Fayetteville National Bank (Fayetteville, NC)

Episode Information

Episode UID
175601055
Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
17560 national
Charter Number
1756
Start Date
November 12, 1887
Location
Fayetteville, North Carolina (35.053, -78.878)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dd37d0584c801460

Response Measures

None

Description

Multiple episodes across decades (reorganization/reopening in 1905; earlier voluntary liquidation in 1887; later failure/receivership noted in 1928).

Events (7)

1. December 21, 1870 Chartered
Source
historical_nic
2. November 12, 1887 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank to go into voluntary liquidation at year's end to reorganize as a state bank.
Newspaper Excerpt
The Fayetteville National Bank end will into voluntary liquidation at the the go of the year and begin operations new next day as a State bank under a charter.
Source
newspapers
3. December 31, 1887 Voluntary Liquidation
Source
historical_nic
4. January 30, 1894 Other
Newspaper Excerpt
Capt. J. D. Williams, President of the Fayetteville Bank, and Mr. E. J. Lilly, assistant cashier, were the first to succumb (during the panic).
Source
newspapers
5. March 16, 1905 Reopening
Newspaper Excerpt
FAYETTEVILLE BANK ... TO RE-OPEN DOORS ... When the reorganization is perfected the bank will have a surplus of $38,000. Dr. Lilly is now likely to be re-elected president, ... On motion of Hon. G. M. Rose to some date within thirty days after reorganization, directors will make report showing the condition of the reorganized institution and the bank will re-open doors.
Source
newspapers
6. September 27, 1933 Other
Newspaper Excerpt
Receiver Resigns Fayetteville Office ... Treasury officials said today had submitted resignation ... receiver of national bank Fayetteville.
Source
newspapers
7. * Receivership
Newspaper Excerpt
Receiver of Fayetteville National seeks to recover notes ... hearing brought out the fact that the bank's failure was that the Tucker stated ... the bank were closed on August 8, because the bank at noon unable to meet Mr. Gaster's demand for $175,000 ... the defunct bank (receiver of Fayetteville National).
Source
newspapers

Newspaper Articles (6)

Article from Richmond Dispatch, November 12, 1887

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Gin Bagged- Other News. [Special telegram to the Dispatch.1 N. C., November 11.-A house, in which a Williams was asleep, was and burned was fell named fired Pitt RALEIGH, county George Williams house negro not awakened until the roof of the of the on him. When he got out that in he was so terribly burned rests building in a few hours. Suspicion Best, another negro. on and made a full he arrested died Esseck confession. white He man, was He said that Godfrey Elks, a belonged hired him to do it. The house desired Elks and was insured. Elks declared to obtain the insurance. Best at that to he thought Williams was absent and the time he fired the house. Elks in Williams are both under arrest and jail. The dam of Hope Mills Cotton-Facto near Fayetteville, has been swept of away. ry, It will cause a suspension work for several months. The Fayetteville National Bank end will into voluntary liquidation at the the go of the year and begin operations new next day as a State bank under a charter. Duncan Miller (colored), aged twenty ob has been arrested for placing structions years, on the track of the Short- AllCut railway in Harnett county last He gust. The evidence is direct. was to captured at Kenansville, and is in jail be tried next week. A large posse of deputy revenue col- of lectors have made important seizures illicit distilleries and material in Cleve- Buff land county. They captured Peter and two men named Pruett. Last year the body of an unknown white man was found in Catawba river, Tredell county. Ever since the identity coroner has made efforts to discover the found of the corpse It has just been out that it was that of a peddler named Ashe Gaff, whose headquarters were in county. The large cotton-gin of Best Brothers burned Greene county, was at the Shine, day before yesterday. Loss, $3,000. was No insurance. Considerable cotton also burned. William F. Askew, a well-known Falls resident of this county and owner of the this of Neuse paper-mills, died there morning ;aged sixty three. Heury D. Coley, who for years published the North Carolina Alinanac here and was for several years State Librarian, home was stricken with paralysis at his here last night. His age is seventy. His condition curious is critical. case was tried this week at A the very Superior Court of Orange county. Albert Colonel J. I. Allen was sued by Johnson (colored) for $5,000 damages from for taking Johnson's wife away verdict him. The jury returned a for Johnson for $2,900 The excitement in the cotton market great. has been for the past few days very The rapid advance prices caused sensation. The question was asked It caused the sharp increase in prices. s a a d in reply by farmers here that reason was the miscalculations is in other words, requires 1,200 pounds to perhaps short of the this year cropestimates. Cotton ginning while yield are bale, this it large and heavy in 80 1,400 pounds of often usually 00-pound remarkably requires season the bale. cotton seed that In the seed to yield 400-pound parts of this State this fact is noted. This It so here now to a large extent. fact is of course reduces the estimates elements very materially. It shows how many enter into calculations on the crop. The East Carolida Land and county Railway of Company has applied to the to aid Craven for 840,000 subscription Newt in the building of railway from for a berne to Washington, N.C., and $60,000 subscription to aid it in building (in connection with the Wilmington, railroad) a Onslow and East Carolina railway from Newberne to and Wilmington, Onslow through Jones, The people Pender, of Newberne are counties. stirred up by the projected ex- of greatly of the Scotland Neck branch to tension the Wilmington and Weldon railway Washington. This will, unless counter- Newaction be taken, seriously injure also fear berne'strade. The Newberneites will the Wilmington and Weldon that build a branch to tap the fertile both section, sides. and thus cut them off on The election on a $60,000 subscription, is orthe same as the one mentioned, in dered to be held December 27th, measure It is said the Onslow county. will be carried. The fairs at Fayetteville and Tarboro successended to-day. Both were very ful. It hasbeen decided to establish another Duplin home for orphans at Magnolia, institutions county. There are now four for orphans in the State. Wilmington's increase in cotton rethis season is over F. King, the editor Knights of ceipts Mr. of C. the 30,000 Labor bales of of this the has written an open ply to All inquiry as the legislation it State State, plans organ of his It says order that and to as the to purposes letter children legisla- in and desires. tion it asks a law prohibiting factories, under fifteen from working in and mines the weekly payment shops, in money, not in script of employees of ten hours a lawful day work the making women when doing the same pay receive men's health measures looking to to safety of employees work and stringent as men to attention the people of working of the convict Mr. King says: In a system. the the abolition grievances for contract justice. word, Knights of Labor ask be semblance of law that can a and twisted to suit but the of moneyed warped Not the monopolists, the conve- rightby the strong arm of a of paternal government and privileges to which of eous guarantee rights nience and every neither citi- the entitled." He says that zen is political parties has it workingmen's wants, and general the the present the that satisfie is which makes of talk among North of a to-day the this topic workingmen political fact party. formation Carolina new Rev. W. M. Clarke, of Chapel Hill, of accepted the call to become rector this the has Church of the Good Shepherd, city.


