249001369 24900
national
e8dff6e85c39a0e5Capital injected, Full suspension, Books examined
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Third in Two Weeks. PENSACOLA, Fla., Jan. 8.-Dullness of the lumbtr market and withdrawal of deposits were the reasons asigned for the closing today of the First National bank, one of the largest banks in Florida. It it the third bank closing in the south within one week.
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Pensacola Bank Closes Its Doors Big Depositor Unable to Pay Draft, Starts Run on Bank. Pensacola, Fla., Jan. 8-Failure of the First National Bank of Pensacola to open its doors for business today was explained by officials of the bank as due to the withdrawal yesterday of the accounts of a number of depositors. These withdrawals, it was pointed out, probably resulted from the fact that the Crow, Rudolph & Company, Liverpool Lumber broker, had issued a statement of its inability to pay drafts for approximately $500,000 held by the bank. The other local banks were not affected and their officials said they were prepared to meet any emergency. Washington, Jan. 8-The comptroller of the currency early today dispatched a national bank examiner to Pensacola, Fla., to look into the affairs of the First National Bank of Pensacola which failed to open its doors today. The last report on the condition of the bank showed its capital at $500,000, deposits $1,349,782; gross assets, $2,951,800.
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BANK OF PENSACOLA FAILS TO OPEN DOORS Controller of Currency Sends Examiner to Look Into Affairs of Concern. PENSACOLA, Fla., January S.-Failure of the First National Bank of Pensacola to open its doors for business today was explained by officials of the bank as due to the withdrawal yesterday of the accounts of a number of depositors. These withdrawals. it was pointed out. probably resulted from the fact that Crow, Rudolf & Co., Liverpool lumber brokers. has issued a statement of its inability to pay drafts for approximately $500,000 held by the bank. The statement issued this morning was as follows: "At the close of business yesterday we discovered that an unusual number of depositors had withdrawn their accounts in full. Following this. rumors that the affairs of the bank were in bad condition began to be circulated. Feared Run on Bank. "Realizing that these rumors probably would result in a run on the bank if it opened for business today, we decided to close its doors. "We have notified the controller of the currency and now are awaiting his directions. Withdrawals of accounts by depositors probably resulted from the fact that the bank held large drafts on Crew, Rudolph & Co. of Liverpool, and that this firm had issued advices that it could not pay these drafts. The bank, however, was making what we had every reason to believe and still believe would be adequate provision to protect these drafts. but the circumstances mentioned precipitated matters SO that the measures we have taken could not be made effectual in time." There was no excitement here over the failure of the First National to open this morning. The other local banks were not affected and their officials said they were prepared to meet any emergency.
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PENSACOLA BANK FAILURE PUZZLE Washington Waits for Details on Million Dollar Institution Which Suffered Run. WASHINGTON, Jan. 8.-The suspension of the First National Bank of Pensacola, Fla., was reported to the office of the Comptroller of the Currency to-day. The report of the bank's condition on October 21, 1913, shows its resources to have been $2,951,798. as follows: Loans and discounts, $1,343,344; U. S. Bonds to secure circulation and deposits, $590,400; premium on bonds, $6,500; bonds, securities. etc., $200,533; banking house, $114,168; other real estate, $15,000; due from banks, $519,146; cash, checks, etc., $136,707; and redemption fund, $25,000. The liabilities were divided as follows: Capital and surplus, $503,000; undivided profits, $17,835; circulating notes, $500,000; due from banks, $421,136; deposits, $1,349,782; cashiers' checks outstanding, $159,000, and deposits of U. S. disbursing officer, $145. "We are puzzled concerning the troubles of the bank." said Acting Comptroller of the Currency Fowler. "The only information now in our possession as to the bank's troubles is a telegram from President F. C. Brent, which states the bank was closed and asked that we send a representative to him. "I have instructed R. W. Goodhart, bank examiner, to leave Washington at once for Pensacola. I have also requested President Brent for further information, but have received no reply. I can hardly believe that the bank is insolvent and I am sure that the trouble is purely local."
