gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1c400070f67921c8
Response Measures
None
Description
Some reports cite slow paper as the trigger while others emphasize rumors; both are mentioned in sources.
Events (6)
1.January 28, 1915Run
Cause
Rumor Or Misinformation
Cause Details
Recent rumors concerning the bank's condition led to heavy withdrawals and a run.
Measures
State superintendent of banks took charge; bank suspended to protect depositors.
Newspaper Excerpt
More than $150,000 was withdrawn yesterday.
Source
newspapers
2.January 28, 1915Suspension
Cause
Rumor Or Misinformation
Cause Details
State banking department took charge following circulation of rumors about the bank's condition.
Newspaper Excerpt
A notice ... stating that he is in charge of its affairs.
Source
newspapers
3.June 22, 1915Other
Newspaper Excerpt
Eugene F. Ensle ... president of the Jefferson County Savings bank ... has been indicted for violation of the state banking laws.
Source
newspapers
4.August 2, 1915Reopening
Newspaper Excerpt
The reorganized bank announced ... The receipts today were much larger than withdrawals. The new president ... expressed in confidence of success.
Source
newspapers
5.January 28, 1916Receivership
Newspaper Excerpt
The state banking department had taken over the institution for liquidation.
Source
newspapers
6.January 28, 1916Suspension
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors are cited by officers as causing the suspension and takeover for liquidation.
Newspaper Excerpt
The Jefferson County bank ... failed to open up this morning and a notice on the doors announces that the state banking department had taken over the institution for liquidation.
Source
newspapers
Newspaper Articles (22)
1.January 29, 1915Evening Public LedgerPhiladelphia, PA
Click image to open full size in new tab
Article Text
TONOPAH STOCKS Bld. Askel Jim Butler 71 .72 MacNamara .04 .05 Midway .06 .07 Mizpah Extension .27 .28 Montana .35 .37 North Star .15 .17 Tonopah Belmont 41/2 4% Tonopah Extension 211-16 2 13-16 Tonopah Merger 33 33 Tonopah Mining 7% 7% Rescue Eula .06 .07 West End .03 .50 GOLDFIELD STOCKS. Atlanta 36 .38 Blue Bull .08 .09 Booth .29 .31 Bulldog .03 .04 C. O. D. .07 .08 Combination Fraction .08 .00 Diamondfield B B .04 .06 Daisy .05 .07 Florence 76 .75 Goldfield Consolidated 1½ 1% Goldfield Merger 35 .36 Jumbo Extension 1.22 1.28 Kewanas .28 .30 Oro .13 .14 Sand Ken .12 .14 Silver Pick .08 .09 MISCELLANEOUS, Fairy Aztec .04 .05 Kimberley .07 .10 Nevada. Hill 33 36 Nevada Wonder 1.45 1.50 NEW YORK CURB Bid. Asked. Braden Copper 6% 6% British-American T old 1814 19 do new 18% 1016 Goldfield Consolidated 1½ 1% Greene Cananea 2314 241/2 La Rose 11-16 % Nipissing 5% 51/9 Otis Elevator 70 6814 do preferred 90 91 Riker-Hegeman 71/4 7% Sterling Gum 3% 3% 92 Tobacco Products preferred 9314 United Cigar Stores 9616 94½ do preferred 112 117 United Profit-Sharing new 4½ 41/2 90 Willys Overland 92 94 do preferred 96 World Film 4% 5 Yukon Gold 2½ 2% ALABAMA BANK CLOSED Savings Institution in Birmingham Suspends; to Protect Depositors. BIRMINGHAM. Ala., Jan. 29.-The Jefferson County Savings Bank, one of the oldest In the city, was closed today. More than $150,000 was withdrawn yesterday. It is said the suspension is only temporary and that all depositors will be protected. The bank has a surplus of $250,000. other assets of $1,750,000 and deposits of $1,250,000.
