Coats
Museum News—December 10, 2010
Many of the readers of the museum news have shared that they have really enjoyed reading about N.T. Patterson and the many business ventures that he entered into in the town of Coats and surrounding areas. In 1920, N.T. owned stock in the Ideal Brick Company in Slocumb, N.C. near Fayetteville. Junius Benton Fuquay was manager of that brick mill and Ben Lloyd (B.L.) Langdon was half owner of that company. Both are Coats connected. J.B. sold his stock in the company and moved to Texas. B.L. returned to Coats. (Did these men have any connection with the Coats Brickmill that produced as many as 25,000 brick per day during that era?)
Dr. Bill Patterson wrote that excitement, bordering on the sensational, waved over Harnett County when it was rumored that there was being inaugurated a run on the Bank of Coats. Everybody was on tiptoe to learn something of this unusual happening in a prosperous county and especially since the Bank of Coats was known as a very prosperous institution. Chief Bank Examiner Latham was sent for and he went over the bank’s affairs. In less than 24 hours, the examiner told the officers of the bank to reopen for business. However, in the meantime, some few depositors had taken fright and had withdrawn some funds. After reassurance that it was only a scare, most redeposited their funds. Patterson wrote in his autobiography, “From the Isle of Skye to the Isle of Maui”, that one man put back $6,000. (Who would you guess had that kind of money in Coats in 1920?)
After the examination of the bank, N.T. resigned. Dr. H.C. Roberts was elected president of the Bank of Coats. Mr. L.L. Levinson, attorney for the Bank of Coats and one of the directors , told the editor of the “Harnet t County News” that the Chief Bank Examiner found the bank to be in good shape and perfectly solvent. Levinson said if people would investigate before doing so much talking, everything would be all right. He said that people should push instead of attempting to pull down and stated that optimism and confidence will go a long way to hasten normal conditions (HCN November 25, 1920). Was Mr. Levinson mayor of Coats during this period?
After the hosiery mill burned, N.T. was devastated. He had lost every cent of his investment since he had carried no insurance. This writer wonders why he did not do so because he sold insurance at one time. Business conditions worsened throughout the country. Many bank presidents committed suicide. Dr. Patterson wrote the “Papa put all his personal wealth, including home, furniture, car, stocks, and bonds into the bank to save it. However, a second run on the bank caused it to fail” (Patterson 33).
According to Dr. Patterson, the effect of the bank failure further devastated his father. Young William remembered how sadness prevailed and Mrs. Patterson could not comfort her husband. He brooded over the financial losses of his friends and clients at the bank. During the darkness of the night of December 6, 1920, N.T. left the warmth of his beautiful home and found his way into a shed on his property and there he used his pistol to bring to an end to his fruitful life.
A special thank you goes to the many people who dropped by the museum for cookies during Christmas on the Square. The museum volunteers miss Christine Parrish, the chair of the museum committee, so much. Even though she is unable to work at the museum, Christine and her son Stewart continue to support the museum. Thanks for their paying for the gas to keep the museums warm for the visitors. Also thank you to Bart Raynor who donated an 1861 single horse plow to honor the memory of his good friend, Junius Denning. Thanks goes to the Coats High School Class of 1971 for their generous donation to the museum following their class reunion recently held in Coats. When you plan your end of year giving to charitable causes, don’t forget your Coats Museum.
Please be aware that this article was written 2010.
Many of the readers of the museum news have shared that they have really enjoyed reading about N.T. Patterson and the many business ventures that he entered into in the town of Coats and surrounding areas. In 1920, N.T. owned stock in the Ideal Brick Company in Slocumb, N.C. near Fayetteville. Junius Benton Fuquay was manager of that brick mill and Ben Lloyd (B.L.) Langdon was half owner of that company. Both are Coats connected. J.B. sold his stock in the company and moved to Texas. B.L. returned to Coats. (Did these men have any connection with the Coats Brickmill that produced as many as 25,000 brick per day during that era?)
Dr. Bill Patterson wrote that excitement, bordering on the sensational, waved over Harnett County when it was rumored that there was being inaugurated a run on the Bank of Coats. Everybody was on tiptoe to learn something of this unusual happening in a prosperous county and especially since the Bank of Coats was known as a very prosperous institution. Chief Bank Examiner Latham was sent for and he went over the bank’s affairs. In less than 24 hours, the examiner told the officers of the bank to reopen for business. However, in the meantime, some few depositors had taken fright and had withdrawn some funds. After reassurance that it was only a scare, most redeposited their funds. Patterson wrote in his autobiography, “From the Isle of Skye to the Isle of Maui”, that one man put back $6,000. (Who would you guess had that kind of money in Coats in 1920?)
After the examination of the bank, N.T. resigned. Dr. H.C. Roberts was elected president of the Bank of Coats. Mr. L.L. Levinson, attorney for the Bank of Coats and one of the directors , told the editor of the “Harnet t County News” that the Chief Bank Examiner found the bank to be in good shape and perfectly solvent. Levinson said if people would investigate before doing so much talking, everything would be all right. He said that people should push instead of attempting to pull down and stated that optimism and confidence will go a long way to hasten normal conditions (HCN November 25, 1920). Was Mr. Levinson mayor of Coats during this period?
After the hosiery mill burned, N.T. was devastated. He had lost every cent of his investment since he had carried no insurance. This writer wonders why he did not do so because he sold insurance at one time. Business conditions worsened throughout the country. Many bank presidents committed suicide. Dr. Patterson wrote the “Papa put all his personal wealth, including home, furniture, car, stocks, and bonds into the bank to save it. However, a second run on the bank caused it to fail” (Patterson 33).
According to Dr. Patterson, the effect of the bank failure further devastated his father. Young William remembered how sadness prevailed and Mrs. Patterson could not comfort her husband. He brooded over the financial losses of his friends and clients at the bank. During the darkness of the night of December 6, 1920, N.T. left the warmth of his beautiful home and found his way into a shed on his property and there he used his pistol to bring to an end to his fruitful life.
A special thank you goes to the many people who dropped by the museum for cookies during Christmas on the Square. The museum volunteers miss Christine Parrish, the chair of the museum committee, so much. Even though she is unable to work at the museum, Christine and her son Stewart continue to support the museum. Thanks for their paying for the gas to keep the museums warm for the visitors. Also thank you to Bart Raynor who donated an 1861 single horse plow to honor the memory of his good friend, Junius Denning. Thanks goes to the Coats High School Class of 1971 for their generous donation to the museum following their class reunion recently held in Coats. When you plan your end of year giving to charitable causes, don’t forget your Coats Museum.
Please be aware that this article was written 2010.