gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a6865ec9bf1cd1fe
Response Measures
None
Description
The bank experienced a minor run in September 1930 which it survived, but it suspended operations in November 1930 following the Caldwell & Co. collapse and subsequently entered receivership.
Events (3)
1.September 24, 1930Run
Cause
Rumor Or Misinformation
Cause Details
False rumors of insolvency and closing, possibly spread by prospective robbers or via telephone calls to local residents.
Random Run
Yes
Random Run Snippet
false rumors of insolvency and closing; officials offered reward for identity of rumor-mongers
Measures
Brought $500,000 in cash from Little Rock, remained open late to pay all depositors, and requested National Guard presence for police duty.
Newspaper Excerpt
circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency, precipitating a run on the institution.
Source
newspapers
2.November 17, 1930Suspension
Cause
Correspondent
Cause Details
The collapse of Caldwell & Co. in Nashville triggered a chain reaction of suspensions among A. B. Banks affiliated institutions.
Newspaper Excerpt
The Merchants and Planters bank today followed the action of the Amercian Exchange Trust company of Little Rock is suspending payments to depositors for a fiveday period.
Source
newspapers
3.January 29, 1932Receivership
Newspaper Excerpt
J. E. Williams, receiver for the Merchants and Planters bank here, who has shown a good record
Source
newspapers
Newspaper Articles (23)
1.September 25, 1930The Harlan Daily EnterpriseHarlan, KY
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ON BANK' BRINGS GUARDS
Pine Bluff Company Serves To Protect Against Thieves
Pine Bluff, Ark., Sept. 25 (/P) Pine Bluff of the company Arkansas national "guard was mobilized here to prevent possible robbery during run on the Merchants and Planters Bank and Trust company which early today was believed to have abated and rumors of the bank's closing allayed. Captain R. M. Rowe, in command of Company sent to the bank, the door of which were still open prevent any of bandits holding the bank up its depositors. Troops are being used only for police duty in the business section, until funds are re-deposited the bank, which officials said will open as usual. By depositors had withdrawn $10,000 at clock tonight hao been taken Deposits total proximately Shortly after o'clock was sent from Little Rock and the announcement made by the Banks company that $5,000,000 on hand its use became necessary. Meanwhile city and county offiwere investigating telephone calls received by seven negroes that the bank was to cloes doors tomorrow. The calls had been traced, officers said, to negro whose name was not disclosed.
2.September 25, 1930The Buffalo TimesBuffalo, NY
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RUMOR BLAMED IN RUN ON BANK
Officials Offer $1000 Reward for Originator of False Story
By Associated Press PINE BLUFF, Ark., Sept. 25.-A reward of $1000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants & Planters Bank & Trust company faced insolvency, precipitating a run on the institution.
Both officials of the Merchants & Planters bank and of the A. B. Banks company, Little Rock, who own majority of the stock in the Pine Bluff institution, were unable to explain the rumors which resulted in withdrawal of approximately $30,000. The bank remained open until late last night, tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought from Little Rock in the afternoon and depositors were told that funds adequate to cover current deposits of $2,500,000 were on hand if needed.
REWARD OFFERED FOR PERSONS WHO BEGAN BANK RUN
By Associated Press Pine Bluff, Ark., Sept. 25.-A reward of $1000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust Company faced insolvency and would close today, thus precipitating run of the bank. Both officials of the Merchants and Planters Bank and of the B. Banks Company, Little Rock, who own a majority of the stock in the Pine Bluff institution, were at loss to comprehend the reason for the rumor, which resulted in withdrawal of approximately $30,000. The bank remained open until late last night, tellers paying who desired to withdraw their deposits. A reserve of 000 was brought here from Little Rock and excited depositors told that funds adequate to cover current deposits of were on hand. Officers were continuing their investigation of seven telephone calls received by negroes here that the bank faced insolvency and would close its doors. A negro was suspected. Confusion concerning the use of the Pine Bluff Company of Arkansas National Guard resulted last night from the offer of Capt. R. W. Rowe to use his men in assisting to police the bank locality. It was reported Company had been mobilized but later It was learned the men had only been requested to stand by in case of attempted robbery or trouble during the excitement.
was accused of having anti-semitic leanings. FALSE RUMOR CAUSES RUN ON BANK; REWARD POSTED Arkansas Officials Offer $1,000 For Clue to Identity of Persons Who Spread False Tale Pine Bluff, Ark., Sept. 25 (AP)-A reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency, precipitating a run on the institution. Both officials of the Merchants and Planters bank and of the A. B. Banks company, Little Rock, who own a majority of the stock in the Pine Bluff instiution, were unable to explain the rumors which resulted in withdrawal of approximately $30,000. The bank remained open until late last night, tellers paying all who desired to ithdraw their deposita. A reserve of $500,000 was brought from Little Rock in the afternoon and depositors were told that funds adequate to cover current deposits of over $2,500,000 were on hand if needed.
5.September 25, 1930Evening starWashington, DC
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GUARD IS MOBILIZED DURING RUN ON BANK
Police Believe False Report of Bank Closing Spread by Prospective Hold-up Men.
