When the bank runs out of cash

With the discovery of oil in 1901 in the Evangeline Field, the Acadian prairies were booming a century ago. And while oil lured capitalists from the East and elsewhere, big‑time rice cultivation brought a steady flow of farmers from the American Midwest.
But there were problems with some of the folk flocking to newly prosperous prairie towns – and some of the established citizens in Jennings weren’t sure that the bank was as solid as it should be.
On Jan. 11, 1902, the Times‑Picayune reported, “Eight agriculturalists from North Dakota [arrived in New Orleans] yesterday morning and left last night for Jennings and Crowley to look over the rice lands, with a view to purchasing a large tract at some point in the state, and farming it together. They are all men of means and prosperous farmers at home, but reports from relatives and friends who have preceded them have been so encouraging that they are about to leave the frozen north for the sunny rice fields, where their relatives are growing rich.
“They are all of sturdy north European stock, the same that has already contributed so many stirling [sic] citizens to this commonwealth. Michael Andersen, one of the number, has a brother at Jennings who has made a fortune in the culture of rice, and it is largely upon the strength of his report that the party has come.
“Mr. Andersen is from Mayville, as are also E. A. Bjelde, Jacob Reyersen, and J. O. Foss. The others of the party are A. H. Berg, J. H. Berg and George Sundby of Cooperstown, and E. N. Rosewold of Portland
“Mr. A. H. Berg, speaking for the party, said last night ... that it was altogether probable that the entire party would settle at one point, taking up enough land in one body to do for all, and thus economizing the cost of irrigation, and making it possible for everyone to make more money than if operating alone.
“‘We are not settled as to where we will go,’ said he, ‘but will look about pretty thoroughly before making up our minds. The present proposition is to settle in Louisiana, but we will also look at what Texas has to offer in the way of agricultural inducements. Jennings, Crowley, and Lake Charles will be examined in turn and we will settle on a location for our farms after looking at them all.’
“‘There are a number of others back home who will come down with us if we can find what we want on proper terms. The idea is for as many of us as possible to buy in one tract and put into practice here the same methods that have made wheat farming in the northwest such a big industry. We hope to introduce those methods successfully, and if we are successful, will probably be the means of bringing many more families to the state.’”
But prosperous farmers were not the only ones who thought they might do well in Jennings.
The day before, on Jan. 10, the Picayune noted, “The wealth of Jennings has been heralded over the United States and has been the means of attracting large numbers of people to the city. A certain class, however, are not desired – the tramps. ... Mayor Sweet has decided to take drastic measures to rid the city of the pests. This morning he instructed the officers to make everyone give an account of himself, and if not satisfactory to lock them up.
“When brought before his honor in the morning, they will receive a ticket that will entitle them to assist [street cleaner] Peter Woods … during the day and a room with the latest style of iron beds at night. Mayor Sweet stated this morning that he meant to enforce the tramp law to the fullest extent and that he has the best wishes of the entire community.”
And then there were wild reports about the bank. According to a Jan. 19 newspaper report, the Jennings Bank and Trust refused to cash a check for a man because his account was overdrawn. The teller told the man that he couldn’t cash the check “because there are no funds.” He meant no funds in the man’s account. The man thought he meant no funds in the entire bank and spread the rumor that the bank was broke.
That caused a run on the bank that forced it to close for a week.
You can contact Jim Bradshaw at jimbradshaw4321@gmail.com or P.O. Box 1121, Washington LA 70589..