Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health
Receivership Details
Depositor recovery rate
70.6%
Date receivership started
1931-12-21
Date receivership terminated
1941-10-25
Share of assets assessed as good
34.8%
Share of assets assessed as doubtful
55.6%
Share of assets assessed as worthless
9.5%
Description
Newspapers document a heavy run on the Commercial National Bank in mid-December 1930 (rumors/closures of other banks triggered withdrawals). About a year later directors voted to close the bank (Dec 17, 1931) citing frozen assets due to farmers' inability to meet seasonal obligations. A receiver was later appointed and liquidation proceeded. Sequence: run (1930) → suspension/closure (1931) → receivership (1932–33).
Events (5)
1.March 14, 1908Chartered
Source
historical_nic
2.December 16, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Run triggered by baseless rumors and gossip, amplified by reports of other banks closing and a rumor that the bank would invoke the 30-day privilege; articles repeatedly describe 'rumor' and 'hysteria' as causes.
Measures
Bank stayed open, paid out withdrawals (about $442,166.89), received redeposits and funds from Federal Reserve/other banks; staff served coffee and sandwiches to calm depositors; officials publicly reassured customers.
Newspaper Excerpt
Following the run on the Commercial National Bank yesterday ... paid out $442,166.89; deposits $548,667.36
Source
newspapers
3.December 17, 1931Suspension
Cause
Local Shock
Cause Details
Directors attributed the closing to frozen assets stemming from farmers and other customers being unable to meet seasonal payments because of low crop prices; credit losses and 'frozen' loans prompted the directors to close pending reorganization.
Newspaper Excerpt
Commercial National bank ... failed to open its doors this morning, after directors had voted to close pending meeting of stockholders.
Source
newspapers
4.December 21, 1931Receivership
Source
historical_nic
5.December 24, 1932Receivership
Newspaper Excerpt
Mr. Burrowes has been appointed receiver of the Commercial National Bank of Raleigh ... will probably transfer his headquarters to Raleigh.
Arrests In Upon Raleigh
Dec. Eugene Culbreth eigh announced today that pected arrests and prosecutions the result of made on the Commercial National bank. After doing the biggest business history the nancial including times when lines of persons the tellers' windows extended into the street, bank officials last night that deposits yesterday had exceeded Cash paid totalled and posits aggregated $548,667. Today at noon bank officials timated deposits that hour have totalled cluding cash deposit the state. There were practically today. they said. Mayor Culbreth. commenting the run, stated that the Raleigh police chief "has the names some those charged spreading false rumor's about the bank's condition and there will arrests prosecutions under that section state banking making illegal to make derogatory about
2.December 16, 1930The News and ObserverRaleigh, NC
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in Commercial Deposits Exceed Cash Withdrawn
Officials Express Confidence That Run About Spent Itself BY SMALL DEPOSITORS Sums of Cash From Large Richmond Federal Reserve and Other Banks Sent Here
Receiving deposits of more than $100,000 in excess of Commercial Na withdrawals, tional Bank yesterday weathered and last night had large run, from the Federal Recash Bank Richmond and other more this morning banks, the bank will open o'clock business usual. yesterday's best The story these figures: counter withdrawals, Small Accounts Withdrawn. Withdrawals limited almost savings accounts, most exclusively them small amounts. There withdrawals commercial tellers at these windows counts, being mainly occupied in receiving deposits. Officials of the bank last night expressed confidence from baseless rumors
3.December 16, 1930The News and ObserverRaleigh, NC
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Facts
Following the run on the Commercial National Bank yesterday the bank announced the following figures: paid out $442,166.89 DEPOSITS $548,667.36 origin, had spent This opinion based the fact number customers with their money during the mornbefore the banking hours. Many depositors, hastening bank when they heard the run, changed their about the situation after talking with the bank's officers, and instead withdrawing money, lingered lobby, persuading others their money the All depositors who were the bank o'clock gained their turn the windows, although the doors the bank closed those arrived that There many sought admittance the closing hour. Says Bank Solid. and solvent. We will be open for morning usual," said President Jerman. At meeting the directors The Bank Raleigh, which Crow, Henry Hicks, Hud (Please Turn to Page
4.December 16, 1930The News and ObserverRaleigh, NC
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Blind Fear Can Wreck the Temple
In statement telegraphed from ton Bailey referring the the Commercial National Bank in Raleigh yesterday, says: who participate these runs banks are not only closing banks but actually wrecking our business structure bringing ruin upon the community themHe adds these words of admonition: the courage, the and the sense let your money remain the bank. Loyalty to the and our interest demands that keep our heads cool and our money in the banks. the only way through.