By the Associated Press. PINE BLUFF, Ark., September 25.The Pine Bluff company of the Arkansas National Guard was mobilized here last night to prevent possible robbery during a run on the Merchants & Planters' Bank & Trust Co., which remained open to pay depositors desiring to withdraw their funds. Officials of the bank, which has deposits $2,500,000. said they believed the run had been broken about 8:30 tonight, and that $5,000,000 was on hand if its use became necessary. Withdrawals during the day were estimated at $30,000. Capt. R. M. Rowe, in command of Company I, was sent to the bank as precautionary measure to prevent possible hold-up of the bank or its depositors by bandits. Troops were used only for police duty in the business section. Officials said the institution will open as usual today. Withdrawals started at the bank yesterday and by p.m. an estimated $10,000 had been taken out by deThe bank is owned by the A. B. Banks Co. of Little Rock. Police said false report that the bank planned to close today might have been started to cause a run so that the bandits could "hi-jack" depositors or hold up the bank. Early last night the lobby had taken a festive air, and sandwiches were being served to dépositors while tell-
RUN ON BANK BLAMED ON RUMOR CIRCULATORS
Ark., Sept. PINE been offered reward of had A knowledge of the Thursday for here identity of persons who Wednesday Merchants rumors that the circulated and Planters Bank and Trust Company faced insolvency and would a close run thus precipitating on the bank. of the Merchants and Both officials the A. B. Banks Bank and of Planters who own maLittle Pine Bluff instistock in the jority loss to comprehend tution, were at a foundation of the the reason or run on the which resulted in bank mor, and withdrawal of approximately $30.0 The bank remained open until late Wednesday night. tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought Rock in the afterfrom Little here noon and excited depositors told that funds adequate to cover current hand deof $2,500,000 were on posits if needed.
7.September 25, 1930Okmulgee Daily DemocratOkmulgee, OK
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REWARD OFFERED AFTER BANK RUN
Pine Bluff Institution Is After Person Who Started False Rumor
PINE BLUFF, Ark., Sept. (AP)-A reward of $1,000 had been offered here today for knowledge the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolveney and would close today thus precipitating run on the bank. Both officials of the Merchants and Planters bank and of the A. B. Banks company, Little Rock. who own majority stock in the Pine Bluff institution. were at loss to comprehend the reason or foundation of the rumor, which resulted in withdrawals of approxThe bank remained open until late last night, tellers paying all who desired to withdraw their deposits. reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current deposits of $2.500,000 were on hand If needed. The bank officials denied any Intention of closing and said It would open for business today. as usual.
8.September 25, 1930Muskogee Times-DemocratMuskogee, OK
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DOWNWARD PRICE INCITERS OF RUN SWING PREDICTED ON BANK SOUGHT
Number of German Economists Assert Market Prices Will Tumble for Ten Years
NEW YORK, Sept. number of German economists have announced their belief that there downward movement in commodity prices and that the reaction all the world continue until 1940. This downward price their opinion values on the largest scale ever tempted the history of the world. per, sugar, clothing other prime of life will be made available to the at which appear ridieulous If put print at the time.
Mechanics to Blame Behind their whole theory lies the argument that modern methods of producing goods kinds has production that manufacturers and all others supplying commodities for the world markets can affordto mark down prices and still make good profits for themselves. There no doubt that the die tressing drop in commodity which been going on for the 15 months lends some color their argument. At this time last year no one would have dreamed that wheat would be selling in the futures ket under cents under 11 cents pound, sugar cent pound other ties at current deflated levels
Depression Is Temparary The drop has its logical unsettlement in but American business the view that the temporary and are taken off the surplus products This with the era" which held sway about the as the limit which placed sky but prices not only speculative illustrates the tendencies of many extreme to another in from one their on underlying conditions and probably as far the theory world leaders 1914, that another world war was impossible.
Reward of $1000 Is Posted for Arrest of Those Who Caused Pine Bluff Row
PINE Sept. reward of $1000 had been offered here today for of the identity of persons who yesterday rumors that the Merchants and Planters Bank and Trust company faced Insolvency would thus the No Reason for Run Both officials of the Merchants and Planters Bank and of the A. D. majority stock in the Pine Bluff in Banks company, Little who stitution. at loss comprehend the reason foundation of rumor, which resulted in withdrawals of approximately $30,000. The remained open until late last night, tellers paying all desired to withdraw their reserve $500,000 was here from Little Rock in the afterand excited told that funds deposits of $2,500,000 were on hand needed. officials denied any of closing and said would usual their investigation of seven telephone calls received negroes here that the bank faced insolvency would doors today negro was officers National Guards Called
Confusion concerning of the Pine company Arkansas Guard resulted night from offer Captain R. men assisting police locality reported Company had been mobilized but later was learned the had been to stand attempted robbery trouble during the
9.September 25, 1930The Guthrie Daily LeaderGuthrie, OK
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REWARD IS OFFERED AFTER RUMOR SPREADS ON CLOSING OF BANK
Officials Puzzled At Report That Brings Withdrawals Of $30.000 Stay Open Until Late
A reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency and would close today, thus precipitating a run on the bank. Both officials of the Merchants and Planters bank and of the A. B Banks company. Little Rock. who own majority stock in the Pine Bluff institution were at a loss to comprehend the reason or foundation of the rumor, which resulted in withdrawal of approximately $30.000. The bank remained open until late last night tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current depesits of $2,500,000 were on hand If needed The bank officials denied any intention of closing and said It would open for business today, as usual Officers were continuing their investigation of seven telephone calls received by Negroes here that the bank faced insolvency and would close its doors today A Negro was
10.September 25, 1930The M'Alester News-CapitalMcAlester, OK
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Offers Large Reward
PINE BLUBB, Ark., reward of $1,000 had been offered here Thursday for knowledge of the identity of persons who Wednesday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency and would close today, thus precipitating run on the bank Both officials of the Merchants and Planters Bank and of the B. Banks Company, Little Rock who own majority stock in the Pine Bluff institution. were at loss to comprehend the reason or foundation of the rumor. which resulted withdrawals of approximately The bank remained open until late last night, tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate cover current of $2,500000 were on hand if needed. The bank officials denied any intention of closing and said it would open for business today, as usual Officers were continuing their investigation of seven telephone calls received by negroes here that the bank faced insolvency and would close its dors today negro was suspected. officers said. Confusion concerning the use of the Pine Bluff company of Arkansas guard last night from the offer of Captain R. W. Rowe to use his men in assisting to police the bank locality. It was reported company one had been mobilized but later it was learned the men had only been requested to stand by in case of tempted robbery or trouble during the excitement.
