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SECOND BANK IN TOWN IS CLOSED AFTER RUN Only One Left in Cherokee CounSouth Carolina S. C., Feb. The First National bank Gafffailed for business second bank the close in The American State bank closed esterday With failure of the First National. Cherokee county. had only bank doing business Merchants and Planters which was successfully
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Second Gaffney Bank is Closed The First National Bank failed for second bank city to close its doors in two days. yesterday. With failure of First Cherokee County had only bank doing business today, Merchants and Planters which was successfully standing heavy late in President Lipscomb statement declaring make with chain caused the First failure.
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SECOND BANK CLOSES. Gaffney, First National Bank Gaffney failed to doors today, being the secbank in the city to close two The American State Bank closed Thursday. This leaves only the county, the Merand Planters National, which doing business against heavy today.
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TWO S. C. BANKS CLOSE DOORS First National of Gaffney and Bank of Chesnee Locked to Public. for and to take charge of the comb the to BANK CLOSES
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GAFFNEY S. C.. Feb. 14 (U. The second Gaffney bank to close in two days was in the hands of bank examiners tonight. The First National Bank of Gaffney failed open today. Yesterday the American State Bank closed The Merchants and Planters National Bank. the only one remaining open in Cherokee county had withstood a heavy run late today.
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FIRST NATIONAL FAILS TO OPEN FOR BUSINESS FIGHT IN PROSPECT Reductionists Expects to Assault Appropriations for Schools. Columbia, Feb. rapid made today the of the general propriation bill in the House of Representatives, with the bloc" its omy maintaining in virtually all cases and carrying its reduction amendments without difficulty in most of the sections of the bill. Apparently the supporters of the origibill have about reached the point of conceding that the ranks of the reductions virtually impenetrable. One the big fights the on appropriations, however, was today postponed until tomorrow, when the House approved proposal to carry over until then the section of the bill providing for appropriations for the office of the state superintendent of education. hard battle is in prospect amendments that are to be submitted to this section by the reductionist to cut the appropriation under the school by $200,000. The of this eliminate from the appropriation amounts that are now being expended for transportation school pupils, since the genthat the school contains for expenditure these state funds for transportation, the fund being only for the payment of teachers' salaries. Harley, Barnwell, of the leaders the reductionists, said today that the amendment that had been agreed upon group members, personally favor reducschool item by being the amount shown recent figures have been spent year from the state funds purposes. this effect offered. and Harley he would support and also favor the placsome definite provision in the bill bar use any these state funds for transportation purposes. Mr. Harley pointed out that the law does not authorize such expenditure from funds, and that by making the cuts as there would be reduction whatever that would be available for teachers' salaries, the only effect being that these charges then have paid local school instead being paid for by the state. Failure to Consummate Trade with Chain Forces Damaged Bank to Close Its Doors.
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COMPTROLLER IS ASKED TO TAKE OVER AFFAIRS President Lipscomb Says Condition Improved but He Declines to Predict the Future. Failure to complete trade with large banking chain resulted in the First National Bank of Gaffney remaining closed yesterday. stockholders meeting had been called for yesterday morning, but the directors Thursday night, after definitely learning that the contemplated trade could not be the bank not to open. Lipscomb, the president, telegraphed the comptroller of the currency Washington yesterday morning, requesting that representative of the federal banking department be sent here to take charge. Mr. Lipscomb declined to make any statement regarding the condition of the bank, other than to say that he believed it is now in better shape than month ago. So far known, the bank will have to be liquidated. Trouble Precipitated. The troubles of the First National were brought to head following the death January 14 of Maynard Smyth, the president, who was found shot in his garage pistol lying by his side. Federal bank examiners several days later found the bank had suffered loss of little more than $132,000, due, statement issued by the directors, to the checks and drafts." The bank did not close, however, and was named president with Dr. Jefferies vice president. Every effort made was improve condition of the bank during the weeks that intervened, according the offiThe statement of condition issued December showed plus $184,236.52 with deposits totalling The capital $150,000. Asked regarding the probable payment Mr. Lipscomb yesterday declined to press opinion. can't all he would say.
