9680. Pearl River Bank (Columbia, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 13, 1914
Location
Columbia, Mississippi (31.252, -89.838)

Metadata

Model
gpt-5-mini
Short Digest
890f07b0aa8fc6a3

Response Measures

None

Description

Articles (Feb 16–17, 1914) report several large depositors withdrew funds in the prior week, then the bank closed its doors and further payments are suspended, with directors resolving to liquidate — sequence: withdrawals/run, suspension, liquidation/closure. Bank type inferred as state (no 'National' or 'Trust' in name).

Events (3)
1. February 13, 1914 Run
Cause
Bank Specific Adverse Info
Cause Details
Several large depositors withdrew funds during the latter part of the previous week, draining liquidity and precipitating trouble.
Measures
None listed specifically in response to the withdrawals prior to suspension; directors later met and decided to liquidate.
Newspaper Excerpt
One reason given for the suspension is that during the latter part of last week several large depositors withdrew funds from the bank
Source
newspapers
2. February 16, 1914 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors ordered closure and suspension after heavy withdrawals and because the bank was a depository for state and county funds; they resolved to liquidate its affairs at once.
Newspaper Excerpt
By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended.
Source
newspapers
3. February 17, 1914 Other
Newspaper Excerpt
The directors ... have been in session all day with their attorneys. An investigation of the affairs of the bank is being made and a report to depositors and all other creditors will be made later. ... the directors ... resolved to liquidate its affairs at once. (liquidation announced/being arranged.)
Source
newspapers

Newspaper Articles (3)
1. February 17, 1914 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, February 17, 1914

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Article Text

COLUMBIA BANK WILL LIQUIDATE CLOSED ITS DOORS MONDAY MORNING — WAS CONSIDERED STRONG INSTITUTION. Columbia, Miss., Feb. 17.-The Pearl River Bank of this place, considered one of the strongest of the small banks in this section of the state, closed its doors Monday morning with the simple statement that "By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended." An investigation of the affairs of the bank is being made and a report to depositors and all other creditors will be made later. The directors of the bank, of which Felix May of Brookhaven is president and J. E. Watts of this place is cashier, have been in session all day with their attorneys. No further statement could be obtained. One reason given for the suspension is that during the latter part of last week several large depositors withdrew funds from the bank, and the fact that this is a depository for state and county funds, the directors, in con-

2. February 18, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, February 18, 1914

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Article Text

PEARL RIVER BANK AT COLUMBIA CLOSES ITS DOORS Columbia, Miss., Feb. 16. - The Pearl River Bank of this place considered one of the strongest of the small banks in this section of the State, closed its doors this morning with the simple statement that "By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended." An investigation of the affairs of the bank is being made and a report to depositors and all other creditors will be made later. The directors of the bank, of which Felix May, of Brookhaven, is president and J. E. Watts of this place, is cashier, have been in session all day with their attorneys. No.further statement could be obtained. One reason given for the suspension is that during the latter. part of last week several large depositors withdrew funds from the bank, and the fact that this is a depository for State and county funds, the directors, in consultation Saturday night, resolved to liquidate its affairs at once. Complete confidence is expressed both by depositors and the public generally in the integrity and abil+ ity of the officers of the bank and its intentions to pay every depositor in full. The bank was capitalized about eleven years ago at $30,000 and has $10,000 surplus.

3. February 27, 1914 The Olneyville Times Providence, RI
Article from The Olneyville Times, February 27, 1914

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Article Text

General A slight earthquake was felt at Reno, Nev. The Massachuetts Senate defeated the bill to make Jan. 1 a legal holiday. Business was suspended in Macon, Ga., during the funeral of Senator Bacon. Negro pupils in Kansas City schools cost $1.88 more per pupil for tuition than whites. Mayor Mitchel appointed a committee to arrange for New York City's exhibit at the Panama Pacific fair at San Francisco. Abbott Kinney, founder of Venice, Cal., offered $1,000 a pound for the first grandson born to him. He paid $10,000. The Overlook Shelleck School, at Nyack, N. Y., was destroyed by fire at a loss of $50,000. Suffragists invaded the Philadelphia Stock Exchange and caused a brief suspension of business. The large steel furnace at McKeesport has been relighted, giving employment to 8,000 persons. The New York Park Department distributed a wagon-load of peanuts among park squirrels.. William Baily and Erastus Spencer, woodchoppers, were frozen to death at Haddam, Conn. The Miller's River National Bank annex at Athol, Mass., was destroyed by fire. Loss, $30,000. Representative George J. Kindel announced his candidacy to succeed Senator Thomas of Colorado. Governor Fielder of New Jersey ordered a special election to fill the vacancy caused by the death of Representative Bremner. Pittsburgh is to have "movie" theatres divided into three compartments -for women, men- and women, and men. The first ship through the Panama Canal will carry the peace flag-the g with a border of United States hite. Lather Williams, 14 years old, died at Mobile, Ala., from hydrophobia as a result of being bitten by a cur dog recently. The Navy Department will return the old frigate Constelation to Rhode Island after being exhibited at the Star Spangled Banner celebration at Baltimore. The New York State Assembly passed a bill permitting women to act as watchers at election polls. Mrs. Kate Kontosky died at her home in Collinsville, Conn., aged 103 years. The use of rattlesnake venom for the cure of epilepsy is being tried in the West Virginia Anylum for incur ables. The Pearl River Bank at Columbia Miss., capital $30,000, closed its doors Fire destroyed Medwin Block, at Al bany, N. Y., causing a loss of $100,000 An ear of corn from Minnesota known at exhibitions as "The $1,00 ear," was stolen from National Cori Exposition at Dallas, Texas. The steamboat Queen City sank in eight feet of water in the Ohio Rive at Louisville, Ky. The 110 passenger were rescued. San Domingo is the 13th nation t sign a peace treaty with the Unite States at the instigation of Secretar: Bryan.