gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
daf8370f01f75545
Response Measures
None
Description
State-wide banking holiday preceded heavy withdrawals; receivers appointed later in March and bank remained closed.
Events (3)
1.March 5, 1933Run
Cause
Macro News
Cause Details
Withdrawals precipitated by bank closings and banking holidays in New York and neighboring states causing strain on Virginia banks.
Measures
Limited withdrawal on savings accounts (passbook contracts) and restrictions to $10 without notice.
Newspaper Excerpt
considerable sum was withdrawn yesterday from banks... The American Bank and Trust Company applied the agreements passbook contracts savings accounts the extent of limiting withdrawal savings account deposits without notice $10.
Source
newspapers
2.March 6, 1933Suspension
Cause
Government Action
Cause Details
State-declared two-day banking holiday (Governor Pollard) in response to New York and other banking closures and pressures.
Newspaper Excerpt
A mandatory bank holiday in Virginia for Monday and Tuesday was last night proclaimed by Governor Pollard... declaring legal holiday operative for Monday and Tuesday, March ...
Source
newspapers
3.March 30, 1933Receivership
Newspaper Excerpt
Receivers for the American Bank and Trust Co. were named today by Judge Gunn in a suit brought by J. A. Salle Jr., depositor. Receivers are Sherlock Bronson... and T. K. Vertner, an officer of the bank.
Source
newspapers
Newspaper Articles (22)
1.March 5, 1933Richmond Times-DispatchRichmond, VA
Article Text
Roosevelt Warns Invoke War-Time Power As Hail To Meet Crisis 250,000 Inauguration; Two-Day Holiday Declared For Virginia's Banks
Pollard Cites Pressure; Federal Reserve Heads Summoned by Woodin
Action by en Only After Banks in New York Are Closed by Temporary Holiday
Order Is Preceded By Discussion
Bankers AdvisReserve ed Moratorium Forced by Outside Influences Crisis Over S. in
A mandatory bank holiday in Virginia for Monday and Tuesday was last night by Governor proclaimed while in Washington atPollard, tending the Roosevelt inaugural ceremonies. this power, GovIn exercising Pollard said his action was ernor taken upon the recommendation of Reserve banks of the the Federal district. "Since making my statement of Friday night," the Governor's an"there have nouncement been unforeseen developments New York and in other financial centers of the country where bank holidays have been declared. night Governor Pollard Friday necessity day view of Virginia's law permitting banks to restrict withdrawal of deposits, subject to approval the State Corporation Commission Pollard's statement last night, in reference to the New York bank holiday development, which included closing of the New York Stock Exchange and Cotton Exsaid: "This new development changes the and imposes an undue burden upon the banks of Virginia. "While Virginia has statute which under less critical circumstances would meet the situation through application of the banks to the Corporation Commission, the machinery incident to the operation of this law would cause delay which must be avoided under existing unprecedented conditions. "In order, therefore, to relieve the banks of the necessity of making separate applications with the recommendation of the Federal serve banks of this district, declaring legal holiday operative for Monday and Tuesday. March and through the State and binding all the banks." Governor Pollard's announcement of the two-day banking holiday came few hours after Richmond bankers conferred at the Federal Reserve Bank of Richmond, the conference being attended by M. Bristow. State Banking Commissioner, and Assistant AttorneyGeneral Collins Denny Jr. Virginia remained one of the last States to declare banking holiday. and the closing was forced upon banks because of the pressure outside influences, was learned last night. Most Virginia banks maintain balances in New York City. The sult of the closing there was that New York corporations with deposits here drew on Virginia banks, which in turn saw part of their funds tied up in New York. The strain on Virginia banks began with the declaring of bank holidays in Maryland, West Virginia, Kentucky and Tennessee, neighboring States, and the closing of large bank in Washington, Despite this ring drawn around the Old Dominion, this State maintained normal banking until the New York closing precipitated crisis which caused member banks of the Federal Reherve Bank Richmond. in the interest of their own depositors, to recommend State-wide closing for two days. The New York holiday was proclaimed for yesterday and tomorrow. Reopening of New York banks Tuesday would clarify the Virginia atmosphere, as well that of other States, was stated last night by local banker. considerable sum was withdrawn yesterday from banks, but there was action suggestive The American Bank and Trust Company applied the agreements passbook contracts savings accounts the extent of limiting withdrawal savings account deposits without notice $10. learned yesterday that the Federal Reserve Bank during the past ten days has lent
Continued on Page Seven.
