Holston Trust Company (Knoxville, TN)

Episode Information

Episode UID
87074871571
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8707487 routing
Routing Number
87-0748
Start Date
November 13, 1930
Location
Knoxville, Tennessee (35.961, -83.921)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ab5eef33e483674a

Response Measures

None

Description

Trust company closed after heavy withdrawals on its affiliated Holston Union National Bank; receiver appointed Jan 3, 1931.

Events (3)
1. November 13, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Large, rapid withdrawals depleted reserves of Holston Union National Bank (affiliated with Holston Trust), forcing closure.
Measures
Knoxville Clearing House members availed themselves of 30-day notice for time deposits; committee to negotiate reorganization or transfer of assets.
Newspaper Excerpt
Comptroller Takes Over Holston Union After Heavy Withdrawals.
Source
newspapers
2. January 3, 1931 Receivership
Newspaper Excerpt
Plans for the liquidation of the Holston Trust being made today by Frank L. West, clerk and master chancery court, following his appointment receiver of company by Chancellor Robert M. Jones ... on application of the state of Tennessee.
Source
newspapers
3. January 3, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged insolvency, disputed state highway deposits, and depletion of assets prompted chancery court appointment of receiver and liquidation plans.
Newspaper Excerpt
Plans for the liquidation of the Holston Trust being made today by Frank L. West ... following his appointment receiver of company by Chancellor Robert M. Jones
Source
newspapers

Newspaper Articles (18)
1. November 13, 1930 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, November 13, 1930

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dent of that institution since the He is president of the Fourth and First Banks, Inc. KNOXVILLE BANK CLOSED Comptroller Takes Over Holston Union After Heavy Withdrawals. representative of the comptroller of ville this to take charge of the closed Holston Union National Bank. He has been appoint. ed Mr. Pearson said he had no idea how long take to the status of the which suspended business by order the board of directors Tuesday night. The receiver came from Macon. Ga. rectors of the bank said the was forced to close reason of with the past few days" but none of the bank's officials or directors would say by whom withdrawals were made the amount, nor as. sign any reason "heavy withBasil Ramsey president of the bank. said $750 000 were withdrawn from the Holston Union on Monday. He added that was his belief the bank have continued if withdrawals had not depleted its Edward McMillan chairman on reorganization of the Holston Union. said today had nothing to mittee's Closing of the Holston Union had its effects on other banks of the city today Crowds gathered in each of numerous withdrawals were made. No Occasion for Alarm. The Knoxville Clearing House Association in statement early this afternoon announced that its members had availed themselves of the 30-day notice required for withdrawal time deposits and savings The association said in a statement that "feels there is no 00casion for alarm on the part of the depositing public. Constant and heavy from all the Knoxville banks would in all probability be very damaging to all of the banks of the city and to all depositors In the bank's last published on October liabilities and assets were $16,300,359.59 each. Under liabilities, demand deposits were given as $6,121,869 and time deposits at $5,795. $5. Capital was given as $750,000: surplus $750,000. and undivided profits $141,847.97 Among liabilities were bills payable and rediscounts "The board," the statement said. "has likewise appointed a committee to negotiate with certain interested parties with view either to the reorganization of this bank or organization of another banking association. into which will RO the assets of this bank, with the object of protecting its depositors. The Holston Trust Company, dealing in owned by the Holston Union National Bank also is closed. J. B. Ramsey. formerly of Kentucky. is president of the oank Directors in their statement said cash reserves were depreted to the point where the bank could not continue without "assistance from outside sources."

2. December 6, 1930 The Morning Union Springfield, MA
Article from The Morning Union, December 6, 1930

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Creditors Would Liquidate Bank Receiver Asked for Holston Trust in Tennessee; Insolvency Charged. KNOXVILLE Tenn., Dec. 5-(AP) general creditors' bill asking the appointment of a receiver for the Holston Trust Company was filed in Chancery Court today by the State of Ten-

3. December 19, 1930 Evening Star Washington, DC
Article from Evening Star, December 19, 1930

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HEARING SET JAN. 3 ON HIGHWAY FUND Claim of State of Tennessee for $252,000 From Trust Company to Be Tried. By the Associated Press. KNOXVILLE, Tenn., December 19.Taking of testimony as to the alleged insolvency of the Holston Trust Co. and the validity of the State's claim to an alleged $252,000 highway fund deposited with the company is scheduled in Chancery Court January. 3. After hearing arguments of attorneys Chancellor Robert M. Jones reserved judgment on the State's application for appointment of a receiver until proof is submitted. Jones said it must be determined whether or not the trust company actually received $252,000 State highway funds for deposit, as claimed by the State: whether it was regular, if received, and whether or not the company received any benefits, if an entry of deposit was recorded on its books. Injunctions which temporarily restrained sureties on $600,000 bonds from disposing of their property were dissolved. The State charged that the bonds were given to secure State deposits in the institution. The defendants denied executing and delivering the bonds to the State. A similar injunction against the Holston Trust Co. was modified to permit it to continue its business in the ordinary way.