11.September 25, 1930Daily American RepublicPoplar Bluff, MO
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BLUFF,
Reward of $1000 Offered for Information Leading to Cause of the Run.
By The Associated Press Pine Bluff. Ark., Sept. The Merchants and Planters Bank and Trust Company which experienced small run late yesterday and last night opened as usual today with less than dozen persons, mostly negroes, waiting in front to withdraw their deposits. The early withdrawals were confined to small savings posits Bank officials expressed the belief that all danger of serious run had passed. A reward of $1,000 had been offered today for knowledge of the identity of persons who yesteday circulat ed rumors that the bank faced insolv eney and would close, thus precipitating run.
Puzzled Officials Both officials of the Merchants and Planters Bank and of the B. Banks Company, Little Rock, who own majority stock in the Pine Bluff institution, were at loss to comprehend the reason or foundation of the rumor which resulted in run on the bank and withdrawal of approximate The bank remained open until late last night, tellers paying all who sired to withdraw their deposits. A reserve of $50,000 was brought here from Little Rock the afternoon and excited depositors told that funds adequate current deposits $2,500,000 were on hand if needed. Denied Rumor. The bank officials denied any intention of closing and said it would open for business today as usual. Officers were continuing their investigation of seven telephone calls received by negroes here that the bank faced insolvency and would close its doors today A negro was suspected, officers said. Confusion concerning the use of the Pine Bluff company of Arkansas Na. tional Guard resulted last night from the offer of Captain R. W. Rowe to use his men in assisting to police the bank locality It reported Company had been mobilized. but later was learned the men had only been requested to stand by in case of attempted robbery or trouble during the excitement.
12.November 17, 1930The Courier NewsBlytheville, AR
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Action Taken Protect to Depositors can Exchange Closing.
LITTLE ROCK, Nov. 17 Arkansas banks affili. with the Banks company Little Rock today had vantage of the state law permitting temporary closing for five days and suspension of payment deposits. The Wat included two of the largbanks In Arkansas, the American Exchange and Trust company of Little Rock and the Merchants and Planters bank of Pine Bluff. Believe Banks Many directors reported state banking they their Institutions solvent but closed temperarily to protect depositors. Closing the American Exchange and Trust company was the sign that Arkansas state banks were in trouble. The following banks in which Banks interested business temporarily this morning: Bank North Arkansas bank, Batesville: Bank of Bauxite: Benton Bank and Trust company, Benton:- Arkansas State bank, Carliale: Bank of Carthage: Farmers Bank. Casa: Bank Clarendon, Clarendon: Farmers Bank, Dardenelle: Eudora Bank and Trust company, Eudora: Hampton State bank, Hampton: Olebourne County bank, Heber Springs: Merchants and Planters bank Helena; Arkansas Bank Hope Bank Trust company, Houston. Houstori; Merchants and Planters bank, Humphreys; First National bank, Junction City: Merchants and Farmers bank, Junctibn Kingsland: Chicot Trust Lake Village; American Exchange Rock: and kansas Trust company, Newport:Bank of bank, Perry Merchants and bank, Bank and Trust company, Pine Bank Star City, Star Bluff: City: Victoria bank, Strong: First State bank, Thornton: Bank of baseka, and Exchange Bank Trust Company, Dermott Three banks were officially closed by the state banking their affairs being placed the hands state banking ment officers. These were Bank of McRae, the Branch and the Bank of Foulke, The American Exchange company with deposits In was reputedly. the bank in Arkansas notice posted by officers of bank stated that the institution the opinion of its board of was still solvent and had voted to suspend operations for five days protect interesti of depositors. Heavy during past ten days resulted board's decision last night to the bank Forced by Withdrawals The board's statement follows "With decp regret announce the suspension of payments to posities of the Amerisan Exchange Trust for five company permitted under rection 717, ford and Moses digest of the Arkansas action is forced by excessive withdrawals totaling than $4,000,000 during past days, following announcement of the financial difficultlesjof Caldwell and Investment bankers of Tenn. our optnion the bank solvent condition and believe that with the cooperation depositors plan can be formed affairs of Caldwell and company are Arkansas and nothing but excited public mind could have forced the closof this for Reopening mittee have worked with Invincible courage for the past ten days to averl this situation and cord publicly confidence them and our administration for their brave fight against ground-
13.November 17, 1930Jonesboro Daily TribuneJonesboro, AR
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BANKS CLOSED TEMPORARILY STATE CITIES
Number of Banks Chain Suspend Business Today In Order to Protect Interest of Depositors. Will Open in Five Days After Precautionary Steps Taken.