Senator-elect Bailey also Commercial National Bank solvent. Depositors' money safe. Its officers are men of honor and capacity. Trust them. The bank itself the keystone of business structure great throughout our Mr. Bailey truly "Hysterical runs may close any bank no matter how strong." These plain words by Mr. Bailey express the sentiment of the thoughtful and well informed people of Raleigh and the surrounding country. There not bank in America that can keep its doors if all its depositors withdraw open their deposits in few days. The Commercial National withstood steady run yesterday, which began when the doors opened. caused by rumor coming from sources that moved by hysteria resulting from the closing of the doors of other banks in the city and State. The gossip went out into the country that the Commercial National would voke the 30 day privilege on Monday. There no foundation for this report as evident to all the depositors who expressed the desire to withdraw their deposits. In fact the bank kept over hours accommodate positors who wished to withdraw. Every desiring withdrawal was accommodated. significant of the real underlying confidence in the officers and the bank that, though rumor done its injurious work, more money was deposited in the bank yesterday than paid out to the frightened depositors. To these depositors $442,166.89, the largest sum in any like period in the history of the bank, paid out over the counter. While positors, most of them having savings accounts, were drawing out $442,166.89 from the banks, other patrons deposited in the commercial and savings department. That large deposit should be made while over four hundred thousand dollars, in mainly savings posits, was being withdrawn speaks trumpettongued for the loyalty of the old and new friends of the bank. The business houses Raleigh, which are patrons of the bank, practically without made exception, deposits usual. The Commercial National Bank has had long and honorable record of nearly forty years. Its officers, men of marked and integrity probity, have conducted the bank with an eye single to the service of the public. speculative methods have touched it, and its loans have never made for the benefit of its officers, but for the benefit of its large clientele. Its officers are confident that solid and solvent and in the regular course of affairs can meet every obligation depositors and stockholders. The low price of and the products general lie depression have done more than decrease business. They have acted to bring fear and distrust. If all people are controlled by rumors casting suspicion on banks, there will be wholesale debacle of financial institutions. The temple financial strength can be pulled down, by men and women governed by fear, but in fall will bring destruction. injury
5.December 16, 1930News and RecordGreensboro, NC
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AUTOMOBILE ACCIDENT RALEIGH BANK STANDS FATAL TO TWO WOMEN UP UNDER HEAVY RUN
Miss Edith Ford and Miss Grace Harrington, of New York, Lose Their Lives.
"Come and Get Your Money," Bank Officials Tell Their Depositors.
ONE MAN IS INJURED PLENTY MONEY ON HAND
Lumberton, Dec. young women of New York lost their lives in the headon collision of their automobile with heavy truck Raynhem, near here, today and the driver the truck was reported riously injured. Miss Edith Ford, whose address was said to New York city, was instantly killed and Miss Grace Harrington, resident Long died few hours after the accident in hospital here. Arthur brother of the dead girl, escaped unhurt. D. of Dillon, C., driver of the truck, was reported unconscious several hours after the accident in message received Sheriff Ashe, of Dillon county. The truck driver had been picked up and carried to his home by Arch McLean, of happened after Young said he did not exto prefer charges against Buie. The Fords Miss Harrington were returning to New York after Olanta, Miss Ford will Witnesses said the accident to filling on his Be apparently saw the other CB: coming they said and to get back to the right side of the road but failed.