Call for Discussion of Bank Situation Comes Just After New SecreGoes Into Office tary
Appoints Bank Receivers By RICHMOND. Va., March 30Receivers for the American Bank and Trust Co. were named today by Judge Gunn in a suit brought by J. A. Salle Jr., depositor. Receivers are Sherlock Bronson, attorney, and T. K. Vertner, an officer of the bank.
3.June 7, 1933Richmond Times-DispatchRichmond, VA
Article Text
collateral for This an encouraging indication The complete text of the statement by Oliver Sands president of the American Bank and Trust Com pany organization years ago, "At the meeting of the stockholders held on May full report that time The of the bank has been and not until June was the report of the available the directhe "The directors officers have not had the opportunity to make an amination of this report in every detail, being very voluminous docucovering of assets and liability and making up over the would be contrary all good public the names of the borrowers and their information relating their private affairs. and it. might work great injury to debtors to have publication their indebtedness this institution. as it would misunderstood and cause action by others which would embarrass individuals, firms and corporations which have dealt with us in confi dential way. disclose such details of the report would be to betray business which standpoint of good good business do not right my deal very frankly with the stockholders bringing such salient and important results this examination your tention affects the financial standing of the bank reported by the Estimates of Examiners. desire that these estimates are made by the not in by the and in which they are familiar and the of by the examiners are much than have ever those most familiar the affairs of the The duty facing the aminers was appraise assets on the market April The slight change in conditions which has already been experienced has appreciated many the sets, both directly held and held as "The did not criticize the and directors. the large capital the the credit standing the concerned and the value the collateral. this not venture out proportion to the of conservative This list directors, course, means the directors the bank on the 15th April and not the that have recently been appointed by the depositors' only to say that the (doubtful and estimated) the basis present day and prices. Already the conditions have resulted the value the assets both owned and held collateral by the bank. With of the business improvement reasonable rise real estate these figures would necessarily be adjusted upwards. Obligations where moral are highly regarded and where are sands the decrease the value should not make the loan valueless. for the character the citizens constitute an intangible asset which the not justified taking into but which very sound and the loans are liquidated report in great and length the management the They make no comment After of study and consideration as what would the best the this bank and after the advice of the highest authorities the the approval of the nance Corporation the Federal Rethe Clearing House banks of the City and upon the dation exhaustive the has that the terest this bank new bank be for the purpose assets and business the institution for the benefit its creditors would seem hardly necessary say that anything other than orderly the assets the would in loss and that many the bank further secured handled orderly and dollars which on this market. appear intelligent handling fully This experience this bank and by all others who deal credits
Outlines "The plan for the organization of new one which being put effect all the country the reports from those already established are most new bank will be organized for the purpose creating type of advance will be made by the and upon the the bank that the this bank will placed their credit the such of their deposits in this
Board of Directors Report To American Stockholders
Continued From First Page.
Loss estimated examiners REALTY real holding tracted. Owner 95 parcels of real estate for company con-
Original cost of properties $1,711,974.79 Recent appraised value Amount HAMPTON GARDENS DEVELOPMENT tirely owned Holding pieces real estate improved and unimproved. All taken for debts acquiring value Mortgages outstanding Appraised of properties Amount Loss estimated examiners assets the bank the date the examination and doubtful shown by the date Loans and Main Office Branches Past due Loans Bonds and Securities Overdrafts Shortages Accounts Receivable Escrow (Debits) Remittance Accounts and Securities 1,642.70 2,376.30 Debit against Savings and American Trust of Wm. 3,000 Barclays in Exchange 00 600 capital of the bank at this date was Surplus Profits Reserves losses and depreciation
Total From this see losses estimated the examiners are $33 less than the reserves the institution the management bank Under head and quote the lowing from report kept in book of directors stockholders' Did you inspect the minutes of directors' and stockholders' meetings since important received from supervising far as know spread the minutes? examination Federal Reserve State and the board directors? Executive discounts directors and their firms specially acted upon the there active Discount Committee? Are minutes kept action taken by Book over active Examining Are the not completed acted officers directors acted upon as answered in the in the question preceding There examiners' report the department They that and found possession proper includes department as well as safe custodian examiners their report the following examiners public's best the this through that Examiner of Banks and (Virginia) by Respectfully submitted
