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Bank Suspension at Winston. WINSTON, N. C., July 6.-[Speial.]The First National bank has suspended. It is believed the bank will be reorganized and resume business within a month. The National bank examiner is in charge.
12015. First National Bank (Winston, NC)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
- 2319
- Charter Number
- 2319
- Start Date
- July 6, 1893
- Location
- Winston, North Carolina (36.103, -80.261)
Metadata
- Model
- gpt-5-mini
- Short Digest
ff587f38
Response Measures
None
Description
The First National Bank of Winston suspended July 5–6, 1893 (examiner posted notice). Causes cited relate to inability to realize on assets / maintain legal reserve rather than a depositor run. The bank was reorganized and permitted to reopen in mid-September 1893.
Events (6)
1.
February 2, 1876
Chartered
- Source
- historical_nic
2.
July 6, 1893
Other
- Newspaper Excerpt
- The National bank examiner is in charge; Comptroller directed examiner to assume charge of the failed Winston bank; five national banks failed ... the First National of Winston, North Carolina, correspondent of the Chemical National, New York, with a capital of $200,000.
- Source
- newspapers
3.
July 6, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Inability to realize sufficiently upon assets to maintain a legal reserve; examiner posted notice and took charge (capital/assets/liabilities discussed).
- Newspaper Excerpt
- The First National bank has suspended.
- Source
- newspapers
4.
July 11, 1893
Other
- Newspaper Excerpt
- Conditions and plans for reorganization: Buxton appointed national bank examiner and to take charge; conditions for reopening include depositors extending payments and $75,000 cash raised.
- Source
- newspapers
5.
September 19, 1893
Reopening
- Newspaper Excerpt
- The First National Bank, of Winston, N. C., which suspended July 5, having fully complied with the conditions imposed by the controller of the currency... has been permitted to reopen its doors for business.
- Source
- newspapers
6.
February 15, 1897
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (23)
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# CONFIDENCE RETURNING. Indications in Wall Street of Better Feeling in the Money Market. Special Dispatch to The Evening Star. NEW YORK, July 6. -The professional element still controls the stock market and commission orders are scarce and hard to execute. The volume of business is still small and the course of prices remains unchanged. Money today loaned at 6 and 8 per cent, the latter being the highest loan up to 2:30 o'clock. Money accommodations are confidently expected to be more easy from now on and 6 per cent loans were quite abundant on the exchange today for the first time in many weeks. The solution of the money question means more to the speculative world at this time and would have a better effect on prices than any other one cause. With this great question disposed of and the return of gold from Europe which must soon occur in payment for our enormous exports of breadstuffs, the confidence which has been lost during this long period of depression would soon be restored and new life given to speculation. Reading's affairs are still being discussed. Master George L. Crawford has filed his report with the court and has asked permission, on behalf of the receivers, to issue $3,500,000 certificates, which, it is said, would provide for the immediate wants of the company and be very acceptable to its creditors. Five hundred thousand dollars of Speyer & Co.'s loan was paid yesterday by the Finance Company of Philadelphia and the loan extended, leaving $2,500,000 to be eventually redeemed by the Reading company. Northwest sold down to 101½ again today which is the lowest price it has touched since December, 1890, when it sold at 98. The clearing house statement for today shows the sub treasury to have a credit balance of $396,916. The payment of interest checks and coupons explain the reason for these credit balances since the first of the month. Sterling exchange advanced a point today and was quoted at 484a486. Silver was dull and opened off a point and a half from yesterday's closing price and sold down to 73, a net loss of two points. Bar silver in London was quoted at 34½. Among the stocks that showed some improvement over early figures may be mentioned Reading, which advanced a full point to 15. Burlington, from 83¾ to 84½; Atchison, 20⅞ to 21⅛; Lackawanna, 143¼ to 144⅞; Manhattan, 120½ to 122½, and sugar, 80⅝ to 81⅛. The failure of five national banks in the south and west were reported today, the most important of which was the First National of Winston, North Carolina, correspondent of the Chemical National, New York, with a capital of $200,000. At 2:45 money had dropped to 4 per cent and quite a rally set in, and the closing figures in many instances were the highest recorded during the day.