Office Raleigh, Dec. 15.-"Come on and get your money," Commercial Nstional bank officials said to stampeding crowd that jammed the lobby this morning in menacing The bankers were prepared. They had more money on hand than the depositors could take in day end they have more tonight than was withdrawn today. The institution stood open until the regular closing asked all who had broken into the before clos. to remain and get thei that when hell freezes his bank will before. Vice President Crow, alightly less picturesque, out the word that his bank will be opened Tuesday mornat o'clock. The ordarly depositing of customers served to slow up the stampede And when the bank came out of the without the slightest impairment
(Continued On Fourteen)
6.December 17, 1930The News and ObserverRaleigh, NC
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they returned their pass to their handbags departed. George Iseley from Store put sizable deposit James Pou mounted the writing the center the lobby and announced that his money the would stay and that needed more the $25,000 State bonds hands without security Large from flowed increased their savings deposits was too bad come doubting farmer was approached by Negro. do you think of the take mine out, but I'm came don't know safer farmer. Bryan that the crowd be requested to leave the but Daniels and bank the "They friends the bank. They welcome long as they Investigating Rumors. Mayor Culbreth Chief Bryan that clues and about the bank. There State designating for convicted. issued night but there any talk stir guarded. story went rounds lobby. had early Monday and withdrawn $500 sav take it the postoffice for postal savings. He lost There was another story: old fellow had been living the Army draw Josephus Daniels, speaking from table the center the lobby, added the final word of "Friends, this bank was years and none penny more made more loans bank this part North The men behind bones. here. They have interest heart. some people been worked into believing this bank could wronged. Every dollar the world, except bank. had another my friend. Mr. Pou. break this bank, every town thing to on like were close, would great but fatality, only children. listen whispered rumors. us from today will thank God stood firm fused the crowd in the lobby From then on there no lines the paying spread The did not know the by sight. broken protested loudly the nounced intentions withdrawing his countrymen She Negro stated young his $8.00 would certain terms deposit. But there were some aged rural couple pushed An window and passed They refused them verified the young husband's when developed his could neither nor Obvicusly they drawing the they had in world. It than Deny Rumors. Baseless charging innocent rumors firms withdrawing persons funds declining accept their checks the Monday on nied The victim one of these tales, where spread Efird's Store. Kindell wrote the Manager letter the has just writer's called state which made concern attitude of this store toward ing the drawn Commercial checks National Bank. records during the course "Our that accepted 19 checks your $156.07 o'clock when we made up deposit. After accept nine che no instance refuse accept check drawn bank from one of our your Frank Daniels, of the News accepted check Comwhen mercial Bank. At that time Daniels beinstitution. appreciate your efforts false spoken the highest terms of your bank Spikes Rumor. Hillyer, who, rumor had large brought to my attention Tuesday going the rounds withdrawn dollars from Commercial Bank during the run that public know facts. say my deposit $430.00 hundred Since that time deposits and needed. may interest the rumor. public know that my unusu small balance due Mrs. Hillyer on her recent fail Raleigh Banking
7.December 17, 1930The News and ObserverRaleigh, NC
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FAITH WINS
Fear common weakness; faith common virtue. Yet do not always recognize fear fear faith faith. Sometimes intent the moment's gain, fear looks to us like wisdom and faith like folly. But fear never anything but fear and faith never anything but faith. We who do not clearly think soundly or judge fairly are at fault when we mistake them for what they are not. need know more about both. We need new valuation the disastrous consequences one and the unimpeachable power of the other. isn't enough know that they are inveterate enemies, that since the first ray man's consciousness they have battled in every human erisis, that sometimes the victory gone one and sometimes to the other but that always fear and faith defeated victorious emerge from one battle to fight another. Around the doors of the Commercial National Bank they fought from Monday morning until o'clock Monday afternoon, their guise and recognizable. Fear would have closed the