gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3b99da30b109c2e2
Response Measures
Accommodated withdrawals, Fed/other loan, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
50.7%
Date receivership started
1930-11-21
Date receivership terminated
1941-01-15
OCC cause of failure
Governance
Share of assets assessed as good
36.6%
Share of assets assessed as doubtful
59.7%
Share of assets assessed as worthless
3.7%
Description
Receivership recorded in November 1930; multiple articles report heavy runs and failure to open Nov 21, 1930.
Events (5)
1.June 28, 1907Chartered
Source
historical_nic
2.November 20, 1930Run
Cause
Local Banks
Cause Details
Heavy run triggered by failure/closing of the Central Bank and Trust Company and runs at other Asheville banks.
Measures
Federal Reserve funds (cash) were sent by truck from Richmond to bolster the bank; president made public plea to depositors.
Newspaper Excerpt
the American National Bank here weathering heavy run
Source
newspapers
3.November 21, 1930Receivership
Source
historical_nic
4.November 21, 1930Receivership
Newspaper Excerpt
receiver for the closed American National Bank (later articles reference receiver Cunningham/Rendleman). The bank is described as closed and later in receivership actions and suits are filed by the receiver in 1931 and beyond indicating assignment of a receiver after closing in Nov. 1930.
Source
newspapers
5.November 21, 1930Suspension
Cause
Local Banks
Cause Details
Directors closed the bank after heavy withdrawals and the collapse of the affiliated Central Bank and Trust Company in Asheville.
Newspaper Excerpt
The American National bank here failed to open today; a note on the door said the bank had been closed to protect depositors.
Source
newspapers
Newspaper Articles (24)
1.November 20, 1930The Advocate-MessengerDanville, KY
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BANK FAILURES
(United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent.
Asheville Banks Close.
ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon.
Failure at Hendersonville.
HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials.
Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf
2.November 20, 1930The Daily ReviewClifton Forge, VA
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THREE BANKS IN OLD NORTH STATE FORCED TO SUSPEND
Asheville, Nov. Central Bank and Trust Company Asheville, the largest banking house Western North Carolina, the Bank, suburban institution, failed open for business today. They State banks and partially owned by the same interests. The AmeriNational Bank here weathering heavy at At not far from the Bank and Asheville, Trust State institution, failed for business today Citizens National Bank and Bank and Trust immediately closed their Company doors to prevent runs, long line depositors formed at the latter two. All the institutions named are said to be solvent.
3.November 21, 1930Messenger-InquirerOwensboro, KY
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COMMISSIONER CONFIDENT
Says Banks Open in Louisville are Solvent Louisville, Ky., Nov. 21.-W. A. Dicken, deputy state banking commissioner, said today he believed all Louisville banks not affiliated with those alr ady closed, were solvent. "If they were not," he said, "we would close them. Following the closing yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville, other members of the New Albany Clearing House association met and pledged aid to each other should runs develop. The Crestwood bank, a small institution in a suburb of Louisville, did not open this morning.
HOPKINS BANK CLOSES Madisonville, Ky., Nov. 21. UP:The Hopkins County bank failed to open its doors here today. A brief statement by the board of directors said it had been decided to place Its affairs in the hands of the state banking commissioner in order to conserve its assets for its depositors, The bank. established in 1890, had deposits of $696,000 and resources of $865,000. A. R. Cummings, Jr., president, said the bank was solvent, but was closed as precautionary measure. The other three banks here proclaimed themselves in good condition.
ASHEVILLE BANK CLOSES Asheville, N. C., Nov. 21. (/P)The American National bank here failed to open today bringing the total number of banks to close in western North Carolina in two days to nine. The bank had deposits of $2,000,000.
4.November 21, 1930The Pittsburgh PressPittsburgh, PA
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REALTY NOTES CLOSE 6 BANKS
North Carolina Examiner Blames Failure to Liquidate Securties for Trouble
By The United Press
RALEIGH, N. G.-Closing yesterday of six banks in North Carolina was attributed today by John Mitchell. chief bank examiner. to failure to liquidate real estate securities acquired during an inflated boom period four years ago The affected institutions are The Central Bank and Trust Company. Asheville The Biltmore-Oteen Bank, suburban institute partly owned by the same Asheville interests. The Leicester, (N. C.) Bank, affiliated Trust with the Central Bank and Company The First Bank and Trust ComThe Citizens National Bank, Hendersonville. The American Bank and Trust Company, Hendersonville The Citizens and American Bank at Hendersonville were closed by directors after heavy runs resulting from failure of the First Bank and Trust The Asheville closing resulted in heavy runs on the American National Bank, controlled by the Central Bank and Trust Company, which were weathered successfully with aid of federal reserve funds sent by truck from Richmond, Va. L. Jenkins, president of the American National, said his bank was in good condition and would open today as usual, despite the Notices posted on the closing banks in Asheville indicated directors had decided to close to conserve assets for the benefit of depositors. Chief Examiner Mitchell emphasized the fact that the condition of banks generally throughout the state was excellent.
