10666. Peoples National Bank (Winston-Salem, NC)

View Charter #4292 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
4292
Charter Number
4292
Start Date
August 18, 1893
Location
Winston-Salem, North Carolina (36.100, -80.244)

Metadata

Model
gpt-5-mini
Short Digest
3d484ebe8338dce6

Response Measures

None

Receivership Details

Depositor recovery rate
17.5%
Date receivership started
1931-06-29
Date receivership terminated
1937-01-30
OCC cause of failure
Governance
Share of assets assessed as good
26.9%
Share of assets assessed as doubtful
37.2%
Share of assets assessed as worthless
36.0%

Description

The bank temporarily suspended on Aug 18, 1893 due to inability to obtain currency (failure to receive funds from Richmond and currency cornering), but was explicitly reported to have resumed business around Sept 21, 1893. No article describes a depositor run; suspension was for lack of small change/currency rather than insolvency.

Events (4)
1. April 28, 1890 Chartered
Source
historical_nic
2. August 18, 1893 Suspension
Cause
Correspondent
Cause Details
Unable to obtain currency/realize funds from depository in Richmond and other points; scarcity of small change due to currency being cornered.
Newspaper Excerpt
The People's National bank closed its doors this morning and announced that it had temporarily suspended. The cause given is that it has been unable to get currency.
Source
newspapers
3. September 21, 1893 Reopening
Newspaper Excerpt
The People's bank, of this city, after thirty days suspension, resumed business this morning. The capital, surplus and undivided profits are unimpaired. The People's National Bank of Winston, N. C., which suspended payment August 18, has been permitted to reopen its doors for business.
Source
newspapers
4. June 29, 1931 Receivership
Source
historical_nic

Newspaper Articles (14)
1. August 18, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, August 18, 1893

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Article Text

ANOTHER AT WINSTON The People's National Bank Goes Up To-day. It Is Temporary and Shortage of Currency the Cause. WILL OPEN AFTER THINGS GET O. K. People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. WINSTON, N. C, Aug. 18.-[Special.]The People's National bank closed its doors this morning and announced that it had temporarily suspended. The cause given is that it has been unable to get currency. It appears that the bank will be able to resume business as it has ample assets, but it could not meet the demand for small change, when currency is selling at a premium of $40 on the thousand. There is no doubt but what the bank is solvent and will open on time, but good business judgement caused it to close its doors for the present. DAILY SENTINEL.

2. August 18, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 18, 1893

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FROM WASHINGTON. [Correspendence of the Alexandria Gazette.] WASHINGTON, D. C., Aug. 18. Comptroller Eckels was to-day informed that the Peoples' National Bank of Winston, N. C., capital $100,000, had suspended. The total number of fourth-class postmasters appointed to-day was 103, of whom 63 will fill the places of removed republicans. The changes in Virginia were as follows: Hillsborough, Loudoun county, Geo. W. Wiley appointed postmaster vice John T. Spates, removed ; Lennig, Halifax county, Jno. M. Carrington, vice Jas. E. Canada, resigned Lowmoor, Alleghany county, Teresa Rowan, vice Benj. Karnes, resigned Rodophil, Amelia county, J.H. Anderson, vice H. C. Enroughty, removed; White Plains, Brunswick county, Josephine L. Branch, vice Jos. W. House, removed. Secretary Carlisle has requested the resignation of J. Webb Flanagan, collector of customs at El Texas-the man who, as a delegate to a national republican convention, asked the famous question, "What are we here for?" Attorney-General Olney has decided that there is no power lodged in any officer of the government to extend the time for the withdrawal of domestic whisky fromabonded warehouses. This is the last step in the movement to obtain relief for distillers. It is becoming more and more apparent that the administration is whipping in the democrats who don't agree with its silver policy, and that when a vote shall be taken on the bill to repeal the Sherman act it will have a majority of both houses of Congress in its favor. It is reported at the Capitol to-day that the three members of the commission appointed to investigate the charge of frauds in the New York customs' house are each drawing $25 a day and have been doing so since the date of their appointment, nearly three months ago, though they have done and are doing little or nothing. A well-known banker of this city at the Capitol to-day said currency in large amounts was selling in New York yesterday at three per cent. premium. Among the bills introduced in the Senate to-day, was one to allow individual holders of government bonds to exchange them for currency at the Treasmry. As anticipated in this correspondence yesterday, the Senate finance committee to-day, by a vote of all its republican and two of its democratic members, Messrs. Voorhees and McPherson, reported a bill repealing the purchasing clause of the Sherman silver act, and declaring it to be the policy of the government to continue the use of both gold and silver coin as standard money. Mr. Voorhees says he will call this bill up as soon as the bill allowing the banks circulation to the full amount of the par value of their bonds shall be disposed of. The minority of the committee say they will oppose it at every point unless it shall provide for the free coinage of silver at a ratio of 20 to 1. It is the evident purpose of democrats of the Senate to sidetrack the silver bill until the bank bill referred to shall be passed. Secretary Morton of the Agricultural Department said to-day "All advocates of free coinage say they are laboring in behalf of the poor man. They declare thatsilver is the poor