doors and wrecked the bank. Faith them open until closing time and Tuesday morning faith flung them wide opening time. Nobody remotely cognizant of the situation can fail appreciate what happened and the significance of Faith in the integrity of institution, and the men behind it, built through thirty-eight years of cumulative confidence, routed fear even though fought like frenzy. At time like time when many face the stress of living jobless or with tailed assumes proportions importance not merit. No man welcomes the loss of has earned money even though be has more than needs. But those who their barest endangered are prey the panic that and depression beget. Such, for the most part, were the men and women who strained faces and clutching fingers crowded the windows paying the Commercial Monday. They were and frankly desperately afraid and not ashamed of But there others, not but many vastly more important. They important because brought to the bank and openly proudly than fear withdrew. They
BURY MERCHANT COFFEE. SANDWICHES STOP RUN ON BANK
Funeral services for Christopher Bradbury, 74 pioneer merchant the old Central Market House. were to be conducted today from his late residence, 2211 E. 19th street, Burial was to be in Highland Park Cemetery. Bradbury had been resident of Cleveland for 68 years and was in the market house for more than 50 years He survived by four daughters and oné son. held each year in a different city is the biggest event in the world of This will be the fourth time that it has been held It was here last in 1912
8000 FREE RABBITS Prompt DENVER, Colo., Dec. 24-Eight thousand rabbits, killed in huge hunt by volunteers, were distributed today hundreds of persons, young and old. might otherwise have had bleak outlook for Christmas dinner
Customers Redeposit Funds in Raleigh After Show of Confidence By United Press RALEIGH, N. C., Dec. 24-The Commercial National Bank of Raleigh has found the best way to calm freightened depositors. When a crowd of depositors, alarmed by rumors concerning the bank, lined up to withdraw their money, employes served them coffee and sand- wiches and asked them to wait quietly until their turn came. of the depositors relented and their At the end of the day's business there had been $442,166.89 withdrawn and $548,668. deposited. The depositors lost $3000 in interest on the money they Bank said the institution was solid and solvent.
CLOSE IN BURLINGTON AND RALEIGH, N. C.
RALEIGH, Dec. Commercial National bank, largest independent financial institution in Raleigh. failed to open its doors this morning, after rectors had voted close pending meeting of stockhold-
The September statement of bank showed deposits of $4,286,942, capital stock of $600,000, surplus and reserve of $136,163 bills payable of $295,000. The officers are B. S. Jerman. president. Crow, and Bauman, vice presidents, and Little, cashier. President Jerman and Mr. Crow issued statement attributing the closing failure of farmers and others to be able to meet seaspayments because of low crop prices.
Dec. 17. authorities today going over the affairs the First National bank of Burlington, closed yesterday by order Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000 No statement its present tondition given out. Malone, cashier who has been tive charge of the bank since the from actual control of Iasley, president. several years ago, said shrinkage the value of bonds held bank was responsible for the There run on the bank, was officials Burlington's four and banks announced that they other had prepared during the condition which might meet because of the clostoday ing.
BOSTON BANK CLOSES BOSTON, Dec. National bank, offices on Devonshire main downtown Boston, and street, branches, remained closed at four today, the customary time. notice posted opening that the controller of currency had been asked to take it over to the assets, owing to conserve heavy demands by depositors. the time the consolidaAt Boston National bank tion the Continental National with the about ago the combank year bined deposits of the merged stitutions given approxi$9,500,000 and the mately bined were set at 000,000. The Continental originalthe Engineers' National was bank, but its name was changed after the Brotherhood Locomotive Engineers relinquished trol affairs. The the 13th New England bank to close its doors period of four days.
CONN. BANK CLOSES Conn., Dec. Hamden Bank Trust company remained closed today. Assets the bank in the last statement published March,
USE 90-DAY RULE BOSTON, Dec. Boston Traveler says that the savdepartment of the Exchange Trust company of Boston, the Millbury Savings bank, Millbury, Mass., and every savings bank Lawrence and Lowell today availed themselves of This provision permits them require 90 days notice from positors seeking to withdraw funds.