5.November 21, 1930Springfield Leader and PressSpringfield, MO
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SECOND ASHEVILLE BANK IS SUSPENDED
ASHEVILLE. N. C., Nov 21-(AP) -The American National bank here falled to open this morning, bringing the total number of banks to close in western North Carolina in two days to nine. A note on the door said the bank had been closed to protect depositors. On September 24, date of the last bank call, the American National listed deposits of $2,000,000. Failure of the Central Bank and Trust company of Asheville, fourth largest single bank in North Carolina, yesterday, precipitated a financial crisis in this section. Within few hours seven smaller banks had closed. More than $4,600,000 in city funds and $3,100,000 in county funds was tied up in the closing of the Central company, but city and county officials announced the greater part of the money was covered by col
6.November 21, 1930The Indianapolis TimesIndianapolis, IN
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ROOSTERS' CROWING ENJOINED BY COURT
Judge Orders Silence Until at Request of Sick Man. RIDGEFIELD. N. Nov. John tion not 10 George his sick bed fowls their had sleep became invalid. court studied his physician's affidavit and granted him an injunction.
Two North Carolina Banks Closed Nov. American National bank Asheville, with deposits nearly and the Citizens bank Bryson City, closed today, bringing ten the number banks to halt operations in this state two days.
Readjustment Now Over In Asheville Banks, Says Seely
Asheville's banking readjustcomplete and there is further to The time has come to the gist of statement Issued Friday L. director of the Wachovia Bank and Trust and of western North CareThe National Bank of have ered the storm wide margin spare, said His full: "There isn't the least cause pessimism over the happenings of the past 48 hours Asheville. far as the banking situasafe saying that the now and that there every reason Asheville to and the future. "The American National, which went through safely on Thursday and fully expected to this chose the safer course. of and the Southern bank are superb and are business as usual. Bank and Trust company, statement condition shows over twenty millions In cash, government and state bonds, In position ten-fold more than any Carolina could make "Less than half of the cash on hand Thursday morning was required for the day's business, but mark of and common sense in an emergency, where the become more or less one million dollars cash was brought by Federal Reserve truck at four o'clock yesterday afternoon, and another million cash came Insured and was placed the vaults at 8:30 this has not necess any of although have several where their banks that pressed demands "Wachovia bank has been dobanking trust business for more than and the people of North have faith in sincerity statement tried conand help them to build and sure they will now believe me say here for ages to come of strength the financial landscape the Land of Sky the Old North State. "Let's all to work in earnthe and let's try grow where one be-
8.November 22, 1930The Owensboro MessengerOwensboro, KY
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COMMISSIONER CONFIDENT
Says Banks Open in Louisville are Solvent Louisville, Ky., Nov. Dicken, deputy state commissioner, said today he believed all Louisville banks not affiliated with those closed, solvent. "If they were he said, would close them.' Following the closing yesterday of two banks Albany, Ind., across the Ohio river from Louisville, other members of the New Albany Clearing House association met and pledged aid to each other should runs develop. The Crestwood bank, small stitution in suburb of Louisville, did not open this morning.
HOPKINS BANK CLOSES Madisonville, Ky., Nov. The Hopkins County bank failed open its doors here today. brief statement by the board of directors had been decided to place its affairs the hands of the state banking in der to conserve its assets for its The bank. established in 1890. had deposits of and resources Cummings, said the bank was solvent, but was closed as precautionary measure. The other three banks here proclaimed themselves in good condition.
