Central Bank (Jackson, MS)

Episode Information

Episode UID
1871903591285
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
187190359 hash
Start Date
January 1, 1907*
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3ef14c8e3cf6373f

Response Measures

None

Description

Bank closed during the 1907 panic and was later placed in receivership; promoters were indicted for embezzlement.

Events (2)

1. January 1, 1907* Receivership
Newspaper Excerpt
established with a capital of $500,000, understood a receiver. ... the receivership is only temporary. ... failure several years ago of the Central Bank of Mississippi ... returned him to Jackson to await trial on charges of embezzlement and violations of the state banking laws.
Source
newspapers
2. October 1, 1907* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed during the financial panic of 1907 with virtually no assets; later investigations alleged embezzlement and violations of banking laws by the promoter.
Newspaper Excerpt
when it closed its doors, during the financial panic of 1907, it had less than ten dollars in the vaults.
Source
newspapers

Newspaper Articles (6)

Article from The Grenada Sentinel, February 29, 1908

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Article Text

Mississippi Stews Insurance Commissioner T. M. asking Henry received an inquiry Exchange of if having Druggist Indemnity transact busithe is authorized to follows: St. Louis in Mississippi, replied as referred ness say that the concern busi"Beg to authorized to transact made to is in not Mississippi, and has never who ness to be. Every person an attempt business therefor is violating adesolicits and should be punished, in secI the law, penalties being provided code. quate 2615, 2616 and 2643 of the against tions will make affidavits arrested and trust the parties, you have them departYou can depend on assistrnce this in tried. ment to render you all the do everything I want to kinds of its power. to rid the State of all people wildcats, possible and to protect the loss octhemselve Should a insuragainst a policyholder covered by the cur to in an unauthorized company to ance could not send an adjuster brought company the loss, nor could suit be Thus the adjust Mississippi to recover. absoin holder would be placed policy at the mercy of the heard company, of a lutely and I have rarely kind where known or the company sible. case failed of to this take all the advantage posCentral Bank of Mississippi, one year ese The at Jackson less than is in the tablished with a capital of $500,000, understood ago a receiver. It is condition hands the of present embarrassed by reason that the bank is brought about which has of the financial stringency banks of the stability of certain districts, impaired merchants in the country righted, and the affairs willsoon be temand and that that the receivership is only porary. of Willis, a negro, convicted peddler, Doc Sol Aronovitz, legally a exemurdering Leland Oct. 22, was Willis near at Greenville last week. wanted cuted Aronovitz because he in a most killed committed his crime victim $2, and manner, clubbing his him for brutal insensibility and leaving dead into in a thicket by the roadside. grand commandery, Knights at HatThe at its session held from Templars, resolved to break away the extiesburg Lodge organization to session the Blue its annual grand tent of holding time from the regular taken at a different action was grand lodge. This that under the it was found grand combecause arrangement the enough to mandery present did not get time transact all of its business. The independent telephone have joined corpora- the tions in Mississippi in the fight against bill, the the Cumberland physical connection all teleEngle of which is to compel their lines purpose phone companies to connect and pro rate the tolls. Mrs. Maud Ballington reform Booth, movement who is leading the prison the rounds of Southern and is making paid a visit to the Misfarms, State prisons, and afterward addressed sissippi convict the State legislature along the lines of prison reforms. General Manager White, of the that Lib erty-White railroad, declares State would be 2-cent rate law in railroad this in Mississippi; suicidal to smaller every lines can hardly the exist travthat the the present time and give eling at public a good service. The anti-backet shot bill, an end a measure to all which absolutely puts this State, has in futures in and is dealings been approved by the governor, now law. being A a monster petition to prepared the Mississippi by emlegislature is railroads in this State before in opposition ployecs of to the proposition a 2-cent paslegislature to enact are the law. The employees of senger rate that any further reduction reearnings fearful of the railroads will cause ductions in salaries. have been no less than The 1.000 vicThere grip at Columbus. white peocases of entirely among the and factotims are many stores, offices account of ple, and are sadly crippled on illness ries among employes. the the age of 92 Henry Pittman, county, At citizen of Montgomery "Uncle Henry," oldest died near Kilmichael. familiarly known, was 2 memand men as ber he of was the Baptist church for 70 women, years. arrested Twenty negroes, at Brookhaven on the detecNegro tives charge were were of selling employed liquor. to land the bootleggers. of bad condition the circuit of the roads On the at account Ashland February was term postponed of tilt the court regular term in August. The house appropriations an committee consonning cannying bill


Article from The Hattiesburg News, January 10, 1911

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Article Text

TO CLEAR NAME RICE WILL FIGHT Jackson, Miss., Jan. 10.-W. J. Rice, who, with N. T. Anders of Jackson, and B. T. Head of Birmingham, was indicted in connection with the failure of the Central Bank here in 1907 is determined to clear his name. He has retained counsel and proposes to show the public wants of those who were large stockholders in the bank and who were never assessed to pay the $35,000 claims of the receiver. It is claimed that the financiers subscribed large sums to the capital stock, but never paid in a cent. If they are now forced to pay their share of the losses, Mr. Anders would get back part of the money forced from him at the wind-up of the case.


