Piedmont Bank (Morganton, NC)

Episode Information

Episode UID
3516560591176
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
351656059 hash
Start Date
December 2, 1897
Location
Morganton, North Carolina (35.745, -81.685)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
707b781784e32e20

Response Measures

None

Description

Multiple conflicting temporary receivers were appointed and the courts later resolved appointment; bank remained in receivership.

Events (2)
1. December 2, 1897 Receivership
Newspaper Excerpt
Application for a receiver has been made. ... Bank Examiner Crowder left ... to take charge of the bank until a receiver is appointed.
Source
newspapers
2. December 2, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize quickly on real-estate and other loans to meet withdrawals; liquidity shortfall forced suspension.
Newspaper Excerpt
Inability to make collections rapidly enough to meet demands upon it has forced the bank to suspend.
Source
newspapers

Newspaper Articles (19)
1. December 3, 1897 The News & Observer Raleigh, NC
Article from The News & Observer, December 3, 1897

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PIEDMONT BANK NOW Failed From "Inability to Collect Rapidly Enough." A RECEIVER APPLICATION NO SUSPICION OF OFFICIAL MISCONDUCT. THE DEPOSITS AMOUNT TO. $30,000 Some Excitement Existed Early in the Day, But When the Facts Became Known They Subsided. Morganton, N. C., Dec. 2.-(Special.) "Inability to make collections rapidly enough to meet demands upon it has forced the bank to suspend. "By order of the Board of Directors." The above notice was found posted on the door of the Piedmont Bank here this morning. It being the only bank in Morganton, nearly every home and business place was more or less interested. Some excitement existed early this morning, but it soon became known that the assets will more than meet the liabilities and quiet and confidence are now restored. Deposists amount to about thirty-five thousand. Application for a receiver has been made. No suspicion of any irregularities or official misconduct on the part of the bank officers is entertained. The Piedmont Bank has a strong list of Directors. Its President is Mr. George P. Erwin, W. E. Erwin, vicepresident, and Mr. S. T. Pearson is cashier. The report last made by the Piedmont Bank was as follows: Established 1889. Capital stock, $20,000; surplus, $10,000. Undivided profits, $2,000. Deposits, $48,000. This report was made in August, 1897. The State Treasurer had sent on Wednesday $15,000 in checks to be deposited for the State and was excited when the news came. He wired to Morganton and learned that the money had not been deposited, and then he breathed freely. A telegram announcing the failure of the bank was received at the Treasury department here about 1 o'clock. It camez from the Deputy Treasurer in Morganton, to whom Treasurer Worth had the night before sent $15,000, in checks to be deposited in the bank for the State. Fortunately it had not been deposited. The State, however, did have $443 in the bank, but this is secured by collateral ten times its value. Treasurer Worth and Bank Examiner Crowder left on the afternoon train for Morganton to take charge of the bank until a receiver is appointed. The Piedmont Bank was established in 1889. Its president is George P. Erwin, vice-president, W. E. Erwin, cashier Sam T. Pearson. According to the report made to the Treasury department October 5th the capital stock of the bank was $20,000; surplus fund, $10,000; undivided profits, $1,238; deposits subject to check, $40,975; due to banks, $4,184; notes and bills rediscounted, $4,079; bills payable, $12,0001/8 cashier's checks outstanding, $160; time certificates of deposit, $8,225. The total resources of the bank, according to this report, were $100,862, divided as follows: Loans on real estaite, $157,000; all other loans and discounts, $50,676; overdrafts, $21,319; stocks, bonds and mortgages, $16,081; due from banks, $38,474; silver, $600; banking house, $3,000; other real estate, $3,700; furniture and fixtures, $1,000; current expenses, $908; cash items, $346; gold coin, $100; national bank notes, $1,000; United States notes. $1.769.

2. December 3, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 3, 1897

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The State Not Hurt. RALEIGH, N. C., December 2.-(Special.)-State-Treasurer Worth was notified to-day by Deputy-Treasurer E. S. Walton, of the suspension of the Piedmont Bank at Morganton. The State only had $439 in the bank, but had sent Walton $15,000 yesterday to be deposited there. The money had not reached him before the suspension. There is $12,000 of the bank's collateral in the State Treasury. The bank had $20,000 capital and $10,000 surplus at the last report, October 15th. State-Bank-Examiner S. L Crowder was sent there by the Treasurer this evening to make an examination and take charge until a receiver is appointed.

