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LOWERY WILL BE BANK RECEIVER Business Man Named To Handle Affairs Of York Loan And Savings Bank ton merchant and prominent business man, was chosen receiver for the defunct Loan and Savings bank at meeting of depositors here today The only other nomination for the post was the Central Union bank of Rock Hill. Mr. Lowry received 554 votes, representing deposits $326,936 and the Central Union bank 395 votes represent $300, The Central Union bank conducted no campaign for the ship but was ready to take over the work and establish a bank here. if named receiver W. R. assistant state bank receiver outlined the condition the bank and estima that would Day of 78 per cent, its affairs were properly handled He said the closing of the bank resulted from large advances to motor company and discount company by methods that were incorrect The facts surrounding these transactions have been submitted to the proper authorities and would not be discussed at the meeting, he Mr. Watkins said he and his associates had carefully gone over into list of three assets and had divided of the good assets as $69,000, the doubtful assets as $109 000/ and the worthless assets as $323,77 He deducted $30,000 for liquidation costs and 15 per cent for depeciation of assets. He estimated tlat threefourths of the stockholdes' liability. or $75,000 is collectible About 500 people attended the meeting. which jammed the courthouse auditorium. The Rev B. Swann of Rock Hill opened the meeting with prayer.
