11769. Bank of Goldston (Goldston, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 29, 1931
Location
Goldston, North Carolina (35.593, -79.328)

Metadata

Model
gpt-5-mini
Short Digest
c1c5c4ab

Response Measures

Full suspension

Description

Newspaper accounts (Dec 29–31, 1931) report heavy withdrawals and that the Bank of Goldston would not open its doors and did not open for business. The sequence: heavy withdrawals/run, then suspension (did not open) and no evidence of reopening in these items — classified as run leading to suspension and closure. Cause attributed to contagion from other local bank failures and heavy withdrawals (local_banks).

Events (2)

1. December 29, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals/contagion from failures and runs at neighboring/local banks and news of other bank failures led depositors to withdraw funds from the Bank of Goldston.
Newspaper Excerpt
Dec. closing of four Wayne county banks today following heavy withdrawals ... The Bank of Goldston in Chatham had deposits of more than $100,000
Source
newspapers
2. December 30, 1931 Suspension
Cause
Local Banks
Cause Details
Bank did not open following heavy withdrawals and local banking failures/contagion; authorities reported it would not open for business and it remained closed in subsequent reports.
Newspaper Excerpt
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
Source
newspapers

Newspaper Articles (3)

Article from The Herald-Sun, December 29, 1931

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Article Text

TWO MORE BANKS WILL CLOSE TODAY 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


Article from The Nashville Graphic, December 31, 1931

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Article Text

Criticise Reserve Authorities Bank Of Goldston Closes Its Doors of reserve bank authorities to curb the tendencies which led to the stock crash of 1929 was criticised by the senate bank subcommittee in report on Saturday. Too great activity in the securities market by the big banks The Bank of Goldston. Chatham business was termed dangerous trend. did not open for County,


Article from The Chatham Record, January 7, 1932

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Article Text

Parrott Coming Friday Evening Dr. M. Parrott, Secretary State Board of Health, to Speak in Auditorium, Friday Evening, Jan. 8, It gratifying to the Chatham Record to announce that secretary of the State Board of Health, will speak in the of the Pittsboro school at tomorrow evening He under the auspices the and writes Mrs. Fred Justice, chairman the Health that he will speak the subject: "North Carolina upon Spirituals They Must Be Preserved Dr Parrott is not only great physician and efficient health of ficer, is man unusual of remarkable wit. His subject may not permit much but in him The editor of the Chatham ord knew him as classmate college and has always esteemed him. The people this section are assured that they have a treat store Not only the people of this school but the people of the whole county invited to attend and hear Dr Parrott especial invitation here the instance of the the physicians and teachers county MRS. HILL We are handed the following acount of a dinner given last year M Hill and Miss Azile Hill entertained the Moffitt Powell party Friday Dec at four-course dinner The home made most attractive with Christmas decorations The table lovely with lace and centerpiece cut flowers and with burning tapers The dinner was veritable feast such as Mrs Hill always The guests who joyed this hospitality were Mr and Hill and Miss Hill of Asheville Moffitt the groom. Miss Elizabeth Seawell and Miss Lillie Hill Two Chatham county banks wall last with consequent uneasiness for the other three banks the The Page Trust Company both Sanford, but provision stand the that could be apparent indiffermanagement the visual evidence hand and coming to the two threat banks the runs Siler City, part the resulted in quite money being deposited Page Trust Company withdrew deposit from Bank Pittsthe has small depositors withdrew from Bank but positors than counterbalanced the loss leaving the Bank the of the year with more than before the failure the Chatham county banks and the branch of the United Bank and Trust Company at San ford. The invincibility of the Page Trust with its immense northern connection, evident, and the effort of the citizens of Siler City to boost deposits Thursday was not to prevent the of the bank but to show the appreciation by the town of this strong institution in Siler City and to assure the management that would backing of the town in future career. The Page Trust Company could readipay all depositors any branch bank where the citizens show disposition to desert it and could readily close that branch and establish another in town which the citizens do not readily lose their heads. The of the citizens of Siler City on Thursday quite contrast that of Wednesday when word came of the failure of the United Bank and Trust Company of Greensboro and its branches at and other points The Chatham Bank had 70,000 with the Greensboro institution this was generally known The consequence the rumor of the breaking of the Greensboro institution was run upon Chatham Bank which was augmented by fears generated by the closing the Bank of Goldston day two earlier One large depositor of the Chatham Bank is said to been in Pittsboro on his way Raleigh when learned of the situation and deliberately raced back Siler City drew out his considerable deposits. Funds were shrinking, and the bank authorites communicated with Hood of Banking Commission at Raleigh who vised closing reported Not an effort had been made seems, secure funds from outside $20,000 later transferred at the order of Hood to the Page Trust Company vaults. In fact zeal for that was the undoof the Bank It not only had $70,000 with the United Bank which was its Greensboro correspondent, but according President Jenkins, had other sizable deposits banks approved by the Bank Commission Utter confidence Greensboro tution the undoing of Chatham Bank The $70,000 dicially loaned small amounts Chatham people been far than its posit Bank out by them on proved be than been given by small rowers home The Bank of Pittsboro The Bank of Pittsboro has several years played very hand Applications loans have The amount and other interest bearing posits small The total amount deposits December only The amount of actual cash immediately available was $82, In there were hand and bonds also good and which would brought additional cash the depositors, and $20,000