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play a part in the selection of the Speaker. The announcement that there is a possibility that Bland may be replaced as chairman of the Committee of Coinage, Weights and Measures has them to renewed efforts. Stories of an attempted combination between the free silver advocates and the Populists to place a candidate for the speakership in the field unless they have an assurance from Crisp that Bland will be retained at the head f"the committee are floating about. but are not generally credited, for, though it is openly said by some that Bland will not again be chairman of the committee, there are no facts that would warrant such an assertion. Crisp has not even intimated such a thing. Among the more conservative the impression is that Bland will lead the committee. This would not, however, indicate that the entire committee will remain. It is known that Crisp has made absolutely no pledges one way or the other. Senator Harris, President pro tem. of the Senate, says there will be filibustering in the Senate against the bill to rapeal the Sherman law. Comptroller Eckels states that from information given out in his office yesterday he directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. Mex., through a mistake. The name of the failed bank is the Albuquerque (N. Mex.) National Bank. Five national banks failed yesterday and this morning, as reported to Comptroller Eckels. They were: The American National Bank of Paeblo, Colo.; Central National Bank of Pueblo, Colo.; Puget Sound National Bank at Everett, Wash.; National Bank of Ashland, Ashland, Nebr., and the First National Bank of Winston, N. C. Comptroller Ecke's has directed Examiner Brown to assume charge of the two above-named failed banks at Pueblo, Examiner Horine of the failed Ashland Bank, Examiner Cleary of the failed Everett Bank and Examiner Carscadon of theifailed Winston Bank. The Comptroller of the Currency has been informed that the First National Bank of Los Angeles and the Southern California Bank of the same place, both of which suspended recently, will open their doors again for business within a few days. The Comptroller has also been informed that the First National Bank of San Diego, which reopened for business yesterday, has received deposits to the amount of $25,000, as against withdrawals to the amount of $8000. This is regarded as evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning. The gold in the treasury now amounts to $96,778,943.
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THE BANK IS CLOSED. SUSPENSION OF BUSINESS BY THE FIRST NATIONAL, WINSTON. Assets, $400,000; Liabilities, $125,000-May Probably Reorganize SoonTo Rebuild a Tobacco Factory. (Special telegram to the Dispatch.) WINSTON. N. C., July 6. -The First National Bank of this place suspended business to-day. The following notice was posted on the door this morning: "This bank is closed. Persons indebted to the bank by overdraft, past-due paper. etc., and on maturity of paper will please give the same prompt attention. [Signed] James T. Carakaden, National Bank Ex. aminer." The assets, exclusive of stock, are esti. maied at about $400,000. with liabilities about $125,000. INABILITY TO REALIZE. The trouble was liability to realizesufficiently upon assets to maintain a legal reserve. The opinion seems to be general that depositors will be paid in full. and there IS talk of reorganizing the bank and resuming business at an early day. The event has cast a gloom over the city, but our people are hopeful that matters will be arranged without aerious results. GOOD STOCKHOLDERS. The bank was organized in 1876. The Dukes, of Durham, N. C., and W. 8. Forbes, of Richmond, Va.. are among the large stockholders. The Bauk Examiner pronounces our other banks to be in splendid condition. WILL REBUILD. Messrs. P. H. Hanes & Co. are preparing to rebuild upon a more extensive scale their plug-tobacco factory. which was recently destroyed by fire.
