Banks succumb to ‘panic-stricken’ depositors

On this day in 1930: Fay Gardner, wife of Gov. O. Max Gardner writes in her diary about the worsening Depression: “A run made today on Commercial Bank here in Raleigh, also on the 1st National at Gastonia. Everybody losing confidence and becoming panic-stricken.”

The next day’s entry notes that “eleven banks closed their doors today.”

Before the year is out, 93 banks across the state will have gone under.

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