3. December 7, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 7, 1897

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Suspension ofa State Bank (Special to The Messenger.) Raleigh, N. C., December 2.-State Treasurer Worth was notified today by Deputy Treasurer E. S. Walton of the suspension of the Piedmont bank at Morganton. The state had only $439 in the bank, but had sent Walton $15,000 yesterday to deposit there. The money had not reached him before the suspension. There is $12,000 of the bank's collateral in the state treasury. The bank had $20,000 capital and $10,000 surplus at last report, October 15th. State Bank Examiner S. L. Crowder was sent there by the treasurer this evening to make examination and take charge until a receiver is appointed.

4. December 8, 1897 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 8, 1897

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NORTH CAROLINA Davidson spoke of his friend Gen. Clingman, of whom he was a contemporary. QUICKLY DISPOSED OF Ool. Lusk, in behalf of the bar and Col. W. 11. S. Burgwyn for the military. The interment was in Riverside cemetery. Sonly Ryan's Conviction Follows Close on Members of Gen. Clingman's old brigade acted as a special escort to the remains. the Heels of His Crime. Some of the relatives of J. B. Barnes, the Rocky Mount man in jail here, are here to see him. He wants to be transferred to the penitentiary hospital, MANY MOONSHINERS ATTENDING COURT claiming he will have pneumonia if he remains in jail. It was decided by the State SuperinRumors Regarding Federal Patron. tendent of Public Instruction to-day to call a State convention of County age Topies for Educators to Diss Supervisors of education, to be held Talks Politics-Bank here December 30th in the hall of the House of Representatives. Depositors I xeited-Remains of There is quito a lively complication about the smashed Pledmont Bank at General CHINGMAN Reinterred. Morganton. A telegrain to State Treasurer Worth from Bank Examiner Crowder, who was put in charge of it, says Raleigh, N. C., Dec. 7.-Moonshiners be has locked the door, and that Waland Cheir friends are here in great numton. who was appointed receiver by bers, attending the Federal Court. It Judge Hoke, has also put a padlock does not appear that the docket will be on It. So neither Crowder mor Walclosed, as Judge Purnell is now called ton can get In. The courts will settle on to 20 to Charlotte next Monday to the matter. Chief Clerk Denmark. of hold court. the State Treasury. says he learns that Henry C. Dockery la at Washington Judge Hoke, who appointed Walton reand says there is no sont of doubt as to ceiver. says he would not have done SO his being made Marshal of this district. had he known that Judge Robinson had There was a story that he was to be appointed Cowles receiver. Denmark side-tracked in favor of H. L. Grant says Cowles' appointment was made prior to that of Walton. Cowles arHe says this is absolutely untrue. The news among Republicans that the matrived from Statesville to-day, to take charge. Perhaps he will put another ter of the collectorship was to be selllock on the bank, though Crowder tled to-day. As to the District-Attorturns over his keys to him. neyship that is yet in the clouds. It is Private Secretary Alexander, Quartersaid that Chief Justice Faircloth knows master-General Harrell and Inspectorwho is to he the winner. but he will not General Royster left for Asheville totill. day, to represent the Governor at the Though there are to be two cotton ceremonies during the reinterment of growers conventions, one at Atthe remains of Gen. Thomas L. ClingPanta and the other at Memman. Phis. yet it does not inpAuditor Ayer says he will mail the pear pressible that either can get all the 5,733 State pension warrants Wednesfarmers In line. The Patter have more day. power than any people on earth, If they The Richardson Place Real Estate would pull together, but they will not company. which the State charters, is do SO. One of the delegates from this allowed $25,000 capital, and can operate State to the Atlanta convention is John in any county. though Elizabeth City Graham. of Ridgeway, President of the is its headquarters. State Farmers' Alliance.

5. December 9, 1897 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, December 9, 1897

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Bank Failure at Morganton. Notice was posted on the doors of the Piedmont Bank Thursday morning that on account of inability to collect to meet withdrawals, the bank has been forced to suspend. The bank has loaned considerable sums on real estate security and on these it was unatle to realize fast enough to supply the shrinkage in deposits. The bank has a capital of $20,000 and surplus of $10,000. The officers say that the assets are, in their opinion. ample to protect its depositors and other creditors. The deposits amount to about $10,000. The depositors met and requested that Mr. I. I. Davis be appointed receiver. Capt. Geo. P. Erwin is president and Mr. 8. T. Pearson cashier of the Piedmont Bank.

