44aad7bfAccommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Books examined
Other: Grand jury investigation ordered; heavy business-deposit inflows and correspondent cash transfer ($100,000) aided liquidity.
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RUN ON LEXINGTON BANK ENDS QUICKLY Other Banks and Business Men Rally To Support of Bank of Commerce There (by Associated Press) Lexington, Ky., Jan. 6-Frightened by rumors that the Bank of Commerce of Lexington, with a capital of $300,000, as overloaded with tobacco notes and paper. depositors started a run on that institution today. A crowd of SCVeral hundred persons was in front of the bank at noon with the tellers paying out money as last they could count it.
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Run On Kentucky Bank. Lexington, Ky.-(By A. P.) -Alarmed by reports that the Bank of Commerce here, capitalized at $300,000, is overloaded with tobacco paper, depositors started a run on it today. Several hundred were in front of the bank at noon and tellers were paying out money as fast as possible.
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START RUN ON LEXINGTON BANK LEXINGTON, Ky., Jan. 6. Alarmed at rumors that the Bank of Commerce, with a capital stock of $300,000 is overloaded with tobacco notes and paper, depositors started a run on the bank today. Several hundred were in front of the bank at noon, the tellers paying out money as fast as they could count.
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STARTBANK RUN IN LEXINGTON Frightened by Ramor of Financial Overlead of Tobacco Notes De positers Claim Cash. Lexington, Ky., Jan. 6.-Frightened by rumors that the Bank of Commerce of Lexington, an institution with a capital stock of $300,000, was overloaded with tobacco notes and paper, depositors started a run on that institution this morning. A crowd of several hundred persons was in front of the bank at noon and tellers were paying out money as fast as they could count it.
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RUN ON "TOBACCO" BANK. Scared Depositors Hastily Withdrawing Money at Lexington, Ky. By Associated Press to Every Evening. Lexington, Ky., Jan. 6.-Frightened by rumors that the Bank of Commerce of Lexington, an institution with a capital stock of $500,000 was over loaded with tobacco notes and paper, depositors started a run on the institution this morning. A crowd of several hundred persons was in front of the bank at noon and tellers were paying out money as fast as they could count it.
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RUN ON BANK MARKS UNREST IN KENTUCKY TOBACCO DISTRICTS [Republican A. P. Leased Wire] @ LEXINGTON, Ky., Jan. 6-A four hour run on a local bank together with the starting of a grand jury investigation of rumors that caused the run and news that Governor Edwin P. Morrow has under consideration conferences to bring about the settlement of the tobacco-situation, were the chief developments in the Central Kentucky tobacco district today. County mass meetings of growers who forced the closing of most state markets this week, when they refused to accept prices offered, today selected delegates to a general mass meeting to be held here tomorrow. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1930 crop. The Bank of Commerce was the object of the run. Rumors that the bank had loaned so much money on tobacco that it could not pay depositors were alleged to have been responsible. It was said the rumors reached bank officials last night and Cashier F. G. Stilz asked that a clearing house committee examine the books. This committee issued a statement today that the bank was solvent. Mr. Stilz supplemented this with the statement that all bank's papers was fully secured. These statements together with heavy deposits by business men and transfers of large sums of cash from other institutions to the bank apparently quieted depositors before closing time and withdrawals slackened. The bank, in its statement of December 31, showed resources of $3.397,450.97 and deposits of $2,496,695.16. Notes and bills discounted totalled $2,951,486.49. Markets throughout the Burley tobacco district remained closed today except a few of the smaller ones, which did not close when the large warehouses suspended sales.
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PROBING RUMORS STARTING RUN ON BANK IN LEXINGTON Tobacco Growers Select Delegates to General Mas Meet to ing to Decide Whether Plant This Year By Associated Press Lexington, Ky. January 6.-A fourhour run on' a Lexington bank together with the starting of a grand jury investigation 01 rumors that caused the run and news that Gov. Edwin P. a Morrow had under consideration series of conferences about the settlement of the tobacco situation were the chief developments today in the cantral Kentucky tobacco district. County mass meetings of growers who forced closing of most tobacco markets in the state early this week when they refused to accept prices offered by buyers this afternoon select. ed delegates to a general mass meet. ing to be held tomorrow morning. The meeting is to decide whether or not tobacco shall be planted In 1921, and to attempt to devise means of marketing the 1920 crop at a satisfactory price. The Bank of Commerce of Lexington was the object of the run today, which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned so much money on tobacco that it could not pay depositors were alleged to have been responsible. THOROUGHLY SOLVENT The rumors reached the ears of the bank officials last night, it was said, and Cashier F. G. Stilz asked that a clearing house committee examine the books. This committee issued a statement today that the bank was thoroughly solvent. Mr. Stilz supplements this with a statement that all the bank's paper was fully secured. The statements, together with heavy deposits by business men and transfers of large sums of cash from other institutions to the bank had apparant ly the effect of quieting the nerves of the frightened depositors before c'osing time this afternoon. when withdrawals slackened considerably. Investigation of the run by the grand jury was ordered late today by acting Circuit Judge R. C. Stoll. The meeting of growers and persons in. terested in the tobacco crop will be held here at 10 a. m. tomorrow in an effort to seek a solution of the tobacco problem. Bankers and warehouse men are scheduled to meet in the afternoon to discuss the question of what aid they can give the growers. Dispatches from Louisville today stated that Governor Morrow had under consideration the question of call. ing conferences to bring about a settlement of the tobacco situation. The governor issued a statement saying that the question had been brought before him informally, and said that he had not decided on his course of ACtion. Markets throughout the burley tobacco district remained closed today, with the exception of a few of the smaller ones, which did not close when the larger warehouses suspended sales.