2.January 29, 1915Americus Times-RecorderAmericus, GA
Click image to open full size in new tab
Article Text
BIRMINGHAM BANK IN HANDS RECEIVER (By Associated Press.) BIRMINGHAM, Ala., Jan. 29.-A notice signed by A. E. Walker, state superintendent of banks, was posted this morning on the doors of the Jefferson County Savings bank, one of the oldest and most active state banks in Alabama, stating that he is in charge of its affairs. The announcement of the suspension was received with surprise and regret throughout the city, the failure being the first of consequence in the history of Birmingham. A conference was held until late last night between Supt. Walker, officers of the stranded institution and representatives of other Birmingham banks, at the conclusion of which it was decided the state banking board should take charge of the Jefferson county bank, owing to certain rumors concerning its condition which had recently gained general circulation. Assurance was given today that depositors and creditors of the bank will be paid in full. According to a report made to the state banking department on December 1, the Jefferson County Savings Bank held deposits exceeding $1,500,000, and assets considerably more than this sum. The bank occupied the lower floor of a recently constructed 25story office structure, which is listed among the assets. It is intimated by officers of the bank today that a reorganization of the institution will be effected at an early date.
BIRMINGHAM BANK FORCED TO LIQUIDATE MY MORNING JOURNAL SPECIAL LEASED WIRE] Birmingham, Ala., Jan. 28.-Direcfors of the Jefferson County Savings bank, announced tonight that the institution has suspended and its affairs were in the hands of the state banking department, No details were made public. The bank is capitalized at $500,000 and in Its last report its surplus is given as $250,000. Its December 1 statement gave its deposits as $1,638,021,
4.January 31, 1915The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
CAPT. MANLY MAY BE NAMED AGENT Hope Expressed Yesterday That Jefferson Bank Will Soon Be Able to Resume It is understood that Capt. R. F. Manly will be appointed agent for the Jefferson County Savings bank, which suspended Friday morning. He is to be appointed by the state banking authorities. The agent of a bank suspended has the duty of collecting all of the money due from loans and such items and subsequently reporting to the state banking authorities. It is understood that Captain Manly is favored by the state banking authorities as well as by others interested in the liquidation of the Jefferson County. In addition to this there was a very interesting and encouraging report yesterday that the Jefferson County bank officials hope to reopen for business within two or three weeks. It was stated yesterday around financial circles that there was good reason to believe that the details of straightening out the affairs of the bank will require about two weeks and the officials would be able to resume operations in the banking rooms now closed. This is believed to be the ambition and hope of the directors and officers of the bank. The officials of the bank have given out no statement but it was intimated yesterday that there would be prepared a statement to be issued during the next few days. The feeling in financial and business circles yesterday was excellent. As a matter of fact, every banker in town seemed optimistic yesterday over the general situation.
5.February 4, 1915The Manitowoc PilotManitowoc, WI
Click image to open full size in new tab
Article Text
Alabama Bank in Trouble. Birmingham, Ala, Feb. 1.-The Jefferson County Savings bank, with $1,635,021 deposits, is in the hands of the state banking department. Slow paper caused the suspension, according to the directors.
Alabama Bank in Trouble. Birmingham, Ala., Feb. 1.-The Jefferson County Savings bank, with $1.635,021 deposits, is in the hands of the state banking department. Slow paper caused the suspension, according to the directors.
7.February 9, 1915Wausau PilotWausau, WI
Click image to open full size in new tab
Article Text
Alabama Bank in Trouble. Birmingham, Ala., Feb. 1.-The Jefferson County Savings bank, with $1,635,021 deposits, is in the hands of the state banking department. Slow paper caused the suspension, according to the directors.
8.March 4, 1915The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
PLANS ABOUT READY FOR REOPENING OF THE JEFFERSON BANK Stockholders Meet Monday to Pass on Proposition. Enslen Discusses Their Plans With $500,000 in new capital and with assurances from depositors and friends of long standing, the Jefferson County Savings bank, recently suspended, plans to resume business within the next few days. The board of directors and the stockholders will have a meeting next Monday to adopt a reorganization plan, which will in all probability, be adopted and thereupon the state banking department will be requested to pass upon the plans as outlined and approved. Eugene F. Enslen, president of the bank, said yesterday that at the meeting next Monday the plans would be approved, from all indications. During the past few weeks of suspension the officers of the bank have arranged for $500,000 new money and have also requested their old depositors to signify their opinion as to the reopening. It is stated that in 99 per cent of cases co-operation has been manifested by the stockholders in the plan of reorganization and reopening. Mr. Enslen said yesterday that while the bank would be a federal institution within a short time, the bank could not open as a federal bank under the banking laws. He said that the bank would reopen as the Jefferson County Savings bank and would later on be converted into a federal institution under government control. "We will have a meeting Monday," said Mr. Enslen yesterday, "at which time the plans we have formulated for reopening will be approved. We have arranged for sufficient new capital to start operations again and I am firm in the conviction that we will be open within a very short time. -There have been some statements about our becoming a federal bank. That will come in a short time, but not at the beginning. We must open as the old institution and later on become a federal bank. This course will naturally be pursued. We feel very confident over the outlook."
