bb433e91Full suspension
Other: Directors announced consolidation/merger plans with Bryson City Bank; merged/amalgamation language used in articles.
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THREE BANKS CLOSE IN NORTH CAROLINA Eleven Have Suspended In Days. Nov Failure the National the Citizens bank Bryson the Bryson City bank and the Bank Hazel, today brought the total number banks closed North Carolina since Thursday These three banks closed today.
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MORE BANKS CLOSED TODAY Withdrawals On Strength Of Unfounded Rumors Many Closing Orders. drawals, caused in some by unfounded rumors, forced the closing 12 banks in six southern and middle western states today. The total number banks which closed within the last five days was brought 110 result finanin Indiana, Kansas, North Carolina, Missouri, Kentucky and Tennessee. Twenty closings OCyesterday. Dependence larger institutions which failed Little Rock, Ark. Nashville, attributed the cause difficulties for majority the The situation Louisville, Ky. caused four banks southern Indiana close today. False rumors that two Albany, Ind., banks checks, which originated in their refusal to cash vouchers on Louisville caused both suspend yesterday The banks that closed day Crawford County State bank English: State bank; Jackson Township bank Corydon. Junction, and Old Capitol bank and trust company of Corydon. The National bank Asheville, the Citizens bank of Bryson City and the Bank Hazel suspended North today, raising to the total the state all was bereal Failure of Quincy, III., institutions last blamed for eight other closing, was sponsible for Ripley County bank Doniphan, Mo., and the Bank of Edina, Mo., In Kentucky, where eight Louisville others in the are protecting their the Bank Crestwood failed open today. Nine loan tions taken law permitting them require 30 advance notice for withdrawals. The First State Bank and True: company Paris, Tenn., failed open today. The institution, has total resources of $1,000,000. had weathered steady withdrawals over period two weeks previously. (Kans.) bank took similar turned its state department for The bank had The American Exchange Trust company Little suspension precipitated the closing 34 Arkansas banks affiliated with reached stage in its today which indicated it would be reopened new national bank was formed Merchants suspended Monday with deposits of $725,000. FOREIGN EXCHANGES NEW YORK, Nov. eign irregular. DemandBritain France Belgium Germany Holland Norway Sweden 26.8214: Denmark Switzerland Spain 11.24; Greece Austria Tokyo 100.14 Great Britain dollars, other in cents. MERCANTILE EXCHANGE CHICAGO, prices on the Chicago Mercantile exchange: Eggs November refrigerator standard December refrigerator standard Butter: November storage stand29, December storage standard January storage standard CHICAGO CLEARING HOUSE CHICAGO, Nov. (INS) Clearing today: Clearings Balances $5,800,000. NAME MEANT NOTHING SEATTLE name?" asked one policeman other when Frank Hubby, 25, booked charge and of nis family.
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BANKS CLOSED IN TWO American National of Asheville Fails to Open for Business Today. United of the American National Bank of Asheville, Citizens Bank Bryson City which merge with Bryson City Bank and with the Bryson City Bank day brought to 10 the total number of banks closed in North Carolina since Thursday morning. These three banks closed today. Ten of the institutions are Western North Carolina. The other one, the Bank of Lowell, located in Gaston County. Its fallconnected with that of the banks in the Asheville district. While considerable money was brought in aid the American National Bank here, its directors decided late last night that was sufficient justify opening today face probable tracted withdrawals. Jenkins, president and state textile mill operator, made effort to prevent closing down, pledging personal fortune several million dollars. The however, did not feel rectors, justified in accepting his sonal money. To Aid Rebuilding mass meeting of 1000 citizens last night pledged their personal means toward rebuilding the lossand fostering confidence in the financial structure Western North Carolina. similar meeting at Brevard took the same action. The American National Bank capitalized and has deposits of approximately $2,000,State bank officials attributed Thursday's developments to collapse of the real estate boom of 1926. List Given The other institutions involved. their last posted assets and liabilities: Central Bank Trust Asheville, resources deposits First Bank Trust Hendersonville, resources deposits, American Bank Trust Co., Hendersonville, resources deposits, Bank, Asheville, resources deposits, Bank of Liecester, resources $224,640; deposits, Clay County Bank. Hayesville, resources $78,075; Bank Lowell, Lowell, resources $139,188; Citizens Natitonal Bank, Hendersonville, capital and surplus deposits Closed First The Central Bank Trust Co. closed first after series heavy withdrawals. Others felt the feet and followed Still other banks buttressed their business with Federal Reserve funds. One consolidation occurred at Asheville. John Mitchell, chief state bank examiner. issued statement declaring the failures were due to the collapse of real estate boom in western North Carolina, and asserting there no cause whatever alarm about stability of other banks. Prior to yesterday, 27 state banks closed this year, six reopening for business. The last call showed 321 state banks and 84 branches in operation. POLICE GUARD BANK By guards were around the Central Bank Trust Co. building and the home of president, Wallace Davis, today, cautionary possible mob from angry positors and TO RESUME OPERATIONS LITTLE ROCK, tion business number Arkansas banks which suspended operations week appeared likely today following conference Most of reports word American Exchange Trust Little Rock, whose suspension precipitated temporary closing 34 out-state banks which the B. Banks Co. was interested, expected to reopen for business soon. Yesterday, following two-day conference, officials the bank indicated would be impossible to open the bank saying they could tell when reorganization plans would be complete. Banks in which the Banks Co. interested and which failed suspended are gradually reorganizing selves. At Helena in Eastern Arkansas, citizen's committee had cooperated with bank they plan open new bank take assets of the Merchants and Planters Bank, which suspended Monday with deposits Morrillton reopening of the First State Bank is being considered. CLOSE IN INDIANA Ind. Six Southern banks were closed today by voluntary action of their directors, the State Banking announced Officials of the department said the closings resulted from disturbed banking conditions in Louisville, The closed institutions were the New Albany Liberty State Bank, the Bank Trust New the Crawford
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ROOSTERS' CROWING ENJOINED BY COURT Judge Orders Silence Until at Request of Sick Man. RIDGEFIELD. N. Nov. John tion not 10 George his sick bed fowls their had sleep became invalid. court studied his physician's affidavit and granted him an injunction. Two North Carolina Banks Closed Nov. American National bank Asheville, with deposits nearly and the Citizens bank Bryson City, closed today, bringing ten the number banks to halt operations in this state two days.
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4 MORE BANKS IN TOWNS OF CLOSE Waynesville and Tryon Institutions Failed to Open For Business. UNEASINESS SUBSIDING One Closes In Clay County; Bryson City Merger Plans Announced. Four more western North Carolina banks failed to open on Friday. à cept these banks closed Thursday all others were doing busiusual. In the Citizens Bank and Trust company open doors, its directors the closing was due to their failure clear funds Thursday the Central Bank and Trust company in Asheville. First National Bank at Waynesville experienced run whatsoever Friday was doing In Bryson Citizens Bank minutes, then closed after some had withdrawn. Officials of the Bryson City immediately consolidation Citizens Bank and the Bryson City bank, declaring the amalgamation logiand Trust company, Tryon, failed open doors Friday morning. from directors that bank was closed temporarily because "of the failure banks nearby towns.' Deposits institution were $165,000. The Clay at Hayesdid not from of North cated that was at and that no trouble was pated. Bank Trust The pany its Friday morning. statement by the board of directors was signed pasted the door: It follows: closed by order of bank the for the protecand of tion depositors of Directors told correspondent The Times the closing the bank the result the failure Thursday the Central clear and Trust in $30,000 in checks. One of the checks, for $25,000, was on the Rockefeller in the Central. was given pay. (Continued on Page