3. August 18, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, August 18, 1893

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Article Text

MUCH SENSE IN THEIR BUSINESS. The towns round about Durham have quit paying small checks here and there, because currency is at a premium. A special telegram to-day from Winston announces the temporary suspension of the People's National bank, of that city, on account of the scarcity of currency. Lots of people may imagine that this scarcity of currency means a scarcity of money in the banks. But it does not. It simply means that money-lenders and money changers-not the legitimate banks of the country, but a species of blood suckers and vampires belonging to the family of pin hookers, have cornered the currency of the country and demand a premium upon it While New York, which is the money mart of the world, should be shipping its currency to the south, it finds that speculators have purchased the currency and made it impossible for the bankers of New York to send to their correspondents any currency unless at a handsome premium. Accordingly currency is scarce in all the banks. It is scarce in Durham. And we take it that the temporary suspension of the bank in Winston only means that good business judgment has suggested to the banks to wait until something tangible presents itself. Richmond and Danville have been using certified checks for the last ten days, and the long and short of the whole business is, that in the south, as well as the north, there is a painfully apparent shortage of "small change." The banks down here have plenty of money, but they propose to first protect themselves and the towns and cities in which they do business And accord. ingly there will be no more tobacco bought and no more currency sent out of this town until the money changers of New York let loose and give every one an equal chance.

4. August 19, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 19, 1893

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Article Text

Forced to Close Its Doors. [Special telegram to the Dispatch.] WINSTON, N. C., August 18.-The People's National Bank of this place was forced to close its doors this morning on account of inability to realize upon its assets. National-Bank-Examiner J. C. Buxton is in charge. The bank seems to be perfectly solvent, and it is hoped the suspension is only temporary. The suspension was precipitated by failure to receive funds from the bank depository in Richmond and at other points.

5. August 19, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, August 19, 1893

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Article Text

LATE TELEGRAMS BOILED DOWN FROM PRIVATE SPECIAL AND OTHER SOURCES. Mexican finances are brightening. New York stock market is stagnant. Hondo City votes to incorporate 51 to 54. Mexico is negotiating no loan as reported. Church robberies in Mexico are epidemic. Laredo schoolsopen on the 2nd September. People's national at Winston, N. C., suspends. City Taylor has received 165 bales of new cotton to date. Steamer Bismarck brings to New York $4,195,185 in gold. The Populist resolutions, passed at Waco, are very lengthy. J. B. Mitchell has applied for the Corpus Christi collectorship. That case of smallpox*in Wilson county cost that county $600. Cloture will be applied to the Home Rule bill next Friday. New York clearing house loan certificates foot up $37,880,000. Le Mars, Iowa, records four bank failures, but all will soon resume. Mexico will foster all new industries that promise any success. Rifle contest, department of Texas, is in progress at Fort Clark. London is preparing for a great fall in the price of India exchange. Mohammedan prayer day passed in Bombay without incident, all quiet. Serious charges are preferred against Governor Garza Galan, of Coahuila. Dallas banks will assist actual dealers in cotton but no money to speculators. Emory Sullivay kills John Lowry, at Hot Springs, Ark., alleging self-defence. Clark and Nugent "Hello, old boy" each other at Waco, in the hotel corridors. New Orleans complains of short money for moving cotton, and Houston ditto. Dr. Wilson, Carroll county, Tennessee, shoots Polk Alexander and then shoots himself. Santa Fe coal mines, Ks., will stand by their old offer to the miners, but no more. Bradstreets reports positive increase in demand for dry goods at St. Louis and Chicago. World's fair managers allow a prize fig ht on the ground, to the scandal of the humane. Public sentiment at the national capital is growing stronger against seduction Breckenridge. The People's party have Waco in possession this week, and give Cleveland a hot scoring. Ten-year-old son of S. L. Lawton, of Dangerfield, burned to death in a barn on his father's lot. The San Francisco collector of internal revenue will not resign, preferring to be bounced. The unemployed in New York are making a monster parade asking for work and for bread. Nat Q. Henderson has found his long lost political home in the bosom of the Populist party. It is thought at the National capital of Mexico that Coahulla may be put under martial law. ... i

