Elkin National Bank (Elkin, NC)

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Elkin National Bank Is Closed

Surry Town's Oldest and Largest Institution Closes Doors

The (Special Elkin National Bank oldest banking tion failed open for this morning decision was made of the directors, at the The notice posted on the this account of the continued steady of our deposits for the last several days and in protect the of positors of the Elkin National Bank at the on decided paying receiving any funds until notice. hoped that for tion may worked out short time whereby business be Signed Alex cashier Members of the board directors today express that the bank will be reopened for business at an date. indication of a run upon the Bank of apparent and business at that institution is nor mal.

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Spradlin Named Receiver Of Elkin National Bank

Hotel Elevator Falls 9 Stories

High perserious injury and possible when an the Sheraton Hotel fell floor to the afteroperating elevator the in the accident. cut one fell the top and his manager of the said the elevator not The car skidded on the pels to the ment rapid rate of speed number of the passengers were

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Ingle Attorney For Bank Receiver

Will Assist Receiver Spradlin in Handling Affairs of Elkin Bank

John J. Ingle well known attorney of has been ap. attorney for the receiver National Bank following W Pole comptroller of the Mr. Ingle will upon his new at once. He also serving as for Spradlin in the receiver Peo National of this city Like Mr will divide his attention between the two but will be able continue practice unless an his amount of litigation should derelative the affairs of the

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Depositors In Meet at Elkin

Organization Effected for the Protection of Their Interests

Elkin. April 5-At mass meeting of depositors of the closed Elkin National Bank. which drew an attendance filling good portion of the huge McNeer Tobacco Warehouse, an organization was effected. look ing to the protection of the interests of the depositors during the liquidation of the bank now in progress Maguire made and Moseley secretary of the James of Elkin and H. Neil of Washington, D. C., were chosen as Attorney Robert H. prominent barrister of the national tal. by addressed body explaining in the in and the value to the depositors such organization. whose counand executive keep intimate touch the bank's receiver and during the period of and protect possible the ests depositors linked up with the With considerable banking expertence behind him, the visiting rister many points the of bank many had puzzled minds of patrons the bank The work of this was explained would be tion with the agencies appointed the government to close the affaire of the The executive committee named to lead the work of the organization include Moseley O. Maguire, in Mathis, and McKinley Burcham.

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DEPOSITORS OF BANK TO PROTECT RIGHTS of Depositors in Organization Closed Elkin Institution Is Perfected.

Daily April mass meeting the closed Elkin Nadepositors tional bank which drew attendance which well-nigh filled the McNeer warehouse here, an organization looking to the interests of the during the liquidathe in progress. Maguire Moseley secretary and and Robert McNeil, of Washington City, were chosen attorneys. Robert McNeil, by invitation addressed the the and the value the tors whose executive committee would keep in touch with the bank's receiver and handle matters of individual interest to the depositors, outside of the scope the The named to lead the organization inMathis, Montgomery Dobbins and McKinley Burcham.

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Pay Dividends At Elkin Bank of per is dividend the Elkin H. to here stated which is National of to paid $32,000 Elkin sent since those who January Only closed the claims will receiver dividends which meet with he secured debts $15,000 alphathirteen will

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Pay Dividends At Elkin Bank cent. is being A dividend of per depositors the distributed the distribuElkin National Bank, been started tion having H. to busistated while here with the Peoples ness which he is also National of to be paid out The dividends and Elkin aggregate the institution since closed sent the January first 18. Only those who had proved claims will receive the dividends at this time, the receiver sufficient reserve with which to meet all unproved claims. Since he took over has the paid receiver. out ship Spradlin secured debts and $70,000 on the $15,000 allowed approximately for Payments are being made alphabetically and will require thirteen

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BANK SOME OF HIS EXPERIENCES

H. receiver for Bank and the Elkin Bank for the Elkin nand Mr. Spradquoted that the had the calling their had $700 balance his credit the bank when his heifer three his first for Another Mr. Spradlin rather smallthe first dividend same the those read the records learn why the present somewhat larger.

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News PAGE EIGHT of Northwest North Carolina and Other Parts of State

Another Hearing on Elkin Bank Receiver's Petition Held Before Judge Hayes

Chatham Compromise With Depositors Argued by Counsel

At Greensboro

Will Announce His Decision Later

Journal) Nov Judge J. Hayes heard argument petition that the of counsel Chatham Company and Thurman permitted to pay off notes aggregating Elkin said of funct proval the court ceivership and approval provided no the general better out the interest the To Announce Decision

Judge the best procedfrom the the He said he his decision petition opposed by certain The was and funct the remaining probably the have found judgment could be during that bank 000 and the had in the hands the not the very Appearing petitioners posing signing order sought the and Chatham Turner Parks and of Smith and and Folger Airy appeared the am Attorney John represen the Chatham Manufacturing Company offered pay $16,000 and the balance in three $31 deposit the the be the the of the notes had been pointed out Ingle that was investigation had that court than be the can notes thus losing to the depositors nearly

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$3,488 Suit Docketed Here Against Elkin Bank Receiver

Suit started in Surry county Superior by Royal Manufacturing company against W. Spradlin receiver the Elkin National Saturday federal court here. The plaintiff seeking collect on three drafts alleged have been paid to the Elkin National bank by Chatham company, which receiver refused to allow as preferred claims,

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C. of C. Elects Officers Today Receiver of Bank A president of the chamber of Denies Charges In commerce for the year 1933 was to be elected at the meeting of the board of directors of the organ- Burcham Complaint ization at session scheduled for

Answering the complaint of McKinley Burcham, world war veteran, who seeking judgment for against W. H. Spradling, receiver of the Elkin bank, the receiver admits that the plantiff had balance to his credit the amounts of $2.024.02 and 245.63 in the bank at the time closed, but denies all other allegations The plaintiff had alleged misrepresentation on the part former bank officials inducing him keep his money obtained on judgment against the government. and contended his balance should be garded having priority over claims of common creditors.