ASHEVILLE BANK CLOSES Asheville, Nov. The American National bank
Bad Influence
Examiner Blames Frensy for Closing of Eight Banks
Nov. of the banking closed since the and Trust doors due Mitchell chief state examiner careful survey of the situation Western North Friday condition which brought on the failure of other three purely and the result the wake deflated real estate values coupled with the general business which current throughout the country he Both city and county have made arrangements to meet all payrolls and interest on notes due Decemher and the decision of the operation city and county being left open. Meanwhile the schools will carry on and It believed that for the of all educational work will be made. City and county ficials announced that while the economy will be maintained there will be no cutting off of employees salary slashes for the immediate present. The American National in Ashaville, weathered heavy run yesterday, did not open its doors morning addition, banks in City and Tryon closed. Other institutions port today result that deposits exceeded withdrawals in every The state bank officials arrived here early today and immediately conferred Darden B. state examinthe went to Waynesville, Bryson City and Hayesville to take charge of institutions in that group which had closed result of heavy withdrawals Two others went Hendersonville, Flat Rock and Tryon to up the closed institutions that while others visited the Bank of Leicester Auditors being at work in all the which taken to determine and report to the State full report assets and liabilities institution reports filed law the clerk court in the counties in which the banks are cated.
GOVERNOR WILL MEET PARTY IN CAPITAL TODAY
City And County Official Group Will Lay Data Before Executive
FINANCIAL CRISIS SOLUTION SOUGHT
Aid Of State In Solving Community Problem Object Of Parley
This morning at o'clock memhers of city and counofficials and advisors who Asheville are confer Max Gardner and the Fund Raleigh regard to the financial situation Headed by Mayor Roberts and Chairman Claude Felmet. board county Asheville and Buncombe county officials will place before the group Raleigh all available and fig. ures bearing the faced this community the Central Bank Trust Company. bank and the American National bank month approximately 000,000 in public funds on deposit Others In Groups Other members of the party from Asheville Judge Junius president the National Bank Commerce attending special request of Gov. Gay Asheville capitalist member advisory Haywood prominent attorney and member the advisory committee: Ed Gibson city Asheville: for the Buncombe County board cation: Claude Love, member the board of Reynolds of schools for Buncombe county Mrs. Mc. Lean, board of No plan request to to the had determined upon the party Asheville the group that their action in Raleigh would depend largely upon developments the attitude the State
Outline Figures The face this community will be presented variof the group The nancial obligations both city and county will called upon meet within the next few months will the that reasonably expect to Members of the group were of opinion that some tion could worked out. and that trip result great deal of benefit for the community Decision make the trip leigh became apparent that city and county would be rassed result of the loss of funds tied in failure of the three banks.
11.December 11, 1930The Journal TimesRacine, WI
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Banker Stays Run
President Checks Milling Crowd, Battling for Funds, by Personal Plea.
By Central Press ASHEVILLE. N. C., Dec. 11.Milling hundreds of hysterical men and surged about the lobby of the American National bank here during a financial crisis which caused 14 institutions to close their doors within 48 hours Tellers were counting out money as rapidly as possible, hoping against hope that something would occur to check what every banker dreads- run on the bank. The crowd outside the bank grew larger every minute as frightened depositors heard of the panic and joined the lines scrambling to get to the tellers' windows. Certain disaster for the big banking Institution loomed. Suddenly a short, thick-set man with piercing blue eyes and the square jaw of fighter climbed upon chair and raised a muscular arm dramatically above the throng. A thousand eyes saw the gesture. Excited shouting died to murmur of curiosity, then the murmur ceased. The crowd had recognized the with fighter's jaw. He L. L Jenkins, president of the bank, threatened with disaster because rumors concerning his institution's solvency had been spread following the closing of Asheville's largest bank. across the street.
A Dramatic Moment.
A friendly. boyish smile illuminated the and haggard face of the banker as the crowd turned to obtain a better view of him. He nodded at friends in the hysterical crowd. Then his jaws clicked. his eyes flashed with the fire that had brought him from farmhouse to the presidency of one of western North Carolina's most powerful and influential banking houses. "My friends,' President Jenkins said slowly, his voice filling the lobby of the see many of my personal friends have me for many years, and you know that am a man who keeps give you my word of honor that there is sufficient money en route to this bank to pay every man and woman in this throng cent that has been entrusted to this "I would rather lose cent of the fortune have built by a lifetime of labor and self-denial than to have one of you lose a dime. 1. ask you, as one friend to anotherdo not bring ruin. upon yourself. your community and the bank you have trusted years. Go outside. think things over calmly: then, If you wish, come back again and ask for your money. You will get Itevery cent of A tall man in the center of the crowd interrupted: "Fight 'em. Mr. Jenkins!" he shouted. "Stay in there and fight em!" -A smile flashed across the banker's face as he nodded. "I've been fighter all my life." he responded, "but today I'm not fighting-I'm begging. Begging my friends to give this bank. their community, themselves, square deal. I'm forgetting that I'm a banker. remembering only that am a citizen, a loyal citizen of this communIty. I have one request to make of my friends in this lobby. "Who will be first to lead the way out of the door into the street?"