6. August 24, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, August 24, 1893

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LACK OF CURRENCY Causes the People's Bank to Suspend Temporarily. The People's National Bank suspended payment temporarily Friday morning owing to the impossibility of getting currency to transact the day's business. There were balances due the bank at Richmond and other cities, but the currency could not be obtained from the bank there. The announcement took our people somewhat by surprise, as the bank was known to be in good condition; besides, it has been carefully managed, and every remittance and every collection is paid up to date. The trouble is like that of a merchant who has not on hand the goods ordered of him.

7. August 25, 1893 The Kinsley Graphic Kinsley, KS
Article from The Kinsley Graphic, August 25, 1893

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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. THERE is no foundation for reports that the administration intends to discipline silver democrats. IT is believed that Henry Loomis Nelson, a Kentuckian, now a resident of New York, will be made director of the mint. SECRETARY SMITH has finally consented to appoint an allotting agent for the Kickapoo lands, and there is at last a prospect of getting that reservation open to settlement. J. LOGAN CHIPMAN, congressman from the First Michigan district, is dead, SECRETARY SMITH was shown a dispatch to the effect that the Atlanta Journal had called upon congress to pass a be said no free significance coinage bill. should The secretary attached to the editorials of this paper on account of the fact that he still holds a block of its stock. E.O. LEECH ex-director of the mint, believes that the Wilson repeal bill will pass the house, but that the senate will amend it so as to provide for free. coinage of silver at a higher ratio, which will not be acceptable to the president. SECRETARY CARLISLE has requested the resignation of J. W. Flanagan, collector of customs at El Paso, Tex. COMPTROLLER HCKELS has been informed that the pople's.national bank of Winston, N. €., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress. SECRETARY CARLISLE has given to Senator Voorhees a statement of what it would cost to recoin the silver money of the country at the ratio of 20 to 1, if such be adopted. THE government receipts for nineteen days of August were $15,640,000; receipts for fiscal year, $46,545,776. Expenditures for month, to date, $22,295,000; expenditures for fiscal year, $61,882,888. SPEAKER CRISP on the 21st announced the new committees. To the surprise of many Wilson succeeded Springer as chairman of ways and means and Sayers displaced Holman on appropriations. THERE are some members of congress who believe that by the middle of September it will have been demonstrated that no compromise can be reached on the silver-question and an adjournment will be taken. SENATOR CHANDLER has introduced a resolution declaring that John Martin was never legally elected senator from Kansas and is not entitled to the seat THE marine hospital bureau has received a telegram from Dr. Porter, state that no at there health is officer yellow of Florida, fever stating Tampa. Another dispatch reports a new case of fever at Brunswick, Ga.

