Commercial National Bank (Raleigh, NC)

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CLOSE IN BURLINGTON AND RALEIGH, N. C.

RALEIGH, Dec. Commercial National bank, largest independent financial institution in Raleigh. failed to open its doors this morning, after rectors had voted close pending meeting of stockhold-

The September statement of bank showed deposits of $4,286,942, capital stock of $600,000, surplus and reserve of $136,163 bills payable of $295,000. The officers are B. S. Jerman. president. Crow, and Bauman, vice presidents, and Little, cashier. President Jerman and Mr. Crow issued statement attributing the closing failure of farmers and others to be able to meet seaspayments because of low crop prices.

Dec. 17. authorities today going over the affairs the First National bank of Burlington, closed yesterday by order Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000 No statement its present tondition given out. Malone, cashier who has been tive charge of the bank since the from actual control of Iasley, president. several years ago, said shrinkage the value of bonds held bank was responsible for the There run on the bank, was officials Burlington's four and banks announced that they other had prepared during the condition which might meet because of the clostoday ing.

BOSTON BANK CLOSES BOSTON, Dec. National bank, offices on Devonshire main downtown Boston, and street, branches, remained closed at four today, the customary time. notice posted opening that the controller of currency had been asked to take it over to the assets, owing to conserve heavy demands by depositors. the time the consolidaAt Boston National bank tion the Continental National with the about ago the combank year bined deposits of the merged stitutions given approxi$9,500,000 and the mately bined were set at 000,000. The Continental originalthe Engineers' National was bank, but its name was changed after the Brotherhood Locomotive Engineers relinquished trol affairs. The the 13th New England bank to close its doors period of four days.

CONN. BANK CLOSES Conn., Dec. Hamden Bank Trust company remained closed today. Assets the bank in the last statement published March,

USE 90-DAY RULE BOSTON, Dec. Boston Traveler says that the savdepartment of the Exchange Trust company of Boston, the Millbury Savings bank, Millbury, Mass., and every savings bank Lawrence and Lowell today availed themselves of This provision permits them require 90 days notice from positors seeking to withdraw funds.

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Bank Is Raleigh

Dec. 17. Commercial National bank largest financial institution in independent Raleigh, failed to its doors this directors had today voted to close pending meeting of stockholders. foot The statement of the September bank showed deposits of stock and capital right reserve of $136,163 and bills payable make The officers are B. S. Jerman, and president; and Bauman, presidents, Little, Mr. Crow dent President Jerman and attributing the issued statement failure of farmers and closing to to be able to meet seasonal low prices. court because of crop payments

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Raleigh Bank Program Fixed Closes Doors For Veterans

Failure of Farmers to Meet Seasonal Obligations Given as Cause. mercial National bank, largest independent financial institution in Raleigh, failed to open its doors this morning, after directors had voted to close it pending meeting of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman president, B. and P. Bauman, presidents, and B. H. Little, cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments of low prices, on which the bank had loaned bormoney "for The state of North Carolina had approximately $218,000 on deposit in the Commercial which secured by $240,000 in bonds of the state, Captain Nathon O'Berry. state Business was being usual other banks in the city today with the exception of the Morris Plan bank. which was periencing heavy run with all withdrawing depositors being paid.

Legion Post Will Present Varied Program on Evening of December 22.

An appealing program has been arranged for the meeting of Hornets Nest post, American Legion, at the Chamber of Commerce, December 22 at 7:45 P. M. The drum and bugle corps will be in charge of the program, which has been arranged by Trace Henry, captain of the There will be selections by the Junior Order band, well as numbers by the uniformed drum and bugle corps. specialty dance number will given by Little Miss Patricia Ham, accompanied by the drum corps. Ivan Sweatt will be heard in comedy skit, entitled "Coal Dust." Mr. Sweatt will also lead the legionnaires in the singing of group of war songs. Arthur R. Ham, golf professional at the club, and his dogs will present golf sketch. which be most interesting. Musical selections will be given Mrs. F. Dale Turnbull and Mrs. Gladys Jones.

