Bank of Hobgood - Hobgood, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 9, 1930
Location: Hobgood, North Carolina (36.030, -77.398)

Metadata

Model: gpt-5-mini
Short Digest: dfd7b0b4

Response Measures

None

Description

Multiple contemporaneous articles (Dec 9–10, 1930) report the Bank of Hobgood closed and was placed in the hands of the state banking department because of frozen assets/inability to realize loans. No run or depositor panic is described. The bank was suspended/closed by state authorities; articles do not report reopening.

Events (1)

1. December 9, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed due to frozen assets and inability to realize loans; placed in hands of the state banking department.
Newspaper Excerpt: Three banks ... closed their doors yesterday. ... The Bank of Hobgood ... closed their doors yesterday ... the banks were placed in the hands of the state banking department.
Source: newspapers

Newspaper Articles (5)

1. December 9, 1930 The News and Observer Raleigh, NC

Article from The News and Observer, December 9, 1930

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Article Text

Bank of Pee Dee, Citizens Bank of Farmville and Bank of Hobgood Close Three banks in different sections Bank of Pee Rockingham, the Citizens Bank Farmville the Bank Hobgood -closed their doors yesterday. Total deposits were excess $880,000. No other resulting from three failures. been reported here last night. Largest failures the Bank Pee Dee which the the last call report, of $400,132. Outstanding figures that indicating Bills and $599,094. This failure came two years. to the day, failure the old Bank Citizens Bank of closed after run the bad deposits bills payable $129,000, and discounts estate holdings $35,000, surplus $70,000 last report. The little Bank Hobgood. with capital $10,000 surplus $1,000, deposits the last report had bills standing against $29,500 and the only bank in the small town served. BANK OF PEE DEE ROCKINGHAM'S OLDEST Rockingham, Dec. Bank Dee failed open its doors today. notice morning the front door stating order the board of directors the affairs the bank are placed in the hands the Corporation Messrs. Darden Carson, examiners, spent today departed this afternon for Ra leigh after having placed Heath, auditing firm Peak, Marwick, Mitchell Co., Charlotte, charge to make an audit of the bank. The Bank of Pee Dee was the old bank this section, having been established 1891. Frozen credits and inability realize upon loans can assigned its pension. According its last published statement Sept. its loans deposits $400,000, bills payable Capital $100.000 surplus Its total sources were lisetd The closing of the bank this morncame exactly years day since the Bank of Rockingham failed. The failure of the Banke of Pee Dee not affected the slightest the Farmers and Trust here. There has not the least semblance Though Farmers Bank was fortified against such continarmored truck from Federal Reserve Bank Charlotte having brought to Rockingham morning $100,000 additional the $300,000 the Farmers Bank already had hand. This gave the Farmers Bank $400,000 the precaution prov. money deposited today than withdrawn. that, the largest prepared place the half million dollars bank should have been needed. September 24th the Bank showed total resources with no bills pay able and deposits of

2. December 9, 1930 News and Record Greensboro, NC

Article from News and Record, December 9, 1930

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Article Text

TRIO EASTERN BANKS FAIL TO OPEN DOORS Bank of Pee Dee, Citizens Bank of Farmville, and Bank of Hobgood Closed. PEE DEE BANK WAS OLD Raleigh, Dec. banks different sections of eastern North Carolina closed their doors today. tieing up deposits in excess of $880,000. The banks were placed in the hands of the state banking department. John Mitchell, chief state bank The largest of three was the Bank of Pee Dee capitalized at $100,000 and had deposits of as of the last bank call. 24. The Citizens bank, of Farmville, capital $50,000 deposits of Sep. tember 24. placed the hands of banking department shortly after Parson was president of the Bank of Pee Dee, H. Aycock Throne was dent of the bank and Turnage The third bank to close was the Bank of Hobgood. Halifax county of and on tember 24 Shelton was and Dowdin, cashier. PEE DEE BANK'S CLOSING HAS EFFECT ON FARMER'S BANK Rockingham, Dec Bank of Pee Dee failed to open its doors here here today, this morning on the front door that, orthe fairs the bank are placed in the hands the corporation commisDarden and state bank spent today this for Raleigh after having placed Heath auditing Peak Marwick, Mitchell and Charlotte, in charge to make an audit the bank. The Bank of Pee Dee was the old. est bank this been established in Frozen credits and inability upon loans can be assigned as to its suspension. to last statement September its loans were deposits bills payable $100,000 and surplus $145,000 total were listed at the bank this morncame two the day since the Bank of Rockingham The failure of the Bank of Pee Dee has not affected in the slightest Farmers Bank company the other bank has been the least the bank was well fortified against any such contingency, an armored truck from the Federal Reserve bank in Charlotte having this morning additional the $300,000 that the Farmers bank already had on hand, but the precaution proved unnecessary much more money was detoday than Not only that, but the largest mill was the call the bank half million dollars should have been needed The September 24 statement of the total resources payable, and deposits of $663,657.32 Well Known North Carolina Minister Dies In Columbia C., Dec. The Rev. Morrison, pastor the church at Fountain died hospital tonight had been patient since last Thursday. He was 68 years Rev. Mr. Morrison was born in CaNorth For years he had held charges North Carolina and South Before going to Fountain Inn, he was in Lee

