Peoples Savings Bank (Jackson, TN)

Episode Information

Episode UID
87006171506
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
8700617 routing
Routing Number
87-0061
Start Date
June 3, 1925
Location
Jackson, Tennessee (35.615, -88.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5095708a90bfaee7

Response Measures

None

Description

Bank closed by state examiner and placed in receivership after discovery of a large shortage; criminal indictments followed.

Events (3)
1. June 3, 1925 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed publication of a discovered $350,000 shortage and circulating rumors about the bank's condition.
Measures
Bank issued and published a statement; community leaders and clubs publicly voted confidence and many depositors made deposits to back the institution.
Newspaper Excerpt
PUBLICITY HALTED JACKSON BANK RUN ... the Peoples Savings Bank, in which $350,000 was found missing several days ago and upon which a run ... The run on the bank was due to highly rumors circulated the morning.
Source
newspapers
2. June 5, 1925 Suspension
Cause
Government Action
Cause Details
Closed by the state bank examiner following discovery of an alleged multi‑hundred‑thousand dollar shortage.
Newspaper Excerpt
Peoples Savings Bank ... was closed last Friday by State Bank Examiner H. B. Oliver
Source
newspapers
3. June 9, 1925 Receivership
Newspaper Excerpt
The bank is now in the hands of a receiver and an investigation ... Carroll ... admitted ... losses mounted so high I couldn't take care of them.
Source
newspapers

Newspaper Articles (18)
1. June 3, 1925 The Tennessean Nashville, TN
Article from The Tennessean, June 3, 1925

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PUBLICITY HALTED JACKSON BANK RUN Deposits Increased and Confidence Voted When News Appears. (Special to The Tennessean.) Jackson, Tenn., pow. er of the press was exemplified when publicity changed the whole mental attitude of the community with reference the status of the Peoples Savings Bank, in which $350,000 was found missing several days ago and upon which a run and aft. ernoon. The run on the bank was due to highly rumors circulated the morning. As soon as the Jackson Daily ap. peared early in the afternoon with statement of the bank situation, there was perceptible clearing of the atmosphere and this morning the scene at the bank is quiet. There were very few withdrawals. On the other hand there quite number of appreciable deposits by business men, farmers. railroad men and others who had become convinced of the soundness of the bank and were willing to back it. The statement in the Memphis afternoon paper that $200,000 of the shortage was due bad paper was denied by the directors, who assert that $350,000 missing. The Exchange club in its regular weekly noon today voted confidence in the bank and its rectorate and pledged their wholehearted support to the institution The Rotary club took similar action at its meeting tonight. This afternoon the bank was'functioning in its usual manner with deposits for the thtan offsetting the withdrawals.

2. June 9, 1925 The Washington Times Washington, DC
Article from The Washington Times, June 9, 1925

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CASHIER ADMITS HE WRECKED BANK Had Too Much Authority and Little Experience, Says Tennesee Banker JACKSON, Tenn., June 9.-After denying any guilt for several days in connection with the irregularities in accounts of the Peoples Savings Bank, which was closed last Friday by State Bank Examiner H. B. Oliver, Thomas B. Carroll, former vice president and cashier of the bank, today admitted "too much authority and little experience" resulted in his making mistakes and improper entries on the bank's books. "I just didn't have enough courage to admit the deeds," Carroll said. "The duties of managing a bank were beyond my capacity, I wanted the bank to be a prosperous institution. Instead of admitting mistakes, I concealed them. The losses mounted so high I couldn't take care of them. Too much authority and so little experience resulted in the losses for which I am entirely responsible." Carroll now faces prosecution as the result of the disclosure of the $300,000 shortage discovered early last week. The bank is now in the hands of a receiver and an investigation under District Attorney General Murray is being made preliminary to the hearing of evidence by the grand jury. The statement made by Carroll completely absolves Federal District Judge J. W. Ross, who has been under suspicion.

