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11 BANKS ARE NOW CLOSED IN SECTION
(Continued from Page Charlotte Thousands dolwere distributed banks throughout this section aid them against threatened run Pay The of the American tional open this did marked of the Trust and bank yesterday morning. There were several acore of peoin front of the but compare the crowd that day. The withstood heavy the officials had would able to open this morn- few minutes before o'clock tothe following was on the door and later on the windows facing Church street: "The the National bank have closed, and the hands of the for the and the protection of "The hopeful that the bank will be reorganized and reopened its depositors paid Failure Chief Cause ville chief the of the and the Caldwell and investment banking of Tenn Caldwell company extensively 23 states, cluding North Caldwell and went into in federal ago. known that Trust here was and pany failure of Caldwell and widespread and Kentucky and states. In the more 72 banks Illinois North are the failures cities The failures in Tennessee and Kentucky is growing daily.
Has $2,500,000 In Cash The Trust has in cash and has received the office of the Federal Reserve officials the Charlotte office the Federal Reserve and other sources that can the money needs. car from Charlotte afternoon with for this 1,000,000 was by insured The has been bank, ready for any emergency might Friday revealed that will not be Although there were withdrawals, chiefly among the savings accounts, the deposits for when the banking day ended the withThe thing was true asked for an and Trust company said little he could add the facts very already printed the Helping Smaller Banks When what steps the Wachovia had taken aid smaller towns which had on resources, Mr. pressure Shaffner fullest reuests any all our neighbors, who called though they have not been many. although have the at moment, believe we have assistance extent five thousand all and am delighted be able to that hightype return and these banks the strongest for the condition their securities and for they have been am not necessary to say Wachovia all the our neighbors and that the extent enand to all development of western North Carolina we have done for quarter century since we have been estabMr. vice has several He and Eller vice trust and Irving and tant trust this afternoon for their in WinsRobert M. Hanes, administrative vice president the Wachovia will arrive Saturday aid Gilbert Roy Ebbs, Fred Seely, T. Morrison and others
The the Nathe Bryson the and the Clay County and the Citizens company at Waynesville, to open for business Friday made total eleven banks in the and western North Carolina district that closed in the two-day financial disturbance. were failures, was three closshortly Central without but merged would result from American's Financial Report. total at At that time, the Institution had in deposits; and bills 000. capital stock $50,000 and undivided profits consisted of in loans: $150,000 bonds secure circulation; $35,000 bonds secure government deposits 500 stock in federal reserve bank: securities: $159,356.45 banking house equpment; U. treasury and in cash and due from other banks An analysis the statement the government had deposit, which than secured by government also cluded deposits; $580,367.50 deposite and $153,121.41 due banks, including certified and cashiers checks Established In 1898. The owns the six-story building, which occupies on southeast corner Patton avenue and building $125,000, while the furnivarious appraised bank established 1898 1907. national bank charter is No. In November, 1928, the majority stock was purchased Wallace associates. Jenkins president last when Arthur Rankin the the Central Bank Trust addition Mr. the other officers are: Harmon chairman the board of Charles G. Lee, vice president: cashier and trust officer: M. Pope D. H. Perry, The board directors consist Charles Lee, John Manley, Robert Goode, William Smathers and James
Closed Banks Listed The following banks Asheville western North CareCentral Bank and Trust Asheville, fourth deposit liability, sources, undivided profits, President Wallace Davis. First Bank and Trust and East Flat Mack American Bank and Henresources, 000; undivided profits, Noah station, sources, $25,000; President, ty: Deposit surplus, President Davis Clay County Deundivided $2,439; presChambers. Citizens National Bank. HenderDeposit liability, capital and plete financial statement given in Citizens bank, Bryson City: statement not available. Citizens Bank and Trues company, statement not First Bank and Trust company, at Tryon: Holmes. Deposits of the State of North Central $26,857 Naand 179 First Bank and were protected depository or state announced. Old Mounthis reported in President of the Bank with his bank had closed only temporarily Simultaneous with the bank the Morris Plan Asheville announced had the Asheville Industrial Bank and the Industrial to have $500,000 in
Severe floods did great damage to in this year. Drought has done great damage crops in Porto Rico this season.
