20018. Columbia Savings Bank & Trust Company (Columbia, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 31, 1927
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
9a679f38

Response Measures

None

Description

Articles describe the Columbia Savings Bank & Trust Company being closed by its directors (reference to closing Jan. 31) and placed in the hands of the state bank examiner, followed by a court-appointed receiver (James H. Fowles). There is no description of a depositor run in the excerpts; the sequence is a suspension/closure with receivership.

Events (2)

1. January 31, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank (Jan. 31) and state bank examiner took the institution into his hands; articles discuss audit and questions about how securities were acquired and real-estate holdings tied up in mortgages, indicating bank-specific financial problems.
Newspaper Excerpt
The Columbia Savings Bank Trust the directors January 31. Pursuant to this closing receivership proceedings...
Source
newspapers
2. February 20, 1927 Receivership
Newspaper Excerpt
James H. Fowles ... has qualified Monday as receiver of the closed Columbia Savings Bank and Trust company ... Fowles gave surety bond ... He enters upon his duties Monday afternoon as receiver for the closed bank. (Article dated 1927-02-22 and 1927-02-20 reports appointing/qualifying receiver).} ]}{
Source
newspapers

Newspaper Articles (9)

Article from The State, February 11, 1927

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WANTS M'LEOD BANK RECEIVER Fant to Make Recommendation to Courts. IN NEXT FEW DAYS Stockholders of Closed Columbia Savings Bank & Trust Company Hold Meeting. Thomas G. until January governor of South Carolina, will to the court for of the Columbia Bank & 1200 block of Main street, according to yesterday by Columbia Savings Bank Trust B. Leaphart, closed February and the hands of the state bank examiner Since that time an audit has been and has recently Yesterday morning at = o'clock of the stockholders of the held was attended by bank examiner The stock it was gathered after the that the up the affairs institution, but this plan was objected to by the state bank preferred to have sider the affairs of the bank. Mr. Fant said yesterday that for the of the former governor would be made within few days. The meeting of the stockholders yesterday was held primarily for the purpose of confirming the action the directors in placing the bank in the hands of the state bank Leaphart, August Kohn and Charles J. Bruce.


Article from The Columbia Record, February 19, 1927

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BANK CASE NOW WITH COURT; TO NAME RECEIVER Columbia Savings Bank & Trust Co. Hearing Is Concluded GOES TO GRAND JURY Copy of Testimony Also Goes to Solicitor, Court Orders "There is not bit of use in having whole lot of the books they are never declared Judge Townsend the of the hearing Friday afternoon connection with pointment receiver for the closed Columbia Savings Bank and Trust company following order that the Richland county grand jury and the given of the testimony taken the hearing will get the stenographer to make three copies the record the testimony taken." said Judge Townsend. wish one copy to into the hands of the receiver for his use and guidance in examining into the matters. then another copy to the circuit solicitor. and one copy the foreman of the grand jury for their information in order that they may examine for the purpose of not any should ted over violations of the banking laws.' Judge Townsend said that he would receiver within few days, after had had time consider the taken the hearing The court announced that would give the receiver "ample with the request that the receiver empowered "bring any sult, not only on notes and things of that sort, but for any loss damage, because we had to come back get powers. was indicated by the court that he would not Leaphart, of the closed bank, to Mr. Leaphart made on the ground that he could not serve without handicap and ment. Objection former Governor Thomas McLeod being appointed but the did not indicate what his attitude would be with regard the W. Roydan Watkins, bank iner again placed upon the stand Friday afternoon testify concerning his opinion the qualifications person should have to be bank receiver. Arguments were begun after the testimony completed by Mr. arguments W Belser of the firm Melton Belser repthe plaintiffs. the show the court that the bank was the time of the He the Mr Leaphart Mr Belpresented petition. by many of the bank that Mr. Leaphart be appointed Joseph Nettles. who served with Claude Sapp. counsel for defendants. made brief argument He mentioned the of State Bank Examiner Fant that Former Governor be appointed receiver. but did not this point. He pointed out that the appointment receiver entirely within the discretion that he lieved McLeod ould capably fill the the after the of and capable sisters of Mr. were large depositors the bank held that neither Mr. Gov. ernor should be appointed receiver The bank hearing was concluded Friday afternoon after being started Wednesday morning. The principal testifying were Leaphart, president of the bank: bank examiner: W Watkins. bank examBruce, the bank: and of the state treasurer department.


