gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f75726095375950e
Response Measures
Accommodated withdrawals, Public signal of financial health
Receivership Details
Depositor recovery rate
70.6%
Date receivership started
1931-12-21
Date receivership terminated
1941-10-25
Share of assets assessed as good
34.8%
Share of assets assessed as doubtful
55.6%
Share of assets assessed as worthless
9.5%
Description
The December 1930 run was driven by rumors; the December 1931 closing appears driven by frozen assets/loan losses from farm defaults rather than an immediate follow-on run.
Events (5)
1.March 14, 1908Chartered
Source
historical_nic
2.December 16, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Crowds alarmed by rumors about the bank's condition led depositors to line up and withdraw funds; articles explicitly cite 'rumors' and police investigating those spreading false rumors.
Measures
Bank officials served coffee and sandwiches, persuaded depositors to wait, paid withdrawals during the day and publicly affirmed solvency.
Newspaper Excerpt
Following the run on the Commercial National Bank yesterday ... paid out $442,166.89 DEPOSITS $548,667.36
Source
newspapers
3.December 17, 1931Suspension
Cause
Local Shock
Cause Details
Directors attributed the closing to failure of farmers and others to meet seasonal payments and to frozen assets from low crop prices and loan defaults.
Newspaper Excerpt
The Commercial National bank ... failed to open its doors this morning, after directors had voted to close pending meeting of stockholders.
Source
newspapers
4.December 21, 1931Receivership
Source
historical_nic
5.December 21, 1931Receivership
Newspaper Excerpt
Known receivership date (government records); later articles refer to A. D. Burrowes as receiver for the Commercial National Bank here.
Arrests In Upon Raleigh
Dec. Eugene Culbreth eigh announced today that pected arrests and prosecutions the result of made on the Commercial National bank. After doing the biggest business history the nancial including times when lines of persons the tellers' windows extended into the street, bank officials last night that deposits yesterday had exceeded Cash paid totalled and posits aggregated $548,667. Today at noon bank officials timated deposits that hour have totalled cluding cash deposit the state. There were practically today. they said. Mayor Culbreth. commenting the run, stated that the Raleigh police chief "has the names some those charged spreading false rumor's about the bank's condition and there will arrests prosecutions under that section state banking making illegal to make derogatory about
2.December 16, 1930The News and ObserverRaleigh, NC
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Facts
Following the run on the Commercial National Bank yesterday the bank announced the following figures: paid out $442,166.89 DEPOSITS $548,667.36 origin, had spent This opinion based the fact number customers with their money during the mornbefore the banking hours. Many depositors, hastening bank when they heard the run, changed their about the situation after talking with the bank's officers, and instead withdrawing money, lingered lobby, persuading others their money the All depositors who were the bank o'clock gained their turn the windows, although the doors the bank closed those arrived that There many sought admittance the closing hour. Says Bank Solid. and solvent. We will be open for morning usual," said President Jerman. At meeting the directors The Bank Raleigh, which Crow, Henry Hicks, Hud (Please Turn to Page
3.December 16, 1930News and RecordGreensboro, NC
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AUTOMOBILE ACCIDENT RALEIGH BANK STANDS FATAL TO TWO WOMEN UP UNDER HEAVY RUN
Miss Edith Ford and Miss Grace Harrington, of New York, Lose Their Lives.
"Come and Get Your Money," Bank Officials Tell Their Depositors.
ONE MAN IS INJURED PLENTY MONEY ON HAND
Lumberton, Dec. young women of New York lost their lives in the headon collision of their automobile with heavy truck Raynhem, near here, today and the driver the truck was reported riously injured. Miss Edith Ford, whose address was said to New York city, was instantly killed and Miss Grace Harrington, resident Long died few hours after the accident in hospital here. Arthur brother of the dead girl, escaped unhurt. D. of Dillon, C., driver of the truck, was reported unconscious several hours after the accident in message received Sheriff Ashe, of Dillon county. The truck driver had been picked up and carried to his home by Arch McLean, of happened after Young said he did not exto prefer charges against Buie. The Fords Miss Harrington were returning to New York after Olanta, Miss Ford will Witnesses said the accident to filling on his Be apparently saw the other CB: coming they said and to get back to the right side of the road but failed.