6. December 9, 1897 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, December 9, 1897

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BANK FAILURE AT MORGANTON. Unable to Realize on Security the Piedmont Bank Closes. On account of inability to collect to meet withdrawals, the Piedmont Bank at Morganton closed its doors Thursday. The bank had loaned considerable sums on real estate security and on these it was unable to realize fast enough to supply the shrinkage in deposits. The bank has a capital of $20,000 and surplus of $10,000. The officers say that the assets are, in their opinion, ample to protect its depositors and other creditors. The deposits amount to about $40,000. The depositors met yesterday and entered suit, asking for a receiver, and requested that Mr. I. I. Davis be appointed receiver. Mr. A A. Shuford, president, and K C Menzies, cashier, of the First National Bank of Hickory, were at Morganton yesterday and say that within ten days they will open a new bank there. Capt. Geo P Erwin is president and Mr. S. T. Pearson cashier of the Piedmont Bank.

7. December 10, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 10, 1897

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Messenger Bureau. Raleigh, N. C., December 6. It was reported here early this morning that Sonny Ryan, the white man who so brutally murdered his wife at Greensboro Saturday evening. was lynched late last night, but a telegram says he is in jail and will be legally tried and hanged. It was one of the worst crimes of the year. The federal court began its session here today, Judge Purnell presiding. There are 110 cases on the district docket, all criminal and nearly all for moonshining. There are seventy-five cases on the circuit court docket. The most interesting case is that of John A. Meeder, the fourth class postmaster of Warren county who was perpetrating so large a swindle when arrested. Meeder was sending out from 300 to 400 letters a week and getting in 200 registered letters. He had canceled $90 worth of stamps in October. The order of railway conductors for this division held a very large meating here yesterday. Some of the relatives of J. B. Barnes the Rocky Mount man in jail here, are here to see him. He wants to be transferred to the penitentiary hospital, claiming he will have pneumonia If he remains in jail. As yet the supreme court has never filed an opinion in the case of ex-Chief Clerk S. P. Satterfield of the house. Mention was made the other day of the fact that the sheriff of Wayne county had gone to Texas after a man who four years ago murdered his wife. Solicitor Pou of this district has directed that the man be placed in jail at Raleigh for safe keeping. The news that John C. Davis, the Wilmington embezzler, is to be discharged from the insane asylum here is interesting. There are people who do not believe and never have believed that Davis was insane. The penitentiary will have truck and strawberry farms on quite a large scale on the Castle Haynes property which it purchased last week. It is now certain that P. H. Lybrook will get the postmastership at Winston. As to the Raleigh office everything is yet "in the clouds." The rewards for Osborne Lambert, the assassin of Engineer Bumgardner, of the Southern railway, now aggregate no less than $1,100. Mr. Hege, of the poultry experiment farm here, says that the poultry show at Asheville is to be a grand one. The special premiums aggregate over $700, besides $1,500 in cash premiums. The date is January 4th. There is also to be a poultry show at Charlotte January 12-11.1 It was decided by the state superintendent of public instructions today to call a state convention of county supervisors of education, to be held here December 30th in the hall of the house of representatives. There is quite a lively complication about the smashed Piedmont bank at Morganton. A telegram to State Treasurer Worth from Bank Examiner Crowder, who was put in charge of it, says that he has locked the door, and that Walton, who was appointed receiver by Judge Hoke. has also put a padlock on it. So neither Crowder nor Walton can get in. The courts will settle the matter. Chief Clerk Denmark of the state treasury says he learns that Judge Hoke, who appointed Walton receiver, says he would not have done so had he known that Judge Robinson had appointed Cowles receiver. Denmark says Cowles' appointment was made prior to that of Walton. Cowles arrived at Statesville today, to take charge. Perhaps he will put another lock on the bank. though Crowder turns over his keys to him. Private Secretary Alexander.' Quartermaster General Harrell and Inspector General Royster left for Asheville today, to represent the governor at the ceremonies during the reinterment of the remains of General Thomas L. Clingman. Auditor Ayer says he will mail the 5,738 state pension warrants Wednesday.

