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PICKED UP AROUND TOWN FIRST NATIONAL BANK FAILS TO OPEN DOORS O. T. Culp and Mrs. Her-
Harris visited relatives at Santue Union county. last week. Mrs. B. Elliott returned Sun day to her home in Fort Mill after spending several days with her sister Mrs. R. H. Stewart, in Greenville fol lowing the recent death of Mr. Stewart. dent at Winthrop college, spent the last week-end with her parents, Mr. and R. E. McKibben, in Fort Mill. Miss McKibben was accompanied home by number of her 107 J. B. Broadnax of Fort Mill was called a few days ago to the bedside of her mother. Mrs. Marian McKenzie, who was seriously ill Rock Hill. Mrs. McKenzie has many friends in Fort Mill who will regret to learn of her illness. ET Born few days ago to Mr. and Mrs. John Grimble in Atlanta, a daugh ter, Betty. Prior to her marriage to Mr. Grimble two years ago, Mrs. Grimble was Miss Elizabeth Ardrey daughter Mr. and Mrs. W. B. Ardrey of Fort Jackson and Watson Bell, York newspaper men, were visi tors in Fort Mill for several hours Tuesday afternoon. Both write feature stories for daily papers in this section, besides acting hs York news corres pondents. Mill citizen who has lived at Davidson College, C., for the last three years, yesterday was reported critically ill his home. Mr Kimbrell has not been in good health for several months and his Fort Mill relatives and friends fear the result of his illness Spratt, 10-year-old son of Col. B. Spratt. is in Greenwood tending the graded school. is staying home of Col. James D. Fuly and Mrs. Fulp. He said he-expected get along in Greenwood about as well as any boy could who not allowed to take his pony with him. hour of the Salvation Army Sunday school in Fort Mill has been changed from 10 m. to P. Re cently there has been gratifying in crease in the Sunday school's enrollment and Capt. Jack Wynn. in charge of the Army's activities in Fort Mill is pleased with the progress of the work here. trustees of the Fort Mill school district days ized the superintendent, F. M. Mack to employ an assistant in his office who will do clerical and other work. It stated. The position WHS given to Miss Inez Wolfe, daughter of Mr. and Mrs W. D. Wolfe Miller negrogirl 11 years old. was instantly killed shortly after noon yesterday when she was struck by an automobile on the ter highway Pineville by he lived at Kershaw. His name could not be ascertained. number of Fort Mill men who have sons and daughters in State leges and who have been denied free tuition for them by the State tax com mission are in Columbia today to press their claims before the State board of education, which is reviewing applica tions neted upon adversely by the tax commission Fort Mill high school foot ball team played better game in Lan caster against Lancaster's high school team Friday afternoon than it played against Rock Hill the preceding Friday afternoon, but not quite good enough to win. The was 7-0 in favor Lancaster Tomorrow afternoon the Fort Mill boys play Clover here. week for the first time since the First National bank of Fort organized 20 years ago The without the institution' advertisement. In season and out of season the First National had been patron of The The paper is grateful former of the the have
Many people have viewed.witt Interest an old spinning wheel which was placed in show window of the Martin drug store in Fort Mill two on three Although the spinning wheel is 123 years old. it is in first class condition. It is the property Mrs. W. D. Martin and originally belonged Martin's paternal great grandmother, Mrs. Elizabeth Burns and was used by the Burns family at their home near Fort Mill. meeting yesterday morning of the board of trustees of the Fort Mill school district, committee was appointed to secure, if possible, a loan of between $33,000 and $4,000 to meet current expenses of the school. The school's funds are tied up in the First National bank of Fort Mill, which failed to open for business Monday morning, and necessary for the trustees to borrow several thousand lars to continue the operation of the schools. Fire early Saturday night stroyed the cottage home of Mr. Mrs. Manus in the Sprattvill section of town. All the mousehold of fects Mrs. Manus also were destroyed. along with carpen ter's tools belonging W Nime and valued at about $75. There was no one at home when the fire was dis covered and before the fire department could render effective service the house was practically burned up. Ther was no insurance on either the house or the household goods. 1100 Many Fort Mill baseball fans are interested in the world series which begins in St. Louis this afternoon between the St. Louis Cardinals cham pions of the National lengue. and Philadelphia Athleties, champions the American league. have the world the two years and seem to be favorites win again this year "Gabby" Street former manager of the team in the old league, manager of the Connir Mack While may not help Street win series, he nevertheless has the
