Capital injected, Full suspension
Other: Bank was placed in receivership; stockholders were assessed their double liability and depositors/stockholders subscribed capital to open a new bank. Comptroller/receiver later distributed dividends (with funds temporarily obtained via federal agency) to depositors.
Goldsboro, N. C., Dec. 28 (P).Three Wayne county banks failed today Officials said heavy with drawals had the closings. They were Wayne National bank of Goldsboro, the Citizens bank of Mount Olive and the Bank of Pikeville at Pikeville. The combined deposits were given in September statements as $2,321,095.34
New Dec. prices hot vanized rolled, steel
GOLDSBORO, Dec. The closing of four Wayne county banks today "heavy withdra and small run left one town without banking facilities and hampered business in two more communiMount Olive was bankless as the First National bank there closed & few minutes beginning of what officials said was 'small run. The bank there did not open this officials had been heavy during the past several days. The banks were the Wayne National Bank of Goldsboro Bank of Pikeville of Pikedid open heavy with-
Failures At Wilson And Goldston Follow Lead Of Four In Wayne County
Dec. Bank Commissioners Gurney P. Hood tonight said he had been informed the Planters bank of Wilson and the Bank of Goldston would not open their doors tomorrow morning The Planters bank had deposits of $825,000 and was capitalized $100,000 with 30,000 surplus and undivided George E. Walston president, ported efforts would be made to reopen it under depositors agreement W. M. Farmer was vice president and The Bank of Goldston in Chatham had deposits of more than $100,000 and had capital and surplus of $26,000. Hugh Womble was president. and T. W. Goldston cashier
Dec. closing of four Wayne county banks today following "heavy withdrawals and small left one town withrun banking facilities and hampered jusiness in two more communities Mount Olive was bankless as the First National bank there closed a few minutes after the of beginning what officials was "small run.' The Citizens bank there did not open withdrawals had been heavy during the past several The other banks were the Wayne National bank of Goldsboro and the Bank of Pikeville of Pikeville These also not open today because of "recent heavy withdrawals. None of the banks are related Their deposits were given as The Wayne is of National bank one the largest in eastern North Carolina Its directors yesterday to close and W. E. announced the cause was heavy withThe bank listed deposits of K. Borden is president The Bank of was capitalat $20,000 and had surplus of the Citizens bank was capitalland at and had surplus of the Wayne National bank was $350,000 and had surplus of Statements of the First National bank gave its as with and capital of $50,000 each. T. Thigpen is its president
Goldsboro, N. C., Dec. 28 Three Wayne county banks failed today. Officials said heavy withdrawals had caused the closings. They were the Wayne National bank of Goldsboro, the Citizens bank of Mount Olive and the Bank of Pikeville at Pikeville. The combined deposits were given in September statements as
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Four Banks Close In Wayne County Goldsboro.-Three Wayne county banks did not open for business and one other closed in a few minutes after depositors started a small run last week. None of the banks are connected. Two of the banks were in Mount Olive and their closing left the town with no banking facilities. The First National Bank of Mount Olive closed after what officials described as a run. The others are the Wayne National Bank of Goldsboro, the Citizens Bank of Mount Olive and the Bank of Pikeville in Pikeville. Their combined deposits were given in a September statement as $2,321,095.34. Officials said heavy withdrawals forced them to close.
Holders of Shares in Wayne Bank Assessed By troller
Goldsboro, March in the Wayne National Bank, sus pended, were odered Wednesday their individual liabilities amounting to $325,000 to the ceiver, Frank Fagan, by Pole, Comptroller of the Currency. are paid on before the first day of April, the said. The order that and every one of the stockholders pay the par value of every share of the capital stock of the bank and the receiver take all necessary proceedings, suit otherwise, to enforce that extent the said dividual liability of the said shareholders." Two thousand four hundred of the 4,000 depositors of the ban's have signed an for the opening new bank. Those signed date represent 75 per cent of the total deposits.
