TENNESSEE BANK'S FAILURE.

Press, Volume LXVI, Issue 20087, 17 November 1930, Page 11

TENNESSEE BANK'S FAILURE.

$ 5,000,000 DOLLARS MISSING. (t72%l'rßD P2IBSS ASSOCIATION—BY ELtCTIIIC TBLZ Oft APH—COPYBtOHT.) (Received November 16th, 7.30 p.m.) NfcW YORK, November 10. It is announced that approximately 5,000,000 dollars in cash and securities has disappeared, from the Affiliated Bank of- Tennessee since the examiners inspected the institution on September 25th. The State banking situaiivm continues critical. One more email bank failed to-day, and two more large banks have. amalgamated to restore the public confidence, and relievo the tear of a further among the Stronger banks. pVhe collapse of the long-establisliod southern investment house of Caldwell and' Company, of Nashville, followed by the closing of the Affiliated Bank of Tennessee arid the Dolston Union Bank, which have combined liabilities of 35.000,000 dollars last week, threw the State of Tennessee into financial and political turmoil. While it was claimed that the assets were adequate to me«t obligations, the Bank of Tennessee had oniy 13 dollars in cash, while its, liabilities were 13,000,000 dollars. A rigorous investigation is to be held, and the newspapers demand the impeachment of the Governor of Tennessee. Two days' rufi on virtually till th# bunks occurred, as the populace became panic-stricken.]