4625ef48Full suspension, Books examined
Other: Receiver appointed and lengthy accounting/forensic examination followed; later dividends paid but bank remained in receivership.
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Bank Closes Its Doors. (By Telegraph to Virginian-Pilot.) Charlotte, N. C., Feb. 3.-The Commercial and Farmers' Bank at Rock Hill, S. C., closed its doors at 1:15 this afternoon. A run started on the bank in the second week of last December and continued until yesterday, the total run amounting to $65,000. Bank DIrectors are men of means, and it is believed depositors will be paid in full.
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Run on South Carolina Bank. Charlotte, N. C., Feb. 3.-The Commercial and Farmers' Bank at Rock Hill, S. C., closed its doors at 1:15 o'clock this afternoon. A run started on the bank in the second week of last December and continued until yesterday, the total run amounting to $65,000. Bank directors are men of means, and it is believed depositors will be paid in full.
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BANK DOORS CLOSED. Believed That All Depositors Will be Paid in Full. CHARLOTTE, N.C., Feb. 3.-The Commercial and Farmers Bank, at Rockhill, S. C., closed its doors at 1:15 this afternoon. A run started on the bunk in the second week of last December and continued until yesterday. the total run amounting to $65,000. The bank directors are men of means, and it is believed depositors will be paid in full.
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A BANK SUSPENDS. Charlotte, N. C., February 3.-The Commercial and Farmers bank, at Rock Hill, S. C., closed its doors at 1:15 o'clock this afternoon. A run started on the bank in the second week of last December and continued until yesterday, the total run amounting to $65,000. The bank directors are men of means, and it is believed depositors will be paid in full.
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Rock Hill Bank Goes Under. ROCK HILL. S.C., Feb. 5.-The Commercial and Farmers' bank has closed its doors. A run started on the bank the second week of last December, and continued until Friday, the total run amounting to $65,000. The bank directors are men of means, and it is believed depositors will be paid in full.
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ROCK HILL'S BANK TROUBLE. Run Caused by Report That an Officer Was Speculating. Columbia. S. C., Feb. 5.-No official statement has yet been made as to the affairs of the Commercial and Farmers' Bank of Rock Hill that suspended Saturday. It was promised to-day but had not been prepared. The sixty days run made on the bank is only explained by the report that one of its officers was known to have dealt largely in cotton futures. It is surmised that while at last reports he had won $80,000, that the knowledge of his speculation caused uneasiness. That the fears were groundless is shown by the bank's condition. Capitalized at $80,000. only $50,000 had been paid in. Loans had been made to the extent of $130,000. Its assets could not be realized on and Saturday a receiver was asked for. It is not expected that either depositors or stockholders will lose
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STRANGLED BY RUMOR. Deadly as the dagger of the assassin and as destructive as the touch of the incendiary, is the poisonous breath of idle rumor. While the two former do murder and arson the latter destroys reputation, kills confidence and wrecks business enterprise. The two are no more certain in their work than the one. The effects of all are equally baneful. Upon application of the president and directors, the Commercial and Farmers' Bank, of Rock Hill, was taken under the protection of the court last Saturday. This action was rendered necessary as the last resort after a long and brave struggle against the power of unfriendly rumor. At least so the reporter understands the situation. Judge Gage, on last Saturday, signed an order appointing Mr. D. Hutchinson temporary receiver. The papers read as if it is the purpose of the corporation to resume business within a few weeks, and from all that can be learned there is every reason to believe that this purpose amounts almost to a certainty. The history of the bank's trouble, if it were told in full, would include some details that are almost tragic in their character. The reporter is unable to give any inside facts, however. There is nothing to be related except supposed incidents. These goes to make up a story which though old in banking history, is quite a new development in this section ; but none the less deplorable. We have not seen the books nor have we tried to; but we have it on authority that we consider to be as good as there is to be had, that up to the first of December, and in fact until a few days before Christmas, the financial condition of the bank was at least as good as the average of such institutions in this section, and that means much. Previously, damaging rumors had been put in circulation. They gained more or less currency with more or less ill effect. Upon the occasion of the financial panic in Wall street on the Tuesday before Christmas, there originated a story to the efthat the Commercial and Farmers' bank was involved in the crash. Just how was not explained ; but the run that had started previously became stronger. About the same time there originated an absurd story that Mr. R. Lee Kerr, the cashier of this bank had made $60,000 by a lucky speculation. This story, though sounding pleasant to the disinterested, did not strengthen the confidence of depositors. It traveled far and wide, accelerating the run on the bank wherever it was told. No less than three times within the past 30 days has it been reported in Yorkville that the bank had closed its doors, and these reports often cost from $2,000 to $5,000 a day of deposits. It is stated upon the best of authority that within 40 days the deposit account of the bank was reduced something like $60,000. Though fully cognizant of what they were fighting, the officials stood their ground, all the while, bravely trying to stem the tide but at last the strain reached the breaking point. Whether or not any slow assets were sacrificed, as often happens under such circumstances, cannot be stated ; but anyway the drain continued until assets which could not be readily realized upon were reached, and this made necessary the move of last Saturday. In justice to their de-
