Hutchings First National Bank (Siloam Springs, AR)

Episode Information

Episode UID
1350601582
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
135060 national
Charter Number
13506
Start Date
October 1, 1931*
Location
Siloam Springs, Arkansas (36.188, -94.540)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e8d3b96d04a12216

Response Measures

None

Receivership Details

Depositor recovery rate
8.8%
Date receivership started
1931-11-02
Date receivership terminated
1937-09-21
Share of assets assessed as good
10.8%
Share of assets assessed as doubtful
51.6%
Share of assets assessed as worthless
37.6%

Description

The articles discuss a replevin suit by the receiver to recover collateral; the bank is confirmed closed by October 1931 based on the text and the provided receivership date.

Events (4)

1. December 6, 1930 Chartered
Source
historical_nic
2. October 1, 1931* Suspension
Cause Details
The bank closed prior to the receivership date, but the specific trigger for suspension is not detailed in the provided text.
Newspaper Excerpt
the Arkansas bank was closed
Source
newspapers
3. November 2, 1931 Receivership
Source
historical_nic
4. November 2, 1931 Receivership
Newspaper Excerpt
L. R. Kershaw, Muskogee, Ok., receiver for the Hutchings First National Bank of Siloam Springs, Ark.
Source
newspapers

Newspaper Articles (2)

Article Text

COMMISSION MAN ROBBED OF $625 George Wurth Held Up by Bandits Who Hid in Garage. George Wurth, 3129 Vine Grove avenue, a commission merchant at 710 North Third street, was held up and robbed of $625 in cash at 6:15 o'clock yesterday morning by two bandits who were hiding in a garage at 3127 Vine Grove avenue, where Wurth keeps his automobile. After robbing Wurth, according to his report to police, which was not made until eight and a half hours after the robbery, the bandits locked him in the garage, securing the door from the outside by placing a horse shoe in the asp. Although ordered to remain quiet, Wurth's calls for help after the robbers departed, attracted the attention of Leo Cole, 3127 Vine Grove avenue, who released him. Wurth, according to police, said he had unlocked the garage and had switched on the lights when the bandits, both covering the lower part of their face with handkerchiefs, accosted him and ordered him to throw up his hands, one of the robbers holding his hand in his pocket as though it contained a revolver. In addition to the cash the bandits also took a key to Wurth's safety deposit box. TRANSPORTATION RULE OVER, SAYS ASHBURN Inland Waterways Head Decries Railroads' Efforts to Fight Competition. By Associated Press. KANSAS CITY, MO., January 21.β€”Abandonment by railroads, inland waterways and other forms of transportation of attempts to grow at the expense of crippling the opposition was said tonight by Maj. Gen. T. Q. Ashburn, chairman of the board of the Inland Waterways Corporation, to be an economic necessity. Speaking before the Kansas City Traffic Club, Maj. Gen. Ashburn said a proper recognition by the nation's transportation groups, particularly those of rail and water, of their interdependence, would prove mutually beneficial. He expressed belief that "the day of complete dominance of any form of transportation in the United States is passing rapidly away." In a discussion of the rail-truck controversy over the transportation of cotton, Gen. Ashburn reported the railroads had asked him to refuse to haul cotton coming to the Federal barge lines at Memphis by truck "unless all water rates were charged sufficient to equalize the cost of movement to our ports either by truck or rail." VANDEVENTER LINE TO GET NEW BUSSES Five Modern Coaches to Be Installed in Service Tomorrow. Five new-type busses of advanced design have been purchased by the St. Louis Public Service Company for use on the Vandeventer bus line. The busses are expected to go into operation tomorrow, replacing the light-green colored busses which have been temporarily operating on that line. The most distinctive feature of the new vehicles is the center exit-doors, similar to the design of the new street cars. This type was chosen for the Vandeventer line because of the heavy use of that line by transfer passengers. The center-exit street cars have proven that this type is best to handle a circulating load. Actual counts having shown that a buss on this line requires shifting of gears 3700 times each day, the new busses have been equipped with the latest type vacuum clutch as used on the new model pleasure cars. This mechanism automatically disengages the clutch when the motor slows down, and it will be unnecessary for the operator to operate the clutch at any time. Another departure from usual design is that the motors in the new busses are located in the rear, which eliminates the noise and fumes from the passenger compartment. BANKERS CONDEMN POSTAL SAVINGS BILL State Council Opposes Increasing Limit from $2500 to $10,000. SPECIAL DISPATCH TO THE GLOBE-DEMOCRAT. SEDALIA, MO., January 21.β€”The council of administration of the Missouri Bankers' Association, meeting here today, went on record as opposed to a bill before Congress to raise the limit of deposits by an individual in postal savings banks from $2500 to $10,000. Members of the association were urged in a special letter to send an immediate protest to Milton A. Romjue, Missouri member of the subcommittee studying the bill, asking him to use his influence against any increase. A resolution commended President Hoover and bankers for establishing the National Credit Corporation, which was praised as being "responsible in a large measure for the return of confidence now being enjoyed in our banks." Congress was praised for "giving the right of way to questions which tend toward the relief of credit, encouragement of business activity and the preservation of property values." Another resolution declared the association should "boldly combat the derogatory propaganda against banks and bankers who, too frequently, are charged with the responsibility of these depressing times." BANK RECEIVER ASKS $50,000 NOTE RETURN Replevin Granted Against Grand National by Judge Faris. A replevin suit for recovery of $50,000 worth of promissory notes from the Grand National Bank of St. Louis and its president, Ed Mays, was filed in Federal Court yesterday by L. R. Kershaw, Muskogee, Ok., receiver for the Hutchings First National Bank of Siloam Springs, Ark. With the suit was filed an affidavit in replevin and Federal Judge Faris issued an order for the defendants to deliver the notes to the receiver or if not delivered the marshal should take them. Neither Kershaw nor his attorneys, Charles P. Williams and Chas. M. Polk, would discuss details of the suit, but Mays when informed of it said his bank obtained the notes last October before the Arkansas bank was closed as additional collateral for a loan. "We had collateral of about $250,000 face value, for a $60,000 loan," Mays said, "but for fear it was not sufficient asked for more and received the notes from the president of the bank before it was closed. "It looks like there is nothing else for us to do but turn the notes over on the order pending a hearing later on the suit. I will refer the matter to our legal department."


Article Text

OZARKS BANK RECEIVER FILES SUIT AT ST. LOUIS ST. LOUIS, Jan. 21.-(AP)-Suit was filed in federal court here late today by L. R. Kershaw. receiver for the Hutchings First National bank of Siloam Springs, Ark., against the Grand National bank of St. Louis and Ed Mays, its president, to recover notes of $50,000 aggregate face value. Damages of $2000 also are sought. The notes, it is alleged, were taken wrongfully from the Siloam bank by the Grand National bank which has refused to return them. About notes are involved, the face value of which ranges from $10 to $7000. RATE IS UNCHANGED NEW YORK, Jan. 21-(AP)-The New York Federal Reserve bank today announced no change in the 3Β½ percent rediscount rate.