Article from The State, February 20, 1927

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APPOINTS FOWLES BANK'S RECEIVER Townsend Names Columbia Attorney. TO QUALIFY MONDAY Will Take Charge of Affairs of Columbia Savings Bank and Trust Company. James H. Fowles, Columbia attor. ey, has of the Savings Bank & Trust company under an order Judge H. Townsend yesterday ternoon, thority charge and tion necessary legal proceedings and tions redress for wrongs against said Fowles said last night he would qualify the Savings Bank Trust pany Monday clerk expected Mr. the bank's quired in the order of Judge order Judge Townsend pointing Fowles of bank and also that the transcript of taken last week be turned over to the 50-


Article from The State, February 20, 1927

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licitor and the foreman of the Richland grand jury follows the petition the bank to the court opposing G. governor, as of the as suggested Fant examiner." The suggested definite in their petition but requested the person familiar the value of the bank's assets plaintiffs can for the advan tageous liquidation the such During the hearing the name Leaphart, dent of the defunct institution, suggested to the court for the position of Order of Townsend. The Judge Townsend's der follows full: Leaphart, C. Bruce, D. Dial al., the lumbia Savings Bank Trust Eunice Leaphart and Annie C. Leaphart, considering the for the for Savings Bank & Trust ordered, adjudged and James hereby Bank Trust pany of assets direction of the actions secure redress against upon the said giving dollars, the estate said all assets of said corporation further ordered that all perhaving against are quired to into and to present same further ordered that actions against the said bank its and and that the said receiver said bank and distribute amongst entitled thereto in "It further ordered that three copies of the transcript the the before me be the and the of the grand order that they may proper action for any persons found have been guilty the banking this state. further ordered that have leave apply foot of this further orders as may proper (Signed) H. Townsend, "Judge Follows Judge for the Savings Bank Trust follows hearing of which begun him morning Friday afternoon, plaintiffs these proceedings were Leaphart, Bruce, Dial against the the and examiner company answer Mr Fant suggested Governor Thomas the position While the plaintiffs named was suggested that the the Savings Bank Trust company the hearing and the before Judge H. the tiffs suggested Leaphart At the the plaintiffs before the judge afternoon signed by positors that Mr. Leaphart be appointed was presented the Robinson, attorney Eurice and Annie intervenors, original however, the of either Mr. McLeod Mr. Leaphart, in his In his order Judge pro. vides for the making of three copies of transcript of the testimony takes the receivership hearing One he explains, given the Richland grand Jury and one the circuit order they may take the proper for the any found violating the banking laws of The Columbia Savings Bank Trust the directors January 31. Pursuant to this closing receivership proceedings certain the against the bank and Fant. commonly sold in drug stores or elseAnd he will, he declared, "go after" magazine garages, shoeshi and all merAll gasoline needed for Sunday, he be chased Saturday, nor did he believe there any for Suntrips, exigencies of which of filling that gasoline secured or tires He had, said, submitted to Mayor request an that garages and closed, least during the hours religious the governor his and the matter to city Will "Get" Golfers All ban ned and not $50 nor exceed he easily enough am your there Sunday golf playing and know arrest will and certainly the fishing on Sunday get Inst have been appear be behind fore, statement and through the calling all the and strictly laws Sabbath are making not desire to ram the them observe the also spread the his newsdealers of selling magazines moved the and the the report and from they learned that gas drinks, cigars and merchandise be sold. Closing Plans. the order governor" tobacco drinks Sunday Business picked up and foresighted cus Sunday Drug stores, drugs and the that the and being asked close entire even though the from the midnight the three the this the admit that the three stores, usually open, were have nothing to W E. Caughman three stores, declared Mayor Owens of Columbia said the query, that would the best my the forcement the Sabbath He had, conferred by telephone morning had assured executive his willingness to operate This he declared, he would the ing Sabbath observance and would reference to the closing of gaso. Chief Strickland had. he said to plans for the Sunday law enIn Columbia, the governor said, would be two state stables, instructed to the law. The members of the lary are scattered throughout the state. Ignored In Greenville. refused to take seriously tonight the report from Columbia that John Richards proposed to the Sunday the Sheriff Willis Greenville said they had said they had from the governor and none executive's here so far as could learned Meanwhile filling store run their businesses much after week day fashion said they be open for business periodicals of the Dealers marked degree that that Nothing in Spartanburg reived the of the and that Brown reached state- Florence Not Excited Florence over the the ancient far be it will two hours dispense and other the cafes churches Sunday no the Sunday and Sheriff Barnes they had heard the about the Sunday were not interested in changing Arrowsmith said he did blame the governor he as was sworn to enforce all the laws. am in favor of passing Sunday law that will with said here is that Mr. taken this step force the adoption of Sunday laws. Greenwood Without Orders. Greenwood, county stated night that they had no ficial orders Governor office regarding of the Sunday laws. The drug stores Sunday hours during which they sell cigars and cigarets as well drugs and the drink for during filling the in the the but outside the can at any There has no here against sale of so-called Official Orders. Charleston, (By and city offiappeared not to have received orders South Carolina's Sunday laws toInformed of Governor Richards' enforce the aged state laws," Mayor Stoney said: "If true know nothing of it. said Andrew Nelson of the county Charleston would be affected from angles if intenmany are carried out in accordance with his announcement. The city's beaches are in the summer and are visited by large crowds Sundays the fall and Golf is played here Sundays throughout the year.