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FAILURE IN ROCK HILL. Commercial and Farmers Bank Succumbs to a Long Run. Charlotte, N. C., Feb. 3.-The Commercial and Farmers bank at Rock Hill, S. C., closed its doors at 1:15 this afternoon. A run started on the bank in the second week of December and continued until vesterday. the to tal run amounting to $65,000. Bank directors are men of means and it, is believed depositors will be paid in full. LATER. Rock Hill, February 5 -Spe cial: On Saturday the directors of the Commercial and Farmers' Bank of this place, asked for the appointment of a receiver. This action was taken from the fact that during the past month there has been a sharp demand for money on the part of the depositors. The bank was capitalized at $80,000, and of this amount hetween forty and fifty thous nd had been paid in. The deposit account was full and loans had been made to the amount of about $130,000. During Decem ber and January the withdrawal of deposits was so large that the amount of cash on hand WHI not sufficient to meet current demands, and it was impossible to realize on assets a sufficient amount. Under these circum stances the directors decided to ask for a receiver. It is not supposed that depositors yet unpaid will lose anything, and the last statement of the bank shows assets sufficient to pay in full depositors and stockholders with a profit.
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Rock 11:11 Bank Goes Under. ROCK HILL. S C. Feb. 5. -The Commercial and Farmers' bank has closed ats doors. A run started on the bank the second week of last December, and continued until Friday, the total run amounting to $65,000 The bank di. rectors are men or means, and it is believed depositors will be paid in full.
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STATE NEWS. - Ex-Gov. John Gary Evans has beated in Spartanburg to practice law. - There is now a movement on in Valhalla to celebrate the semi-cenenial of its foundation. -During the past fiscal year the taxble property of the State has increasthree million dollars. -- The Pee Dee Tobacco Warehouse Florence was burned one night last veek. Loss about $4,000. - The Greenwood Cotton Mill. operting 10,000 spindles and 384 looms, roposes doubling its equipment. - The Seaboard Air Line has paid early $50,000 in cash for various pieces property bought in Charleston. - An express car between Florence Charleston was robbed of a numof parcels Feb. 3. No clue to rob-- The State prohibitionists commithas recently met in Columbia and ill address a circular to the people in few days. Col. Neal has reimbursed his bondsmen for the money they had to out in the matter of his penitenshortage. - Greenville had a most destructive last Thursday night, the loss aggregating about $50,000, partly covered insurance. It is claimed that the State dispenis doing $35,000 more business per month for the past few months than for the same time last year. - It is rumored in Charleston that Armour of Chicago had bought a farm that city and, would erect a fertiplant to cost $100,000. - Mr. G. Dunean Bellinger, of Barnwell, will not run for Congress but will be a candidate for re-election to the office of Attorney-General. - Mr. J. N. Lidley, of Oconee Coundied at the home of his daughter in Jackson County, N. C., a few days ago, the advanced age of 105 years. - The National Teachers' Associawill hold its next meeting in Charleston from July 7 to 12, inclusive. thousand teachers are expected to in attendance and the railroads will grant unsually low rates, - Last Saturday afternoon John Q. Babb, at his stillhouse, two miles northeast of Greenville, shot and killAbe Linec n, a negro who was advancing on him with an open knife in hand and a rock in another. - The Commercial & Farmers' Bank of Rock Hill has gone,into the hands f a temporary receiver. This course forced upon the bank by unfriendrumors and it is said that the bank will resume business within a few weeks. - Dr. J. L. M. Curry addressed the General Assembly and the citizens generally of Columbia on the subject education last Wednesday night. The address was said to have been one the finest ever delivered in the State capitol. Bud Johnson. a negro convict working for W. A. Neal, was killed by having a tree fall on him while cuttimber in the woods on Mr. John Perguson's place near Pickens. It teems that a tree had been cut down, lodged, and another tree was cut order (to fell it, which in falling umped off the stump and swung round striking him in (the back, killhim instantly. - Rumor says that the new county Saluda will take the cake when it to the number of candiates that vill be in the field this year. Old lady Rumor talks as follows: For Sheriff says there will be twenty-one canlidates in the field; for Coroner eighfor State Senator eleven; for the House of Representatives thirty-two, all other offices in the same proportion. - The Republican Executive Comnittee of the State has appointed March 20th as the day for the assemof the State Convention to elect lelegates to the national convention. The administration of McKinley was varmly endorsed. A Republican State Convention is held only once every our years, as outside of Federal jobs, he only thing for the faithful is to elected asdelegates to the national onvention. — An inquest was held over the body Willie Robinson, who died at the hospital Thursday from a wound the head received by an axe in the this father.