9.March 13, 1915The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
M'GAUGHY TO TAKE CHARGE TUESDAY McLane Tilton to Be Vice President of Jefferson County Savings Bank S. McGaughy will assume charge of the Jefferson County Savings bank as president Tuesday night. At a meeting to be held Tuesday McLane Tilton will be elected vice president and it is expected that aside from these two executive officers there will be an additional vice president. No statement, however, has been issued in that connection. The officials will have a conference Tuesday with Alex Walker, state superintendent of banks, and Dick Wilkes, his assistant, at which time the entire question of reopening will be finally closed up. It is now expected that not a moment will be lost by the new officers in getting the bank again in running condition. The reopening will be the occasion for considerable elation here. It has all along been considered a great indication of the soundness of the financial situation that a bank as old and as important as the Jefferson County could suspend and make no greater flurry in the local financial circles than it actually did. But for the bank to be reopened in such short space of time is considered a still greater tribute to the business situation here. The new plans of the bank contemplate a. large sum of new money and aside from this the incorporation of the bank into a national bank before the end of the year. This will give Birmingham three national banks. The impression here is that the reorganization committee has made quite a fortunate choice in Mr. McGaughy. He was reared here in the banking business and has been associated more or less with the local bankers since he has been occupying an executive position. Mr. McGaughy, under Colonel Lyerly of Chattanooga, has developed into one of the best informed lankers in the state. His election to the presidency of the Jefferson County brings to that institution a man well acquainted with state banking conditions as well as a man that has been tried for many years and found to be an executive of unusual ability.
10.May 4, 1915The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
BANK IS EXPECTED TO RESUME MONDAY Officers of Jefferson County Bank About Ready, It Is Understood In financial circles it was reported yesterday that the Jefferson County Savings bank. recently suspended, would most likely resume operations next Monday. It is known that extraordinary efforts are being put forth to resume either on that day or the Tuesday following. The officers of the bank under the leadership of Snowden McGaughy, recently named president, have been working unceasingly to get the affairs in shape for a speedy resumption. It is stated that when the Alabama Bankers' association convenes here next Monday for a three days' meeting, it would be most gratifying to all officers of the bank and the local bankers generally if it could be announced that the Jefferson County bank had started business again. The interest all over the state in the floating of that temporarily crippled institution is very great and the utmost encouragement is being given the officials in the work of reorganization. It was stated yesterday that the time was not ripe for any definite expression as to when the bank would resume. It was promised, however, that an official statement would be given out during the next few days by Forney Johnston. counsel for the reorganization committee and the bank, as to the exact plans of the institution for the opening date. It is stated that the forthcoming announcement will be a detailed resume of the situation.
11.June 22, 1915South Bend News-TimesSouth Bend, IN
Click image to open full size in new tab
Article Text
BANKER INDICTED. BIRMINGHAM, Ala. June 22.-Eugene F. Ensle, one of the most prominent financiers in Alabama, and presIdent of the Jefferson County Savings bank which suspended Jan. 28. has been indicted for violation of the state banking laws.
12.June 23, 1915The Brunswick NewsBrunswick, GA
Click image to open full size in new tab
Article Text
ALABAMA FINANCIER HAS BEEN INDICTED BIRMINGHAM, Ala., June 22.-Eugene Enslen, one of the, most prominent financiers in Alabama and president of the Jefferson County Savings bank which had recently suspended business, has been indicted for violating the state banking laws. Enslen is charged with accepting deposits in hisb ank after the bank had become insolvent. He made bond for $2,500 andw as released. The Jefferson County Savings bank suspended business after a run was made on it January 28. The savings depositors lost nearly a million dollars. The affairs of the bank had been in bad condition since the erection of tweir 26-story skyscraper, which proved a losing proposition from the beginning.