Office Raleigh, Dec. 15.-"Come on and get your money," Commercial Nstional bank officials said to stampeding crowd that jammed the lobby this morning in menacing The bankers were prepared. They had more money on hand than the depositors could take in day end they have more tonight than was withdrawn today. The institution stood open until the regular closing asked all who had broken into the before clos. to remain and get thei that when hell freezes his bank will before. Vice President Crow, alightly less picturesque, out the word that his bank will be opened Tuesday mornat o'clock. The ordarly depositing of customers served to slow up the stampede And when the bank came out of the without the slightest impairment
(Continued On Fourteen)
4.December 17, 1930The News and ObserverRaleigh, NC
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FAITH WINS
Fear common weakness; faith common virtue. Yet do not always recognize fear fear faith faith. Sometimes intent the moment's gain, fear looks to us like wisdom and faith like folly. But fear never anything but fear and faith never anything but faith. We who do not clearly think soundly or judge fairly are at fault when we mistake them for what they are not. need know more about both. We need new valuation the disastrous consequences one and the unimpeachable power of the other. isn't enough know that they are inveterate enemies, that since the first ray man's consciousness they have battled in every human erisis, that sometimes the victory gone one and sometimes to the other but that always fear and faith defeated victorious emerge from one battle to fight another. Around the doors of the Commercial National Bank they fought from Monday morning until o'clock Monday afternoon, their guise and recognizable. Fear would have closed the doors and wrecked the bank. Faith them open until closing time and Tuesday morning faith flung them wide opening time. Nobody remotely cognizant of the situation can fail appreciate what happened and the significance of Faith in the integrity of institution, and the men behind it, built through thirty-eight years of cumulative confidence, routed fear even though fought like frenzy. At time like time when many face the stress of living jobless or with tailed assumes proportions importance not merit. No man welcomes the loss of has earned money even though be has more than needs. But those who their barest endangered are prey the panic that and depression beget. Such, for the most part, were the men and women who strained faces and clutching fingers crowded the windows paying the Commercial Monday. They were and frankly desperately afraid and not ashamed of But there others, not but many vastly more important. They important because brought to the bank and openly proudly than fear withdrew. They
5.December 18, 1930Danville Register and BeeDanville, VA
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and go to work as an errand boy Raleigh Bank and clerk. In 1891 the newspaper business lured him and he became Weathers Run a reporter for the St. Albans Daily Messenger In 1899 he became ediRALEIGH, Dec. 17.-Panicky pator of the paper. He enlisted as trons of the Commercial National captain in the bank of Raleigh, which yeseterday war. At the close of the war he withstood the heaviest single day's was commissioned colonel. run endured by any Raleigh bank His entrance into politics was in since institutional financing began, 1902 when he was elected to the were back today hugging the officials Vermont house of representatives who stood yesterday and invited them He served two terms in congress. to take out their money If they
BURY MERCHANT COFFEE. SANDWICHES STOP RUN ON BANK
Funeral services for Christopher Bradbury, 74 pioneer merchant the old Central Market House. were to be conducted today from his late residence, 2211 E. 19th street, Burial was to be in Highland Park Cemetery. Bradbury had been resident of Cleveland for 68 years and was in the market house for more than 50 years He survived by four daughters and oné son. held each year in a different city is the biggest event in the world of This will be the fourth time that it has been held It was here last in 1912
8000 FREE RABBITS Prompt DENVER, Colo., Dec. 24-Eight thousand rabbits, killed in huge hunt by volunteers, were distributed today hundreds of persons, young and old. might otherwise have had bleak outlook for Christmas dinner
Customers Redeposit Funds in Raleigh After Show of Confidence By United Press RALEIGH, N. C., Dec. 24-The Commercial National Bank of Raleigh has found the best way to calm freightened depositors. When a crowd of depositors, alarmed by rumors concerning the bank, lined up to withdraw their money, employes served them coffee and sand- wiches and asked them to wait quietly until their turn came. of the depositors relented and their At the end of the day's business there had been $442,166.89 withdrawn and $548,668. deposited. The depositors lost $3000 in interest on the money they Bank said the institution was solid and solvent.
