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CONSERVE ASSETS
Nov. The Central Bank and Trust Company, !argest financial institution in this immediate section, failed to for business today and by noon five other western North Carolina Banks had closed their doors. Capitalized $1,000,000 the CenBank and Trust Company, September the date of the last bank had deposits of approximately $18,000,000 with surplus. Its were given that time $21,753,000. Other banks closing were the BiltBank here, including its branch at Otsen Veterans Hospital, the First Bank Trust Company Hendersonville: the American Bank and Trust Company, Hendersonville: The Citizens National Bank, and the Bank John Mitchell. State bank examiwas notified the Central ner, Bank and Trust Company's failure open and was expected to send examiner here immediately take charge
Feared Heavy Run. statement given out by the board of directors said the bank was closed in anticipation of heavy action," the statement said, taken solely conserve the inof the depositors and only became apparent that such step was During the past days the bank has been forced withstand heavy withdrawals funds. notice post on the door of the First Bank and Trust Company, Hendersonville, said the institution had been placed the hands the State Banking Department for liquidation. capitalized had surplus of $204,261 and according to its last condition. Others Soon Close. Heavy runs early in the morning the Bank and on Trust and the Citizens Company Bank at Hendersonville National and they soon closed The American Bank and ust smallest of the three Company, banks. had deposits of approximate$160,000. The Citizens National capitalized $100,000. had plus of $150,000 and deposits The Bank of in Gaston County, had deposits $70,000 the time of its last statement. capitalized at $20,000. Whether its failure to open today connect:d with the other failures could learned. The closing of the three banks Hendersonville left that city of proximately 8,000 residents without banking facilities. Other banks in Asheville said this afternoon that they had experienced but were in dition to meet any their depositors might make of them. Banks Closed Nov. Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank and Trust Company, failing to open the regular hour this had notice on the door which said the institution had been placed in the hands the State Banking Department for Runs immediately developed on the American Bank and Trust Company and the Citizens stood in long lines in effort to draw out their savings. The American remained open only few minutes. Its officials in ing issued statement saying the action had been taken for the protection depositors and because the The Citizens closed after an hour. Its officials declared the institu"perfectly solvent. Real Estate Blamed. RALEIGH, Nov. The primary cause the closing of the Central Bank and Trust Company, of Asheville, and other western North Carolina banks today named by John Mitchell, State Bank Examiner, as the collapse real estate values in the section from "highly inflated statement here he "Immediately preceding the lapse the Florida real estate boom, large number of high powered real estate operators transferred their activities from Florida, largely in Asheville Hendersonville. The result their activities was to produce inflated plane of real estate highly values. The resulting collapse estate, other values, impossible for the failed
New Building to Be of Brick, English Type of Architecture with Dormer Windows and Small Panes of Glass.
With plans and specifications completed work of erecting two story red brick service station-restaurant the site of the present James Horton filling station the corner of the National Bouleand Princess Anne street will begin at today. The building, to be of English design with dormer windows on front and side and shingled roof, be reared by Mr. Horton an estimated cost of $15,000. and will replace the station now standing. Plans for the projected structure drawn by Courtenay Welnoted Richmond architect. who also designed the recently erected home Dr. H. Reichel College Heights. The Taylor Manufacturing Company, contractors this city, have been engaged to construct the building. The lower floor of the building will contain the service station fice and salesroom while upstairs which seat fifty diners, is planned. Mr. Welton's carries throughout the picturesque effect of English architecture, the upper floor projecting several feet beyond the lower. The dormer windóws are to be made of innumerable small panes of glass diversion from the two large panes now in vogue. Workmen will start immediately the present station and while building operations are under way the business will be conducted from the warehouse situated in the rear the station. When completed the structure will stand number of feet further beyond the street than that now used, affording broader driveway for servicing cars and more open view to passing motorThe dimensions of the proposed building. according to the specifications, call for width of feet and length of Four dormer windows in front and two on each side will grace the structure while shingled roof will add to the pression of age.
