Peoples National Bank (Fayetteville, NC)

Episode Information

Episode UID
200301092
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
20030 national
Charter Number
2003
Start Date
December 31, 1890
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
c6f879e8d4b94ce1

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
72.5%
Date receivership started
1891-01-20
Date receivership terminated
1896-03-12
OCC cause of failure
Fraud
Share of assets assessed as good
40.5%
Share of assets assessed as doubtful
9.9%
Share of assets assessed as worthless
49.6%

Description

Failure traced to large embezzlement by President E. F. Moore.

Events (5)

1. June 27, 1872 Chartered
Source
historical_nic
2. December 31, 1890 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by reports and discovery that President E. F. Moore had used large sums (โ‰ˆ$100โ€“107k) of the bank's funds; his affairs were in bad condition.
Measures
Bank closed doors; checks paid shortly before closing.
Newspaper Excerpt
closed its doors to-day on account of a heavy run made upon it.
Source
newspapers
3. December 31, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed the heavy run and revelations of embezzlement/misapplication of funds by the president.
Newspaper Excerpt
The People's National Bank of Fayetteville ... suspended to-day.
Source
newspapers
4. January 20, 1891 Receivership
Source
historical_nic
5. January 20, 1891 Receivership
Newspaper Excerpt
The controller of the currency has appointed Hon. Wm. Le Due receiver of the People's National Bank of Fayetteville, N.C.
Source
newspapers

Newspaper Articles (23)

Article from The Times, January 1, 1891

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THE PEOPLE'S NATIONAL BANK CLOSE FOR $80,000. Grady Arrested for the Murder of HisWife-Seven Negro Children Roaster d Alive- War of Words Between Editors. North Carolina News. RALEIGH. N. C., Dec. [Special. A special from Fayetteville to-night announces that the People's National Ban OF that city closed its doors to-day on account of a heavy run made upon it. The run was caused by the failnee of the former president of the bank, E. F Moore, who recently resigned, and whose affairs are in bad condition. Th. liabilities are stated at $80,000. and the as sets $200,000. It is claime that the deposi tors will be paid dellar for dollar. and that the bank was closed so'ely 01 account of a run, which for a while looked paricky. The closing of the bank resulted in the failure of G.W. Ingram, J. L Taarm, and George Rosenthal, merchants of Fayetteville A NEW YEAR WEDDING To-morrow afternoon. in Edenton Street M E. chureb, in this city. Rev. J. D. Arnold of the faculty of Asheville Female College. of the most prominent ministers in the is estern North Carolina Conference. will be united in marriaze to Miss Nannie Clark of this city, sister of Associate Justice Walter Clark, of the North Carolina Supreme Court bench. GOVERNOR FOWLE IN HIS NEW HOME Governor Fowle to-day begun moving into the new Governor's Mansion, on Blount street, which is now completed. and which has been turned over to him by the State Public Buildi g Committee. WAR OF WORDS BETWEEN EDITORS. Editor Fairbrother of the Durbam Daily Globe, to-day replied to the attack made upon him vesterday by Josephus Daniels editor of the State Chronicle, in which Daniels referred to him as a coward and blackguard. Fairbrother's reply is very abusive of Daniels, and closes with in iting him t a personal settlement if he desires it, as be said, as his editorial intimates. KNIGHTS OF PYTHIAS BANQUET Last night the Knights of Pythias of this city held a grand banquet at which covers were laid for 125. After re'reshments were served speeches were made by his Honor A.A. Thompson. Captain E. R. Stamps, Grandsire C. M. Busbee, Joseph J. Bernard, Esq., Rev. George 1 underlid, George H. Snow, Esq.. and others. Mr. Hal W. Aver, late city editor of the Daily Chronicle of this city, left to-day for Washington, where be goes to take the position of private secretary to Colonel L. 1. Polk. president of the National Farmers' Alliance. DEPUTY COLLECTOR HAWKINS' SUCCESSOR E. A. White, collector of internal rever nue for the Eastern district of North Carolina, has appointed Benjamin Hawkins deputy collector of Vance, Franklin, and Warren counties, to succeed his father General Phil. B. Hawkins, who has resigned on account of illness. SEVEN CHILDREN ROASTED ALIVE A special from Bay boro, in Pamlico county, brings the blood-curdling news of the burning alive of seven negro children near that place Sunday night. A colored man named Scott Thompson, his wife and oldest child, who live five miles below Bayboro, went to church Sun. day night, leaving seven children, tive of them his own and two of them his grandchildren at home, their ages ranging from infancy to above tifteen years of age. Before the services were concluded it was discovered that their home was on fire, and the congregation made a rush for it. On nearing the scene of the conflagration the agonizing screams of the children could be plainly heard. but when the place was reached the building had fallen in, and every one of the inmates had perished in the flames. It is supposed that the tire aught in some way from the chimney, and spread rapidly, and all the children being sound asleep, did not awaken until the flames had cut off all egress. CHARGED WITH HIS WIFE'S MURDER Tilla J. Grady and his daughter-in-law were brought here to-day from Millbrook, in this county, and committed to jail, charged with the murder of Grady's wife by poisoning last week. Grady is about sixty years old and his daughterin-law is about twenty-two, and has a child only a few months old. Grady and wife have not lived happily together for many years. and she has Ire. quently had Grady arrested and before courts for squalt and battery upon ber. Since her son married he and his wife have been alivingwith Gradv The elder Mrs.Grady has imagined that her husband and her daughted-in-law saw too much of each other, and this has caused Tilla Grady's of wife to become intensely jealous her husband and her daughter-inlaw. On Monday of last week the four in family took breakfast together, and very soon atterwards Mrs. Tilla Grady was taken violently ill with symptoms that indicated menical poisoning and died in four hours. Her husband had left home as soon as be finished break. fast, and was not there when his wife died. The deceased declared from the time she was taken ill till she died that her husb and and daughter had poisoned her by putting something in the coffee which she drank. The coroner has for sev. eral days been holding an inquest, and the evidence was found to be sufficient for to hold the accused parties action by the grand jury. The body of Mrs. Grady has not been exbumed, but will be, and a post-mortem examination will be held at once. The family are well-known, and the affair creates great interest.