Fate in Balance.
There was moment of tense silence. The banker knew that the fate of the bank he loved depended upon what would occur in the next 60 seconds. A thin, cracked voice smashed the silence. "I will! I believe you, Mr. Jenkins!" The speaker was a wizened old woman, whose life savings had been placed into Jenkins' keeping years before. With feeble steps the little old lady started toward the door, 30 feet way. Younger men and women opened up a path for her. Dozens of men and women, many with tears streaming down their cheeks, turned their faces away from the tellers' windows and followed their feeble leader out into the street. Her cheeks flushed with the thrill of achievement, the little old woman tottered straight ahead, on and on until her bent figure was lost in the maze of traffic.
Many Depart. The backbone of the run had been smashed. Many depositors grimly stuck to their places in line, but more had departed. Jenkins returned to his office, conscious that the American National bank would not close its doors ruined. The shades of evening found grimvisaged directors in session. Some of them had heard their president's dramatic appeal. Some of them had not. But all feared that another sunrise would bring another hysterical throng to the door. It was decided not to open the bank the following day But President Jenkins was confident the American National bank would reopen.
MAN BLINDED BY LIQUOR EXCUSED IN ALIMONY CASE CHICAGO, Dec. 11.-John Warren, 33, excused from paying yesterday pendIng settlement of his suit for divorce from Mrs. Catherine Warren. Warren led into the court room of Circuit Judge Trude by his father and mother. "My wife used to operate beer flat," Warren testified. "I drank some of her moonshine. It was poison and It made me blind. haven't been able to work for three years."
12.December 12, 1930Record-JournalMeriden, CT
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Article Text
Banker Stays Run
President Checks Milling Crowd, Battling For Funds, By Personal Plea
By Central Press Asheville, hundreds hysterical men women surged about the the American National bank here during financial crisis which caused instituclose their doors within hours. were counting out money rapidly possible, hoping against hope that occur check what every banker the bank. The crowd outside the bank grew targer every minute frightened positors heard of joined the lines to get the tellers' Certain the big banking institution loomed. Suddenly short, with piercing blue eyes and jaw fighter climbed upon square raised muscular arm dramatically above the throng. thousand eyes saw the gesture. cited shouting died to murmur curiosity, then murmur ceased. The crowd had recognized the man the fighter's He president the bank, threatened disaster because rumors his institution's solvency had been spread following the closing of Asheville's largest bank, across the street.
Dramatic Moment friendly, boyish smile illuminated the haggard face of the banker crowd turned to better him. He nodded friends the hysterical Then his his eyes flashed with the fire that had brought him from humble farmhouse to the presidency of of western North Carolina's and ential banking houses. friends,' President Jenkins said slowly, his voice filling the see many of my personal friends here known for many and you know that man who keeps word. give you my word honor that there money route to this bank to pay every this throng every that has been entrusted this would rather lose every cent the fortune built by lifetime of labor and than one of you lose dime. friend not bring ruin upon yourself, your comand the you for years. Go outside, think things then, if you come back and ask for your money. You will get cent tall man in the center of the crowd interrupted: "Fight 'em, Mr. Jenkins!" he shouted. "Stay in there fight smile flashed across the face he nodded. been fighter all my responded, "but today I'm not Begging my friends give this bank their munity, square deal I'm forgetting that I'm membering only citizen. loyal citizen this community. request make of my friends this first lead the way of the door into the
Fate in Balance There moment of tense The banker fate of the bank loved depended would occur in the next cracked voice smashed the silence believe you, Mr. Jenk-
The speaker wizened woman, life savings had placed into Jenkins' keeping years before. With feeble the little lady toward the door. feet away. Younger and women opened path for her. Dozens and many tears down their cheeks, turned their from the tellers' windows and followed their feeble leader the street. Her cheeks flushed with the thrill
SIX BANKS CLOSE DOORS
In One Instance Action Is Taken Conserve Assets
Gastonia, Dec. 16, Gaston county banks failed to open their doors today, leaving only financial institution in this textile of 20,000. The First National bank and the Gaston Loan and Trust company Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia blam"heavy withdrawals" in notices ing they would not open. The First National bank the gest of the four, had $3,660,072.11 deposit September 24. Bank officials said $800,000 had been paid to deposisince November 20, when the American National bank of Asheville closed its doors. Jenkins, president of the Asheville bank, was vice president the First National bank and its largest single stockholder.
