10526. Farmers & Merchants Bank (New Bern, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 29, 1903
Location
New Bern, North Carolina (35.108, -77.044)

Metadata

Model
gpt-5-mini
Short Digest
4828be67cdbfb0a5

Response Measures

None

Description

Cashier T. W. (Thomas) Dewey absconded after large embezzlement; the bank was compelled to suspend in late July/early August 1903 and a receiver (Thomas Daniels) was appointed. By December 1903 the bank (trustee/receiver present) was paying depositors dollar for dollar, indicating resumption/ability to pay. No discrete depositor 'run' is described — suspension due to bank-specific embezzlement followed by receivership and later resumption.

Events (4)
1. July 29, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlement by cashier T. W. Dewey (shortage initially discovered after July 29 examination; ultimately ~ $125,000).
Newspaper Excerpt
July 29 State Bank Examiner Ellington examined the bank ... when replies to telegrams showed a shortage ... the bank was compelled to suspend.
Source
newspapers
2. August 5, 1903 Receivership
Newspaper Excerpt
Thomas Daniels was today appointed receiver for Farmers' and Merchants' Bank, Newbern, by Judge Brown ... Daniels gave bond ... and will take charge tomorrow. ... Mr. Ellington ... turned the books over to Thomas Daniels, the receiver, who will proceed to settle the affairs of the defunct bank. (Aug. 5-7 reports).
Source
newspapers
3. September 4, 1903 Other
Newspaper Excerpt
Receiver Thomas Daniels ... statement ... assets $188,099. Liabilities $190,547.13 ... the capital stock $72,000 not included. (statement of condition Sept. 4, 1903).
Source
newspapers
4. December 12, 1903 Reopening
Newspaper Excerpt
The doors of the bank were open and the depositors were drawing their money at 100 cents on the dollar. The recently appointed trustee of the bank, W. B. Blades, and the president L. H. Cutler, were on hand and appeared quite happy, handing cool cash, dollar for dollar, to the depositors.
Source
newspapers

Newspaper Articles (18)
1. August 6, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 6, 1903

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KILLED HIS OWN GUEST C. C. Davis Sentenced for Thirty Years for Murder. INSANITY PLEA SAVED HIM The Anti-Saloon League Appoints a State Organizer-A Burglar Enters an Office But He Gets Little Plunder. (Special to The Times-Dispatch.) RALEIGH, N. C., August 5.-C. C. Davis was brought to the penitentiary last night by Sheriff B. Sturgill, of Ashe county, to serve thirty years for one of the most horrible murders ever perpetrated in this State. The plea of insanity only saved him from the gallows. He arose one night and with an axe brained Levi Baker as he slept in bed as his guest, and dealt several fearful blows to Alfred Bar ker, father of Levi. Davis' wife rushed in to interfere, and was so badly cut that she died a few days later. Davis made no attempt to escape and did what he could to nurse his wife back to health. He said last night: "I would rather have killed myself. Something just came over me. I don't know what It was. The whole affair Just seems like a bad dream." TEMPORARY INSANITY. Temporary insanity is claimed to have been caused by grief over the loss of an only child and by attending preaching by a sanctificationist preacher. Insanity was not sufficiently established, and the thirty year sentence was a compromise sentence. Mr. W. M. Hinton, of Pasquotank county, has been appointed State organizer for the State Anti-Saloon League. He was a member of the last General Assembly. and took an active part in temperance discussions and legislation on the floor of the House. BURGLAR IN OFFICE. A burglar entered the residence of Dr. T. N. Ivey, editor of the Raleigh Christian Advocate, last night. The only article of value missed thus far is a pair of opera glasses. Doubtless other things were taken. The family are in the mountains for the summer. Wake county Confederate Pension Board has approved thirty-four applications for pensions and turned down forty others. Professor Robert W. Page. a 1901 graduate of Columbia University, New York, has been added to the Agricultural and Mechanical College faculty. He becomes assistant to Professor Withers, of the chair of chemistry, and will give instruction in metallurgy, assaying and electro chemistry. A BIG SHORTAGE. Thomas Daniels, of Newbern, was today appointed receiver for Farmers' and Merchants' Bank, Newbern, by Judge Brown, the application being by the North Carolina Corporation Commission. Daniels gave bond to-night in the sum of $30,000, and will take charge to-morrow. Chairman Franklin MoNeill, of the Corporation Commission, says Bank Examiner Ellington, now in charge of the banks, reports that the shortage of Cashier T. W. Dewey is not less than $75,000 and may reach $100,000. EXCEPTIONS FILED. The Atlantic Coast Line, Seaboard Air Line and Southern Railway Companies filed exceptions to-day with the Corporation Commission to their recent tax assessments of railroad property. Principal grounds for exceptions are that the amounts assessed are in excess of the true value of the roads, in money are out of proportion to and greater than the assessments placed on other property, and that the law under which the assessments were made is unconstitutional In that It prescribes a different and more arbitrary rule for assessment of property of railroads than for property generally in the State. No time has been set for hearing argument on the exceptions.