Article from The Columbia Record, February 22, 1927

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Fowles Qualifies as Bank Receiver James H. Fowles, Columbia atqualified Monday as receiver of the closed Columbia Savings Bank and Trust company, his receiver Judge W. H. Townsend of Columbia in an handed down Saturday, according to C. E. Hinnant, clerk of court. Mr. Fowles gave surety bond as required in the sum of $50,000. He enters upon his duties Monday afternoon as receiver for the closed bank. You Know Tonic is Good when eat like hungry boy and brings back the color to your cheeks. You soon feel the Strengthening, Effect GROVES TASTELESS CHILL TONIC, 60c-Adv.


Article from The State, February 25, 1927

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MARSHALL LIKES BLAKELY BECOMES FOWLES REMAINS CHILDREN'S UNIT FACULTY MEMBER BANK'S RECEIVER To Teach at Columbia Townsend Refuses to ReModern Conception Right Theological Seminary. voke Orders. Accommodations. VISITS STATE PARK LEAVE OF ABSENCE AUDIT MATTER UP National Tuberculosis Official Leaves in Afternoon for North. Jamieson Marshall, institutional secretary of the sis association, State Park yesterday and after the gave praise to the unit now Mr. Marshall left in the afternoon the North "The new children's unit be ing tructed at the State sanatorium is modern conception of the should be pro vided for the Mr. said "This gives the state to provide aid right the time when turn the greatest profit. Children suffering from those who while they cannot be agnosed as lung still re act to scientific tests, who are and have home cause them to develop into active there have their resistance built up end their bodily vigor restored. "Ordinarily during childhood, this may be in relatively short time and at a correspondingly low cost. on the treatment would protect contracting the disease in chronic form. Unable to secure gainful or the possible extent of losing all respect for and life. they would the become drain on the time when they should be producing members in the price of life. such benefits to be gained and large already the waiting list real effort should made to complete the equipment of the structure so that it may be opened at the earliest possible date. Successor to Dr. White to Study Abroad Until Next Year. The Rev. Hunter B. Blakely, Th.D. of Harrodsburg, Ky. has accepted the of New Testament and exegesis, at the lumbia Theological seminary, cording an yesterday from Dr. Richard T. Gil of the Doctor Blakely succeeds the late Dr. Alexander White, who died in Columbia October 10. Doctor Blakeley, native of South Carolina, was elected a member the faculty meeting of the board of directors, held Atlanta. this elec tion Gillespie immediately went to present the call Blakely and to explain to Doctor Blakeley's congregation the reason the Columbia Theological seminary was asking Doctor Blakely and requesting that congregation to give its consent his resignation. Doctor Blakely has submitted his resignation his May 31. Goes to Doctor Blakely given leave absence until 1928, to further prepare for the work to which he is called. He plans to leave early during the summer to spend 15 in England and in Europe. He will probably divide his time between Oxford and Berlin the great teachers New Testament exegesis are to be found. In announcing that Doctor Blakely has accepted join the fac ulty of Columbia Doctor Gillespie, president the said, consider Blakely the best man in the South ern church for work in the department of Testament exegesis With the addition our faculty in the department of history, of W Robinson, who now at Harvard university and of Doctor Blakely who also will spend in post graduate we feel that Columbia seminary have the strong. est faculty which could be secured. Born in Lancaster. Doctor Blakely has fine back ground of preparation, he said. He was born the manse of the Associate Reformed church, Lancaster, spent his early boyhood in Atlanta his father the Rev. H. B. Blakely, Sr., ganized and was pastor of the Associate Reformed church. Doctor Blakely is 32 years of age and is graduate Erskine college He spent three at Theological received the degree of B. D. from Louisville Theological and was in Edinburgh for year studying on a fel. lowship given by Princeton On his return from Edinburgh accepted to the Associate Reformed Presbyterian church, During the five years of ville, his in studied, not only the Presbyterian seminary of that city, but completed postgraduate course embracing two years of residence study under Dr. Robertson in the department New Testament at the Southern Baptist Theological seminary. Doctor Robertson considerof the foremost Greek ed one scholars and of New Testament exegesis in America. With 15 of special preparation added to this general Doctor Blakely no doubt will add great strength to the teaching force Columbia seminary. "Columbia Deminary considers herself fortunate in securing Doctor Blakely for this chair," said Doctor Gillespie. For the post 18 months Doctor Blakely been the United Presbyterian church, Harrodsburg, where he is popular and greatly beloved by his congregation. It with great reluctance that they have consented to accept his Judge Overrules Motions Regarding Receivership of Institution. Hearing motion of D. W. Robin attorney group of depositors of the recently closed Columbia Savings Bank & Trust company, the of James H. Fowles Columbia, ceived of the bank, Judge W H. Townsend at chambers refused the motion and in doing paid high tribute to Mr Fowles' honor and integrity. Also coming him that time same calling for an ing complete audit of the affairs the bank Judge Townsend also this motion as he in his original was the