Article Text
2 BIRMINGHAM BANKS CLOSE AS ONE HAS RUN the largest banks in today. hours after the State Bankthe affairs the Avondale and Bank, run the City Bank and Trust to No was for closing the officials City said their the feared fact of is
73. Avondale Bank (Birmingham, AL)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- June 28, 1929
- Location
- Birmingham, Alabama (33.521, -86.802)
Metadata
- Model
- gpt-5-mini
- Short Digest
b52810f9
Response Measures
Full suspension, Books examined
Other: Grand jury and state examiner investigations; liquidation officer assigned.
Description
Multiple articles (late June–July 1929) report heavy withdrawals / a run after other suburban banks closed; Avondale Bank closed and was among several suburban banks that failed to open and were placed under state investigation. No clear report of a subsequent reopening for Avondale is found in the provided items. I corrected minor OCR errors in article snippets while extracting key phrases.
Events (3)
1.
June 28, 1929
Run
- Cause
- Local Banks
- Cause Details
- Runs were precipitated by reports/closings of other suburban banks (Woodlawn, Southside, City Bank), sparking heavy withdrawals at Avondale.
- Measures
- Directors called a meeting; officials announced depositors wishing to draw funds would be paid promptly; state examiners/audits ordered.
- Newspaper Excerpt
- Two hours later. excited depositors scended on the city bank ... As the run on the bank's funds assumed proportions, ried meeting of directors was called
- Source
- newspapers
2.
June 28, 1929
Suspension
- Cause
- Local Banks
- Cause Details
- Bank closed following runs and the broader panic from other bank closings in the Birmingham suburban district; state officials ordered audits and took charge of affairs in some cases.
- Newspaper Excerpt
- the Avondale Bank ... failed open for business ... closed Saturday ... one of the largest suburban financial ... was ordered closed to protect depositors
- Source
- newspapers
3.
July 7, 1929
Other
- Newspaper Excerpt
- Grand Jury To Probe Closing Of Banks. ... that would request ... grand jury investigation recent closing the Avondale Bank and the City Bank and Trust company Birmingham. The requested that, the jury by July ... investigation / inquiry thorough that of the two institutions will be 'given all facts.'
- Source
- newspapers
Newspaper Articles (10)
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the grey right the At the Longehamps races, the of chiffons observed are printed These vary tremendous ly in their color and And of no two are made leved of the most stunning plain seen was a bois fashioned with the full the this circular skirt that = fell rather lines until Milady It tight with long over which matching kid worn A turban of de rose and dark brown en straw topped LEFT. CENTER- of the lest figured seen this year and striped made severely with which of white chiffon hung below the waistline. The sleeves tapered to the cuffline, where bands of white and chiffon were Over hand white cuff flared in CENTER For older by one frock large figures shades background The bre effect chiffon made the top of the tight bodice the flowers showing above tightly fitted hip-yoke of the plain The skirt the chiffon entire ly Dark brown hat pumps and pale yellow gloves and beads completed this costume. of the prettiest polka media this sumnavy blue and white outfit the blue and white dotted the little princess frock and both with pleated ruffles plain blue edging them collar and of white linen were in double blue dots and the purse and shoes were navy blue also. assurance through ments bank that they would suffer losses the being closed The statements issued ations for audit accounts under state state of the New were last night that B. of both banks, collapsed his room when informed of He taken to hospital for obser unhere that went York in effort to arrange credits for his banks The Avondale one of the largest suburban financial tions the city, failed open for business sets" given as the Two hours later. excited depositors scended on the city bank and police reserves out prevent damage As the run on the bank's funds assumed proportions, ried meeting of directors was called and resolution adopted authorizthe announced that he would open today the death Tuesday of J. R. cashier the Avondale Bank nephew of Lassiter. Wallace pistol bullet wound which said was received accidentally a week
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OFFICIALS PROBE CLOSING OF TWO ALABAMA BANKS Total of Four Institutions Now Failing to Do Business -President Drowns Cashier Dies of Wound Birmingham. July Affairs banks which closed bringing total four banking institutions which have failed to open Birmingham district within the in the days, were under investigation of the state banking officials tonight. parties were locate the body of Dr president of Woodlawn Savings bank. one of the institutions which closed who drowned this morning in Coosa Dr Bell reported to have place the week try Closing Starts Run The report of the closing bank caused on the Southside bank, which prompted cials order its doors Officials the bank said that closing temporary and that the bank would be open Monday the the mild started other halted most instances officials nounced that all withdraw their funds would be paid Thomas, state superintendent attributed closing of the and banks today runs by the closing of the banks last The banks closed week were the Bank Trust company and the Bank and company. Lassiter, president both institutions New York hospital where he the closing of news banks. Dies From Bullet Wound John Wallace, cashier of the the the bullet his by members family been accidentally inflicted when dropped the he handling pistol floor discharged. Coroner rendered verdict of acciRussum dental Plans and the Bank and Trust opening City today and Roderick Beddow member directors attorney for the board announced that more than the stock proposed bank had been for the reorganized subscribed. Southside and Woodlawn banks capitalized The bank and the Avondale bank $25,000.