7.December 24, 1930The Brooklyn CitizenBrooklyn, NY
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Avert Run Bank on By Serving Depositors With Coffee and Cake
RALEIGH, N. C., Dec. 24 The Commercial National Bank of Raleigh has found the best way calm frightened depositors. When crowd of depositors, alarmed by rumors concerning the bank, lined up to withdraw their money, employees served them coffee and cake and asked them wait quietly until their turn came. Most of the depositors relented and re-deposited their money. At the end of the day's business there had withdrawn and $548,667.36 deposited. The depositors lost $3,000 in interest on the money they withdrew. Bank officials said the institution solid and solvent, and ready meet all obligations. There were abnormal withdrawals the next day. As result, was believed that the incident did more than anything else to restore confidence in the banks eastern North Carolina. The Commercial National Bank has capital stock of $600,000 and deposits of proximately $6,300,000. It the North Carolina depository Federal funds.
Automatic telephones are being in Paris.
8.December 24, 1930Yonkers StatesmanYonkers, NY
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HALTS RUN ON RALEIGH BANK
United Press The Commercial National Bank of Raleigh has found the best way to calm fright ened depositors. When crowd of depositors. alarmed concerning bank, lined to withdraw their served them coffee and and asked them to quietly until their turn Most "the depositors lented and redeposited their money.
Bank Is Raleigh
Dec. 17. Commercial National bank largest financial institution in independent Raleigh, failed to its doors this directors had today voted to close pending meeting of stockholders. foot The statement of the September bank showed deposits of stock and capital right reserve of $136,163 and bills payable make The officers are B. S. Jerman, and president; and Bauman, presidents, Little, Mr. Crow dent President Jerman and attributing the issued statement failure of farmers and closing to to be able to meet seasonal low prices. court because of crop payments
10.December 17, 1931The Charlotte NewsCharlotte, NC
Article Text
Raleigh Bank Program Fixed Closes Doors For Veterans
Failure of Farmers to Meet Seasonal Obligations Given as Cause. mercial National bank, largest independent financial institution in Raleigh, failed to open its doors this morning, after directors had voted to close it pending meeting of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman president, B. and P. Bauman, presidents, and B. H. Little, cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments of low prices, on which the bank had loaned bormoney "for The state of North Carolina had approximately $218,000 on deposit in the Commercial which secured by $240,000 in bonds of the state, Captain Nathon O'Berry. state Business was being usual other banks in the city today with the exception of the Morris Plan bank. which was periencing heavy run with all withdrawing depositors being paid.
Legion Post Will Present Varied Program on Evening of December 22.
An appealing program has been arranged for the meeting of Hornets Nest post, American Legion, at the Chamber of Commerce, December 22 at 7:45 P. M. The drum and bugle corps will be in charge of the program, which has been arranged by Trace Henry, captain of the There will be selections by the Junior Order band, well as numbers by the uniformed drum and bugle corps. specialty dance number will given by Little Miss Patricia Ham, accompanied by the drum corps. Ivan Sweatt will be heard in comedy skit, entitled "Coal Dust." Mr. Sweatt will also lead the legionnaires in the singing of group of war songs. Arthur R. Ham, golf professional at the club, and his dogs will present golf sketch. which be most interesting. Musical selections will be given Mrs. F. Dale Turnbull and Mrs. Gladys Jones.
11.December 17, 1931The Durham SunDurham, NC
Article Text
FROZEN ASSETS FORCE RALEIGH BANK TO CLOSE
Commercial National Largest Independent in Capital; Burlington Bank Suspends
The Commercial National bank. tution in Raleigh, failed to open its doors this merning. after directors had voted to close It pending . of stockholders. The September statement of the bank showed deposits of $4,286,942 capital stock of $600,000. surplus and reserve of $136,163 and bills payable of The officers are B. S. Jerman. president; E. B. Crow. and Bauman, vice presidents, and B. H. cashier. President Jerman and Mr. Crow issued a statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.