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FAILURES OF WESTERN BANKS. A FEW MORE SUSPENSIONS REPORTED-TWO BANKS RESUME AGAIN. Omaha, Neb., July 6.-The American Savings Bank suspended this morning with deposits of $133,000 and assets of $239,000. It was involved in the embarrassment of the American Loan and Trust Company. through the latter's enterprise, the Omaha and South Texas Land Company. Everett. Wash., July 6.-On account of inability to realize on securities the Puget Sound National Bank. of Everett. suspended yesterday. The suspension is said to be owing to the refusal of Eastern banks to honor heavy drafts on security affirmed. No statement is yet made. The bank's capital is $100,000. Worthington, Minn., July 6.-The Noble County Bank closed its doors yesterday morning, and its owner, Peter Thompson. made an assignment. Several thousand dollars of county money are tied up. Sumas, Wash., July 6.-The Bank of Sumas suspended payment on Monday. No statement was made. but it is thought creditors will be paid in full. Topeka. Kan., July 6.-Two Kansas banks closed their doors yesterday. The failure of the Finney County Bank, at Garden City, was not unexpected. as the bank has for "Some time been in bad condition. The bank of Leroy, Coffey County, also closed. Washington, July 6.-The Controller of the Currency is informed that the First National Bank of Los Angeles, Cal., and the Southern California Bank of the same place. which suspended recently, will few open their doors for business again within a days. Controller Eckels is adopting precautions in all cases where suspended banks apply for permission to resume. to make sure that the banks are put on an absolutely sound basis before the request is granted in order to guard againt a second suspension within a short time. The Controller is informed that the First National Bank of San Diego, Cal. which reopened for business yesterday, received deposits to the amount of $25.000, as against withdrawals to the amount of $8,000. This is regarded as an evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning. Controller his Pckels states that the information given out m office yesterday that he had directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. M., was a mistake. The name of the failed bank was the Albuquerque, N. M., National Bank. Five National banks failed yesterday and this morning, as reported to Mr. Eckels. They were the American National Bank of Pueblo, Col.: the Central National Bank of Pueblo, Col.: the Puget Sound National Bank, of Everett. Wash.: the National Bank of Ashiand, Neb., and the First Na tional Bank of Winston, N. C. Controller Eckels has directed Examiner Brown to assume charge of the two banks at Pueblo. Examiner Horine of the Ashland bank, Examiner Cleary of the Everett bank and Examiner Carskadon of the Winston bank.
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An Assignment In Winston. (Special telegram to the Dispatch.) WINSTON. N. C., July 8. - Hodgun Brothers & Lunn, tobacco manufacturers, of this place, made an assignment this afternoon. John W. Hanes, of the firm of P. * H. Hanes & Co., is named as assignee. Theestimated liabilities are $50,000 : assets, $75,000. The failure is attributed to the suspension of the First National Bank.
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NEWS IN OUR OWN STATE. -Bakersville News: Thursday morning an ox wagon driven by Wm. Garland rolled into Bakersville with another load of excellent mica. The mica was from the famous Cloudland mines operated by Greene & Penland. The load contained some of the finest mica we ever saw.-Wesley McKinney, who several months ago deserted his wife and sought the glittering gold in the far West, has returned, and another woman's heart has been made glad. -Burlington News: On June 24th the mules of Mr. Weslev Atwater, aged 73 years, ran away with him. He recovered from the fall and caught the mules which had torn the wagon to pieces, and drove them to the nearest house, telling those he met that his skull was fractured, that he would die, and wanted to be carried home to die with his family. There he died. -Shelby Review: Farmers aresaid to be disappointed at the "turnout" of the wheat that has been threshed so far this year. The turnout is at least 25 per cent. less than was expected.- Some days ago Mrs. George Pruitt. who lives near Patterson's Springs, found one of her hens and a partridge setting on the same nest. The nest contained nine hen eggs and three partridge eggs. -Shelby Review: A correspondent writes us from Bladen county that a fearful hail storm swept across that county some days ago. Chickens, geese, turkeys, birds, calves and dogs were killed by the hail stones and the crops in h the pathway of the storm were totally destroyed. r a -Mr. Hutz Kizziah, of Forest Hill, Concord, has a cow which, during June, d according to the Concord Times, gave e 150 gallons of milk, or an average of 5 gallons a day, and from this milk 411/2 pounds of butter were made. -The largest lumber deal that has taken place in this section in several years, was consummated Thursday s at Marion. Messrs. Gillam & McCoy, of f that place, close a trade for about two : million feet near Greenlee. e -Bakersville News: Miss Mollie s Pritchard, of Asheville, is on a visit to her brother, Geo. K. Pritchard.-Woodfin Slagle, who has been in the Racket store at Asheville for some time, is on a visit to home folks. S. i-Two white men employed in the o lumber yards of the Golden Valley com's pany in Rutherford county were over9, come by heat Wednesday, and it is feared both will die. e -Maxton Union and Scottish Chief: : The raising of goats seems to be a growing industry. We noticed on our recent rtrip through the sand hills many berds. st -Shelby Review: Mr. R. S. Ellis has d sold his plantation, five miles south of n town, to Capt. Albert Wesson. The consideration was $1,600. -It appears that there will be plenty ie partridges. The June broods are numer ous and large. r-The First National bank of Winston y suspended, will reorganize.
