Wake County Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: March 4, 1933
Location: Raleigh, North Carolina (35.772, -78.639)

Metadata

Model: gpt-5-mini
Short Digest: 9f6337ed

Response Measures

Accommodated withdrawals

Description

Article (dated 1933-03-04) describes heavy withdrawals from Wake County Savings Bank in Raleigh tied to agitation and runs on other Raleigh/NC banks amid fears of a moratorium/new banking restrictions. The bank is reported as making withdrawals but is not described as suspending payments or closing in the article, so classified as a run only.

Events (1)

1. March 4, 1933 Run

Cause: Local Banks
Cause Details: Heavy withdrawals at other Raleigh/NC banks and widespread agitation/fear of a moratorium spurred depositors to withdraw funds from Wake County Savings Bank.
Newspaper Excerpt: withdrawals from the Wake County Savings Bank, which has not pended full payments.
Source: newspapers

Newspaper Articles (1)

1. March 4, 1933 The News and Observer Raleigh, NC

Article from The News and Observer, March 4, 1933

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Article Text

Governor Gives Assurance Against Bank Moratorium (Continued From Page One) tion of the net balances of all Page Trust all depositors cent. per adjusted the close business March 1933." No other requests for restrictions hour night, but Hood of information the new law. Much Agitation Here. There Raleigh following ing the the branch the North Carolina Bank and Trust and street mors the action the many believed would be the nature The run other banks Raleigh branch Bank Trust which has by far the largest number depositors local bank. withdrawals Page Trust Company law night from the Wake County Savings Bank, which has not pended full payments. To Limit. It emphatically declared by Frank vice-president the Trust Company that institution will under circumstances invoke limitapayments. the Wachovia is cerned are not moratorium any limitation said Mr. position our positors all of want money can "Run" Treasurer After passing the the islators engaged Senators enabled draw their through today, the day which the per day plies, but House members, where there regular paymaster draw their $600 had wait and drawing the full amount time, the full $590 members branches took their the for payment cash rather than follow the usual custom them to their home Some of the sums drawn from lo banks taken the Raleigh postoffice accounts past three increased from $1,010,000. Little There minimum of discussion the wanted the bill and told had been the Finance of Rich mond, tried unsuccessfully limit the law year. Senator John Hill, of made the only speech, declaring that 30 experience banker known North Carolina banks to To Change Books. Banks restrictions will change books, the amount allowed withdrawals classified Trust Company offices Raleigh, Apex, Sanford, Siler Hamlet, Raeford, ThomasRamseur Liberty. Branches North Carolina Trust Company Bayboro. Burlington, High Point, Kinston Monroe, Raleigh, Rocky Mount, Salisbury, Spencer, Tarboro, Wilmington. Official The Governor Ehringhaus Commissioner Hood follows: "There will be moratorium clared banks the State North Carolina. "The General Assembly of the State North Carolina passed authorizing Commissioner Banks restrictions the payment demand deposits, individual banks applying therefor. further authorizes under restrictions receive deposits, and these new deposits will not subject any restrictions to payment mand. law was approved the Banks and the Advisory Banking Text of Statute. The text the new law follows General Assembly of North Carolina enact: "Section the CommissionBanks hereby empowered addition other vested him. whenever in war. any trust company industrial bank. under his the which receiving money deposit: To extend for such period