7184. Central City Deposit Bank (Central City, KY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 1, 1915*
Location
Central City, Kentucky (37.294, -87.123)

Metadata

Model
gpt-5-mini
Short Digest
a245f682

Response Measures

Full suspension, Books examined

Other: Voluntary closure requested by bank president; state banking commissioner took charge.

Description

Articles (Feb 10, 1915) report a 'quiet run' of about ten days followed by a voluntary closure requested by the president and directors and the State Banking Department taking charge. The closing appears permanent (placed in hands of State Banking Department / receiver), with expectation creditors will be paid in full. Cause attributed to dull mining business and steady withdrawals by mine-dependent families (local economic shock).

Events (3)
1. February 1, 1915* Run
Cause
Local Shock
Cause Details
Dull mining business in the Central City district led families dependent on mines to steadily withdraw savings over about ten days.
Measures
President E. E. Gregory telegraphed State Banking Commissioner requesting a representative; directors asked commissioner to send H. H. Holeman to take charge; vault sealed after cash counted; president volunteered personal property to assist creditors.
Newspaper Excerpt
There had been a quiet run on the bank by depositors for about ten days
Source
newspapers
2. February 6, 1915 Suspension
Cause
Local Shock
Cause Details
Voluntary closure attributed to dull mining business, steady withdrawals by mine-dependent families, and slow collections; president and directors requested state banking commissioner involvement and asked him to send a representative to take charge.
Newspaper Excerpt
The Central City Deposit Bank was voluntarily closed Saturday morning by president E. E. Gregory. ... placed in the hands of the State Banking Department
Source
newspapers
3. February 10, 1915 Other
Newspaper Excerpt
All Creditors Of Bank Will Be Paid In Full, Says the Cashier. ... it being stated that the depositors and creditors will be paid in full.
Source
newspapers

Newspaper Articles (3)
1. February 10, 1915 The Hartford Herald Hartford, KY
Article from The Hartford Herald, February 10, 1915

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Article Text

DANN IJ FORCED TO CLOSE At Central City, After a Quiet Run. DEPOSITS OF ABOUT $100,000 All Creditors Of Bank Will Be Paid In Full, Says the Cashier. WORTHY EFFORTS BEING MADE The Central City Deposit Bank was voluntarily closed Saturday morning by president E. E. Gregory. who telegraphed StateBanking Commissioner Smith, at Frankfort, asking him to send a representative to take charge of the property. E. P. Miller and S. P. Taylor, directors of the bank, joined in the request. Commissioner Smith telephoned H. H. Holeman, the Madisonville capitalist. to go to Central City and take charge, temporarily, saying he, or one of his assistants, would arrive there later. Mr. Holeman arrived at 3 p. m. and, after counting the cash, sealed the vault with all its contents. There had been a quiet run on the bank by depositors for about ten days and Mr. Gregory and his directors concluded the best thing to do would be to close up and conserve the assets for the benefit of all creditors. The bank is capitalized at $40.000. and has B surplus of $5,000. The deposits at the time of the closing amounted to about $100,000 of which $50,000 was on time certiticates and $42,000 open deposits. The loans amount to $145,000 and rediscounts to $23,000. Mr. Gregory is very confident that all creditors can be paid in full and, to assist in speedily doing this. volunteered to turn over all his own property to the bank. He owns a laundry in Central City and the Central City Argus, in connection with his brother, Cleburne E. Gregory, worth several thousand dollars, as well as an attractive home. It is said his mother, who lives at Lewisport, has offered to come to her son's assistance with all she has and Cleburne Gregory announced, in Louisville, where he was Saturday, that the whole Gregory family would do likewise. The cause of the suspension is attributed to dull mining business in the Central City district and steady withdrawals of savings deposits by families dependent upon the mines, as well as slow collections. The Central City Deposit Bank was established in 1887 by the late John Thixton, of Owensboro, it being the first bank in the town, and for a long time enjoyed great prosperity. There are now, however, four banks there. Eli Gregory went from Owensboro seven or eight years ago to becomo cashier of the Deposit bank. A few years later he bought Mr. Thixton's stock in the bank, becoming the majority stockholder, and was then made president. C. D. Vincent is the cashier. Other directors besides Mr. Gregory are E. T.