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MR. DANCE CHARGED WITH ARSON Two Brothers Killed by Lightning-Reorganization of the First National Bank. WINSTON, N. C., July 10.-Special.Two brothers, Luther and John Vipman, aged respectively seventeen and thirteen, were killed Saturday evening by lightning five miles west of Winston. The boys were working in a medow when the storm came up. At the request of their father, they, accompanied by a six-year-old sister, went under a large tree. Just as the oldest brother leaned against it, a flash of lightning ran down the tree, killing both brothers instantly, and badly stunning the sister. The girl is now improving, and it is thought will live. The father and mother are prostrated with grief. D. D. Schouler, one of Winston's largest retail merchants, assigned this afternoon. with J. L. Patterson as trustee. The assets are largely in excess of the liabilities. Among the preferred creditors are Craddock, Terry & Co., Guggenheimer & Co., Lynchburg, Va.; J. P. Coates & Co., New York, and the First National Bank of Winston. Fire broke out in a furniture store here last night, but was extinguished before much damage was done. Upon investigation, it was learned that Proprietor T. A. Dance was insured for four times the value of the stock. He was brought before Acting Mayor Webb shortly after the fire on suspicion of being guilty of arson. Dance made several conflicting statements and was sent to jail. At the preliminary trial this afternoon strong circumstantial evidence was brought out. The prisoner was sent back to jail in default of five hundred dollars bond, to await the next term of court. Dance came to Winston several months ago from Danville, Va., where he was at one time a member of the city council. The First National Bank here will be reorganized If the required amount of money, $75,000. is raised. J. C. Buxton, ex-president of the bank, who went to Washington a few days ago to fee the Comptroller of the Currency about the reorganization, left that city for Richmond to consult W. S. Forbes about raising the $25,000. From there he went to Durham to see the Dukes about raising a 31mllar amount. Buxton will raise the remaining amount if the Richmond and Durham gentlemen come to the rescue. If money is not raised Buxton will be appointed receiver of the bank. The corner-stone of the handsome new Lutheran church was laid last evening with appropriate religious exercises.
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BANK REORGANIZATION THE CONDITIONS UNDER WHICH BUXTON WILL BE PRESIDENT Of the Failed First National Bank of Winston-Commission National Examiner-Mrs. Dilworth Suicides. WINSTON, N. C., July 11.-Special.-J. C. Buxton returned to-day from Washington city, where he went a few days ago to confer with the Comptroller of the Currency about the reorganization of the First National Bank, this city. While there Mr. Buxton was appointed national bank examiner. He received his commission from the Comptroller, which he brought home with him. He will take charge of the bank to-morrow morning at a salary of $10 per day, with expenses. If the following conditions are complied with Mr. Buxton will be prestdent of the bank: First. Depositors reporting at least 75 per cent. of the amount due depositors agree in writing to extend the time of the payment at least ninety days. Second That they have at the time of reopening $75,000 cash, or with reserve agents, of which at least $50,000 is other than borrowed money. Third. These conditions to be complied with in thirty days from the time of Mr. Buxton's return home. Fourth. New officers and such changes in the directory as will secure confidence in the community, If reorganization is not effected, Mr. Buxton will be appointed receiver, at a salary of $3,500 per year. The directors of the bank held a meeting this afternoon, when Mr. Buxton's report was adopted. A stockholders' meeting will be called at once, besides letters will be addressed to each one of them for the purpose of raising the remaining $50,000. which will be in the nature of an assessment. On his return home Mr. Buxton called upon W. S. Forbes, the largest stockholder in the bank. in Richmond. The latter willingly assented to the proposition to pay the assessment, and will lend his aid and co-operation in getting all the stockholders to do the same thing. Mr. Buxton feels confident that the bank will resume business within thirty days. Mrs Robert Dilworth, aged about fortyfive years, committed suicide in North Winston by taking a general mixture of poison-rough on rats, arsenic and ground glass. The deceased had been in bad health some time and became despondent. She was at home with two small children when the dose was administered.
