11756. Gastonia Banking Company (Gastonia, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 30, 1904
Location
Gastonia, North Carolina (35.262, -81.187)

Metadata

Model
gpt-5-mini
Short Digest
cef47d48

Response Measures

None

Description

State Corporation Commission ordered State Bank Examiner Ellington to take charge and close the bank pending appointment of a receiver (articles cite insolvency from excessive loans/poor securities). No articles describe depositor runs; a receiver was requested/expected, so classify as suspension leading to closure/receivership.

Events (2)

1. November 30, 1904 Receivership
Newspaper Excerpt
ordered State Bank Examiner Ellington to take charge of the Gastonia Banking Company ... until a receiver is appointed; the appointment being requested immediately.
Source
newspapers
2. November 30, 1904 Suspension
Cause
Government Action
Cause Details
State Corporation Commission ordered examiner to take charge and close the bank pending appointment of a receiver because bank was deemed insolvent due to excessive loans and poor/undesirable securities.
Newspaper Excerpt
The Corporation Commission to-day ordered State Bank Examiner Ellington to take charge of the Gastonia Banking Company, a state institution, until a receiver is appointed.
Source
newspapers

Newspaper Articles (10)

Article from The Savannah Morning News, December 1, 1904

Click image to open full size in new tab

Article Text

EXAMINER IN CHARGE. Receiver Wanted for the Gastonia Banking Company. Charlotte, N. C., Nov. 30.-The Corporation Commission to-day ordered State Bank Examiner Ellington to take charge of the Gastonia Banking Company, a state institution, until a receiver is appointed, the appointment being requested immediately. John F. Love is president, and Joseph A Page, cashier. The capital stock is $100,000; total resources and liabilities, $281,000; due depositors, $136,000. The corporation commissioners think the bank insolvent on account of excessive loans on poor securities.


Article from The Birmingham Age-Herald, December 1, 1904

Click image to open full size in new tab

Article Text

Bank In Charge of Examiner. Charlotte, N. C., November 30.-The corporation commission today ordered State Bank Examiner Ellington to take charge of the Gastonia Banking company, a state institution, until a receiver is appointed. John F. Love is president, and Joseph A. Page cashier. The capital stock is $100,000. Deposits, $136,000. The corporation commissioners think the bank insolvent.


Article from The News & Observer, December 1, 1904

Click image to open full size in new tab

Article Text

BANK IS INSOLVENT RECEIVER'S STORY Corporation Commission W. J. Edwards Takes the Stand in Case to Reto Apply for Receiver for move Him. Gastonia Banking Co. (Special to News and Observer.) The Corporation Commission yesterday directed State Bank Examiner J. Lumberton, N. C., Nov. 30.-The hearing in the case of the Southern C. Ellington to take charge of the money, credits and assets of the GasSaw Mill and Lumber Company on tonia Banking Company and to hold motion to remove Receiver W. J. Edthe same in his possession until the wards was commenced today at 2 commission had an opportunity to foro'clock at the court house before the nially apply for a receiver for the special master, H. F'. Seawell, to whom bank. the matter was referred by Judge The assets of the bank are techniPritchard on the first hearing at Ralcaliy $280,000, and the liabilities of an e gh, November 12th, for the purpose equal amount. The bank is due de of taking evidence and finding the positors $136,000 and its capital stock facts. is $100,000. The complainants, Robert L. ForThere is no special cause assigned rest and others, were represented by for the solvency of the institut on extheir attorneys, R. E. Lee, Esc. of cept the general one of over-extenLumberton, and Iredell Meares, Esq. sion of loans. of Wilmington. The defendant W. J. The officers of the bank are: Jno. F. Edwards, was represented by his Love, president; and Jas. A. Page. council, Duncan E. McIver, Esq., of cashier. Sanford, and by McIntyre and LawCorporation Commissioner Rogers rence and McLean and McCormick, of left yesterday afternoon- for Chariotte the Lumberton bar. to make application to Judge W. R After reading the pleadings and afAllen for a receiver for the insolvent fidavits and some preliminary discusbank. the complainants put un the


Article from The News & Observer, December 1, 1904

Click image to open full size in new tab

Article Text

Mr. S. L. Rogers, of the Corporation Commission, left yesterday for Charlotte, where he goes to apply to Judge W. R. Allen, now holding court there, for a receiver for the Gastonia Banking Company, which has failed.


