Contemporary AP reports (Apr 21, 1931) describe a run on the Farmers & Merchants Bank after the National Bank of Kinston failed to open and the First National closed. The Farmers & Merchants initially met demands and officers brought in cash; later sources note the bank suspended in April 1931 (article dated Sept 27, 1932 references suspension April 1931) and depositors expected a dividend in fall 1932, indicating subsequent resumption/settlement. Cause of the run is local bank failures (runs at other local banks). OCR errors in some articles (Kingston/Kingston spellings) were corrected to Kinston. Dates: run clearly 1931-04-21; suspension month April 1931 (day not specified).
Events (3)
1.April 1, 1931*Suspension
Cause Details
Officers/directors later ordered the bank closed/'suspended' in April 1931 for protection of depositors after the runs and liquidity pressure; sources describe assets tied up and 'frozen' collections at other local banks.
Newspaper Excerpt
Depositors in the Farmers Merchants Bank here closed ago, dividend payment this fall been but nominal payment planned fall collections The bank suspended April, 1931 State
Source
newspapers
2.April 21, 1931Run
Cause
Local Banks
Cause Details
Run began after the National Bank of Kinston failed to open and, about an hour later, the First National Bank closed; depositors then assaulted Farmers & Merchants.
Measures
Chamber of Commerce appeals from soap boxes; band and false fire alarms used to distract crowd; bank reported meeting all demands and arranged cash shipments from Richmond.
Newspaper Excerpt
False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank ... The bank was meeting all demands this afternoon.
Source
newspapers
3.September 27, 1932Reopening
Newspaper Excerpt
DEPOSITORS EXPECT DIVIDEND Kinston Sept. Depositors in the Farmers Merchants Bank here closed ago, dividend payment this fall ... The bank suspended April, 1931 State
Source
newspapers
Newspaper Articles (13)
1.April 21, 1931St. Louis Post-DispatchSt. Louis, MO
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ORATORS AND FIRE ALARMS FAIL TO STOP RUN ON BANK
Kinston (N. C.) People Withdraw Money When Two of Three Depositories Close Doors. the Associated Press.
KINSTON N. C., April False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed The false fire alarms, rung in hope they distract crowd depositors gathered at the Farmers Merchants Bank. failed to draw the crowd's interest. Neither did the distant playing of brass band which was brought into action. Chamber of Commerce pleaded from soap boxes for depositors to leave their money with the bank. The bank was meeting all demands this afternoon. The began when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed. The banks listed condition March as follows: First National Bank. capital and prof. its, deposits, H. H. McCoy, president: W. B. Harvey. vice and cashier National Bank of Kinston. capital, $120,000: surplus and profits, $54.000: deposits. $1,105,000. W. P. Tingle, cashier.
Banks Closed At Kinston This Morning
O'ficers of Only maining Bank sort to Drastic Steps to Save it From Failure
BANK EXAMINER CLOSED ONE
First National Faced by Heavy Run Closed for Protection of It's Depositors-The Third Bank Stands Run
Kinston. April banks closed here today and officers of the only remaining one turned drastic steps save the face of brass band. box orators and false fire alarms failed to halt. The National of faced with collections. not open today by the bank eight minutes it opened the First facing heavy posted notice closing the protection A similar was progress Farmers Merchants bank. was still withstanding the inroads of withnoon. A large crowd gathered at Kinston's principal corner during the morning Speakers. representing chamber commerce and business interests mounted vantage points and sought to allay fears depositors. but apparently without effect. Officials of the First National bank it's affairs excellent condition and blamed the closing on the hysteria of depositors. Thomas W. president the National Bank Kinston. said depositors his bank would lose little cashier of the McCoy Harvey vice president and cashier National bank. banks condition March First deposNational Bank of and profits and funds bank totalled about
3.April 21, 1931The JournalMeriden, CT
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False Fire Alarms, Soap Box Oratory Fail To Halt Run On North Carolina Bank
Kingston, April (AP) fire alarms oratory to today in one had closed. The false in hopes would distract gathered Farmers Merchants bank, failed the crowd's interest. Neither did the distant playing brass which was brought into action. Chamber Commerce representatives pleaded from for the depositors to leave money with the bank. The bank meeting all dethis afternoon. The the National Bank Kinston failed open this and an hour the First National Bank closed.