Burlington Situation Sound Federal today were going over the affairs of the First National bank of Burlington, closed yesterday by order of M. L. Barnett, national bank examiner. The bank. in its last statement. listed assets of $2,150,000. No statement of its present condition was out. R. W. Malone, cashier given who has been in active charge of the bank since the retirement from actual control of W. W. lasley, president. several years ago., said shrinkin the value of bonds held by age the bank was responsible for the closing. There was no run on the bank. (Continued on Page Nine, Col. 3)
12.December 17, 1931Omaha World-HeraldOmaha, NE
Article Text
Bank Suspensions.
Boston, Dec. 17 BosNational bank, with main on Devonshire street, downtown Boston, and four branches, remained closed at 9 m. today, the customary opening time. notice was posted that the comptroller of been asked to take it over to conserve assets, owing to heavy demands by depositors. At the time of the consolidation of the Boston National bank with the Continental National bank about a year ago the combined deposits of the merged institutions were given as approximat $9. and combined resources were set at $11,000,000.
Hamden, Conn. Hamden. Conn., Dec. 17 (P). The Hamden Bank and Trust company closed today in the last published statement were $2,097,683.26.
Lowell, Mass. Mass., Dec. 17 Business was suspended by the Lowell Trust company which recently reported and mercial deposits of $3,384 428. It was the second Lowell bank to close within two days, the Middlesex National bank with deposits of $4 000,000 having suspended operations yesterday.
Burlington, C. Burlington, N. Dec. 17 (P) The First National Bank of Burlington, with assets at the time of its last statement of approximately $2,150,000. was closed by order M. Barnett national bank examiner. R. W. Malone, cashier, who in active charge, indicated the due to shrinkage in the value of bonds held.
Calais, Me. Calais, Me. Dec. The InTrust and Banking company here Wednesday. It was announced the action was necessary because of heavy withdrawals by Canadian depositors.
Raleigh, N. C. Raleigh, Dithe Commercial National bank, largest independent bank in the capital city, late last night voted to close the bank pending meeting of the stockholders. The September 29 statethe bank listed deposits at had a capital stock of $600,000.
Raleigh Bank Fails To Open For Business
RALEIGH Dec. (AP)- The Commercial National Bank. largest independent financial Institution in Raleigh. failed to open its doors this morning. after directors had voted to close pending meeting of stockholders The September statement of the bank showed deposits of $4,286,942. capital stock of 8600 surplus and reserve of $136,163 and bills payable of $295,000 The officers are B. 8. Jerman. president. E. B. Crow. and A. Baumen. vice presidents. and B H. Little. cashier President Jerman and Mr. Crow issued statement attributing the closing to failure of farmers and others to be able to meet seasonal payments because of low crop prices.
14.December 18, 1931Omaha World-HeraldOmaha, NE
Article Text
Bank Suspensions.
Boston. "he Bos-Continental National bank with main offices on Devonshire street, downtown Boston, and four branches, remained closed at today. the time was posted comptroller of currency had asked to take it over to conserve assets, owing to heavy demands by depositors. the time of the consolidation the Boston National bank with Continental National bank about year ago the combined posits the merged institutions given as approximately $9. 500,000 and the combined resources were set at $11,000,000.
Hamden, Conn.
Hamden, Conn. Dec. 17 The Hamden Bank and Trust pany closed today Assets in last published statement were 097
Lowell, Mass.
Business was suspended Lowell Trust company which cently reported savings and mercial deposits of $3,384,428 was the second Lowell bank to close within two days. the Middlesex National bank with deposits of $4,000,000 having tions yesterday.
Burlington, N. Burlington, 17 The First National Bank of Burlington, with assets at the time last statement of approximate 150,000. closed order Barnett national bank examiner. R. W. Malone, was in active charge ed the tion action was due shrinkage in the value of bonds held.
Calais, Calais, Me International Trust and Banking company here closed Wednesday It was announced the action necessar because of heavy drawals by Canadian depositors.
