1.
December 16, 1930
Hickory Daily Record
Hickory, NC
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Arrests In Upon Raleigh
Dec. Eugene Culbreth eigh announced today that pected arrests and prosecutions the result of made on the Commercial National bank. After doing the biggest business history the nancial including times when lines of persons the tellers' windows extended into the street, bank officials last night that deposits yesterday had exceeded Cash paid totalled and posits aggregated $548,667. Today at noon bank officials timated deposits that hour have totalled cluding cash deposit the state. There were practically today. they said. Mayor Culbreth. commenting the run, stated that the Raleigh police chief "has the names some those charged spreading false rumor's about the bank's condition and there will arrests prosecutions under that section state banking making illegal to make derogatory about
2.
December 16, 1930
The News and Observer
Raleigh, NC
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in Commercial Deposits Exceed Cash Withdrawn
Officials Express Confidence That Run About Spent Itself BY SMALL DEPOSITORS Sums of Cash From Large Richmond Federal Reserve and Other Banks Sent Here
Receiving deposits of more than $100,000 in excess of Commercial Na withdrawals, tional Bank yesterday weathered and last night had large run, from the Federal Recash Bank Richmond and other more this morning banks, the bank will open o'clock business usual. yesterday's best The story these figures: counter withdrawals, Small Accounts Withdrawn. Withdrawals limited almost savings accounts, most exclusively them small amounts. There withdrawals commercial tellers at these windows counts, being mainly occupied in receiving deposits. Officials of the bank last night expressed confidence from baseless rumors
3.
December 16, 1930
News and Record
Greensboro, NC
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AUTOMOBILE ACCIDENT RALEIGH BANK STANDS FATAL TO TWO WOMEN UP UNDER HEAVY RUN
Miss Edith Ford and Miss Grace Harrington, of New York, Lose Their Lives.
"Come and Get Your Money," Bank Officials Tell Their Depositors.
ONE MAN IS INJURED PLENTY MONEY ON HAND
Lumberton, Dec. young women of New York lost their lives in the headon collision of their automobile with heavy truck Raynhem, near here, today and the driver the truck was reported riously injured. Miss Edith Ford, whose address was said to New York city, was instantly killed and Miss Grace Harrington, resident Long died few hours after the accident in hospital here. Arthur brother of the dead girl, escaped unhurt. D. of Dillon, C., driver of the truck, was reported unconscious several hours after the accident in message received Sheriff Ashe, of Dillon county. The truck driver had been picked up and carried to his home by Arch McLean, of happened after Young said he did not exto prefer charges against Buie. The Fords Miss Harrington were returning to New York after Olanta, Miss Ford will Witnesses said the accident to filling on his Be apparently saw the other CB: coming they said and to get back to the right side of the road but failed.
Office Raleigh, Dec. 15.-"Come on and get your money," Commercial Nstional bank officials said to stampeding crowd that jammed the lobby this morning in menacing The bankers were prepared. They had more money on hand than the depositors could take in day end they have more tonight than was withdrawn today. The institution stood open until the regular closing asked all who had broken into the before clos. to remain and get thei that when hell freezes his bank will before. Vice President Crow, alightly less picturesque, out the word that his bank will be opened Tuesday mornat o'clock. The ordarly depositing of customers served to slow up the stampede And when the bank came out of the without the slightest impairment
(Continued On Fourteen)
4.