HARRIS Chairman. Board Directors HART. bank as may be possible from the this loan. The new bank will start out out any obligation with fresh and capital and The earnings the established which will be able take over and from service will render the tion of the old bank will make this Institution success from the start and with its facilities contacts with the customers the old it should render at much lower the the old bank than be possible any other closing this report the will repeat the statements heretofore made the causes leading closup the ing of and its failreceive license reopen. The consequences of this depression have been serious and fatal in many the entire nation. banks have been the victims Only One Failure "Richmond fortunate that has only one bank that was seriously affected by the heavy withdrawals prior March In many cities banks were and the intelligent self-interest has induced great consideration the part the people and the for the number of the city of Philadelphia and throughout Pennsylvania have been an additional period months work out their plans here the many and depositors this bank for their kind expressions their great patience and considera- responsibility for any other form liquidation be assumed by those considering the than tors who will be directly such the that responsibility of may permitted add personal word to this would say for silent pending the of report has been source of very great regret passed through time acute business depression. This not be better shown taking different stocks on the New Stock Exchange On January 1930 they were valued In December 1932 the were valued therefore, that the estate and loans held by this bank should depreciation Already there improvement April 15. statistics lists 421 whose been 64 per cent from April Demands Cited. "During the fall the culminated in an exhibition of mob psychology rarely in the country Had that state of mind existed for few more and had not every bank in this country been venture to say that there are banks which could have withstood another the unusual drains and it. now fee] justice to myself, the directors and the loyal officers and employees, the the Richmond that should say that the most drastic to which any bank Virginia ever been submitted has shown that there are irregularities. but that the mistakes which been made were primarily the mistake such, of exerting of the bank for preservation the business and this City, and secondly taking advantage of the opportunities by the administration the R. with which carry on the helpful work this institution has trying to maintain and enlarge Richmond's business life 'Having spent years in building this institution having invested in my own and my family's cannot regard myself one but the largest individual the of the bank share with you the banking different that other The pubno than the depositors and the Anything life of this City that affects adversely 50,000 banking cannot be The obligation rests upon all aside any self so that can done, and that which the best of the firmly believe and that belief confirmed by the mature the Clearing House Banks of and by the examiners of this bank. the plan suggested best for the is best for the City of
Economical Management. easy make and circumstances as these think
4.June 11, 1933Evening StarWashington, DC
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Article Text
BANK RECEIVERS ASK $5,000,000 COLLATERAL Surrender by R. F. C. to Richmond Concern Desired to Facilitate Payments. By the Associated Press. RICHMOND, Va., June 10.-Receivers for the American Bank & Trust Co. of Richmond announced today that they will ask the Reconstruction Finance
5.June 11, 1933Daily PressNewport News, VA
Article Text
Bank Receivers Ask Return Of Much Collateral
RICHMOND, June (AP) Receivers for the American Bank and Trust Company of Richmond announced today they will ask Reconstruction Finance Corporation tomorrow to surrender to them approximately $5,000,000 in collateral now held as security for loan which has been reduced to less tha $1,300.-
The receivers will tender trust re-
6.June 14, 1933The Roanoke TimesRoanoke, VA
Article Text
RICHMOND BANK MAY GET FURTHER R. F. C. AID
June 13 sentatives depositors committee the American Bank and Trust Company of given encouragement today at the Finance further might granted the bank by the corThey told however that the application for must come from the bank's was learned after the depositors' representatives corporation had declined this morning to disthe nature conference. One of representatives was Warren They talked Jesse chairand of the corporation's legal was said at the corporation offices that the holds only of the collateral and that was likely that the bank has other good paper hand on which might The seeking whose funds frozen March the They said they did not represent the
7.September 30, 1933The Richmond News LeaderRichmond, VA
Article Text
Bank Receivers Sue for $8,300 suit for with interest and attorneys' has been filed the law and equity court the receivers for the American Bank and Trust Company against Davis Brothers, Loth Breeden, Inc., Lee Davis and Loth. The claim the amount sued for due promissory note given the bank carries interest from June 1982. Jenks also papers against and trading as James Fox for $776.81 claimed to due account for material wiring the Grace hospital annex.
8.November 10, 1933Daily PressNewport News, VA
Article Text
WILL APPRAISE ASSETS RICHMOND, Nov. J(P)-Manager J. K. Daughton of the Richmond branch of the Reconstruction Finance Corporation today said appraisal of the assets of the closed American Bank and Trust Company would be given preferred attention to "the exclusion of other matters."