4. December 19, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, December 19, 1930

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TO TEST STATE'S CLAIM AGAINST HOLSTON TRUST KNOXVILLE of proof the alleged insolvency of the Holston Trust company and the validity of the state's claim to an leged highway fund deposited with company scheduled in chancourt Jan. After hearing arguments of attorneys on both sides, Chancellor Robert Jones yesterday on the state's application for appointment of proof submitted. Jones determined the state highway funds deposit claimed was regular, ceived, the any deposit its books. which of their property dissolved charged bonds were given secure institution. defendthe bonds the similar injunction against the Holcompany modified permit its the ordinary The Holston Trust company admitted made by the state treasurer

5. January 4, 1931 The Atlanta Constitution Atlanta, GA

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RECEIVER APPOINTED FOR HOLSTON KNOXVILLE Tenn., Jan. 3.-(P) Plans for the liquidation of the Holston Trust being made today by Frank L. West, clerk and master chancery court, following his appointment receiver of company by Chancellor Robert M. Jones application of the state of Tennessee. The state, claiming the company to insolvent, filed to collect $252,000 state highway funds which alleged on deposit in the Holston Trust was denied by the Trust Company. claimed that the state funds illegally deposited and the or consent the board directors. am the opinion from the evidence, Jones "that legal sense the company the drafts, for There question but that realized the the state and tried reach satisfactory reement with the The presented on bill and affidavits. issuance for $115,000 $135,000 favor of the Holston Trust Company and transferring that from the Fourth and First Bank Trust He

6. February 23, 1931 Chattanooga Daily Times Chattanooga, TN

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merely passing through Tennessee haulloads freight on our highways, and that in other instances the safe and proper use of the roads our citizens being interfered with by the operation of vehicles long, too and moving at dangerous speed. There no doubt in my mind that we should take effective steps to protect and our highways from this sort of operation. were struck with the admitted fact that motor trucks for hire busses are now paying little or nothing the way of taxes the counties and cities through which they operate. of the cities in which hearings were held, called our attention to the fact that their streets were damaged costs by these vehicles from which they received no "Two strongly differing views were presented on the question of increased taxation for motor The truck and bus lines insisted that any additional would force out of business: the railroads that the motor lines were here to stay, but should pay additional taxes for the use of the public roads. It appeared. also, that present taxes freight trucks for much lighter than on passenger busses job the gather and consider the facts and to work out some system of taxation and regulation of these vehicles will equitable the peothat burden the the private motorists of the state by forcing them to pay more than they should for the extra wide and extra strong roads necessary carry extra large and extra heavy vehicles. and that protect the people's roads and the roads they own from abuse by operations Our task not easy. but know none greater importance before this legWe urge to favor us with information suggestion.' PROSECUTOR AT CAPITAL DRAFTING INDICTMENTS NASHVILLE Feb. 22 (P).-Opening the sixth week of probing by islative committee investigating state affairs found the investigators prepared drive hard down the various lanes information in the belief that it will result in indictments against some state officials and financiers. particular charge aimed at the state officials tion with the switching state tunds from bank to bank that resulted in more than $6,000,000 now being unavailable because of the failure four the banks. Violation of state banklaws the charge directed financiers actually who influenced the of the money Testimony during week to be an effort bolster these charges. Already the district torney has started work on the draft indicuments, but the information may withheld grand the committee gets farther along with Over week-end the committee virtually abandoned its plans transits inquiry Knoxville, where funds were involved the failure of the HolNational bank and the ston Trust company. The committeemen had their previous Asheville, to inquire into the late Central Bank and Trust company that has been charged before committee manipulations with the broken Liberty Bank and Trust company, of Nashville, and New York the ords Lehman who the two Tennessee bond issues $50,000,000. Final decision on the New York trip, however, has not been reached. Some members of the committee expressed the opinion that they can oball the needed information and vigorous steps that end during the next before must write preliminary report for the legislature. This preliminary report will be prepared the view furnishing the crux of the investigation on which the grand jury and the legislature may make their cases. During the first part of the week the highway department to OCcupy the center stage with its commisR. Baker, the leading actor. The commissioner, tall appointee of Gov. Henry H. Horton, opened his testimony but