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That the First National bank will be reopened by means of a consolidation of the closed institution with one of the other banks here, and that such a consolidation. If made, will be consummated not later than Saturday of this week, is the statement of Federal Bank Examiner S. O. Goodheart who was sent here by the comptroller of currency to take charge of the affairs of the First National bank. He said that such an amalgamation would result only from a cooperation of all the business people of the city, great personal sacrifices on the part of the dt. rectors and stockholders of the First National and added that the other banking houses of the city seemed willing to lend all aid possible toward bringing about an amicable settlement of the present unsettled financial conditions. MR GOODHEART TALKS A Journal representative four I Mr. Coodheart in his room at t' can or error Carlos hotel with Thomas an officer of the First Net her asked for a sis'er "We are working or or a can Ion of loral Cark local barks. I would dicate which of the local bar consolidation will be made wi it cause I would ather they would for themselves but I will say that both the other banks show an Inelination to assist in every way possible "The consolidation will result only from great personal sacrifices by the directors of the First National bank which they are willing to make and have so indicated to me The direct tors are also hopeful that every de positor will be paid in full and are working to that end as T3 didiy as possitle We have teen in the bank since 9 o'clock this morning and will ably RO back avain tonight You UIIderstood that the adjustment of the affairs of a closed bank means hard and constant work ALL MOVING STEADILY "Negotiations have reached a point." continued the examiner, "where a consolidation is very possible-you may say probable-and I want The Journal to encourage the idea of a consolidation, show that it will be best for all concerned, and create a sentiment that will cause the public to insist upon hat kind of arrangement which can be brought about only by the coopera. tion of everybody connected with the bank and the earnest and hearty supsort of the entire business community The other two banks show an indtcation to assist in every way possible. If the consolidation is effected the tank will be opened not later than Saturday." DEPOSITS AVAILABLE SOON. As soon as the amalgamation is brought about the funds of the depositors will be available. In case the bank should go to 11guidation. which does not seem probable from the remarks of Examiner Goodheart, receivers would not be appointed by the courts but by the comptroller of currency at Washington There is maintained by the government a corps of experienced receivers. It is not thought. however that it will be found necessary to call upon the government for the appointment of rereivers. The consolidation of the First National bank with one of the other banks here, which would prove the solution to the entire financial di:emma in which Pensacola now finds itself, seems to be almost certain, and that at a very early date.
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STATE BANK NOTES BEING PAID SLOWLY FAILURE OF FIRST NATIONAL HAS INTERFERED WITH COLLECTIONS BY STATE BANK RECEIVERS. According to W. Clyde Roberts, one of the receivers of the Pensacola State Bank, recently ordered closed by the State Comptroller, the recent failure of the First National Bank in Pensacola is seriously effecting collections of outstanding notes and other amounts due the defunct State Bank. Since the complete invoice of all assets, liabilities and physical property of the Pensacola S ate Bank was completed by the receivers, J. B. McNeill and W. C. Roberts, and filed with the clerk of the criminal court of record, the receivers have been busy collecting on all notes possible. As soon as sufficient funds have been received, Judge Kirke Monroe, of the criminal court of record, will be notified and he will declare the first dividend for the depositors, and as more money is collected other dividends will be declared from time to time.
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THINK SUSPENDED BANK WILL SOON RESUME Pensacola. Jan. 22. Stockholders of the First National Bank held a joint meeting yesterday and appointed a committee to deal with a number of outside e-pitalists who are figuring upon taking over the bank in trouble and opening it 11D for business. \ number of outside bankers were at the conference which was held through the efforts of National Bank Examtner Good hart, who is of the opinion that the bank will soon be opened up and be ble to pay the depositors in full.
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A Third Bank For Pensacola. It is very evident to the business interests here that Pensacola needs three banks. At this time the community interest should center on the organization of an institution to take over the business of the First National bank. Regardless of who has or who has not stock and deposits in the distressed institution, it is to the interest of all Pensacolians that the million and a half dollars of deposits now tied up in the First National bank, be released at this time. A receivership means absolute and lengthy liquidation and heavy costs to the depositors. The organization of a bank and trust company to take over the business of the First National, as is now proposed, means more than many of us have hitherto realized. Liquidation of the First National bank, which would require years, may mean the ruin of many local men and businesses, who might, if a reorganization can be effected, work out all of their obligations speedily. In order that Pensacola's business interests may be conserved, all Pensacollans should give the movement to organize a. third bank their earnest moral and financial support, and the slogan should be "A Third Bank for Pensacola."
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# THE TRUST COMPANY AND # THE FIRST NATIONAL BANK Editor Pensacola Journal: The failure of two of our banks in rapid succession, together with the bankrupt cases following, is a matter that should cause every man to pause and study the reasons why such an economic misfortune should occur in a city so well situated, and full of advantages, which other cities are devoid of, and yet more prosperous and progressive. We do not believe that the causes lie hidden in a problem too deep to be unearthed. We believe that they stand out as plainly as a torch light procession on the darkest kind of a night, and the features, instrumental in bringing about our present depression, may be resolved into evils which could have been avoided by proper vigilance and business caution. What these evils are should be known by every business man, and to define them will require but a few brief sentences. Easy credit, the extremes to which loans were carried, free from the proper safeguards to protect them: the inconsiderate way in which they were granted by the lender: the indifference of the borrower to the importance of redemption, and an extravagance equal to a Sultan of "Turkey;" stranded a city, whose prospects are as bright if not brighter than any city in the south. The shock given our city by business maladministration, is not too severe for us to survive, and we regard it but a lesson taught by natural law for the benefit of man in his future progress, and we believe that the proposition to take over the responsibilities of the First National Bank, by forming a Trust Company, is the best that could be devised, and should receive the support of every depositor, business man, and citizen who has his city at heart. We appeal then to the few doubting Thomases whose confidence has been shaken by the unfortunate suspension of one of the oldest banks in the state, not to oppose a movement which we think will redound to the interest of our city and all concerned. While we know that it is natural for man to lose confidence in human enterprises when once injured, thereby, from bad management, we still cling to the determination of repairing the injury by a more rigid discipline in business methods, and a vigilance, which will restore a confidence greater than that practiced in the past, and which will place business on a sounder basis and a more perfect safety. We stand then, squarely in favor of the Trust Company taking over the bank, resuming business, and saving an institution, which an opposition thereto, would be an evidence of weakness on our part, and which we should be ashamed to acknowledge. B. J. GONZALEZ.