2. August 7, 1903 The Newberry Herald and News Newberry, SC
Article from The Newberry Herald and News, August 7, 1903

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appeared. GENERAL NEWS NOTES. Items of More or Less Interest Condensed Outside the State. William Adair a well to do farmer living near Matewan, W. Va., return. ing from 8 business trip to Cincinnati and becoming jealous he found his wife at a neighbor's home, pulled his revolver and fired at her three times whereupon the wife shot him dead with 8 Winchester rifle. Mrs. Adair is in jail. John Dixon, 8 young negro man was arreated at Sparta, in Hancock county, Ga., for attemted assault upon 8 young white girl and was spirited away to Macon and lodged in jail there to prevent his being lynched by a mob which formed for that purpose. Numbers of New England cotton mills have closed down this week on account of the high price of raw cot. ton. Thirty people were killed and fifty.two injured railroad disaster in Austrian Silesi. on Monday. The disaster was caused by 8 stone train breaking its couplings and running at terrific speed down a sharp grade for twenty miles until it collided with a passenger, Twenty one persons were injured, some very seriously, in 8 head-on collision between a freight and passenger near Hartford City, Ind., on Monday. The freight WAS delayed and a dense fog prevented the pas senger being seen until too late to avoid the collision. Numerous strikes have been de. clared in Spain aimed at obtaining the release from jail of workmen convicted of offenses during previous strikes. Rear Admiral Cotton with his flag-ship the United States Cruiser Brooklyn has been in Portuguese waters the past several days and has been wined and dined by Portuguese royalty. Admiral Cotton by special invitation spent yesterday at the King's chateau of Al vito. On account of 8 shortage in the accounts of its cashier, T. W. Dewey, the Farmers' and Merchants' Bank of Newbern, N. C., has been compelled to go into liquidation. A reward of $500 has been offered for the apprehension and return of the defaulting cashier. Robt. D. Cawthorn was convicted of murder in the first degree at Eastman, Ga. Cawthorn became infatuated with the wife of R. D. Tucker, 8 prosperous farmer, and Tucker becoming suspicious, Cawthorn put poison in 8 drink of brandy which he gave Tucker

3. August 8, 1903 New-York Tribune New York, NY
Article from New-York Tribune, August 8, 1903

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SHORTAGE IS $125,000. Largest Bank Defalcation in History of North Carolina. Newbern, N. C., Aug. 7.-The shortage of Thomas W. Dewey, absconding cashier of the Farmers and Merchants' Bank, of this city, proves to be $125,000. said to be the largest embezzlement in the history of the State. The reward for Dewey's capture has been increased to $5,000. He left only $1,300 in cash in the bank. $1,000 in gold. Gambling in cotton futures is one way in which the money went. For a time he skilfully hid his embezzlements by false entries. On July 29 State Bank Examiner Eilington examined the bank, and, as the books indicated irregularities, immediately made inquiries of the correspondents, and the first reply received disclosed a shortage of $10,000. Mr. Ellington at once telegraphed to the other banks, asking their balances. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000. but when replies to telegrams showed a shortage of $69,000 in the accounts the bank was compelled to suspend. The shortage has steadily increased to $125,000. Dewey, anticipating the disclosures, left here Saturday evening, ostensibly on personal business, to return on Monday. He was last heard from on a Seaboard Air Line train, going North. From the train he mailed letters to his brother, Charles Dewey, of Goldsboro, and to Governor Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him and saying that he was leaving here for parts unknown. Mr. Ellington finished his work today, and turned the books over to Thomas Daniels, the receiver, who will proceed to settle the affairs of the defunct bank.