Article from Richmond Dispatch, January 1, 1891

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The People's National Bank Suspends. [Spectal telegram to the Dispatch.) WILMINGTON, N. C., December 31.-The People's National Bank of Fayetteville, in this State, suspended to-day. The liabilities to depositors amounts to about $70,000, which are fully protected by the assets, Frank Thorton is president of the bank.


Article from The Sun, January 2, 1891

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Business Troubles. The People's National Bank of Fayettoville. N. C., closed its doors yesterday at noon. For some time past it has been whispered that the bank was shaky. and this report. coupled with the late assignment of its President. E. F. Moore. caused a run which could not be met. The People's Bank was organized in 1878 with a $150.000 cash capital. and up to a few months ago it had always declared good dividends. Deposits well received on the day before the failure. but checks were paid just before the doors were closed. 1. Ergenbrun. for many years a leading dry goods merchant in Petersburg. Va., but more recently cogaged in the wholesale and retail clothing trade. made an assignment yesterday. His liabilities are $47,000; approximated masets, $29,000. The creditors are chiefly New York firms.


Article from The Daily State Chronicle, January 3, 1891

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CAUSE OF THE FAYETTEVILLE BANK TROUBLE. McNeill and Brother Make an Assignment. [Special to STATE CHRONICLE.] FAYETTEVILLE, N. C., Jan. 2.-Geo. P. McNeill, Cashier of the broken People's National Bank and his brother Jno. R. McNeill, doing a general merchandise racket store business under the firm name of McNeill and Brother, assigned to-day. Liabilities between twenty and twenty-five thousand dollars; assets about equal to preferences, viz. : eleven thousand five hundred dollars. It has come to light that President E F. Moore used about one hundred and seven thousand dollars of the broken bank's funds with collaterals worth less than forty thousand. Thus it can readily be seen what has gone with the honest stockholders' money. Comment is unnecessary.


Article from Fisherman & Farmer, January 9, 1891

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The Fayetteville Bank Failure. The People's National Bank of Fayetteville, N. C., has closed its doors. This bank was organized in 1873 with a paid up capital of $150,000. Several large failures have followed the suspension, and business is at a standstill.