3. June 10, 1925 The Anniston Star Anniston, AL
Article from The Anniston Star, June 10, 1925

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THREE WARRANTS ISSUED IN PROBE OF BANK FAILURE Jackson, Tenn., ed warrants were issued here today in connection with the failure of the People's Savings Bank. They were for the arrest of Thomas B. Carroll, fomrer cashier, John M. Carroll, his son, former cashier and W. L Cawthon, lumber dealer, who had important financial dealings with the bank. The Carroll warrnats charged embezzlement, false entries and conspiracy to violate the state bank laws. The warrant of $14,000 in charged forgery trade acceptances.

4. June 10, 1925 The Anniston Star Anniston, AL
Article from The Anniston Star, June 10, 1925

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JUDGE MUST PUT BACK MONEY FOR WORTHLESS PAPER Jackson, Tenn., June ed Judge J. W. Ross must pay $32,700 to the receiver for the Peoples' Savings Bank here within three days or face prosecution under the state bad check law. Decision to take formal action against Judge Ross was reached here late yesterday at conference between the prosecution committee of the bank's stockholders and Attorney General Thomas J. Murray. Jr. The committee voted to order the bank receiver to see Judge Ross Thursday and give him the three days required law. in which to pay the $32,700. If he has not paid at the expiration of the three days, action is to be taken funder the criminal statute, according to the plan of campaign mapped out by the committee. The $32,700 represents three pieces of alleged bad paper bearing Judge Ross' signature, which are now in possession of the bank.

5. June 10, 1925 The Huntsville Times Huntsville, AL
Article from The Huntsville Times, June 10, 1925

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WARRANTS ISSUED SOON Jackson, Tenn., Bank Will Result in Several Serious Charges JACKSON, Tenn., June 10-T. Murray, district attorpey general, announced today that warrants probably would be issued within the next few hours for the arreat three more persons in connection with the failure of the Peoples' Savings Bank of Jackson which was closed last week after the discovery of an alleged shortage of $342,000. Mr. Murray made this nnouncement just before leav for Loxing ton, Tennessee, where *ession disrtict court now is in progress. He planned to return Jackson late this Mr. Murriy has been engaged for several days assem bling data in connection the bank suspension in oueration with representatives of the state department of banking and committee named by the stock holders of the closed institution to aid in the pros ecution of any persons found Involved in alleged irregularities. was also made by the attorney general that when the Madison county criminal court treconvenese here Saturday he will present motion for the calling of special session of the grand jury to investigate the bank crash.

6. June 10, 1925 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, June 10, 1925

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TO ARREST THREE IN BANK FAILURE Warrants Likely to Be Issued Soon-Special Grand Jury to Investigate. Tenn., June J. Murray, district nounced today that warrants probably would be issued within the next few hours for the arrest of three or more persons the failure of the People's Savings Bank of Jackson, which was closed last week, after the discovery of an alleged shortage of Mr. Murray made this announcement just before leaving today for Lexington, Tenn., where session district court now in progress. He planned to return to Jackson late this afternoon. Mr. Murray has been engaged for several days in assembling data in conwith the cooperation with of the department of banking and by the the the any volved also has been made by the attorney general when the Madison county court venes Saturday he will present motion for the calling the special session the grand jury to investigate the bank crash.

7. June 11, 1925 The Tennessean Nashville, TN
Article from The Tennessean, June 11, 1925

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SAUNDERS ROSS DRAFTS IN BANKRUPT COURT Used Federal Judge Funds for Credit, Is Charge. (By Associated Press.) Memphis, Tenn., June Saunders in petition filed in Federal district court here late asked that re-hearing granted his seeking disqualification of L. Marsilliot. Federal master chancery, as ref. litigation pending between Saunders the corporation because "newly covered in support of his contention of personal bias and the recent fature the Peoples Savings Bank Jackson, Tenn. Judge Smith designated for Judge Ross, excused self in litigation pending between Saunders utory issued rehear of the report made The petition alleges that close intimate and exists Mr Marsilliot Judge Ross; reviews published allegations certain unpaid bearing the Judge Ross were found among resources Peoples Savings Bank; that Judge Ross certain receivership funds deposited suspended and serts that Judge Ross "has frequent and Marsilliot as an intransactions which Judge Ross alleged have cited the charge bankruptcy funds been used "for the purpose establishing the personal credit" Judge Ross the declaration made that proof will presented support the the Judge Ress and Mr. MarsilMarsilliot financial tool alterego said judge." The petition asserts because alleged Mr. Marsilliot could fair im partial justice either the taking records nor in his reports and findings. petition filed today asked that decree aside and the motion re-heard.