9.November 14, 1933Danville Register and BeeDanville, VA
Article Text
Stockholders of Closed Bank Meet
RICHMOND. Va., Nov. 13.-(P)More than two hundred stockholders of the closed American Bank and Trust Company, of met today in move to defeat efforts by the bank's receivers recover more than $600,000 in dividends received since September 1930 Those meeting today were the defendants in the suit filed by the receivers to recover the money. They formed protective of five. and etention of counsel to take proper steps to defeat the move.
10.November 14, 1933The Roanoke TimesRoanoke, VA
Article Text
BANK STOCKHOLDERS MOVE TO FIGHT SUIT
Richmond Nov 13 -More than two of the closed American Bank and Trust Com pany, of Richmond met today in to defeat by the bank's receivers to recover more than 000 in dividends received since Sep. tember Those meeting today were the defendants by the to recover the money They formed protective of five and authorized of counsel proper steps to defeat the move
Australia fears a plague of eagles
11.December 5, 1933The News and AdvanceLynchburg, VA
Article Text
To State Reasons For Bank's Failure
Former Officers Of American Bank And Trust Will Testify Today
Richmond, Dec., for the failure the American Bank and Trust Company of Richmond will stated under oath tomorrow former officers of the closed testify before W. Kirk Mathews hearing on claims that responsible officials knew the bank to insolvent deposits inspected. claim, first made by May, and the which was the largest depositor, hundred other depositors the two original claimants in asking preference over general Bristow, state commissioner banking Logan Ritchie chief state bank and until recently receiver the American Bank Oliver Sands, and the bank during its of years are among moned appear witnesses. are Walter HollaWilliam Camp, Hill, Carter Cocke, Perry Seay, Randolph Vertner, Mann. Gregory, Cabell Sauer, Jr., Stewart Wilson. Mr. Wilson, president of the Commerce Trusts, acting the receivers, T. Justin Moore being his Mr in charge of and the City bank when Ryland. appear for Christian Louis counsel receiver, will attempt defeat preference
12.December 6, 1933The News and AdvanceLynchburg, VA
Article Text
Depositors Cannot Cite Receivers' Allegations
Ruling Made At Hearing Of Suit Against American Bank And Trust
Richmond, Feb. 5 (AP)-Allegations made by of the American Bank and Trust Company of Richmond against directors and stockholders in a suit to recover dividends allegedly declared and paid unlawfully, cannot be cited by depositors in of preference over general Commissioner Kirk Mathews ruled today. The receivers pending suit was cited by City James Cannon and Attorney W. H. Ryland, Jr., in an effort to prove their that the bank was insolvent before March 4, 1933. The hearing will be resumed tomorrow "The morning. hearing today also brought forth the from John Wilson, of the bank's receivers, that the source of information on which the suit against directors and stockholders was based was the audit made by A. M. Pullen and Company. Frank Stewart, in charge of the Pullen audit, testified that relatives three minor officers of the bank. working in branch offices, withdrew their funds shortly before the bank was closed. Oliver J. Sands, president of the closed testified that he exchanged his American Bank stock for stock of the bank shares corporation formed to deal in stock of the American and other banks. When questioned regarding the line of credit extended by the American to firms and corporations of which he was an officer or director, Mr. Sands asked for oppor"tunity to the records and he was It was expected he would be recalled testify tomorrow. During the hearing, City Attorney Cannon at what he described as the "hostile attitude" taken by the receivers for the bank to defeat preferred claims. M. Bristow, state commissioner of insurance and banking, testified that the American Bank was not examined for year before its close. "The law our department to examine banks at least twice year.' Mr. Bristow said. adding that "I regard the statute as directatory not mandatory. Asked if he considered that the law had been violated by failure the department the American year before its close, Mr. Bristow guests of Mr. and Mrs. T. N. Giles in Robert E. Loving who is employed in & C. camp at Thanksgiving "day with his father. Houston Loving here. Mr. and Mrs. Woodrow Hatter of Waynesboro spent the past week-end with their parents, Mr. and Mrs. D: K. Hatter Tyro and visited relatives on Sunday Mr. and Mrs. W. E. Massie of Tyro are visiting relatives and friends in New Jersey. The night bridge club met in the home of Dr. and Mrs. Homer E. Clarke near Massie's Mill on Friday evening when score prizes were awarded and refreshments were served. said that for bank the size of the American, It took force of from twenty to twenty-four examiners to do the work. "We had only nine examiners, and some two hundred state banks to examine. he said, "Obviously the task was impossible of fulfilment." He said date had been set in February to examine the but called off because of unsettled conditions in Baltimore and elsewhere. "We hoped." he said. "after March that the American would be reorganized.' In the course of the hearing. City Attorney Cannon said that "we can prove our claim of insolvency only by circumstantial evidence.' now.