3. December 10, 1930 The Washington Daily News Washington, DC

Article from The Washington Daily News, December 10, 1930

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Article Text

Asheville Mayor to Quit as Result of Bank Suspensions Citizens Charge $8,000,000 in Public Funds Was Deposited Just Before Crash Came By United Press ASHEVILLE, N. C.-Mayor Gallatin Roberts of Asheville announced he will resign as soon as details of appointing a new city commission are completed, in a statement to the Citizen's Committee which has been seeking his resignation since Saturday. The committee demanded the resignation of Mayor Roberts and every other ranking public official of Asheville and Buncombe County as a result of disclosures of a special audit of public funds and their alleged connection with recent bank failures here. The committee charged that the city and boards no longer represented the people's interest because of their action in placing more than $8,000,000 of public funds in local banks which failed within a short time after deposits were made. By United Press RALEIGH, N. C.-Three more North Carolina banks were in the hands of the state banking department today, involving some $700,000 in deposits. They were: The Bank of Pee Dee, Rockingham, deposits $400,000; the Citizens Bank of Farmville, deposits $215,306; the Bank of Hobgood, deposits $49,261.

4. December 10, 1930 The Buffalo News Buffalo, NY

Article from The Buffalo News, December 10, 1930

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Article Text

WEAKNESS IN BONDS PUZZLES INVESTORS Continuous Decline in Investment Market Is Held to Be Without Precedent. By HILTON HORNADAY Editor, Buffalo News. The otracted period of decline in the bond market over the last few weeks. particularly the slump in railroad obligations, has brought about a situation which is puzzling to large number of investors. An average of 30 domestic bonds now stands at 95.1 the lowest point since this was first compiled in 1926 by Standard StaMuch of the liquidation in bonds has been traced to tax selling and to the of of the leading bond In some quarters it is believed also that there is some professional short selling in the bond market. The trend in bond prices has perplexed great particularly those who to the old rules of measurement. It always has been the rule that we must have an advance in bond prices before there can be sustained improvement in conditions. In fact the history of previous depressions has brisk sustained upturn in bond prices usually is the signal for a general improvement in business. New York Central Dividend. Directors of the New York Central railroad today declared the regular dividend of 82. There has been apprehension felt regarding the continuation of the $8 dividend. although students of railroad securities have not doubted for moment that the dividend would be continued. This railroad, over period of 10 years. has paid only about 58 per cent. of its earnings in dividends. deficit was shown in 1920, but even in that year $5 dividend was paid. From 1920 to 1929 the road earned total of $115 a share and $61.25 was paid out in cash The fact that the directors today maintained the $8 rate not radical departure from the conservative policy because of the fact that the railroad has been builuding up surplus in good years. 3 MORE NORTH CAROLINA BANKS CLOSE THEIR DOORS RALEIGH, C., Dec. 10 (U.N. Three more North Carolina banks were in the hands of the state banking department today, involving some $700, 000 in deposits. The D. Rockingham, with deposits of $400,000 capital $100,000 surplus was closed by reason of frozen assets and poor officials said The Citizens Bank of Farmville, deposits capital and surplus, $30,000. closed after The Bank of Hobgood, deposits 849, 261, capital $10,000 was closed by frozen assets, authorities announced.