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AMERICAN NATIONAL SUSPENDS; ASHEVILLE SITUATION STEADYING Waynesville Citizens Bank & Trust Co., And Citizens Bank Of Bryson City Close Doors In Face Of Heavy Runs. CRISIS WORSE IN OTHER STATES AS OVER 72 BANKS CLOSE DOORS Caldwell & Company Failure In Tennessee Precipitates Financial Troubles In 23 States Of Nation. The American National Bank. Asheville's oldest national bank. failed to open for business this morning, a notice on the por explaining that the directors had decided to close in order to `conserve the assets and protect the depositors. The failure of the bank was the major development in the second day of Asheville's financial crisis which compelled the Central Bank and Trust company, the city's largest financial institution, and six other banks in Buncombe county and western North Carolina to suspend business Thursday. Three Other Among other developments in banking field today were: Citizens Bank Trust county: Citizens Central Bank City in county, and Bank and Trust closed Friday in Is In Hands runs. bank and the City Of Auditors More than and Auditors from Raleigh Friday morning from the their task auditing of Federal financial records of the Central other Bank and Trust company and the the banks Asheville and North to open for yesterday morn- Examiner H. John H. Mitchell of state state to the state corporaand the prelimand inary work. and Friday banking the two banks yesterday afternoon in this city behalf of the state corporation Mr. and auditors No Estimates eigh Asheville Chief Examiner Mitchell Mr. and and Balley in to Saturday or complete work, no was definite will availreceiver on what amount the depositors Associated recover. explained dispatches from members of the banking with An now be they and Mike The the bank and currency. M. Roberts to the Washington office. will arrive here tomorrow the banks : receiver for the bank. failed will require to The Bank complete the audit the Central and company the National records. and there Stockholders Liable failure of the three Asheville banks. The stockholders the three Scores of patrons of the Asheville banks are for two banks. to their total There were fewer on par value of their the four remaining stock, according the in The withdrawals If found necessary Bank and Trust mostly realized for each. The the first for the National bank. and the for the Biltmore-Oteen bank. with that this tion continue The Bank West had only Cox Sees small withdrawals Friday, the deposits exceeded Democratic Clearing Up Asheville bankers Friday the crisis reached Wet Plank peak and the be siderably mistic cleared after Friday. statements issued NEW YORK Nov. New officials of Asheville Clearing World today quoted James M. and presidents the other banks. 1920 who was here to attend the The Wachovia Bank and Trust reof his saying he .000,000 in the Democratic national platin 1932 would morning contain plank for the than $1,000,000 repeal the eighteenth received the return to state Charlotte office the Federal said Governor serve bank. These funds were of his running in armored from mate the (Continued on be nomi-
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BANKS IN TOWNS OF C. CLOSE from Smoky Mountains park lands. ThomStringfield, the closwas and that the was no danger. The capital Deposits are approximately Conditions at the First National Officials said had that money had been Boyd Way, cashier. BRYSON CITY After 50 minthe Citizens Bank here this and the Bryson City bank, the only other here, consolidation the two. run precipitated the closing of Bank. was unMr. Black's of the two interests was the logical the two banks will be the immediate Coffey was president of the Citizens bank. FRANKLIN There no in officials the banks Friday. On the Thursday's deposits, both the Frank the Citizens larger than they had been in any single day Bank did not take this particularly tion of banks. The as fact, has not felt the any Porter, director of the Bank said Friday he believthe failure banks Asheville and would have Iittle effect Macon the that is well nigh taining. TRYON The First Bank and Trust company of Tryon, did not its doors Friday notice the directors the bank been closed banks and "this bank nearby closed the officers remain directors with officials the banking and determine what course of action can be taken." First Bank and Trust comThe pany has of approximately and was shown in the last Its is G. at Holmes, business Tryon. examiner arrived in Tryon Friday morning and began an examof the records. The is re-open within few expected the general feeling that It Officers the institution the suspension business was precautionary accounts withdraw Thursday afternoon. quiet the Farmers and All was Traders Friday ano'clock ant was no the and no uneasiness, he in reported. The Brevard was doing Thomas Shipman, Confidence in the The tution apparent in county, he SPRUCE PINE The of Spruce said $42,000 had received from Johnson "Our bank the best shape in months," he said. MURPHY The Bank Murphy and the Bank by other sections of western North assistant of the former bank Neither with the Central Trust company, stated. ANDREWS The and Manufacturers and the Citizens Bank company Friday trouble. FLETCHER few first opened morning, they
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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.