4. August 8, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, August 8, 1903

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DEWEY GOT $125,000 HIS EMBEZZLEMENT GREATEST IN HISTORY OF STATE. LEFT BANK ONLY $1,300. MONEY MAINLY SPENT PLAYING COTTON FUTURES. Shortage Cleverly Hid by False Entries-Dewey Left Newbern Saturday Northward Bound-Wrote His Brother and Gov. Aycock-Regrets Betrayal of Trust-Says He Has Gone to Parts Unknown-Reward of $5,000 Offered for His Capture. Newbern, N. C., Aug. 7.-The shortage of Thomas Dewey, absconding cashier of the Farmers and Merchants' Bank of this city, proves to be $125,000, said to be the largest embezzlement in the history of the state. The reward for Dewey's capture has been increased to $5,000. Dewey left only $1,300 in cash in the bank, one thousand of it in gold. Gambling in cotton futures is one way in which the money went. For a time he very skillfully hid his embezzlements by false entries. July 29, State Bank Examiner Ellington examined the bank and as the books indicated irregularities he immediately made inquiries of their correspondents, and the first reply received disclosed a shortage of $10,000. Examiner Ellington returned to Newbern at once and wired the other banks, asking their balances. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000, but when replies to telegrams showed a shortage of $69,000 in the accounts the bank was compelled to suspend. The shortage has steadily increased to $125,000. Cashier Dewey anticipating the disclosures left Newbern Saturday evening. ostensibly on personal business to return Monday. He was last heard from on a Seaboard Air Line train going North from which he mailed letters to his brother, Charles Dewey, of Goldsboro, and to Gov. Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him, and saying he was leaving for parts unknown. Mr. Ellington finished his work today, and turned the books over to Receiver Thomas Danniels, who will proceed to settle the affairs of the defunct bank. Dewey is five feet, six inches tall; weighs 135 pounds, is of dark complextion, with dark hair and eyes and was smooth shaven when he left here.

5. August 8, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, August 8, 1903

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THE FEELING IN NEW BERN. The Bank Suspension Practically & ffects Only its Stockholders and Depositors (Special to News and Observer.) New Bern, N. C., Aug. 6.-The New Bern Journal, speaking editorially of the closing of the Farmers and Merchants Bank, says the feeling is that the suspension is one which practically affects only the stockholders and depositors of that bank. The loss to the stockholders is a severe one, both on account of the manner in which they were defrauded, as well as from a pecuniary standpoint. The depositors suffer only the temporary loss of their money, as it seems well assured every dollar of deposit will be made good, also suffer from the natural disarrangements to their financial affairs, which a bank failure involves, making necessary the completing of other banking arrangements for their business. Wednesday's business at the National and Citizens Bank showed nothing of excitement or indication that there had been a bank suspension in the city. The money taken in over the counter was generally in excess of that paid out. New accounts were made, and whatever loans were sought were accepted as upon any other day. Tenders of money from outside banks were received, but there was no local need of outside funds. Both of these banks were, and are, prepared to not merely pay all accounts, but are ready to serve their patrons as they may want, also protect every financial and trade interest of New Bern, as it may be needed. There is nothing notably changed in local. trade conditions.

6. August 8, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 8, 1903

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LARGEST EMBEZZLEMENT IN HISTORY OF STATE (By Associated Press.) NEWBERN, N. C., August 7.-The shortage of Thomas W. Dewey, absconding cashier of the Farmers' and Merchants' Bank, of this city, proves to be $125,000, said to be the largest embezzlement in the history of the State, The reward for Dewey's capture has been increased to $5,000. Dewey left only $7,000 in cash in the bank, $1,000 of it in gold. Gambling in cotton futures is one way in which the money went. For a time he very skilfully hid his embezzlements by false entries. It was thought at first by the directors and the examiner that the shortage would not exceed $20,000. but when replies to telegrams showed a shortage of $69,000 In the accounts. the bank was compelled to suspend. The shortage has steadily increased to $125,00. Cashier Dewey, anticipating the disclosures left Newbern Saturday evening, ostensibly on personal business, to return Monday. He was last heard from on a Seaboard Air Line train going North from which he mailed letters to his brother. Charles Dewey, of Goldsboro, and to Governor Aycock, telling of his shortage. expressing regret for his betraval of the trust reposed in him, and saying he was leaving for parts unknown.

