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BANK OF CARTERET HAS CLOSED ITS DOORS Overdrafts Caused the Trouble. With the Morehead City Institution--Depositors Are All Safe The cash on hand in the bank (Special to News and Observer.) amounted to $1,439.40 all told and acMorehead City, N. C., Feb. 20.-The Bank of Carteret closed its doors this cording to the reports of Mr. Doughton the cash was short $513.10. As morning, posting a notice signed by the Board of Directors to the effect against this condition the deposits in the. bank subject to check were $17.that being unable to realize on their securities the bank had been closed 375.54, time certificates of deposit $5,910.00, bills payable $10,000.00. by order of the Cornoration Commisdividends unpaid $867.50, surplus sion, and that all depositors would be fund $3,768.38, due to banks and paid in full. There has been no exbankers $4,293.08. The capital stock citement, the depositors being satisfied with the statement of the direcpaid in is $20,000. tors who are the leading business men The bank exhibits as its resources of the community. loans and discounts $40,488.69, bankinghouse and fixtures $7,786.15, cash The Bank of Carteret, of Morehead $1,439.40. Other items are the overCity, was yesterday closed by J. K. drafts of $9,771.34, unsecured $1,Doughton, State Bank Examiner, un458.84, due from banks and bankers, der instructions and by authority of not good collateral, $346.92 in cash the North Carolina Corporation Comitems, not considered mood. with books mission, which has the oversight of short $37.35 and cash short $513.10. State and private banks. The condiThe cause of the closing of the bank tion of the bank is such as to warrant is said to be the overdrafts of $9.it being said that all depositors will 771.34, of which nearly $6,000 is to be paid in full. If every item of President R. W. Taylor. If this credit proves good then the stockholdamount could have been turned into ers will be safe, if not they will get cash it is very probable that the bank about 50 cents on the dollar. would have continued its existence. In The order to close the bank was the overdrafts there is $18.00 against issued on Thursday after Mr. Doughone director and $370.00 against anton had reported its condition to the other, while various items run up the Corporation Commission. The order total to what is considered the danger states that it appearing from the reline. The depositors are secured by port to the Commission that the Bank the loans and discounts and of the of Carteret is insolvent, is conductoverdrafts, cash items, cash short, ing its business in an unsafe and undue from banks and bankers are authorized manner and jeopardizing found good then the stockholders will the interests of depositors, that if the be safe also. State Bank Examiner is authorized to The Bank of Carteret was organized take and retain possession of all monin 1903, with a capital of $20,000. eys, assets and properties of the bank until a receiver can be appointed by The president is R. W. Taylor, vicepresident, J. B. Morton; cashier, C. the courts upon the application of the V. Webb: Board of Directors, R. W. Commission. The trouble with the bank. from the Taylor, J. B. Morton. C. S. Wallace, J. D. Webb, W. L. Arendell, S. W. report made by Mr. Doughton to the Wade. L. L. Leary, W. S. Bell, Jr., Commission, is that the amount of and N. W. Taylor. overdrafts, these unsecured, the small amount of cash on hand, and an apparent shortage in cash put the bank in such a condition that it was unable to meet its liabilities. This being the case it was closed and is now in the Farms! Farms! hands of Mr. Doughton until a receiver can be appointed. The overIf you wish to buy or sell, state your drafts, unsecured amounted to $9.wants. R. E. PRINCE, 301 Tucker 771.34, and of this amount nearly $6,000 was on overdrafts by the presBuilding, Raleigh, N. C. ident of the bank, Mr. R. W. Taylor.
