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Bank Suspension at Winston. WINSTON, N. C., July 6.-[Speial.]The First National bank has suspended. It is believed the bank will be reorganized and resume business within a month. The National bank examiner is in charge.
First National Bank (Winston-Salem, NC)
Episode Information
- Episode UID
231901123- Episode Type
- Suspension → Reopening
- Bank Type
- national
- Bank ID
-
23190national - Charter Number
- 2319
- Start Date
- July 5, 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
29c32f6936a4e417
Response Measures
None
Events (5)
1.
February 2, 1876
Chartered
- Source
- historical_nic
2.
July 5, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Suspended amid the broader financial crisis of July 1893 when several national banks failed or suspended; described as part of wider money-market distress.
- Newspaper Excerpt
- The First National bank has suspended. It is believed the bank will be reorganized and resume business within a month. The National bank examiner is in charge.
- Source
- newspapers
3.
July 8, 1893
Other
- Newspaper Excerpt
- The failure is attributed to the suspension of the First National Bank. (Hodgun Brothers & Lunn assigned...)
- Source
- newspapers
4.
September 19, 1893
Reopening
- Newspaper Excerpt
- The First National Bank, of Winston, N. C., which suspended July 5, has been permitted to reopen its doors for business.
- Source
- newspapers
5.
February 15, 1897
Voluntary Liquidation
- Source
- historical_nic
Newspaper Articles (19)
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First National Bank Suspended. The First National Bank of this city suspended this (Thursday) morning. The failure is not a bad one, and the bank will probably resume business soon,
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# CONFIDENCE RETURNING. Indications in Wall Street of Better Feeling in the Money Market. Special Dispatch to The Evening Star. NEW YORK, July 6. -The professional element still controls the stock market and commission orders are scarce and hard to execute. The volume of business is still small and the course of prices remains unchanged. Money today loaned at 6 and 8 per cent, the latter being the highest loan up to 2:30 o'clock. Money accommodations are confidently expected to be more easy from now on and 6 per cent loans were quite abundant on the exchange today for the first time in many weeks. The solution of the money question means more to the speculative world at this time and would have a better effect on prices than any other one cause. With this great question disposed of and the return of gold from Europe which must soon occur in payment for our enormous exports of breadstuffs, the confidence which has been lost during this long period of depression would soon be restored and new life given to speculation. Reading's affairs are still being discussed. Master George L. Crawford has filed his report with the court and has asked permission, on behalf of the receivers, to issue $3,500,000 certificates, which, it is said, would provide for the immediate wants of the company and be very acceptable to its creditors. Five hundred thousand dollars of Speyer & Co.'s loan was paid yesterday by the Finance Company of Philadelphia and the loan extended, leaving $2,500,000 to be eventually redeemed by the Reading company. Northwest sold down to 101½ again today which is the lowest price it has touched since December, 1890, when it sold at 98. The clearing house statement for today shows the sub treasury to have a credit balance of $396,916. The payment of interest checks and coupons explain the reason for these credit balances since the first of the month. Sterling exchange advanced a point today and was quoted at 484a486. Silver was dull and opened off a point and a half from yesterday's closing price and sold down to 73, a net loss of two points. Bar silver in London was quoted at 34½. Among the stocks that showed some improvement over early figures may be mentioned Reading, which advanced a full point to 15. Burlington, from 83¾ to 84½; Atchison, 20⅞ to 21⅛; Lackawanna, 143¼ to 144⅞; Manhattan, 120½ to 122½, and sugar, 80⅝ to 81⅛. The failure of five national banks in the south and west were reported today, the most important of which was the First National of Winston, North Carolina, correspondent of the Chemical National, New York, with a capital of $200,000. At 2:45 money had dropped to 4 per cent and quite a rally set in, and the closing figures in many instances were the highest recorded during the day.