Article from The Richmond Palladium and Sun-Telegram, December 16, 1911

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Article Text

"FRENZIED FINAN: CIER" FACES TRIAL (National News Association) JACKSON, Miss., Dec. 16.-The many persons who suffered financial loss through failure several years ago of the Central Bank of Mississippi are looking forward with much interest to the trial of W. J. Rice, which is scheduled to begin here Monday. Rice was the promoter of the bank and in en. tire control of the institution. The bank was capitalized at half a million dollars, but when it closed its doors, during the financial panic of 1907, it had less than ten dollars in the vaults. Revelations following the bank's failure tended to show, according to the authorities who conducted the investigation, that Rice was a typical "Get-Rich-Quick Wallingford." He is alleged to have started "wild cat" banks and inaugurated other schemes of finance in Kentucky, Missouri. Illi nois and several other states. Efforts to learn his whereabouts after the failure of the Central Bank of Mississippi were for a long time fuitle. Recently the Mississippi authorities located the former banker at his home in Moorehad, Ky., and after successfully fighting a habeas corpus proceedings brought to resist the requisition, returned him to Jackson to await trial on charges of embezzlement and violations of the state banking laws.


Article from Semi-Weekly Herald, December 18, 1911

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Article Text

"Frenzied Financiers" Face Trial. JACKSON, Dec. 16.-The many persons who suffered financial loss through the failure several years ago of the Central bank of Mississippi are looking forward with much interest to the trial of W. J. Rice,, which is scheduled to begin here Monday. Rice was the promoter of the bank and in entire control of the institution when it closed its doors, during the financial panic in 1907, it had less than $10 in the vaults. Revelations following the banks failure tended to show, according to the authorities who conducted the investigation, that Rice was a typical "Get Rich Quick Wallingford." He is alleged to have started "wild-cat" banks and inaugurated other schemes of finance in Kentucky, Missouri, Illinois and several other states. Ef. forts to learn his whereabouts after the failure of the Central bank of Mississippi were for a long time futile. Recently the Mississippi authorities located the former banker at his home in Morehead, Ky., and after successfully fighting a habeas corpus proceeding brought to resist the requisition, returned him to Jackson to await trial on charges of embezzlement and violations of the state banking laws.


Article from The Big Sandy News, December 29, 1911

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Article Text

TEN DOLLARS ASSETS. Jackson, Miss., December 18The trial of W. J. Rice, president of the defunct Central Bank of Mississippi, began today. Rice was the promoter of the bank and had entire control of the institution. The bank was capitalized at $500.000, but when it closed its doors during the panic of 1907 with $250 000 liabilities it had less than $16 in the vaults. Rice in alleged to have started wildcat banks and inaugurated other schemes in Kentucky, Missouri. Illinois and other states. Efforts to learn his where abouts were for a long time futile. Recently the Mississippi authorities located him in Morehead, Ky., and after successfully fighting a habeas corpus proceeding returned him to Jackson to await - trial on charges of embezzlement and violation of the state banking laws.


Article from The Hattiesburg News, June 17, 1912

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Article Text

BANKER RICE TO BE GIVEN TRIAL Criminal Term of Court Convenes in Hinds County Today-Four Murder Cases. Jackson, Miss., June 17-The criminal term of circuit court for June opened here today with Judge W. A. Henry on the bench. The docket is composed principally of blind tiger cases although several murder cases are expected to be disposed of at this term, the session having opened one week earlier than usual in order that the docket may be cleaned up in the end. While the whiskey cases seem to have first call, an early trial for W. J. Rice, the banker who fled from this state after the failure o fhis Central Bank here in 1907, and who was captured and brought back is predicted by attorneys on both sides. A long legal battle will ensue when Rice's case is called as the accused has been indicted on several counts. His attorneys will attenipt to show that he was the scape goat for others who left him in the lurch during the great financial panic. Of the murder cases, four of the S men who are to be placed on trial for their lives are white men, two of them, brothers, being under age. t. Opinion of Supreme Court 'A long list of opinions was handed S down this morning by the Supreme r Court of Mississippi, a majority of W which affirmed the finding of the lown er coutrs. Several damage suits Dagainst railroads which were appeale ed from the Hinds County court on to failure to obtain damages, were affirmof ed. aBody of Unknown Negro in River d A coroner's jury failed to identify re the body of an unknown negro found e floating in Pearl river near the city ly on Saturday. The report that at first egained circulation leading to the bey. lief that the body was that of a white ed citizen of Jackson was found to be leerroneous. This is the third body ed that has been dragged from Pearl nriver recently. pi Sunday was Hottest of Year n, Sunday proved to be the hottest es day of the year, the thermometers runto ning well up into the nineties in the te shade on the streets of Jackson, hav being the citizens sweltering for hours during the afternoon.