8. December 14, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 14, 1897

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Messenger Bureau, Raleigh, N. C., December 11. The Seaboard Air Line people think they have scored a point on the Southern in securing the Cape Fear and Yadkin Valley road: putting the case in this way-the Southern wanted the road sold in divisions and to secure the one from Bennettsville to Greensboro, while the Seaboard Air Line desired the system in its entirety. A sale in sections would have knocked out Wilmington and Mt. Airy and injured Fayetteville. The mother of Cyrus B. Watson, Esq., is dangerously sick at her home at Kernersville. She is 93 years of age. The return of the state flag of the Fourth North Carolina infantry, captured at Sharpsburg by the Fifth New Hampshire regiment. will be quite a pleasing incident. General Bryan Grimes was first major and then lieutenant colonel of the Fourth. Chief Clerk Sims, of the auditor's office, says that the return of unlisted taxables made by Cabarrus county is by far the most complete of all yet received. Double tax on all unlisted property was levied and collected there, while in nearly all other counties it was remitted. The board of agricuture will meet in regular semi-annual session next Tuesday. The annual communication of the grand lodge of Masons will be held at the Oxford orphan asylum the second Tuesday in January. It is held there in order to give the members of the order an opportunity to see plainly in how admirable a way that noble charity is conducted. Rev. Dr. John C. Kilgo is the chairman of the delegation from the North Carolina Methodist conference to the general conference, because he was given the largest vote on the first ballot. Members of the conference say they regard this as an endorsement of his position on the educational question. They also say that it is a marked compliment, as generally only old members are sent as delegates and particularly as chairman of a delegation. State Labor Commissioner Hamrick left today for Dare and Craven counties to procure information to enable him to complete the chapter on fish and fisheries, the only one in his annual report which is incomplete. Superintendent Logan D. Howell, of the Raleigh public schools, will publish a paper in their interest. Among today's arrivals were Thomas Evans, Wilmington; Marshall L. Mott, Wilkesboro; Geo. S. Ferguson, Waynesville. The supreme court next week takes up the Twelfth district. the last one on the regular call of the docket. For the large Pennsylvania colony which will settle in Rowan county, 3,000 acres of land have been purchased and will be secured. swindlers, that a great school girl now is being on 2.000 do, ters with The in more saying an Spain. Spanish orphan worked who fortune write at a Salem Tole- goes let- H. man. It was tried on Mr. William Walker, of the revenue department here. It is one of the shrewdest swindles of the day. To Mr. Walker a "certified copy' of the will was sent, with formidable seals and signatures. The New York Herald exposed the whole swindle last spring. The new collector's force in the Western revenue district is watching the registered distilleries so closely that nearly all are closing. There are complaints of harshness. The term of the federal court here ended today, and an adjourned term begins January 3rd. Wynne, the young negro who robbed the mails at Powellsville, gets a year's imprisonment. and a Person county mail robber gets the same sentence. Three weeks ago a white men named West, who says he is from Richmond, was put on the chain gang at Salisbury. He swore he would not work and tried to escape. He was shot by three guards. He now makes threats that he will sue the town for heavy damages. It was stated the other day that when the Piedmont bank at Morganton failed the cashier was at Boston. No reflection upon the cashier was intended, of course. It is now learned that he was in New York, trying to secure a loan for the bank and that had he been successful the bank would never have closed. He arrived at Morganton the evening of the day of the 'bank's suspension. There was an intimation that the bank officials had lent money to themselves. This has no foundation in fact, mr. Walton and other Morganton men say.