December 17, 1930
The News and Observer
Raleigh, NC
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they returned their pass to their handbags departed. George Iseley from Store put sizable deposit James Pou mounted the writing the center the lobby and announced that his money the would stay and that needed more the $25,000 State bonds hands without security Large from flowed increased their savings deposits was too bad come doubting farmer was approached by Negro. do you think of the take mine out, but I'm came don't know safer farmer. Bryan that the crowd be requested to leave the but Daniels and bank the "They friends the bank. They welcome long as they Investigating Rumors. Mayor Culbreth Chief Bryan that clues and about the bank. There State designating for convicted. issued night but there any talk stir guarded. story went rounds lobby. had early Monday and withdrawn $500 sav take it the postoffice for postal savings. He lost There was another story: old fellow had been living the Army draw Josephus Daniels, speaking from table the center the lobby, added the final word of "Friends, this bank was years and none penny more made more loans bank this part North The men behind bones. here. They have interest heart. some people been worked into believing this bank could wronged. Every dollar the world, except bank. had another my friend. Mr. Pou. break this bank, every town thing to on like were close, would great but fatality, only children. listen whispered rumors. us from today will thank God stood firm fused the crowd in the lobby From then on there no lines the paying spread The did not know the by sight. broken protested loudly the nounced intentions withdrawing his countrymen She Negro stated young his $8.00 would certain terms deposit. But there were some aged rural couple pushed An window and passed They refused them verified the young husband's when developed his could neither nor Obvicusly they drawing the they had in world. It than Deny Rumors. Baseless charging innocent rumors firms withdrawing persons funds declining accept their checks the Monday on nied The victim one of these tales, where spread Efird's Store. Kindell wrote the Manager letter the has just writer's called state which made concern attitude of this store toward ing the drawn Commercial checks National Bank. records during the course "Our that accepted 19 checks your $156.07 o'clock when we made up deposit. After accept nine che no instance refuse accept check drawn bank from one of our your Frank Daniels, of the News accepted check Comwhen mercial Bank. At that time Daniels beinstitution. appreciate your efforts false spoken the highest terms of your bank Spikes Rumor. Hillyer, who, rumor had large brought to my attention Tuesday going the rounds withdrawn dollars from Commercial Bank during the run that public know facts. say my deposit $430.00 hundred Since that time deposits and needed. may interest the rumor. public know that my unusu small balance due Mrs. Hillyer on her recent fail Raleigh Banking
5.
December 17, 1930
The News and Observer
Raleigh, NC
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FAITH WINS
Fear common weakness; faith common virtue. Yet do not always recognize fear fear faith faith. Sometimes intent the moment's gain, fear looks to us like wisdom and faith like folly. But fear never anything but fear and faith never anything but faith. We who do not clearly think soundly or judge fairly are at fault when we mistake them for what they are not. need know more about both. We need new valuation the disastrous consequences one and the unimpeachable power of the other. isn't enough know that they are inveterate enemies, that since the first ray man's consciousness they have battled in every human erisis, that sometimes the victory gone one and sometimes to the other but that always fear and faith defeated victorious emerge from one battle to fight another. Around the doors of the Commercial National Bank they fought from Monday morning until o'clock Monday afternoon, their guise and recognizable. Fear would have closed the doors and wrecked the bank. Faith them open until closing time and Tuesday morning faith flung them wide opening time. Nobody remotely cognizant of the situation can fail appreciate what happened and the significance of Faith in the integrity of institution, and the men behind it, built through thirty-eight years of cumulative confidence, routed fear even though fought like frenzy. At time like time when many face the stress of living jobless or with tailed assumes proportions importance not merit. No man welcomes the loss of has earned money even though be has more than needs. But those who their barest endangered are prey the panic that and depression beget. Such, for the most part, were the men and women who strained faces and clutching fingers crowded the windows paying the Commercial Monday. They were and frankly desperately afraid and not ashamed of But there others, not but many vastly more important. They important because brought to the bank and openly proudly than fear withdrew. They
6.
December 23, 1930
The News and Observer
Raleigh, NC
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VOTE OF TRUST GIVEN ED. CROW
Raleigh Rotary Club Accords Official of Bank Great Vote of Confidence
In appreciation of his ability as a business leader and banker. and to tell him of the trust with which it backed him, the Raleigh Rotary club yesterday gave Ed B. Crow, its past president and vice-president of the Commercial National Bank of Raleigh a rousing vote of confidence. The club of hundred members, meeting at the Sir Walter Hotel, rose as one and acclaimed Mr. Crow. The bank official was prevented from attending the last meeting of the club by "run" on his bank which ended with larger deposits than at the be. ginning of the "run." Mr. Crow was visibly affected by the action of the-club. He took the floor for few minutes to offer his thanks for the trust expressed by the club, and expressed appreciation for the confidence shown in his bank, himself and other officers by many Icaders of the community. Then the chairman called upon Herbert W. Jackson, president of the Virginia Trust Company of Richmond, former resident of Raleigh, and a close personal friend of Mr. Crow, who was yesterday special guest of the club. Mr. Jackson spoke of the great confidence he held in Raleigh and this vicinity as a busiress center and of his trust in the Commercial National Bank and its officers. Mr. Jackson was once an officer of the bank and was closely connected with the business life of Raleigh for many years. The program of the club consisted of musical by group from the Methodist Orphanage here. The elub enjoyed a number of recitations and Christmas carols presented by the group consisting of the follow. ing: Herbert Clark, Miss Martha Wake, Miss Geraldine Smith and Miss Cecelia Webb. Mrs. Nellie Rieves was in charge of the group. It was decided that the club would cancel its regular meeting scheduled for next Monday and would give an entertainment at the Methodist Orphanage that night at 7:30 instead.
