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Darlington Bank Closes; Is Third to Quit in Week FLORENCE, S. C., Oct. 30.-The third bank in this section to close in less than a week occurred today when the Peoples Bank of Darling. ton, near here, failed to open its doors. The board of directors declared a threatened run on the bank caused them to close. The statement added that the bank was in sound con dition and that the depositors would be protected. It was capitalized at $100,000.
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Third S. C. Bank Closes Its Doors LORENCE, 8. C., Oct. (INS) The third bank in this section to than week occurred close in less Bank when Peoples today failed to open of Darlington, near here. its A statement by the board of rectors declared threatened run the bank caused them to close. The statement added that the bank was in sound condition and that the depositors would be protected. was capitalized at $100,000. The Bank of Florence. one of the oldest in this of South Carolins, and the Palmetto Bank and Trust company were closed here last Each was capitalized at Friday.
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THIRD CAROLINA BANK CLOSES DOORS IN WEEK FLORENCE, S. C., Nov. 1.The Peoples Bank of Darlington, near here, failed to open its doors today, the third bank in this section to close within a week. A statement by the board if directors declared a threatened run on the bank caused the closing. The statement added that the bank was in a sound condition and that depositors would be protected. It was capitalized at $100,000.
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Third Bank Is Closed In Florence, Oct. Peoples' Bank of Darlington, closed yesterday, the third bank in this section to close in less than week. The board of directors declared threatened run on the bank caused the closing. The board added the bank was in sound condition and that the depositors would be protected. It capitalized at $100,000. The Bank of Florence and the Palmetto Bank and Trust Company were closed Friday. Each was capitalized at $100,000.
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Closing Of Many Palmetto Banks Laid To 'Psychology' Doors Shut on Solvent Institutions to Protect Depositors, Says Examiner—Eleven Closed Since October 17. COLUMBIA, S. C., Nov. 16.—There have been an unusual number of banks in South Carolina to close their doors within the past month, but not all of these closings by any means are due to bad business conditions, according to State Bank Examiner Albert S. Fant of Columbia, who today made a statement to this correspondent. The psychology of the situation is largely to blame, Mr. Fant said. In many of the cases the banks were not insolvent, but were put into the hands of the bank examiner to protect depositors, guaranteeing like treatment to all. If a run on a bank starts, Mr. Fant explained and the bank stays open and continues to pay depositors as long as the cash in hand lasts, those depositors first on the scene, regardless of the interests of the depositors as a whole or the interests of the community, will get their money while others will not get anything. NO PREFERENCE. This means that preference is shown to some depositors. The only way to guarantee equal treatment to all depositors in such a case as required by law is for the bank to shut its doors. This explains why a good many of the banks that have closed in the state lately have been put into the hands of the bank examiner. Not all of them by any means are failures. There have been fifteen state banks to close in South Carolina this year. Eleven of these have closed since October 17, a month ago. Two closed this week. One of the banks, the Bank of Cheraw and Chesterfield County, located at Cheraw, which closed on November 9, had five branches, at McBee, Mount Croghan, Pageland, Ruby and Chesterfield, and all of these closed with the parent bank. A national bank at Cheraw, the First National, also closed when a run on it was prompted by the closing of the Bank of Cheraw and Chesterfield county. It is this bank of which S. G. Godfrey, arrested today on a charge of embezzlement in connection with a $55,000 shortage, was cashier. State Bank Examiner Fant stated today that all of the banks that have closed recently have been in the eastern part of the state, where both cotton and tobacco crops this year are poorer than they were last year, bringing out a feeling of depression. The banks suffered, he said, even though all of them were not insolvent. It is the psychology of the thing, Mr. Fant said. The people became frightened and called for their money. The situation is unfortunate especially when its extreme trend is so unnecessary. The banks closed this week are the Peoples bank at Scranton, S. C., and the Farmers and Merchants of Coward, S. C. During the week of November 5-10 the Bank of Dillon, at Dillon; the Bank of Timmonsville, at Timmonsville; the Merchants and Planters bank at Hartsville; Merchants and Planters Bank at Lamar, and the Bank of Cheraw and Chesterfield County and its five branches closed their doors. OTHERS CLOSED. Other banks to close within the past month were the State Loan and Savings bank at Bamberg, the Bank of Florence at Florence, the Palmetto Bank and Trust Co., of Florence, and the Peoples Bank of Darlington.