9. December 14, 1897 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, December 14, 1897

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Perth teacher named Graham writes the State Superintendent of Public Instruction: "My certificate as teacher has been revoked simply because I am a Democrat." The superintendent replies that he refers the case to the county board of education and says that when it passes upon it if Graham is not satisfied he will himself fully investigate it. He concludes: "We must not let politics come into our schools." -Ex. ### Goldsboro Headlight An unknown burly negro made an assault upon Mr. D. E. Smith, of the Standard Manufacturing Company, in his office Saturday evening, by dealing two severe heavy blows on the head with a stick, unawares, but fortunately did not inflict serious injuries. His assailant a tramp, who had been given a few days work at the mill but was discharged, which seems to be the only cause of the cowardly attack, after which he made good his escape. ### Monroe Journal At about 7 o'clock on last Friday night the fire alarm was given and in a few minutes the town was alight with the flames which were consuming the ginnery of Mr. J. D. Parker, situated at the rear of the foundry, near the passenger depot. The building burned rapidly, and was soon in ashes. The loss was considerable with $1,000 insurance. The machinery was good and new. The origin of the fire was not known. The reason assigned for the failure of the Piedmont Bank at Morganton is inability to make collections rapidly enough to meet demands. The Piedmont Bank was established in 1889. Its President is George P. Erwin; vice-president, W. E. Erwin; cashier, Sam T. Pearson. According to the report made to the treasury department October 5th the capital stock of the bank was $20,000; surplus fund, $10,000; undivided profits, $1,238; deposits subject to check, $40,975. - Kinston Free Press ### Newbern Journal Died suddenly of heart trouble, at the Hotel Chattawka, in this city, Sunday afternoon December 5th 1897, Fayette Stratton Giles, of Chicago, Ill He was born in Massachusetts in 1837. When a young man he entered business as a diamond merchant and dealer in precious stones in New York city. So well did he succeed that when he retired from active business some years ago his house had established branches in France and Switzerland. After retiring from business Mr. Giles devoted his time to traveling and studying economics. He was author of "Century Onward," "Industrial Army," and other similar works. During last winter Mr. Giles made his home in Newbern. At Greensboro December 5th, Sonly Rran shot and killed his wife. He was a gambler and moonshiner, a fugitive from justice, with three warrants out for his arrest, one being for beating his wife. He stole back home and tried to make her give him $12 she had collected from her boarders, and because she refused to do so, the inhuman brute shot her three times. He was captured and lodged in jail. When in front of the Benbow Hotel, William Jennings, a brother of the murdered woman, rushed up and raised his gun to shoot the murderer, but was prevented. Ryan was tried Monday afternoon and pleaded guilty of murder in the first dergee. He refused to have counsel and was convicted in fifteen minutes and sentenced to be hanged on December 17th.-Ex.

10. December 16, 1897 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, December 16, 1897

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Three Bank Receivers. A special from Morganton says there are three receivers of the Piedmont bank, which failed a few days ago. The Governor and Treasurer had Judge Robinson to appoint Cowles, of Statesville, a well known Republican politician Judge Hoke appointed E. S. Walton, who has given bond. Judge Green has appointed I. I. Davis. All these appointments are temporary, and the question of appointing a permanent receiver will be decided by Judge Green on the 15th of this month.