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Receiver's Statement Favorable. COLUMBIA, S. C., Feb. 14-The receiver for the Commercial and Farmers' bank of Rock Hill, which suspended Feb. 3, made a statement today show. ing the reserves were $167,090 and the liabilities. including capital stock. deposits and bills payable and a surplus of $2,455. were the same amount, 50 not one dollar will be lost.
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Receiver's Statement Favorable. COLUMBIA, S. C., Feb. 14-The receiver for the Commercial and Farmers' bank of Rock Hill, which suspended Feb. 3, made a statement today showing the reserves were $167,090 and the liabilities, including capital stock, de posits and bills payable and a surplus of $2,455. were the same amount, so not one dollar will be lost.
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him to await developments. There are, of course, numerous rumors afloat as to liabilities and assets of the Ganson Dry G. ods Company; but none of these rumors are to be taken as authentic. It is a fact, however, that the stock of goods on hand in the store aggregates a nominal value of somewhere between $15,000 and $20,000, and there are on the books many uncollected accounts, aggregating quite a large sum. The papers filed by Major J mes F Hart, as attorney for the receiver of the Commercial and Farmers' Bank of Rock Hill and others, enumerate two unpaid notes to the bank; one for $4,000 and one for $2,500 with attorneys fees; and it is the general understanding that these papers were the cause of the trouble. With the bank carrying these papers as it had agreed to do, the Ganson Dry Goods Company had reason to believe it would be able to take care of all smaller claims and successfully weather the crisis that had been made SO severe by last year's crop failures. The failure of the bank, however, made necessary the immediate collection of the past due notes. There was not time in which to provide for these notes otherwise, and the closing down of numerous creditors quickly brought about the present situation. The failure of the Ganson Dry Goods Company, the largest concern of the kind that has ever ex isted in Yorkville, is especially regretable. There is not only much sympathy for Mr Jones. who was the owner of the majority of stock, and for his especially clever corps of clerks, who will he thrown out of employment; but there is a general appreciation of the injury that will be sustained by the tow a in a business sense. This, there need be no attempt to deny, is quite severe.
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The Receiver's Statement. Rock Hill Herald. At an adjourned meeting of the depositors in the Commercial and Farmers' Bank, now in the hands of Receiver D Hutchison, held in the city council chamber Thursday of this week, the receiver furnished a statement of the condition of the bank's affairs, from which it appears that the total amount of claims against the bank, established before the receiver, is $134,208. On this amount the sum of $55,300-$42,500 on secored claims and $12,800 in dividends— has been paid, leaving $78,903 unpaid. To settle this balance, the receiver has cash in hand $8, 100 and a surplus of about $2,5 000 coming from collaterals pledged, besides assets admitted to be good amounting to $43,000, in clusive of $17,000 to be collected out of stockholders on their statutory liability, as well as doubtful assets aggregating $24,500 and bad assets amounting to $24,100. The statement was discussed at some length by the depositors and we are informed by persons who were present that they were not at all pleased with the showing. The attorney for the receiver informs us that the receiver will pay a dividend of 9 or 10 per cent. within the next two weeks. Pay your subcription toth EDGER!