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e Faillites de Banques et autres depuis quelques jours -Edw. J. Binford de Denver,Col., a fait faillite. Passif 218,000 dollars. L. Banque of Lesueur, de Le sueur, Minn., a ferme 8°B portes. Passif 225,000 dollars. La Albuquerque National Bank d'Albuquerque, N. M, a suspendu ses paiements. L'American National Bank de Puibla, Col., a déposé son bilan. Fermée est la Puget Sound Na tional Bank de Everett, Wash. La National Bank of Ashland, Neb., a fait faillite, ainsi que la First National Bank de Winston, N. C. M. Ward banquier de Forestville N, Y. g'est suicidé et il parait que le déposants ne verront ja mais grand chose de leurs 100,000 dollars. La Northern National BaLk de Big Rapids, Mich, a fermé ses portes. La Lloyd's National Bank de Jamestown N. D. a suspendu ses paiements. La "Normania Society" de Min neapolis a fait faillite. Passif 75,000 dollars. John L. Davie, banquier d'Auburn, Ill la Thorton Banking House de Shelleyville, Ill., et la Holt county of O'Neil, Nebraska ont fait faillite. Insolvables sont: L'Arkansas State Bank de Stuttgard. La Farmers et Traders Bank de De Wett, Ark. La Chamberlin Investement Co. de Denver, Col. A. Y. Davidson et Co. banquiers de Philadelphie, Pa. La State Bank de Shurbert Neb. La North Galveston Loan et Investement Association de Galveston Texas. La Kangas City Safe Deposit et Trust Co. de Kansas City, Mo., au capital de 300,000 dollare. Passif 1,700,000 doliars.
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The last bank to go under is the first National Bank of Winston. The public statements say, that their liabilities are only $25,000, while their assets are about $400,000. Unless this Bank is an exception to the rule, (and we have some hope that it is) the fact will develop to be that the depositors will get about 50 ets. on the dollar. We have been struck very forcibly, with nearly all of these Bank failures, with the fact that they would never have been able to pay dollar for dollar, if there had been no financial panic; that they were rotten and bound to break sooner or later, and that they simply took this convenient time to break, while breaking was fashionable, and and they could have some excuse. It will not do for the people to trust, or for the country to depend on such a rotten financial system any longer. The whole thing needs renovating and re-ertablishing on the principle of Jacksoman Democracy.
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THE First National Bank, of Winston, which collapsed a few days ago, is to be again reorganized under new managements entirely. If satisfactory arrangements can be made J. C. Buxton, a prominent lawyer of that place, will be made president. If it is not reorganized he will be appointed receiver at a salary of $3,500 per year.
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FAILU Troubles In States Banks and Merchants Cannot Main. Until tain Their Position Congress lieves the Situation. KANSAS BANK FAILURE. TOPEKA, KAN.-Two Kansas banks have closed their doors. The failure of the Finney county bank, at Garden City, was not unexpected, as the bank ER. has for some time been in bad condition. ke The bank of Leroy, Coffey county, was b. also closed. oudon A PUGET SOUND BANK FAILS. $ and EVERETT, WASH.-Or account of the (inability realine the at 1 n the has suspended. D y Sir COUNTY MONEY IN A FAILED BANK. b Sudi WORTHINGTON, MINN.--No County he he. Bank closed its doors Thursday morning. t the f Its owner, Peter Thomas, has made an amous assignment. Several thousand dollars of t es be G county money are tied up in it. about A SAVINGS BANK COLLAPSES. W or on t OMAHA, NEB.-The American Savings was tl Bank suspended Thursday with deposits club tl of $153,000 and assets of $259,000. It atrol was involved in the embarrassment of the t yman z American Loin and Trust Company, re he F through the latter's enterprise, the Omaha e was rd and South Texas Land Company. was A SPECULATOR FAILS. b wrote li OTTUMWA, IA.