John R. Crawford and wife, Clyde D. Crawford. transferred to Virginia Dare Clark and Robert Thomas Clark Goldsboro lot. located on Norwood Avenue, for $500. George K. Freeman, trustee, deeded to Frank F. Fagan, receiver of the Wayne National Bank, a Center street lot for $100.
Sallie I. Daniels. widow of J. I. Daniels, et als deeded to Jephthah Casey 137 1-2 acres of New Hope land for $10 and other considera-
HEALTH WORKERS VISIT WAYNE
Dr. C. E. Smith, of the United States Public Health Service, Dr.
Receiver Fagan Makes Some Points You May Want to Know About
Some of the hundreds of depositors in the closed Wayne National Bank who signed the depositors' agreement for the first reopening plan are risking not getting dend checks on their accounts when the first dividend made. payment According statements made the staff of Receiver Frank gan, many folks who signed the positors agreement seem to think they need do nothing more in to receive dividends their on accounts with the bank. Actually, these folks are just like everybody else, and must make their claims in order to receive dividends. Claims should be supported with bank books. and many (Please Turn to Page Three)
Full Filing Necessary to Speed First Wayne Bank Dividend
About thousand claims for posits in, and other accounts the closed Wayne National Bank still need to be according estimate Tuesday by an ceiver Frank of these claims would Many claim the amounts of clude one both checking and savings of one person or firm, counts number accounts on that is still to be filed runs which proof over the thousand considerably mark in total account passbooks which Savings with the Goldsboro Buildwere left
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About Thousand posit Claims Are Not Filed
(Continued from Page One) ing and Loan association by depositors the bank who signed the plan offered last for spring opening new bank on the business foundations left by the old one, still around two hundred. Each of these books indicates an account on which claim has not been made to the receiver. The books should be called for at the office of the association on the eighth floor of the Wayne bank building and taken downstairs and filed with statement of claim against the bank in the hands of bank receiver's staff Filing of the depositor's claims against the closed bank will speed payment the first dividend to positors, those depositors who did not make claim before certain date did not get their first dividend checks at the time the checks paid out to depositors who made their claims earlier. Those filed their claims later on ceived their first and second dividend checks together when all the second dividend were being paid
Trusteeships are being closed up by to aid the receiver which visits are made to Goldsboro periodically Cox, former trust officer of the Wayne Nationwho now connected with the Durham Loan and Trust Company, in Durham.
acres for $3,500. Laurinda T. Hooks, J. B. Hooks, Jr. W. Borden Hooks, executors pf estate of J. B. Hooks, and Wayne National Bank, receiver, to J. F. McInnis property on north Center street, $750.
NEED $49,000 MORE FOR OPENING OF BANK
Goldsboro. Sept. 15.-One hundred and fifty-one thousand dollars of the $200,000 needed to open new bank in Goldsboro had on Thursday been subscribed by depositors of the closed Wayne National Bank and stockholders who had paid their double liability. Thursday was the final day on which preferred rights subscription to the holding com pany for the new bank were given to people of these two groups. A canvass will begin on Friday among others to sell the additional $49,000 worth of stock necessary to open the bank this fall. With the opening of the new bank the above plan. the Wayne bank receivers have hope of full payment of 100 cents on the dollar for all White
Makes $8,500,000 Available As Dividends For 59 Closed National Banks
MERRY CHRISTMAS FOR
MANY IS ASSURED
First National At Spartanburg Among Institutions Getting Funds
WASHINGTON, Dec comptroller of the currency played Santa Claus today, ordering more than eight and half million dollars distributed immediately to the depositors of 59 closed national banks. The amount was the largest disbursed in any month recent times and compared with $3,000,000 in vember. It brought the total for the year paid depositors to $106.000,000. The receivers of the institutions will make the payments. The comptroller, making special efforts to give merry Christmas to the borrowed some of the money from the Construction Finance corporation. This was done by pledging good assets of some of the suspended banks. The money will be repaid when affairs the banks are further liquidated. The money is available for distribution now and should be paid the depositors by tomorrow night. Awalt. the acting comptroller said that any of them did not get would be because the depositor failed to call for his check Awalt later announced 58 of the banks, to give the name of one which had been merged with another bank. He said the money for the divie dends had been going ahead since early in the month the last of had been sent from the today. Southern banks included: Wayne National, Goldsboro, North Carolina; Houston National, Dothan, First National, First National, Murfreesboro, Tenn. First National, Thomasville,
considerable inconvenience and expense to the county and taxpayers, it is pointed out. The first was the suspension of the Wayne National Bank, and the second the postponement of land sales, the accountants say.