4.April 21, 1931Evening ExpressPortland, ME
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False Fire Alarms And Box Oratory Fails To Stop Run
Kinston, N. C., Bank Meets All Demands After Two Others Close
KINSTON, N. C., April 21 (A. False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinstons' one remaining bank after two others had closed. The false fire alarms. rung in hopes they would distract crowd of depositors thered at the Farmers and Merchants Bank. failed to draw the crowd's Neither did the distant playing brass band which was brought into Chamber of Commerce representatives pleaded from soap boxes for the is depositors to leave their money with the bank The bank was meeting all demands this afternoon. The when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed.
TWO BANKS AT KINSTON CLOSE
Run Made on Third But Funds Are on Hand to Pay Off All Withdrawals
KINSTON, April banks closed here today and officers of the only remaining one turned to drastic steps to save it in the face of run which brass band, soap box orators and false fire alarms failed halt. The National bank of Kinston, faced with poor collections, was dered not to open today the by tional bank examiner minutes after opened the First National, facing heavy run posted notice was closing "for the protection of depositors.' similar run was in progress the Farmers Merchants bank, which, however. was still withstanding the inroads of withdrawals at noon. large crowd gathered at Kinston's principal corner during the morning. Speakers, representing the chamber of commerce and interests vantage points and sought to allay the fears of depositors, but apparently without effect Officials the First National bank insisted its affairs "in excellent condition" and blamed the closing on the of depositors. Thomas president of the National Bank of Kinston, said depositors his bank would lose little. Tingle 18 cashier of the National bank W. H. McCoy is president. W. Harvey, vice president and cashier, of the First National. Figures published by the banks give their condition as of March 31 follows: First $125,000: surplus profits deposits $1,167,000. National Bank of surplus and profits deposits Today President Heath said deposits were and that funds due the bank totaled about $700,000.
6.April 22, 1931The Salisbury PostSalisbury, NC
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Kinston Bank Holds Out Against
Kinston, April Directors the First National bank here. which closed yesterday when fired faced run after the National flee Bank Kinston suspended, who considering mobile and no escaped. nouncement was expected for day so least. The Farmers and Merchants bank. remaining financial beaten. stitution. appeared definitely weathered storm which about it following yesterclosings. remained open throughout augmented cash reserve night peared be doing normal busitoday. The National Bank of Kinston ordered closed by the national bank examiner because of "frozen count
7.April 22, 1931The Los Angeles TimesLos Angeles, CA
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FIRE GONGS FAIL TO END RUN ON BANK
Soap Box Oratory Proves Futile Also After Two of Town's Institutions Close
KINGSTON (N. C.) April 21. (AP) False fire alarms and soap-box oratory were resorted to today in an effort to halt run on Kingston's one remaining bank after two others closed. The false fire alarms, rung hopes they would distract crowd depositors gathered the Farmers' and Merchants' Bank failed draw the crowd's interest. Neither did the distant playing of brass band. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money the bank. The bank met all demands The run began when the National Bank of Kingston failed today and an hour later the First National Bank closed.
8.April 22, 1931The Charlotte ObserverCharlotte, NC
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KINSTON BANKS CLOSE IN PANIC
False Fire Alarms Ring and Band Plays When Run on Remaining Bank Starts.