7. August 8, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 8, 1903

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LARGER THAN EXPECTED Defalcation from Newbern Bank Will Reach $100,000. HEINOUS CHARGE MADE Man Accused of Criminal Intimacy With His Twelve-Year-Old Step. Daughter-Krag-Jorgensens for Tarheel Troops. (Special to The Times-Dispatch.) RALEIGH, N. C., August 7.-Judge T. B. Womack, who went to Newberne as counsel for the North Carolina Corporation Commission, to direct the transfer of the books and assets of the Farmers' and Merchants' Bank to Receiver Thomas Daniels, returned this morning, and reports that the defalcation by the abscondIng cashier, T. W. Dewey, will amount to fully $100,000 instead of $75,000, as at first estimated. He says excitement among depositors has about died out, and all are grimly awaiting the result of the Investigation. Depositors, he says, will certainly lose a good per cent. of their deposits. The adjutant-general's office here has been notified that the new supply of Krag-Jorgensen magazine rifles, to be furnished by the United States War Department to the North Carolina Nation il Guard, have been shipped from the ursenal at Augusta, Ga., and will arrive in a few days. They will be distrubuted to the various companies of the guard in time for the First Regiment to use thein in their encampment at Asheville beginning August 19th. It is announced that Governor Aycock will go to Greensboro Monday to review the Third Regiment, North Carolina National Guard, now encamping there He will be accompanied by his aides and general staff. Two local tax public school elections have been called in Pitt county. 0.10 at Farmville and the other at Ayden, the first named being a township election, and the other a large district The State Superintendent of Public Instruction reports that large numbers of aplications for the State's part in the funds for rural school libraries ($10 for

8. August 8, 1903 Evening Journal Wilmington, DE
Article from Evening Journal, August 8, 1903

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ABSCONDING CASHIER'S SHORTAGE IS $125,000 Gambling in Cotton Proved Downfall to North Carolina Man Newbern, N. C., Aust -The shortage of Thomas W. Deway, absconding cashier of the Farmers' and Merchants' Bank, of this city, proves to be $125,000. said to be the largest embezzlement in the history of the state. The reward for Dowey's capture has been increased to $5000. Dewcy leit only $1300 in cash in the bank. $1000 of it in gold. Gambling in cotton fu. tures is one way in which the money went. For a time he very skillfully hid his embezzlement by false entries. July 29. State Bank Examiner Ellington examined the bank, and as the books indicated irregularities he immediately made inquiries of their correspondents, and the first reply received disclosed a shortage of $10,000. Examiner Ellington returned to Newbern at once and wired the other banks. asking their balances. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000, but when replies to telegrams showed a shortage of $69.000 in the accounts, the bank was compelled to suspend. The shortage has steadily increased to $125,000. Cashier Dewey, anticipating the disclosures, left Newbern, ostensibly on personal business. He was last heard from on a Seaboard Air line train going north, from which he mailed letters to his brother, Charles Dewey, of Goldsboro, and to Governor Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him and saying he was leaving for parts unknown.

9. August 9, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, August 9, 1903

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DEWEY WROTE THE GOVERNOR. Expressed Regret for Betrayal of Trust, Baying He Was Leaving for Parts Unknown. (By the Associated Press.) New Bern, N. C., August 7.-The shortage of Thomas W. Dewey, absconding cashier of the Farmers and Merchants' Bank, of this city, proves to be $125,000. said to be the largest embezzlement in the thistory of the State. The reward for Dewey's capture has been increased to $5,000. Dewey left only $1,300 in cash in the bank, one thousand of it in gold. Gambling in cotton futures is one way in which the money went. For a time he very skilfully hjd his embezzlements by false entries. July 29th State Bank Examiner Ellington examined the bank and as the books indicated irregularities he immediately made inquiries of their correspondents and the first reply received dis. closed a shortage of $10,000. Examiner Ellington returned to New Bern at once and wired the other banks asking their balance. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000 but when replies to telegrams showed a shortage of $69,000 in the accounts the bank was compelled to suspend. The shortage has steadily increased to $125,000. Cashier Dewey anticipating the disclosures left New Bern Saturday evening, ostensibly on personal business to return Monday. He was last heard from on a Seaboard Air Line train going North from which he mailed letters to his brother, Charles Dewey, of Goldsboro, and to Gov. ernor Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him and saying he was leaving for parts unknown. Mr. Ellington finished his work today and turned the books over to Receiver Thomas Daniels, who will proceed to settle the affairs of the defunct bank. Dewey is five feet, six inches tall, weighs 135 pounds, is of dark complexion, with dark hair and eyes and was smooth shaven when he left here.