Raleigh, N. rectors the Commercial tional bank, largest bank in the capital city, night voted close the bank holders. pending meeting the The September 29 ment of the bank listed deposits had a capital stock of $600,000. 000.
Board of Trade Stocks
Chicago, Minneapolis Bank Stocks Minneapolis, Dec. 17
East
15.December 22, 1931The Herald-SunDurham, NC
Article Text
HYSTERIA
The Associated Preas story telling of the closing of the bank at Wake Forest Friday, stated that State Bank Commissioner Gurney Hood had declared that the closing was due to "hysteria" following the closing of the Commercial National bank in Raleigh. The commissioner said there was no physical connection between the two institutions. Thus because the people of community had an attack of hysteria, they closed the only bank they had, and in all probability cause loss of money to depositors and stockholders. Not only that, but the serious inconvenience to the community of having much of its funds tied up during the day season is an important element. Had the people of that community held their heads, its only bank would today be doing business as usual, affording usual bank facilities its patrons, and there would have been no loss. That the bank sound and to transact all of its normal business indicated by the statement by Mr. Hood that its closing due to instance, the people participated in the run on the bank did themselves and town harm.
Approve $13,000 Loan For Closed Bank in Mt. Olive (Continued from Page One.) Gastonia: Gastonia Loan and Trust Company $2,500 Greensboro: Bank and Trust Company $6,500,000. Lexington: Commerical Bank Lexington $64,000. Mt. Bank Receiver (to be used in paying dividends.) Newland: Avery County Bank, $4,500. North Wilkesboro: Bank of North Commericial National Bank of Raleigh (receiver) $721,000.
Roanoke Rapids: Citizens Bank and Trust Company, $4,000, and another of $3,500 Shelby: First National Bank of Shelby, $95,000. Washington: First National Bank of Washington (receiver) $16,000. Henderson: Henderson Building and Loan Association $7,500: Henderson Home Building and Loan Smithfield: The Smithfield Building and Loan Association Southport Southport Building and Loan Association
17.December 21, 1932The News and ObserverRaleigh, NC
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BANK RECEIVER SUED IN DEATH OF LEONARD
Suit for $25,000 damages has been started Wake Superior Court here against A. D. Burrowes, receiver for number of banks in this section, who was driving an automobile which struck and fatally injured Sullie Leonard, of Millbrook, here on November 26. The action was filed by W. E. Leonard as administrator of the dead man's estate. Burrowes was driving his car along Peace Street when the accident occurred near the intersection of Daw. son. Leonard was crossing the street at the time. He received injuries from which died in local hospital the day following the accident. Burrowes, employed by the Federal government, is receiver for the Commercial National Bank here and number of others.
Wake Welcomes National Bank Occupation Of Building Recalls History The Times-News Burenu Sir Waiter Hotel RALEIGH, Aug. 30.-Raleigh and Wake people welcomed the opening of Raleigh's branch of the Security National Bank Monday, though the directing personnel means a wholly new deal so far as the Security National's predecessor. the Citizens National, figures. The reopening of a bank in the city's tallest bank building recalls interesting history. The Commercial National built a ten story bank far back in 1912. The Citizens National went one better. In that day the late Colonel A. B. Andrews was the Citizens National in association with the late Joseph G. Brown. The rivals under the presidency of B. S. Jerman of the Commercial National, and of Joseph G. Brown of the Citizens National. had great intervening years. They ran up in flush times to ten millions. The Citizens National owed no money and reeked with cash. Mr. Brown died. W. S. Ryland succeded him. Then came the mighty merger. The Citizens National went into the huge North Carolina Bank and Trust company organization, Mr. Ryland went to the presidency in Greensboro. The old national lost its identity. In 1931, midDecember, the runs on the Commercial National began. The bank withstood the drain for a year and went to the wall. The finest bank building to be found anywhere is without a bank. The Raleigh branch of the North Carolina went on restrictions and so remaned until Monday when the new national branch opened. R. G. de Rosette of Wilmington, takes the management, T. W. Steed is cashier, and Robert Strange is trust officer. There is sorrow that Graham Andrews, SC dong cashier of the Citizens National, missed the old relationship. But there was a shout when the bank opened. Mr. Andrews is engaged in the liquidating work of the predecessor.