-A. C. Leighton, a truck ca prominent capitalist and speculator of was this city has assigned. His liabilities are id the st about $189,000; assets $890,000. riate to A TEXAS LAND COMPANY ASSIGNS. h GALVESTON, TEX.-Judge Bryan apmes, to pointed H. E. McGregor receivor of the isky be Omaha & South Texas Land Company. Agrico The liabilities are $400,000. No schedule July, of assets was filed. su burt. an THIS IS GRATIFYING tatew An analysis of the Statistics of business the in failures of the United States for the past cious ba six months by the Ghattanooga Trades derly ste man discloses the fact that the Southern rend States have withstood the financial crisis ph be Or better than any other section of the r for mi country. reDISTRESS OUT WEST. E O tw TOPEKA, KAN.-The Findlay County CO Bank, of Garden, Kan., has failed. State we Bank Commissioner Breitdenthal is there di investigating. sta AMERICAN NATIONAL BANK SUSPENDS. se are placed by the bank officers at $1,250.th 000, and the liabilities at $635,000. O. to P. H. Baxter, one of the wealthiest men in the State, is president. It is believed that the bank will be able to retio sume business shortly, because its assets Pr are in good shape. There is no excitement among the depositors of the other banks. da A BAD FAILURE. wr ho DENVER, CoL.-The failure of the Chaffee County Bank at Salida Saturday pla 1 proves to have been a bad one, and it ion. vil looks as though the institution had been looted. Liabilities, $80,000, and the par e. dis genuine assets only $8,000. Irson A NORTH CAROLINA BANK. tri avis far WINSTON, N. C. -The Frst National arn. DAUS or rul They Go day morning. It is believed that the I., me bank will be reorganized and that it will son. mu resume business within a month. ding be
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THE COURTS MUST DECIDE. Legal Proceedings Against Hodgin Brothere & Lunn, the Failed Tobacconists. WINSTON, N. C., July 13.-Special.The indications now are that the courts will be called upon to decide some of the claims against Hodgin Brothers & Lunn, tobacco manufacturers, who assigned here last Saturday. The father of the brothers, Mr. S. H. Hodgin to preferred for over $15,000; besides, it is claimed he is the owner of the factory and fixtures in which the firm did business. Mrs. Daisy Hodgin, widow of one of the brothers, is also preferred for $5,000. Some of the creditors are of the opinion that the assets of the firm are too small for the amount of business transacted. Some also entertain the idea that Mr. S. H. Hodgin, the father, who is worth considerable property, was a member of the firm, and they propose to try to hold him responsible for the debts. He is already pn endorser on several notes. Among the largest preferred creditors not already named are the People's National Bank for $5,800; First National Bank for $1,500; employes of the factory, $500; J. D. Patton & Co., of Richmond, Va., $2,052.50. Mr. Patton is now in the city looking after his firm's claims. The general impression is that unless the creditors succeed in proving that Mr. S. H. Hodgin and his sun's widow were members of the firm the creditors will realize very little when the business is settled up by the trustee. News is received here of the assignment of S. W. Grubbs, general merchart, of Walnut Cove. It appears that Grubbs owed Davis & Co., a wholesale grocery firm of Virginia, B bill of something over sent them & on the First $100. amount He National check Bank for the the of Winston the day before it failed. As check was not good the Virginia firm instructed one of its salesmen to collect the bill or take legal proceedings at once. Mr. Grubbs said he could not raise the money before a few days. The salesman contended that it must be paid at once, The merchant, failing to borrow the money, proceeded to the county seat and had a deed of assignment written and recorded Mr. Grubbs is said to have about $900 locked up in the First National Bank here.