Article from The State Chronicle, June 10, 1893

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United States Circuit Court. The following business was transacted in this court yesterday before Judge Seymour. EQUITY CALENDAR. John S: Gilling & Co. and others in behalf, &c., against the Gay Manufacturing Company et als.; petition of the receivers; answer of the GayManufacturing Company thereto, and decree thereon filed. Elliott Brothers vs. Latham & Skinner; judgment striking out part of answer and giving time for taking evidence filed. The State Trust Company of New York et al VS. the Eastern Carolina Land, Lumber and Manufacturing Company et als.; decree filed. The Phoenix National Bank et al. VS. Frey Bros. et al.; order of survey filed. CRIMINAL CALENDAR. United States vs. L.L. Hines, of Johnston county; illicit distilling; the jury, after being out all night, returned a verdict of not guilty. United States VS. A. P. Hatcher, of Johnston county; indictment, illicit distilling; defendant pleads guilty; defendant sentenced to 3 months imprisonment and fine of $100. United States vs. same defendant; indictment, removing and concealing spirits, &c.; defendant pleads guilty; defendant sentenced to 3 months imprisonment and fined $200. United States vs. same defendant; indictment, dealing in liquor without paying special tax; defendant pleads guilty; defendant sentenced to 3 months imprisonment and fined $100. The imprisonment in the last two cases to be concurrent with imprisonment in the first case. United States vs. John Jordan, of 9 Johnston county; indictment, illicit distilling; defendant submits; judgi ment suspended upon payment of costs. 3 t United States v3. E. F. Moore, of 9 Cumberland county; indictment, under section 5209 revised statutes, : president of National Bank em9 bezzling funds. The following witnesses were examined in behalf of the government, 9 to-wit: Geo. P. McNeill, late cashier of the Fayetteville Bank; Gen. W. t G. LeDuc, the receiver of said bank 9 B. G. and D. G. Worth, of WilmingI ton, N. C.; J. D. C. McNatt, B. F. McLean and Maj. John W. Scott. The defendant introduced no witg nesses. The United States is rep. resented by C. A. Cook, Esq., Disg trict Attorney, and Thos. P. Devereux, Esq., his assistant, and the defendant by Messrs. Geo. M. Rose, of e Fayetteville; C. M. Cooke, of Louise burg; W. W. Fuller, of Durham, and Geo. H. Snow, of this city. The f . opening speech was made by Mr. Fuller first to the court and then to 1 the jury. Mr. Devereux followed . for the government. Pending argument of counsel court adjourned until this morning at 9 o'clock. e Counsel will speak this morning in the following order: Mr. Snow e for defendant; United States Attor t ney C. A. Cook, and C. M. Cooke Esq., will close for the defence.


