Article Text
P A Winston Bank suspends. WINSTON, N. C., Aug. 18.-[Special.]The People's National bank has temporarily suspended because of inability to get currency.
Peoples National Bank (Winston-Salem, NC)
Episode Information
- Episode UID
429201124- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
-
42920national - Charter Number
- 4292
- Start Date
- August 18, 1893
- Location
- Winston-Salem, North Carolina (36.100, -80.244)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
3afd3260d964ce9d
Response Measures
None
Receivership Details
- Depositor recovery rate
- 17.5%
- Date receivership started
- 1931-06-29
- Date receivership terminated
- 1937-01-30
- OCC cause of failure
- Governance
- Share of assets assessed as good
- 26.9%
- Share of assets assessed as doubtful
- 37.2%
- Share of assets assessed as worthless
- 36.0%
Description
Articles document a temporary suspension and reopening in Aug–Sep 1893; later, separate receivership/closure in 1931.
Events (5)
1.
April 28, 1890
Chartered
- Source
- historical_nic
2.
August 18, 1893
Suspension
- Cause
- Correspondent
- Cause Details
- Could not obtain currency from correspondent/depository banks (balances due from Richmond, Baltimore and other cities); inability to realize on securities.
- Newspaper Excerpt
- Owing to the fact that we cannot secure currency and that we are unable to realize upon our securities the business of this bank is temporarily suspended.
- Source
- newspapers
3.
September 21, 1893
Reopening
- Newspaper Excerpt
- The People's National Bank ... after thirty days suspension, resumed business this morning. The capital, surplus and undivided profits are unimpaired.
- Source
- newspapers
4.
June 25, 1931
Receivership
- Newspaper Excerpt
- The bank closed its doors June 25, 1931. W. H. Spradlin, receiver, of the People's National
- Source
- newspapers
5.
June 29, 1931
Receivership
- Source
- historical_nic
Newspaper Articles (22)
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TEMPORARY SUSPENSION. The People's National Bank Could Not Get Sufficient Currency. WINSTON, N. C., August 18.-Special.The People's National Bank suspended payment temporarily this morning, owing to the impossibility of getting currency to transact the day's business. There were balances due the bank at Richmond and other cities, but currency could not be obtained from them. The following notice was placed on the bank door: "Owing to the fact that we cannot secure currency and that we are unable to realize upon our securities the business of this bank is temporarily suspended. "W. A. BLAIR, (Signed) "President." The announcement took the people somewhat by surprise, as the bank was known to be in good condition. At the request of the Comptroller of the Currency Bank Examiner Buxton took charge of the institution. President Blair left for Washington to-night to see the Comptroller about the necessary arrangements for reopening the bank. Tobacco Warehouses Closed. DURHAM, N. C., August 18.-Special.At a meeting of the Tobacco Board of Trade to-day owing to the scarcity of currency the farmers were advised to bring no more tobacco into town. Our banks are all right, but the tobacco buyers buying on foreign markets cannot see their way out. The warehouses have closed here for a few weeks.
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Forced to Close Its Doors. [Special telegram to the Dispatch.] WINSTON, N. C., August 18.-The People's National Bank of this place was forced to close its doors this morning on account of inability to realize upon its assets. National-Bank-Examiner J. C. Buxton is in charge. The bank seems to be perfectly solvent, and it is hoped the suspension is only temporary. The suspension was precipitated by failure to receive funds from the bank depository in Richmond and at other points.
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People's National Bank of Winston Closed. Washington, Aug. 18. - Controller Eckels was to-day informed that the People's National Bank of Winston, N. C., capital $100,000, has suspended.