York, Dec. Clover, York county closed its doors today. Lee Robinson, president of the First National Bank of Gastonia which failed open this morning, president of the Clover institution. The bank had resources of about $650,000.
Charleston, W. Va., Dec. 16, The state department of banking day that the Bank of Hillsboro, in Pocahontas county, was closon Friday The bank on September capital stock of $25,000. Its resources and its deposits taled $127,746.
14.January 22, 1931The Butler HeraldButler, OK
Article Text
Halted Bank-Run Single-Handed
Personal Plea of President Checked Panicky Customers' Run on N. C. Bank
Capper's Weekly
Tellers in the American National Bank at Asheville, N. C., were counting out money and shoving it thru the windows as fast as they could work. The lobby was full of hysterical men and women made panicky by 14 other banks in the state being closed, one of them just across the street. Suddenly a short, thick-set man with piercing blue eyes a n di square jaws climbed on a chair and raised a muscular arm to attract attention. A thousand eyes saw the gesture and this with his friendly smile silenced the crowd. Everybody there knew L. L. Jenkins, who had come from a humble farmhouse to the presidency of one of the state's strongest banks.
"My friends," said Jenkins slowly, "you have known me for years and you know I am a man who keeps his word. I give you my word of honor there is enough money en route to this bank to pay every man and woman in this throng every cent entrusted to this institution. I ask you as one friend to another not to bring ruin upon yourself, your community and the bank you have trusted for years. Go outside, think things over calmly; then, if you wish, come back again and ask for your money. You will get it-every cent of it!"
"Who will be first to lead the way out of the door into the street?
There was a moment of tense silence. The banker knew the fate of the bank depended upon what would occur in the next 60 seconds.
A thin, cracked voice broke the silence. "I will! I believe you, Mr. Jenkins!"
The speaker was a little old woman, whose life savings had been placed into Jenkins' keeping years before. With feeble steps she started toward the door. Younger men and women opened up a path for her. Dozens of others, many with tears in their eyes, turned their faces away from the tellers' windows and followed their feeble leader out into the street. That broke the backbone of the run on the bank. Some de-
CANNOT ADAMS PROBE HELP IN BANK CASES OF
Man May Be Chosen To Aid Nettles In Undertaking.
Staff Correspondent) anFeb. office yesnounced the governor's John Sneed afternoon that terday would unable associate counsel to the investiZeb Nettles leitor in Asheville. bank failures gation of been advised Gardner has Governor of illness would attack Adams from accepting Mr. recently tendered executive the the chief solicitor for the request judicial district teenth the governor's was explained unable to office that been consider the of new associate counsel on legislative DES and other details program which require 12 and 15 hours his time Gardner will Governor under consideration take the matter doubtful whether associate until another he has name had opportunity to confer Solicitor Kingsland well known Asheville has been recomthe recent mended for the his law firm. Harkins selection Van Winkle. counsel to the receiver the closed American National Bank, probably preclude consideration his any further name Selection Lyle Jones, former and RobHall sevthem eral defendants from the picture of possible appoinOn account of recent developments entirely possible the governor select outside attorney as associate counsel to the solicitor.