5. December 10, 1930 The Buffalo News Buffalo, NY

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New York Stock Exchange TONE AGAIN WEAK ON BUFFALO BOARD and cood and and and common and SHEEP 5.000 fully fat held common good 3 MORE NORTH CAROLINA BANKS CLOSE THEIR DOORS RALEIGH 10 (U.N. North Carolina banks were in the hands the state banking de. partment today. involving some $700.000 in The bank D. Rockingham with deposits $400,000. capital $100,000 surplus $802,689.73 was closed by of frozen assets and fficials Citizens Bank of Farmville de. posits $215,306 capital surplus, closed The Bank Hobgood, deposits $49.261, capital $10,000. was closed by frozen assets authorities announced. GREENVILLE BANK CLOSES GREENVILLE Dec. 10 The National Bank of Greenville failed to open for business today, its directors notice on the saying heavy had necessary for protection of depositors 5c higher. Trading Continues at Fairly Brisk Pace as Prices Decline Through List. Prices again were weak on the Buffalo exchange Trading continued fairly brisk pace. Buffalo, Niagara Eastern preferred, Commercial Share Iroquois Share and Niagara steady and unchanged from their previous closes Liberty Share sold off to new low for the year at 20. T Securities was fractionally higher. Bank somewhat irreguFirst National declined half above its and Trust steady and unchanged Union Natural Gas registered the largest This stock sold down eight new low for the year at was the first in this issue in several months. Bonds also moved lower. Niagara Share entered low territory for the year Western New York point to Liberty Share and Danahy Faxon were both ex-dividend 25c today The following quotations represent only those prices shares stocks listed here and 50 shares for which the trading ten shares. STOCKS Sales High Low 10% 10% 675 BANK AND INSURANCE STOCKS First 839 Midland INVESTMENT TRUSTS AND SHARE 14 Share Liberty Share xd M 13% 3169 176 do warrants UNLISTED SECURITIES 160 Union 16% BONDS 106% 102 do 101% 1000 WNYW 93 BID AND ASKED The quotations show the bid Calves Sheep but Stock which no round sales made grades of STOCKS and and Dividend Bid Sales Abstract here was the Gen pfd bids Buffalo Corp can and Deco $1 rams do pfd $3.50 Ford Inc Choice 1100 Niagara Arbitrage Fair good Plain Ice Cream $2.40 Long and yearlings 86 150 Best 115 Medium good Good Title Mortgage $1.20 Common Ward & Dickinson Water Good 5.00@ BANK AND INSURANCE STOCKS butchering Kenmore East Side National good State Kenmore 95 bulls INVESTMENT TRUSTS AND SHARE Milkers and springers Hog prices under with 13 UNLISTED SECURITIES Good Int 20 weight 240 Air Trust Natural Buffalo deb 106 Buffalo 95 Buffalo The was Fed Sheep Flexlume were Power Spring lambs yearlings Share The demand was Kellogg 98 Monday WNYW 30 1st also ranging from $10 OVER THE COUNTER STOCKS EX-DIVIDEND TODAY Bank Note 50c: com. extra American Safety Razor $1.25. American Tobacco pf. Armour Co. of ni. Armour & of Del. pf. Bendix 25c. Commercial Solvents 25c Cons. Cuba pf. $1.50. Crown Cork 25c General Railway Signal Liggett Myers pf. $1.75 Monsanto Chemical 311/4c; stock PREFERRED DIVIDEND DEFERRED NEW YORK 10 Directors of H. Mallinson & Co., Inc., silk manufacturers announced that declaration of the regular dividend on the cumulative preferred stock payable on Jan. had been deferred, owing to general business conditions DRY GOODS NEW YORK goods markets with cloths quoted for 64x60s and at 614 for 68x72s. Raw silks were quiet and Pure Oil 514% pf. $1.25; 6% $1.50: pf Reo Motor Car 20c Rhine Westphalia Elec. $2.14 United Aircraft pf. $1.75 & pf 75; pf. $1.75: pf. and pf. accum Yale & Towne Mfg. 50c. Low