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play a part in the selection of the Speaker. The announcement that there is a possibility that Bland may be replaced as chairman of the Committee of Coinage, Weights and Measures has them to renewed efforts. Stories of an attempted combination between the free silver advocates and the Populists to place a candidate for the speakership in the field unless they have an assurance from Crisp that Bland will be retained at the head f"the committee are floating about. but are not generally credited, for, though it is openly said by some that Bland will not again be chairman of the committee, there are no facts that would warrant such an assertion. Crisp has not even intimated such a thing. Among the more conservative the impression is that Bland will lead the committee. This would not, however, indicate that the entire committee will remain. It is known that Crisp has made absolutely no pledges one way or the other. Senator Harris, President pro tem. of the Senate, says there will be filibustering in the Senate against the bill to rapeal the Sherman law. Comptroller Eckels states that from information given out in his office yesterday he directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. Mex., through a mistake. The name of the failed bank is the Albuquerque (N. Mex.) National Bank. Five national banks failed yesterday and this morning, as reported to Comptroller Eckels. They were: The American National Bank of Paeblo, Colo.; Central National Bank of Pueblo, Colo.; Puget Sound National Bank at Everett, Wash.; National Bank of Ashland, Ashland, Nebr., and the First National Bank of Winston, N. C. Comptroller Ecke's has directed Examiner Brown to assume charge of the two above-named failed banks at Pueblo, Examiner Horine of the failed Ashland Bank, Examiner Cleary of the failed Everett Bank and Examiner Carscadon of theifailed Winston Bank. The Comptroller of the Currency has been informed that the First National Bank of Los Angeles and the Southern California Bank of the same place, both of which suspended recently, will open their doors again for business within a few days. The Comptroller has also been informed that the First National Bank of San Diego, which reopened for business yesterday, has received deposits to the amount of $25,000, as against withdrawals to the amount of $8000. This is regarded as evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning. The gold in the treasury now amounts to $96,778,943.
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FAILURES OF WESTERN BANKS. A FEW MORE SUSPENSIONS REPORTED-TWO BANKS RESUME AGAIN. Omaha, Neb., July 6.-The American Savings Bank suspended this morning with deposits of $133,000 and assets of $239,000. It was involved in the embarrassment of the American Loan and Trust Company. through the latter's enterprise, the Omaha and South Texas Land Company. Everett. Wash., July 6.-On account of inability to realize on securities the Puget Sound National Bank. of Everett. suspended yesterday. The suspension is said to be owing to the refusal of Eastern banks to honor heavy drafts on security affirmed. No statement is yet made. The bank's capital is $100,000. Worthington, Minn., July 6.-The Noble County Bank closed its doors yesterday morning, and its owner, Peter Thompson. made an assignment. Several thousand dollars of county money are tied up. Sumas, Wash., July 6.-The Bank of Sumas suspended payment on Monday. No statement was made. but it is thought creditors will be paid in full. Topeka. Kan., July 6.-Two Kansas banks closed their doors yesterday. The failure of the Finney County Bank, at Garden City, was not unexpected. as the bank has for "Some time been in bad condition. The bank of Leroy, Coffey County, also closed. Washington, July 6.-The Controller of the Currency is informed that the First National Bank of Los Angeles, Cal., and the Southern California Bank of the same place. which suspended recently, will few open their doors for business again within a days. Controller Eckels is adopting precautions in all cases where suspended banks apply for permission to resume. to make sure that the banks are put on an absolutely sound basis before the request is granted in order to guard againt a second suspension within a short time. The Controller is informed that the First National Bank of San Diego, Cal. which reopened for business yesterday, received deposits to the amount of $25.000, as against withdrawals to the amount of $8,000. This is regarded as an evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning. Controller his Pckels states that the information given out m office yesterday that he had directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. M., was a mistake. The name of the failed bank was the Albuquerque, N. M., National Bank. Five National banks failed yesterday and this morning, as reported to Mr. Eckels. They were the American National Bank of Pueblo, Col.: the Central National Bank of Pueblo, Col.: the Puget Sound National Bank, of Everett. Wash.: the National Bank of Ashiand, Neb., and the First Na tional Bank of Winston, N. C. Controller Eckels has directed Examiner Brown to assume charge of the two banks at Pueblo. Examiner Horine of the Ashland bank, Examiner Cleary of the Everett bank and Examiner Carskadon of the Winston bank.
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An Assignment In Winston. (Special telegram to the Dispatch.) WINSTON. N. C., July 8. - Hodgun Brothers & Lunn, tobacco manufacturers, of this place, made an assignment this afternoon. John W. Hanes, of the firm of P. * H. Hanes & Co., is named as assignee. Theestimated liabilities are $50,000 : assets, $75,000. The failure is attributed to the suspension of the First National Bank.
