12012. Wilson Trust & Savings Bank (Wilson, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 30, 1931
Location
Wilson, North Carolina (35.735, -77.931)

Metadata

Model
gpt-5-mini
Short Digest
26e96f4e

Response Measures

Partial suspension

Other: Liquidating agent named (receivership) for the Wilson Trust & Savings Bank.

Description

Newspaper accounts from Dec 30–Jan 4 state the Wilson Trust & Savings Bank failed to open (Dec 30/31), experienced runs/panic in Wilson amid multiple statewide bank failures, and a liquidating agent was later named. Sequence indicates a run that led to suspension/closure and liquidation.

Events (2)

1. December 30, 1931 Run
Cause
Local Banks
Cause Details
Panicky withdrawals and contagion from multiple North Carolina bank failures and runs in nearby institutions prompted heavy withdrawals in Wilson.
Measures
Bank failed to open; authorities/State Commissioner urged invoking 30-day rule to forestall withdrawals.
Newspaper Excerpt
At Wilson where the Bank failed open Tuesday, the First National and the Wilson and Savings did not open for business yesterday.
Source
newspapers
2. December 31, 1931 Suspension
Cause Details
Bank failed to open and was placed in liquidation (liquidating agent appointed); closure followed the run/withdrawals and general loss of confidence during the statewide banking disturbances.
Newspaper Excerpt
the Wilson Trust and Savings Bank Wilson ... Ay. Coleraine liquidating agent for ... the Wilson Trust and Savings Bank Wilson
Source
newspapers

Newspaper Articles (5)