7. February 28, 1931 The Cincinnati Enquirer Cincinnati, OH

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GARNERED STATE DEPOSITS. Nashville, Tenn., February 27 Runners kept the trail hot between Caldwell & Co.'s Bank of Tennessee and the State Treasurer's office to get state during the year preceding the bank's failure, Timothy G. Donovan, former SecretaryTreasurer of the Caldwell organiza tion told the Legislative Investigat ing Committee today. Donovan said he himself made two trips to Treasurer Nolan's office get deposit of state funds, and that those days "if anyone came around money we would put strangle hold on them." He said they would send up messengers for state checks when "we would receive word that checks the records showed Colone) to the of at the time of its to the of $6,500. At the end of today's the committee for the full mittee Wednesday night for Knoxville conduct investigations into the Holston Trust Company, which failed with state money on deposit, and then adjourned until Monday.

8. March 5, 1931 Hickory Daily Record Hickory, NC

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Tenn. Banking Probe Renewed KNOXVILLE Tenn., March Confronted the fusal of the federal receiver permit them investigate the National bank, the state affairs legislative investigating committee today turned examination of Holston Trust company, which state funds were caught joint failure of the two affiliated instiThe hearing started the court house with the full committee present and Curtis Allen, assistant trust officer of the trust company. the first wit-

9. March 5, 1931 Fort Lauderdale News Fort Lauderdale, FL

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STATE MONEY LOST Tenn., Mar. behind them the political roar of Nashville, the affairs moved on Knoxville today to tempt to learn how was lost in the of the Holston Union Bank and the Holston Trust company.

10. March 5, 1931 The Selma Times-Journal Selma, AL

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Holston Trust Under Probe In Tennessee with the refusa of the federal receiver to permit them to investigate the HolstonUnion National Bank, the state fairs legislative investigating committee today turned examination of the Holston Trust Company, which state funds were caught the joint failure of the two affiliated institutions. The hearing was started in the house the full committee ent Curtis Allen, assistant trust officer of the trust company as the first witness. The committee came from Nashville, where for six weeks they inquired finances the state affected by bank failures. In Knoxville, were met by torney Joe Williams, committee counsel, who had come of the committee by several days.

11. March 6, 1931 The Times Shreveport, LA

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BANK RECORDS CAN'T BE SEEN Tennessee Legislators Barred From Investigation in $2,000,000 Shortage Knoxville, Tenn., March 5 (P).The forbidding palm of Uncle Sam was raised Thursday in the face of the investigating legislators as they started over the threshold of the Holston Union National bank on a hunt for the more than of state money that once was in its As the investigators protested a book of federal statutes was opened calmly and laid before them. with an apology on the part of the receiver of the national bank for his legal inability to open his records for the public scrutiny of the committee. Formal explanation will be made by an agent of the closed bank to the full committee Friday. The law was read Thursday afternoon to a sub-committee sent out as couriers to learn If it were not possible to obtain access to the records bearing on the state deposits. Under the law the bank receiver can resort to federal injunction to protect his records, but so drastic measure was not believed necessary. The bank representatives made it clear that they felt friendly toward the committee, but that the law forbade the grant of their request, and left the federal courts and the comptroller of currency in supreme charge of insolvent national banks This decision mean that the committee's trip over the mountains from Nashville will be rewarded only by examination of the Holston Trust "company, which went down when its parent, the Holston Union National bank, collapsed. Although the national bank owned the stock of the trust company, It operated under state charter and was subject to legislative examination.