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MR. DANCE CHARGED WITH ARSON Two Brothers Killed by Lightning-Reorganization of the First National Bank. WINSTON, N. C., July 10.-Special.Two brothers, Luther and John Vipman, aged respectively seventeen and thirteen, were killed Saturday evening by lightning five miles west of Winston. The boys were working in a medow when the storm came up. At the request of their father, they, accompanied by a six-year-old sister, went under a large tree. Just as the oldest brother leaned against it, a flash of lightning ran down the tree, killing both brothers instantly, and badly stunning the sister. The girl is now improving, and it is thought will live. The father and mother are prostrated with grief. D. D. Schouler, one of Winston's largest retail merchants, assigned this afternoon. with J. L. Patterson as trustee. The assets are largely in excess of the liabilities. Among the preferred creditors are Craddock, Terry & Co., Guggenheimer & Co., Lynchburg, Va.; J. P. Coates & Co., New York, and the First National Bank of Winston. Fire broke out in a furniture store here last night, but was extinguished before much damage was done. Upon investigation, it was learned that Proprietor T. A. Dance was insured for four times the value of the stock. He was brought before Acting Mayor Webb shortly after the fire on suspicion of being guilty of arson. Dance made several conflicting statements and was sent to jail. At the preliminary trial this afternoon strong circumstantial evidence was brought out. The prisoner was sent back to jail in default of five hundred dollars bond, to await the next term of court. Dance came to Winston several months ago from Danville, Va., where he was at one time a member of the city council. The First National Bank here will be reorganized If the required amount of money, $75,000. is raised. J. C. Buxton, ex-president of the bank, who went to Washington a few days ago to fee the Comptroller of the Currency about the reorganization, left that city for Richmond to consult W. S. Forbes about raising the $25,000. From there he went to Durham to see the Dukes about raising a 31mllar amount. Buxton will raise the remaining amount if the Richmond and Durham gentlemen come to the rescue. If money is not raised Buxton will be appointed receiver of the bank. The corner-stone of the handsome new Lutheran church was laid last evening with appropriate religious exercises.
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e Faillites de Banques et autres depuis quelques jours -Edw. J. Binford de Denver,Col., a fait faillite. Passif 218,000 dollars. L. Banque of Lesueur, de Le sueur, Minn., a ferme 8°B portes. Passif 225,000 dollars. La Albuquerque National Bank d'Albuquerque, N. M, a suspendu ses paiements. L'American National Bank de Puibla, Col., a déposé son bilan. Fermée est la Puget Sound Na tional Bank de Everett, Wash. La National Bank of Ashland, Neb., a fait faillite, ainsi que la First National Bank de Winston, N. C. M. Ward banquier de Forestville N, Y. g'est suicidé et il parait que le déposants ne verront ja mais grand chose de leurs 100,000 dollars. La Northern National BaLk de Big Rapids, Mich, a fermé ses portes. La Lloyd's National Bank de Jamestown N. D. a suspendu ses paiements. La "Normania Society" de Min neapolis a fait faillite. Passif 75,000 dollars. John L. Davie, banquier d'Auburn, Ill la Thorton Banking House de Shelleyville, Ill., et la Holt county of O'Neil, Nebraska ont fait faillite. Insolvables sont: L'Arkansas State Bank de Stuttgard. La Farmers et Traders Bank de De Wett, Ark. La Chamberlin Investement Co. de Denver, Col. A. Y. Davidson et Co. banquiers de Philadelphie, Pa. La State Bank de Shurbert Neb. La North Galveston Loan et Investement Association de Galveston Texas. La Kangas City Safe Deposit et Trust Co. de Kansas City, Mo., au capital de 300,000 dollare. Passif 1,700,000 doliars.
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The last bank to go under is the first National Bank of Winston. The public statements say, that their liabilities are only $25,000, while their assets are about $400,000. Unless this Bank is an exception to the rule, (and we have some hope that it is) the fact will develop to be that the depositors will get about 50 ets. on the dollar. We have been struck very forcibly, with nearly all of these Bank failures, with the fact that they would never have been able to pay dollar for dollar, if there had been no financial panic; that they were rotten and bound to break sooner or later, and that they simply took this convenient time to break, while breaking was fashionable, and and they could have some excuse. It will not do for the people to trust, or for the country to depend on such a rotten financial system any longer. The whole thing needs renovating and re-ertablishing on the principle of Jacksoman Democracy.
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THE First National Bank, of Winston, which collapsed a few days ago, is to be again reorganized under new managements entirely. If satisfactory arrangements can be made J. C. Buxton, a prominent lawyer of that place, will be made president. If it is not reorganized he will be appointed receiver at a salary of $3,500 per year.
