gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
92ce6b72658960ca
Response Measures
None
Description
Receiver W. A. Stewart sold bank property in April 1904, indicating permanent closure.
Events (4)
1.February 10, 1904Run
Cause Details
Sustained depositor withdrawals over about ten days leading to inability to meet demands; no specific rumor or external cause cited.
Newspaper Excerpt
Could Not Stand a Run the Depositors Started Upon It. ... there had for ten days been a run on the bank.
Source
newspapers
2.February 10, 1904Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was unable to meet depositor demands (insolvency/liquidity failure) and thus suspended operations.
Newspaper Excerpt
Merchants and Farmers Bank of Dunn closed its doors to-day, being unable to meet the demands of its depositors, and the Corporation Commission has sent Bank Examiner Ellington to take charge, pending the appointment of a receiver.
Source
newspapers
3.February 11, 1904Receivership
Newspaper Excerpt
The commission at once sent assistant Bank Examiner W. L. Williams to Dunn to hold the assets of the bank, and wired to Bank Examiner J. O. Ellington to go there immediately and take charge of the bank's affairs until a receiver can be appointed according to law. ... W. A. Stewart was appointed receiver.
Source
newspapers
4.April 12, 1904Other
Newspaper Excerpt
The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. ... Bids will be received on April 12th, 1904. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C.
Source
newspapers
Newspaper Articles (14)
1.February 11, 1904The News & ObserverRaleigh, NC
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Article Text
A BANK FAILURE AT DUNN. Merchants and Farmers Could Not Meet Demands of Depositors. The Corporation Commission yesterday received notice that the Merchants and Farmers Bank, of Dunn, of inability to meet the demands of its depositors, there having been a run on the bank for the past tend ays. The commission at once sent assistant Bank Examiner W. L. Williams to Dunn to hold the assets of the bank, and wired to Bank Examiner J. o. Ellington to go three immediately and take charge of the bank's affairs until a receiver can be appainted according to law. Mr. E. F. Young is president of the bank, and Mr. V. L. Stevens cashier. The last printed statement showed that the institution, which is a commercial State bank, owed depositors about $81,000, and its assets amounted to $114,332. The bank was established April 1st, 1900, and its capital stock is $22,000. It is thought that the bank will be able to pay all its depositors in full within the next few days. Bank Examiner Ellington will reach Dunn, it is expected, this morning.
2.February 11, 1904The Times DispatchRichmond, VA
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Article Text
BANK SUSPENDS. Corporation Commission Sends State Examiner to Take Charge. (Special - The Times-Dispatch.) RALEIGH, N. C., Feb. 10.-Merchants and Farmers Bank of Dunn closed its doors to-day, being unable to meet the demands of its depositors, and the Corporation Commission has sent Bank Dxaminer Ellington to take charge, pending the appointment of a receiver. E. F. Young is president and v. L. Stvens cashier. The last printed report showed $80,000 deposits and $114,000 resource. The capital was $22,000.
3.February 11, 1904The Savannah Morning NewsSavannah, GA
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Article Text
BANK AT DUNN CLOSES. Could Not Stand a Run the Depositors Started Upon It. Charlotte, N. C., Feb. 10.-As the result of a run for ten days, the Merchants and Formers' Bank of Dunn, a state institution, to-day closed its doors. The capital is $22,000, assets $115,000. The depositors will probably be paid in full.
The Merchants' and Farmers' Bank at Dunn Fails. (Special to The Messenger.) Raleigh, N. C., February 10 -Trustees of the Baptist Female University today paid all the debts on that propperty, and cancelled the last mortgage. The total debt was $33,000. There was one mortgage for $20,000 to the Raleigh Savings Bank The corporation commission is notified that the Merchants' and Farmers' Bank of Dunn, unable to meet demands upon it, has closed its doors. An asistant bank examiner at was once sent there, to take charge. State Bank Examiner Ellington goes there tomorrow. There had for ten days been a run on the bank. Its capital stock is $22,000. Last report showed assets $115,000 and liabilities $80,000. It is thought the depositors will be paid in full.
5.February 18, 1904The Times DispatchRichmond, VA
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Article Text
DUNN'S OTHER BANK CLOSED State Bank Examiner in Charge Until Receiver Can be Appointed. (Special to The Times-Dispatch.) RALEIGH, N. C., Feb. 17.-State Bank Examiner J. O. Ellington notified the Corporation Commission this morning that he finds the Bank of Dunn La insolvent, and the commission instructed him to take charge and hold the assets until a receiver can be appointed. It was only a few days ago that the Merchants' and Farmers' Bank, the only other bank of the town, closed its doors and W. A. Stewart was appointed receiver. The president of the Bank of Dunn is L. J. Best and the cashier J. W. Purdle. The capital was $20,000, and the last report showed resources of the bank were $57,075.29; deposits subject to check amounted to $25,144.70, and time certificates of deposit, $2,406.70.
6.April 1, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34%x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cont on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.
7.April 2, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY.
The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34Β½x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide.
W. A. STEWART, Receiver.
Merchant and Farmers Bank,
Dunn, N. C.
3-31-2wks.
8.April 5, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 341/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.
9.April 6, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34Β½60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.
10.April 9, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estaΘe and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34Β½x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.
11.April 10, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 341/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank. Dunn, N. C. 3-31-2wks.
12.April 12, 1904The News & ObserverRaleigh, NC
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Article Text
SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34Β½x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.
13.July 12, 1904The News & ObserverRaleigh, NC
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Article Text
REFERRED TO SPECIAL MASTER Bankruptcy Case of E. F. Young Contested on Ground of Solvency. Judge Purnell in the United States District court, yesterday afternoon signed an order referring the bank. ruptcy suit now pending in that cours against E. F. Young, of Dunn, to S. H. McRae, Esq., of Fayetteville, as special master, to take testimony, find facts and conclusions of law and report to Judge Purnell on the question of the solvency or insolvency of Mr. Young. This course was taken at the sug. gestion of Godwin and Davis, attor, neys, and at the request of Mr. W. A Stuart, of Dunn, also, receivers, of the Merchants and Farmers Bank, of Dunn. The suit has been commenced against Mr. Young at the instance 01 the depositions of the bank.
14.July 19, 1904The News & ObserverRaleigh, NC
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Article Text
DUNN BANKING CASE. Discussing Question of a Jury Trial for Alleged Bankrupt. Mr. E. G. Davis, of the law firm of Godwin & Davis and H. L. Godwin, Esq., of Dunn, were in the city yesterday, and in company with Col. T. M. Argo appeared before Judge T. R. Purnell in the matter of E. F. Young, alleged bankrupt of Dunn. Mr. Davis represented petitioning creditors; Mr. Godwin represented the interest of W. A. Stewart, who is the receiver of the Merchants and Fariners Bank of Dunn, while Col. Argo represented other parties who are interested in the bankruptcy proceedings. The question was upon the right of the bankrupt to a jury trial and upon intimation of the court that this quesiton would properly come before it upon the report of Special Master S. H. McRae, Esy.,. No further action was asked or taken by the attorneys.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
