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ROYAL BAKING POWDER ABSOLUTELY PURE MERCHANTS' TAX BENSON BANK FAILS County Commissioners InShortage the Cause, But the Amount Has Not sist Upon the Enforcement of This Law. Been Disclosed. The Bank of Benson has failed. and The Board of County Commissionits doors were closed yesterday by ers held their last meeting of this month, unless there is a called meetorder of the Corporation Commission. ing yesterday afternoon. The most The amount of the shortage has not important action of the day with them been disclosed, but it was of such sum was the act adopted compelling the that might have been made up, and merchants to pay the "merchants tax" the commission gave the officials a fair chance to do this. allowing them thirty for 1904. The clerk presented an abstract from Schedule B., taxes for days to supply the deficiency. The 1904, which was accepted, and turned bank failed to do this, and the comover to the sheriff for collection. The mission yesterday ordered its doors merchants have not as yet listed their closed, and Mr. Jno. W. Aycock, State gross sales for 1904, and the board Bank Examiner, was appointed teminsists that the merchants must comporary receiver. ply with the law. The section known The following statement was made as the merchants tax, in the old reveby Mr. H. C. Brown, Clerk of the Commission: nue act was omitted in that of 1905. that tax being abolished by the Legis"It appearing to the Corporation Commission that the bank of Benson lature. But this does not prevent the collection of the tax on merchants for was insolvent, and was conducting its business in an unsafe and unauthor1904, under the old law, and the county is after the money. ized manner, and was jeopardizing the Each merchant under the act shall interests of its depositors, Jno. W. Aycock, bank examiner, was authorized pay annually on the whole volume of to take charge of the assets of the gross sales, according to the following schedule: bank, and hold the same until a reOn $50,000 or less, forty cents on ceiver could be appointed according to law. each thousand: on the excess over $50,000 to $75,000, thirty cents, on "Upon a report made by the former each thousand on the excess over bank examiner, Mr. Jno. O. Ellington, $75,000 to $125,000, twenty-five cents the commission gave the bank thirty on each thousand: on the excess over days, in accordance with law. to put its matters in better shape. Upon the $125,000, twenty cents on each thousand. examination by Mr. Jno. W. Aycock Mr. H, G. Holding. superintendentit appeared that the bank was not yet elect of Wake county roads, presented in proper condition, and so it was a binder from the United States Fidelordered closed. "The assets and liabilities of the ity and Guaranty Company, for $2,000. signed by W. B. Jones, general agent. bank at the last examination were The binder is to be replaced by a bond $28,000, the deposits were $18,000, and from that company. The binder was the capital stock was $10,000. The accepted. shortage of the bank, and the amount The chairman and clerk of the of bad paper, have not yet been disclosed. board were appointed a special committee to examine the plumbing in the "J. D. Parrish, of Benson, is presibasement of the court house, ascertain dent of the bank: J. F. Lee is cashier what repairs are necessary and have pro tem; and A. Parrish is assistant the work done. cashier.