Article from Evening Star, January 22, 1891

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BANK RECEIVER.-The controller of the currency has appointed Hon. Wm. Le Due receiver of the People's National Bank of Fayetteville, N.C. -


Article from Asheville Daily Citizen, January 28, 1891

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E. F. MOORE ARRESTED. Charged With Embezzling $106,000 at Fayetteville, FAYETTEVILLE, N. C., Jan. 26.-Late this afternoon E. F. Moore, ex-president of the broken People's National bank was arrested on a warrant sworn out by a United States commissioner charging him with embezzling $106,000 of the funds of said bank. The defendant's attorney has asked for a continuance until 9 o'clock in the morning and Moore was placed under bond of $1,000 for his appearance. United States District Attorney C. A. Cook and United States Marshal J. B. Hill are both here. It is thought that Moore will waive examination and give bond for his appearance at the federal court in Wilmington in May. Wm. G. Leduc, of Michigan, has been appointed receiver and will arrive tomorrow.-Wilmington Messenger.


Article from Telegram-Herald, January 30, 1891

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A Banker Under Arrest. RALEIGH, N. C., Jan. 29.-E. F. Moore, president of the People's National Bank at Fayetteville, N. C., which has failed for $250,000, has been arrested and bound over to the Federal Court for embezzling $106,000 of the funds of the bank. William G. Ledue, of Michigan, has been appointed receiver. The assets of the bank will be small, as the institution has been hopelessly wrecked by President Moore.


Article from Goldsboro Weekly Argus, January 12, 1893

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Failure at Fayetteville. FAYETTEVILLE, Jan. 9--F W Thornton, wholesale and retail dry goods and clothing merchant. assigned to Mr R M Nunocke and Mr A B Williams to-day. Liabilities two hundred thousand dollare, Preferences are made for ab ut seventysfive thousand dollars D. Mr. Thornton has been strng+ gling hard to tideover his losses and liabilities incident upon the fail. are of the People's National Bank, but at last the inevitable has come. Mr Thornton was connected with the People's brank as director and president for twenty years and np to the failure of the bank was looked upon as the leading and most successful merchant in the State. lle was the leading retail and wholesale dry goods merchant in North Carolina Shrinkage in the value of realestate in which he was largely interested and slow collections from country merchants operated to compel the position he has taken to-day. It is thought if his creditors will indulge him a little he can pay out. His failure is regarded as a public calamity and he has the heartfelt sympathy o the entire community.


Article from The Times, June 1, 1893

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AN ASSESSMENT ORDERED. Official Federal Order Regarding the People's National Bank, FAYETTEVILLE, N. C., May 31.-Special.-Official notice has been received here by Receiver Leduc that James H. Eckels, Comptroller of the Currency at Washington, D. C., has ordered an assessment and made requisition upon the stockholders of the late People's National Bank, of this place, for fifty dollars per share on all stock held by them at the time of the bank's failure payable on or before June 15, 1893, to satisfy indebtedness and wind up the affairs of the broken bank. Receiver Leduc is authorized and empowered to take all necessary proceedings by suit or otherwise to enforce the collection of this sum, which aggregates within itself $62,500, a sufficient amount, it is thought, for the liquidation of about all indebtedness. The bank failed December 31, 1889, and since that time dividends amounting to 35 percent. have been first and last declared and paid over to depositors and creditors.


Article from Richmond Dispatch, June 1, 1893

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FAYETTEVILLE'S BROKEN BANK. An Assessment Ordered Which May Liquidate All the Indebtedness. (Special telegram to the Dispatch.) FAYETTEVILLE, N. C., May 31.-Official notice has been received here by Receiver Leduc that James H. Eckles, Comptroller of the Currency at Washington, D. C., has ordered an assessment and made requisition upon the stockholders of the late Peo. ple's National Bank of this place for $50 per share on all stock held by them at the time of the bank's failure, payable on or before June 15, 1893, to satisfy indebtedness and wind up the affairs of the broken bank. Receiver Leduc is authorized and empowered to take all necessary proceed. ings by suit or otherwise to enforce the collection of this sum, which aggregates $62,500, a sufficient amount, it is thought, for the liquidation of about all indebted. ness. The bank failed December 31, 1889, and since that time dividends amounting to 35 per cent. have been first and last declared and paid over to depositors and creditors.


