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Merged Banks in Louisville Open (Special to the By LEE L. BROWN LOUISVILLE, After being closed since 17, First Standard and the American Mutual banks merged into the Mutual StandBank threw open the doors The expected run on the did not end the second day near$10,000 had been received in new deposits. There were few withW. Spradling was elected as and Joseph Ray and were elected as vice-presidents in charge affairs. Several white banks that closed at same time have not reopened.
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Merged Banks in Louisville Open (Special to the AFRO-AMERICAN) By LEE L. BROWN LOUISVILLE, Ky. After being closed since November 17, the First Standard and the American Mutual banks into the Mutual Standard Bank threw open the doors Tuesday expected on the bank did not At the second day near$10,000 had been received in deposits. There were few withdrawals. W. Spradling was elected as presidents, Joseph Ray and Blanton, were elected as in charge of affairs. Several white banks that closed at the same time have not reopened.
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Merged Banks Open Doors In Louisville LOUISVILLE, Ky.-The opening of the Mutual Standard Bank this week marked another epoch in the business life of Louisville. On November 17, the First Standard and American Mutual Banks closed their doors because their funds were deposited in a white institution which was closed. Tuesday morning, amidst flowers and potted plants, the doors of a new institution, the result of the merged banks, opened for business under the name of the Mutual Standard bank. There was no run on the bank. It appeared that nearly every one was waiting to make deposits. The officers were congratulated and the clerks went about their business as before. The white institutions are still closed. W. W. Spradling is the new president and J. R. Ray and J. O. Blanton are the vice presidents in charge of affairs.
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Merged Banks Open Doors In Louisville LOUISVILLE, opening of the Mutual Standard Bank this week marked another epoch in the business life of Louisville. November the First Standard and American Mutual Banks closed their doors because their funds were deposited in white institution which closed. Tuesday morning, amidst flowers and potted plants, the doors of new institution, the result of the merged banks, opened for business under the name of the Mutual Standard bank. There was no run on the bank. appeared that every was waiting make deposits. officers were and the clerks went about their business as The white institustill closed. Spradling the president and Ray and Blanton are the vice presidents in charge affairs.
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Louisville Hard Hit by Depression By ELLIOTT FREEMAN JR. May Mutual Standard bank, which was opened last January after the consolidation the defunct First Standard bank and the American Mutual Savings bank, was forced to close its doors at the close of business last Thursday at the request of the state bank examiners. The organized capital This possible by consolidating the remaining old Mutual Standard the Mutual, close its fall when epidemic bank this failure Mutual said condiing from reliable for several amounted over amounted believed have taken place depositors could bought when First Standard American Mutual campaign some effort statement from officers bank was futile this reporter being yet make and story would that the bank closed All business of this city and community hard by the crash. Almost every Race business and individual took pride in the city's only Race financial institution and deposIted penny they could spare. Not are individuals hard, but from the closing this Race bank. one of the churches collection was taken for several large families who had lost every penny. this church, making appeal for declared he only $1.31 left. He had deposited large only day before the crash came. One trained nurse who had intended going to drawal on Friday was left with only cents. With the depression the closing of the bank, practically every Race member the poverty kind of laid off by thousands with the promise they would back business picked up. according an aged Race man who had whenever however menial, are always to white Just action officials of the bank rather difficult is believed that for another Race business here. fidence Race to be caused by closing the First Standard American Mutual October. During the of old defunct banks deposan agreement that would make any after liquidation more on the dollar every period Race churches, lodges and gambling suffering loss. panic the fact that the great American Kentucky Derby be they make bet the possible winner. board directors are said to be responsible and the almost every penny their This made possible by of notes property held by the bank. and the remainder necessary to the of the deposto put up by the
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MERGED BANKS IN LOUISVILLE CLOSE DOORS LOUISVILLE, Ky.-The Mutual Standard Bank collapsed here when it failed to meet the day's clearing house accounts and was closed by the State Bank Commission for liquidation, Friday. The economic depression, steady withdrawals with no deposits coming in, was blamed by officials of the bank for the crash. Failure Causes Gloom The closing of the institution caused a pall of gloom to settle over the colored business district, although many knew the bank was fighting with its back against the wall. The Mutual Standard Bank, which was a merger of the First Standard Savings Bank and the American Mutual Savings Bank, opened its doors in January after the two institutions had been closed since November 17 of last year. The first closing of the two banks in November followed the financial storm which caused three of Louisville's largest white banks to suspend business. Both banks cleared through two of the suspended white institutions and closed their doors voluntarily when a run impended. At that time, Joseph Ray and J. 0. Blanto, presidents of the two institutions, stated that they had closed to conserve their funds and plans for reopening were started at once. Merger Started Before the end of the year plans for the merger were announced and with W. H.( Spradling elected as president, and Ray and Blanton, (Continued on page 3)
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COMPANION OF WEALTHY JAP IS SENT TO CLINIC Police Continue Quiz of Girl In Death of Importer; Illness Unknown NEW YORK, Aug. 22 (P)-Miss Mary Von Refssner, companion of Hisashi Fujimura, wealthy importer, on the Halifax boat trip during which he disappeared, is going to the hospital, her attorney announced today. The nature of her Illness was not revealed. The former showgirl appeared at the federal building with her lawyer for further questioning in connection with the importer's disappearance and reporters pressed forward to question her She turned away and the lawyer, Walter Godfrey, interposed: "Please don't bother her," he said. "I'm going to put this young lady in the hospital.' in Louisville Nov. 17, were later consolidated into the Mutual Standard bank. The bank resulting from the merger May of 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 Deposits 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, $523,381. 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, $614, 388; Bank of Wayland, Wayland, $145,348; Beaver Valley State bank, Weaksbury, $112,269.
