Bank of Lumber Bridge - Lumber Bridge, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 24, 1920
Location: Lumber Bridge, North Carolina (34.888, -79.072)

Metadata

Model: gpt-5-mini
Short Digest: 831316f6

Response Measures

None

Description

Article (published 1922) describes the Bank of Lumber Bridge being placed in the hands of a receiver on December 24 after a returned check. No run or reopening mentioned. I infer the receiver assignment date is 1920-12-24 based on the chronology in the article (events begin Nov–Dec 1920).

Events (1)

1. December 24, 1920 Receivership

Newspaper Excerpt: the latter bank was placed in the hands of a receiver on December 24
Source: newspapers

Newspaper Articles (1)

1. July 12, 1922 The Lakeland Evening Telegram Lakeland, FL

Article from The Lakeland Evening Telegram, July 12, 1922

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Article Text

MUCH INTEREST IN JUDGMENT ON FEDERAL BANK Raleigh, N. C., July 12.-Signing a judgment for $9,000 against the Federal Reserve Bank of Richmond. Judge Henry G. Connor, U. S. district court, here yesterday declared the bank had exceeded its authority in accepting from the Bank of Lumber Bridge its check on another bank in payment of a check held by the Reserve Bank for collection. An appeal probably will be taken to definitely establish the questions involved. Judge Connor holds that the "Massachusetts rule," that banks collecting checks are agents of the original drawee of the check and not of the first bank handling the same, has become of universal application. He reduces the issues presented in the case to two, the right of the reserve bank to transmit the check directly to the Bank of Lumber Bridge, and the right of the reserve bank to accept any payment other than money. The question came before Judge Connor in a suit brought by Malloy Brothers. of Quitman, Ga., against the Federal Reserve Bank of Richmond and Napier H. G. Balfour, of Fayetteville. On November 30, 1920, Balfour sent a check for $9,000 to Malloy Brothers who deposted it for collection in the Perry Banking Company of Perry. Fla. After passing through banks at Jacksonville and Atlanta, the check reached the Federal Reserve Bank of Richmond, and on December 10 was transmitted direct to the bank of Lumber Bridge. On December 14 the drawee bank marked the check "paid," charging it to the account of Balfour. and on the same date sent to the Reserve Bank its check on the Atlantic Banking and Trust Company of Greensboro for $9,204.90 in payment of that and other items. On December 17 the Reserve Bank was informed that the check on Greensboro was no good, and on the same day the Bank of Lumber Bridge was informed it must make the check good, but the latter bank was placed in the hands of a receiver on December 24 before the check was paid. The check was charged back by each bank in turn and finally debited to Malloy Brothers by their bank. smuggled a pearl necklace, valued at $100,000, into the country.