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North Carolina Bank Closed (By The Associated Press.) THOMASVILLE, N. C., Aug. 22.The bank of Thomasville was closed today by order of the State Bank Examiner. Inability to collect paper held to secure loans is assigned as the cause of the failure. The institution has deposits of approximately $350.000 and resources estimated at $550,000.
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THOMA VILLE BANK CLOSED Thomasville, Aug. 22.-The doors of the bank of Thomasville were closed this morning by order of State Bank Examiner Newbold. The inability to collect on paper held to secure loans is assigned by officials of the bank as the reason for the failure. They say all depositors are fully protected. It is also announced that a group of capitalists will meet tonight in Thomasville to organize a new bank which will take over the affairs of the old institution, which has deposits of approximately $350,000 and resources estimated at $550,000.
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NORTH CAROLINA BANK CLOSED. Thomasville, N. C., Aug. 22.-The bank of Thomasville was closed today by order of the state bank exminer. Inability to collect on paper held to secure loans is assigned by officials of the bank as the reason for the failure. A group of capitalists propose to take over the affairs of the institution which has deposits of approximately $350,000 and resources estimated at $550,000.
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THOMASVILLE, N. C. BANK IS CLOSSED BY EXAMINER -Thomasville, N. C., Aug. 22.-The doors of the Bank of Thomasville were closed this morning by order of State Bank Examiner Newell. Inability to collect on paper held to secure loans is assigned by officials of the bank as the reason for the failure. They say all depositors are fully protected. It is also announced that a group of capitalists will meet tonight in Thomasville to organize a new bank that will take over the affairs of the defunct institution, which has deposits of approximately $350.000 and resources estimated at $550,000.
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THOMASVILLE BANK CLOSES. THOMASVILLE, N. C., Aug. 22.-The Bank of Thomasville WAS closed to-day by order of the State Bank Examiner. Inability to collect on paper held to secure loans is assigned by officiala of the bank as the reason for the. failure. A group of capitalists announced a meeting to-night to organize a new bank that would take over the affairs of the institution, which has deposits of approximately $350,000 and resources estimated at $550,000.
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THOMASVILLE. N. C.. BANK CLOSED-NO COLLECTIONS (By The Associated Press.) THOMASVILLE, N. C., Aug. 22The doors of the Bank of Thomasville/were closed this morning by order of state Bank Examiner Newbold Inability to collect on paper held to secure loans is assigned by officials of the bank as the reason for the failure. They say all depositors are fully protected. It also is announced that a group of capitalists will meet tonight in Thomasville to organize a new bank that will take over the affairs of the defunct institution. which has déposits of approximately $350,000 and resources estimated at $550.000.
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N. C. BANK CLOSED Thomasville, N. C., Aug. 22-The bank of Thomasville was clead by order of the state bank examiner Inability to collect on paper held to secure loans is assi gned by officials of the bank as the reason for the failure A group of capItaliats announced a meeting tonight to organize R new bank that will take over the affairs of the Institution which has deposits of approximately $350,000 and resources estimated at $550,000.
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North Carolina Bank Failure Thomasville, N. C., Aug. 22.-The doors of the bank of Thomasville have been closed by order of the Inability State Bank Examiner. t ocollect on paper help to secure loans is assigned by officials as the reason. They say all depositors are fully protected. It is announced that a meeting of capitalists will be held tonight to organize a new bank to take over affairs of the one closed.