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FROZEN ASSETS FORCE RALEIGH BANK TO CLOSE

Commercial National Largest Independent in Capital; Burlington Bank Suspends

The Commercial National bank. tution in Raleigh, failed to open its doors this merning. after directors had voted to close It pending . of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of $600,000. surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman. president; E. B. Crow. and Bauman, vice presidents, and B. H. cashier. President Jerman and Mr. Crow issued a statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.

Burlington Situation Sound Federal today were going over the affairs of the First National bank of Burlington, closed yesterday by order of M. L. Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000. No statement of its present condition was out. R. W. Malone, cashier given who has been in active charge of the bank since the retirement from actual control of W. W. lasley, president. several years ago., said shrinkin the value of bonds held by age the bank was responsible for the closing. There was no run on the bank. (Continued on Page Nine, Col. 3)

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Bank Suspensions.

Boston, Dec. 17 BosNational bank, with main on Devonshire street, downtown Boston, and four branches, remained closed at 9 m. today, the customary opening time. notice was posted that the comptroller of been asked to take it over to conserve assets, owing to heavy demands by depositors. At the time of the consolidation of the Boston National bank with the Continental National bank about a year ago the combined deposits of the merged institutions were given as approximat $9. and combined resources were set at $11,000,000.

Hamden, Conn. Hamden. Conn., Dec. 17 (P). The Hamden Bank and Trust company closed today in the last published statement were $2,097,683.26.

Lowell, Mass. Mass., Dec. 17 Business was suspended by the Lowell Trust company which recently reported and mercial deposits of $3,384 428. It was the second Lowell bank to close within two days, the Middlesex National bank with deposits of $4 000,000 having suspended operations yesterday.

Burlington, C. Burlington, N. Dec. 17 (P) The First National Bank of Burlington, with assets at the time of its last statement of approximately $2,150,000. was closed by order M. Barnett national bank examiner. R. W. Malone, cashier, who in active charge, indicated the due to shrinkage in the value of bonds held.

Calais, Me. Calais, Me. Dec. The InTrust and Banking company here Wednesday. It was announced the action was necessary because of heavy withdrawals by Canadian depositors.

Raleigh, N. C. Raleigh, Dithe Commercial National bank, largest independent bank in the capital city, late last night voted to close the bank pending meeting of the stockholders. The September 29 statethe bank listed deposits at had a capital stock of $600,000.

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Raleigh Bank Fails To Open For Business

RALEIGH Dec. (AP)- The Commercial National Bank. largest independent financial Institution in Raleigh. failed to open its doors this morning. after directors had voted to close pending meeting of stockholders The September statement of the bank showed deposits of $4,286,942. capital stock of 8600 surplus and reserve of $136,163 and bills payable of $295,000 The officers are B. 8. Jerman. president. E. B. Crow. and A. Baumen. vice presidents. and B H. Little. cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.

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Bank Suspensions.

Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000.

Hamden, Conn.

Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097

Lowell, Mass.

Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday.

Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held.

Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors.

Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000.

Board of Trade Stocks

Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17

East

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TO CLOSE AFFAIRS OF FAYETTEVILLE BANK

Receiver Burrowes Hopes To Wind Up Affairs of the Na. tional in 60 Days

Fayetteville, Dec. 24.-A. D. Bur rowes, receiver of the National Bank of Fayetteville, hopes to be able to close the affairs of that institution within the next 60 days, he stated today. Mr. Burrowes has been ap pointed receiver of the Commercial National Bank of Raleigh and will probably transfer his headquarters to Raleigh. He also has charge of the liquidation of national banks in Dunn and Laurinburg and recently completed receivership of a bank in Benson, paying the depositors 50 per cent. The Laurinburg institution has already paid 55 per cent, though it will be some time before its affairs are wound up. The receivership of the Dunn bank will be closed early in the new year. Depositors of the local bank have received 25 per cent. At the third sale of asse J. S. Butler, of St. Pauls. made the high bid of $1,850 for notes and accounts receivable having face value of $203,000. The sale must be confirmed by the comptroller of the currency. Mr. Burrowes expects to be able to distribute the final dividend within two months' time.