7.
December 24, 1930
The Cleveland Press
Cleveland, OH
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BURY MERCHANT COFFEE. SANDWICHES STOP RUN ON BANK
Funeral services for Christopher Bradbury, 74 pioneer merchant the old Central Market House. were to be conducted today from his late residence, 2211 E. 19th street, Burial was to be in Highland Park Cemetery. Bradbury had been resident of Cleveland for 68 years and was in the market house for more than 50 years He survived by four daughters and oné son. held each year in a different city is the biggest event in the world of This will be the fourth time that it has been held It was here last in 1912
8000 FREE RABBITS Prompt DENVER, Colo., Dec. 24-Eight thousand rabbits, killed in huge hunt by volunteers, were distributed today hundreds of persons, young and old. might otherwise have had bleak outlook for Christmas dinner
Customers Redeposit Funds in Raleigh After Show of Confidence By United Press RALEIGH, N. C., Dec. 24-The Commercial National Bank of Raleigh has found the best way to calm freightened depositors. When a crowd of depositors, alarmed by rumors concerning the bank, lined up to withdraw their money, employes served them coffee and sand- wiches and asked them to wait quietly until their turn came. of the depositors relented and their At the end of the day's business there had been $442,166.89 withdrawn and $548,668. deposited. The depositors lost $3000 in interest on the money they Bank said the institution was solid and solvent.
8.
December 24, 1930
The Brooklyn Citizen
Brooklyn, NY
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Avert Run Bank on By Serving Depositors With Coffee and Cake
RALEIGH, N. C., Dec. 24 The Commercial National Bank of Raleigh has found the best way calm frightened depositors. When crowd of depositors, alarmed by rumors concerning the bank, lined up to withdraw their money, employees served them coffee and cake and asked them wait quietly until their turn came. Most of the depositors relented and re-deposited their money. At the end of the day's business there had withdrawn and $548,667.36 deposited. The depositors lost $3,000 in interest on the money they withdrew. Bank officials said the institution solid and solvent, and ready meet all obligations. There were abnormal withdrawals the next day. As result, was believed that the incident did more than anything else to restore confidence in the banks eastern North Carolina. The Commercial National Bank has capital stock of $600,000 and deposits of proximately $6,300,000. It the North Carolina depository Federal funds.
Automatic telephones are being in Paris.
9.
December 24, 1930
Yonkers Statesman
Yonkers, NY
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HALTS RUN ON RALEIGH BANK
United Press The Commercial National Bank of Raleigh has found the best way to calm fright ened depositors. When crowd of depositors. alarmed concerning bank, lined to withdraw their served them coffee and and asked them to quietly until their turn Most "the depositors lented and redeposited their money.
10.
December 17, 1931
Hickory Daily Record
Hickory, NC
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CLOSE IN BURLINGTON AND RALEIGH, N. C.
RALEIGH, Dec. Commercial National bank, largest independent financial institution in Raleigh. failed to open its doors this morning, after rectors had voted close pending meeting of stockhold-
The September statement of bank showed deposits of $4,286,942, capital stock of $600,000, surplus and reserve of $136,163 bills payable of $295,000. The officers are B. S. Jerman. president. Crow, and Bauman, vice presidents, and Little, cashier. President Jerman and Mr. Crow issued statement attributing the closing failure of farmers and others to be able to meet seaspayments because of low crop prices.