Thirty-two banks in which B. Banks, Arkansas financier, is interested, temporarily suspended business this morning, with announcements being made to the effect that they would reopen for-business after five days. Capitalists viewed the closing of the banks with little alarm, expressing the belief that the banks are all absolutely solvent and that their temporary closing is for the protection of depositors and to avoid runs that might have resulted from the present panicky condition of the state, Fortunately, no Jonesboro banking interests were in any way connected with any of the banks that closed. according to statements made this morning. The following United Press dis patch tells of the temporary closing of the banks:
LITTLE ROCK, Ark., Nov. 17.The following banks in which A. B. Banks company is interested suspended business temporarily this morning: Bank of Altheimer. Altheimer; North Arkansas Bank, Batesville: Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle: Bank of Carthage, Carthage; Farmers Bank, Casa; Bank of Clarendon; Farmers Bank, Dardanelle; Eudora Bank and Trust Company, Eudora: Hampton State Bank, Hampton: Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Henlena; Arkansas Bank and Trust Company, Hope; Bank of Houston, Houston Merchants and Planters Bank, Humphreys, First National Bank, Junction City: Merchants and Farmers Bank, Junction City: Cleveland County Bank; Kingsland, Chicot Trust Company, Lake Village; American Exchange and Trust Company, Little Rock; First State Bank, Osceola: Bank of Pangburn, Pangburn; Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Victoria Bank, Strong: First State Bank, Thornton, Bank of Wabsseka, Wabaseka: Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott, Bank of Fordyce, Fordyce; Exchange Bank of Dermott. and Sheridan, clased at noon, due to heavy runs this morning.
THIRTY ARKANSAS BANKS CLOSED 5 DAYS BY ORDERS (Continued From First Page) could have forced the closing of this strong bank." Soon after Caldwell & Company was placed in receivership, Mr. Banks anounced the Caldwell & Company's interest in the American Exchange Trust Company had been bought by Little Rock capitalists. The Pine Bluff bank was the second largest in the group and the Helena institution the third largest Banks was a director and a former president of the bank. The American Exchange Trust Company in Little Rock had deposits of approximately $15,000,000 OD September 24, the date of the last bank call. The Pine Bluff bank on September 24 had deposits of approximately $2,638,000 and the Helena bank at the close of business Saturday had deposits of $726,000. officials said. List of Institutions The banks in which Mr. Banks and assistants are interested and which suspended business today for five days were announced by the company as follows: The bank of Altheimer, Altheimer: North Arkansas Bank. Batesville; Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle; Bank of Carthage, Carthage; Farmers Bank, Casa: Bank of Clarendon, Clarendon: Farmers Bank, Dardanelle: Hampton State Bank, Hamnton: Cleburne County Bank. Heber Springs: Merchants and Planters Bank, Helena; Bank of Houston, Houston: Merchants and Planters Bank, Hunphrey: Cleveland County Bank. Kingsland; Chicot Trust Company, Lake Village: AmericanExchange Trust Company, Little Rock: First State Bank, Morrilton: Arkansas Trust Company, Newport: Bank of Pangburn. Pangburn: Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Bank of Star City, Star City: Victoria Bank, Strong: First State Bank. Stuttgart: Citizens Bank Thornton. and Bank of Wabbaseka Wabbaseka; The Arkansas Bank and Trust Co., Hope: Peoples Bank McRea: and the Endora Bank and Trust Co., Endora. The following banks affiliated with the A. B. Banks and Company remained open for business, the company announced: The Bank of Fordyce and the First National Bank, Fordyce; Bank of Harrisburg, Harrisburg: First National Bank, Mineral Springs: Bank of Stephens, Stephens, and Bank of Waldo, Waldo. Efforts were being made at Junction City to merge the first National Bank and the Merchants and Farmers Bank. and open one of them today, officials said.
15.November 17, 1930The Sheboygan PressSheboygan, WI
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Action Taken For Protection Of Depositors
(By United Press Several banks were closed today in four states. Some were closed as a protective measure to depositors and several announced probable solvency. Four banks failed to open in Louisville, Ky. Two were smaller banks and their closing was attributed to closing of the other two. The two bigger banks, officials said, were closed as "protective measures to depositors" although the institutions were solvent.
Due To Heavy Withdrawals
In Arkansas 35 banks did not open today. Thirty-two of these took advantage of the state law permitting suspension of operation for five days. The other three closed and were officially placed in the hands of banking department officials. Two small banks closed in Illinois. They were correspondent banks to two which failed recently in Quincy, Ill. Four banks in Missouri also closed today as result of the Quincy bank's closing.
Kentucky Banks Close Doors Louisville, Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as precautionary measure, four here and in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected The National Bank of Kentucky of which James B. Brown is president was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources $54,000,000. The other Louisville banks closed were the Security bank which it was stated was closed purely as a precaution: the Louisville Trust company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Union Savings bank and the First Standard bank. Depositors To Be Paid The McElwain Meguiar Bank and Trust company of Franklin, Ky., was fifth to Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching a "run" noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust company delayed traffic slightly and special police were on duty.