13.June 26, 1915The Watchman and SouthronSumter, SC
Click image to open full size in new tab
Article Text
PROMINENT BANKER ACCUSED. Charged with Violation of State Banking Laws. Birmingham, June 22.-Eugene Enselen, one of the most prominent financiers in Alabama and president of the Jefferson County Savings bank which was recently suspended, has been indicted for violation of the State banking laws.
14.June 26, 1915The Watchman and SouthronSumter, SC
Click image to open full size in new tab
Article Text
BANKER RELEASED ON BOND. Bank Built Twenty-six Story Building Which Proved Losing Proposition. Birmingham, June 22.-Enselen, who was charged with accepting deposits after the bank became insolvent, put up bond of $2,500 and was released. The Jefferson County bank suspended after a run on it on January 28th, the savings deposits losing nearly a million dollars. Its affairs were in a bad condition since it erected a twenty-six story skyscraper which proved a losing proposition.
15.June 29, 1915Americus Times-RecorderAmericus, GA
Click image to open full size in new tab
Article Text
BIRMINGHAM BANK WILL RE-OPEN; DEPOSITORS PAID (By Associated Press.) BIRMINGHAM, Ala., June 29. -The Jefferson County Savings bank, which suspended recently, will re-open for business as a state bank on August 1st, as the result of an agreement negotiated between the re-organizers of the institution and the state banking department. All the depositors in the bank have already been paid in full.
16.August 3, 1915The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
record in connection with the failure of the Jefferson County Savings bank of Birmingham. The bank failed January 28, 1915, with assets of $2,500,000, obligations to depositors over $1,300,000, and bills payable $325,000. McLane Tilton of Pell City was placed in charge as receiver by Superintendent of Banks Walker. The liquidation proceeded at once and at the same time plans for reorganization were worked out. The net results of these combined operations were to realize upon over $500,000 of the bank's paper, and the formation of the Jefferson County bank with cash capital of $500,000. The assets of the old bank were turned over to the new institution, which in turn assumed all of its liabilities, including those to depositors. The total cost of administering the affairs of the failed bank, including recelver's and counsel fees, was less than $10,000, and another remarkable feature is the fact that no suits of any kind were filed against the bank while it was in charge of the banking department. It is doubtful if the history of bank failures shows anything to compare with this record. In giving an acquitance in full to McLane Tilton for all accounts and transactions during the receivership, Superintended of Banks Walker, in his letter to Mr. Tilton, dated July 29, stated: "I desire to take this occasion to state to you that I am under many obligations to you for your painstaking and efficient services rendered in the handling of these matters. The state banking department owes you a debt of gratitude, and personally I gratefully acknowledge my indebtedness to you for your loyalty and your friendship in our endeavor to protect the creditors of the Jefferson County Savings bank. I congratulate you that you have been able to so conduct this trust that the expenses were reduced to a minimum, all litigation avoided, and to pay all deposttors in full within six months after the failure, at a cost of less than 1 per cent of the sum due them." Following is the letter sent to Mr. Walker by President Jackson: Jackson to Walker 'Hon. A. E. Walker, Superintendent of Banks, Montgomery, Ala.: "Dear Sir: At the request of the offi. cera and directors of the Jefferson County and in response my own I wish to express our gratitude, bank, action to and apprecia- of sincere tion of your prompt your continued and valued assistance in the matter of the organization of this bank on a basis which has justified us in taking care of all just obligations of the Jefferson County Savings bank, of which you assumed charge on January 28. "We cannot allow the gratifying showing of today's successful opening pass without assuring you in some formal manner of our appreciation. Our proposal to you, following a long period of discouragement, involved the production of $500,000 of new capital within a limited time and under adverse general conditions. You unhesitatingly assumed the responsibility of ranting the necessary time, and not
Bank Which Had Closed Opens up Better Than Ever BY ASSOCIATED PRESS. Birmingham, Ala., Aug 2.-For half a block an immense crowd of people this morning watched the opening of the Jefferson County Bank, the reorganization of the Jefferion County Savings Bank, which was taken over by the state banking department several months ago. The reorganized bank announced that interest would be allowed on savings deposits in the bank during the suspension. The receipts today were much larger than withdrawals. The new president, A. E. Jackson, of Decatur, Ala., expressed in confidence of success.
