9691. Peoples Bank (Crystal Springs, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 19, 1931
Location
Crystal Springs, Mississippi (31.987, -90.357)

Metadata

Model
gpt-5-mini
Short Digest
ec75886ef73eff25

Response Measures

None

Description

Newspaper accounts state a heavy run on Sept. 19, 1931 caused directors to close the bank; by Sept. 22, 1931 a notice was posted. Articles describe the run as caused by 'rumors' and note the town was left without banking facilities and that efforts to reopen were being made, but no reopening is reported. OCR errors in articles corrected (e.g., dates and fragmented lines).

Events (2)
1. September 19, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals immediately before closing on Sept. 19, 1931, attributed in notices and press to rumors about the bank.
Measures
Directors decided to close the bank for the best interest of depositors; notice posted on front door.
Newspaper Excerpt
Due to heavy run on this bank just before closing Saturday, September 19th, 1931, afternoon, caused by rumors,
Source
newspapers
2. September 22, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank following the run caused by rumors; closure notice posted Sept. 22, 1931 referencing the Sept. 19 run.
Newspaper Excerpt
The following notice was pasted on the front door of the Peoples Bank this morning: 'Due to heavy run...the directors have decided it is for the best interest of the depositors to close.'
Source
newspapers

Newspaper Articles (3)
1. September 22, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, September 22, 1931

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Article Text

CRYSTAL SPRINGS BANK SHUTS DOWN Run Saturday Caused Action By Directors Notice Declares CRYSTAL SPRINGS, Sept. The following notice was pasted on the front door of the Peoples Bank this morning: "Due to heavy run on this bank just before closing Saturday, September 19th, 1931, afternoon, caused by rumors, the directors have decided it is for the best interest of the depositors to close." Signed, The Peoples Bank, S. Roberts, cashier. The Peoples Bank was organized in 1922 and had of $50,000 surplus $10,000. W B. McCluney was president, and W. Scott, Sr., vice president. The directors Biggs, Jr., W. H. Russum, Fairman, W. W. Price and M. McNeil. Loans were something over $200,000. This leaves Crystal Springs for the first time in over sixty years with no banking facilities, as the other bank here failed in 1922 and every effort wlil made to reopen the Peoples Bank. The depositors are behind movement to freeze

2. September 27, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, September 27, 1931

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Article Text

Runs By Another State The Peoples Bank at Crystal Springs closes and that thriving Copiah town without banking facilities for the first time in over 60 years. with the people in the difficulties this situation creates. But statement by the cashier of the closed bank is correct, is largely their fault, was the case other many sissippi towns last fall when many banks were closing. cashier's statement says: to heavy this bank just before closing Saturday, September 1931, afternoon, caused by the rumors, directors have decided for the best interest of the Note the phrase, This has been the true obituary of many solvent banks in Mississippi. find credulous and unreasonable, pected wreck solvent banks. hope efforts to reopen this bank, started immediately after was closed, prove successful with little delay. There should be law carrying heavy penalty against who wilfully any person carelessly spreads false reports about the condition of banks and other enterprises dependent entirely public upon

3. September 30, 1931 Semi-Weekly Journal McComb, MS
Article from Semi-Weekly Journal, September 30, 1931

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Article Text

Politics, People Gathered from Exchanges Mississippi and Other States RUNS "CAUSED BY RUMORS" WRECK ANOTHER STATE BANK The Peoples Bank at Crystal Springs closes and that thriving piah without banking facilities for the first time in over 60 years. We sympathize with the people in the this situation creates But statement by the cashier of the closed bank correct. largely their fault, even as was the case many other Mississippi towns ast fall when many banks were closing. The cashier's statement says: "Due heavy run on this bank ust before closing Saturday, September caused the have decidit for the best interest of the depositors close. Note the phrase, "caused by This been the true obit'ary many solvent banks in Mississippi. Rumors credulous ears and unreasonable. unexpected 'runs' wreck solvent banks We hope efforts reopen this bank. started immediately after was closed, prove successful with delay. There should be law carrying heavy penalty against any person who wilfully spreads false reports the condition of banks deenterprises pendent entirely upon public confidence for their successful operation. The good citizens of the state should and promptly call the hand of any irresponsible person who starts rumor about the financial institutions the state with- those age-old alibis for escaping "they and you hear.