10. August 11, 1903 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, August 11, 1903

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AMOUNT INCREASES. Dewey Got Over $121,000-Bishop Was Discharged. (Special to The Messenger.) Raleigh, N. C., August 7.-Official news from New Bern this evening deepens the sensation as to the plundering of the Farmers and Merchants' Bank by Cashier Dewey. It is that already the defalcation reaches $121,000 and will doubtless exceed $125,000. He appears to have secured at least $50,000 in cash during July. Two notes each for $10,000 given by the Hosiery Mill Company and endorsed by one Pelitier are found to be utterly worthless. There were cashed in Philadelphia and Baltimore. Dewey's stealings go back for years but lately, he had prepared for flight. His plan was to draw notes in other banks, guarantee their payment by his bank, cash them and pocket the money. The officials believe that he has a heavy sum in cash with him or hidden and available. It appears certain that the depositors will not get all their money. J. M. Bishop, of Raleigh, charged by his 12-year-old-old step daughter with outraging her and with having improper relations for many months, was given a hearing this afternoon and discharged, physicians testifying that the girl's story was false. New Bern, N. C., August 7.-The shortage of Thomas W. Dewey, absconding cashier of the Farmers and Merchants' bank of this city, proves to be $125,000, said to be the largest embezzlement in the history of the state. The reward for Dewey'c capture has been increased to $5,000. Dewey left only $1,300 in cash in the bank, one thousand of it in gold. Gambling in cotton futures is one way in which the money went. For a time he very skilfully hid his embezzlements by false entries. July 29th. State Bank Examiner Ellington examined the bank and as the books indicated irregularities he immediately made inquiries of their correspondents and the first reply received disclosed a shortage of $10,000. Examiner Ellington returned to New Bern at once and wired the other banks asking their balances. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000, but when replies to telegrams showed a shortage of $69,000 in the accounts the bank was compelled to suspend. The shortage has steadily increased to $125,000. Cashier Dewey anticipating the disclosures, left New Bern Saturday evening, ostensibly on personal business to return Monday. He was last heard from on a Seaboard Air Line train going north from which he mailed lettters to his brother, Charles Dewey, of Goldsboro and to Governor Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him and saying he was leaving for parts unknown. Mr. Ellington finished his work today and

11. August 12, 1903 The Anderson Intelligencer Anderson, SC
Article from The Anderson Intelligencer, August 12, 1903

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GENERAL NEWS. - A dispatch says 700 persons were drowned in the disastrous floods which occurred at Che Foo, China, July 27th. - A negro was severely whipped near Dublin, Ga., on Friday by blacks and whites for attempted assault on a young negro girl. - Nine horses were killed by a single bolt of lightning on the farm of Henry Brosenne in Howard county, Md., on Thursday. - The New England cotton mil's continue to close down because of the high price of cotton, and of course many operatives are out of work. - The national convention of the Peoples party at Denver, Col., passed a resolution not to unite with either of the old parties but to go it alone. - A few days ago a shipment of watermelons Was made from Amerious, Ga., to London, England. Several of the melons weighed 60 pounds each. - The greatest clock in the world is being made at Milwaukee, Wis., for the St. Louis exposition. The diameter of its face will be 120 feet and the minute hand sixty feet long. - Miss Addie Evans was shot and killed at Matewan, W. Va., on Thurs day, by Mrs. Wm. K. Davis, whose husband was too attentive to the young woman to suit the notions of the wife. --- The first bale of Georgia cotton was marketed on the 4th inst. and sold for 15 cents a pound and was grown by a negro, who for several years past has been the "first bale man" in Georgia. - Cashier Dewey, of the Farmers and Merchants bank of Newbern, N. C., is short in his accounts and has fled, with a reward of $500 for his capture. The bank has been compelled to suspend. - General Fitzhugh Lee has accepted an invitation from the Daughters of the Revolution at Jersey City to deliver the oration at the unveiling of the Paulus Hook battle monument in that city on October 24. - Mrs. Swinhart, of Elkhart, Ind., recovered the use of her voice in a novel way. She hadn't spoken a word for two weeks, as the result of sciatic rheumatism. Her house was struck by lightning and the shock caused her to regain her voice. - Last week there was a big rain and much lightning in Marietta, Georgia. It came in the night time and lasted only an hour or two but during that short time 480 English sparrows were killed and the next morning were carted off and put underground. - Will Hamilton, a well-to-do white farmer, was taken from jail at Asotin, Wash., on Wednesday night and hanged by a mob of & thousand men crassaulting and murdering little Mabel, daughter of Sheriff Richards. The sheriff tried hard to save the wretch. - It is said in Washington that the negro will gradually be eliminated from the Navy. Out of 29,000 enlisted men in the Navy, only 500 are colored. As their terms expire they will be dropped, and four or five years from now the last one of Sambo's tribe will have been weeded out, - The son of the wealthiest man in Buchanan, Ga., was cowhided at a charch door by a woman for defaming her daughter, while her own sister held & pistol. She then compelled him to sign a paper to the effect that "The rumors against the girl were lies and uttered by a base slanderer.' - The life of a child one year old was saved at Raleigh, N. C., recently by a. piece of beef. The child was on the point of swallowing this when it fell into a tub of water and was found there with its head and body in the water and was pulled out. The piece of beef prevented any water from entering its throat. - A. violent fit of sneezing accomplished for Samuel Veale. of Hazleton, Pa., what a number of physicians had failed to do-restored his hearing. For several years he suffered from an affliction of the head which finally made him deaf. He sneezed the other day and heard what sounded to him like a miniature explosion, after which he could hear. The conclave, after being in session four days elected Guiseppa Sarto, patriarch of Venice, as pope to sudceed Leo XIII, and he now reigns at the vatican and over the Catholic world as Pius X. The new pope is an Italian and is 68 years of age. He was not among the cardinals promibently mentioned, but was elected as a compromise, none of the leading names being able to get the necessary two-thirds vote. - Jean A. Crone, a newspaper man of Augusta, Me., who is to visit every state capital in the United States, covering a distance of over 21,000 miles inside of three years. and six months isnearing Lansing Mich