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of the re-organized Louisville Trust company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning January 1, 1929, will be $8,816,846 after the re-opening of the Louisville Trust company, All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend Banks that closed prior to Novem- other one. the Guaranty Bank ber have been or are being liquidated. These banks with the date of Trust Company of Lexington, has been taken over by the Citizens their closing and their gross deposit Bank and Trust company under the liabilities are listed here: Hickman presidency of W. A. Dicken, former Bank & Trust Company, Hickman, state banking commissioner. Decemberf 30, 1929, $595,862: Hargis Thirty-seven banks and trust com- Bank & Trust Company, Jackson, panies, under the supervision of the February 5, 1930, $554,368; Grayson state banking department, have been County Bank, Leitchfield, March 10, suspended since January 1, 1929 1930, $357,254; the Peoples Bank, The gross deposit liabilities of these Mt. Vernon, April 22, 1930, $260,institutions totaled $29,087,437. Of 855; La Grange Bank and Trust the banks re-opened or liabilities Company, LaGrange, May 26, 1930. assumed, the gross deposit liabilities $352,232; Bank of Russellville, Rustotaled $6,410,677. The re-opening sellville, June 12. 1930. $183,660; Hazel Green Bank, Hazel Green, June 30. 1930, $184,054: Elsmere Savings Bank, Erlanger, July 3, 1930. $192,870: Vine Grove State Bank, Vine Grove, $91,464. The banks that have re-opened 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 a few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGuiar 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, $256,463. Two Negro banks, the First Standard Bank and the American Mu- tual Savings Bank. which closed in Louisville November 17. were later consolidated into the Mutual Standard Bank. The bank resulting from the merger closed May 7 of this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: Owsley County bank, Boonevill, $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, $363,359: Bank of Hardinsburg & Trust Co., Hardinsburg, $523,381 Liquidating agents hav 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, $91,910: Butler Deposit Bank. Butler, $614,388; Bank of Wayland, Wayland, $145,348; Beaver Valley State Bank. Weaksbury, $113,269. Kentucky's Tourist Trade Geoffrey Morgan, acting executive secretary of the Kentucky Progress commission, attributes the increase in gasoline consumption in Kentucky this year to the Progress commission's efforts in advertising the state's tourist attractions. The first six months of this year showed an increase in gasoline taxes of $180,178.03 over the same period last year. "It certainly pays to advertise," said Mr. Morgan, citing these statistics. "Take the figures for Janusry. The tax commission showed gasoline taxes collected in January of this year totaled $620,885.50 as compared with $503,046.73 for January of 1930. That is an enormous difference. The reason for it is this. We had an open winter the first of this year. So the tourists in Florida began flocking home. We had been advertising Kentucky among the tourists and the result was many of these tourists returned northward by way of Kentucky."
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CLOSED IRKSOME LOUISVILLE LOUISVILLE Mar. some time depositors the Mutual Standard Bank which closed last April with deposits half lion can expect according former president. The low state the market which comprises much the bank's assets ponsible for delay in declardividend Mr Blanto said. The assets total, $588. the figu. while laims $456.00 of the real estate and were made little could realized. upturn in the estate ready that times depositors their first Blanton said.