PROBE OF BANK CASES STARTED FIRST OF MONTH
(Continued from Page Mr. SenBernard was instructed to introduce the general sembly the county com This week McGraw announced Coursey accountant of Southern Pines, and two had been engaged to help the grand jury with the investigation believed investigation may three Mr Coursey in the investigation bank in the the work. understood will the technical part of preparing whatever evidence the state wish use in the trial the The members of the grand jury
Rhodes Capt Fitzpatrick. CoopClaude E. Case, Paul Cordell, Burleson, Kiser and West. Lakey is grand jury III Last Monday when the February was to opened. Judge McElroy appeared announce was sugering from influenza would unable preside Thursday He ordered the and an officer morning and and told the jury was remain in On Thursday Solicitor Nettles McElroy still but that would appear o'clock Thursday morning to receive the grand jury's reCentral Bank and Trust comfailed open doors Thursthe American National closed the following day after withstanding heavy run Rapidly The Central was founded in by Wallace and assoclates Capitalized $25 bank attained high position in banking circles of Carolinas the time of the the largest Carolina Only three chovia company Carolina and Trust including their branches and American Trust of company resources. Mr. was first cashier of the Central and president On the last day on which the open. there was on which amount belonged city Asheville, county North Carolina Park commission. rious and school districts in mortgage and affiliated with the Central Withdrawals The general banking viduals. and other agencies Asheville and western North Carolina not affiliated manner the bank-had only on deposit. had withdrawn than during the last two years the bank The total public deposits at the Central Bank City Buncombe county including county and speNorth Park commission Chilfund. State $67,003.20 clerk and Buncombe county the city deposit at the American National Bank
With crop reported 32 per cent than California citrus received
17.April 9, 1931Dakota County HeraldDakota City, NE
Article Text
THREE BANKS IN OLD NORTH STATE FORCED TO SUSPEND
Asheville, Nov. Central Bank and Trust Company Asheville, the largest banking house Western North Carolina, the Bank, suburban institution, failed open for business today. They State banks and partially owned by the same interests. The AmeriNational Bank here weathering heavy at At not far from the Bank and Asheville, Trust State institution, failed for business today Citizens National Bank and Bank and Trust immediately closed their Company doors to prevent runs, long line depositors formed at the latter two. All the institutions named are said to be solvent.
COURT ORDERS SPECIAL TERM
Federal Court Opens August 31 to Try Cases Connected With Bank Failures
ASHEVILLE July cial term of western North Carolina federal court to try cases growing out of bank failures here last today was ordered by Judge James Webb to start August 31. After conference Charles A Jonas, of Lincolnton district torney Judge Webb announced that the against Wallace B. Davis and W Harris charged with using the mails defraud, would be called on that date The charges were brought as the result of stock sales by the Central Securities corporation subsidiary of the Central Bank and Trust company. Davis was president of both institutions. and Harris was vice president of the securities firm Other cases which Mr. Jonas onnounced would be tried during the special term time permitting charges Davis, L. Jenkins, president of the defunct American National bank another Central subsidiary and Charles Bradford Central bank cashier, with conspiracy divert illegally national bank funds to the Central bank Cunningham former cashier of the national bank also faces charge of making false report to the comptroller of the currency
19.September 27, 1931The Charlotte ObserverCharlotte, NC
Article Text
TEXTILE LEADERS SUED
Asheville Bank Receiver Files Action Against Prominent
Nine were filed day Charlotte United district by Cunningham. receiver of the AmeriNational bank Asheville against of Gastonia textile The suits were for the recovery various sums alleged to be owed the defunct bank on notes The suits the following defendants and alleged amounts Gray. and and Ethel Gray Bark ley Gray and George Gray. Gray $2,500 George Gray. Gray and H. Separk, Myrtle Gray Legare and Hugh Legare George Separk and Gray and George Gray and H.
ebb Authorizes Sale Of Property By Bank Receiver
Judge E Yates Webb has signed an order in U. district court author. ising the sale of the property at 29 Monroe Place by Cunningham. receiver for the closed American Na. . tional bank. Asheville According to the order. Mrs. R. L. Chance secures the property for $1,600. The receiver will pay back taxes amounting to $207.28. while the purchaser assumes the 1931 taxes.
k Receiver Seeks to Cancel Apartment Deed
D Rendleman. receiver for the closed American National bank. has filed suit in seeking set deed for apartChesthut and North Liberty The property now held by the purchased tax suit. The complaint alleges the sale was made without due notice to the
INSOLVENCY OF 2 BANKS KNOWN BEFORE CLOSING
Witnesses Testify Officials Had Known Situation For Weeks.
ADMITTED BY EXAMINER
Says He Did Not Close American For Fear Of Effect On Other Banks.