Article from The Kansas City Star, December 30, 1931

Click image to open full size in new tab

Article Text

THE LATEST MARKET NEWS HOGS AND LAMBS LOWER. Shippers were again fairly active buyers of butcher hogs averaging 230 pounds and down steady to cents lower prices at the Kansas City stock. yards today. while packer buyers were slow to take the heavier hogs, with late sales to 10 cents lower. The top was on choice 170 to Packing sows 10 cents lower $3 to $3.50. and pigs 10 to 15 cents higher $3.75 to Average price of hogs at Kansas City Tuesday $4.03 average weight 238 pounds: Chicago, $4.27 weight 232 Omaha, $3.86. weight 231 pounds. Range of sales for various weights and classes of hogs follows: Medium sprined pounds pounds Bulk of all Prices of wooled lambs quoted steady to 15 lower and fat steady The top for lambs was with the bulk of the offerings above Shorn lambs closed 25 cents lower best selling at $4 75, with the bulk at $4.50 to 60. Nominal price range of various classes sheep and lambs follows: Fat lambs choice medium wetners ewes choice medium common Lighter weight steers were in best demand, with trade on this class active at strong prices Fat cows were scarce and slightly and bulls steady to 25 classes of steady. A good clearance was effected. The top was $9 on strictly good 095pound steers. Best heavy steers sold at Some other pound steers good light weight steers and yearlings sold at Bulk of the short-fed brought to Short-fed helfers sold mostly at to of 523pound steel and heifer at Fat cows sold mostly $3 to and bulls mostly to $3.50. A few beef bulls reached $3. The top for veal calves was $7. but the bulk sold at $6 and down. Nominal range quotations for the various of cattle is as follows: Common Mixed earlings and helfers Common medium Canners and good 250-500 lbs Feeder Stock Stocker and feeder calves Livestock receipts today. here City Kansas markets Kansas City Chicago Kansas Chicago City Five markets Tomorrow's Livestock Estimates. Bureau of agricultural estimates of for tomorrow 7,000 Chicago. 5,000 cattle. 12,000 and Pork Products In Chicago. future delivery Open Wednes LARD522 DRY BELLIES May Grain Privileges. Privileges on Chicago quoted under the are close row. on bids and to cent over on Bids wheat good next are cents under and quoted to to over the on cood are under the close bids and V. to 's cent over on Bids on corn good all next week are cents unde the close and quoted offers 2% to cetns over the close 4 NORTH CAROLINA FAILURES. National Bank Wilson and the Wilson Trust and Savings Bank failed to open for The last statements of condition issued gave the and deposits Wilson Trust and Savings Bank's and Trust Company Greensboro, branches at Burlington Reidsville and Sanford did not open for The bank was dollars. and were Dec. Beaufort Banking and Trust day last statement gave its deposits : A Kentucky Bank Is Closed Hazard The First Bank Hazard failed to open today. but Wheeler. director and attorney for the said was in position full and to three or four months. notice the door said it was closed in the interest depositors The bank had deposits of proximately CITY BANK DIVIDEND. Directors of City Bank Trust Com. the regular semiannual dividend of PARK NATIONAL DIVIDEND. Directors of the Park National Bank 4632 Troost avenue today declared regular dividend of $2 share on STOCKYARDS NAT'L. PAYS $6. The regular semiannual dividend of $6 the Stock Yards National Bank Produce Exchange Dividend. Directors the Produce Bank declared the regular quarterly dividend cent. Flaxseed Quotations. Duluth. Dec closed unchanged cents New York Coffee Quotations. New York Dec Spot. steady: Rio. No 7c: Santos No. 4. Rio futures closed unchanged to points Santos futures closed unchanged to higher: March 8.17 May. 8.44; September December. 8.61. DECLINE IN COTTON. York held steady in the early trade to points closing Range future Close January The classified columns of The Star are clearing house of human wants. WEAKER TONE IN WHEAT. Prices of wheat for future delivery sagged pool's in quiet trade today. Liverresponse in American yesterday was encouraging. but the gain was not sufficient to sentiment The close was near the day's low level. to except Kansas City December which was unchanged. Liverpool futures made gains of about penny for the day response to the upturn in American markets yesterday Foreign interest in North American wheat showed little improvement yes. terday. with sales of Manitobas estimated at about 1/2 million bushels mostly from Vancouver to the orient Sales to were still small, how. and demand for domestic hard continued absent futures higher until the late prices weakened in sympathy with wheat The close was cent lower except for cents higher here and unchanged in Chicago Range for corn and for future delivery in Kansas City Low. Wednesday Tuesday WHEAT 46% 41% Opening prices for grain futures in KanJuly Range oats and for Tuesday WHEAT Opening for cage were 55: May December wheat Minneapolis closed May Wheat futures July 54c May July On the carlot No. red sold hard yellow 40c Closing prices for wheat futures in Liverpool (sterling figured at $3.40) Decemup shillings pence are here Spot prices Australian. 6s 4d: Kansas City Carlot Grain Prices. dark wheat were mostly Kansas City today. although some sales decline Red wheat were General demand was good. schedule of protein premiums was unchanged: hard wheat. 11 per cent and May price over cent. over cent cents over cents over cents 13 cents over: 13.50 to cents The strength hard was to cent above prices and hard to cent under sales dark nominally dark nominally hard. nominally sales sales red wheat nominally red. sales red. nominally sales red. nominally No. Corn were cent with basis also to Demand was nominally No. nominally nominally nominally 37c. sales mixed. nominally mixed nominally sales There fair inquiry for onts at nomiNo. white Date nominally No 3 white nominally No. nominally Kafir and milo prices were nominally unchanged fair was reported. nominally Milo Maize nominally 61@62c: No nominally No. nominally 57 Barley- No. Nominal prices carlots of feeding which here corn ground oats. $22.60 23.20 ground 20 linseed tonseed and cent protein gluten 40 $35 feed ton: less than Grain Futures Transactions. wheat and corn interest in of here shown in and the volume trade are bushels KANSAS CITY Wheat Corn Wheat City December Open was bushels previous 72,000 year week OPEN INTEREST Corn Wheat week New York Silver Quotations. New cents an ounce at were 30 41 points SMALLER ELECTRIC ou TPUT. New York Dec 30 Electric Power output the December 26 decreased ceding week. though the was made moderate gains at the outset of trading today. sagged later and turned up again in hour. The was firm with net gains of point Railroad stocks were again leaders during the advance Fe Southern Pacific, York Central and Union Pacific advancing to points before selling developed The carriers continued to hold better than industrials. which were subject to considerable pressure during the afterican Telephone which was slug gish on the advance, dipped more than point United States Steel. Santa Fe. Allied Chemical North Drug. Consolidated Gas and DuPont finished with net gains of to points. Steel ingot production has picked up since Christmas shutdown and Iron Age estimates the current ing ratio at per cent against 21 per cent The weekly report of freight somewhat smaller decline than had been anticlpated. This was the last day for "regular way" selling stocks for tax losses. must be for cash so that can be completed within the year. Sterling cables were weak, 2½ cents to Call loans renewed at per cent and later went to 3½ the highest rate of the year. Transactions in the first half hour were to to 2:10 m. 1,400,000; total. about 000 shares WALL STREET COMMENT. NEW YORK. Dec 30.-Action of the stock yesterday and early to. day suggests that end liquidat and selling to income tax has been largely completed and with this pressure out of the way. the market should have chance to recover month unless has to contend with more bad news There is feeling that good many commercial failures and bank suspensions are likely after the year-end inventories. balance sheets and income are completed but these fears may be overdrawn. Most persons interested in stocks approve the proposal repeal the capital gain and loss provision of the income tax law. as advocated by some congress. men. but they do not want it made retroactive. apply 1931 tax turns. believe that since profits from this in the last eight ten years tax that of the law sight now should be equal consideration That of the law was the served to aggravate the bull market that culminated 1929 when many men with large potential profits reluctant to sell because large part their profits would have gone to income taxes. At of York banks held New of uniform of se. was adopted The down the state banking depart ment and in the case of national banks the rules of the comptroller rency which high with only ties of will be American Can Company directors Spring MODERATE GAIN IN STOCKS. Trucks Rob Amer No Close Net chg Gas Ch Chem Dye Pow Bak Internat Fdy Radio San Safeway Woolen Auburn Pac Baldwin Webster Studebaker Sun Oil Alum Telautograph MIR Budd Calif Pack Co Mills Wabash D Continental share Fidelity Phenix Fire Insurance. $1.30