Dec. 17. authorities today going over the affairs the First National bank of Burlington, closed yesterday by order Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000 No statement its present tondition given out. Malone, cashier who has been tive charge of the bank since the from actual control of Iasley, president. several years ago, said shrinkage the value of bonds held bank was responsible for the There run on the bank, was officials Burlington's four and banks announced that they other had prepared during the condition which might meet because of the clostoday ing.
BOSTON BANK CLOSES BOSTON, Dec. National bank, offices on Devonshire main downtown Boston, and street, branches, remained closed at four today, the customary time. notice posted opening that the controller of currency had been asked to take it over to the assets, owing to conserve heavy demands by depositors. the time the consolidaAt Boston National bank tion the Continental National with the about ago the combank year bined deposits of the merged stitutions given approxi$9,500,000 and the mately bined were set at 000,000. The Continental originalthe Engineers' National was bank, but its name was changed after the Brotherhood Locomotive Engineers relinquished trol affairs. The the 13th New England bank to close its doors period of four days.
CONN. BANK CLOSES Conn., Dec. Hamden Bank Trust company remained closed today. Assets the bank in the last statement published March,
USE 90-DAY RULE BOSTON, Dec. Boston Traveler says that the savdepartment of the Exchange Trust company of Boston, the Millbury Savings bank, Millbury, Mass., and every savings bank Lawrence and Lowell today availed themselves of This provision permits them require 90 days notice from positors seeking to withdraw funds.
11.
December 17, 1931
The Salisbury Post
Salisbury, NC
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Bank Is Raleigh
Dec. 17. Commercial National bank largest financial institution in independent Raleigh, failed to its doors this directors had today voted to close pending meeting of stockholders. foot The statement of the September bank showed deposits of stock and capital right reserve of $136,163 and bills payable make The officers are B. S. Jerman, and president; and Bauman, presidents, Little, Mr. Crow dent President Jerman and attributing the issued statement failure of farmers and closing to to be able to meet seasonal low prices. court because of crop payments
12.
December 17, 1931
The Charlotte News
Charlotte, NC
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Raleigh Bank Program Fixed Closes Doors For Veterans
Failure of Farmers to Meet Seasonal Obligations Given as Cause. mercial National bank, largest independent financial institution in Raleigh, failed to open its doors this morning, after directors had voted to close it pending meeting of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman president, B. and P. Bauman, presidents, and B. H. Little, cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments of low prices, on which the bank had loaned bormoney "for The state of North Carolina had approximately $218,000 on deposit in the Commercial which secured by $240,000 in bonds of the state, Captain Nathon O'Berry. state Business was being usual other banks in the city today with the exception of the Morris Plan bank. which was periencing heavy run with all withdrawing depositors being paid.
Legion Post Will Present Varied Program on Evening of December 22.
An appealing program has been arranged for the meeting of Hornets Nest post, American Legion, at the Chamber of Commerce, December 22 at 7:45 P. M. The drum and bugle corps will be in charge of the program, which has been arranged by Trace Henry, captain of the There will be selections by the Junior Order band, well as numbers by the uniformed drum and bugle corps. specialty dance number will given by Little Miss Patricia Ham, accompanied by the drum corps. Ivan Sweatt will be heard in comedy skit, entitled "Coal Dust." Mr. Sweatt will also lead the legionnaires in the singing of group of war songs. Arthur R. Ham, golf professional at the club, and his dogs will present golf sketch. which be most interesting. Musical selections will be given Mrs. F. Dale Turnbull and Mrs. Gladys Jones.
13.
December 17, 1931
The News and Observer
Raleigh, NC
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Commercial National of Closes Doors Raleigh
Directors Close Institution One Year After Withstanding Heavy Run; Stockholders Will Meet in Effort to Reopen; Bank Had Depositors With Deposits
Just year after withstanding large the Commercial National run, Bank last night ordered closed meeting directors held shortly before midnight. meeting the will called the near future view opening and re-organization of bank. While there has been repetition the December when withdrawn over the counter cash single day, the bank had never fully recovered from that during the last there withdrawals sufficient cause the directors and officonsider the drastic action necessary order that depositors receive equal treatment. bank had nearly 8,000 deposi tors. having largely enjoyed the dis tinction having more depositors than any bank Raleigh. At the time of last statement, the bank had deposits of $4,286,372.42.