The comments on the audit, covering approximately 150 pages, are made on the first 28 pages of the heavy volume, but for the most part these comments are explanations and summaries of the pages that follow. However the office of the Clerk of Court and his system of record keeping draws favorable comment, Perhaps more confusion and lack of system occurs in the offices of clerks of court in North Carolina than in almost any other county ofice. Consequently it was pleasure to note the simplicity and accuracy of the system followed by Mr. C. R. Aycock He is to be highly commended for the splendid condition in which he keeps his records. In addition to these comments of the work of the Clerk's office, the accountants were soeimpressed with the system of the office that they studied it with a view of installing the same system in Lee County. The audit covers the Central County Fund. Dept. Service Fund. Capital Fund. Roads and Bridges Funds, Clerk of the Superior Court. Register of Deeds, Health Department, and Welfare Department. School funds are not included as they are handled separately and in conjunction with state funds. Consolidated Balance
A consolidated balance sheet reflects the condition of al Ithe funds controlled by the County Accountant. This shows a deficit of $162.678.55, but as this report is as of June 30, 1932 it does not take into consideration the rather large volume of 1931 taxes collected prior to tax sales and foreclosures later in the year, nor does it take into consideration an adjustment of debt service funds announced a week ago. Only an audit of the present time would show the actual condition now. The brief recapitulation is as follows: Taxes receivable $393,111.76 Accounts receivable 19,486.37 275,000.00 Contracts receivable 69,595.20 Notes receivable Real estate sinking fund. 8,480.00 Inventory-school garage 5,622.98 Property and equipment 2023,999.11 385.50 Prepaid Items Cash in closed banks Total Assets $2,814,323.90 Excess of liabilities and reserves over assets after eliminating inter-fund transactions 162,678.55 Total $2,977,323.90 LIABILITIES: Cash overdraft 25,264.57 Notes payable 91,135.00 Accounts payable 33,152.12 Advance payments on 1932 taxes 3,300.00 Debt service apportionments 60,776.83 State Loans payableschools 17. 0.0 Bonds outstanding-rural schools 206,500.00 Bonds outstandingcounty 1,755,000.00
Total Liabilities $2,348,878.52 Reserves 628,445.38 Total $2,977,323.90
Plans for taking part in National Cotton Week will be discussed by the Merchants Division of the GoldsChamber of Commerce in meeting Tuesday morning at 9:30. It will be ascertained whether or not the merchants will take part in the week's observance. and if so what the participation will be. Plans will also be discussed for the tobacco— boosting meeting to be held on May 16. Merchants are urged to attend the meeting.
BANK RECEIVER FILES SUIT
F. F. Fagan. receiver of the Wayne National Bank. had filed suit in Wayne superior court Monday
ed to the Metropolitan Life Insurance Company 4 Slocumb street lots for valuable considerations.
The following transfers were made to the Wayne National Bank, receiver of the estate of J. B. Hooks: Word H. Wood, commissioner of banks, ex rel Goldsboro Savings and Trust Company, a lot in Dudley for $10 and other considerations: four lots in Goldsboro for $301; 46 acres in Grantham township for $100; and 102 1-2 acres of land for $400; Gurney. P. Hood a lot on College street; Thomas H. Norwood, trustee, a lot on Herman street for $250; D. C. Humphrey and wife, Mabel L. Humphrey, a Herman street lot for $10 and other considrations.