Bank Is Raleigh
Dec. 17. Commercial National bank largest financial institution in independent Raleigh, failed to its doors this directors had today voted to close pending meeting of stockholders. foot The statement of the September bank showed deposits of stock and capital right reserve of $136,163 and bills payable make The officers are B. S. Jerman, and president; and Bauman, presidents, Little, Mr. Crow dent President Jerman and attributing the issued statement failure of farmers and closing to to be able to meet seasonal low prices. court because of crop payments
11.December 17, 1931The Charlotte NewsCharlotte, NC
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Raleigh Bank Program Fixed Closes Doors For Veterans
Failure of Farmers to Meet Seasonal Obligations Given as Cause. mercial National bank, largest independent financial institution in Raleigh, failed to open its doors this morning, after directors had voted to close it pending meeting of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman president, B. and P. Bauman, presidents, and B. H. Little, cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments of low prices, on which the bank had loaned bormoney "for The state of North Carolina had approximately $218,000 on deposit in the Commercial which secured by $240,000 in bonds of the state, Captain Nathon O'Berry. state Business was being usual other banks in the city today with the exception of the Morris Plan bank. which was periencing heavy run with all withdrawing depositors being paid.
Legion Post Will Present Varied Program on Evening of December 22.
An appealing program has been arranged for the meeting of Hornets Nest post, American Legion, at the Chamber of Commerce, December 22 at 7:45 P. M. The drum and bugle corps will be in charge of the program, which has been arranged by Trace Henry, captain of the There will be selections by the Junior Order band, well as numbers by the uniformed drum and bugle corps. specialty dance number will given by Little Miss Patricia Ham, accompanied by the drum corps. Ivan Sweatt will be heard in comedy skit, entitled "Coal Dust." Mr. Sweatt will also lead the legionnaires in the singing of group of war songs. Arthur R. Ham, golf professional at the club, and his dogs will present golf sketch. which be most interesting. Musical selections will be given Mrs. F. Dale Turnbull and Mrs. Gladys Jones.
12.December 17, 1931The News and ObserverRaleigh, NC
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Commercial National of Closes Doors Raleigh
Directors Close Institution One Year After Withstanding Heavy Run; Stockholders Will Meet in Effort to Reopen; Bank Had Depositors With Deposits
Just year after withstanding large the Commercial National run, Bank last night ordered closed meeting directors held shortly before midnight. meeting the will called the near future view opening and re-organization of bank. While there has been repetition the December when withdrawn over the counter cash single day, the bank had never fully recovered from that during the last there withdrawals sufficient cause the directors and officonsider the drastic action necessary order that depositors receive equal treatment. bank had nearly 8,000 deposi tors. having largely enjoyed the dis tinction having more depositors than any bank Raleigh. At the time of last statement, the bank had deposits of $4,286,372.42.
Issue Statement. The decision of the directors made statement Pres ident Jerman and Crow, Vice President. The statement lows: the authority and direction the Board of Directors doors the Commercial National Bank closed pending meeting of the The directors and cers will call all stockholders session for the purpose consider ing plans for and the bank. also be invited to take part plans for the the bank that the service has Raleigh and the rounding may carried the years its career the policy the Commercial National Bank to bor- money the spring and enable farmer clients make their and to aid business season. Until the frustration the price of cotand tobacco this the bank always repaid these loans when they matured. This year, owing the depression, many custom found it.impossible meet their obligations. Because these frozen deemed wise, notify the Comptroller of the Cur reney Washington to take charge the bank until time be taken for ing. This made order protect the depositors fully possible. JERMAN, President, CROW, Formed
The bank was formed in 1891 the Commercial and Bank 1907 the name was changed the National, na tional charter being secured. For the past two years the Commercial National been the only national bank Raleigh. Jerman, who has been president of the bank since changed name, eashier the old bank, Thompson being the president and Jackson assistant cashier Present officers of the bank Jerman, Crow, Bauman and W. Kilgore Little, Headen and Sherwood, assist ant Gosney, trust ficer, and Wray White, assistant trust officer. Directors Bauman, Chamblee, Crow, Henry Hicks, Hudson, B. Rufus Hunter, Jerman, Turn To Page
13.December 17, 1931The Durham SunDurham, NC
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FROZEN ASSETS FORCE RALEIGH BANK TO CLOSE
Commercial National Largest Independent in Capital; Burlington Bank Suspends
The Commercial National bank. tution in Raleigh, failed to open its doors this merning. after directors had voted to close It pending . of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of $600,000. surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman. president; E. B. Crow. and Bauman, vice presidents, and B. H. cashier. President Jerman and Mr. Crow issued a statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.