12. March 6, 1931 The Commercial Appeal Memphis, TN

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Shrine Guest. Three days later another note Conley and Maxine and Bobby. was paid. also amounting to $50.000. month later the $75,000 was told. are regarded now as pracItem to the Central Com- tically pany. for obligations of the Central Q.-At whose direction was this Bank & Trust Company of Ashe- $75,000 of Tennessee money used ville, N. C., went through. The to purchase the securities in North curities purchased. the committee Carolina at the bank in which Lea and Caldwell had a finger? porters worried him so much, he By direction of Mr. Ramsey. "That wasn't all that worried loan and the Ramsey checks next him," said Senator Craig came in for committee scrutiny "Mr. Ramsey brought the note STENOGRAPHER RESIGNS. said the "and the $25,000 check was made payable to the The next morning was liscovered that this check had been placed to his personal account take care of two checks for $12,000 each that Henry Waldauer of Memphis, the issued. of these checks court senographer, who contracted had been held for around 10 days.' to record the entire proceeding of "Did the officers of the trust company this the hearing of the state legislative protest main?" asked the committee attor. investigating committee. announced ney here today that had "quit the "What do you mean by legards. committee main, Mr. "It wasn't any one thing that Speaker Haynes, "Don't you mean made me quit,' Mr. Waldauer said. "It was just that didn't like their "Call It Stealing." "Call It straight stealing." said the The witness continued the thread of his "The trust company efficers did he Mr. called me up to his desk. and said that as matter fact, was not his but that he was handling for Luke Lea. and that did It because Colonel name was criticised whenever it appeared in Knoxville Q.-Did he mean that the na. tional bank examiners had criticlased the handling Colonel Lea's that. The $25,000 Knoxville Journal note which the was obtained from state deposit re. mained in the trust company until substitute note was sent back The aubstitute was Tennessee Publishing Company note for like amount, signed by Luke vice president, and E. P. Charlet, secretary it come through the United States mails? am not sure. Mr. Ramsey sent It back by secretary with instruction that It was to take the place of the Knoxville Journal was the Knexville Journal taken was about two weeks before the closure became of the Tennes. are Publishing Company note? A. -It is still here. Yesterday, the witness said, payment $2,500 was made on this note to the receivers. making a total of $7,500 that been paid on it by the Tennessee Publishing Company Q.-Has Col. Lea, or his son. or Mr. Charlet been in here recently A.-Not that know of. Back came the United States mail angle of the story. on which the committee attorneys are putall these payments received in the U. N. mail? The trust company invested $30. 000 of the highway money bonds of the Knoxville Sentinel Company, the witness said. The the loan on the newspaper notes, the $75,000 for North Care. lina securities and the 000 pay its own notes for $230,000 of the $250,000 highway deposit. Q.What became of the re. maining $20,0007 A.-It is still here. "You mean it was there," snorted Chairman Faulkner. The came in exactly 10 days after Mr. Ramsey had walk ed into directors' meeting and suggested that the previous resolution to accept no deposits be scinded. The state banking partment never acted upon this move to receive deposits, but the state money taken anyway At one the trust had $5,000 note on its hands signed by Colonel Lea. but this was paid off. the witness said Who arranged that loan? A Ramsey. The colonel also, through Mr Ramsey. had the trust company take trade of the Belle Meade Land Company one of his Nashville corporations. For handling of this paper, $500 fee was paid. although the check for It was not brought out of Mr Ramsey's private desk until trust officials questioned the handling of the item. It was this item that led to the of the trust company officials, Made Him Resign. "Mr. Ramsey was no dissatisfied with the of anyone attempting to thwart his plans that he make it NO embarrassing for Mr. Slaughter. he left,'t said Mr. Blaughter's former If Mr. Slaughter decides to swer the committee's long distance subpoena to his home in Mobile, he will be here tomorrow as voluntary witness against Mr. Ramsey The details of the transactions with Caldwell & Company, credited with putting the trust out of business, were revealed in question begun by Speaker Haynea had many deals with Caldwell & Company after Caldwell and Lea bought into the Holston banks? A.-We bought quite few stocks through Caldwell & Company Q-Name some of them. A.Tennessee Products, Southern Surety, Memphis Commercial Appeal bonds, Memphis Natural Gas, Alli- and gator Raincoat Corporation Kentucky Rock Asphalt. Q-The truth that your concorn and Caldwell Company were Interwoven? -Practically all our capital was tied up by stocks and bonds purchased through Caldwell. unloaded on you? A -That is your dealings with Cald. well & Company really broke your trust company? A.-There is no question about it in my mind. Q.-1s It your opinion that the $250,000 deposit was largely the result of the close association of the Holston banks with Caldwell Company A.-My manipulated opinion is that by the deposit was Caldwell Company for the purpose of getting additional money to be used in making the Holston Trust Company buy additional stocks. Caldwell Q-In other words. state read money was diverted to buy Caldwell stocks? we had no for the deposit. need "It was in the atmosphere Cald at that the Knexville well relation to the Holston banks was a poisonous influence, wasn't it, Mr Allen?" asked Senator Craig so. Midnight think rides by Basil Ramsey between Knoxville and Nashville but the questioning. witness came up had litle information about them. Q-Did you know that Ramsey took midnight ride to Nashville just before bank came to Knoxville, got some securities, and then after the examiners left. shuttied them back to Nashville so they of for the Bank ready would Tennessee be know he went to made night trips, but don't know anything about the shifting of se. curities before the coming ch.bank examiners. said the in Florida now, "the newspaper way doing Mr. Waldauer and his assistants withdrew at the close of the sension yesterday, it was learned, and the sommittee left for Knoxville appar ently without having arranged for the keeping of its record.