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LATE TELEGRAMS BOILED DOWN FROM PRIVATE SPECIAL AND OTHER SOURCES. Mexican finances are brightening. New York stock market is stagnant. Hondo City votes to incorporate 51 to 54. Mexico is negotiating no loan as reported. Church robberies in Mexico are epidemic. Laredo schoolsopen on the 2nd September. People's national at Winston, N. C., suspends. City Taylor has received 165 bales of new cotton to date. Steamer Bismarck brings to New York $4,195,185 in gold. The Populist resolutions, passed at Waco, are very lengthy. J. B. Mitchell has applied for the Corpus Christi collectorship. That case of smallpox*in Wilson county cost that county $600. Cloture will be applied to the Home Rule bill next Friday. New York clearing house loan certificates foot up $37,880,000. Le Mars, Iowa, records four bank failures, but all will soon resume. Mexico will foster all new industries that promise any success. Rifle contest, department of Texas, is in progress at Fort Clark. London is preparing for a great fall in the price of India exchange. Mohammedan prayer day passed in Bombay without incident, all quiet. Serious charges are preferred against Governor Garza Galan, of Coahuila. Dallas banks will assist actual dealers in cotton but no money to speculators. Emory Sullivay kills John Lowry, at Hot Springs, Ark., alleging self-defence. Clark and Nugent "Hello, old boy" each other at Waco, in the hotel corridors. New Orleans complains of short money for moving cotton, and Houston ditto. Dr. Wilson, Carroll county, Tennessee, shoots Polk Alexander and then shoots himself. Santa Fe coal mines, Ks., will stand by their old offer to the miners, but no more. Bradstreets reports positive increase in demand for dry goods at St. Louis and Chicago. World's fair managers allow a prize fig ht on the ground, to the scandal of the humane. Public sentiment at the national capital is growing stronger against seduction Breckenridge. The People's party have Waco in possession this week, and give Cleveland a hot scoring. Ten-year-old son of S. L. Lawton, of Dangerfield, burned to death in a barn on his father's lot. The San Francisco collector of internal revenue will not resign, preferring to be bounced. The unemployed in New York are making a monster parade asking for work and for bread. Nat Q. Henderson has found his long lost political home in the bosom of the Populist party. It is thought at the National capital of Mexico that Coahulla may be put under martial law. ... i
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NORTH CAROLINA BANK. WASHINGTON. Aug. 18.-Comptroller Eckels was today informed that the Peoples' National bank of Winston, N. C., capital $100,000, had suspended.
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WINSTON IS HIT AGAIN. The People's National Bank Suspends Payment. WINSTON, N. C.-The People's Na. tional Bank suspended payment temporarily, owing to the impossibility of getting currency to transact the day's business. There were balances due the bank at Richmond, Baltimore and other cities, but the currency could not be obtained from the banks there. The fullowing notice was placed on the bank door: "Owing to the facts that we cannot secure currency and that we are unable to realize upon our securities, the business of this bank it temporarily suspended. W. A. BLAIR, President." The announcement took the people somewhat by surprise, as the bank was known to be in good condition; besides, it has been carefully managed, and every remittance and every, collection is paid up to date.
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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. SECRETARIES GRESHAM and Carlisle and Postmaster-General Bissell have returned to Washington from Deer Park and Oakland. COMPTROLLER ECKELS has permitted the Greely national bank, of Greely, Col., to resume business. MINISTER BLOUNT has returned from Honolulu, and while he declines to talk it is believed that he favors sustaining the present provisional government. THE president has sent to the senate the nominations of Charles H. Page as collector of customs for Oregon and Jefferson A. Huff as judge of probate in the county of Grand, Utah. THOMAS F. Oakes, of New York; H. W. Paine, of Milwaukee. and Henry Crouse, president of the Missouri, Kansas & Texas railway, have been appointed receivers of the Northern Pacific railway. THE situation in congress is so mixed that there is great doubt as to what legislation can be enacted. No unconditional repeal bill can be passed, and if a free coinage bill is passed it is believed that the president will veto it. A BILL has been introduced in the senate to increase by ten the number of Cherokees entitled to allotments in the strip and if this passes it will mean a still further delay in the opening. SECRETARY GRESHAM is not satisfied with the Behring sea decision, because it will put the United States to a great deal of trouble and expense in guarding the seals. HARTER, one of the anti-silverite leaders, fears that the bill for free coinage at the ratio of 20 to 1 will pass the house. THERE is no foundation for reports that the administration intends to discipline silver democrats. IT is believed that Henry Loomis Nelson, a Kentuckian, now a resident of New York, will be made director of the mint. SECRETARY SMITH has finally consented to appoint an allotting agent for the Kickapoo lands, and there is at last a prospect of getting that reservation open to settlement. J. LOGAN CHIPMAN, congressman from the First Michigan district, is dead. SECRETARY SMITH was shown a dispatch to the effect that the Atlanta Journal had called upon congress to pass a free coinage bill. The secretary said no significance should be attached to the editorials of this paper on account of the fact that he still holds a block of its stock. E. O. LEECH, ex-director of the mint, Delieves that the Wilson repeal bill will pass the house, but that the senate will amend it so as to provide for free coinage of silver at a higher ratio, which will not be acceptable to the president. SECRETARY CARLISLE has requested the resignation of J. W. Flanagan, colloctor of customs at El Paso, Tex. COMPTROLLER ECKELS has been informed that the People's national bank of Winston, N. C., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress.