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THE COURTS MUST DECIDE. Legal Proceedings Against Hodgin Brothere & Lunn, the Failed Tobacconists. WINSTON, N. C., July 13.-Special.The indications now are that the courts will be called upon to decide some of the claims against Hodgin Brothers & Lunn, tobacco manufacturers, who assigned here last Saturday. The father of the brothers, Mr. S. H. Hodgin to preferred for over $15,000; besides, it is claimed he is the owner of the factory and fixtures in which the firm did business. Mrs. Daisy Hodgin, widow of one of the brothers, is also preferred for $5,000. Some of the creditors are of the opinion that the assets of the firm are too small for the amount of business transacted. Some also entertain the idea that Mr. S. H. Hodgin, the father, who is worth considerable property, was a member of the firm, and they propose to try to hold him responsible for the debts. He is already pn endorser on several notes. Among the largest preferred creditors not already named are the People's National Bank for $5,800; First National Bank for $1,500; employes of the factory, $500; J. D. Patton & Co., of Richmond, Va., $2,052.50. Mr. Patton is now in the city looking after his firm's claims. The general impression is that unless the creditors succeed in proving that Mr. S. H. Hodgin and his sun's widow were members of the firm the creditors will realize very little when the business is settled up by the trustee. News is received here of the assignment of S. W. Grubbs, general merchart, of Walnut Cove. It appears that Grubbs owed Davis & Co., a wholesale grocery firm of Virginia, B bill of something over sent them & on the First $100. amount He National check Bank for the the of Winston the day before it failed. As check was not good the Virginia firm instructed one of its salesmen to collect the bill or take legal proceedings at once. Mr. Grubbs said he could not raise the money before a few days. The salesman contended that it must be paid at once, The merchant, failing to borrow the money, proceeded to the county seat and had a deed of assignment written and recorded Mr. Grubbs is said to have about $900 locked up in the First National Bank here.
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BEREFT OF HIS REASON. Disappointment in Love Drives a Young Man Mad-Bank Reorganization. WINSTON N. C., July 14.-Special.A rather remarkable love affair has just terminated sadly in this city. For some time a young man named Tony Thomas has been infatuated with a girl of his choice. The latter refusing to join him in holy wedlock caused Thomas to make three unsuccessful attempts to commit suicide. Each time he took laudanum, and It was through the kindness of physicians that he was kept alive. The last time he made the attempt Dr. Bynum, who was called in attendance, narrowly escaped with his life. After regaining consciousness, Thomas picked up a long paling and was in the act of "flooring" the doctor, when a friend ran to his assistance. Strange to say, Thomas is now Insane, and was yesterday locked up in fall to prevent him from committing murder. He recognized none of his friends. The physicians are of the opinion that the excessive use of laudanum has produced insanity. T. W. Grubbs, a merchant of Walnut Cove, who assigned Wednesday, is in trouble. His store is in the hands of the sheriff. Several of his creditors brought suits against him, it appears, before the assignment papers were recorded. The liabilities are estimated at $4,000 and assets at about $1,500. The outlook for reorganizing the First National Bank grows more encouraging each day. Many of the depositors have been seen and, with one or two exceptions, they all readily consent to allow their deposits to remain in the bank. Colonel J. W. Alspaugh, the last president of the bank, went to Richmond yesterday to see Mr. W. S. Forbes about some business connected with reorganization.
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WINSTON IS HAPPY ! The First National Bank Will Resume Monday. One of the First to Go Down It Is One of the First to Recover. BETTER TIMES FOR THE TWIN CITY People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. WINSTON, Sept. 14-[Special - The First National Bank, which was closed some weeks ago by the bank examiner, and which was one of the first to go down in the financial stress, will resume business on Monday. The directors, since its suspension, have spared no labor in getting the bank on its feet again, and its re-opening is looked upon here as a sure indication of better times.
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North Carolina Banks to Reopen. Raleigh, N. C., Sept. 14.-A special to the News and Observer-Chronicle says: After suspension little over two months ago, the First National Bank of Winston will resume business next Monday. J.C. Buxton, who has had charge of the institution as bank examiner, is elected president; John G. Miller. late of Danville, cashier. The bank is reorganized. The People's Bank, which suspended a few weeks ago, will reopen before Oct. 1st.
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Winston, N. C., Bank Resumes. RALEIGH, N.C., Sept. 14.-A special to the News-Observer-Chronicle says: After a suspension of & little over two months the First National Bank of Winston, N. C., will resume business next Monday. J. O. Baxter, who has had charge of the institution as bank examiner, was elected president. and John G. Miller, late of Danville, Va., cashier. The bank was reorganized.
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Resumed Business. The First National Bank of Winston, N. C., which suspended payment July 5, having fully complied with the conditions imposed by the controller of the currency, and its capital stock being unimpaired, has been permitted to reopen its doors for busiress.
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A Winston Bank Resumes. WASHINGTON, D. C., Sept. 19.-The First National Bank, of Winston, N. C., which suspended July 5th, has been permitted to resume business.
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Bank Resumption. Washington, Sept. 19.-The First National bank of Winston, N. C., which suspended payment July 5, has been permitted to reopen its doors for business. The controller is advised that the Port Townsend National bank of Port Townsend, Washington, suspended on the 18th.
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Winston Bank Reopens. (By telegraph to the Dispatch.) WASHINGTON, D.C., September 19.-The First National Bank, of Winston, N. C., which suspended payment July 5th, has been permitted to re-open its doors for business. The Comptroller is advised that the Port Townsend National Bank, of Port Townsend, Washington, suspended payment on the