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Big Surprise to High Pointers Bank of Thomasville Closes Its Doors Thomasville, Aug. 22.-The Bank of Thomasville, the oldest financial institution in town, was closed this morning by H. L. Newbold, state bank examiner. The examiner left immediately for Raleigh to submit his report, and no figures were made public; but unofficially it is understood that the deposits in the institution amount to $350,000, covered by assets worth theoretically $550,000. How much can be realized on them under pressure remains to be seen. Rumors regarding the condition of the bank had been rife for some weeks and withdrawals of deposits had been steady, although not sufficient in number or volume to amount to it run; but the first positive information as to the condition of its affairs came to the town Saturday afternoon, just before the closing hour, when the bank began refusing payment on checks presented, and the holders were told to return at 7 o'clock that eevning. At 7 those who did return found the doors locked and the shades tightly drawn. Sunday the examiner announced to the officials and directors of the bank his determination not to allow it to reopen for business Monday morning, unless arrangements could be made to reduce certain of its loans and readjust its affairs. That day and a good part of last night were consumed in negotiations with that end in view: but sufficient funds could not be raised, and so Thomasville awoke this morning to find pasted on the glass door of her oldest bankin ghouse the curt notification, "Closed by H. L. Newbold, State Bank Examiner."
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Appointment of Receivers is Delayed A dispatch from Raleigh last Friday night said: "Appointment of a receiver for the Bank of Thomasville, expected to be made today, went over for further consineration by the corporation commission and there is some hope that the troubles of the Thomasvilie and Denton institutions may be healed without serious results. "The situation, however, is not without serious conflicts, both in business and politics. There has been, up to the present time, no clear intimation of prosecution, but some of the Thomasville business men here yesterday and today say that the banking infractions at Thomasville, Dentcn and Mocksville have not been merely technical mishaps. "There is a determined effort to prevent the commission naming T. J. Finch, president of a rival bank, and one of the biggest business men in Davidson county, from being appointed receievr. To this end Mrs. Armfield, wife of the president of the crippled institution. has offeerd $71,000 to the commission. "Rev. Archibald Johnson, editor of Charity and Children, is in the fight to protect deposits amounting to $22,000. the property of the Thomasville orphanage. Something may be done about the two failures before the end of the week."
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RECEIVERS APPOINTED FOR TWO DEFUNCT ANKS Raleigh, Sept. 8. .-Efforts loking toward the reorganization o the Bank of Thomasville and the Bank of Denton, both of which were cosed up by the Corporation Commision two weeks ago, fell flat yesterday and the Commission named T J. Finch receiver for the Thomasville bank and Arthur Ross receiver fr the Bank of Denton. The Denton bank was relatively small but the failure at Thomasville involves approximately a half millionn dollars. Its disaster is attributed to the fact that too many bad loans were made, many of them to concerns in which the president, J. L. Armfield, was interested. His business lost heavily, and he was unable to meet his obligations to his bank. The receiver for the Thomasville bank was formerly sheriff of Davidson county and is now president of the National Bank at that place. Definite statement of the condition of the bank, and the probability of its being able to liquidate without loss, has not yet been made by the bank examiner in charge.
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RECEIVERS FOR BANK. Two North Carolina Institutions Are Closed. GREENSBORO, N. C., September 9.In superior court here Judge James L. Webb, upon the recommendation of the state corporation commission, signed orders placing the Bank of Thomasville and the Bank of Denton, which recently were closed by a state bank examiner, in the hands of temporary receivers. T. J. Finch of LexIngton was appointed receiver for the Thomascille bank and J. Arthur Ross for the Denton bank. Attorneys for the two banks were ordered to appear before Judge Webb here September 14 to show cause why the temporary receiverships should not be made permanent.
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TWO NORTH CAROLINA BANKS UNDER RECEIVER (By the Associated Press) GREENSBORO, N. C., Sept. 8-In superior court here today, Judge James L. Webb, upon the recommendation of the state corporation commission, signed orders placing the Bank of Thomasville and the Bank of Denton, which recently were closed by a state bank examiner, in the hands of temporary receivers. T. J. Finch, of Lexington, was appointed receiver for the Thomasville bank, and J. Arthur Ross, for the Denton bank. Attorneys for the two banks were ordered to appear before Judge Webb here September 14 to show cause why the temporary receiverships should not be made permanent.