Issue Statement. The decision of the directors made statement Pres ident Jerman and Crow, Vice President. The statement lows: the authority and direction the Board of Directors doors the Commercial National Bank closed pending meeting of the The directors and cers will call all stockholders session for the purpose consider ing plans for and the bank. also be invited to take part plans for the the bank that the service has Raleigh and the rounding may carried the years its career the policy the Commercial National Bank to bor- money the spring and enable farmer clients make their and to aid business season. Until the frustration the price of cotand tobacco this the bank always repaid these loans when they matured. This year, owing the depression, many custom found it.impossible meet their obligations. Because these frozen deemed wise, notify the Comptroller of the Cur reney Washington to take charge the bank until time be taken for ing. This made order protect the depositors fully possible. JERMAN, President, CROW, Formed
The bank was formed in 1891 the Commercial and Bank 1907 the name was changed the National, na tional charter being secured. For the past two years the Commercial National been the only national bank Raleigh. Jerman, who has been president of the bank since changed name, eashier the old bank, Thompson being the president and Jackson assistant cashier Present officers of the bank Jerman, Crow, Bauman and W. Kilgore Little, Headen and Sherwood, assist ant Gosney, trust ficer, and Wray White, assistant trust officer. Directors Bauman, Chamblee, Crow, Henry Hicks, Hudson, B. Rufus Hunter, Jerman, Turn To Page
14.
December 17, 1931
Omaha World-Herald
Omaha, NE
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Bank Suspensions.
Boston, Dec. 17 BosNational bank, with main on Devonshire street, downtown Boston, and four branches, remained closed at 9 m. today, the customary opening time. notice was posted that the comptroller of been asked to take it over to conserve assets, owing to heavy demands by depositors. At the time of the consolidation of the Boston National bank with the Continental National bank about a year ago the combined deposits of the merged institutions were given as approximat $9. and combined resources were set at $11,000,000.
Hamden, Conn. Hamden. Conn., Dec. 17 (P). The Hamden Bank and Trust company closed today in the last published statement were $2,097,683.26.
Lowell, Mass. Mass., Dec. 17 Business was suspended by the Lowell Trust company which recently reported and mercial deposits of $3,384 428. It was the second Lowell bank to close within two days, the Middlesex National bank with deposits of $4 000,000 having suspended operations yesterday.
Burlington, C. Burlington, N. Dec. 17 (P) The First National Bank of Burlington, with assets at the time of its last statement of approximately $2,150,000. was closed by order M. Barnett national bank examiner. R. W. Malone, cashier, who in active charge, indicated the due to shrinkage in the value of bonds held.
Calais, Me. Calais, Me. Dec. The InTrust and Banking company here Wednesday. It was announced the action was necessary because of heavy withdrawals by Canadian depositors.
Raleigh, N. C. Raleigh, Dithe Commercial National bank, largest independent bank in the capital city, late last night voted to close the bank pending meeting of the stockholders. The September 29 statethe bank listed deposits at had a capital stock of $600,000.
15.
December 17, 1931
The Asheville Times
Asheville, NC
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Raleigh Bank Fails To Open For Business
RALEIGH Dec. (AP)- The Commercial National Bank. largest independent financial Institution in Raleigh. failed to open its doors this morning. after directors had voted to close pending meeting of stockholders The September statement of the bank showed deposits of $4,286,942. capital stock of 8600 surplus and reserve of $136,163 and bills payable of $295,000 The officers are B. 8. Jerman. president. E. B. Crow. and A. Baumen. vice presidents. and B H. Little. cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.
16.
December 18, 1931
Omaha World-Herald
Omaha, NE
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Bank Suspensions.
Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000.
Hamden, Conn.
Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097
Lowell, Mass.
Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday.
Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held.
Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors.
Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000.
Board of Trade Stocks
Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17
East
17.