Article from The Madison Daily Leader, June 13, 1893

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Cashier Moore Acquitted. RALEIGH, N. C., June 13.-Elijah F. Moore, the venerable ex-president of the wrecked People's National bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31. 1890.


Article from St. Paul Daily Globe, June 13, 1893

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Banker Moore Acquitted. RALEIGH, N. C., June 12.-Elijah F. Moore, the venerable ex-president of the wrecked People's National Bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from New Ulm Review, June 14, 1893

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Cashier Moore Acquitted. RALEIGH, N. C., June 13.-Elijah - F. Moore, the venerable ex-president of the wrecked People's National bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from Bismarck Weekly Tribune, June 16, 1893

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Cashier Moore Acquitted. RALEIGH, N. C., June 13.-Elijah F. Moore, the venerable ex-president of the wrecked People's National bank or Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from The New North-West, June 17, 1893

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Cashier Moore Acquitted. RALEIGH, N. C., June 13.-Elijah - F. Moore, the venerable ex-president of the wrecked People's National bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from The Neihart Herald, June 17, 1893

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Cashier Moore Acquitted. RALEIGH, N. C., June 13.-Elijah F. Moore, the venerable ex-president of the wrecked People's National bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from The Irish Standard, June 17, 1893

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Acquitted of Embezzlement. RALEIGH, N. C., June 13.-Elijah F. Moore, the venerable ex-president of the wrecked People's national bank of Fayetteville, has been acquitted of the charge of embezzling $103,000 of the bank's money. The bank suspended December 31, 1890.


Article from The Dickinson Press, June 17, 1893

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ACQUITTED. Raleigh, N. C.. June 13.--Elijah F. Moore, the venerable ex-president of the wrecked People's National Bank of Fayetteville, has been acquitted on the charge of embezzling $103,000 of the bank's money. The bank suspended Dec. 31, 1890.


Article from Asheville Daily Citizen, August 24, 1893

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-The receiver of the suspended People's National bank at Fayetteville will declare a dividend of 15 per cent. this week.


Article from The Times, February 25, 1894

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Result of a Jag. As the result of a debauch, in which he lost $100 of his employer's money, Elbert Vanney, aged twenty-five years, living at Gap Creek, Ashe county, took laudanum and killed himself. The boiler of Fore and Foster's sawmill, at Castle Hayne, exploded yesterday, badly tearing up the mill. Luckily no one was hurt, as the hands had not gone to work. Fire yesterday morning destroyed the lampblack factory of J. R. Hanly and Co., at Wilmington. The building and contents, including machinery, were ontirely destroyed. A receiver of the Peoples National Bank, of Fayetteville, announces that another dividend of 10 per cent. will soon be paid depositors. This will bring the total dividends up to 60 per cent.


Article from Richmond Dispatch, May 3, 1894

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RALEIGH STREET RAILWAY SOLD. It Will Be Re-Equipped and OperatedSaw-Mills and Dry-Kilms Burned. RALEIGH, N. C., May 2.-(Special.)The Raleigh Electric street railway was sold to-day under a Federal Court decree for $4,000. Dr. John H. McAden, of Charlotte, purchased it, as trustee, for himself, R. S. Tucker, A. B. Andrews, Julian S. Carr, the General Electric Company, and others, who will, as soon as the sale is confirmed, re-equip the road and operate it in connection with incandescentelectric lighting. The saw-mills and dry-kilns of Smye & Brothers, at Selma, were burned last night. Loss, $7,500; insurance, $2,500. The Fayetteville Independent Light Infantry, which has just purchased its own arms and equipments, has accepted an invitation to act as escort to the Confederate veterans here May 22d. Receiver Ledue, of the defunct People's National Bank, of Fayetteville, has secured judgments in the Federal Court for $50,000 against vario IS stockholders of that bank.


Article from The News & Observer, March 11, 1896

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The Fayetteville Observer has been informed by the receiver of the People's. National bank that the final dividend will be paid as soon as the Comptroller of Currency can sign and return the necessary United States drafts in payment of 7ยฝ per cent.