Article from The Times Dispatch, December 1, 1904

Click image to open full size in new tab

Article Text

Gastonia Bank Fails. (Special to The Times-Dispatch.) RALEIGH, N. C., Nov. 30.-The North Carolina Corporation Commission to-day ordered State Bank Examiner J. O. Ellington to take charge of the Gastonia Banking Company, Gastonia, and hold Its assets until a receiver could be appointed. J. F. Love is president and J. A. Page cashier. The capital is $100,000 and the resources and liabilities $281,000, according to the last quarterly report. Amount due depositors, $136,000. The failure of the bank is attributed to excessive loans and insufficient securities,


Article from The Semi-Weekly Messenger, December 2, 1904

Click image to open full size in new tab

Article Text

SELMA JUNCTION CASE. Opening of County Superintendents Convention-Gastonia Banking Co. Considered Insolvent-More than 300 Textile Mills in the State. (Special to The Messenger.) Raleigh, N. C., November 30.-At the opening of the county superintendents convention today, seventy-nine were present, by noon six more had arrived. The programme arranged for today was not touched, because of the absence of Charles L. Coon, the chief figure in the work of today, who was hurriedly called to Salisbury to appear as a witness in a law case. State Superintendent Joyner did not intend to make any remarks, but filled in the gap by reading advance sheets of his annual report. The programme for Thursday was taken up, the first discussion being on rural libraries, how to secure them, preserve them and increase their usefulness, R. D. W. Connor and E. C. Brooks leading discussion. The next subject taken up was county supervision, including the examination of teachers, institutes township meetings, selection of teachers, visiting schools, and courses of study. The convention went in a body to the hall of history and spent an hour there, examining thousands of historical objects which had been collected in the past two years. Attorney General Gilmer, Fred A. Woodard, Argo and Shaffer and Busbee & Bussee appeared for the corporation commission in the Selma Junction case today, Pou and Fuller and Junius Davis representing the Atlantic Coast Line. This case went against the commission in the Wake superior court and the state appealed. The railway broadly contends that the state has no power to require such connection to be made as orders of the Corporation Commission prescribed. A charter is granted Freemens Mutual Benefit Association of Henderson, J. W. Ogarrett and others incorporators. Grand Secretary B. H. Woodell, of the Grand Lodge of Odd Fellows, returned t today from Rockingham, where last night he attended a banquet given by the order at which 300 were present. The lodge at Jonesboro is to be revised and there will be new lodges at Lynn, in Polk county and Haynesville. I The Corporation Commission ordered : today Bank Examiner Ellington to go I to Gastonia and take charge of the Gastonia Banking Company until the I : judge of that district appoints a receiver. Application for such appoint$ ment is to he made at once. The total : resources and liabilities of the bank are $281,000, the capital stock $100,000. The amount due depositors is $136,000. John F. Love is president, Jomes A. Page, I cashier. The commission regards the bank as insolvent on account of excessive loans and undesirable securities. F The state commissioner finds that there are now in North Carolina 304 ) textile mills, an increase of 15 over last . year; 2,178,964 spindles, an increase of 344,543; 48,396 looms, an increase of 3,I 200; 3,477 knitting machines, an inI crease of 284. There are 37,555 eme ployees, an increase of 7,231 over a year ago.


Article from The Fulton County News, December 7, 1904

Click image to open full size in new tab

Article Text

Gastonia Bank in Trouble. Charlotte, N. C. (Special). - The Corporation Commission ordered State Bank Examiner Ellington to take charge of the Gastonia Banking Company, a State institution, until a receiver is appointed, the appointment being requested immediately. J.F. Love is president and Joseph A. Page cashier. The capital stock is $100,000; total resources and liabilities, $281,000; due depositors, $136,000.


Article from The Pickens Sentinel-Journal, December 7, 1904

Click image to open full size in new tab

Article Text

THIS BANK IN BAD WAY. Concern at Gastonia, N. c., to Be Placed in Receiver's Hands. The North Carolina corporation commission Wednesday, ordered Bank Examiner Ellington to go to Gastonia and take charge of the Gastonia Banking Company, until the judge of that district appoints a receiver. Application for such appointment is to he made at once. The total resources and liabilities of the bank are $281,000; capital stock $100,000; amount due depositors $136,000.


Article from The County Record, December 8, 1904

Click image to open full size in new tab

Article Text

Gastonia Bank Fails. Gastonia, N. C., Special.-Quite a sensation was sprung here Wednesday afternoon, when State Bank Examiner J. O. Ellington closed the doors of the Gastonia Banking Company at 2 o'clock, and took charge of the assets, pending the appointment of a receiver. The failure of this well-known financial institution came as a complete surprise to the citizens of the town. Mr. John F. Love, a prominent cotton mill man, is president, and Mr. James A. Page is cashier.


Article from Highland Recorder, December 9, 1904

Click image to open full size in new tab

Article Text

Gastonia Bank in Trouble. Charlotte, N. C. (Special). - The Corporation Commission ordered State Bank Examiner Ellington to take charge of the Gastonia Banking Company, a State institution, until a receiver is appointed, the appointment being requested immediately J. F. Love is president and Joseph A. Page cashier. The capital stock is $100,000; total resources and liabilities, $281,000; due depositors, $136,000.