11903. State Bank (Raleigh, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 9, 1888
Location
Raleigh, North Carolina (35.772, -78.639)

Metadata

Model
gpt-5-mini
Short Digest
79245f8c

Response Measures

None

Description

Articles (Apr–Jun 1888) report the State Bank of Raleigh as closed and refer to fraudulent officials and stolen funds; depositors are to receive dividends, indicating the bank is closed and in liquidation/receivership rather than a temporary run. Cause appears to be bank-specific fraud/forgery.

Events (2)
1. April 9, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Fraudulent bank officials (Cross and White) and forgeries/ stolen money leading to the bank being closed.
Newspaper Excerpt
The State Bank is completely gone, and on its door can be seen the sad inscription, closed.
Source
newspapers
2. June 19, 1888 Receivership
Newspaper Excerpt
The depositors of the late State Bank of this city will receive within a few days a dividend of 20 per cent. The probabilities now are that the bank will eventually be able to pay sixty or seventy per cent.
Source
newspapers

Newspaper Articles (2)
1. April 14, 1888 Charlotte Messenger Charlotte, NC
Article from Charlotte Messenger, April 14, 1888

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Article Text

SAVINGS ABOUT RALEIGH. The people around and about the capital city are in the midst of a great excitement over the arrival, this morning of the two fraudulent bank officials, Cross and White, from the boodler's paradise, Canada. Before their leave of this icy clime many doubts were maintained by the citizens of their return to this country. After all it is through their own courtesy that they are at the demands of our court. Distriet Attorney Busbee signed an agreement that they would only be tried for three forgeries, and not for having in custody stolen money. Yet these men have stolen more money than all the ninety-six of those Negroes in the State of North Carolina together. The State Bank is completely gone, and on its door can be seen the sad inscription, closed. A stranger not cognizant of the fact in passing might think it was a national or State holiday, and the officials were out on a bird hunt. The editor of the Outlook, W. B. Hunter, has tendered his resignation to the manager of the Outlook, which has been accepted, and he will no longer be responsible for what appears in its editorial columns. The teachers are making extensive preparations for the reception of the teachers from the different parts of the State, who will attend the State Teachers Association. Politics are somewhat on a boom in the different wards of the city, and each political leader is closing up his columns for the grand contest, which will soon be in our midst. We notice in the last issue of the Wilmington Bulletin a very severe criticism on the editor of the Cape Fear Advocate. While this may be true about his deceitfulness (and your humble servant would dare say not), it seems that when we see one of our race possessing such principle as published by the Bulletin, instead of pushing him down the hill, we should endeavor to elevate him. Remember the Negro has already. 43,600,000 of Anglo-Saxons behind him, and against him, either politically or socially. It is proper to go to the man-not write him up in such a manner. We were sorry to see such noble mind as the editor of the Bulletin possesses stoop to notice such articles as often appears in the Cape Fear Advocate. The Charlotte MESSENGER is hailed at the Capital as one of the greatest Negro journals in the country. Smith indeed, is a powerful editor-not only an editor, but a financier in the newspaper business. We hope Prof. E. E. Smith is satisfied, having received that recognition so much desired by him. He has been a candidate for the Mission since the days of Hopkins. Success to him. Hope Taylor's flees will not run him home. Raleigh, N. C., April 9, 1888.

2. June 19, 1888 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, June 19, 1888

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Article Text

day of August next for the purpose of issuing license to such applicants as may be found qualified to practice pharmacy. -The national meeting of Dunkards decided that members must quit using to- bacco before they take baptism. The question of recognizing a divorced per- son's right to remarry caused much dis- cussion. -The depositors of the late State Bank of this city will receive within a few days a dividend of 20 per cent. The probabilities now are that the bank will eventually be able to pay sixty or seventy per cent. -Dr. West, of Marianna, Fla., cured a dog of snake bite, a few days ago, by the use of permanganate of potash hypeder- mically. The same remedy will probably save a man's life when bitten by a venom- ous snake. -Excelsior Geyser, in the National Park, Montana, is discharging a column of water sixteen feet in diameter and 300 feet high. The eruptions occur every forty-five minutes, and last from three to five minutes. -The Reformed Presbyterian Synod of the United States, last week in session at Pittsburg, passed a resolution against Sunday newspapers, and instructing the Presbyteries to discipline all members ad- vertising in them. -The poet of the Wilmington Messen- ger sings thusly: Now the poet stops his verses. On Maude and Kate and Hannah, And turns his fiery frenzy on The famous red bandana. -In Watauga county, Sunday, June 10th, Rev. George Badger Wetmore, aged 65 years died. He was a well known and greatly beloved Episcopal preacher, a man of piety, courage, and aggressiveness in the prosecution of his work. -The Lexington Dispatch reminds members of the Farmers' Alliance that a County Alliance is to be organized on Friday, the 22d inst., and that Dr. D. Reid Parker will explain some things of interest to members of the Alliance. -The Board of Agriculture has ap- pointed Gov. Scales, Commissioner Rob- inson and State Chemist Battle a com- mittee to represent it in making arrange- ments for the Inter-State farmers' meet- ing which takes place in this city in August next. -Rev. W. R. Gwaltney, of Greens- boro, a member of the Board of Trustees of Wake Forest College, and for many years the pastor of the Second Baptist Church of this city, was here on Friday last shaking hands with his numerous friends and admirers. -If one delays until to-morrow what ought to be done to-day, he overcharges to-morrow with a burden which belongs not to it.-Ergo, send $1.25 to pay for fifty-two issues of THE PROGRESSIVE FARMER, the only agricultural weekly published in the State. -A new passenger tariff went into effect on the Richmond & Danville Railroad and all of its branches, fares being reduced to 3½c. per mile, first-class, and to 3c. second- class, from 4c. to 3½c. respectively. This will help. The passenger business of the Western North Carolina Railroad is re- ported increasing rapidly. -"I honestly think," says T. D. Eng- lish, "that a healthy and able-bodied toad, of industrious habits, will get away with and digest his own weight of insects during twenty-four hours. If you be of an insecticidal turn of mind, turn out by daylight, and watch the toads getting breakfast. It is entertaining," -The Dunn Signboard says: One day last week Mr. Alfred Blackwell, residing near Barclayville, Sampson county, was found dead at his saw mill, and most fear- fully mutilated. He had been trying to run his circular saw mill alone, and it is supposed he accidentally fell on the saw, when he suffered a most shocking death. -The Farmer's Friend Fence Machine Co., Greensboro, N. C., offer great in- ducements to farmers, machanics, lumber- men and others desiring to engage in a manufacturing business requiring small capital and paying large profits. A few good agents wanted to travel and organ- ize manufactories in each county.