11818. Farmers & Merchants Bank (Kinston, NC)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
April 21, 1931
Location
Kinston, North Carolina (35.263, -77.582)

Metadata

Model
gpt-5-mini
Short Digest
15387a52

Response Measures

Accommodated withdrawals

Description

Farmers & Merchants Bank faced a depositor run on 1931-04-21 after two other local banks (National Bank of Kinston and First National Bank) closed or failed to open. The Farmers & Merchants remained open and was meeting demands; community measures (brass band, soapbox oratory, false fire alarms) were used to try to stem withdrawals. Included two related suspension events for the other local banks mentioned in the articles for context.

Events (2)

1. April 21, 1931 Run
Cause
Local Banks
Cause Details
Run began after the National Bank of Kinston failed to open and an hour later the First National Bank closed, prompting depositors to swarm the Farmers & Merchants Bank.
Measures
Bank met all demands; community used brass band, soap-box oratory and even false fire alarms to try to distract depositors and persuade them to leave funds.
Newspaper Excerpt
False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank ... The bank was meeting all demands this afternoon.
Source
newspapers
2. April 21, 1931 Suspension
Cause
Local Banks
Cause Details
First National Bank closed after facing a heavy run of depositors following the failure of the National Bank of Kinston to open.
Newspaper Excerpt
Depositors swarmed down on the National Bank and Farmers and Merchants Bank runs. The First National was forced to close.
Source
newspapers

Newspaper Articles (13)

Article from St. Louis Post-Dispatch, April 21, 1931

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Article Text

ORATORS AND FIRE ALARMS FAIL TO STOP RUN ON BANK Kinston (N. C.) People Withdraw Money When Two of Three Depositories Close Doors. the Associated Press. KINSTON N. C., April False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed The false fire alarms, rung in hope they distract crowd depositors gathered at the Farmers Merchants Bank. failed to draw the crowd's interest. Neither did the distant playing of brass band which was brought into action. Chamber of Commerce pleaded from soap boxes for depositors to leave their money with the bank. The bank was meeting all demands this afternoon. The began when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed. The banks listed condition March as follows: First National Bank. capital and prof. its, deposits, H. H. McCoy, president: W. B. Harvey. vice and cashier National Bank of Kinston. capital, $120,000: surplus and profits, $54.000: deposits. $1,105,000. W. P. Tingle, cashier.


Article from The Crowley Post-Signal, April 21, 1931

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Article Text

Unusual Methods Are Used To Stop Run On North Carolina Bank By The Associated Press. Kinston, N. C., April 21.-False alarms and soap box oratory were resorted to today in an effort to halt a, run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract a crowd of depositors gathered at the Farmers and Merchants Bank, failed to draw the crowd's interest, neither did the distant playing of a brass band which was brought into action. Chamber of commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The bank was meeting all demands this afternoon.


Article from The Chattanooga News, April 21, 1931

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Article Text

CAROLINA BANKS CLOSED Kinston, N. C., April 21.—(UP)-The National Bank of Kinston failed open for business today. after the opening hour the First bank against heavy run of depositors, The third local bank, the Farmers and Merchants, remained open despite the run. Its officials excellent financial condition. notice posted on the door of the National of Kinston said its rectors had closed the institution to frozen inability to collect. Officials of the First National bank ordered it closed destating it was in safe and sound condition.


Article from The Journal, April 21, 1931

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Article Text

False Fire Alarms, Soap Box Oratory Fail To Halt Run On North Carolina Bank Kingston, April (AP) fire alarms oratory to today in one had closed. The false in hopes would distract gathered Farmers Merchants bank, failed the crowd's interest. Neither did the distant playing brass which was brought into action. Chamber Commerce representatives pleaded from for the depositors to leave money with the bank. The bank meeting all dethis afternoon. The the National Bank Kinston failed open this and an hour the First National Bank closed.


Article from Evening Express, April 21, 1931

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Article Text

False Fire Alarms And Box Oratory Fails To Stop Run Kinston, N. C., Bank Meets All Demands After Two Others Close KINSTON, N. C., April 21 (A. False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinstons' one remaining bank after two others had closed. The false fire alarms. rung in hopes they would distract crowd of depositors thered at the Farmers and Merchants Bank. failed to draw the crowd's Neither did the distant playing brass band which was brought into Chamber of Commerce representatives pleaded from soap boxes for the is depositors to leave their money with the bank The bank was meeting all demands this afternoon. The when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed.


Article from The Salisbury Post, April 22, 1931

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Article Text

Kinston Bank Holds Out Against Kinston, April Directors the First National bank here. which closed yesterday when fired faced run after the National flee Bank Kinston suspended, who considering mobile and no escaped. nouncement was expected for day so least. The Farmers and Merchants bank. remaining financial beaten. stitution. appeared definitely weathered storm which about it following yesterclosings. remained open throughout augmented cash reserve night peared be doing normal busitoday. The National Bank of Kinston ordered closed by the national bank examiner because of "frozen count


Article from The Oshkosh Northwestern, April 22, 1931

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Article Text

RUSES FAIL TO HALT THE RUN ON THE BANK Kinston, N. C.-(P)-False fire alarms and soap box oratory were resorted to Tuesday in an effort to halt a run on Kingston's one re maining bank after two others had The false fire alarms. run hopes they would distract a crowd depositors gathered at the Farmers and Merchants bank failed to draw the Neither did the distant playing of . brass band which was brought Chamber of commerce representatives pleaded from soap boxes for


Article from Chattanooga Daily Times, April 22, 1931

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Article Text

FRANTIC EFFORTS FAIL TO CHECK RUN ON BANK KINSTON, N. C., April 21 fire and today effort to halt run Kinston's remaining bank after others had closed. false fire alarms, rung in hopes they would distract crowd depositors gathered the Farmers and Merchants failed draw interest. did playing brass band, which was brought action. of commerce representatives pleaded from for the depositors to leave their money with the bank meeting all demands this run began when the National Bank Kinston failed morning later the First National bank closed.