Appointed Receiver Washington (UP) Appointment of Paul Keyes as receiver to liquidate affairs of the National Bank of Kentucky at Louisville was announced today by Comptroller the John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff.
Little Rock. (UP) Arkansas banks affiliated with the A. B. Banks company of Little Rock, closed today, taking advantage of state law permitting temporary suspension for five Three banks, all small, were ordered closed by the State Banking department. The five-day closing law was invoked by the institutions in the Banks group, was announced by directors, due to fear of hasty withdrawals. Most of the banks issued reassuring statements announcing probable solvency. The list of B. Banks company institutions which closed to remain so for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock, and the Merchants and Planters' Bank of Pine Bluff. The State Banking took over three small banks not affiliated with the group, the Bank of McRea, Bank of Branch and Bank of Foulke.
Springfield, III. (UP) Two Illinois banks were closed today, increasing the number of failure in the state since Friday five. The Bartlett and Wallace State bank, Clayton, and the Timewell State Bank of Timewell, closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State
(Continued on page 7)
16.November 17, 1930Progress-BulletinPomona, CA
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BANKS CLOSED (Continued from Page 1, This Section)
35 the number of banks in the state either closed or having suspended business The five day closing law was taken advantage of by the institutions in the bank's group, it was by directors, due to fear of hasty withdrawals Most of the banks announced solvency. The list of A. B. Banks company institutions which close for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock and the Merchants and Planters' Bank of Pine Bluff. The state banking department took over three small banks not affiliated with the group. the Bank of McRea. Bank of Branch and Bank of
Protect Kentucky Deposits LOUISVILLE Ky., Nov. 17. (U.P.) -The Louisville Security Bank. and the American Mutual Savings Bank. the latter negro-owned and operated. closed their doors here today after the National Bank of Kentucky and the Louisville Trust company failed to open for bust
The Security Bank was affiliated with the National Bank which was taken over by the Federal comptroller of currency. The negro bank was affiliated with the Louisville Trust company which was placed in the hands of the state banking The four banks combined list resources aggregating $65,000,000. All of the institutions were declared solvent, but that It "was necessary to close them to conserve the resources and protect creditors. depositors and all others concerned.'
Receiver Put In Charge WASHINGTON, Nov. 17. (U.P.)Appointment of Paul Keyes as re. ceiver to liquidate the affairs of the National Bank of Kentucky at Louisville was today by Comptroller of the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is veteran member of the comptroller's staff.
General Solvency Reported NEW YORK. Nov. 17. (U.P.)-Several banks were closed today in four states. Some closed as protecttive measure to depositors and several announced probably solSix banks failed to open in Louisville, Ky Two were smaller banks and their closing was attributed to closing of the other The two bigger banks, officials said. were closed as "protective measures to depositors" altho the institutions were solvent. In Arkansas 35 banks did not open today. Officials the largest of these, bank in Little Rock, attributed the closing as due to heavy withdrawals brought on by psychological reaction recent bank difficulties in Nashville, Tenn. Two small banks closed in IIIInois. They were correspondent banks to two which failed recently in Quincy, III. Four banks in Missouri also closed today as result of the Quincy bank's closing. One bank closed in Iowa today owing to frozen assets.
17.November 17, 1930Wichita Falls TimesWichita Falls, TX
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SENATOR BORAH SERVES NOTICE HE WILL NOT BE STAMPEDED IN COMING SESSION OF CONGRESS
NATIONAL BANK OF KENTUCKY CLOSED BY ACTION BOARD
LOUISVILLE, Ky., Nov. 17. The National bank of Kentucky, the oldest bank in Kentucky. was clored today by resolution of its board of directors and placed in the hands of national bank ex aminer The Louisville Trust company, an affiliated institution. also was closed by action of its board of James E. Brown. president of the National Bank of Kentucky, issued the following statement Due to withdrawals in the past week and constantly increasing rumors on the streets it was deemed advisable by majority of the board of directors to close the bank, at least temporarily. for the best interests of depositors and all concerned. Presidents of other Louisville banks issued statements that their institutions were solvent. The National Bank of Kentucky. founded in 1834 as the Bank of Kentucky, and capitalized at $5.000,000 in its last statement listed total resources at $54 701 633 and deposits of $41,145,794 40 Directors of the bank in their resolution said the action was taken "to conserve the resources of this bank for the benefit of its creditors." Directors of the trust company said the institution was placed in the hands of the commissioner of banking of Kentucky "to conserve its assets and trust estates for the benefit of all concerned,' adding that the officers believed the company solvent.
Bank Suspends Payments LITTLE ROCK. Ark., Nov. (AP) The American Exchange Trust company of Little Rock, one of the oldest and largest banking institutions in the state, today suspended payments to depositors for period of five days, as permitted by state law.
A directors' statement said action was "forced upon us by excessive withdrawals totaling more than $4,000,000 during the past 10 days, following the announce ement of the financial difficulties of Caldwell & Co., investment bankers of Nashville, Tenn.' The statement expressed the opinion that the bank was solvent and that "with the cooperation of our depositors a plan can be found to resume operations. Deposits on Sept. 24, the date of the last bank call, were given as $15,014,589.4 The bank was capitalized at $1,000,000 and had surplus of $500,000. The statement also said affairs of Caldwell & Co., "are remote from Arkansas and nothing but an excited public mind could have forced the closing of this strong bank."