11. December 24, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 24, 1897

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A SMILE OF SATISFACTION RESTS UPON THE PLACID FACE OF OUR GOVERNOR A Tip as to Opinion of Supreme Court Aurelia in Railway Commissioners Case Hamilton's Charge Against Jno. R smith. Treasurer Worth Aware Beforehand Bank-Sale of Shaky Condition of Piedmont of Western Railroad to the Southern Not Yet Completed Messenger Bureau, Raleigh, N. C., December 22 H. L. C. Caldwell and John Pearson, When Governor Russell's appointees here railway commisioners, arrived their yesterday as there was such a smile on had that people were sure they susfaces that the supreme court would their a tip the court below and decide in smile. tain favor. Today they wore the same which the governor smiled too, caused And a belief that the, too, had a would pointer as to how the judicial cat jump. The board of agriculture, a member United will meet as soon as the says, supreme court passes on fertilizers, the vaStates lidity of the tonnage tax on favorno matter whether the decision be able or unfavorable. meet The penitentiary directors will January 17th, in regular session. Republicans here are much interested Allnews from Washington that that this in the is to be postmaster and of bright is another slap by Senator Pritchard Governor Russell. Aurelia Smith, the woman penitentiary who charged scanliar, Kirby Smith with the R. Smith as a in her that 'because dal, denounces he told John your written correspondent a letter saying Kirby that sworn the woman had testimony against falsely. She seekSmith she Superintendent had Smith Smith. with He charges to get her to aid untrue Kirby the ing this is absolutely writes secrestate this says An insurance that agent he knows of state, unlicens- but ed tary companies of operating their names, in saying The he secretary fears refuses it to would of give state injure writes his business. him a very caustic letter. asserted that State Treasurer the suspended Piedmont Worth It is knew before bank hand at Morganton that was shaky. Treasurer Worth says the that leaf in tobacco 1895 he and made warehouses the ruling were that commission on commissions, merchants and adds liable that to the taxation attorney general so inBrown formed him. Russell assigns of Judge Pasquoiank Governor the special term 3rd. counto 'hold beginning January of Sampson ty, becomes court, Rev. W. C. pastor Barrett, of the Third Baptist in church here North Carolina negro Wilson, is is to minister to luck, Another as John H. Liberia. Smyth A of Goldsboro man be held that position. Robert M. Douglas once is no secret that his father-in- the fully It counts on succeeding Dick, as judge of disUnited law, Robert States P. court for the Western aftrict. Stewart, colored. village yesterday six miles I ternoon Alex here, at was Gamer, killed by also blows colored. with He an axe by Smith with from Perry Smith. a knife. There was after quarrel about a woman. exposition car was a beautiful rolling Wheels," left here The Carolina on trip. J. H. late Rev. Dr. today "North Mrs. on John its P. five-year Stedman, Corden, daughter died yester- of the of day at Oxford was br ought by the the widow Western Engineer A suit Carolina James railroad against for $15,000 bought dam- and ages. The The superior be owns the suit must the / North cided against that that the Southern road. Southern; The railway that supreme court court brought Western is yet de- reno existence. the Western Southhad verses this and and says will be to until do business the in in ern existence takes out The a license lawyer who said brought the did the so this suit to keep state. against the case the court out Western of virtually the federal out declares license courts. to its make The that the supreme Southern purchase must of take the Western in court valid. The decision of Constationality the supreme aid of the of Stanly the case Yadkin county as to railway, the bonds R.chmond causes ($100,000) a in bank loss it and is of $6,000 to the state Sunday general said the of Baptist $20,000 to state university school book- one. The to be made a in this state not vacation. of course Shaw holidays by the any request observe store One here educational university the is is taken (colored) institution at -will says the This IA students. telegram large from size Tyrrell are being county caught white shad of republicans and pop- for there. The news that fashington the to arra the fusionists fusion ulists here. met in 1898 It at shows is interesting with that the Otho to minority this. Wilson three pop- is now co-ope One operating of them confirms granted ulists. Yesterday the commutation. governor Valley pardons Air It Line is hinted and gets there a that the will Cape when be Fear a the bigger and Seaboard Yad- rate murderer was kin than the ever. Greensboro tomorrow, wife says is that the his he goes to who only Ryan, is thought to be heaven, hanged that while worries he him has sent adcharities wife to hell board of public Dr. Duffy, its journed this went home and the the chairman, The state morning. to inspect the asylum other folmembers here. There insane: are At at Raleigh 430. At 372, there Goldsboro will lowing 714, went Goldsboro needed the Here asylums At Morgan- Morgan- school more ton room is for 129 more. training instisoon be room a nurse's the blind there is now ward. At State Treaston and an more inebriate room is needed. to pay the institu- $57. tution urer Worth has appropriated refused deaf to mutes this in the 000 tion. specially There of whom are 249 Oxford 400 are at orphan the new Morganton asylum buildare now are 106. colored school state, At the 212, and occupied. five At the ings. there costing orphanage $21,000, there are

12. December 24, 1897 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 24, 1897

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TREASURER WORTH Admits Having Had Knowledge of the Unsound Condition of the Bank at Morgan ton Long Before it Failed (Special to The Messenger.) Raleigh, N. C., December 22.-Treasurer Worth, in an interview today said: "I knew the Piedmont bank at Morganton was shaky a long time before it failed and I sent $5,000 to my deputy treasurer, but I did not let him put it in the bank until the latter had given me $10,000 of electric light stock. I thought the bank was all right, save that it was running too short of cash, and I told its officers they must get more cash. They said they had gotten almost $15,000. The law requires that even if I know a bank is shaky, or even if I apply for a receiver, there must be thirty day's notice to the bank." F. L. Shaw, for 'twenty-five years foreman of the Carolina Central railway shops at Laurinburg, died here today, aged 64. The United States supreme court postpones until February 21st the hearing of the case involving the constitutionality of the tonnage tax on fertilizers.

13. December 24, 1897 The News & Observer Raleigh, NC
Article from The News & Observer, December 24, 1897

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KNEW IT WAS SHAKY. I And Yet he Did Not Close it up as he Should Have Done. Treasurer Worth, in an interview said: "I knew the Piedmont bank at Morganton was shaky a long time before it failed, and I sent $5,000 to my deputy treasurer, but I did not let him put it in the bank until the latter had given me $10,000 of electric light stock. I thought that the bank was all right until I saw that it was running too short of cash, and I told its officers that they must get more cash. They said that they had gotten almost $15,000. The law requires to t sum. If I know a bank is shaky, or even if I apply for a receiver, there rust be thirty days' notice to the bank'

14. December 25, 1897 The News & Observer Raleigh, NC
Article from The News & Observer, December 25, 1897

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WALTON MUST NOW GET OUT. Cowles to Take Charge at Once and Walton to Pay Costs. Another and final whack was yesterday taken by the Supreme Court at the Morganton bank receivership squabble. On motion of counsel for the State Treasurer, it was ordered that William E. Walton surrender at once to Andrew D. Cowles, receiver, all the assets and control of the Piedmont bank. If it is deemed necessary the sheriff of Burke County is directed, upon demand, to put Cowles in possession. Walton is charged with the costs of the appeal.