13.December 6, 1933The Roanoke TimesRoanoke, VA
Article Text
AMERICAN TRUST AFFAIRS AIRED
Bristow Testifies Richmond Bank Not Examined for a Year Before Closing
American Bank by and Trust Company against stockholders suit declared support of be cited by preference general Commissioner Kirk Mathews ruled pending cited The receivers' Attorney their that the prove insolvent resumed tomorrow hearing the the that which the source information and based audit made by Pullen charge the Frank that their branch funds
Sands
Oliver of stock for the Shares Corporation stock formed Ameriand firms and tended Sands for the records he would be recalled to testify During the hearing Attorney the for the bank state of testified that and the not examined for before The our department to Mr. regard the Task Asked considered the law had failure the American before Mr Bristow that the size Ameritook of from 20 to and said. was imposof He had set in ruary to examine the called of unsettled Baltimore We after March that reorganthe course of the City Cannon prove insolvency only
14.December 15, 1933Richmond Times-DispatchRichmond, VA
Article Text
Liquidation Head Gives His Approval
Release of Preference Claims Seen Aid in Quick Consideration by Officials in Washington
By Radford Mobley Washington Correspondent construction Finance receive for action tomorrow the American Bank and Trust Company application for loan. mitting cash dividend Richmond in the near Robert V. Fleming. chairman the Federal commitfor that district, here Following weeks intensive activiwhip the loan application shape at Fleming said received by his office here and be turned over once corporation for final action. understood that Fleming has approved the could learned was for the entire asked smaller
RFC Officials Silent
RFC officials today stated no comment would made until the plication has been but dicated that action would pedited in the belief that all possible should released to American early there no doubt here the corporation will today substantial the the full for mond other interests against believed the release much as posonce depositors. Fleming Comments Discussing the application Fleming said: state that has been received and will submitted RFC final action tomorrow that action will quickly officials anticipated RFC the application today. Inreceipt dicating them the tion final form and them for consideration this work by the liquidation comAll loan application has The Fleming certified the figures of the various recent months. And accounts in to the RFC. It believed this work the light conditions." and the recomchanged request for mendation carries considerably larger than was proposed last March reopen the bank under liberalized of the administration has been policy adopted.
To Charge to advanced will be lent Funds the the will interest loan cent the bank's total than request is substantially than this figure. Action come any day may that the Richmond loan application has been given bank
Continued on Page Column
15.December 17, 1933The Portsmouth StarPortsmouth, VA
Article Text
Dividend Of 15 Percent Ordered For The American fifteen per cent dividend will be paid depositors the AmeriBank and Trust Company of Richmond before Christmas, announced tonight after being the Recon$2,700,000 to 35,000 deposiIn the distribution. announced. checks payable the Bank small sum granted. bank's ask increase the loan within near future. made yesterday did not owed Receivers had asked
16.January 5, 1934The Washington TimesWashington, DC
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Article Text
RECEIVERS' FEES HIT RICHMOND, Va., Jan. 5. Order for a review of the fees for the receivers of the American Bank and Trust Company here was prepared today by Mayor J. Fulmer Bright, who contends they are too high.
17.January 6, 1934The News and AdvanceLynchburg, VA
Article Text
Gunn Asks Pollard Pick
Jurist A Depositor ican Bank And Trust; Has Other Reasons
Richmond. Jan. Julien Gunn city circuit Governor Pollard designate some other judge to sit in the suit of the closed Bank and Trust Company of against Oliver Sands, and other officers and directors for the covery more than in dividends alleged to have been paid contray to state designation of another judge was asked by Judge Gunn because he depositor the closed bank for other The letter did not the troversy the lowance of and attorneys which Mayor Fulmer Bright had declared Mayor Bright has asked for bill step in his fight to have the fees reduced.
18.January 9, 1934The Roanoke TimesRoanoke, VA
Article Text
Grand Jury May Be Asked To Look Into Richmond Bank Case
Richmond. Jan. grand jury probe of the affairs of the closed American Bank and Trust Company Richmond, may be asked by Commonwealth's Attorney T. Gray Haddon, the new prosecutor said today. His statement was made after Judge John L. Ingram fixed February 16 the date for hearing argument on demurrers and other technical answers to the suit filed by attorneys for the bank receivers against directors and several officers. Receivers seek to cover more than $600,000 in dividends which they allege were unlawfully paid to stockholders. The common attorney said he would await the outcome of the rectors' suit hearing before initiating grand jury He indicated he would make formal announcement within the next few days, after studying reports now part of the receivership record in the city cir. cuit court. Counsel for the receivers allege, in their suit dividend payments, that the bank was known by its responsible officials to be insolvent when certain dividends were declared.