13. March 6, 1931 The Knoxville News-Sentinel Knoxville, TN

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ACTION TAKEN ON BASIS OF ALLEN'S TESTIMONY ABOUT ACTS AS TRUST CO. CHIEF Clements Makes Impassioned Statement Which Chairman Faulkner Says Has 'Full Endorsement of Investigating Committee.' ACCUSES BANKER OF TRUST BREACH Willing To Swear Out Warrants; Move Is First In State for Actual Prosecution In Series of Disasters; Ramsey In Florida. Developments As State Probers End Sessions Here Ordered the arrest of Basil Ramsey, after hearing an impassioned speech from Senator Hal Clements. Obtained thru Bibb a session of Knox County Grand Jury this afternoon to investigate Ramsey's acts as Holston Trust president. Heard Harley Fowler, attorney for the receiver for National Bank, testify that the Comptroller of the Currency had ordered no examination of books or witnesses on bank. Told by Fowler that he would write again to Comptroller, and state the committee' view that the State has right to make such examination. Adjourned to meet again in Nashville Monday. Criminal prosecution of Basil Ramsey, former president of the National Bank and Holston Trust Co., now in Florida, ordered today by State Investigating Committee. After the order was made in endorsement of demand by Senator Hal Clements of Knoxville, and following conference with Bibb, the Knox County Criminal Court Grand Jury was convened specially this afternoon to investigate the acts of Ramsey as president of Holston Trust Co., state banking institution. Adjourn To Meet In Nashville The committee, after hearing report from Harley Fowler, attorney for the federal receiver of Holston-Union Bank that the Government would not allow investigation by the State of affairs of the adjourned to meet in Nashville Monday. Ramsey left here some time ago for Florida, where he is understood still to be visiting his brother, E. H. Ramsey, Jacksonville. Before he left he said he would return to Knoxville at time on 24 hours notice. any The first step toward actual prosecution in any Tennessee court of persons involved in the series of financial disasters that followed the collapse of Caldwell & Co. the day after last election came when the Investigating Committee convened in Chancery Court Room this morning. Clements, sitting with the committee, was called upon by Chairman Walter Faulkner to make a statement which has the full endorsement of this committee." After a brief statement, charging that the committee's hearing yesterday had indicated Ramsey guilty of larceny, embezzlement, fraudulent breach of trust and violation of state banking laws in handling of state deposit in the Holston Trust Co., Clements announced that the committee had instructed its attorneys to draw criminal warrants against the former bank president. no one else will bare their breast, am going to sign Clements said. Bibb Calls Jury Back Clements conferred with Bibb immediately after the session, and Bibb ordered the Grand Jury to return this afternoon. Meantime, he will hold conference with Clements and attorneys for the State Investigating Committee, Joe Williams and Robert McReynolds. If the Grand Jury acts, it will not be necessary for Clements to swear out the warrant. Judge Stooksbury of Criminal Court is out of town and will not be back before Monday. Clements' Statement Clements made the following statement on convening of the committee: now with the entire consent and approval of the probe committee of the legislature. They thought perhaps that might help solving the terrible condition that find ourselves in. has been four months since the HolstonUnion National Bank and the trust closed their company doors in the 45,000 distressed citizens. During that Interim this probe has been at work. have written scores of letters to urge Federprosecution. don't know whether the Federal courts waiting for Christmas, let Santa Claus bring the indictments not, but are to have action thru this thru the testimony of fine young witness, struck pay dirt. According to this witness,