8. June 11, 1925 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, June 11, 1925

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SAUNDERS ASKS HEARING, RESULT OF ROSS' PLIGHT MEMPHIS, Tenn., June 10 (AP).—Clarence Saunders in a petition filed in federal district court here late today, asked that a rehearing be granted on his motion seeking the disqualification of C. L. Marsilliot, federal master in chancery, as referee in litigation pending between Saunders and the Piggly Wiggly corporation because of "newly discovered evidence" in support of his contention of personal bias and prejudice. The petition filed in the wake of the recent failure of the People's Savings bank, of Jackson, Tenn., asks that Judge Smith Hickenlooper, designated to act for Judge J. W. Ross who voluntarily excused himself in litigation pending between Saunders and the Piggly Wiggly corporation, set aside an interlocutory decree previously issued and rehear Saunders' plea for the annulment of the report made by Mr. Marsilliot. The petition alleges that "a close and intimate financial and business relationship," exists between Mr. Marsilliot and Judge Ross; reviews published allegations that certain unpaid drafts bearing the name of Judge Ross were found among the resources of the People's Savings bank, charged that Judge Ross had certain receivership funds deposited in the now suspended bank and asserted that Judge Ross "has had frequent and extended conferences with said C. L. Marsilliot as an intimate financial adviser."

9. June 11, 1925 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, June 11, 1925

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ROSS GIVEN 3 DAYS TO PAY UP Prosecution Unless He Makes up $32,700. By United Press JACKSON, Tenn. - Federal Judge J. W. Ross must pay $32.700 to the receiver for the People's Savings Bank here within three days or face prosecution under the state bad check law. Decision to take formal action against Judge Ross was reached at a conference between the prosecution committee of the bank's stockholders and Attorney General Thomas J. Murray Jr. The committee voted to order the bank receiver to see Judge Ross Thursday and give nim the three days required by law in which to pay the $32,700. If he has not paid at the expiration of the three days, action is to be taken under the criminal statute, according to the plan of campaign mapped out by the committee. The $32,700 represents three pieces of alleged bad paper bearing Judge Ross' signature, which are now in possession of the bank.

10. June 13, 1925 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, June 13, 1925

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DAYS BANK "Kited" Checks Come Home as Institution Fails. Jackson, Tenn., June Judge W. Ross must $32,700 pay the receiver for the Peoples Savings bank here within three days or face prosecution under the state bad check law. Decision to take formal action against Judge Ross was reached at conference between the prosecution committee of the bank's stockholders and Attorney General Thomas MurJr. ray, The committee voted to order the bank receiver to see Judge Ross and give him the three days required by law in which to pay the has not paid at the expiration of the three days, action to be taken under the criminal statute. The $32,700 represents three pieces of alleged bad bearing paper Judge Ross' signature which are now possession of the bank. They are: Draft for $12,000, drawn on Ross, Savannah, Ross' brother, returned unpaid; draft for $15,700 drawn on Exchange Bank and Trust company, Memphis, and returned unpaid, and check for drawn on the Exchange Bank and Trust of Memphis company returned unpaid. Judge Ross "kited" these three pieces paper through the Peoples bank, it is said, and the "kite" struck the bank just the time of the failure and part the $375,000 deficit, members of the prosecution committee charged.

11. July 10, 1925 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 10, 1925

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Indicted Judge Drowning Victim After Auto Crash Jackson, Tenn., July 9.-(AP)Judge J. W. Ross of the federal distriot court for Western Tennessee, found dead today under the wreckage of his automobile in a creek near Jackson-less than 24 hours after his indictment by a Madison County Grand Jury, met death by drowning, according to the formal certification of Dr. W. G. Saunders, a Jackson physician. The indictment of Judge Ross and three officials of the Peoples Savings Bank of Jackson, followed Grand Jury in-> vestigation of the closing of the bank by state bank examiners. Yesterday Judge Ross made bond of $25,000 after indictments charging him with forgery, accessory to embezzlement and breach of trust were returned against him by the Madison County Grand Jury. The Peoples Savings Bank holds four insurance policies of $10,000 each, assigned to the institution by Judge Ross as collateral for loans. The policies were taken out in April, 1925. They do not carry a double indemnity clause.