Insolvency of the Central Bank and Trust company and the AmerNational known and national authorities before either institution was forced to close in November. 1930 Government witnesses in the trial of Russell C. Davis Charles Bradford and Jenkins for alleged bank law violations, testified that their examination the banks recrevealed the D. M. Darden of Raleigh. state examiner, told jury purt here yesterday that he the Central bank as insolveht July, 1930 at least four months before the bank suspended chief national bank examiner, adthe witness that he examined the books of the National bank 1930, and found the bank in an insolvent condition said he did not close the bank because possible effect upon the Central bank and other financial institutions section of the former Asheville bankers was resumed Judge John Virginia, district here today M. Jenkins of assistant district attorney and Pope Asheville, the principal witnesses called today by the government.
Charged With Conspiracy
The three defendants are charged conspiracy to misapply and misapplication funds credits of the American bank aid the Central Bank and Trust company in 1930 The trial entered its fourth day with less than 100 persons, including jury. witnesses and court officials. in the large courtroom for the single session William former assistant cashier the National and at present employed by receiver for the closed bank. completed his testimony He took the stand yesterday afternoon. following Hal M. Whitfield and R. H former assistant and former of the American National
Mr Pope's testimony today cen$6,000 executed by Mr. one of the defendants end held the American National A personal note of Mr Davis was paid early November and another note, signed by the Loan Southern Investment for the same amount, was taken by the bank On Mr. Pope he and Mr Currence kept the minutes the loan and the minutes did not contain any mention committee of loans declined by the Mr. who was appointed district attorney several months ago, chairman board of directors of the during the financial disturb(Continued Page 14)
23.June 8, 1934The Times-NewsHendersonville, NC
Article Text
Atkins Is New Bank Receiver
Hilliard Atkins, of Waynesville, has succeeded D. A. Rendleman as receiver of the Citizens National bank here.
Mr. Atkins will also serve as receiver for the American National bank, at Asheville, and the First National, at Statesville. Mr. Rendleman will return to Salisbury to resume his law practice.
CLOSED CITIZEN'S NATIONAL BANK REALTY ASSETS WILL BE SOLD HERE AUGUST 25TH Special Liquidator Announces Auction; Bank SYMPHONY TO Bldg. on Block All real estate owned by the PLAY TONIGHT Citizens National Bank, now in liquidation, will be sold here at DeNardo Making His First public auction on Tuesday, Aug. 25, at 10 a. m., according to Britt Appearance Here as Davis, special liquidator of real Director estate for the comptroller of the currency. A similar sale of realty assets The North Carolina Symphony of the closed American National orchestra, under the direction of bank of Asheville, will be held at Joseph DeNardo, will make its Asheville the following day. Hilfirst appearance this summer in liard B. Atkins is receiver for the Hendersonville at the high school two institutions. auditorium tonight at 8 o'clock. Included in the sale to be conThe concert is the first of a seducted here is the Citizens Bank ries of musical programs, sponbuilding as well as dwellings, othsored by the Chamber of Comer business properties, farms and merce. In addition, the concert building lots. Every piece of will mark the first appearance of property will absolutely be sold Mr. DeNardo here as conductor of to the lowest bidder on the day the orchestra. of the sale, it was said. The concert will feature, in adPrincipal interest centers in the dition to Schubert's "Unfinished sale of the bank building, a handsome stone structure at Main Symphony," the ever popular street and Fourth avenue. Repre"American Bolero," by Brown; senting an investment of upwards the "Mississippi Suite," by Grofe, of $100,000 the building's projectand "Finlandia," by Sibelius. ed sale has elicited much speculaThese numbers have been popular tion on the amount it will bring at in Hendersonville audiences in public outcry. Sale of all the previous concerts by the orchesproperties will take place at the tra. Other numbers on the probank building, and a large crowd gram will include Glinka's "Rusis expected to attend. sian and Ludmilla," giving someThe auction method of disposthing of the spirit of Russian folk ing of realty holdings of closed music; and "La Media Noche," by national banks was adopted after Stoessel, which is a suite a four efforts to dispose of the properSpanish dances. ties by other means had proved The "American Bolero" preunsuccesful, it was said. The sents musical culture of America, comptroller of the currency finalinfluenced as it is by the music of ly selected Mr. Davis, a Tennessee all nations-the barbaric beat of realtor and auctioneer, for the drums, the broad melodic strain job, and with a sound truck and of the Latins, Oriental dissonants, other equipment, as well as a the lilting sweep of Viennese staff of assistants, he has been strings and the rhythm of Bolero going about the country conductcastanets. ing these sales. Suite" depicts.
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.