sug. gestion of the state bank examiner the testimony Judge on the two and was ed with by Mr Rob. inson asking that or an advisory chosen from positors of the defunct institution be Judge said that he did this sary as Mr. he was fully capable liquidating the fairs of the On Own Motion. Speaking of Mr. and of the after number of witnesses had been introduced and had testified, Judge Townsend appointed Mr. as receiv. upon my own After going elimination great of prominent business in this town and lawyers this bar thought he was the best round qualified could get in manage this business And did not think was necessary to out this easion. did the time when appointed Judge Puerifoy the American Bank & Trust company have known Mr. Fowles ever since and have in since January, 1903. have known him all that and have heard of anything to his discredit except boy. ish prank in taking off Miss 'Pony' Sloan's gate. Now. that is the thing ever heard against him appointed him this testimony this morning the only thing have heard then and the does not change my opinion that he and gentleman of high standing and in tegrity and competent to manage the affairs of this bank as receiver "And so far as is conin the order have signed authorized him to employ man during the the further order the court-1 do not know how long it will be necessary until we can get matter wound up-at salary $200 month. And in selecting that man he can get man who will be competent bookkeeper to keep his accounts ceiver And have no that they will kept in proper form. Integrity Unquestioned. "But even on this hearing this there no witness who has come and made any charge against Mr. Fowles' integrity. That both and able. And was satisfied as to his competency. And, therefore, the motion to revoke his appointment is refused. "Now, as to the audit, the state bank in his suggested that an audit would be necessary. How much of an audit don't know. The receiver will that when he looks further into the affairs of the bank. But that he will require some aid in auditing the af fairs of the bank think is evident from the before me on the application for the of receiver. "There no evidence that has been here before me to suggest any defalcation the part of any of the officers of the bank. But what were the under which the securities held by the bank were acquired were questioned on that And think matters should be thoroughly For that reason think that an audit should be had. and might well be had right now at beginning better than period. that the both grounds on which Asks for Co-Receiver. At this Mr. Robinson said, please, you move that your appoint advisory from the that they may have representation in the winding of that bank. not necessity for see that. It small bank and small So refused.' 'It just as important to them as big And him to act entirely from the influence any of parties interested and and believe he will do The motions before Judge Town send group of de signed the Mr Fowles and the of the order of appointment. that motion was the second. that the order authorizing an audit be revoked. Unnecessary expense was given as reason for the Reasons brought out testithe hearing, to Mr. Fowles as receiver. centered principally around the matter of competency In respect witnesses were questioned about certain or- ganization within one of the fraternal orders of Columbia formed for the purpose of financing the construction of lodge building, of which Mr. Fowles was treasurer. While in this of the witnesses claimed, through loose or careless keeping of records of the project, some of the records or vouchers were lost or unaccounted Attorneys for Mr. Fowles, however, each witness closely about this and seemed through their that virtually all of these records were eventually accounted for. None the witnesses would cast the least on the honor and integrity of Mr. The accountant who udited the books of this organization, while saying that due to incompiete records the time of his examination he was unable to make complete one, declared there was nothing revealed in the audit that would reflect unfavorably on the character of Mr. Fowles. Attorneys for Mr. Fowles through their out the testimony that at the time the audit of the lodge organization there was two opposing factions within the same lodge Among those testifying at the hearing were: G. Duncan, treasurer the Columbia Savings Bank Trust company; S. Farr, W. Watkins the state bank office, L. M. Milling of the state bank examiner's office, M. Thayer, certified R. Gayden of Gayden Brothers, depositors of the defunct bank: Mr. Shields, also depositor, B. Leaphart, dent of the defunct institution Joseph L. Nettles and W. S. Nelappeared for Mr. Fowles. Mr. Fowler yesterday the of J. Irwin Sutphen assistant of the Columbia Savings Bank & Trust company. Mr Fowles the selection fortunate one and also said that in coming to the bank in his capacity at $200 per month as specified by the order of Judge Townsend, he is making great sacrifice to perform patriotic duty. Mr. Sutphen was for merly with the National State bank and known as banker of experience. The purely banking and bookkeeping end of the receivership will be handled by Mr. Sutphen, who has accepted the position and is now arranging details, Mr. Fowles said. Mr. Fowles also said that he was Rion, certified public to make the audit of the bank's affairs authorized an order by Judge Townsend. Mr. Fowles reasonably sure that Mr. Rion will accept the position. his compensation be approved Judge Townsend. In Camden on Business. 0. G. Donny and E. B. Suber, district freight and and freight agent, respetively, for the Seaboard Air Line railway, headquarters here, spent yesterday in Camden on business.