12. July 10, 1925 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 10, 1925

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contained in radiograms received today by the National Geographic Society from the MacMillan Arctic expedition ships which arrived at Hopedale, a Moravian mission Eskimo village on the evening of July 7. Derby, Conn., July 9-(AP)-A printing press with a capacity of 6,400 postal cards a minute, and which mechanically is claimed to be perfected beyond any in use for that particular purpose was being dismantled after an official test at a local factory to be shipped to the,government printing office at Washington where it will be in commission in September. It is claimed that this press will supersede those now in use because of its mechanical perfection. The Japanese government has ordered a similar one. Hartford, Conn., July 9-(AP)-A hearing on the constitutionality of the state film tax laws will be held tomorrow morning in the Federal court at New Haven before Judges Henry Wade Rogers. Thomas Thacher and Henry Goddard of New York. Boston, July 9-(AP)-Any attempt to drydock the famous old frigate Constitution in her present condition might result in her collapse and make her restoration impossible, Lieut. John A. Lord, U. S. N., the naval constructor assigned to the task of rebuilding the vessel reported today to Rear Admiral L. R. De Steiguer, commandant of the Boston navy yard. New York, July 9-(AP)-Tax officials of New York, Pennsylvania and Massachusetts met today in the Bar Association building to consider means for securing reciprocal tax exemption under laws recently enacted in those states. Several million dollars of taxes, paid in duplicate assessments on corporation holdings in other states are involved. The officials are seeking a way of eliminaling double taxes in the future. Jackson. Tenn., July 9-(AP)-J. W. Ross, judge of the federal district court for western Tennessee, today was at liberty under bond of $25,000, under charges of being implicated in the failure of the People's Savings bank of Jackson, which closed its doors recently, following discovery of apparent shortage of more than $300,000. Kobe, Japan, July 9 - (AP) The Chinese crew of the liner Empress of Russia, numbering 400 men, went ashore yesterday without leave. The company is negotiating for a Japanese crew. Los Angeles, July 9-(AP)-Madelynne C. Obenchain has sought and obtained protection of the law against what she says were the death threats of Paul Roman. former convict and one time witness against her in her second trial for the murder of J. Belton Kennedy, here, three years ago. Mexico City, July 9-(AP)-The International Latin Women's Congress, in session here has issued a protest against the presentation to General Pershing of the sword of General Jose Antonio Paez. Venezuelan liberator. The sword was sent to the American general by President Gomez of Venezuela early this month. Nine Latin-American countries and Spain are represented , in the women's congress. Minneapolis, July 9-(AP)-Wind, rain and hail took a heavy toll on Wednesday in seven districts of Minnesota, including the Twin Cities. In Minneapolis four persons were killed, 18 were injured, and one was reported missing in a terrific wind and rainstorm which struck the south part of the city shortly after 6 P. M. A trail of wreckage representing more than $100,000 property damage was left. Streets were flooded and for several hours during the evening were blockaded by hundreds of uprooted trees. Nw York, July 9-(AP)-The Scopes evolution trial is regarded by Dr. Charles H. Mayo of Rochester, Minn., as of great educational benefit. Swampscott, Mass., July 9-(AP) -President Coolidge does not intend to play an active role in Congressional elections. This determination holds even in his own Congressional district in Massachusetts in which a vacancy now exists as a result of the recent death of Geo. B. Churchil. Chicago, July 9-(AP)-Mrs. Minnie Reiger, 40, was charged today with having poisoned four year old Elmer Sherman. He was placed in her charge by the boy's mother who was unable to support him. The police began an inquiry into the fact that a $250 life insurance policy had been taken out for the boy two weeks ago with Mrs. Reiger named as beneficiary. Brockton, Mass., July 9-(AP)The Wall, Doyle and Daly Co., announce immediate start at a capacity of 1800 pairs of shoes daily of a grade never previvously manufactured here. A new wage list has been signed between all 12 of the Brockton locals of the Boot & Shoe Workers' Union and the firm. Three other firms have been asked the same scale, the Alfred Shoe Co., Joseph F. Corcoran Shoe Co., and the Stone and Tarlow Co. Nashua, N. H., July 9-(AP) Hubert Carroll, brick mason of 73 Clinton street, Manchester, N. H., who sustained a fractured skull on Tuesday when struck by debris from a dynamite explosion in the Nashua mills yard, died here today. He was

