Newspapers (Mar 8–10, 1930) report a slight run on the Bank of St. Pauls followed by wild rumors and the recent failure of a Fayetteville bank; directors ordered the bank to suspend (failed to open Mar 8). Articles mention hope of reopening but provide no confirmation of resumption or receivership, so outcome is uncertain.
Events (2)
1.March 7, 1930Run
Cause
Rumor Or Misinformation
Cause Details
A slight run occurred, followed by wild rumors that the bank was about to be closed (also linked to failure of a neighboring Fayetteville bank).
Measures
None reported specifically as a response to the run other than directors' later decision to suspend; the run preceded the directors' order to close.
Newspaper Excerpt
A slight run on the bank yester day followed by ... rumors ...
Source
newspapers
2.March 8, 1930Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors ordered the bank to suspend after the run and circulating rumors; reports also cite the recent failure of a nearby Fayetteville bank as precipitating factor.
Newspaper Excerpt
The Bank of St. Pauls ... failed to open its doors this morning by order of the board directors.
Source
newspapers
Newspaper Articles (3)
1.March 8, 1930The News and ObserverRaleigh, NC
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Article Text
BANK OF ST. PAUL CLOSES ITS DOORS Slight Run Followed By Rumors Causes Action By Directors
St. Pauls, March Bank of St. Pauls, this town's only banking institution, failed to open its doors this morning by order of the board directors. A slight run on the bank yester day followed by to the effect that it was about to be closed is said to have led the closing. The failure of neighboring bank in Fay etteville short time ago is said to have precipitated the closing here. Deposits had from $210,000 to $140,000. A. R. McEachern president the bank, G. T. Fisher is vice president and J. C. Lentz is
2.March 8, 1930News and RecordGreensboro, NC
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Article Text
BANK OF ST. PAULS CLOSES ITS DOORS
Institution Fails to Open Friday Morning, Following Rumors Closing.
March Bank Pauls, this town's only banking doors order the board morning slight the bank yesterabout closed. the failure led the from the Lentz cashier
3.March 10, 1930The RobesonianLumberton, NC
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Article Text
OF PAULS CLOSED BY ORDER THE DIRECTORS
Slight Run and Wild Rumors About Made Closing Will Be Paid Is mated.
The Bank of St. Pauls, the only banking institution St. Pauls, closed by order of the board directors the conclusion of business Thursday, the failing to open doors Friday morning. slight run on the bank Monday and wild rumors dition is said to have led the tors to their decision suspend business. The closing the Fayette bank short time ago is thought to have precipitated the failure. Many mors started, causing depositors to decrease from stat estimated that depositors will from 50 60 per cent. Some hope entertained that the bank will be re-opened under similar those under which the Bank of Rowland now operating. McEachern was dent of the institution; Mr. Fisher, cashier.