14. March 6, 1931 The Daily Review Clifton Forge, VA

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TO THE TENNESSEE A New Turn Taken In Money Affairs of the Volunteer Knoxville, Tenn., March forbidding palm of Uncle Sam was raised the face of the investigating legislators they started the threshold of the Bank hunt for more than $2,000,000 State money that once was in its vaults. As the investigators protested, book of Federal statutes opencalmly and laid before them with an apology on the part of the receiver of the bank for his legal inability to open his records for the public scrutiny the committee. Under the the bank receiver can resort to Federal injunction protect his records, but so drastic measure believed necessary. The bank representatives made clear that they felt friendtoward the committee, but the law forbade the grant of their request. This decision meant that the committee's trip over the mountains last night from Nashville will rewarded only by the examination of the Holston Trust Company which went down when its parent the Holston Union National Bank collapsed. Although the National Bank owned the stock of the trust company operates under State charter and was subject to legislative examination. The drew Curtis len, assistant trust officer of the Holston Trust Company as the first witness and he spun his story the operations little prodding from Unhesitatingly said the of the Holston Company due directly to its dealings with Caldwell Co., and to the fact that Basil Ramsey, president of the Holston banking houses more interested in politics than banking. He told length receipt deposit $250,000 of highway funds and charged that part of used off the debts of the pay trust company and to purchase $75,000 bonds the Central Securities Company, subsidiary of the sunken Central Bank and Trust Company, Asheville, The young witness related many of the bank in which figured Rogers Caldwell, lionaire, and Luke Lea, publisher and politician. Since the doors the national bank have been barred against them the committee planned to turn to Nashville at the end of the week. While Senator Hal Clements declared today that warrants for criminal action would be sworn against Ramsey, president the defunct Holston Union tional Bank, the grand jury vened this afternoon to consider evidence against the president. The warrants will charge embezzlement, larceny and fraudulent breach of trust. Mr. Clements bank which the State funds kept failed connection the enterprises this

15. March 6, 1931 Richmond Times-Dispatch Richmond, VA

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Closed Bank's RecordsDenied To Committee Tennessee Legislators Confronted by Federal Statute in Tracing Funds KNOXVILLE. TENN., March forbidding palm of Uncle Sam raised today in the face of the investigating legislators they started over the threshold of the National Bank on for more than $2,000,000 State money that once was in its vaults As the investigators protested, book of Federal statutes was opened calmly and laid before them with an apology on the part of the ceiver of the national bank for his inability his records the public scrutiny of the comFormal explanation will be made an agent of the closed the full tomorrow The was read this afternoon to out to learn were not obtain access to the bearing on the State deposits. Request Forbidden. Under the law the bank receiver can resort to Federal injunction protect his records, but so drastic measure was not believed necesrepresentatives made clear that they felt friendly toward the but that the law forbade grant their reThis decision meant that the comlast Nashville will warded examination of the Holston Trust Company. which down when the HolstonUnion National Bank. collapsed. though the national bank owned the stock the operated State and was subject to legislative examina- committee drew F. Curtis assistant officer of the Holston Company the first witness and he off his story the the institution with little prodding from committee Blames Caldwell. Unhesitatingly, he said the ruin of the Holston Trust Company was due directly to its dealings Caldwell Co. and fact that Basil of president the two Holston houses, was more interested in politics than banktold at length of the of receipt deposit highway funds and charged that part of was used off the debts the trust company and to purchase $75,000 of bonds the Central curities Company subsidiary of the sunken Central Company of

16. March 7, 1931 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, March 7, 1931

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Calls for Prosecution H. CRUMP, recently elected to E. congress from the Memphis district, and commonly recognized as the Democratic boss of west Tennessee, has been exchanging verbal amenities with Governor Horton on the latter's unfitness in general, but with particular reference to the LeaCaldwell affair. Crump not only declares that some people should be in jail, but gives names and addresses. Meanwhile, a legislative committee has been digging up a lot of ugly evidence, the first result of which is the arrest of J. B. Ramsey, president of the now defunct Holston-Union National bank and Holston Trust Company of Knoxville. In Asheville, N. C., where all the banks were wiped out, they are calling for the indictment of every one concerned, and in Kentucky the stockholders of a big bank which went down in the crash are being sued for $60,000,000. Receiverships are becoming so numerous and interlocked that the lawyers hardly can keep track of them.

17. February 20, 1932 Chattanooga Daily Times Chattanooga, TN

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HOLSTON BANK RECEIVER GETS PERMIT TO INVEST KNOXVILLE, Feb. 19 (AP).—Frank L. West, receiver for the closed Holston Trust company, has been authorized by Chancellor Robert M. Jones to invest $75,000 of the company's funds in state bonds.

18. July 8, 1934 The Knoxville News-Sentinel Knoxville, TN

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WORK ON HOLSTON AUDIT Check on Accounts Will Be Completed in Week take about another the audit the Holston Trust Company, according to whose making the audit. The audit started by Col. Gleason, on taking over the receivership the trust company from Frank L. West. former Clerk and Master. West, according to the records of the defunct used proximately of its funds without authority from Chancery Court.