Article from The News and Observer, December 31, 1931

Click image to open full size in new tab

Article Text

HAS CONFIDENCE IN STATE BANKS From Page One.) from the Federal Bank Charlotte up Branch in currency. It was followed by truck from the Federal Richmond, $1,000,000 rency. was also lion more on the way from New Burlington and Greensboro the North Carolina Bank and Trust was fortified by from vaults closed United Commissioner Hood dered $25,000 Burlington transferred and $100,000 This transfer of funds by the State Bank ng from has charge for normally routine speeded up The positors United Bank are secured against the North Bank put up for the was last night that who had been ill for more week, left his bed and Tuesday night. to his bed here and from Director Miller the Fifth district of the National Although not soliciting business fact pointing out that two per interest, the Post Office continued swell its Savings business yes terday, and local banks was not other cities where failures. Deposits of the United Bank branches totaled $5,660,120 Paul Garrett New president Travis, The talized with $520,325.75 surplus undivided profits. Staples, executive of the United. was closed for "best interest depositors. At Wilson where the Bank failed open Tuesday, the First National and the Wilson and Savings did not open for busi yesterday. Col. Bruton president of both institutions. The First at the time its last $1, 025,000 those the Wilson Trust and Savings, $860,000. Warren eashier the First National and Barnes the Trust and Savings. The Beaufort Banking and Trust bank Beaufort, did not notice signed by President Taylor and Cashier stating was closed due the the public the inability good pay their was possible that the bank would had deposits the time third quarter $317,057. small institution, the Planters' Bank Stantonsburg, reported deposits of was president. One county failed was the Bank of Ahoskie branch deposits of Hoggard, president. The Winton Trust deposits $295,000 which McGlohon dent, closed later in the day run. Bank of Chatham Siler City deposits $280,000 closed. Jenkins was president. The State of had deposit $11,000 the United Bank and Trust Co., of by of deposit of $6,000 the Reidsville the bank, tected by $25,000 State deposit of $1,000 the Beaufort Banking and Trust Co., protected by bonds and deposit of 000 in the First protected by $10,000 in State There were no State deposits in any other banks which closed yes. terday. Taylor, liquidating agent for the State said the affairs of the United Bank and Trust had placed the hands auditors of the and and Bank Darden, Roberts and assistant Carter and Company of Raleigh was placed charge the and Trust Company and auditor, charge the Chatham. Harry Bundy City placed the Bank Ahoskie the Trust Redford Durham, the Bank Stantonsburg and and Company Raleigh the Beaufort Banking Company. Death List Grows. The death toll stood at four today early the death yesterday Miss Irene Durst, Charleston, W. Va.