ty. This is hence expected to split the Bailey-Shuping supporters in the counties in the middle district. There has been much talk here in Raleigh the past two days over the fact that Senator Bailey offered the job as receiver for the Commercial National Bank here to James H. Pou, Jr., his brother-in-law, despite the fact that Pou declined the appointment on the grounds that he knew nothing about banking. It is also being pointed out that Senator Bailey is undoubtedly responsible for the appointment of Shuping and Thomas Turney, Jr., of High Point, as attorneys for the receivers of the Commercial National Bank of High Point, regarded as very lucious politicial plums. These appointments may be
20.December 10, 1933The News and ObserverRaleigh, NC
Article Text
POU TO KEEP OFF ON
Washington, Dec. comptroller the will make appointment fill the vacant receivership Commercial National Bank Raleigh before the end of next was predicted today the Treasury The comptroller will have from Senator Baion which base his selection, indicated the Senator's fice this Senator Reynolds, whose candivacant North Carolina," Devane, by the comptroller making the first two appointments the Raleigh bank vacancy, make vigorous effort behalf Devane already made, according his secretary. Senator for Devane all the time," said, after all, Raleigh Senator Bailey's Representative will avoid active in picking the Raleigh receiver, declared his Pou declined work against Burrowes, former receiver bank, asked do by those seeking Burrowes' ouster, his secresaid. took part Brassfield's selection beyond ing the office, quest, what availregarding Brassfield, pointed congressman make active effort get the for anyone, to block appointment anyone whose may under Brassfield's decision to decline the
(Please Page
21.December 10, 1933News and RecordGreensboro, NC
Article Text
BRASSFIELD DECLINES BANK RECEIVER'S JOB
He Would Have Succeeded A. D. Burrowes In Commercial Na. tiopal Receivership.
Daily News Bureau and Telegraph Office Raleigh, Solicitor Leon Brassfield this afternoon formally declined the appointment to the receivership of the Commercial National bank, which failed two Brassfield would have ceeded deposed ceiver, had the Raleigh lawyer been able to stand the practice. It announced last night informal that Mr. Brassfield would not accept the offer of the comptroller of the currency. understood that assistant receiver of the bank, will be named full The ousting of Mr. Burrowes followed long period of complaint in which the Pennsylvanian was sharpcensured because of his attitude The and Obattacked for his part in the charge, but the senator's reply the paper, apart from the attitude toward Mr. Burrowes, seems to have acquitted the senator of the charge handing out choice bit patronage to member of his own family Mr Bailey denied that Instituted this action against Burrowes, and indeed, the unanswered question, who hit Billy Patterson? seems to the original The Pennof foes. accumulated great crop
22.December 17, 1933Evening StarWashington, DC
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NORTH CAROLINA NOT PLEASED BY PATRONAGE State Democrats Dissatisfied With Recent Appointments, Which May Be Contested in Senate. Special Dispatch to The Star. RALEIGH, N. C., December 16.Hungry Democrats have had their appetites whetted, but by no means satisfied, by recent developments. Acting upon the recommendation of Senator Josiah W. Bailey the controller of the currency removed the Republican who has been receiver of the Commercial National Bank of Raleigh, who has been in charge of the liquidation of the bank since its failure two years ago, and appointed three successive Democrats.
23.January 28, 1934News and RecordGreensboro, NC
Article Text
Raleigh Bank Receiver Ask Loan From the RFC
Washington, Jan. Lentz, receiver of the Commercial National bank at Raleigh, here make plication for the treasand the amount 20 per the positors. Accompanied Senator Mr. Lentz expects consult official about Tuesday.
Strike Settlement Delayed. national said tonight intended open matter strike the HarriHarriman, pending officials company. Earlier in the board announced settlement negotiations apparently broken down because officials proposed agreefor
Leaves Large Family. Tenn., Rufus 87, physician and father of 26 died toand are Other include wife, 63 grandchildren 49
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.