Payments Suspended PINE BLUFF, Ark., Nov. 17. (AP) -The Merchants and Planters bank today followed the action of the Amercian Exchange Trust company of Little Rock is suspending payments to depositors for a fiveday period. Walker Jones of Pine Bluff is president of the bank and A. B. Banks, president of the AmericanExchange in Little Rock is a director. The Sept 24 statement showed deposits of $2,638,790.15. The bank is capitalized at $200,000 with surplus of $50,000.
WASHINGTON, Nov. 17. In blunt terms Senator Borah of Idaho, Republican independent leader, has served notice he will not be stampeded in the disposal of legislation at the coming term of congress. Returning to the capital yesterday the Idaho senator used the term "superlative impudence" in discussing implications he saw in the administration quest for assurances from leaders of both Republicans and Democrats in congress against filibuster to force an extra session in the spring. have not heard of any such threats from the Democrats, neither have heard any such threats from the Progressives, he said. think it an exhibition of superlative impudence to be stating in effect that the progressives or the Democrats have not just as keen a sense of responsibility and quite as intelligent conception of their duty as the regulars.' He added he never had filibustered and did not intend doing now but did not propose "to stampeded out of giving proper and necessary consideration to appropriation bills and such other important legislation as we know is now Will Pay No Attention "I will pay no attention to any cooked up effort to stampede the congress, he concluded. His statement immediately was interpreted here as a sign the independents will demand full consideration for their favored measures. Among them is the Norris resolution for government operation of Muscle Shoals, which now looms a stumbling block to speedy disposition of vital appropriations. Also there has been talk of reviving the export debenture and equalization fee plans of farm relief, which have been fought by the administration. Yet, although the Republican independents appear aroused by President Hoover's move for Democratic cooperation in averting the extra session, leaders of all groups are agreed that on the present outlook no deliberate attempt to force a special term is likely. The Democratic chieftains have not shown any desire 80 far either for an extra session or immediate assumption of power in congress. Some Republicans, not among the party leaders, have suggested that if an early meeting of the new congress were forced, organization of the senate should be left to the opposition.
18.November 18, 1930The Washington HeraldWashington, DC
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CLOSE THEIR DOORS IN FIVE STATES IN DAY BANKS 50 SMALL the Standard Bank, all ficials and State and Federal Union Bank of Knoxville, the Libbanking department. Six Kentucky Institutions (Continued from First Page) Louisville, and the McElwain and ceivers working upon the affairs erty Loan and Trust Company. The American Exchange Trust which they could not at once col- Close to Protect Patrons Mequiar Bank and Trust Com- of four institutions which have Nashville, nor Caldwell and ComCompany of Little Rock was the lect and on which they did not wish to foreclose.
Head of Bank Chain Calls Conference in Arkansas iest men in Arkansas, tonight LITTLE ROCK. Ark., Nov. 17 ordered officials of the 34 affil(U.P.) Thirty banks affililated banks to come to Little ated with the A. B. Banks ComRock for a conference. pany, of Little Rock, closed toOther banks in Little Rock did day. business as usual today, and Three small banks in addition none reported heavy runs. were ordered closed by the State first to shut its doors, At Pine Bluff, Ark., the Merchants and Planters Bank and Trust Company closed. Others followed. A. B. Banks, one of the wealth-
LOUISVILLE, Ky., Nov. 17 (U.P.).Six Kentucky banks, two of them negro owned and operated. closed today. Announcements said that all were solvent, that the suspension of business was "to protect the interests of creditors and depositors." The National Bank of Kentucky, the Louisville Trust Company, the American Mutual Savings Bank, the Securities Bank pany of Franklin, were the institutions affected. Negroes operate the American Mutual and Standard banks.
Tennessee Officials Quiz Affairs of 4 Closed Banks
NASHVILLE, Tenn., Nov. 17 (U.P.).-A quiet, uneventful day was passed today in the Tennessee banking situation with State of closed their doors in the last two weeks. No word came from Attorney General L. D. Smith on what steps he contemplated in his efforts to recover $4,840,000 in cash and securities he reported missing from the assets of the Bank of Tennessee, first of the four to go into receivership. No inventory yet has been filed in the failures of the Holston- pany, the South's leading investment banking house.