Article from News and Record, December 31, 1931

Click image to open full size in new tab

Article Text

HOOD ADVISES BANKS 30-DAY RULE TO USE Invoking of Clause Requiring No. tice Withdrawals Urged to Protect Depositors. Raleigh. Dec. Hood, state comsick bed Gurney today advised of North Carolina bankers that "whereshould not necessary bank invoke the 30-day hesitate to in the interest of his teleHood, statement newspapers phoned following receipt reports approxieight had closed during mating the day the 30Hood urged the North Carolina day clause which banks to savings accounts refuse pay depositors to notice they desire 30 their funds to forestall withdraw weeks ago the state bank Several issued advising banks not to pay dends end adding the to their reserve funds state took advantage the statement and announced no be stockholders in an effort to bolster confidence Two closed banks located First National and the Wilson Trust and Savings bank John Bruton was Warren cashier of the First and Barnes was cashier of the other Deposits the First National. cording proximated while the son Trust and Savings deposits Other banks closed during the day United Bank and Trust company with Reidaville and Burlington posits Paul Banking and Trust Planters deposits president Bank with branch Bank Chatham Siler City, de- Bank and Trust Winton, deposits D. president Carter and of placed charge and Savings auditor placed charge the and Winton Bank and Trust Bank Stantonsburg Banking company. Raleigh. of the Beaufort and company James Burns Better (Special News) Dec. Burrs improving at his home in Asheboro from evening mobile an Sunday autowas but two Roy Plummer and Clarence escaped with only minor injuries


Article from The Sentinel, January 1, 1932

Click image to open full size in new tab

Article Text

ALL IS QUIET ON BANKING FRONT Support Pours Into Institutions Victims of Panicky Runs. Raleigh Expressions of confidence stability North Carolina banking today. North Carolina Bank and had complete state M. Miller director the Credit Corporation the Federal ReEight dollars additional to the bank's hand evidence the North Carolina its said bank its and withstand the raid which made some customers entirely said the bank was payments are made out. the largest corporations in United States wired their He praised the the Lean chairman of the as the its entire elientiele within and without Bank Hood issued Bank amined by us all its units and have been consolidated one statement and in our opin. the bank There no excuse for any run on this bank The Branch Banking and Trust Company at Wilson. also had un. qualified endorsement the state Runs this yesterday and the part of had subsided this Hood said there was no excuse for any runs on bank night E. of the United Bank Trust Company branches at Burlington, Santo liquidating agent. The bank He said this variation from the policy of not local man as liquidating agent, but added former of the Bank Lexington, had the short had nothing to do with the institution's Hugh Davis, of Burgaw, was named liquidating agent for the Beaufort Banking and Trust pany at Beaufort, and Ay. Coleraine liquidating agent for the Bank of at Coleraine liquidating agent for the Citizens Bank of Mount Olive the Bank of Pikeville, the Planters Bank Stantonsburg, the Wilson Trust and Savings Bank Wilson, and the Planters Bank of at Kenley and Creek No state banks closed today. al. though which closed and were operating under agreements the end of limit These the Merchants and FarmBank Garysburg and the Bank of Pauls New depositors were paid off in full the banks were returned to State Bank for The Branch Banking and Trust of branch Pauls and the Hood System Industrial Bank of Reidsville opened a at The National Bank Snow Hill and the National Bank of not open for business today of Snow Hill, was president of both.


Article from The Robesonian, January 4, 1932

Click image to open full size in new tab

Article Text

THERE'S NO SUBSTITUTE FOR HOOD ADVISES BANKERS TO INVOKE 30-DAY CLAUSE Full Confidence In Banks of North Carolina. (AP) P. ficod, state commissioner of banks. advised North Carolina bankers that necessary bank should not hesitate to invoke the clause in the interest of depositors. Hood, ill at his home here, telephoned his brief statement to Ra- THERE'S NO SUBSTITUTE FOR NEWSPAPER ADVERTISING leigh newspapers following receipt of reports that eight banks, with deposits approximating $8,869,000, had closed during the day Inst Wednesday in the state Meanwhile, at Greensboro, John M. Miller, Jr., of Richmond, directer the National Credit corporon for the fifth Federal Reserve district. said the corporation had full confidence in the banks of North Carolina and was prepared to 50 to the full length of its ability to protect them. Hood urged invoking of the 30day clause of the North Carolina banking statute, under which banks can refuse to pay savings accounts on demand. requiring depositors to give 30 days notice that they desire to withdraw their funds, to forestall "hysteria." Chief among Wednesday's bank closings was the United Bank and Trust company of Greensboro, with branches at Burlington, Sanford and Reidsville. W. Staples, executive vice president of the United, said there had been heavy withdrawais recently and loans upon which the bank was unable to realize. Two of the :losed banks were located in Wilson, the First Nationand the Wilson Trust and Savings bank. Other banks losed during the same day follow: Beaufort Eanking and Trust company of Beaufort; Planters bank of Stantonsburg; Bank of Ahoskie, with branch at Powellsville: Bank of Chatham, Siler City; Winton Bank and Trust company, Winton. THERE'S NO SUBSTITUTE NEWSPAPER ADVERTISING Three Jersey calves were purchased by county farmers from the Coastal Plain Branch Station cember.