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ANNOUNCES FIRST NATIONAL TO PAY DIVIDEND FOR COURT CLERK OF 50 PER CENT ABOUT AUGUST COUNTY CONTEST OPENS MAKES THIRD ENTRY IN Receiver Has Sent Checks Totalling About $560,000 to IS RACE. Washington for Signing; Will Announce Exact PROCEEDING. Date of Payment Later. Insurance Man to Run With T. M. Caldwell and Conrad Jones for Clerk. Announcement yesterday of candidacy by M. Raymond Robbs, local insurance man, converted the race for clerk of court into three-cornered affair. Caldwell, the incumbent, Conrad formerly with the First National Bank and employed by Dixon, the receiver, have been campaigning for several weeks. Robbs entirely new the local political field, having made race against Mr. Caldwell eight years ago. At that time received handsome He did not offer four years and has sought any other office the meantime. Born 37 the Wilyears ago kinsville Mr. Robbs the late Robbs and Mrs. Mahala Robbs. He reared Gaffney, attended the local schools, obtained higher education the University of South Carolina at lumbia. serving in the army durthe war, returned to Gaffassumed connection the office department of the Board Public where remained two years. He then accepted position with the American State Bank, where worked until five years ago when entered Reports that Mr. Robbs probwould for the had been here several weeks, his announcement yesterday entirely unexpected. Checks for the payment of first dividend of 50 per cent First National Bank depositors mailed the first of this week Washington for signing the office of the the H. Dixon, the currency, ceiver, records in connection with bank be checked Washington, after which the vouch, will signed and returned Mr. Dixon for delivery the depositors. The checking opera tion Washington usually quires about two three weeks, Dickson expects position distribute the dividend, aggregating about the first gust, said yesterday. Definite announcement the exact date of delivery of the checks will be made in advance through The Ledger, Mr. Dickson stated. There for anyone call at his offices bethe date, he said The receiver pay dividends 2,260 proven claims, approximating at the rate 50 per cent, which amount $560,000. Mr. Dixon said that never his years experibank been so large first dividend. This fact speaks exceptionally well for the general financial condition here, opinion, such amount could have been secured for tribution promptly without good The First National Bank closed the middle of this year, less than six months Players Required to Qualify by Next Saturday for Flights Which Will Follow. Qualifying play in the annual Cherokee county golf tournament has been started. Scores must be turned in to some member of the committee not later than next Saturday night, it has been announced. committee consists of Carpenter, Charles Parrish and Allen. Members of the Hamrick and Isaak Walton clubs have access either club during All must pay green fees of 50 cents per day, the committee The tournament will be played flights, which will be arranged according to scores. The number flights will determined by the number entrants. rules require that each player's card be attested. Contestants who fail to qualify play by the dates ordered by committee will automatically eliminated, according the committee. Other rules outlined for the tournament include: "Players shall instruct caddies touch "Artificial tees on all fairways prohibited. 'Players are requested to port inefficient caddies. Prizes be given winners of each flight." footnote says: requested that players qualifying Sunday the Isaak Walton course play early the day possible order to congestion.'
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GAFFNEY BANK TO PAY PERCENT First Dividend For First National Totaling $560,000 To Depositors Today GAFFNEY, Aug. 6-A first dividend of 50 per cent will be paid the depositors of the defunct First National Bank tomorrow, C. H. Dixon, the receiver, has announced. The devidend checks will total approximately $560 000, he stated. Mr. Dixon has arranged for the checks to be delivered to depositors at the old American State Bank building on Limestone street. The First National bank failed to open February 14 of this year, exactly one month from the day Maynard Smyth, president for more than 10 years, was found shot to death. Mr. Dixon who is originally from Florence, has been serving as national bank receiver for several years. He said the dividend to be paid here is the largest first dividend ever declared for closed bank, so far as his knowledge goes.