8. August 25, 1893 The Iola Register Iola, KS
Article from The Iola Register, August 25, 1893

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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. SECRETARIES GRESHAM and Carlisle and Postmaster-General Bissell have returned to Washington from Deer Park and Oakland. COMPTROLLER ECKELS has permitted the Greely national bank, of Greely, Col., to resume business. MINISTER BLOUNT has returned from Honolulu, and while he declines to talk it is believed that he favors sustaining the present provisional government. THE president has sent to the senate the nominations of Charles H. Page as collector of customs for Oregon and Jefferson A. Huff as judge of probate in the county of Grand, Utah. THOMAS F. Oakes, of New York; H. W. Paine, of Milwaukee. and Henry Crouse, president of the Missouri, Kansas & Texas railway, have been appointed receivers of the Northern Pacific railway. THE situation in congress is so mixed that there is great doubt as to what legislation can be enacted. No unconditional repeal bill can be passed, and if a free coinage bill is passed it is believed that the president will veto it. A BILL has been introduced in the senate to increase by ten the number of Cherokees entitled to allotments in the strip and if this passes it will mean a still further delay in the opening. SECRETARY GRESHAM is not satisfied with the Behring sea decision, because it will put the United States to a great deal of trouble and expense in guarding the seals. HARTER, one of the anti-silverite leaders, fears that the bill for free coinage at the ratio of 20 to 1 will pass the house. THERE is no foundation for reports that the administration intends to discipline silver democrats. IT is believed that Henry Loomis Nelson, a Kentuckian, now a resident of New York, will be made director of the mint. SECRETARY SMITH has finally consented to appoint an allotting agent for the Kickapoo lands, and there is at last a prospect of getting that reservation open to settlement. J. LOGAN CHIPMAN, congressman from the First Michigan district, is dead. SECRETARY SMITH was shown a dispatch to the effect that the Atlanta Journal had called upon congress to pass a free coinage bill. The secretary said no significance should be attached to the editorials of this paper on account of the fact that he still holds a block of its stock. E. O. LEECH, ex-director of the mint, Delieves that the Wilson repeal bill will pass the house, but that the senate will amend it so as to provide for free coinage of silver at a higher ratio, which will not be acceptable to the president. SECRETARY CARLISLE has requested the resignation of J. W. Flanagan, colloctor of customs at El Paso, Tex. COMPTROLLER ECKELS has been informed that the People's national bank of Winston, N. C., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress.

9. August 26, 1893 Macon Beacon Macon, MS
Article from Macon Beacon, August 26, 1893

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MISCELLANEOUS THE Bruis photographic telescope, made by Alvin G. Clark, of Cambridge, after designs made by Prof. Edward C. Pickering, of Harvard university, was successfully tested on the grounds at Mr. Clark's workshop. COL. BRENNAN, who led the mob in the recent Denver lynching, has been acquitted. AT Herne Hill, London, F. J. Osmond covered with his wheel two miles in 4:24 2-5 thus beating the world's two mile bicycle record. THE Oliver Iron & Steel Co., great into the Pittsburgh, Pa., has gone hands of a receiver. A GANG of men have been arrested in Biskupitz, Croatia. The men have for years made a trade of crippling young children and then sending them out to beg or selling them to others for the same purpose. Tworobbers boarded the 'Frisco train near St. James, Mo. They compelled the messenger to open the safe. After taking the contents they pulled the bell cord and escaped when the train stopped. AN appeal of the Lafayette opera house riot case has been filed in the supreme court at Indianapolis. A FAMILY of nine persons were poisoned by drinking from an Indiana well. Three of them cannot recover, ARMED forces met in the outskirts of r Piedras Negras, Mexico, but the citie zens readily submitted to the federal y forces. d THE Iron Trade Review says there will be a still further reduction of the output of pig iron in August, because y of the small demand. The only enr couraging feature is the activity of the d steel mills at Pittsburgh. e THE street car employes of Superior, s Wis., struck, owing to a 20 per cent. hcut in wages. heTHE German-American national bank, S of St. Paul, which suspended a few of days ago, will resumè business just as n soon as the necessary formalities can be complied with. TEN men were killed and twenty-six owounded in a fight on the streets of in Aigues-Morles, France, between French nand Italian workmen. cy THE national bank of South Pennes sylvania, at Hindman, Bedford county sh has closed its doors. at Six thousand boxes of oranges which ed came over on the steamer Karamania nd which was detained at quarantine some xdays ago, were sold at an average pried ed of a little over $2 a box. A BILL to foreclose a mortgage o ed $14,668 was filed against the company mowning the John Brown fort which wa exrecently taken to Chicago for exhibi tion. The bill alleges that the exhibi nd tion has been a failure. k, COMPTROLLER ECKELS has been in en formed that the People's national ban ar. eat of Winston, N. C., capital $100,000, ha on suspended. THERE appears to be a concerte a move in labor circles to forward a en th "many of the unemployed to Washing ton as possible, so that their condition may be visible to congress. THE San Francisco Examiner say caose that the attacks on Chinese are due th the government not enforcing ror ew Geary law. THE wholesale grocers of Memph as have issued notice that they will SS am bog product for cash only hereafter.