Article from The Gaffney Ledger, March 3, 1927

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FOWLES WILL REMAIN RECEIVER FOR BANK Judge Declines to Change Appointee in Closed Columbia Bank Case. Columbia, March 1.-Hearing a motion of D. W. Robinson, attorney representing a group of depositors of the recently closed Columbia Savings Bank and Trust Company, protesting the appointment of James H. Fowles, of Columbia, receiver of the bank, Judge W. H. Townsend yesterday morning at chambers refused the motion and in doing paid high tribute to Mr. Fowles' honor and integrity. Also coming before him at that time was a motion the same origin calling for revocation of order authorizing a complete audit of the affairs of the bank. Judge Townsend also overruled this motion as he in his original order was following the suggestion of the state bank examin- Speaking of Mr. Fowles and of the audit after a number of witnesses had been introduced and had testified Judge Townsend said: "I appointed Mr. Fowles as receiver upon my own motion. After going through process of elimination of great number of prominent business men in this town and lawyers at this bar thought he was the best allround qualified man could get in Columbia to manage this business. And did not think it was necessary to go out of Columbia on this oceasion, as did at the time when appointed Judge Puerifoy receiver of the American Bank and Trust Company have known Mr. Fowles ever since came to Columbia, and have lived in Columbia since January, 1903. have known him all of that time, and have never heard of any thing to his discredit except a boyish prank king off Miss Pony' Sloan's gate. Now that is the only thing ever heard against him at all. appointed him receiver, and this testimony this morning is the only thing have heard since then, and the testimony does not change my opinion that he is a lawyer and gentleman of high standing and integrity and is compe tent to manage the affairs of this bank as "And so far as bookkeeping is concerned, in the order that have signed have authorized him to employ man during the the further order of the courts-1 do not know how long it will be necessary until we can get this matter wound a salary of $200 a month. And is selecting that man he can get man will competent book keeper to keep accounts & And that