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Grand Jury To Probe Closing Of Banks. Montgomery, Ala., July Attorney of tonight that would request George Balles at once toward ganization Jefferson county grand jury recent closing the Avondale Bank and and the City Bank and Trust company Birmingham. The requested that, the jury by July stated he and two the Judge Smith Judge would participate in the investigntion. The released statement shortly after Judge Thomas, banks, for personally direct the audit books of these two banks Bank South Side Bank closed day following heavy
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Four Institution Shut Doors as Ru Develops Strengt Dr. A. W. Bell Disappea While Swimming in Rive At Country Home To Reopen Monda Cashier Died of Bull Wound Day Before House Closed By the Associated Press BIRMINGHAM, Ala., July Affairs of two banks which clos today, bringing to a total banking institutions which ha failed to open in the Birmingha district within the past 10 da; were under investigation of state banking officials tonight. Meanwhile searching parti were doubling their efforts to cate the body of Dr. A. W. president of the Woodlawn Savin bank, one of the institutions whi closed today. Dr. Bell drowned morning in the Coosa river ne Vincent, Ala. Dr. Bell was report to have gone in swimming with party of friends shortly after arrived at his country place for week-end. Run Causes Closing The report of the closing of Woodlawn bank caused run the Southside bank which prompt officials to order its doors Officials of the Southside bar said that closing was temporary that the bank would re-open business Monday morning. As report spread throughout the trict, mild runs started at banks. They were halted in when officials that all depositors wishing to draw their funds would be pa Judge E. Thomas, state super intendent of banks, arrived tonigl from Montgomery to take charge the banking situation here. He tributed the closing of the Wood lawn and Southside banks today runs precipitated by the closing the two banks week. Another in Hospital The banks closed last week wer the City Bank and Trust compan and the Avondale Bank and Ings company. B. Lassiter, ident of both is in New York hospital where he lapsed after receiving news of closing of the banks. John R. Wallace, cashier of City Bank and Trust died the day before the bank close from bullet through his abdomen said by members of his family have been accidentally inflicte when pistol he was handlin dropped the floor and discharged Coroner Russum rendered verdict of accidental death. Plans for reorganization and opening of the City Bank and Trus company were completed today Roderick Beddow, member of board of directors and attorney the that mor than $125,000 of the $250,000 for the had been He said bank next propably would reopen. earl week. Southside and Woodlawn bank were capitalized at $50,000. City bank had capital $50,00 and the Avondale bank $25,000.
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McCall Takes Note Of Avondale Closing July Atty. Charles McCall stated Saturday upon his return here, that George of ask that the county Grand vened special session July vestigate the closing the Bank and the City Bank Trust Company. The attorney general states he assist solicitor investigation and and Evans, attorney will also He his request to SoBailes
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ALA. INDUCE HYSTERIA Search For Drowned Bank Official Continues Birmingham, Ala., July 8 search continued for the body Bell, president of the closed Woodlawn Savings bank. reported have been drowned Saturday morning, state banking officials city moved guard against further closure suburban banks restore the shaken confidence the citirelative to the banking situaCitizens were called upon banking leaders, the president the commission and in newspaper editorials to "quit worrying about banks and to stop hysteria that has threatened the city since the closing of the four suburban banks. Residents of near Vincent. Ala., where Dr. reported have been drowned. dragged the Coosa through last night but had found trace the body. port drowning said Dr. Bell apparently seized with cramps and carried down by the swift cur: Meanwhile, Lassiter. president the City Bank Trust company and Avondale and Trust company. continued New York hospital, where he has been since he collapsed when his banks were closed. John Wallace. cashier of the Avondale bank, died the day before that bank closed from pistol wound have been accidentalinflicted. Coroner Russum returned verdict accidental death. Meanwhile, preparations were ing made County Bailes and Attorney General McOall for grand jury vestigation the closing banks. The grand jury schedwas uled convene today. its officers and that reopen Other banks reported last night that they were good condition despite heavy withdrawals Saturday. The officials expressed confidence that banks would be able meet all emergencies.