10. August 26, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, August 26, 1893

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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. THERE is no foundation for reports that the administration intends to discipline silver democrats. IT is believed that Henry Loomis Nelson, a Kentuckian, now a resident of New York, will be made director of the mint. E. O. LEECH. ex-director of the mint, believes that the Wilson repeal bill will pass the house, but that the senate will amend it so as to provide for free coinage of silver at a higher ratio, which will not be acceptable to the president. SECRETARY CARLISLE has requested the resignation of J. W. Flanagan, collector of customs at El Paso, Tex. COMPTROLLER ECKELS has been informed that the People's national bank of Winston, N. C., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress. SECRETARY CARLISLE has given to Senator Voorhees a statement of what it would cost to recoin the silver money of the country at the ratio of 20 to 1, if such be adopted. THE government receipts for nineteen days of August were $15,640,000; receipts for fiscal year, $46,545,776. Expenditures for month, to date, $22,295,000; expenditures for fiscal year, $61,882,888. SPEAKER CRISP on the 21st announced the new committees. To the surprise of many Wilson succeeded Springer as chairman of ways and means and Sayers displaced Holman on appropriations. THERE are some members of congress who believe that by the middle of September it will have been demonstrated that no compromise can be reached on the silver question and an adjournment will be taken. SENATOR CHANDLER has introduced a resolution declaring that John Martin was never legally elected senator from Kansas and is not entitled to the seat. THE marine hospital bureau has received a telegram from Dr. Porter. state health officer of Florida. stating that there is no yellow fever at Tampa. Another dispatch reports a new case of fever at Brunswick, Ga. THE president has issued his proclamation opening the Cherokee strip to settlement at the hour of 12 o'clock noon, central standard time, Saturday, September 16. THERE is a "sport that China will not retal:ate for the Geary law until after the next session of congress.

11. September 21, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, September 21, 1893

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WINSTON IS HAPPY ! The People's National Bank Resumed To-day. Everything All Lovely and the Capital and Accounts G. K. ALL THE BANKS OF WINSTON IN IT This Shows That the Hard Times Are Coming to an End in the Progressive Twin City. WINSTON, Sept. 21.-[Special.]-The People's bank, of this city, after thirty days suspension, resumed business this morning. The capital, surplus and undivided profits are unimpaired. All the Winston banks are now transacting business as usual before the panic. DAILY SENTINEL.

12. September 21, 1893 Evening Star Washington, DC
Article from Evening Star, September 21, 1893

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Winston, N. C., Bank Resumes. The People's National Bank of Winston, N. C., which suspended payment August 18, has been permitted to reopen its doors for business.

13. September 22, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, September 22, 1893

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Another Winston Bank Reepens. (By telegraph to the Dispatch.) WASHINGTON, D. C., September 21.The People's National Bank, of Winston, North Carolina, which suspended payment August 18th, has been permitted to reopen its doors for business.

14. September 28, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, September 28, 1893

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PEOPLES' NATIONAL BANK ITRESU MED BUSINESSTHURSDAY MORNING. Capital, Surplus and Univided Profits Unimpaired-No Assessments Made on Stockholders. Winston now has no closed banks! The Peoples' resumed business Thursday morning at the old stand. Thirty days ago the bank suspended payments, temporarily, owing to a lack of currency. Be itsaid to the credit of the institution, the capital, surplus and undivided profits were unimpaired, hence there were no losses to anybody. Another fact worth mentioning is that the bank resumed business without making any assessment on the stockholders. President Blair tells THE SENTINEL that the bank resumes business with better backing and stronger resources than it ever had before. Nearly all of the depositors have signed an agreement not to check for a given time, but the management will place all amounts to the accounts subject to check as soon as possible.