December 25, 1931
The News and Observer
Raleigh, NC
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TO CLOSE AFFAIRS OF FAYETTEVILLE BANK
Receiver Burrowes Hopes To Wind Up Affairs of the Na. tional in 60 Days
Fayetteville, Dec. 24.-A. D. Bur rowes, receiver of the National Bank of Fayetteville, hopes to be able to close the affairs of that institution within the next 60 days, he stated today. Mr. Burrowes has been ap pointed receiver of the Commercial National Bank of Raleigh and will probably transfer his headquarters to Raleigh. He also has charge of the liquidation of national banks in Dunn and Laurinburg and recently completed receivership of a bank in Benson, paying the depositors 50 per cent. The Laurinburg institution has already paid 55 per cent, though it will be some time before its affairs are wound up. The receivership of the Dunn bank will be closed early in the new year. Depositors of the local bank have received 25 per cent. At the third sale of asse J. S. Butler, of St. Pauls. made the high bid of $1,850 for notes and accounts receivable having face value of $203,000. The sale must be confirmed by the comptroller of the currency. Mr. Burrowes expects to be able to distribute the final dividend within two months' time.
18.
October 7, 1932
Goldsboro News-Argus
Goldsboro, NC
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Approve $13,000 Loan For Closed Bank in Mt. Olive (Continued from Page One.) Gastonia: Gastonia Loan and Trust Company $2,500 Greensboro: Bank and Trust Company $6,500,000. Lexington: Commerical Bank Lexington $64,000. Mt. Bank Receiver (to be used in paying dividends.) Newland: Avery County Bank, $4,500. North Wilkesboro: Bank of North Commericial National Bank of Raleigh (receiver) $721,000.
Roanoke Rapids: Citizens Bank and Trust Company, $4,000, and another of $3,500 Shelby: First National Bank of Shelby, $95,000. Washington: First National Bank of Washington (receiver) $16,000. Henderson: Henderson Building and Loan Association $7,500: Henderson Home Building and Loan Smithfield: The Smithfield Building and Loan Association Southport Southport Building and Loan Association
19.
December 21, 1932
The News and Observer
Raleigh, NC
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BANK RECEIVER SUED IN DEATH OF LEONARD
Suit for $25,000 damages has been started Wake Superior Court here against A. D. Burrowes, receiver for number of banks in this section, who was driving an automobile which struck and fatally injured Sullie Leonard, of Millbrook, here on November 26. The action was filed by W. E. Leonard as administrator of the dead man's estate. Burrowes was driving his car along Peace Street when the accident occurred near the intersection of Daw. son. Leonard was crossing the street at the time. He received injuries from which died in local hospital the day following the accident. Burrowes, employed by the Federal government, is receiver for the Commercial National Bank here and number of others.
20.
December 8, 1933
The News and Observer
Raleigh, NC
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Brassfield New Receiver Commercial National
(Continued From Page knew nothing of his appointment til return, found from O'Connor, Comptroller the rency The James Pou, the Tuesday, and Pou has chairman Wake Demo for the and Mr. Brassfield was for the judicial dis position he filled for four Before and during term ended January Mr. and Brass Judge Robert Win Robert Winston, Aft office formed leaving political leader long the county. Political History. Senator Bailey and the so-called Jones bitter political period years, united the Alfred but support Smith nomination for President 1928 and Jones faction supported Senator Bailey for Senate However, the faction has subsequent local sharply Senator led by Carl Bailey, the Bailey for Postmaster, Gulley, Bailey's The Senator bank receivership the first impor appointment to any mem Jones faction the hands ber the Senator Dailey. Until removal this week Burrowes, been the Federal government for native had receiver the nia National, failed Demercial cember former years has practice name national bank ceivers were the were perienced affairs. Neither followed and Brassfield appointments. Mr. tional although Mr. Brassfield personally banked another bank. present law which he join shortly before the customer the Commercial National and still small bal due the time of the bank failure.
21.
December 10, 1933
News and Record
Greensboro, NC
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BRASSFIELD DECLINES BANK RECEIVER'S JOB
He Would Have Succeeded A. D. Burrowes In Commercial Na. tiopal Receivership.