Burlington Situation Sound Federal today were going over the affairs of the First National bank of Burlington, closed yesterday by order of M. L. Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000. No statement of its present condition was out. R. W. Malone, cashier given who has been in active charge of the bank since the retirement from actual control of W. W. lasley, president. several years ago., said shrinkin the value of bonds held by age the bank was responsible for the closing. There was no run on the bank. (Continued on Page Nine, Col. 3)
Raleigh Bank Fails To Open For Business
RALEIGH Dec. (AP)- The Commercial National Bank. largest independent financial Institution in Raleigh. failed to open its doors this morning. after directors had voted to close pending meeting of stockholders The September statement of the bank showed deposits of $4,286,942. capital stock of 8600 surplus and reserve of $136,163 and bills payable of $295,000 The officers are B. 8. Jerman. president. E. B. Crow. and A. Baumen. vice presidents. and B H. Little. cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.
15.December 18, 1931Omaha World-HeraldOmaha, NE
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Bank Suspensions.
Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000.
Hamden, Conn.
Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097
Lowell, Mass.
Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday.
Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held.
Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors.
Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000.
Board of Trade Stocks
Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17
East
16.December 25, 1931The News and ObserverRaleigh, NC
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TO CLOSE AFFAIRS OF FAYETTEVILLE BANK
Receiver Burrowes Hopes To Wind Up Affairs of the Na. tional in 60 Days
Fayetteville, Dec. 24.-A. D. Bur rowes, receiver of the National Bank of Fayetteville, hopes to be able to close the affairs of that institution within the next 60 days, he stated today. Mr. Burrowes has been ap pointed receiver of the Commercial National Bank of Raleigh and will probably transfer his headquarters to Raleigh. He also has charge of the liquidation of national banks in Dunn and Laurinburg and recently completed receivership of a bank in Benson, paying the depositors 50 per cent. The Laurinburg institution has already paid 55 per cent, though it will be some time before its affairs are wound up. The receivership of the Dunn bank will be closed early in the new year. Depositors of the local bank have received 25 per cent. At the third sale of asse J. S. Butler, of St. Pauls. made the high bid of $1,850 for notes and accounts receivable having face value of $203,000. The sale must be confirmed by the comptroller of the currency. Mr. Burrowes expects to be able to distribute the final dividend within two months' time.
Approve $13,000 Loan For Closed Bank in Mt. Olive (Continued from Page One.) Gastonia: Gastonia Loan and Trust Company $2,500 Greensboro: Bank and Trust Company $6,500,000. Lexington: Commerical Bank Lexington $64,000. Mt. Bank Receiver (to be used in paying dividends.) Newland: Avery County Bank, $4,500. North Wilkesboro: Bank of North Commericial National Bank of Raleigh (receiver) $721,000.
Roanoke Rapids: Citizens Bank and Trust Company, $4,000, and another of $3,500 Shelby: First National Bank of Shelby, $95,000. Washington: First National Bank of Washington (receiver) $16,000. Henderson: Henderson Building and Loan Association $7,500: Henderson Home Building and Loan Smithfield: The Smithfield Building and Loan Association Southport Southport Building and Loan Association
18.December 21, 1932The News and ObserverRaleigh, NC
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BANK RECEIVER SUED IN DEATH OF LEONARD
Suit for $25,000 damages has been started Wake Superior Court here against A. D. Burrowes, receiver for number of banks in this section, who was driving an automobile which struck and fatally injured Sullie Leonard, of Millbrook, here on November 26. The action was filed by W. E. Leonard as administrator of the dead man's estate. Burrowes was driving his car along Peace Street when the accident occurred near the intersection of Daw. son. Leonard was crossing the street at the time. He received injuries from which died in local hospital the day following the accident. Burrowes, employed by the Federal government, is receiver for the Commercial National Bank here and number of others.