19.November 18, 1930Paragould Daily PressParagould, AR
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BANK SITUATION OVER THE STATE MORE FAVORABLE
Continued From Page One)
Clearing House Association including banks in Little Rock and North Little Rock, are excellent condition statement issued last night by officers of the association said. Bank in Greater Little Rock have large cash resource the and the total bills are less than $200
"They are ready and able to take care 01 the banking and credit need the conof the in the sound financial of Arkansas also was excondition Senator Joe Robinson and Gov Parnell Robinson attributed the Senator closing in the to wave of hysteria that followed in the wake financial dif 111 which Caldwell & vestment of became involved information leads me to believe the mind of depositors that connections with Caldwell & had impaired its assets 01 the 43 bank that closed yesterday banks not with the A Banks but majority them were in group institutions In must their have resulted from on deposi The banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company which were taken by State Banking Commission Grant County bank Sheridan: Peoples bank. McRae Izard County bank. Guion: Peoples State bank DeValls Bluff the Exchange Bank and Trust Company Dermott and the Arkansas National bank at Heber Springs, which suspended payments for The Merchants & Planters bank at Humphrey affiliated with A B Banks was taken over by the State Banking Commission State banks suspending for fiveday period affiliated with A B Banks were Merchants and Planters bank Pine Bluff American Exchange Trust Company. Little Rock: First State bank Morrilton: First State bank Stuitgart: Benton Bank Trust Co., Benton: Bank of Bauxite Bauxite Cleburne County bank. Heber Springs North Arkansas bank Batesville: Arkansas State bank Carlisle: Arkansas Trust Company Newport Arkunsas Bank and Trust Company. Hope Merchants and Planters bank Helena; Eudora Bank & Trust Co. Eudora: Chicot Trust Company Lake Village Bank of Clarendon Clarendon: Bank of Altheimer Altheimer: Cleveland County bank. Kingsland: Bank of Houston. Houston: Hampton State bank Hampton: First State bank Osceola Bank of Carthage. Carthage Perry State bank Perry Victoria bank Strong Parmers Bank Casa: Leola State bank Loola Merchant and Planters bank Junction City Farmers bank, Darand Citizens bank Thornton and the Bank of Pordyce Pordyce list of the 43 banks that closed vesterday their deposits and capital follows ing Americ an Exchange Trust Company Little Rock State Bank of Fouke depo. $14 579 capital capital People bank deposit $96 capital Bank of deposits capital $25,000 North Arkansas bank Bateaville de have Bank of Bauxite deposits 436 of capital Benton Bank and Trust Company posits cipital 000 Bank of Carthage able Parmer bank deposits 248 capital $10,000 Bank of Clarendon deposits or capital capital $50,000 Endora Bank and Trust Company deposits Hampton $194,318.02 capital 000 State deposits 231 capital Cleburne County bank deposits and bank deposits 000
Bank $99 and Company Hope 49 capital Houston deposits capital Planters bank Hum phrey capital Cleveland bank Company bank Trust Company Newport capital State bank capital $50,000 of Perry State bank deposits People Bank and Trust deposits State Bank $10,000 County
20.November 18, 1930The News and ObserverRaleigh, NC
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SOUTH
Chain Institutions in Arkansas Suspend For Five-day Period RUN STATE TOTAL
Senator Robinson Says Suspensions Merely Precautionary Measure and Directly Due To Caldwell and Company Difficulties; Six Banks in Kentucky Close banks affiliated with Banks Company, Little Rock, advantage today of state law which permits temporary closing for five days suspension payment deposits. Three banks addition closed by the State Banking Department. Joseph Robinson blamsituation hysteria financial difficulties Caldwell Company Nashville, Tenn. the banks solvent," Senator Robinson said. "Arkansas financially, soon excitement incident the closthe banks has subsided, the state will return normal condithe reopen." Officials Banks group nounced the closing had caused fear hasty withdrawals. The Exchange Trust Company, of Little Rock, the the Banks institutions doors. the largest the State. Depositors gathered the streets near the bank and gazed silently the signs had temporarily. Others Cease. Within hour came word from Pine Bluff, that the Merchants and Planters Bank and Trust Company there, and smaller bankArkansas had failed to open their doors today. Then messages were received from Helena that the and Planters Bank there had closed. Officials they vent, but were closing protect positors. Almost coincident with this advice the from the Branch Bank the Banks group, taken over by the Dethe list mounted. The number for few then then and finally the closing banks other parts the State reached here.
Five Days. The state law the banks remain closed five days. At of time they either must reopen for business place selves the hands of the State Banking Departmet. Banks, the wealthiest Arkansas, night ordered officials the filiated banks to come to Little Rock conference. It understood that he would was some definite plan, effect before the end of the fivesuspension allowanee. Little Rock did Other business usual today, reported heavy runs by depositors. Caldwell and Company, Nashthe financial difficulties upon which Senator Robinson blamed placed the today's closings, receiver last week. The hands of the largest investfirm was one the South. concerns
SIX BANKS SUSPEND IN BLUE GRASS STATE Louisville, Ky., Nov. Kentucky owned operated, closed that solvent, that the suspension business protect the interests creditors and depositors." National Kentucky, Louisville Trust the American Mutual Savings Bank, the Bank Standard Securities all Louisville, and the Bank, and Mequiar Bank and Trust Elwain the Company, stitutions affected. Negroes operate American Mutual Standard banks. Financial circles here held that banks were forced close bethe cause of rumors growing the collapse Caldwell Company, Nashville, Tenn., largest investment the South. There concern connection between any closed banks and the company, however, merger once had though group discussed.