15. January 6, 1898 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, January 6, 1898

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# Supreme Court Decisions, The Supreme Court reversed the decision in the famous Satterfield case. S. P. Satterfield, who was Chief Clerk of the House in the Legislature of 1894-'95, was convicted in Wake Criminal Court of fraudulently enrolling the "Assignment Act." He was ordered to pay a fine of $250. The Court now reverses the decision. The Court also rendered a decision in the case of W. H. Worth, State Treasurer, against the Piedmont Bank of Morganton, which recently went under. The question before the Court was to determine which of conflicting Receivers appointed to wind up the affairs of the Bank were entitled to take possession of the assets. The Court decided in favor of Gen. A. D. Cowles, on the ground of priority of appointment. It was also held that there was no law which gave the Treasurer exclusive right to institute proceeding for a receiver, nor which takes away the right of any creditor, by a general creditors' bill, to begin an action for that purpose.

16. January 6, 1898 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, January 6, 1898

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Charlotte Observer: Mr. D. Cowies will leave for Morganton Monday next to take charge of the Piedmont Bank as receiver. Mr. Cowles will probably give the Park Bank, of New York (which holds $34,000 of the Piedmont Bank securieties), a bond for the safe collection of said securities and save to the creditors of the bank the difference between $34,000 and $11,000, which was the amount of the Piedmont Bank's overdraft with the Park Pank. It is reported that a murder occurred near Dover last Saturday. Two colored men left a logging camp in a cart to go to Kinston. When about three miles from Dover, in Jones county, they had a dispute. One man seized his gun and shot the fellow-traveler Ou the seat behind him through the head. The shot was fatal. The murderer was arrested and is now in jail. The public school superintendents of the State held a convention Dec. 28, in Greensboro: All of the schools were represented except Asheville. Superintendent Grimsley welcomed the convention in behalf of Greensboro. The meeting was held at the Normal and Industrial College, on the invitation of Dr. McIver. Great progress was reported from all points.

17. January 14, 1898 The News & Observer Raleigh, NC
Article from The News & Observer, January 14, 1898

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MUST BE A RADICAL TO WIN. (Morganton Friend.) Judge Robinson, it is understood will appoint a new receiver for the Pledmont bank today, in place of Cowles, resigned. This will make the fourth one d'p to date. We shall enter our office cat in the next round.

18. July 21, 1899 The Burke County News Morganton, NC
Article from The Burke County News, July 21, 1899

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SAVED OLD LADY'S LIFE. Now MARVIN F. SCAIFE GETS BULK OF HER $100,000 ESTATE. The New York Sun of Friday says the will of Mrs. Maria Elizabeth Cleveland has been admitted to probate in that city, after a contest that began about two years ago. Mrs. Cleveland bequeathed the bulk of her estate of $100,000 to Marvin F. Scaife of Pittsburg. She died in March, 1897, at Nice, at the age of 75, and the bequest was out of gratitude to Mr. Scaife, who had saved her from accidental drowning. Mr. Scaife was the plaintiff in the case of Scaife vs. Western North Carolina Land company, tried in the Federal court of Asheville, and which was perhaps one of the most notable land suits in the history of North Carolina. The suit was decided against him.Asheville Citizen. Mr. Scaife is well known here, having spent about half the time between 1889 and 1896 in Morganton. He made large investments in this section and was president of the Morganton Land & Improvement Co. when it went into the hands of a receiver in December, 1897, simultaneously with the failure of the Piedmont Bank, which was operated by said company.

19. October 5, 1900 The Burke County News Morganton, NC
Article from The Burke County News, October 5, 1900

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Land Sale. Will sell on Monday November 5th, 7 lots on Green street opposite Dr. Laxton's. Terms of sale 20 per cent. cash and balance in 6 months, L. A. BRISTOL, Receiver of Piedmont Bank. Oct. 3rd, 1900.