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MISCELLANEOUS THE Bruis photographic telescope, made by Alvin G. Clark, of Cambridge, after designs made by Prof. Edward C. Pickering, of Harvard university, was successfully tested on the grounds at Mr. Clark's workshop. COL. BRENNAN, who led the mob in the recent Denver lynching, has been acquitted. AT Herne Hill, London, F. J. Osmond covered with his wheel two miles in 4:24 2-5 thus beating the world's two mile bicycle record. THE Oliver Iron & Steel Co., great into the Pittsburgh, Pa., has gone hands of a receiver. A GANG of men have been arrested in Biskupitz, Croatia. The men have for years made a trade of crippling young children and then sending them out to beg or selling them to others for the same purpose. Tworobbers boarded the 'Frisco train near St. James, Mo. They compelled the messenger to open the safe. After taking the contents they pulled the bell cord and escaped when the train stopped. AN appeal of the Lafayette opera house riot case has been filed in the supreme court at Indianapolis. A FAMILY of nine persons were poisoned by drinking from an Indiana well. Three of them cannot recover, ARMED forces met in the outskirts of r Piedras Negras, Mexico, but the citie zens readily submitted to the federal y forces. d THE Iron Trade Review says there will be a still further reduction of the output of pig iron in August, because y of the small demand. The only enr couraging feature is the activity of the d steel mills at Pittsburgh. e THE street car employes of Superior, s Wis., struck, owing to a 20 per cent. hcut in wages. heTHE German-American national bank, S of St. Paul, which suspended a few of days ago, will resumè business just as n soon as the necessary formalities can be complied with. TEN men were killed and twenty-six owounded in a fight on the streets of in Aigues-Morles, France, between French nand Italian workmen. cy THE national bank of South Pennes sylvania, at Hindman, Bedford county sh has closed its doors. at Six thousand boxes of oranges which ed came over on the steamer Karamania nd which was detained at quarantine some xdays ago, were sold at an average pried ed of a little over $2 a box. A BILL to foreclose a mortgage o ed $14,668 was filed against the company mowning the John Brown fort which wa exrecently taken to Chicago for exhibi tion. The bill alleges that the exhibi nd tion has been a failure. k, COMPTROLLER ECKELS has been in en formed that the People's national ban ar. eat of Winston, N. C., capital $100,000, ha on suspended. THERE appears to be a concerte a move in labor circles to forward a en th "many of the unemployed to Washing ton as possible, so that their condition may be visible to congress. THE San Francisco Examiner say caose that the attacks on Chinese are due th the government not enforcing ror ew Geary law. THE wholesale grocers of Memph as have issued notice that they will SS am bog product for cash only hereafter.
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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. THERE is no foundation for reports that the administration intends to discipline silver democrats. IT is believed that Henry Loomis Nelson, a Kentuckian, now a resident of New York, will be made director of the mint. E. O. LEECH. ex-director of the mint, believes that the Wilson repeal bill will pass the house, but that the senate will amend it so as to provide for free coinage of silver at a higher ratio, which will not be acceptable to the president. SECRETARY CARLISLE has requested the resignation of J. W. Flanagan, collector of customs at El Paso, Tex. COMPTROLLER ECKELS has been informed that the People's national bank of Winston, N. C., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress. SECRETARY CARLISLE has given to Senator Voorhees a statement of what it would cost to recoin the silver money of the country at the ratio of 20 to 1, if such be adopted. THE government receipts for nineteen days of August were $15,640,000; receipts for fiscal year, $46,545,776. Expenditures for month, to date, $22,295,000; expenditures for fiscal year, $61,882,888. SPEAKER CRISP on the 21st announced the new committees. To the surprise of many Wilson succeeded Springer as chairman of ways and means and Sayers displaced Holman on appropriations. THERE are some members of congress who believe that by the middle of September it will have been demonstrated that no compromise can be reached on the silver question and an adjournment will be taken. SENATOR CHANDLER has introduced a resolution declaring that John Martin was never legally elected senator from Kansas and is not entitled to the seat. THE marine hospital bureau has received a telegram from Dr. Porter. state health officer of Florida. stating that there is no yellow fever at Tampa. Another dispatch reports a new case of fever at Brunswick, Ga. THE president has issued his proclamation opening the Cherokee strip to settlement at the hour of 12 o'clock noon, central standard time, Saturday, September 16. THERE is a "sport that China will not retal:ate for the Geary law until after the next session of congress.