KINSTON. April distant band played and false fire alarms rang In an effort to distract them, depositors stormed the Farmers and Merchants bank of Kinston today after two others had closed. but found all their demands met. Tonight the bank's officers ex. pressed belief the run was over. The banks closing were the National bank of Kinston and the First National bank of Kinston Upon orders of the national bank examiner. who said he found its assets "frozen," the National bank of Kinston did not open this morning. Runs started on the other banks and 48 minutes later the First National closed. PLEAD ON SOAP BOXES. Chamber of Commerce representatives stood on soap boxes before the Farmers and Merchants bank and pleaded with the depositors to leave their money in the bank, the only remaining financial institution in the city. They also arranged for the band to play and for the fire alarms to be turned in. Approximately in deposits were tied up with the closing of the two banks. Officials of the First National said its affairs were in excellent condition and blamed the closing on the hysteria of depositors. Officers planned to seek to reopen SMALL LOSS SEEN. W. Heath, president of the National bank of Kinston, said the depositors would lose very little through the bank's closing. He said its officers were considering the possibility of reorganizing and reopening it. The bank was capitalized at $120,000. On March 31 its officers reported it had deposits of $1,105,000 and surplus and profits of $54,000. J. P. Tingle is cashier of the bank. The First National bank's deposits, as of March 31, were reported to be $1,167,000. with surplus and profits of $77,000. It was capitalized at $125,000. Officers of the Farmers and Merchants bank said deposits during the last hour of business today were greater than withdrawals. They said they had "considerable sum" in cash on the way here from Richmond for use if there were heavy withdrawals tomorrow.
FALSE ALARMS FAIL TO HALT RUN ON BANK
KINSTON, N. C., April 21 fire alarms and soap box oratory resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract crowd of depositors gathered the Farmers and Merchants Bank, failed to draw the crowd's interest. Neither did the distant playing of a brass band which was brought into action. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The run began when the National Bank of Kinston failed to open morning and an hour later the First National Bank closed.
10.April 22, 1931The News and ObserverRaleigh, NC
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One Fails To Open; Another Shuts Doors Because of Heavy Run
Kinston, April was black Tuesday for Kinston. was the most hectic day in the city's recent history. The National Bank of Kinston, oldest local financial institutions. failed to open for business. Depositors swarmed down on the National Bank and Farmers and Merchants Bank runs. The was forced to close. latter weathered the storm. Excitement rife; ruled Queen Gordon Streets, where all three in stitutions are Crowds Harangued. Business leaders chamber of commerce rallied quickly. "Soapboxers" harangued the crowds effort to stem the runs. False alarms were rung from points the business district effort divert them. Even band played, parading through the streets. milling depositors continued the Farmers Merchants and First National. minutes after opening, latter went directors posted notice closed door the effect business been pended protection of depositors. Harvey, executive stated examination First National's affairs night showed to excellent dition without liability against directors stockholders. In Good Shape. Will Allen, ident the and said state institution better shape the winter. Farmers Merchants been regarded locally sort financial gibraltar. the orators who addressed Among the crowds from the curbsides Fred Sutton, member of islature: Rouse, former several business Plato Collins, tary the chamber commerce. department store manager funds before the crowd's entered bank deposit them. Stranger Lends Hand. Hawaiian broke the speakstranger, staying temporarily,' money in these banks. going there." the managers chain stores in the city had confer red agreed not day. made cent during their usual deposits. The mayor made appeal the public This carried extras. midst paper officers the First citement National announced they would close (Please Turn to Page Two.)
11.April 22, 1931News and RecordGreensboro, NC
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CLOSING OF 2 BANKS CAUSES HECTIC SCENE
Fire Sirens Screech and Band Plays In Effort to Stop Runs at Kinston.