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RUN ON BANK RESULTS FROM TOBACCO DROP Grand Jury Investigation Follows Financial Scare in Tobacco Market. GOV. MORROW MAY ACT All Kentucky Tobacco Markets Closed Following Big Drop in Prices. By Associated Press: LEXINGTON, Ky., Jan 6.-A four hour run on a Lexington bank, together with the starting of a grand jury investigation of rumors that caused the run, and news that Gov. Edwin P. Morrow had under consideration a series of conferences to bring about the settlement of the tobacco situation, were the chief developments in the central Kentucky tobacco district Thursday. County meetings of growers who forced closing of most tobacco markets in the state early this week when they refused to accept prices offered by buyers Thursday afternoon selected the delegates to a general mass meeting to be held here tomorrow morning. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1920 crop at a satisfactory price. Rumors Start Run. The Bank of Commerce of Lexington was the object of the run Thursday, which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned 90 much money on tobacco that it could not pay depositors, were alleged to have been responsible. The rumers reached the ears of the bank officials last night. it was said, and Cashier F. G. Stilz asked that a clearing house committee examine the books. This committee issued a statement today that the bank was thoroughly solvent. Mr. Stilz supplemented this with the statement that all of the bank's paper was fully secured. These statements. together with heavy deposits by business men and transfers of large sums of cash from other institutions to the threatened nerves quieting bank apparently the had of the the effect threat- of ened depositors before closing time this afternoon when withdrawals slackened considerably One bank ordered its correspondent in Cincinnati to forward $100,000 in cash to the Bank of Commerce at once, it was stated. Jury Probe Ordered. The Bank of Commerce in its fi(CONTINUED ON PAGE FOUR.)
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GOVERNOR TO TRY TO SETTLE PANIC OF TOBACCO MEN (By The Associated Press.) Lexington, Ky., Jan. 6.-A fourhour run on a local bank, together with the starting of a grand jury investigation of rumors that caused the run and news that Gov. Edwin P. Morrow has under consideration conferences to bring about the settlement of the .tobacco situation, were the chief developments in the central Kentucky tobacco district today. County mass meetings of growers who forced the closing of most state markets this week when they refused to accept prices offered, today selected delegates to a general mass meeting to be held here tomorrow. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1920 crop. The Bank of Commerce was the object of the run. Rumors that the bank had loaned SO much money on tobacco that it could not pay depositors were alleged to have been responsible. It was said the rumors reached bank officials last night and Cashier F. G. Stilz asked that a clearing house committee examine the books. This committee issued a statement today that the bank was solvent. Mr. Stilz supplemented this with the statement that all bank's paper was fully secured. These statement, together with heavy deposits by business men and transfers of large sums of cash from other institutions to the bank apparently quieted depositors before closing time and withdrawals slackened. The bank, in its statement of December 31, showed resources of $3,397,450.97 and deposits of $2.496,695.16. Notes and bills discounted totalled $2,951,486.49. Markets throughout the Burley tobacco district remained closed today except a few of the smaller ones which did not closé when the large warehouses suspended sales.
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Tobacco War Causes 4-Hour Run on Bank Heavy Deposits by Business Men and Transfers of Cash Save Lexington Institution From Disaster Investigation Is Ordered Governor Plans Parleys to End Fight Over Prices; Growers to Meet To-day LEXINGTON, Ky., Jan. 6.-- A fourhour run on a Lexington bank, together with the starting of a grand jury investigation of rumors that caused the run, and news that Gevenior Edwin P. Morrow had under consideration a 01. ries conferences to bring about the settlement of the tobacco situation were the chief developments in the central Kentucky tobacco district to-day. County mass meetings of growers who forced closing of most tobacco markets in the state early this week when they refused to accept prices offered by buyers, this afternoon selected delegates to a general mass meeting to be held here Lo-norrow morning. The meeting is to decide whether or not tobacco shall be planted in 1921 and to attempt to devise means of marketing the 1920 crop at a satisfactory price. The Bank of Commerce of Lexington was the object of the run to-day which for several hours threatened to gain dangerous proportions. Rumors that the bank had loaned so much money on tobacco that it could not pay depositors, were alleged to have been responsible. Bank Declared Solvent The rumors reached the ears of the bank officials last night, it was