The First National bank of Fort Mill falled to open its doors for business Monday morning and the officers caused to be published statement to the ef fect that the affairs of the institution had been placed in the hands of the comptroller of the currency at Wash ington.) The that the bank had closed came like bolt out of a clear sky to many of the stockholders and to almost every one of the depositors. Some of the stockholders may have had sion to fear that the liquid assets of the institution would not prove equal to the occasion in the event of any considerable from the bank but this was not true of most of the depositors The bank operated as usual through last Saturday and one of the officials said yesterday, in discussing the mat ter with The Times, that there was nothing approaching run on the bank Saturday, but that throughout the day there were persistent and unusually havy withdrawals. This official went on to explain that such withdrawals had been taking place for the last sev eral months and that these demands for their current funds on the part of the depositors increased materially since York bank closed just one week prior to the closing of the local institution. After meeting of the directors of the First National bank had been held Saturday afternoon. telegram was sent the of the currency in Washington informing him that decision had been reached to close the bank and Monday morning two representatives of the treasury department came to Fort Mill and took charge of the bank's affairs. These are Amrhein and J. Hopkins Immediately upon their arrival they took full pos session of the bank's records. books accounts and the like and these are now to the public No Statement Fortheoming. Asked Tuesday afternoon by The Times reporter if he would or could make any statement as the condition of the bank, Mr. Hopkins said that neither he nor any other depart ment employee is allowed to give out any statement to the of closed bank. He said that the first official action to be taken in the matter will be for W Pole, comptroller of the currency to appoint receiver for the bank. This receiver may be Fort Mill man. or he may man from some other point that action being in the discretion of the comptroller til such receiver appointed,' said Mr Hopkins. be out of the to make any public as to the condition of the bank. its assets and liabilities what personal dition affairs, it would be Impossible for to divulge such opinion Officials of the bank said Tuesday af ternoon that there is little if any pos sibility for the First National to sume They said there had been no intimation from any source either from depositors or the bank that there had been any irregularity in handling the bank's affairs. "Our bank, said Dr. Spratt, active vice president, "was con fronted with situation exactly similar to that experienced by so many other small rural banks during the last two or three years We had simply reached the point where our liquid as sets were and there was no reasonable hope of obtaining additional funds from any source. We had made what we thought good loans. but OW Ing to the financial depression it had become impossible to realize on these loans and the officials of the bank had reached the conclusion that it was only safe and fair to the to close the bank in an effort to protect the depositors to the best of our ability Officials of the bank say that on the last day the institution operated there deposits of approximately $214. 000 in the First National, but that in addition to the heavy withdrawals of Saturday they had received notices ap. prising them of the intention of cer tain heavy depositors to make additional withdrawals during the present week and that it would have been impossible for the bank to meet these demands.
Organized in 1911. The First National bank of Fort Mill was organized in 1911. During the early years of its existence it numbered many stockholders, the majority of these being farmers and others living in the rural sections hereabouts. That condition changed somewhat in later years and It came to pass that a con- tion of being the only man who ever caught baseball thrown from the top the Washington monument. E William B. Mack. former Fort MILL man. who has been making his home in Brooklyn, N. for the last year or more, has matriculated in the law school of Cumberland university, Lebanon, Tenn. Mr. Mack writes The Times that he and Mrs Mack at the university and he is looking forward with much_into est to the experiences which are await. ing him as law student. Cumberland old university and among its law graduates 'nunibers many men who have played prominent parts in the history of the country - Along his other work in York county during the month of September. Hural Ellfott Har ris made arrests in Fort Mill township which netted York county $434 in fines In one case Mr. Harris chased drunk en driver from Fort Mill to within two miles of Gastonia, C., where he was arrested. The brought back to Fort Mill and fined $100. In a Be thesda few days ago he arrested a negro, Dave Tigler, who driving Ford car with 45 gallons whiskey aboard. The negro caught by Mr. Harris after he abandoned his car and ran across the fields for mile. Bond of $300 got the negro of the county jall. siderable part of the stock acquired by Fort Mill people, although there was still a considerable ownership of such stock on the part of people the country. The bank was organized with Dr. T. S. Kirkpatrick as its president Later W. B. Ardrey was president and some years ago he was succeeded by Col. T. B. Spratt. The present cashier is S. A. Ligon. The board of directors consists of Col. Spratt, Dr. J. L. Spratt, Capt. S. W. Parks, L. A. Harris, H. A. Wattts and W. L. Hall. The report made to the comptroller of the currency at the close of business on June 30. 