Article from The State, March 12, 1927

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TO MEET MONDAY Richland Delegation Considers Bond Plan. The Richland legislative meet Monday com the county supply now pending the and plans defunct American and the lumbia Savings Bank and Trust comreplace the funds in the closed authorizing the board of borrow $150,000, secured by bonds of the for the purcounty, which the money in banks appropriated. are to not years and are repaid the of the two banks, plemented, direct the of on property its meeting consider the matter the fund appropriated station. has proposed women's clubs Columbia least part money for the enlargement of the used Columbia


Article from The Sunday Record, May 1, 1927

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DANIEL F. SAPP BANK RECEIVER IS LAID TO REST STATEMENT High Officials Attend Funeral Fowles Discusses Columbia Of Railroad ComBank & Trust missioner Rush It (Special The Record) LANCASTER. April The remains Daniel Sapp, member of the South Carolina railroad commission and one of Lancaster county's prominent citizens, who died suddenly in his office in Columbia Friday morning, brought to this morning, and laid to rest at Bethel Methodist church, ten miles north Lancaster this Rev. Gunter, H. Whitten and M. Morris conducted the Hundreds of persons from all of the county throughout the Governor Richards, Chief Game Warden the railroad and state officers were present at the funeral. The floral tributes strikingly beautiful and numerous. As tribute to Commissioner Sapp, all offices closed in Columbia and the state flag half mast Funeral services were held at Sapp's Cross Roads, ten miles north Lancaster. Mr. Sapp died 10 o'clock Friday morning his office in state office building few minutes after suffering acute heart tack. He 67 years old last August Mr. Sapp was the son of R. H. Sapp Emily Plyler and educated schools He farmer for many years for 20 years service the county school his life was spent to the the last general He was the morning of March and qualified the same formally installed the following mornas pallbearers were: Gov John G. Richards, whom Mr. Sapp to the John Coney Sam Blease, of Saluda, R. Homer McDue West, John Nance Cross Hill, Earle R. Ellerbe, Latta. and Thomas Tatum, Bishopville, members of the comSurviving Mr. Sapp three sons, Claude Sapp, of the lumbia bar Allen dent the South Carolina, and Ben Monroe. C.; sisters, Mrs. Clark, Haw River, Mrs. Wooding, Va., Mrs. Earle of Burling. ton, Mrs. R. Shedd of lumbia, Mrs. Virgil of Columbia, Oscar Porter and Mrs. U. Funderburke, Lancaster: also his mother, Mrs. Emily Plyler of Lancaster, years old, two brothers, Dr. W. H. Sapp and D. R. Sapp, both of Lancaster. formerly Miss Millie Fulp, of High Point, N. years ago. James H. Fowles, Columbia atappointed on March receiver the Columbia Savings Bank Trust Company asked yesterday for statement of the affairs of that defunct institution and as what might expected with regard to dividends. He "There two controlling reasyet no dividends have been paid than $200,000 the bank's sets tied up in mortgages, which small number past due, and these must be sold or satisfactorily disposed of: for would be unconscionable for the receivership ride for the full life of all these mortgages: second, $115,000. as carried on the books, represented by real estate acquired by purchase foreclosure, and advisable to rush these properties. "Since March indebtedness the bank secured by the pledge of There on enough to pay small dividend on the about around these depositors claim priority the and maintain that they should first paid in full, and as this contention subject litigation. must await the decision the court. "So cent or more in hand for the depositors it and no will be happier than the receiver when the first subsequent dividends are sent receiver usually paid money is received and disbursed: not that ceiver when his business dispatched. But no task easy to bank and trust pany large percentage assets are found surely sult in further