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Fifth Bank Fails In Birmingham District (Continued from Page One) closed Saturday. Dr. Bell was reported few hours after the bank closed while swimming with pary friends He Jefferson County Board Revenue. Southside Audit The Bank which clos Saturday in charge of ficials who have started audit of its accounts. Bank officials said the institution was solvent and that was ordered closed to protect depositors. Indications that the bank would remain closed for some time were seen when clerks reporting for work opening time today left the building shortly after arriving. John R. Wallace, cashier of the Avondale Bank, died the day before the bank closed of bullet wound through the abdomen which was said have flicted. verdict of accidental death was returned by Coroner D. Russum. In sermon on "What to do of Trouble,' from the pulpit the Baptist Church Dr. E. Dillard, the terday, urged his to pastor, care in true many expressions being connecwith the closing of the banks have the utmost the generally of the financial institutions of Birhe declared. "and in the mingham, integrity of our bankers. Thomas Optimistic Ala., July banks Birmingham are with collateral and well there no need for further apprehension or Judge of Thomas, state stated today on his return spent from Birmingham with the of four banks that ficials closed their doors there within the last fortnight. Although did not make nite statement. Judge Thomas Indicated that of funds city since had poured the the Woodlawn the runs started Savings and Bank the Southside Bank expressed himself work of highly satisfied with he take the examiners over affairs Much Money Available "There more money there has Birmingham been Judge Thomas clared. "enough for any and all demands The banks flurries caused by excited the little depositors and anticipate further stated that he would return shortly to erations of the and dating agents and that he toward prospects opening banks period He however that he did not anticipate opening all the banks Commenting the closing Leeds this Judge to realize Thomas large sulted the of the directo the bank in the hands the state Judge Faucette chief liquidating the left to take charge of the
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OFFICIALS PROBE CLOSING OF TWO ALABAMA BANKS Total of Four Institutions Now(Failing to Do Business -President Drowns Cashier Dies of Wound Birmingham, Ala., July Affairs of two banks which closed today, bringing to total four banking institutions which have failed to open in the Birmingham district within the past 10 days, were under investigation of the state banking officials tonight. Meanwhile searching parties were trying to locate the body of Dr W. Bell, president of the Woodlawn Savings bank, one of the institutions which closed today, who drowned this morning in the Coosa river. Dr Bell reported to have gone in with party of friends shortly after he arrived his country place for the week end. Closing Starts Run The report the closing of the bank caused on Southside bank, which prompted order doors Officials the Southside bank said that closing temporary and that the bank would open for business Monday. the Peport spread throughout the district, mild runs were started other banks. The runs halted most instances when officials nounced depositors wishing withdraw their funds would be paid promptly Thomas, state superintendent banks, the closing of the Woodlawn banks today runs precipitated by the closing of the banks The banks closed week were the Bank Trust company Bank and Savings president both where he collapsed. after ceiving news of the closing of the banks. Dies From Bullet Wound John Wallace, cashier of the Avondale Bank and died the day before the bank closed from bullet through his abdomen, said by members of family to have been inflicted pistol he handling dropped to the discharged. Coroner rendered verdict of accidental death. Plans reorganization and reopening Bank completed today and Roderick Beddow member the board directors and attorney for that the the reorganized bank had been subscribed. Southside Woodlawn banks capitalized at $50,000. The bank $500,000 and the Avondale bank $25,000.
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Thorough Inquiry Of Bank Failures Pledge Of McCall July General McCall, here open grand jury investigation the attendant the closing the Bank the Avondale Bank clared that the inquiry thorough that of the two institutions will be "given all facts." grand investigation got Lewis ing the attorney general in the The probe ordered three more, banks the Birming district followed the City closing The general today however, that grand jury investigation would touch on the president of the City banks, and collapse informthe banks quoted this morning that of the two stitutions will be paid More summoned before jury and have bring relative operation the banks data bearing the closas the