12. August 12, 1903 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, August 12, 1903

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GREAT TARHEEL EMBEZZLER. The Shortage of Thomas F. Dewey Will Reach $125,000. Newbern, N. C., August 7.-The shortage of Thos. W. Dewey, absconding cashier of the Farmers' and Merchants' Bank, of this city, proves to be $125,000, said to be the largest embezzlement in the history of the State. The reward for Dewey's capture has been increased to $5,000. Dewey left only $1,300 in cash in the bank and $1,000 in gold. Gambling in cotton futures is one way in which the money went. For a time he very skilfully hid his embezzlements by false entries. July 29, State Bank Examiner Ellington examined the bank, and as the books indicated irregularities, he immediately made inquiries of their correspondents and the first reply recieved disclosed a shortage of $10,000. Examiner Ellington returned to Newbern at once and wired the other banks, asking their balances. It was thought at first by the directors and the examiner that the shortage would not exceed $30,000, but when replies to telegrams showed a shortage of $69,000 in the accounts the bank was compelled to suspend. The shortage has steadily increased to $125,000. Cashier Dewey anticipating the disclosures, left Newbern Saturday evening, ostensibly on personal business, to return Monday. He was last heard from on a Seaboard Air Line train going North, from which he mailed letters to his brother, Charles Dewey, of Goldsboro, and to Governor Aycock, telling of his shortage, expressing regret for his betrayal of the trust reposed in him and saying he was leaving for parts unknown. Mr. Ellington finished his work today and turned the books over to Receiver Thomas Daniel, who will proceed to settle the affairs of the defunct bank. Dewey is 5 feet, 6 inches tall; weighs 135 pounds is of dark complexion, with dark hair and eyes and was smooth shaven when he left here.