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WINSTON IS HAPPY ! The People's National Bank Resumed To-day. Everything All Lovely and the Capital and Accounts G. K. ALL THE BANKS OF WINSTON IN IT This Shows That the Hard Times Are Coming to an End in the Progressive Twin City. WINSTON, Sept. 21.-[Special.]-The People's bank, of this city, after thirty days suspension, resumed business this morning. The capital, surplus and undivided profits are unimpaired. All the Winston banks are now transacting business as usual before the panic. DAILY SENTINEL.
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Winston, N. C., Bank Resumes. The People's National Bank of Winston, N. C., which suspended payment August 18, has been permitted to reopen its doors for business.
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Another Winston Bank Reepens. (By telegraph to the Dispatch.) WASHINGTON, D. C., September 21.The People's National Bank, of Winston, North Carolina, which suspended payment August 18th, has been permitted to reopen its doors for business.
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PEOPLES' NATIONAL BANK ITRESU MED BUSINESSTHURSDAY MORNING. Capital, Surplus and Univided Profits Unimpaired-No Assessments Made on Stockholders. Winston now has no closed banks! The Peoples' resumed business Thursday morning at the old stand. Thirty days ago the bank suspended payments, temporarily, owing to a lack of currency. Be itsaid to the credit of the institution, the capital, surplus and undivided profits were unimpaired, hence there were no losses to anybody. Another fact worth mentioning is that the bank resumed business without making any assessment on the stockholders. President Blair tells THE SENTINEL that the bank resumes business with better backing and stronger resources than it ever had before. Nearly all of the depositors have signed an agreement not to check for a given time, but the management will place all amounts to the accounts subject to check as soon as possible.
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RECEIVER TO APPOINT DEPOSITORS COMMITTEE Winston July 18.-A depositors committee, of men of mature judgment, will be appointed voluntarily by W. H. Spradlin, Jr. receiver, of the People's National The receiver, anxious to get every penny out of the assets in liquidating the bank. determined to protect the depositors far as is humanly possible. Therefore the determination to draw around bimself an advisory of men directinterested in ehalf of the depositors. He also announced that he had no plan to buy the bank, as reported
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RECEIVER READY FOR CLAIMS AT LOCAL BANK Open Doors Defunct Peoples National Bank So Depositors May File Proof of Claims. BEING LIQUIDATED Claims Will Be Attested and Depositors Issued Receiver's Certificates, Which Are Negotiable. L Bank be Nabbed With Pal, Philpot, He Admits Holdup of Filling Station Man in Forsyth County. OWES 29 YEARS Convicted With Summerfield Martin for Murder of Automobile Dealer.
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Prompt Co-operation Be Effective Entrance of the Federal Reserve Bank as general creditor of the defunct Peoples National Bank came just at a time when the receiver, W. H. Spradlin, was about ready to issue dividends to depositors. But it should be recognized that, unfortunate as the situation may be, the claim the Federal Bank is legitimate one and must be given the same consideration as those of other creditors. By trading notes to the Federal Reserve Bank for cash, the local bank made itself responsible as debtor to the federal institution in event collection on the notes could not be secured. In number of instances these notes have liquidated very slowly, if at all, hence the federal bank has taken the only recourse open to entering the field as general creditor against Peoples National The receiver has achieved a remarkable record in liquidating the assets of the Peoples Bank thus having collected one-sixth of the loans due and thirteen per cent. of the total assets of the bank during the first three months. He states that borrowers on notes held by the Federal Reserve Bank will pay up their obligations immediately, the indebtedness to this institution can be liquidated. thus affording larger dividends to the depositors of the insolvent institution. Prompt co-operation with the receiver in effecting the liquidation of the reserve bank indebtedness is therefore essential. Certainly an honest effort to meet obligations in this respect can do the debtor no harm and will result in lasting benefits, not only to the depositors, who can III afford to lose their but savings, to the community as whole.
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Bank Receiver To Sell Safety Deposit Boxes All persons having safe deposit boxes at Peoples National Bank are asked by the receiver. W. H. Spradlin, call at the bank and the arrange contents at once. The receiver has received good offer for and sell them right is boxes rented arrange to having transfer their Mr. states that those Spradlin who are unable find place for their valuables may be lowed to use some other boxes available the bank. but this would probably apply only limited number. In all assets possible to cash, the or to the liquidating the bank the best interest of all creditors. The the safe deposit boxes of is step in this direction.