19.December 8, 1933The News and ObserverRaleigh, NC
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Brassfield New Receiver Commercial National
(Continued From Page knew nothing of his appointment til return, found from O'Connor, Comptroller the rency The James Pou, the Tuesday, and Pou has chairman Wake Demo for the and Mr. Brassfield was for the judicial dis position he filled for four Before and during term ended January Mr. and Brass Judge Robert Win Robert Winston, Aft office formed leaving political leader long the county. Political History. Senator Bailey and the so-called Jones bitter political period years, united the Alfred but support Smith nomination for President 1928 and Jones faction supported Senator Bailey for Senate However, the faction has subsequent local sharply Senator led by Carl Bailey, the Bailey for Postmaster, Gulley, Bailey's The Senator bank receivership the first impor appointment to any mem Jones faction the hands ber the Senator Dailey. Until removal this week Burrowes, been the Federal government for native had receiver the nia National, failed Demercial cember former years has practice name national bank ceivers were the were perienced affairs. Neither followed and Brassfield appointments. Mr. tional although Mr. Brassfield personally banked another bank. present law which he join shortly before the customer the Commercial National and still small bal due the time of the bank failure.
20.December 10, 1933The News and ObserverRaleigh, NC
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POU TO KEEP OFF ON
Washington, Dec. comptroller the will make appointment fill the vacant receivership Commercial National Bank Raleigh before the end of next was predicted today the Treasury The comptroller will have from Senator Baion which base his selection, indicated the Senator's fice this Senator Reynolds, whose candivacant North Carolina," Devane, by the comptroller making the first two appointments the Raleigh bank vacancy, make vigorous effort behalf Devane already made, according his secretary. Senator for Devane all the time," said, after all, Raleigh Senator Bailey's Representative will avoid active in picking the Raleigh receiver, declared his Pou declined work against Burrowes, former receiver bank, asked do by those seeking Burrowes' ouster, his secresaid. took part Brassfield's selection beyond ing the office, quest, what availregarding Brassfield, pointed congressman make active effort get the for anyone, to block appointment anyone whose may under Brassfield's decision to decline the
(Please Page
21.December 12, 1933The Herald-SunDurham, NC
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NAMING BANK RECEIVERS
Over Raleigh way they have managed to work first class argument over the ousting of the receiver of the Commercial National bank. Senator Bailey is credited with pulling the strings precipitated the firing of the present ceiver, Pennsylvania Republican, and the senator who La being criticized for the naming of politicallyminded lawyers. Happily the senator's lawyer friends found politically pedient and convenient decline the proffered recognition. And new pears that the ousted assistant be promoted, giving the senator's critics the experienced banker they fess to want and at the same time placing the senator in position where he can remind his lawyer friends that he can, when necessary, deliver the goods. conceded, of course, that the of liquidating defunct bank is one that commands the services of person possessed of some knowledge of banking procedure, and an acquaintance with the law, civil and criminal, can hardly be termed disadvantage. But it does not follow that bank should necessarily be recruited from the army of bank former bankers, or that the next bet is lawyer. The truth is, recent happenings may be used to contest the naming of as bank And hurely there is enough in the record to discourage the naming of bankers who are in position to consider such appointments because they were unable to quidate loans made under their supervision.
All of which suggests that the essential thing about this busiof closed banks the way the is named but the way be performs. No one, of course, relIshes the idea of mixing politics bank liquidation. but who does good job is to be preferred to non-political appointee who renders less acceptable services.
22.December 17, 1933Evening StarWashington, DC
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NORTH CAROLINA NOT PLEASED BY PATRONAGE State Democrats Dissatisfied With Recent Appointments, Which May Be Contested in Senate. Special Dispatch to The Star. RALEIGH, N. C., December 16.Hungry Democrats have had their appetites whetted, but by no means satisfied, by recent developments. Acting upon the recommendation of Senator Josiah W. Bailey the controller of the currency removed the Republican who has been receiver of the Commercial National Bank of Raleigh, who has been in charge of the liquidation of the bank since its failure two years ago, and appointed three successive Democrats.