13. August 25, 1903 The Farmer and Mechanic Raleigh, NC
Article from The Farmer and Mechanic, August 25, 1903

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and he firmly believes that others will show up in a few days. "The News man was handed one of Dewey's private postal cards by Mr. Ellington this morning. On one end of the card is a splendid likeness of the missing cashier. The card was gotten up in elegant style by Scherer, the stationer in New York. Two of these were found in a drawer of Dewey's desk the day after he left New Bern. One is kept by the stockholders and the other has become the property of Mr. Ellington. The picture on the card is said to be one of the best that Dewey has ever had taken. It shows the missing man as clean shaven and dressed in the best of style. Since his departure, the bank officials have sent to New York and secured a large number of these cards. They have been sent broadcast over the country in the hope that he might be detected. "Mr. Ellington informs The News that, in his opinion, the directors are lawfully bound for double the amount of the capital of the bank and in this event the depositors will not suffer any loss. "If this be true, the making good of the large shortage will fall heavily upon some prominent families of New Bern. "Last summer, Mr. Ellington states that Dewey's entire family spent the entire summer at the Atlantic Hotel, Morehead. He was paying out each month about $300 and his salary amounted to $125. He had, according to Mr. Ellington, no other source of income, and this fact was known to the bank people." Speaking of a New Bern man's visit to Charlotte the Observer of that city prints the following story: "Yes, Director Marks, of New Bern, is the man who is hardest hit by Tom Dewey's taking all the funds of the Farmers and Merchants' Bank," said a Charlotte man who had just returned from a visit to New Bern. "Marks is said to be the largest stockholder and was the largest depositor. Tom Daniels, now receiver for the bank, called the directors together and said: 'Gentlemen, it is my painful duty to inform you that Mr. Dewey has embezzled $131,000 from the bank, and has left in the bank $1,300.' 'What?' cried Mr. Marks, with his right hand held behind his ear. Mr. Daniels repeated his statement. 'Oh!' said Mr. Marks. 'Mr. Dewey has made a mistake, is it not so? We must find out where he is and send him those $1,300.' DEWEY TELLS A JOKE. "It was only recently, at a gathering of carnival souls," continued the Charlotte man, "that Dewey himself told a pretty good story on the late Hon. Buck Kitchin, who was a State bank inspector under the fusion administration. Dewey said that Kitchin strolled into his bank one day and began buttoning his frock coat in a very austere fashion. 'I am Mr. Kitchin, the bank inspector,' he declared. " 'And I am Mr. Dewey, the cashier of this bank,' was the reply. 'Well, Mr. Dewey, you know what I am authorized to do under the law,' said Mr. Kitchin. "Mr. Dewey knew and had his books and cash ready to be examined. He proffered the books to Mr. Kitchin. "Mr. Kitchin ran his eyes hurriedly over the pages and said:

14. September 1, 1903 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, September 1, 1903

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# Cashier Dewey's Mistake. "Yes, Director Marks, of New Bern, is the man who is hardest hit by Tom Dewey's taking all the funds of the Farmers and Merchants' Bank," said a Charlotte man who had just returned from a visit to New Bern. "Marks is said to be the largest stockholder and was the largest depositor. Tom Daniels, now receiver for the bank, called the directors together and said: "Gentlemen, it is my painful duty to inform you that Mr. Dewey has embezzled $131,000 from the bank, and has left in the bank $1,300." "What?" cried Mr. Marks, with his right hand held behind his ear. Mr. Daniels repeated his statement. "Oh!" said Mr. Marks. 'Mr. Dewey has made a mistake, is it not so? We must find out where he is and send him those $1,300'—Charlotte Observer.

15. September 5, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, September 5, 1903

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CONDITION OF BANK Statement by Temporary Receiver of Farmers and Merchants, New Bern. (Special to News and Observer.) New Bern, N. C., Sept. 4.-The following statement was given out today; To the Public: The undersigned temporary receiver of the Farmers and Merchants Bank of New Bern, submits the following statement of the condition of said bank, which is approximately correct, subject to minor changes. The assets include all money, debts and property of every description, which have come into my hands, and in the case of debts they are accounted for at the face value of the evidence of debt, and the banking house, etc., are at estimated values. The liabilities include every demand which is claimed as a liability of the bank, consisting among other claims of three notes of the Southern Hosiery Mills Company, which aggregate $25,000. The assets include among other things the bond for $20,000 of T. W. Dewey, cashier. Assets, $188,099. Liabilities, $190,547.13. Attention is also called to the fact that the capital stock of the bank now outstanding, amounting to $72,000, is not included in the liabilities. THOS. DANIELS. (Signed.) Receiver Farmers and Merchants Bank, New Bern, N. C.

16. September 5, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, September 5, 1903

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STATEMENT OF RECEIVER Showing How the Bank of Newbern Stands. Charlotte, N. C., Sept. 4.-In a statement issued to-day Receiver Thomas Daniels, of the Farmers and Merchants Bank of Newbern, N. C., finds that the liabilities are $190,547.13 and assets $188,099. These figures embrace all debts due the bank at their face value, but do not include $72,000 of capital stock outstanding. The bank went into receiver's hands owing to the flight of the Cashier Thomas Dewey, whose alleged shortage was $132,000.