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Bank Receiver Answers Suit Liability for Loss of Money in Firemen's Relief Fund Denied yesterday to the of and Deposit Company of Peoples National til against wherein the denies any the part of the ank account for depositof by the W Holcomb to credit of the Relief and later withdrawn by him. The indemnity company the bank negligent in former $61 and for relief money belonging the The bank counters this of the in that the failed to properly supervise the of at conduct that these functionaries never the bank to the ledgers otherwise check part of the fund deposited in Bank Holcomb was accountable to the and were charged by of the fund. the Yet these trustees any treasurer the prepared attorney to receiver, that the ademnity provided bond treasurer of the pledging duties such. In further defense the answer more than three ntervened the filing of the the of Holcomb the treasurer's for the The Firemen's Relief consisted $23,000 amount deposited with cording to information
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BankAidReady Says Hancock Congressmen Peoples Bank Receiver Should Ask Loan Is First Step Will Expedite Application, He Says By WALTER BROWN March Finance Corporation has assured Representative Frank the Fifth North Carothat it the aid defunct Peoples National Bank Winston pointed that action could be taken the filed with corporation its made application for and to pay the Hancock personally talked with officials and assurance of its given co-operate the the in giving relief the depositors. Absurd Haneock the statement made officials of the treasury by last week that dividend could be paid 60 absurd. He said under between with proper treasury the struction dividend could be the The North that of the appropriated marked" for specific purpose granting depositors have their funds tied secure aid from Finance by the bank the for just he steps to expedite proper much Dividend H It was learned the has written to Salem currency in department or five treasury dividend be paid the Collections short of and fallen reason divithe The bank dend has been on June The comptroller the (Continued on Page Twelve)
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SWIMMERS OPEN WOULD COLLECT CLASSES SOON SUM OF $25,300 Winston-Salem Bank Receiver Seeks to Collect From Fidelity Company W. H. Spradlin, receiver of the Peoples National Bank of Winston, filed suit in federal court Wednesday to collect $25,300 from the United States Fidelity and Guaranty company. an amount claimed due because of abstractions and misapplications alleged to have been made by employes of the defunct bank The guaranty company, with main offices at Baltimore, Md., is being sued under the provisions of an alleged bankers' blanket bond indemnifying the bank to the extent of $50,loss the acts of dis000 against by honest bank employes bond was issued The indemnity March 1928. according to the complaint filed by Mr. Spradlin. former resident of Greensboro The bank closed its doors June 25, 1931. In Case. sets forth that the The complaint bank's capital stock was never more than $175,000. It calls attention to the federal laws making it crime for officials to lend any one person one time amount more than cent of the capital stock of per bank. The complaint recites that while the bond was effect Taylor M Simpson, an employe of the Peoples bank, collusion with other employes of the bank. fraudulently abstracted and misapplied funds the bank in making unlawful loans H. Spaugh. The complaint alleges that the in question were in excess of bank's instance and in others wherein the of Registration For Free Swimming Lessons Already Started At Y. M. C. Men and boys are now registering the M. for the annual free school which will get under way the M. A. pool starting Monday of next Special is called to the fact that two classes have been provided for men this year by the school. The instruction for this group will be given o'clock each night during the was pointed out that there were almost as many men in city who are unable to swim there are is estimated that per cent one in every four who have not learned to Confidence Method. The confidence method of teaching swimming will be used in all classes. This method of instruction has recognition in many parts the country, and has been adopted by many and camps. The advantage offered by this system that it produces confidence confidence produces the swimmer. Many have actually been taught to swim in one lesson by this method. Swimming one of the best forms of exercise and recreation that one use and is expected that the pool will be crowded each day next week with folks who are anxious to learn this useful Ten classes will be held each day starting Monday and the enrollment will be limited to 300
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Made Parties To Suit Started By Bank Receiver Judge Johnson Hayes signed motion federal court Wednesday making Spaugh Taylor Simpson, parties the suit brought by lin, receiver Peoples National bank Winston against United States Fidelity Guaranty company several weeks In this action the receiver sues the guaranty company and Spaugh and for recovery of because alleged illegal which Simpson, bank employe, made to Spaugh and others before the closed year. The guaranty company filed answer Wednesday denying liability.