11858. Bank of Morganton (Morganton, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 4, 1897
Location
Morganton, North Carolina (35.745, -81.685)

Metadata

Model
gpt-5-mini
Short Digest
e05d2d1a

Response Measures

None

Description

Articles (Dec 1897) report the Bank of Morganton as insolvent, a temporary receiver appointed and state treasurer/examiner holding possession until A. D. Cowles takes charge. No explicit run is described; the bank is characterized as 'smashed'/insolvent and a receiver is appointed, indicating suspension and effective closure/receivership.

Events (2)
1. December 4, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank examiner reports the bank is 'smashed' and insolvent with large depositor claims (about $40,000 due).
Newspaper Excerpt
the state treasurer has a telegram from Bank Examiner Crowder, who is in charge of thesmashed bank at Morganton saying Judge Hoke has appointed W. E. Walton, of Morganton, receiver, that the appointment is only temporiary and that he will not recognize any other receiver than A. D. Cowles and wil hold possession of the bank until Cowles takes charge. Crowder says the bank is insolvent and that $40,000 is due depositors.
Source
newspapers
2. December 25, 1897 Receivership
Newspaper Excerpt
It was at the appointed bank at Morganton. Cowles ... was here today ... he was appointed receiver of the bank at Morganton ... that the bond of $20,000 ... will take charge ... $67,000 which were arranged ... the amount due depositors is only $25,000 ... certain collateral to be turned over to the receiver to cover debts to other banks. The receiver says he will take charge Monday (Jan 20). (Semi-Weekly Messenger, Dec 28, 1897).
Source
newspapers

Newspaper Articles (2)
1. December 7, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 7, 1897

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Article Text

FIRED ON GENERAL JACKSON. A Member of That Picket Squad in the Soldier's Home-Argument in the Caldwell-Wilson Case-Dr. Kilgo to be Transferred-Death of the Veteran Engineer, Albert Johnson. (Special to The Messenger.) Raleigh, N. C., December 4.-A man named Waddell an inmate of the soldier's home here, says he is one of the five men ordered to guard a road, and who shot Stonewall Jackson; that Jackson expressly directed them to shoot without challenging any persons who appeared on this road. The argument in the supreme court today in the railway commissionership case was by Avery and MacRae, for the governor and L. C. Caldwell, and John D. Shaw, Robert O. Burton, Spier Whitaker and J. C. L. Harris for J. W. Wilson. It occupied the entire session. The state charters the Richardson Place Company with headquarters at Elizabeth City, to deal in real estate, capital $25,000. incorporators E. F. Lamb. W. T. Old, W. E. Dunston and C. W. Hallowell. It is learned that the Methodist conference required Dr. Kilgo to define exactly what he meant by the term "Christian Education." It is also predicted that he will be assigned to general board work and may be transferred from North Carolina by the general conference to which he is a dellegate. The building at the colored deaf mute and blind institution is completed and accepted. The secretary of state is notified that an agent of the Miller's National Insurance Company, of Chicago, which has no North Carolina license is solicting busines at Weldon. The sheriff is notified. Albert Johnson, the oldest locomotive engineer in the United States died rather suddenly at his home here today, aged 88 years. He was a native of Petersburg. He ran an engine there sixty-seven years ago. He ran the first engine into Raleigh. Was one of the highest Masons in North Carolina. He had been maried sixty-five years. His wife survives him. The state treasurer has a telegram from Bank Examiner Crowder, who is in charge of thesmashed bank at Morganton saying Judge Hoke has appointed W. E. Walton, of Morganton, receiver, that the appointment is only temporiary and that he will not recognize any other receiver than A. D. Cowles and wil hold possession of the bank until Cowles takes charge. Cowles and will hold possession of the with the treasurer and went to Morganton. Crowder says the bank is insolvent and that $40,000 is due depositors.

2. December 28, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 28, 1897

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Article Text

menteu for HIS stand In the Rallway Report Commissioner Case-Batchelor's cu the Guarantee Companies Messenger Bureau, Raleigh, N. C., December 25. There was crisp weather here today, 20's. the mercury well down in the with was almost general suspension There !business. The public offices were flags closed of The national and state There displayed o nthe capitol. were were services at the Episcopal, Catholic and Methodist churches. the railway commission office Cald- the At commissioners, Pearson and Clerk new weresworn in this morning. arrived this Brown well, of the commission just telling morning. He said "I am supreme gentlemen that as the commissionthese recognized them as I would court give them my services. had a ers I been here yesterday but Caldwell delayed have train." Pearson and no business. said: "We are kind doing will be done until after Nothing the of holidays. any We will probably go home this General evening." Cowles from arrived the Adjutant upon a telegram latter's ingovernor. he was here today that It was at the appointed bank at Mor- restance the Piedmont telegram ceiver of The governor's The ganton. him here on that business. because a called very angry Cowles governor abroad was yesterday new that railway story sent got for to protect the office. Cowles was commissioners that in he their had given the of $20,000 the said today would take charge matters bond Monday. been bank next obstacles have $67,000 which were is arranged that the by and Certain remov- other of ed and bank's it collatere held to the rebe banks the shall be turned collected. over The amount The ceiver, due other to to banks depositors is only will the of $25.000 two course sums, be saving difference between forced sale at a sacthe there will be no the will give a $25.rifice. 000 as bond Cowles to the says banks to cover the Wilson, debt. Railway Other Wilarrived this arrived morning. yesterday hours. morning. It seems son was who here only a few five commissioners. when the that there are until now January 20th the matand United will be States court hears Chief ter. Many compliments the are stand paid he took Justice Faircloth of for the railway stood commis- for law in the matter men say he conservsion. and Prominent order and for good Baltiatism W. P. Batchelor, into who the went status to he of was the to examine "says that one to get more guarantee companies. company's officials into that our it of state cost them says in his SO far as state. told by He over $2,800 that report adminis- to the the of employees, are guardians guarded. is and trators, secretary bonds and properly officers, concerned. those but in of to bonds and in there is guaranteeing as the business performances attachment injunction cases some conbut tracts, court bonds proceedings element of speculation. is doubt other the and companies an say the safeguard the licenses ample. secretary of Manufacturers state fire He inMerchants The and of Baltimore. the Guaror two a new in a day Company, surance antees' will Finance company soon license as accepted. the appoint- one to replace of ment Work Philadelphia. of begins general at as agent once the on plastered is a new ceiling one in H. of the steel supreme court here room. that James a transIt is asserted colored, is agricultureal figuring on departYoung, from the state of revenue Russell's collector fer ment to He the is one office of Governor's cold here. main supporters. are glad to are see to be weather, The farmers as the a great greatest mny hogs number since in The supreme spring butchered; the war, it is said. court meets term. again that the February, The requiring superior for the all court practicing declares physicians and have Southern law license to stand is constitutional an an is current examination and the General just. Superintendent A rumor will resign Green in of January and com- go railway Seaboard Air of Line. the railway at D. mission to Chairman the telegraphed Wilson C.: to Return Otho Wilson ye wan1 dering Washington. sinner, dissenting return.' Clark opinion in by the Justices case the S. P. and the charge the well "roasted by giving latter against Montgomery In the is ex-Clerk and plain Satterfield. judges fraud is made republican of found testimony. for Satterfield. The a republican.