Article from Fort Worth Star-Telegram, April 22, 1931

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Article Text

FALSE ALARMS FAIL TO HALT RUN ON BANK KINSTON, N. C., April 21 fire alarms and soap box oratory resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract crowd of depositors gathered the Farmers and Merchants Bank, failed to draw the crowd's interest. Neither did the distant playing of a brass band which was brought into action. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The run began when the National Bank of Kinston failed to open morning and an hour later the First National Bank closed.


Article from The News and Observer, April 22, 1931

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Article Text

One Fails To Open; Another Shuts Doors Because of Heavy Run Kinston, April was black Tuesday for Kinston. was the most hectic day in the city's recent history. The National Bank of Kinston, oldest local financial institutions. failed to open for business. Depositors swarmed down on the National Bank and Farmers and Merchants Bank runs. The was forced to close. latter weathered the storm. Excitement rife; ruled Queen Gordon Streets, where all three in stitutions are Crowds Harangued. Business leaders chamber of commerce rallied quickly. "Soapboxers" harangued the crowds effort to stem the runs. False alarms were rung from points the business district effort divert them. Even band played, parading through the streets. milling depositors continued the Farmers Merchants and First National. minutes after opening, latter went directors posted notice closed door the effect business been pended protection of depositors. Harvey, executive stated examination First National's affairs night showed to excellent dition without liability against directors stockholders. In Good Shape. Will Allen, ident the and said state institution better shape the winter. Farmers Merchants been regarded locally sort financial gibraltar. the orators who addressed Among the crowds from the curbsides Fred Sutton, member of islature: Rouse, former several business Plato Collins, tary the chamber commerce. department store manager funds before the crowd's entered bank deposit them. Stranger Lends Hand. Hawaiian broke the speakstranger, staying temporarily,' money in these banks. going there." the managers chain stores in the city had confer red agreed not day. made cent during their usual deposits. The mayor made appeal the public This carried extras. midst paper officers the First citement National announced they would close (Please Turn to Page Two.)


Article from Statesville Record and Landmark, April 23, 1931

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Kinston Has Its Bank Troubles One Bank Ordered Closed. Another Wrecked By Third to Remain Open by Use of Brass Band, Soap Orators and False Fire Alarms. Kinston, April banks closed here today and officers of the only one turned to drastic to save in the face which brass band, soap orators and false fire alarms failed The National Bank, of Kinston, was ordered today by the open minutes after the First National Bank. facing heavy runs, posted note was closing similar run was in progress the Farmers and Merchants Bank, which, however, was still withstanding the inroads of withdrawals at Deposits in the closed banks totaled more than $2,000,000.


Article from The Berkshire Eagle, April 30, 1931

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LATE NEWS BRIEFS 200 EMPLOYEES REPORTED KILLED OR INJURED RIO DE JANEIRO. hundred employees the naval laboratory at Nichtheroy killed injured today when an explosion wrecked the plant. The plant employed 400. NORTH CAROLINA BANK FAILS TO OPEN C.-Kinston, town population, was left without banking facilities today when the Farmers and Merchants' bank failed open. notice posted at the entrance said the bank had been closed by the directors the protection depositors." short time ago the city's other two banks closed their doors. 5000 WORKERS ON STRIKE; OTHERS MAY FOLLOW COVENTRY, thousand workers went strike today protest against reduction by Courtauld's, Ltd., two pence an hour in the wages of spinners. Workers in other factories were reported to be planning The manageannounced that the wage cut had been under for about two years become necessary in order to meet foreign competition in artificial silk and yarns. HUNDREDS DYING OF THIRST AND of shepherd tribesmen and their flocks are reported dying of thirst and starvation in the deserts Southern Syria Central Arabia winter drought killed off vegetation and dried up wells. MAYOR WALKER TO STOP NEWSPAPER NEW Walker has decided that "racketeering" must cease. He ordered the department and the license yesterday revoke licenses any news dealer and to remove from the streets charging more than the regular The move made at the demand of newspaper ers charged that early editions being sold at greatly increased price in "the biggest news dealer racket in the nation." OPERATION NECESSARY TO SAVE KING'S SIGHT William Holland Wilmer, noted specialist, day told the King of Siam that an the cataract his eye was "absolutely necessary" to save the sight of that optic,


Article from The Virginian-Pilot, September 27, 1932

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Louis Carner, Acute Appendicitis Victim, Brought Here In Plane Reports Louis Carner former Maury athlete and now dent and of the aviation William and Mary had crashed plane yesterday resolved itself last night into the formation that stricken with an acute of Norfolk college plane and operated on here Last night the young man resting comfortably. The to Norfolk was 28 minutes and the speed saved Carner's Carner well known football player Maury DEPOSITORS EXPECT DIVIDEND Kinston Sept. Depositors in the Farmers Merchants Bank here closed ago, dividend payment this fall been but "nominal payment planned fall collections The bank suspended April, 1931 State