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GAFFNEY DEPOSITORS WILL GET DIVIDEND to The State. Gaffney Aug dividend of will be the de per of the defunct National positors bank Dixon, the reDividend will mately he has arranged for the to be old State bank The First National bank closed ruary of this year Mr. originally from has been tional bank receiver for He said the dividend to be paid here the largest first ever clared for closed bank so far as he
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FOR FIRST NATIONAL BANK Receiver Preparing to Pay 10 Per Cent More to De- positors Soon. H. Dixon, receiver of First National Bank, has checks general' office Washington for signing for the disbursement of divident to depositors. This will the second dividend since the bank closed February, the cent per been distributed months ago. The per cent will be the original amount claims, will total more than Mr. Dixon said notice will given through The Ledger when the checks received from Washington and are ready delivery.
Bank Receiver On Stand in Trial Rock Hill. S. C., March 19 C. H. Dixon. receiver for the defunct First National Bank of Gaffney. testified in Federal court today that in his opinion the return of checks given by the Globe Manufacturing Company Bowling Green Spinning Mills and Blacksburg Spinning Mills was responsible for the bank's closing Dixon appeared as witness in the of N. Alexander and Stanhope Sifford, former of the mills. on charges of aiding the late Maynard Smyth. president of the bank in diverting approximately $130,000 of its funds to the mills.
Bank Receiver Suing for $500 A suit was started here in United States District Court yesterday by H. Dixon. receiver for the First National Bank of Gaffney, S. C., against Rufus Johnston of Charlotte. seeking to collect stock. holders' liability on the basis of stock that Mr. Johnston is said to have owned in the now defunct bank. The bank was closed on February 13, 1930. The complain in the case just started states that Mr. Johnston had 20 shares of stock in the bank. having par value of $100 a share. At the time that the 85sessment of stockholders' liability was made $2,000 was levied against Mr. Johnson. the complaint further sets forth. Of this amount $1,500 was paid in three payments of $500 1930 each in May, June and July, of The suit just started seeks to col. lect remainder of 8500 said be due, together with seven per cent interest since May 1930
DIXON RECEIVER OF FORT MILL BANK Receiver of First National Here to Handle Both Banks. Dixon, receiver of First National Bank Gaffney, been appointed receiver the recently National Bank of Fort ment made by Pole, comptroller the currency. Dixon divide time tween Gaffney Fort alternating may be attend the business of the banks. His family will continue reside here, he will tinue make Gaffney his home. Dixon went Fort Mill yesterday to take over the closed bank. He has been in Gaffney little more than year and and paid depositors the First National Bank dividends totalling 70 per
Gaffney Man Named N. C. Bank Receiver receiver of the First National bank of Gaffney and the National bank of Fort Mill, has been appointed receiver of the recently closed First National bank of Durham, N. C. Mr. Dixon left Gaffney today for Durham to assume his new duties. Since the First National closed here in February, 1930, the depositors have been paid dividends aggregating 70 per cent. Mr. Dixon's successor as receiver of the Gaffney and Fort Mills banks will be appointed by the comptroller of the currency. It is thought here that J. C. Campbell receiver of the Carolina National bank Spartanburg, probably will be named.
TAKES LOCAL FIRST NATIONAL Man Checks In Receiver, Succeeding Dixon. Campbell was checked Saturday receiver of the National here, Dixon, who transferred receivership First National Bank at Mr. Dixon here for the transfer. returned to Duryesterday afternoon. Campbell receiver of the Carolina National Bank Spartanburg and number other closed in the including National Fort which took over from Mr. Dixon also. Faces Trial. Philadelphia, Jan. debutante's bidden affair and brothslaying the suitor finds Eddie Allen prepared trial tomorrow indictment charging him with murder of Francis Donaldson,
NOTICE OF CLERK'S SALE. Pursuant Decree of closure the Campbell, Receiver First National Bank of Gaffney. Plaintiff against Oscar Wood al. will of fer public the Cherokee Court House sales, on August 1st parcel of land Township, County State beginning pin running thence to thence to thence thence Oscar Lowery or CASH pay Clerk of Court July 16. DATING STAMPS, The Gaffney Ledger.