1931, indicated that the bank was in good condition According to this report the bank had capital stock of $40,000 surplus and undivided profits of $8,107.50: circulation, $40,000: rediscounts of $39,951.18: agreement to repurchase United States gov. ernment and other securities sold, $19.and total deposits of $283,985. Listed in the statement of June 30 as resources were found the following Loans, United States bonds, $40,000: stock in Federal reserve bank and other stocks and bonds, $7.953: banking house, furniture and fix tures, $29,500 real estate owned, $28, 000 other assets, $5,400: cash in the vault and in banks, $48,647.1 making grand total of Necessarily, until the receiver is apr pointed and some statement made to the stockholders and depositors there will be considerable degree of uncertainty as to just how much can-be salvaged from the bank and how much may be eventually paid to the depositors. It is understood that the collateral on most of the loans made by the bank has value, although is not anticipated by the most sanguine that it will be possible to realize the full from the majority of the loans. It is hoped. however, that the stockholders' liability, with what the receiver will be able to collect, will warrant Public Funds Tied Up. Naturally every depositor more keenly interested in his personal account than any other single item, but following closely upon the heels thereof comes the interest of the entire com munity in the matter of the town's funds deposited in the bank and the funds on deposit there credited to the Fort Mill school district. Inquiry Tuesday brought forth from A. L. Parks, city clerk, that while the town had no great amount of current funds on hand. practically the entire sinking fund and all the funds for the payment of the town's paving assess ments deposit in the bank. Mr. Parks said he did not feel inclined discuss actual figures just at this time. but said that all the sinking funds, with the exception of one small amount, were on deposit in the First National and that the loss of the paving assessment funds, if they should be lost, will be heavy blow. He said that in many instances abutting prop. erty owners had paid their paving issessment in full Asked as to what action had been taken by the town council in regard to current expenses. Mr. Parks said the town council is not scheduled to meet again until next Monday night and he had heard nothing relative to call being issued for a special meeting. That being the he says that at present the town of Fort Mill is entirely without funds and that it is out of the question for the town to meet any of its current expenses pending some action by the town officials The presumption is that a special meeting of council will be held and some ar rangements made to borrow sufficient funds to tide over affairs until the year's taxes begin to come in the latter part of November The matter of school finances of course, of vital concern to practically everyone in the community No statement is yet available as to the amount the school district had on deposit in the bank when it closed. but the gen eral understanding is that it involved all the funds at the disposal of the board of trustees. Following confer ence here Thursday morning between the trustees and W. Beatty WIL. kerson, county superintendent of education, Mr. Wilkerson accompanied by one or more of the trustees went to Rock Hill Tuesday afternoon in connection with proposed loan to the school. It was stated later, however, that no effort was made to float such loan in Rock Hill. There is no doubt about the awkward situation in which the school is placed by the closing of the bank and unless operating funds are secured from some source, the school will be forced to close. County Funds Also Tied Up. In addition to the funds of the town of Fort Mill and the funds of the Fort Mill school district, other public money tied up in the bank belonged to York county, whose checking account there amounted to about $6,000. according to statement of County Treasurer W. D. Thomasson. The closing of the First National bank of Fort Mill leaves the town with one bank this being the Savings bank That this bank is strong and sound is attested by the fact that nothing approaching "run" has taken place at that institution during the present week. Business there has gone on as usual with "panicy" feeling being entertained by its depositors. W. B. Meacham is of the Savings bank and his son, W. B. Meacham. Jr., is cashier. Monday notice was posted the local postoffice by Dr. J. L. Spratt, president, that the Perpetual Building and Loan association is in good shape and that its affairs will go on as usual, regardless of the closing of the First National bank. Business has not suffered as severely in Fort Mill as result of the closing of the First National bank as many had feared. On the contrary many bus iness men are hopeful that the deposit ors will not lose as heavily as is the case in many bank failures. But for one thing no hope is held out-that the First National bank will ever reopen its doors. Time only will tell to what use the bank's attractive building on upper Main street will be put.