Stock Div rate Open High Low 2:50 Stock & Div Open High Low Stock rate Open High Low 2:50 Div rate Open High 40% 401/2 40% Midl'd Steel 211/2 United Cigar Cudahy Curtiss Wright Mo United Abitibi 10 10 Uni Wright Adams .60 40% 40% 39% 39% Mo Pacific 26 United Cutler Ha Adams Millis Mo Un 26% 27 26 Adv Rumely Mohawk 11% 28 271/4 Davison Chem 15% Adv Rumely Montg 20 18% For 9% Deere 22 Ahumada Lead 24 23 137 136 Mother Air Reduct 100 97% Motor 29 29 28 28 Airway 101/4 10 10 Dela 170 Ind 611/4 62 59 59 Detr 170 170 170 Ajax Rubber 30 30 30 Dev *1.20 Muns'gwear Alaska Juneau 6% Murray Bod 12% 12% 12% Real 30% 29 29 Mines Alleghany Cor Myer Bros 38% 38% Rubber 14% 15 14 14 Allied 200 Dom Stor 63 61% 61% Rub 34% 34% Drug Inc 88 83% 83% Nash Motor 27 25% 25% 20% 201/4 DuP Acme Am Nat 1441/4 East Kodak 156 157 151% 152 Am 73% United Am Note Eaton Univ 28 2.40 33% Eitington Am Universal Pipe 2% 2% 2% Am Nat Dairy 2.60 Util 23% 24 Am Can Electric Boat Am Can Elec Nat 23 Am 35 35 Nat 531/4 Am Chain Erie 38% 38% Vulcan 41% Am 10% Au Am Evan Surety 48% Am 23% Am Fash Park 96 12% Am Fair .60 Ward Bak Fed 2534 Am 2.60 161/2 Nickel 75% Firestone Am *2 First 2.50 N Y Inves 1.20 5% 5% Am Fisk Rubber Warn Quinlan New Am 15 Web Eisenlohr 18 Am Wheel 50 Wesson Oil2 Foster West Maryland. 61/4 West Fourth Inves 196% 194% 130% Am 181/2 West 130% Film Am Republics West Freeport 31% Am Am Am Westing Gabriel Am Weston Gardner North'n 507/8 Am Ref Westvaco 65% Am Snuff White Am Ohio 181/8 Am Stores*2 Oliver Farm Am Sug Wilson Am Collins Woolw 60 Am Elev 2.50 73 Worth Pump Gen .60 Am Otis Steel 68 67% 67% Tobacco 5 Wrigley Jr4 Am Tobac Owen 30 Am 125% Yale Town 2 31 Am Pacific 47 Yellow 56% Young 8% 751/4 75 75 Young pf 42 Am 42 27/8 2½ Zenith Radio Am Tilford 34 34 40 Exchan LIVESTOCK Pathe Arch Da Mid 1.20 Motor EAST BUFFALO, Dec Del pf Cattle Armour Ill A 36 Armour Apparel 2.50 205 205 202 205 Marq Grand 23 23 Ref 16 Oil Pierce Mot Grigsby Gru Prairie Hahn Bros Hartman Helme G Hershey Hem 40 40 Her Am 13% Houst 18% 21 20 20 Hudson 22% Hupp Refine 48 13 Ingersoll Ra Springs Inland Steel Bucyrus Erie Insurans Richfield Budd Co Budd Wheel Int 50 50 Bullard Co 201/2 Bulova Ro 3.22 40% Bros 50% Bush 2.50 53% Bush Sup Butterick 10 14% Schulte 49% Calu Hecla Inc Cam Sharon 2.50 Quotations Can Dry Gin Can This and asked market on securiCull to fair Simmons C ties on the Buffalo 30 Pet Stock Sales in the Celotex Co LIVESTOCK Equity market are 1.50 CHICAGO Depart STOCKS 7000 Dec 421/4 Pas Stocks Trading : 18 Jordan Trading 22% Check Union Chesa 58 Chesa 40 3834 Corp 200 Alton Ellicott Traders Inc Empire Chi Martin Schwarts lbs. Liberty Share dep Sparks 24% Spiegel CATTLE choice Kinney INSURANCE STOCKS Brands Firemen's steady General Alliance Kresge Chi some Harmonia Krueger 23% BANK STOCKS Commercial Chi 1300 Lambert 79 BONDS Chi and Depew Lancaster L&P 52% 101 50 46 21% 21% 24 44% Loews Inc 22% 23% Superior Loft 9% 9% 9% Col 49% Col Carbon *6 501/2 50% 281/4 Graph .75 9% Texas 98 Oil 4% 4% Pac Louis 95 95 Com Credit Texas Land Com 60 Ludlum Steel Thermoid Co 25% Com' Third Ave Ry 60 8% Mack Truck Tidew 7% Macy 1021/4 Timk 80 Congoleum Congress Cig Timken RB3 45 Consol Magma Products Con Film Ind 2. 10% Con Man Consol Tran Marine 1.20. 20% 20% Cont B Cont Baking Marlin Cont Baking B Marmon Trico Cont Bak Mars Field 2.50. 301/2 Cont Can Martin Parry Twin RT 91/4 9% 9% Contin Ins Math Contin Motor Und 63 63 Maytag Un Bag Cont Shares Un Carbide Corn Prod *3 75% McKees Tin 23% Coty Inc 141/4 Pacific 10 181% 178 Cr Wheat *2. 29 30 30 25 Crosley Uni Cr Miami Un 54 54 54 Crucible Stl 53 52% 43% 43% Unit Cuba Am Sug Pet2 Unit Carb 21% 21% 201/4 201/4