19.January 13, 1934The Richmond News LeaderRichmond, VA
Article Text
Continued From First Page. ceivership is vacated, since the receivers in event would no longer have authority to prosecute. The Depositors Protective Committee was not represented at the meeting. but Its members have indicated that they individually in sympathy, with the efforts other positors effect reduction in the cost of receivership.
Hart Silent on Plan.
Harris Hart, chairman of the depositors' said today that he had comment make the plan outlined by Mr. for the bank take over the liquidation American bank. The plan suggested by Mr. Andrews the formation state bank with capital of $500,000 and surplus $125,000, with the RFC $250,000 preferred stock and depositors the American subscribing the remainder. Success the proposed depends "upon even more specific condition than the mere creation and preservation harmony among the parties interest," Andrews said, "because contemplates, first the vacation of the present celvership and the resumption of the the affairs of the old bank the state corporation commission, the delivery these fairs the depositors and the Reconstruction Finance Corporation. obvious that the co-operation and support Judge Gunn, the receivers, the corporation commission obtained before into effect. Reconstruction Finance Corporation already has approached, and every reason believe that its co-operation will forthcoming. assumed that Judge Gunn will vacate the if the depositors request and the agreeable. Indeed. that Judge Gunn would refuse grant such petition, the depositors and the RFC the only parties have any interest in the assets the bank. Some Details Plan. receivership vacated, the situation then would be back in the hands of the state corporation commission. which at least liquidating agent. every reason to believe the RFC "This proposal have every reason to believe the RFC would desire, that the liquidating agent permit the new bank service the papers the old receive fee therefor. confidently that liquidation of the assets of the old institution through institution controlled by the depositors the old gives the greatest assurance of the assets the old bank, therefore offers the depositors the best means of keeping their losses shudder when we contemplate what will happen the present plan of firms and by the score will be forced into no matter how policy the ceivers might pursue. contend this no time for such unfortunate happenings. "Liquidation through receivers liquidation nothing by its very destructive values, regardless how noble the intentions the court and the receivers might be. be borne mind that the proposed new bank would be absolutely clean that its deposits will be fully protected under the federal deposit guaranty as the deposits of any other bank the country, that hardly probable that safer depository could be selected by anyone. "This proposal should appeal the American bank depositors citizens Richmond from the selfish point view alone opportunity make good but even this opportunity did not exist civic pride itself impels try the situation. and would justify the undertaking."
No Review Petition. City Attorney James Cannon does not intend file his petition for review of the fees to the receivers American Bank and Trust Company with the city circuit court today. Cannon, has been drawing up the petition for review the request mayor, intimated today that papers will be fied in the city circuit court in the coming week.
20.April 12, 1934Evening StarWashington, DC
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Russell Gregory and Miss Mary P. Jordan, both employes of the receiver for the American Bank & Trust Co. of Richmond. They testified that Cannon maintained a committee account in the bank and that he also had a safe deposit box there, to which Miss Burroughs had access.
Charles Stevens of Charlottesville, Va., was called to identify a check he gave Cannon as a contribution to the Anti-Smith fight.
21.October 13, 1934The Roanoke TimesRoanoke, VA
Article Text
BANK RECEIVERS FILE SUIT FOR $353,000
Oct. 12 -Receivers of Richmond, the American Bank and Trust pany of Richmond instituted in equity suit claimed allegedly overdue held the lengthy declaration recites nine against the defendant, detailing transactions involved in connection with the several notes involved.
22.April 26, 1935The Washington TimesWashington, DC
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Rigid Banking Law In Virginia Asked RICHMOND, Va., April 26.-Collapse of the American Bank and Trust Company, a $20,000,000 Richmond institution, figured in discussions here this week at the meeting of the governor's legislative council banking subcommittee, which heard proposals for more drastic banking laws in Virginia. Sherlock Bronson, a receiver of the bank, suggested that the State Corporation Commission be requested to outline new banking laws. He said every unsound practice ever known to banking figured in the American's failure to resume business after the presidential banking holiday in 1933.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