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Receivers Named for Banks in Davidson In Superior court last week Judge James L. Webb, upc the recommendation of the State Corporation Commission, signed orders placing the Bank of Thomasville, and the Bank of Denton, which were reently closed by a state bank examiner, in the hand of temporary receivers. T. J. - Finch, of Thomasville, was appointed receiver for the Thomasville bank and J. Arthur Ross for the Denton bank. Attorneys for the banks were ordered to appear before Judge Webb here September- 14 to show cause why the temporary receivers should not be made permanent.
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Probe of Closed Bank to Be Made Thomasville, Nov. 7.-An important meeting of the depositors and directors of the Bank of Thomasville which is now in the hands of Receiver T. J. Finch, is called for next Friday, November 11th, at 2 o'clock, the call being signed by the committee composed of Archibald Johnson, J. A. Elliott, Dr. R. W Myers, Frank Fuller and G. A. Evans. This meeting will be held in the Work and Win club roms on Salem street and it is annouened in connection that each depositor should be prepared to pay his part in a proposed investigation, as it will be necessary to employ legal counsel At this meeting it will be decided whom the lawyers will be, or whom the people will seek to employ. Stephen McIntyre, of Lumberton, who is attorney for the orphanage, has been mentioned as one of the probabilities, as has also J. R. McCrary, of Lexington. About $165,000 said to have been appropriated by J. L. Armfield, or loaned to him of the people's deposits in connection with the Bank of Thomasville, of which he was president, has been discovered, so far, according to information which is leaking¹ out by degrees. It appears from the best sources of information that the funds of the bank were freely used bv him for several years and that since last January it was known that. the affairs of this institution were in a nrecarious condition. There are varyng opinions among local business people as tn the for outcome, or as to the debts which Armfield owes the bank, some beli ing that had the corporation commission acquiesced to the wighes and reuest, of the new banking company, which was in embryo and had recommended for receiver of the defunct bank, J. T Hedrick, of Lexington, who was agreed upon as the president of the 'new bank, the Armfields would have paid in full the amount of the deficiency and the new organization would be functioning today with good prospects. Others believe that the present receiver, T. J. Finch, will wring from the Armfields every available cent for the depositors and that the affairs of the institution will be settled up in a purely business form, which all parties interested really desire to see. It is known, of course, that Mr. Finch is president of the First National bank on the onnosite side of the street from the defunct bank and that he is a first class business man, but many are fearful that he will be the means of a long delay in getting another bank into operation, which they feel is needed here, on account of his close connection with the other bank. Mr and Mrs. S. O. Perkins, of Philadelphia, stopped in their car last Wednesday with Mrs. C. R. Thomas, and on Thursday Mrs. Thomas accompanied the mto the Perkins home ner Lenoir. Mr. Perkins is in the soil survey of the federal government and spends the summer in the north and the winter in the south. H. Tudor, local representative of an insurance company, handed Mrs. John Hedrick a check last week in payment of a policy on the life of her late husband amounting to $2,500. Mrs. Hedrick with her children moved last week to the home of her parents, Mr and Mrs. John Motsinger in the country where she will make her home for a time. J. E. Wyche died of apoplexy o n. Sunday morning about the breakfast hour. His death was a shock to the community a she was out as usual on Saturdav looking after his affairs. Mr. Wyche was a man of broad knowledge and extensive acquaintance. For many years he was the agent here of the Southern railway station. His widow survives him.
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Reward For Bank President. Raleigh, N. C.-Governor Morrison authorized $400 reward for the apprehension of Jesse L. Armfield, former president of the defunct Bank of Thomasville and Bank of Denton, now in the hands of receivers.
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Reward For Bank President. Raleigh, N. C.-Governor Morrison authorized $400 reward for the apprehension of Jesse L. Armfield, former president of the defunct Bank of Thomasville and Bank of Denton, now in the hands of receivers.
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Reward For Bank President. Raleigh, N. C.-Governor Morrison authorized $400 reward for the apprehension of Jesse L. Armfield, former president of the defunct Bank of Thomasville and Bank of Denton, now in the hands of receivers.