13. July 22, 1925 The Knoxville Journal Knoxville, TN
Article from The Knoxville Journal, July 22, 1925

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BANKRUPT ACTION AGAINST CARROLL Former Cashier Of Jackson Bank Defendant In Petition. JACKSON, Tenn., July 20.—(AP)—Involuntary bankruptcy proceedings were filed against T. B. Carroll, former cashier of the defunct People's Savings Bank of Jackson, in federal court here today. The Chemical National Bank of New York, the Union and Planters Bank and Trust company of Memphis and Miss Mamie Ross, of Jackson, filed the petition. Carroll is under indictment in connection with the failure of the bank of which he was an official. Claims made against Carroll by the New York financial institution are based on a note for $6,000 alleged to have been made by the defendant on May 4, 1925, payable August 4, 1925. Collateral posted on the note according to the petition consisted of 49 shares of stock in the People's Savings bank. When the local bank closed its doors the New York bank sold the 49 shares held as collateral on Carroll's note for $5 according to the petition, leaving $5,995 unpaid. The Memphis bank bases its claim on a note for $3,000 bearing the names of Carroll, the late Judge J. W. Ross, of federal court, J. L. Lamping, C. D. Wilkinson and C. A. Ross. No security was given other than the personal indorsements, the bill states. Miss Ross, the petition says, holds a note for $1,000 negotiated by Carroll on February 4, 1925.

14. August 15, 1925 New Britain Herald New Britain, CT
Article from New Britain Herald, August 15, 1925

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INSURANCE COMPANY CONTESTING PAYMENT Claims Judge Ross of Tennessee, Auto Victim, Was a Suicide Jackson. Tenn., Aug. 15 (AP) to prevent the payment of an insurance policy of $75,000 on the life of Judge J. W. Ross of federal court for the western district of Tennessee on the grounds that the recent death of Judge Ross was caused by "self destruction by drowning" was filed in United States district court yesterday by the Informational Life Insurance company of St. Louis. The bill alleges that fraudulent statements were made at the time application was made for the insurance, which was of the joint type. by Judge Ross, Thomas B. Carroll and J. L. Lamping. Physicians who examined the body of Judge Ross after his automobile had plunged into a creek near Jackson July 9. found that his death resulted from drowning The judge was indicted July 8 for alleged irregularities in connection with the failure of the Peoples Savings bank. Carroll. former cashier of the bank. was indicted with Judge Ross and is now at liberty under bond to apyear for trial next month on a charge of embezzlement of more than $300.000. Judge Ross, whose death was attributed to an accident. prior to his death denied any improper transactions with the bank. Carroll. Lamping and S S. McConnell, receiver for the bank. are ramed defendants in the suit which ricelares the company is willing to refund $3.286. the initial premium paid 011 the policy. Surrender of the policy. acceptance of the premium refund and the enjoining of the defendants from b ringing suit against the company. is asked in the petition.

15. August 15, 1925 Evening Star Washington, DC
Article from Evening Star, August 15, 1925

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JUDGE ROSS' DEATH BRINGS COURT ROW Insurance Company Claims Tennessee Jurist Took Own Life. By the Associated Prese. JACKSON, Tenn., August 15.-Pay. ment of an insurance policy for $50,000 taken out jointly by the late Judge J. W, Ross, Thomas B. Carroll and J. L. Lamping is contested in a suit filed in Federal District Court here by the International Life Insurance Co. of St. Louis, on the allegation that the recent death of Judge Ross was caused by 'self-destruction by drowning," and on he contention that fraudulent statements were made in the application or the insurance. Judge Ross was killed when his auomobile ran from a roadway near Jackson into a creek, July 9, the day after his indictment for alleged implication in irregularities which resulted in the failure of the People's Savings Bank. Carroll, former casher of the bank, now is under bond to appear for trial next on a charge of embezzlement of more than $300,000. The death of Judge Ross was attributed at the time to an accident, and an affidavit was made by his secretary that the steering wheel and brakes of his car were out of repair. Judge Ross prior to his death had denied that there had been anything Improper in his transactions with the bank. Carroll, Lamping and S. S. McConnell, as . receivers for the bank, are named as defendants to the suit, which expresses. a willingness to refund the initial premium paid on the policy, $3,286.