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BEREFT OF HIS REASON. Disappointment in Love Drives a Young Man Mad-Bank Reorganization. WINSTON N. C., July 14.-Special.A rather remarkable love affair has just terminated sadly in this city. For some time a young man named Tony Thomas has been infatuated with a girl of his choice. The latter refusing to join him in holy wedlock caused Thomas to make three unsuccessful attempts to commit suicide. Each time he took laudanum, and It was through the kindness of physicians that he was kept alive. The last time he made the attempt Dr. Bynum, who was called in attendance, narrowly escaped with his life. After regaining consciousness, Thomas picked up a long paling and was in the act of "flooring" the doctor, when a friend ran to his assistance. Strange to say, Thomas is now Insane, and was yesterday locked up in fall to prevent him from committing murder. He recognized none of his friends. The physicians are of the opinion that the excessive use of laudanum has produced insanity. T. W. Grubbs, a merchant of Walnut Cove, who assigned Wednesday, is in trouble. His store is in the hands of the sheriff. Several of his creditors brought suits against him, it appears, before the assignment papers were recorded. The liabilities are estimated at $4,000 and assets at about $1,500. The outlook for reorganizing the First National Bank grows more encouraging each day. Many of the depositors have been seen and, with one or two exceptions, they all readily consent to allow their deposits to remain in the bank. Colonel J. W. Alspaugh, the last president of the bank, went to Richmond yesterday to see Mr. W. S. Forbes about some business connected with reorganization.
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WINSTON'S SUSPENDED BANK. A Favorable Effort to Reorganize the First National-Dropped Dead. [Special telegram to the Dispatch.) WINSTON, N. C., July 18.-A meeting of the stockholders of the First National Bank was held to-day to consider a proposition to assess the stock 75 per cent., looking to a reorganization of the bank. Seventeen hundred and eighty-nine of two thousand shares were represented and the proposition was unanimously adopted. Mr. Buxton was instructed to confer with the remainder of the stockbolders, which will be done at once. The result of the meeting inspires confidence in the effort to reorganize the bank. Mr. Irvin S. Miller, of Salem, dropped dead this morning while milking a cow.
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WINSTON IS HAPPY ! The First National Bank Will Resume Monday. One of the First to Go Down It Is One of the First to Recover. BETTER TIMES FOR THE TWIN CITY People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. WINSTON, Sept. 14-[Special - The First National Bank, which was closed some weeks ago by the bank examiner, and which was one of the first to go down in the financial stress, will resume business on Monday. The directors, since its suspension, have spared no labor in getting the bank on its feet again, and its re-opening is looked upon here as a sure indication of better times.
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WINSTON'S BANKS, The First National and Peoples' Soon Open. Messrs. J. C. Buxton and W. A. Blair returned last Thursday from New York City where they went a week ago to look after some finances for their respective banks-the First National and Peoples'. Both came back somewhat fatigued from the trip but wearing broad smiles, indicating that the worst was over and that their two institutions would soon be open and running as though nothing had ever happened in the shape of a money panic. A SENTINEL representative called upon Mr. Buxton at his residence for an interview. "I had all the money offered me I wanted-more than I needed. I succeeded in perfecting all Northern arrangements for opening the First National, and all that remains now for the bank to resume business is to perfect a few plans at home and then organize. THE SENTINEL will announce in a few days when the bank will resume business. Prof. Blair, who was with Mr. Buxton most of the time, also had a successful trip. There is no longer any doubt about the Peoples' resuming business, though the exact day has not been decided upon yet, However, it will be announced in a few days. THE SENTINEL was told by a responsible gentleman that a New York Insurance Company had consented to loan parties in Winsten $30,000 for five years, on six per cent interest, the day the Senate passes the Sherman bill. Let the Senate do its duty and all will be well with the country.
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Winston, N. C., Bank Resumes. RALEIGH, N.C., Sept. 14.-A special to the News-Observer-Chronicle says: After a suspension of & little over two months the First National Bank of Winston, N. C., will resume business next Monday. J. O. Baxter, who has had charge of the institution as bank examiner, was elected president. and John G. Miller, late of Danville, Va., cashier. The bank was reorganized.
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Resumed Business. The First National Bank of Winston, N. C., which suspended payment July 5, having fully complied with the conditions imposed by the controller of the currency, and its capital stock being unimpaired, has been permitted to reopen its doors for busiress.
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A Winston Bank Resumes. WASHINGTON, D. C., Sept. 19.-The First National Bank, of Winston, N. C., which suspended July 5th, has been permitted to resume business.