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Approve $13,000 Loan For Closed Bank in Mt. Olive (Continued from Page One.) Gastonia: Gastonia Loan and Trust Company $2,500 Greensboro: Bank and Trust Company $6,500,000. Lexington: Commerical Bank Lexington $64,000. Mt. Bank Receiver (to be used in paying dividends.) Newland: Avery County Bank, $4,500. North Wilkesboro: Bank of North Commericial National Bank of Raleigh (receiver) $721,000.

Roanoke Rapids: Citizens Bank and Trust Company, $4,000, and another of $3,500 Shelby: First National Bank of Shelby, $95,000. Washington: First National Bank of Washington (receiver) $16,000. Henderson: Henderson Building and Loan Association $7,500: Henderson Home Building and Loan Smithfield: The Smithfield Building and Loan Association Southport Southport Building and Loan Association

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BANK RECEIVER SUED IN DEATH OF LEONARD

Suit for $25,000 damages has been started Wake Superior Court here against A. D. Burrowes, receiver for number of banks in this section, who was driving an automobile which struck and fatally injured Sullie Leonard, of Millbrook, here on November 26. The action was filed by W. E. Leonard as administrator of the dead man's estate. Burrowes was driving his car along Peace Street when the accident occurred near the intersection of Daw. son. Leonard was crossing the street at the time. He received injuries from which died in local hospital the day following the accident. Burrowes, employed by the Federal government, is receiver for the Commercial National Bank here and number of others.

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POU TO KEEP OFF ON

Washington, Dec. comptroller the will make appointment fill the vacant receivership Commercial National Bank Raleigh before the end of next was predicted today the Treasury The comptroller will have from Senator Baion which base his selection, indicated the Senator's fice this Senator Reynolds, whose candivacant North Carolina," Devane, by the comptroller making the first two appointments the Raleigh bank vacancy, make vigorous effort behalf Devane already made, according his secretary. Senator for Devane all the time," said, after all, Raleigh Senator Bailey's Representative will avoid active in picking the Raleigh receiver, declared his Pou declined work against Burrowes, former receiver bank, asked do by those seeking Burrowes' ouster, his secresaid. took part Brassfield's selection beyond ing the office, quest, what availregarding Brassfield, pointed congressman make active effort get the for anyone, to block appointment anyone whose may under Brassfield's decision to decline the

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NAMING BANK RECEIVERS

Over Raleigh way they have managed to work first class argument over the ousting of the receiver of the Commercial National bank. Senator Bailey is credited with pulling the strings precipitated the firing of the present ceiver, Pennsylvania Republican, and the senator who La being criticized for the naming of politicallyminded lawyers. Happily the senator's lawyer friends found politically pedient and convenient decline the proffered recognition. And new pears that the ousted assistant be promoted, giving the senator's critics the experienced banker they fess to want and at the same time placing the senator in position where he can remind his lawyer friends that he can, when necessary, deliver the goods. conceded, of course, that the of liquidating defunct bank is one that commands the services of person possessed of some knowledge of banking procedure, and an acquaintance with the law, civil and criminal, can hardly be termed disadvantage. But it does not follow that bank should necessarily be recruited from the army of bank former bankers, or that the next bet is lawyer. The truth is, recent happenings may be used to contest the naming of as bank And hurely there is enough in the record to discourage the naming of bankers who are in position to consider such appointments because they were unable to quidate loans made under their supervision.

All of which suggests that the essential thing about this busiof closed banks the way the is named but the way be performs. No one, of course, relIshes the idea of mixing politics bank liquidation. but who does good job is to be preferred to non-political appointee who renders less acceptable services.