was the more following Clearing night House ciation: from money the was Phoenix Los Angeles Clearing House Calif. asso"Los Angeles, 1921 March 23, Phoenix, Arizona. President, Clearing House, here that "Rumors are uneasiness current depositors exists on unnecessary of some of the banks. The the e the certain part Phoenix caring for are n The of Phoenix, banks community are good and condie needs really in of exceptionally the uneasincondition existing of its in 1, tion. Phoenix as to the the final analysis, Los cer- Anbanks unwarranted. in The now is lendtainly geles Clearing will continue House to as lend well its as and these banks the handling of often supportine to ing the to valley problems. in In are times of its cotton foolish things within a few the excitement and regretted and fear on undone hours. Phoenix Timidity depositors only result are in part of and business can interest the de- not warranted injury of to the the valley but of positors only themselves. "J. E. FISHBURN, "Vice President "Los Angeles Clearing telegram House. was received Clearing n A little later from the the following House: president of the I Los Angeles "Los Angeles, "March 24. Calif. 1921. B. "Phoenix, Arizona. o House "Phoenix Clearing House Assn. asso. d "Los Angeles Clearing to assure you in render- that it any arrive. a ciation will co. desires operate necessary with assistance you should e or ing occasion ANGELES CLEARING g W. William en "LOS "By HOUSE, A. J. ASSN. Waters, President." Woods Los Aned Vice-Presidentional bank of ob- the or y of geles the who First of is the in situation the city, after gave out an e following servation Solvency statement Liquestioned your banks by Phoe- those of ir "The solvency is unquestioned subject: condition of of period nix today are informed are successfully ample upon and in through enhe who their to resources em carry stress that may be at have to de er 1perform of your any countered. "Their conducted several managements their banks in so the as uptimes greatest munity service along con- in of st of and received the larger this servative building all the ecognized community the lines. support and cities OF he that they have banks in to receive action of the their neighbor will continue by the assoch of and they evidenced Clearing House with Ssupport as Angeles to stand here he ciation Los several today, necessity corresponding agreeing banks arrise." er nOther fact in their event No the More of Wild the Rumors return day to passed norat was of the every day ki Er. without There the were no mal disturbed evidence any the that air wild the rumors more which since un- or rehad last Monday. reports of bank vet is er founded in distress. was available Central bank, combanks No information affairs of the and a ut rd garding the state department engaged in n, mittee but the of the depositors underlying facts. 1k EL PASO. of San Savage d. Truck Hanna, getting FRISCO at BATTLER the Texas, March DROPS won HANNA by Kid arme in the to of fourth round bout here scheduled tonight

3. March 30, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 30, 1921

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Article Text

Endorse Program Following the adoption of the plan and a promise, made by the members in a rising vote, to give the program every support, the conduct of the officers of the bank was endorsed and their efforts for a complete readjustment praised. The meeting was called to order by the Rev. C. M. Rock, who offered a short prayer after H. B. Wilkinson had been appointed chairman. Paul Hobby was elected secretary, and then H. J. McClung, president of the Phoenix National bank, made a short address in which he assured the depositors that the Phoenix Clearing House association was thoroughly in sympathy with their efforts to reopen the bank. R. E. L. Shepherd, county attorney, followed with a short talk in which he voiced the sentiment that the appointment of a receiver and an apportionment of the bank's assets was not wanted nor needed by the depositors of the bank. He urged everyone present to sign the agreement and to support the plan of readjustment.

4. April 1, 1921 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, April 1, 1921

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Article Text

BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.

5. April 1, 1921 The Holbrook News Holbrook, AZ
Article from The Holbrook News, April 1, 1921

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Article Text

BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.