QUIET AGAIN IN TENNESSEE BANKS Nashville, Tenn., Nov. uneventful day passed quiet, today Tennessee state officials and state uation federal working upon affairs four closed their doors in the last came from Attorney Smith what steps in his efforts recover $4,840,000 cash and securities ported from assets Bank of Tennessee, of four into receivership. inventory yet has been filed in failure Knoxville, the Bank and Trust Company,
Turn
21.November 18, 1930Muskogee Daily Phoenix and Times-DemocratMuskogee, OK
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37 BANKS IN ARKANSAS CLOSED ONE DAY
Wave of Hysteria Mounts as Financial Institutions Over State Shut Doors
MANY MAY BE REOPENED
LITTLE Ark., Nov. of mounting banking circles of By nightfall 34 banks affiliated Banks company of Little Rock had taken advantage of which permits temporary closing five days suspension of pay. on deposits. Three small banks in addition had ordered closed the state bank department, bringing the total
Sen. Joseph Robinson blamed the hysteria due the nancial difficulties Caldwell and Company Nashville, Tenn. Feels Banks Solvent feel sure the banks solvent," Senator Robinson said. "Arkansas sound financially and soon the excitement the closing the banks has subsided the state return normal conditions and the reopen. Officials the Banks group nounced the closing had been caused fear of hasty withdrawals. The American Exchange Little the first the institutions shut its doors is the largest bank the state Depositors gathered the streets the bank and gazed silently at the announcing had suspended temporarily Within hour from Pine Bluff. the Merchants and Planters Bank and Trust company there. smaller banking institutions southeastern kansas, had failed to open their doors today. Then messages received from Helena that the Merchants Plant ers bank there had closed. Officials said they was solvent but closing protect depositors. coincident this advice the announcement from the department that the Bank McRea, Bank of Branch, and Bank Foulke, small affillated with the Banks group, had taken by the So the list The for few 19. then 27, 32, finally 37. of the closing other parts of the state reached Bank officials and depositors alike tonight the possible outcome of number of closings. Thousands who had their savings in banks of the Rock group any sort conditions in the institutions.
No Runs Reported Rumors heard in the The state law permits the banks to five the end of that time they either reopen for place themselves in the hands of the state bank. ing Banks, one of the wealthiest men officials the 34 affiliated banks come Little Rock for that he had definite plan mind which could be put into effect before the end of the five-day suspenOther banks in Little Rock did business as usual today, and reported runs by depositors. Caldwell and Company of Nashville, difficulties of which Senator blamed today's closings, was placed in the hands of receiver week. The firm was one of the largest investin the south.
Four in Missouri Close JEFFERSON CITY. Mo., Nov. banks northeast Mis. souri today closed their doors. All the closings were direct results the failure last week of the State Savings Loan and Trust company of Quincy, III. The institutions had deposited plus funds in the Illinois bank, and closed protect depositors. The closed institutions: The Downing State bank, Schuyler deposits of The Labell Savings bank, of Lewis deposits of The Farmers and Merchants bank of Grange, Lewis county, deposits The Rutledge Exchange bank of Scotland county. deposits of
22.June 25, 1931The Beatrice NewsBeatrice, NE
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RUN ON IS STARTED BY RUMORS
Offers Reward of $1,000 For Knowledge of the Identity of Persons Who Circulated Reports That Merchants And Planters Bank and Trust Company Faced Insolvency.
Pine Bluff. Ark., Sept. 25 (AP). reward of had been fered here today for of the identity of persons who yesterday circulated rumors the Merchants Planters Bank and Trust Company faced precipitating run the Both officials of the Merchants Planters Bank and of the Banks Company, Little Rock, who majority of the stock in the Pine Bluff Institution, were unable to explain the rumors which resultwithdrawal of approximately $30,000. The bank remained open until late last night tellers paying who desired to withdraw their deposits. reserve of $500,000 was brought from Little Rock in the afternoon and depositors told that funds adequate to cover curdeposits of were on hand needed. confusion resulted from offer of national the bank property. been later was the men had only been requested stand by in case atrobbery disturbances. The bank opened usual today with less than dozen mostly negroes, waiting in front to withdraw deposits. funds were brought in Little Rock this had not found necessary thus far the brought night the run Bank officials expressed the belief that all danger of serious run had passed. Deposits during the first half hour said normal and far exceeding the
23.January 29, 1932The Indianapolis TimesIndianapolis, IN
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Too Many Receivers (From the Pine Bluff (Ark.) Commercial) In the state of Arkansas there are some 190 small banks closed, and in the process of liquidation. The greatest amount of good to the greatest number of people in this tragic instance could be achieved by eliminating unnecessary waste and extravagance in the liquidation of these small banks. When these banks began popping, potential "receivers" began circling like buzzards on the trail of a fallen prey. Instead of organizing our banking department to meet the emergency, by creating a central receiver to handle all of them, they were handed out one and two at a time, and the cost of liquidation will consume a large part of the deposits. It is not too late now to bring about a few reforms in the liquidation of these small banks, by zoning the state and consolidating the receiverships. J. E. Williams, receiver for the Merchants and Planters bank here, who has shown a good record, informs us that he could have liquidated a dozen small banks from headquarters in Pine Bluff at the same time. The banks of Altheimer and Wabbaseka are good illustrations of what the depositors of the small banks can expect. Although they have been closed for more than a year, no dividend has been paid. And the same is true of other small banks in the state. We don't say the cost of liquidating these banks is too high. But we do say the depositors of these banks are entitled to something and would have received a fair dividend had the banks been grouped under one receivership, along with others in this section of the state. If the cost of liquidating banks continues to eat up the assets, then it would be better to abandon any further attempts at liquidation. If what is due the depositors is going to be paid receivers and special attorneys, then it would be better to wipe the slate clean.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