2. February 10, 1915 The Breckenridge News Hardinsburg, Cloverport, KY
Article from The Breckenridge News, February 10, 1915

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Article Text

Bank Closed Voluntarily. The Central City Deposit Bank was voluntarily closed Saturday by President E. E. Gregory. The cause of the suspension is attributed to dull mining business in the Centrat City district and steady withdrawals of savings deposits by families dependent upon the mines, as well as slow collections The bank is capitalized at $40,000 and has a surplus of $5,000. The deposits at the time of the closing amounted to about $100,000 of which $58,000 was on time certificates and $42,000 open deposits. The loans amount to $145,000 and rediscounts to $23,000. Mr. Gregory is very confident that all creditors can be paid in full and, to assist in speedily doing this, volunteered to turn over his own property to the bank.

3. February 17, 1915 The Climax-Madisonian Richmond, KY
Article from The Climax-Madisonian, February 17, 1915

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Article Text

General News Bread in New York went up from 5c to 6c a loaf last week. The present 10c loaf will be two ounces lighter. The Henry Clay Fire Insurance Co, of Lexington, and the Great Southern Fire Insurance Co., of Louisville, have been merged at Lexington. Judge Ira Julian, of Frankfort, has an nounced his candidacy for Judge of the 14th district, of which Hon. R. L. Stout is now the incumbent. Col. George W. Goethals was presented with a gold medal by the Chicago Geographical Society. This makes his 6th medal in recognition of his work on the Panam Canal. Owing to the severe cold weather that has prevailed in Southern Indiana and Weste Kentucky during the past few days, many quail have frozen to death. The birds have died by hundreds in some sections. The Cincinnati stock yards were placed under quarantine on the 5th, following a discovery of the foot and mouth disease from a car-load of cattle shipped from Indianapolis. More than 600 men have returned to work at the big shops of the Queen & Crescent road at Somerset, when the plant resumed operations, after having been closed down for ten days. Practically every department is now running at full blast. The body of the little 4-year-old son of Mr. and Mrs. H. J. Gayser, of Lexington. was found lifeless in an unused cistern. It is believed that the little fellow in playing about the backyard went too near the cistern and fell in. A mob of 40 men lynched Tom Tinker at Mayfield, Ky., He killed Constable Tart while the officer was attempt ing to arrest him. No resistance was made by the jailer when the mob came for the negro. The Central City Deposit Bank of Central City has been placed in the hands of the State Banking Department It is stated that its capital stock is $10,000 and that the depositors and creditors will be paid in full. It is stated that a number of women, charged with selling their votesat school elections, are among those caught in the bribery drag-net in Pike county, where nine more men were convicted last Friday of having accepted money for their ballots. According to plans of New York capitalists, Ft. Thomas, Ky., will be one of the motion picture centers of the United States within a short while. The promoters expect to build a plant that will cost $1,000,000, and the Hiland Film Co. will be incorporated with a capital of $2,500,000. A masked highwayman entered the Lima Bank at Lima. N. Y., and held up the cashier and his assistant with two revolvers and demanded all the cash. It is reported that he got $10,000. He made good his escape and the cashiers were unable to give a comprehensive description of him. At Dry Ridge, Ky., well drillers have found at a depth of 1,125 feet water similar to that which flows from the Kentucky Carlsbad Springs. The fllow is sufficient to raise 700 feet in the well A company from Cincinnati and Lexing ton have secured an option on it and it is reported that a hotel will be erected with a capacity for 1,000 guests. About $30,000 of the $2,500,000 appropriated by Congress to meet the expense incident to the slaughtering of cattle with the foot and mouth disease has been expended to reimburse in partthose in Kentucky whose live stock was thus disposed of as a result of the disease. John G. Cooper, Congressman-elect from the 9th Ohio district, will attain a distinction on March 4th, this year, that no other man is known to have. He will step directly from an engine cab into a seat in Congress. Mr. Cooper is an engineer on the Erie & Ashtabula division of the Pennsylvania railroad and will remain in that position until he takes his seat in Congress. Owing to high water in Red river the big Brodhead-Garrettlumber mil at Clay City was forced to suspend work for a few days. This is the largest mill in Eastern Kentucky, having never been idle sfnce its establishment several years ago. This mill controls all the available timber in that section of the mountains. State Railroad Commissioner H. Green Garrett, of Winchester, is president of the company. Cashier Wm. Cross, of the Mohawk German Banking & Savings Co., of Cincinnati, shot and killed one of the two men who attempted to rob his bank. One of the men escaped and it is claimed he secured about $700. A bill has been introduced in the Leg islature of Texas to divide that State into two States, but it is opposed by the liquor interests because it is believed the new State would vote for State-wide prohibition. Two brothers, John and Henry Morgan, were burned to death in their home two miles east of Torrent. Ky, on last