Article from The Progressive Farmer, January 30, 1894

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ANOTHER BIG CRASH. It has been said, and it is true, that this is a rich man's panic. Most of the poor men failed long ago and others are too poor to make an assignment. True, some of the rich are reaping a harvest out of the misfortunes of both poor and rich, but it is only a question of time, and not long off, when the very rach will find their l-gotten gains an elephant on their hands. We notice that some of the supposed rich men who are failing were known to be ene mies of the reform movement. They ridiculed and hissed the very name. While we are sorry for them, we hope they will learn a lesson and act like sensible men hereafter. A few days ago certain creditors asked that a receiver be appointed for the Cape Fear & Yadkin Valley Railroad. This was done. The liabilities are placed at about $650,000. This has precipitated other assignments. Capt. J. D. Williams, President of the Fayetteville Bank, and Mr. E. J. Lilly, assistant cashier, were the first to suc cumb. Since that the Julius A. Gray estate and Dr. D. W. C. Benbow, Greensboro. have assigned. Capt. J. E. Gilmer, Winston; Col, Jno. T. Morehead, Leaksville; Dr. W. A. Lash, President of the C. F & Y. V. Railroad; W. A. Moore & Bro., Mt. Airy, and other wealthy men have assigned. They were all interested in the railroad and in the North State Improve ment Company at Greensboro.


Article from The News & Observer, March 16, 1905

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Circulation Leads all North Carolina Dailies in News bank deserving the support and conment is much improved and her fidence of all who may trust their family and friends are very hopeful money in our keeping. for her recovery. The meeting adjourned on motion FAYETTEVILLE BANK Miss Upchurch underwent a very of Hon. G. M. Rose to some date withTHE SOUTH BOUND painful and dangerous operation some SAVAGE BATTLE in thirty days after reorganization, two or three years ago, and has suf(exact date to be fixed by president), fered much since that time from the which directors will make report shock sustained then and from neushowing the condition of the reorrasthenia. TO RE-OPEN DOORS ganized institution. When the reorIt is so good to see this lovely young ganization is perfected the bank will girl who has been kept in so long have a surplus of $38,000. Dr. Lilly is NOW A CERTAINTI by disease out and walking around BELOW TIE PASS likely to be re-elected president, his again. choice seeming to be demanded. On account of small-pox there have Stockholders Decide The has One country depositor, who been no services at Swift Creek church $15,000 on deposit voiced the general since last December. On Sunday, feeling by saying that if "Dr. Lilly reMarch 19, at 10 a. m. they will have As the Giant Scheme is Unfolded Its Widenir mains at the head I will not take out a on Early Reorganization Sunday school at 11.30 a. m. Pastor cent." Dr. Lilly received a letter from Japanese Attack Repulsed With Frightful SlaughtC. Almon Upchurch will preach. the president of one of the strongest and best managed banks in the counIN THE CASE OF ARROWOOD. Circle Stretches Southward and Embraces try today saying, "If in the process of er, Russians Advancing Over a Field Strewn STOCK TO BE SCALED the bank's reorganization, you need Sentence of Dismissal Will Probably funds we could probably supply you the Panama Canal. be Approved by the President. to the extent of a quarter million and With a Thousand Dead. would be glad to make you special (By the Associated Press.) The Institution Was Solvent and Surrate. Command us if can be of serWashington, March 15.-It is stated vice.' at the Navy Department today that the Receiver Gray has in good banks plus Sufficient to Pay Shortages sentence of dismissal in the case of AWAY TO CHARLESTO over eighty thousand dollars ready for KILLED BY CHINESE has had a very prosperous career and Midshipman Milton W. Arrowood, been removed to Santoupou a point the purposes of reorganization. of Cashier and Teller. Act of Diwill now issue stock, of which the who was convieted by court martial on


Article from News and Record, March 30, 1928

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DECISION IN BANK CASE RESERVED BY MEEKINS Receiver of Fayetteville National Seeks to Recover Notes From County Treasurer LEARN CAUSE OF FAILURE (Special to Daily News) Fayetteville, March 20. Judge Isanc M. Meekins at 6:30 this evening adjourned the spring term of his federal court here after reserving decision equity suit brought Charles Draper. the Bank of etteville, David Gaster, coun- Fay. of county, for the listed notes the among assets of the defunct bank. The receiver seeks to have these contending replaced with the other assets, that their possession the preferred credAttorneys for the tention for Mr. Gaster this con- and and urer entitled the treaslateral original character of colfor security county deposAfter oral testimony and sides placed affidavits of law in hands that of the judge, and he stated he would his declThe who testified were Mr. Gaster, H. Tucker, active vice president bank the time of its closing: Dr. the board: John Highsmith, H. Culbreth. president, W. C. Grant, ascashier. terest From the the standpoint of public Inmost brought out by the hearing was thing the fact that the real he bank's failure was told for the first time. that H. the Tucker stated in his testimony were closed on August 8, because the bank at noon unable to meet Mr. Gaster's demand for $175,000 to county note due on that Mr. Gaster had prenotified them that he would need $200,000. and arrangements meet this quirement, said Mr. Tucker, but then the county later told them he would have to have more He was then informed would "mightly hard to get," and was asked to obtain an extension of time. This Mr. Gaster did. The time was extended 15 days. But was later notified that the time would not be beyond August Mr. Tucker testified-and by Dr. Highsmith and was Mr. Mr. Gaster security for deposita when they solicited and obtained deposit of million dollars, the pro-


Article from Washington Daily News, September 27, 1933

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Receiver Resigns Fayetteville Office Washington, Sept. Treasury officials said today had submitted resignation national bank Fayetterille, would appointed very McCorkle resignation would accepted, was said, the date of the new appointment.