17. September 5, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, September 5, 1903

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The Plundered Bank. (By Associated Press.) CHARLOTTE, N. C., Sept. 4.-In a statement issued to-day Receiver Thomas Daniels of the Farmers and Merchants Bank, of Newbern, N. C., finds that the liabilities are $190,547.13 and assests $188,099. These figures embrace all debts due the bank at their face value, but do not include $72,000 of capital stock outstanding. The bank went Into receiver's hands owing to the flight of Cashier Thomas Dewey, whose alleged shortage was $132,000.

18. December 16, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, December 16, 1903

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VRILL IN THE AIR Berne New Resonant With Music of Work Building Going Forward on All Sides. What Bryan and the Blades are Doing. Farmere and Merchants Bank. (Staff Correspondence.) New Bern, N. C., Dec. 12.-There has not been for many years so much building and repairing in New Bern as at the present time. Go where you will through any portion of the city and you will see carpenters, brick masons, plumbers work ing like beavers from morning till night. I am informed that there is need of a good many more machinists than are here. The handsome new brick block of seven three storied store buildings being erected on South Middle street, by President James H. Bryan, of the Atlantic and North Carolina Railroad, will be ready for occupancy in a few weeks. They form a notable improvement to this portion of New Bern. I hear that Mr. Bryan is contemplating the erection of another block of stores on Craven street, on the land now occupied by the old cotton platform. Ground on the corner of New and Middie streets is being prepared for the foundation of the new $50,000 Methodist church. The large brick Sunday school and mission rooms of the Episcopal church are rapidly approaching completion. The Duffy drug store. on the corner of Middle and South Front streets, is being extended back several feet. It will be an attractive place of business when completed Mr. W. B. Blades, president of the Blades' Lumber Company. has just finished one of the handsomest residences ever built in New Bern, at a cost of about $25,000 to $30,000. This handsome home is on the corner of Middle and Johnson streets. Mr. Blades gave a reception at his new home about two weeks ago. It was an occasion of delight and enjoyment to all present I could fill a column or more telling about new buildings going up here and the renovation of old ones, but I must wait till another time. Owing to the weather, trucking preparations for next spring are progressing slowly. The cold weather has killed about all the native cabbage plants. I was talking today to a citizen, who is in a position to know, and he told me that there were about thirty barges and forty schooners get carried lumber from New Bern. and a conservative estimate is that something over 40,000,000 feet of lumber has been taken away from New Bern this year. Besides, the three large Blades' Lumber Company, there are in and around New Bern. the Munger and Bennett. Pine Lumber Comcany, Broadhurst and Ives, and the Trent. This gives some idea of the immensity of the lumber industry here. A visitor to New Bern never tires of going down on the deck at the foot of Middle street. and seeing the boats come in loaded with the many varieties of fish. And he watches with interest the many fish dealers buying and packing them for shipment. And as for oysters, why about the first thing one feels inclined to do when he gets here is to fill up on these delicious bevalves. There is no talk of hard times in New Bern. I know of no town in the State that I have recently visited that presents more evidences of thrift and prosperity than this. I was passing today by the Farmers and Merchants Bank, and a citizen told me to walk in. The doors of the bank were open and the depositors were drawing their money at 100 cents on the dollar. The recently appointed trustee of the bank. W. B. Blades, and the president L. H. Cutler, were on hand and appeared quite happy, handing cool cash, dollar for dollar. to the depositors. Mr. Cutler says the trouble is not that they haven't plenty of money to pay the deposiors, but it is to get them to come after it. This has been going on since last Tuesday. I hear it strongly rumored that a new organization will be perfected and another bank started up here at no distant data The sixty ton cotton seed oil mill is running full blast. Mr. R. F. Broadhurst is the president: W. R. Styron, secretary and treasurer: C. L. Ives, general manager and superintendent. Mr. W. G. Daniels has recently returned from the West with from 75 to 100 head of fine mules and horses. I know of no town in Eastern North Carolina that is forging more rapidly to the front as a wholesaler than New Bern. There are wholesale grocery houses. dry goods hardware, etc. And why not? For this town is so situated as to command a trade for a large surrounding country, embracing Hyde. Onslow. Jones, Pamilioo and other counties. She has fine water as well as railroad transportation I facilities, and all of the above mentioned Thery Si known to be as fine a farming and truck ing section as is in the State. and as the years go by this the main business or & reat lever to all other lines of business a na industry is being largely increased and developed Something completion of the new railroads opening up new territory for New Bern. I see no reason why she should not. in a few years, grow to twice her size in population and business. That she may achieve this is the hearty H. B. HARDY. desire of REQUISITION NOT HONORED