ONE BANK STAYS OPEN
(Special Daily News) Kinston, April black Tuesday for Kinston was the most hectic day in the city's recent history National Bank of Kinston, oldest of local financial institutions, failed for Depositors on the First National bank and Farmers Merchants bank runs. Excitement was rife. Confusion ruled at Queen and Gordon streets, where all three are located. Business leaders and chamber of quickly. 'Soapboxers" harangued the crowds in an effort to stem the False fire alarms were rung in from points in the business district effort divert them. Even band played, paradIng through the streets. The milling depositors continued to invade the Farmers and Merchants and First National. o'clock, 48 minutes after opening the latter went out. The directors notice on the closed door to the effect that business had been the protection of depositors. Harvey, executive vice president, stated amination of the First National's fairs night to be in excellent without cent of liability against directors and Will A. Allen, executive vice president the Merchants, said that state institution better than the winter The Farmers and Merchants has long been regarded locally as sort of financial Gibraltar Among the orators who addressed the crowds from the were Fred member of the legislature: Rouse, former mayor, several business men. woman and Plato Collins, veteran secretary the chamber of department store manager funds before the crowd's eyes. then entered bank deposit them. Hawaiian broke in on the speakers. am stranger, staying here temporarily. have money one these banks It is going to stay there.' was the managers of chain stores in the city had conferred and agreed not to withdraw cent during the They made their usual deposits The mayor made appeal the public to This was carried in newspaper extras. In the midst of the excitement the officers of the First National nounced they would close its doors in five minutes. When the hand of one of them had ticked off the time the doors shut. followed that "the First National has been The Farmers and Merchants continued the gaff. The widow of Lemuel Mewborne, its president for many years, was in the her eyes dimmed tears Tellers sweated as they cashed checks for depositors flocking in by scores. At o'clock appeared the state bank had stood the shock The run had lighter. Vice President Allen made the statement that depositors currently ceeding withdrawals. He said the run was The during the forenoon spread to every in the business district. Not place in the downtown section escaped the touch of panic. Police mobilized. Fire gines dashed through the But crowds ignored clanging gongs and screaming sirens Thomas W Heath, president of "The National. said the bank had been unable to make collections. was the story frozen He said the would probably reopened reorganization. positors will lose little anything he believed but matters too uncertain for anything definite regarding future. Heads the the following figures night The National. capital stock $120.000, no surplus deposits about $700.loans and discounts about $700.- loans and discounts The crush the telephone exchange was heavy that operators from Washington and New
Service For Younts, 16, of Climax, Conducted
Special Daily News) Liberty April service for Joseph Farl Younts died the of his Mr and Earl Climax Saturday morning after few months' with was ducted from Bethlehem M. church Sunday afternoon o'clock by his Pleasant Garden Interment was Joseph was loved by all who knew him will greatly missed in community and Bethlehem Sunday school which he attended regularly survived by his five Carl. Earnest and home and sisters. Elizabeth and Mable. home
12.April 30, 1931The Berkshire EaglePittsfield, MA
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LATE NEWS BRIEFS
200 EMPLOYEES REPORTED KILLED OR INJURED RIO DE JANEIRO. hundred employees the naval laboratory at Nichtheroy killed injured today when an explosion wrecked the plant. The plant employed 400.
NORTH CAROLINA BANK FAILS TO OPEN C.-Kinston, town population, was left without banking facilities today when the Farmers and Merchants' bank failed open. notice posted at the entrance said the bank had been closed by the directors the protection depositors." short time ago the city's other two banks closed their doors.
5000 WORKERS ON STRIKE; OTHERS MAY FOLLOW COVENTRY, thousand workers went strike today protest against reduction by Courtauld's, Ltd., two pence an hour in the wages of spinners. Workers in other factories were reported to be planning The manageannounced that the wage cut had been under for about two years become necessary in order to meet foreign competition in artificial silk and yarns.
HUNDREDS DYING OF THIRST AND of shepherd tribesmen and their flocks are reported dying of thirst and starvation in the deserts Southern Syria Central Arabia winter drought killed off vegetation and dried up wells.
MAYOR WALKER TO STOP NEWSPAPER NEW Walker has decided that "racketeering" must cease. He ordered the department and the license yesterday revoke licenses any news dealer and to remove from the streets charging more than the regular The move made at the demand of newspaper ers charged that early editions being sold at greatly increased price in "the biggest news dealer racket in the nation."
OPERATION NECESSARY TO SAVE KING'S SIGHT William Holland Wilmer, noted specialist, day told the King of Siam that an the cataract his eye was "absolutely necessary" to save the sight of that optic,
13.September 27, 1932The Virginian-PilotNorfolk, VA
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Louis Carner, Acute Appendicitis Victim, Brought Here In Plane
Reports Louis Carner former Maury athlete and now dent and of the aviation William and Mary had crashed plane yesterday resolved itself last night into the formation that stricken with an acute of Norfolk college plane and operated on here Last night the young man resting comfortably. The to Norfolk was 28 minutes and the speed saved Carner's Carner well known football player Maury
DEPOSITORS EXPECT DIVIDEND Kinston Sept. Depositors in the Farmers Merchants Bank here closed ago, dividend payment this fall been but "nominal payment planned fall collections The bank suspended April, 1931 State