Daily News Bureau and Telegraph Office Raleigh, Solicitor Leon Brassfield this afternoon formally declined the appointment to the receivership of the Commercial National bank, which failed two Brassfield would have ceeded deposed ceiver, had the Raleigh lawyer been able to stand the practice. It announced last night informal that Mr. Brassfield would not accept the offer of the comptroller of the currency. understood that assistant receiver of the bank, will be named full The ousting of Mr. Burrowes followed long period of complaint in which the Pennsylvanian was sharpcensured because of his attitude The and Obattacked for his part in the charge, but the senator's reply the paper, apart from the attitude toward Mr. Burrowes, seems to have acquitted the senator of the charge handing out choice bit patronage to member of his own family Mr Bailey denied that Instituted this action against Burrowes, and indeed, the unanswered question, who hit Billy Patterson? seems to the original The Pennof foes. accumulated great crop
22.
December 11, 1933
The News and Observer
Raleigh, NC
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POLITICS AND RESPONSIBILITY
Although by fortune and not intent office of receiver of the Commercial National Bank of Raleigh appears to be going man of banking experience, Senator Bailey setting the precedent of making polities of tional bank liquidations has opened dora's box of political liquidations which may plague the
Dealing with the salvage of the life savings hundreds of men and women, Senator Bailey has paid two political debts and elevated his political grace third man from subordinate to the executive position in the liquidation of the Commercial National Bank. Dangerous this course to the hopes of the nearly 12,000 depositors in the defunct bank, more dangerous affects the tire of national bank liquidations the State. Luther Lentz, the probable appointee, who has been an assistant to the present ceiver during the two of the bank's years liquidation, familiar with doubtless qualified for his new duties. However, the fact remains that Mr. Lentz owes his promotion not to the voluntary recognition of merit his superiors but to senatorial favor, favor which was accompanied endorsements, least some of which were political their nature, and favor which him only after he had twice been passed over for active politicians wholly inexperienced bank liquidation. Left to himself, Mr. Lentz will doubtless seek to make record which will entitle him to other promotions. And greatly to be hoped that he will be left himself. In the past receivers of national banks have uniformly been men of Federal regular from the ranks Federal bank and examiners, always men of experience banking affairs. in the past has not entered into their appointment, Federal practice which emulated by the State in 1927. In that year the results of some receiverships, given to indipoliticians, cated the need of and not politiappointees, and caused the Legislature provide for professional of bank corps ceivers. Since then only one instance, which severely criticized, has the State made the appointment of receiver outside this professionally recruited corps. By intervening to recommend the ousting of receiver and the successive appointments three others, Senator has Bailey incurred very real responsibility for the future course the liquidation of the Commercial Bank other banks. Having intervened so far having publicly expressed desire that "more considerate treatment" be given those who became indebted to the bank before suspension two years and who have ago, not yet paid their indebtedness, inevitable that Senator will Bailey be asked to intervene further for individual creditors and that his be used in pleas the new receiver. If Senator Bailey displays the same high standard of public service in this matter that he has displayed on other occasions, he will adopt the policy of doing nothing that will tend to impede the greatest possible collection for the depositors of the bank, who, after all, entitled are to the first "considera-
23.
December 12, 1933
The Herald-Sun
Durham, NC
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NAMING BANK RECEIVERS
Over Raleigh way they have managed to work first class argument over the ousting of the receiver of the Commercial National bank. Senator Bailey is credited with pulling the strings precipitated the firing of the present ceiver, Pennsylvania Republican, and the senator who La being criticized for the naming of politicallyminded lawyers. Happily the senator's lawyer friends found politically pedient and convenient decline the proffered recognition. And new pears that the ousted assistant be promoted, giving the senator's critics the experienced banker they fess to want and at the same time placing the senator in position where he can remind his lawyer friends that he can, when necessary, deliver the goods. conceded, of course, that the of liquidating defunct bank is one that commands the services of person possessed of some knowledge of banking procedure, and an acquaintance with the law, civil and criminal, can hardly be termed disadvantage. But it does not follow that bank should necessarily be recruited from the army of bank former bankers, or that the next bet is lawyer. The truth is, recent happenings may be used to contest the naming of as bank And hurely there is enough in the record to discourage the naming of bankers who are in position to consider such appointments because they were unable to quidate loans made under their supervision.
All of which suggests that the essential thing about this busiof closed banks the way the is named but the way be performs. No one, of course, relIshes the idea of mixing politics bank liquidation. but who does good job is to be preferred to non-political appointee who renders less acceptable services.