18.January 28, 1916The Guthrie Daily LeaderGuthrie, OK
Click image to open full size in new tab
Article Text
ALABAMA BANK GOES TO THE WALI By Associated Press Birmingham, Ala., Jan. 28.-The Jefferson County Bank, capitalized at half a million dollars, failed to open its doors this morning. The officers blame unfounded rumors for the suspension. Excited crowds hovered about the bank door. all day. The officers say every depositor will be paid in full.
Birmingham Bank Fails to Open Up Account Rumors BY ASSOCIATED PRESS. Birmingham, Ala., Jan. 28.-The Jefferson County bank, capital half a million failed to open up this morning and a notice on the doors announces that the state banking department had taken over the institution for liquidation. The bank a few months ago took over the Jefferson County Savings bank which had closed its doors after reorganization absorbed the Merchants and Mechanics bank. A notice posted on the doors of the Jefferson County bank this morning announces that in the liquidation brought about by reasons of unfounded rumors that depositors and creditors will be paid in full and there will be a fair equity for all stockholders. The bank was reorganized and operated for business August 2, 1915, with a capital stock of $500,000, all paid in. A. E. Jackson, Decator, is president.
20.March 27, 1919The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
JEFFERSON BANK DEPOSITORS WILL GATHER TONIGHT Tonight at 8 o'clock in Judge Pugh's courtroom at the county courthouse a mass meeting of depositors of the defunct Jefferson county bank which failed on January 27, 1916, will be held. At this meeting matters of importance to all depositors will be taken up, and many interesting reports will be made by those in charge of funds of the bank since its doors closed. State Superintendent of Banks D. F. Green will be present and report on the liquidation of the bank. W. W. Crawford, agent of the state banking department will also be present and make a report as will Dr. Eugene Jacobs, receiver of funds of the Merchants and Mechanics bank which were not transferred to the Jefferson County bank at the time of consolidation. The meeting is called by H. M. Abercrombie, president of the Jefferson Countv Bank Depositors' association, Joseph Gluck, secretary, and Eugene Jacobs, treasurer.
21.June 9, 1920The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
WOULD TAKE OVER 5 JEFFERSON BANK 1 Stockholders Desire Possession of Office Building. Raising Funds Making plans for the operation of the Jefferson County Bank building on their own account, the former stockholders and depositors of the bank have raised half the capital necessary to secure possession of the building, it is stated by several of them. Active efforts have been made by the depositors, stockholders and creditors to form a corporation with enough capital to obtain the building and bank from the trusteeship of D. F. Green, state superintendent of banks, and operate it. They plan to declare dividends on their earnings and in this way reimburse the depositors and pay the creditors and stockholders. The Jefferson County Savings Bank closed its doors and went into the process of liquidation in 1916, when it went into the hands of a receiver. It has since been under the supervision of the state superintendent of banks. A meeting of those interested in the proposition was held recently and it was found that half the necessary capital for floating the proposition had been subscribed and that prospects for obtaining the remainder were bright. A committee was appointed to interest the Civic Association and other civic bodies and to secure their aid. The Jefferson County Bank building in its present condition has created a great deal of interest and several offers have been made by individuals and corporations to secure control of it. One of the offers made to D. r. Green, superintendent of banks, was considerably more than $1,000,000, but he refused to sell.
22.August 1, 1920The Birmingham Age-HeraldBirmingham, AL
Click image to open full size in new tab
Article Text
Jefferson County Bank Declares Dividend Announcement is made by W. W. Crawford, receiver of the Jefferson County Savings bank, that another 10 per cent dividend is to be paid. The dividend will go to all creditors of record, including savings depositors, and will be paid beginning tomorrow. Creditors are asked to call at the vault department of the Jefferson County Savings bank, where they may receive their dividend any time after August 2.
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.