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The Pensacola Journal draws a suggestive argument in favor of a law guaranteeing bank deposits from a recent transaction in that city. Pensacola kad a deposit of $25,000 in the First National Bank of that city, which recently failed. This deposit was insured by a Baltimore guarantee company at a cost of $125 per year. The other day the company handed the city a check for the amount of its deposit in the suspended bank. The Journal says: "If a surety company can make these guarantees, and profit by the business, at a cost of 1-2 of one per
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PENSACOLA BANK PAYING IN PART Depositors in Defunct First National Recover Some of their Dough Pensacola, Feb. 27.- Within about a week the depositors of the suspended First National Bank will be in position to realize about 50 cents on the dollar of their claims against the defunct institution. R. W. Goodhart commenced to prove claims yesterday and as soon as about one thousand of the claims have been proven he will begin to issue receiver's certificates which will be transferable and upon which money may be borrowed. According to statements of local bankers the loan value of these certificates will be at least 50 cents on the dollar.
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SUSPENSION OF FIRST NATIONAL WILL BE PROBED United States Court Convenes Tomorrow, Judge Sheppard Presiding. ACCOUNTANTS AND ATTORNEYS CONFER District Attorney Love Ar rives in the City and Yesterday Afternoon Had Long Conference With Two Expert Accountants Who Have Been Going Over the Books of Suspended Bank.
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Four Men Are Indicted For Wrecking a Bank Pensacola, Fla., Aug. 4.-A federal grand jury here today returned indictments against W. K. Hyer, former president; W. H. Knowles, former vice president; Thomas W. Brent, former assistant cashier of the First National bank, and W. S. Keyser, president of the Keyser-Muldon Lumber companhy, charging them with aiding in misapplication of funds of the First National bank which suspended here some time ago. Knowles' bond was given at $10,000, and the others at $8,000 each. All gave bond.
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DEPOSITORS IN MEETING WITH BANK RECEIVER DISCUSSED AFFAIRS OF THE SUSPENDED FIRST NATIONAL BANK AT MEETING ON INTENDENCIA STREET. A meeting of Receiver W. H. Milton and the committee representing depositors of the First National bank was held last night at the new quarbers of the receiver on West Intendencia street, when matters were discussed regarding the liquidation of the suspended bank's assets. The depositors were well represented, a number of prominent citizens attending the meeting, which continued until a late hour.
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WomenMustPay Assessments On Their Bank Stock BY ASSOCIATED PRESS. Washington, Feb. 28.-The supreme court today denied the application of Mrs. Mary C. Keyser, of Pensacola, for a review of the decrees of the Florida federal courts holding her separate statutory property could be subjected to sale to pay a judgment against her for an assessment upon her stock in the First National Bank of Pensacola. The judgment was recorded by W. H. Milton, receiver of the bank, after it suspended two years ago.
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W. H. Milton Refuses to Confirm Washington News About Him. MAKE STATEMENT WITHIN DAY OR TWO Further Developments Are Awaited With Considerable Interest. SPECIAL TO THE JOURNAL. Marianna, Fla., Aug. 14.-A report reached this city tonight that Hon. W. H. Milton has resigned the receivership of the First National Bank of Pensacola. Mr. Milton, being a resident of Marianna, a representative of The Journal called him over the telephone and asked for a statement on the subject. This, however Mr. Milton declined to give at this time, stating that he would make a statement within the next day or two. He declined to either confirm or deny the report, which is of great interest to the people of this city and section, owing to the prominence of Mr. Milton and of the institution of which he has been receiver for more than two and a half years. Further developments in the matter will be awaited with interest. Mr. Milton just recently has declared a five per cent dividend as receiver on the deposits of the defunct bank, making a total of sixty per cent thus far returned to the depositors.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, Zaug2mo Pensacola, Fla.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E Clark, P. O. Box 1257, Zaug2mo Pensacola, Fla.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.
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WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.
Click image to open full size in new tab
WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.
Click image to open full size in new tab
WILL BUY or sell bank stock. Will pay 5% for receiver's certificates First National Bank. Address M. E. Clark, P. O. Box 1257, 2aug2mo Pensacola, Fla.