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Winston Bank Reopens. (By telegraph to the Dispatch.) WASHINGTON, D.C., September 19.-The First National Bank, of Winston, N. C., which suspended payment July 5th, has been permitted to re-open its doors for business. The Comptroller is advised that the Port Townsend National Bank, of Port Townsend, Washington, suspended payment on the
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STATE NEWS. Cream of the State Press-Drops of Turpentine and Grains of Rice from the East-Clusters of Grapes and Tobacco Stems from the North-Stalks of Corn and Grains of Wheat from the West-Peanuts and CottonSeed from theSouth Elkin Times: Click & C. made a shipment of 10,000 pounds of dried fruit last week. Editor Deal, of the Wilkesboro Chronicle, has been appointed postmaster at Wilkesboro. A $75,000 hotel is to be contructed at Southern Pines. The financial ar rangements are completed. The board of trustees of the Fayetteville graded school have elected Mr. J. H. Myrover superintendent. Regular passenger trains are now running on the Wilmington, New Berne and Norfolk Railroad. Mecklenburg will build a hous for the insane of the county who cannot be accomodated at the State Hospital. Western fat meat is now selling at 121 cents a pound Better raise your own pork, says the Warrenton Gazette. The North Carolina Presbyterian reports twenty five additions to its Church in North Carolina for the week. Sheriff Griffith had a barn of to bacco destroyed by fire in Arcadia township Friday, says the Lexington Dispatch. We are very near the point now where it requires a bushel of wheat to buy a pound of coffee. "says the Dan bury Reporter. Gen R F. Hoke has discovered a large bed of kaolin or porcelain clay upon his property on Beown mountain, Stokes county, N. C. This year the field trials of the Eastern associati on are to be held at Newton and not at High Point where they have been held for years. Weldon News: Mr. H. L Joyner, dealer in general merchandise at Sea board, made an assignment last Saturday for the benefit of his creditors. Mr. J. H Griffin, of Rock Rest, re ports that he killed a snake, a few days since, which measured over six feet in length. It was a coach whip. The first National Bank of Winston which suspended sometime ago, re sumed business last Monday. J. C. Buxton, Esq., is president of the bank. Alleghany Star: An eel was caught in the North Fork, at the Deep Ford, last week measuring three feet and some inches and weighing twenty pounds New York men are planting a 100 acre vineyard at Southern Pines entirely in the Niagara grape, which thrives in that sandy soil to a wonder ful degree. Kernersville News: Since our first writing we have learned the total loss produced by the cyclone exceeds our first calculation. It will doubtless reach $15,000. Washington Gazette: Mr. J. D. Cor don has another big black bear. This one was caught in Hyde county by Mr. Robt Jennett. The bear will be shipped North as was his predecessor. Las week W. W. Tellery caught a sturgeon on the fish slide near the Little Falls. He wasa fine one, weighingabout one hundred and fifty pounds, says the Rocky Mount Argonaut. Work has been commenced on the Presbyterian church at Danbury, we see from the Reporter. It will be a house of considerable dimensions, church in front and school room in the rear. We have been shown a clock by Mr. Kennedy, the jeweler, which is made after the style 1492, and is something of a curiosity, having only four wheels and one hand, says the Lincolnton Courier. A special from Asheville to the Charlotte Observer says: Dr S. Westray Battle has purchased a tract of land comprising 100 000 acres in Bun combe, Henderson and Transylvania counties. We are having much rain and we fear that the corn crop, which was SO badly blown in the late storm, will be seriously damaged. Buck wheat crops are badly damaged, says the Boone Democrat. It is said that owning to the rainy and cloudy weather tobacco is turning green again in some sections. It is also said that some cotton is sprouting in the boll and that some is rotting on the ground. A minister of the gospel in this county has applied for a position as storekeeper and gauger. In his appli cation to the collector he states that he is a minister, says the Statesville Landmark. Tom Duffy, the man who had one of his kidneys "extracted" or "amputated" a few weeks since, is now working in a shop in Gastonia, a well man. He was in Charlotte Satuday night, says the News. The Star says Mr. R bert Baugus, of Wilkescounty hasabout 12 000 pounds of honey, nearly 6,000 of which is extracted. He has sixty four stands of bees This is vouched for by our countryman, Mr. H. R. Richardson. The Pittsboro Record tells of an old bridge that was taken up in that county by some road hands under which was found which twenty two highland moccasins,