10311. Bank of Blowing Rock (Blowing Rock, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 1, 1931
Location
Blowing Rock, North Carolina (36.135, -81.678)

Metadata

Model
gpt-5-mini
Short Digest
340281ba7d11c4ec

Response Measures

None

Description

Articles (Dec 1931) report the Bank of Blowing Rock closed/suspended Dec. 1, 1931 by its cashier/board and state inspector took charge. Closure attributed to steady reductions in cash caused by withdrawals through 'usual business channels' and slow collection of notes (liquidity/temporary stringency). Officials and the state inspector expected a reopening after preliminary audits; no allegations of fraud or insolvency in the articles.

Events (1)
1. December 1, 1931 Suspension
Cause Details
Steady reduction of funds on hand due to withdrawals via regular business channels and slow collection of loans/notes (temporary liquidity stringency).
Newspaper Excerpt
The Bank of Blowing Rock... failed to open its doors for business last Saturday morning... the suspension of business having resulted... to withdrawals of depositors through usual business channels and to retarded collection of notes held by the institution.
Source
newspapers

Newspaper Articles (2)
1. December 2, 1931 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, December 2, 1931

Click image to open full size in new tab

Article Text

Bank Is Closed At Blowing Rock Cashier States That Action Is Taken to Protect Depositors pear said he had no Lenoir Dec 1-The Bank of Blow. any witnesses planned to ing Rock Rock its tomorrow morning Thomas J. Har Saturday morning "for the kins and Alf Barnard are the protection and attorneys appointed by Judge Stack awaiting the arrival of state aid the examiner according to word Monday when Judge Stack opene here today The suspension the he general of business is believed to be invitation to hear any porary arrangements are being might any information tending attempted to bring about the show that corrupt practices had opening at an early been courts None came Grover Robbins, director of the testify Judge Stack defunct continued the investigation until W. D. Farthing today is sued the following "There had not been on the think feel The Girl: should you'd bank although the close attributed happy as king when in to heavy of large positors through regular business Aviator: Happier I'm ace steadily the Log money on We believe the closing les and efforts are now on foot to reopen the bank at an early at the bank had Matthews about on deposit with $13,000 in undivided Loans aggre gated the statement of Sept DIAL C. Moodey is president of the

2. December 3, 1931 Watauga Democrat Boone, NC
Article from Watauga Democrat, December 3, 1931

Click image to open full size in new tab

Article Text

LAST SATURDAY Though Regular Channels and Slow Collection of Paper Principal Causes of Failure. State Inspector of Banks Charge of Institution and Belief that Reopening My Soon Be Effected. The Bank of Blowing Rock, foundyears ago, failed to open its doors for business last Saturday morning, the suspension of business having resulted, according to officials, to withdrawals of depositors through usual business channels and to retarded collection of notes held by the institution. There no evidence of on the bank, stated, but the doors were closed for the protection of depositors when steady reduction of moneys on hand became apparent. The Commissioner of Banks was immediately notified and State inspector now in charge of the affairs of the closed institution. He understood to have signified his bethat the bank may be reopened without undue delay, after having made his preliminay audits. Directors of the defunct institution are making arrangements which will bring about the reopening at an early date, is said. All loans are said to be secured by good collateral, and no losses anticipated. The Bank of Blowing Rock was organized in 1904 and has done sizeable business during the interventime. Some years showed splendid profit, while others have not more than covered operating expenses; but has always been solid financial institution. There however, widespread alarm over its closing. The bank was reorganized in January of this year, with Moody, president; Grover Robbins, vicepresident; W. D. Farthing, cashier, and Miss Dorothy Hayes, assistant cashier. The bank at that time was described, according to the report of the retiring cashier, sound and healthy condition, and under Mr. Farthing's of affairs, many notes had been collected, and the business had been handled highly successful manner. The closing came as result of temporary monstringency, which could not have avoided. The board of directors includes: W. Holshouser, Moody, Robbins, H. C. Hayes, Frank Edmisten, Icenhour and Herbert Stewart. The bank was capitalized at and the report as of September 29th indicated that deposits totaled about surplus fund of $13,500 was indicated.