16. September 12, 1925 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, September 12, 1925

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DEFUNCT BANK LOSES T. B. CARROLL'S ASSETS Referee Sets Aside Transfer of $100,000 Property. JACKSON, Tenn., Sept. 11.—The first meeting of creditors of T. B. Carroll, deposed cashier of the defunct Peoples Savings Bank, held this afternoon before Judge Homer Tatum, referee in bankruptcy, resulted in approving a number of claims and the appointment of W. A. Caldwell, vice president of the First National Bank, as receiver. Under the ruling of the referee and in accord with a federal statute the transfer by Carroll of his $75,000 worth of property and $25,000 interest in a joint insurance policy to the bank to help meet the $350,000 shortage was set aside on the ground that said transfer was not made four months prior to his being declared bankrupt. The defunct bank will, therefore receive only its pro rata of his assets and not the full $100,000 as depositors had hoped for. The net result of the ruling from the bank's standpoint is that the liquidating agent in paying the depositors will have to go further in on the $350,000 bond signed by nine directors to cover the shortage and thus enable the bank to remain open, which effort failed. The bank was closed on the fourth day after the shortage became publicly known, the funds having been depleted by heavy withdrawals by correspondent banks in this and adjoining counties. Mr. Caldwell as receiver will execute bond for $10,000. Further proceedings will be necessary before an actual distribution of the Carroll assets is begun. A large number presented claims today.

17. September 12, 1925 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, September 12, 1925

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DEFUNCT BANK LOSES T. B. CARROLL'S ASSETS Referee Sets Aside Transfer of $100,000 Property. JACKSON, Tenn., Sept. 11.—The first meeting of creditors of T. B. Carroll, deposed cashier of the defunct Peoples Savings Bank, held this afternoon before Judge Homer Tatum, referee in bankruptcy, resulted in approving a number of claims and the appointment of W. A. Caldwell, vice president MAN AND WIFE KILLED WHEN TRAIN HITS CAR Infant Son, Caught by Pilot, Unhurt. PARIS, Ill., Sept. 11.—(AP)—William Mullich and his wife were instantly killed tonight when their automobile was struck by a Vandalia freight train near Hindsboro. An infant son thrown onto the pilot of the locomotive, was uninjured. The couple leave seven children.

18. September 29, 1925 Nashville Banner Nashville, TN
Article from Nashville Banner, September 29, 1925

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TELLS STORY OF BANK FAILURE Blake Oliver, Former Examiner, Places Alleged Shortage at $381,992.73. ON STAND AGAIN TODAY Tells of Manipulation of Va. rious Accounts-Young Carroll's Aid in Unraveling Tangle. VISITS TO T. B. CARROLL By RALPH PERRY. Tenn., Sept. story of the failure of the People's vings Bank of Jackson, the worst business tragedy in the history this little city of West Tennessee, was along in the telling Monday night when Judge J. E. Richardson called and adjourned the Circuit Court until morning In this first session when testimony being heard to details of the events which the closing of the Blake Oliver, former examiner of the banking has leading figand, in fact, the sole witness heard thus far. It been an engrossing story that which crowd visitors to their seats until would come that arrived court been lights The and unface more series questions than on AMOUNTED OF ALLEGED SHORTAGE. actual as deterdirect than the the prior on excluded the the objected Not as case but men efforts the Bank no Had the Jackson closed on first of the to HALF MILLION. The bond was made nine men, the money and some got security added run gap bold relief from details testiJohn testiyouthful worked said came ance except Carroll's of the of the examinahome days other assistant and direc-