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A PUZZLING TANGLE. Expert Askew Asks For More Time In Which to Unravel Problem. In the case of A. Hutchison White against the Commercial and Farmers' Bank of Rock Hill, the court some time back appointed S. H. Askew, an expert accountant, to examine into the affairs of the bank with a view to determining, if possible, the actual condition of the assets and liabilities of the institution. After working considerably more than a month, Expert Askew, on last Monday submitted the following report: To his honor, the Presiding Judge of the Court of Commons Pleas: As expert accountant appointed by this honorable court to examine into and report upon the affairs of the defendant bank as they stood at the time the receiver was appointed, I beg to make the following special report: From the bank's books I have made a new I a bills up have made ledger up and from receivable this latter book. From all the above books I have made up a statement of the assets and liabilities. This statement, which is herewith submitted along with the said new books, shows: A shortage of assets (between the bank book and my books and check register and check stub books) of one thousand one hundred thirty-one and 87.100 dollars. In this connection the receiver claims the following additional shortages of but in each case assets, the claim should be verified before it would be proper for me to report it as a shortage: $6,346 17 Cash, $6,346.17, all short Overdrafts, $10,171.64 many of them disputed Loans and discounts, $135,179.49, some of notes not turned over, and large amounts disputed Atlantic National Bank, $8,184,7,129 1 18 .68, denied as to Carolina Savings Bank, $9.17, 12 denied as to Charlotte National Bank, $1,1,886 55 886.55,, wholly denied Commercial National Bank, 3,000 15 $3,000.15, wholly denied Loan and Exchange bank, $5,5,395 22 395.22, wholly denied Planters' National Bank, $300, 300 00 wholly denied Sundry banks, $36.50, wholly 36 50 denied Commercial and Farmers' Bank, $1,842.81, denied as to 1,828 94 Merchants' and Farmers' Bank, 40 40 cents, wholly denied National City Bank, $3,785.48, 3,770 31 denied as to Produce Exchange, $1,992.06, wholly denied 1,992 06 In this connection the receiver claims the following additional increase of liabilities, and the following decrease of but in each case same liabilities, verified before the being must be properly reported as a fact: Alleged increased liabilities: 2 17 $ Bank of Lancaster claims 8,221 41 Drovers' and Mechanics Bank $8,223 58 Total.
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# THE C. & r'. BANK SHORTAGE. Expert S. H. Askew, who was appointed some months ago to examine into the affairs of the Commercial and Farmers' Bank of Rock Hill, and who filed his first report at the spring term of the court, filed the following additional report on Wednesday, and it was agreed that he complete his labors in the matter and receive as compensation the sum of $1,000: By reference to an exhibit of assets and liabilities as snown by the bank books, filed with my former report, it will be seen that after adding all income to the stock subscriptions paid in, and after deducting all expenses and dividends paid, and allowing all indebtedness shown by said books, there should still be on hand for the stockholders, $43,017.69, besides furniture and fixtures. And if the assets should hold out as shown by the books, and as listed by me therefrom, 'there would be that much for the stockholders. In my said report I stated a number of alleged shortages and I have given much time and attention to the question whether they really exist. I now take up this item again: I. "Cash, all short....$ 6,346.17." The receiver still claims that he got no cash at all when he took charge. II. "Overdrafts .......$ 10,176.64." "Many of them disputed." I exhibit with this report a statement showing: 1. List of notes agreeing with those turned over to the receiver, footing up.....$105,948.60 2. List of notes that the receiver says he never got.... 27,371 53 List of notes turned over against the same payers, but the amounts different: 3. As shown by the books...$ 5,142 22 4. As turned over to the receiver 7,575 51 5. List of notes turned over to receiver, not on books... 13,661 30 Total of all notes turned over .......$127,185 41 "Atlantic National Bank....$ 8,184 68." "Denied as to.... 7,129-18." This should have been reported as $9,184.64, all of which was denied, and a counter claim of $2,055.50 made, making the alleged shortage $11,240.18, instead of $7,129.18, an error caused by inadvertently taking $2,055.50 from $9,-184.68, instead of adding them. I wrote the said bank for its accounts -for such parts of it as was not in the receiver's hands-and then made out a reconcilement sheet herewith filed, showing: C. & F. Bank debits not credited and Atlantic National bank debits not credited...$103,608 40 C. & F. Bank credits not charged and Atlantic National bank credits not charged 92,368 20 Difference ...$ 11,240 18 After preparing like statements as to all the other banks mentioned in my former report, except the two Charlotte banks, which will be filed herewith, last Thursday night, which was as soon as I could get them prepared, I mailed the Atlantic National bank statement, asking for their items of debit and credit not on C. & F. books, and received an answer that they would be furnished in about a week. I have not prepared the statements to the Charlotte banks, because I have not received their accounts, though asked for. If I am to continue this work shall send the statement out promptly. I wanted to hear from the Atlantic National bank, and complete that item before taking up the others, and then send the statements out all at once. All the reconcilement sheets prepared show the same discrepancies as stated in my former report. When I offered in my last report not to charge for any time in excess of one month that I might have to take to complete the work, I had no idea that there was so much asked of me; and it was only in preparing the reconcilement sheets that I found out the extent of the work. I respectfully ask to be allowed to complete the work on such terms as may be just, and if it is not to be completed, that I be paid at the same rate per diem heretofore fixed for the excess of the time spent in that direction.