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DARLINGTON BANK RECEIVER ANNOUNCES A SECOND DIVIDEND March ond dividend fifteen cent has been paid the depositors of the Peoples' Bank Brasington, receiver The dividend paid before The putting of this money in culation brought pleasure to both the of defunct bank the of the town. definite has come from Thomas Early, receiver the Carolina National Bank understood that dividend will be paid at that bank early date. notice been creditors to prove their
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BANK RECEIVER AT DARLINGTON AGAIN PAYS A DIVIDEND (Special The Record) second of fifteen The exhibition announced been paid the Columbia itors the Peoples Bank by the high school class Brasington, receiver The first of dend paid just before some the boys and because sickness While no definite announcement of the boxers. has Thomas The date be announced receiver the The all under Bank. just been dend be paid planned give early date, has exhibition the beginning ancreditors to prove their the close of the
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BANK RECEIVER ANNOUNCES A SECOND Darlington, March dividend been paid to depositors the Peoples' Bank Brasington, receiver. first dividend just Christmas. of this in culation to both bank the of the town. of the Bank dividend given creditors prove their claims.
DECISION IN TRUST FUND LITIGATION Supreme Court Rules That Mingling Trust Funds With Other Bank Funds Is Not Breach of Trust Columbia, July funds received trust by bank and mingled other bank funds. does not constitute trust in event of the bank's failure and the estate preferential claim other depositors, the preme court ruled in an important majority opinion today. The opinion, first ruling by the court on phases of 1930 statute, regarded highly portant view of the number estates now tied in closed banks. Written by Associate Justice Bonham, opinion curred by Chief Justice Blease and Associate Justice Stabler Associate Justice Carter dissented Although pointing the law "if executor, administrator, guardian trustee mingle the funds the estate his own and ensue the the fiduciary good from his funds, the court ruled bank receiver not required to pay estate ahead of creditors depositors where there is no breach of trust. The court reversed the decision of Judge Dennis from Darlington county, Donald Michie, against the Peoples Bank lington Brasington, ceiver, appellants. When Michie, of Darling ton. died in 1928 the Peoples Bank of Darlington made his executor closed in October 30, 1928, and Brasington was made receiver. The Michie estate credited with $6,310.17 on the bank's books. Brasington, ceiver, resigned bank executor of the estate and appointed Donald Michie administrator cum testamento annexo. He then administrator dividends The administrator claimed the bank executor held funds for the estate and by mingling the bank's funds funds the estate, committed breach of trust and estate and over general crediand When Michie entered the courts, Judge Dennis general" upheld his contentions. And the receiver appealed In his dissenting opinion, Justice merely said briefly he cepted Judge Dennis' interpretation the law in the
Decision Reversed In Important Case (/P)-Estate funds received in trust by bank and mingled with other bank funds. does not constttute breach of trust in event of the bank's failure and give the estate a preferential claim over other the court ruled in imsupreme portant majority opinion today. The opinion, the ruling by the court on phases of 1930 statute, is regarded as highly important in view of the number of estates now tied up in closed banks. Written by Associate Justice M. L. Bonham, was concurred Blease Stabler. Associate Justice carter Although law a personal ministrator, mingle the with his own sue to the estate, must make good from his own funds." The court ruled a bank receiver is not required to pay an estate ahead of creditors and depositors where there is no breach of trust. The court reversed the decision of Judge E. C. Dennis in a case from Darlington county. Donald E. Mitchie, et al., peti-respondent, against the Peoples Bank of Darlington and G. B. Brasington, as receiver, appellants.
RULING ISSUED ON BANK LAW Continued From Page One- court ruled bank receiver is not required to pay an estate ahead of creditors and depositors where there is no breach of trust. The court reversed the decision of Judge Dennis in case from Darlington county, Donald E. Michie, al., petitioner respondent, against the Peo Bank of Darlington and G. B. Brasington, as receiver, appellants. The petition of Michie to have assets of the receiver impressed with a trust for the balance due the estate was dismissed. Claimed Preference When Michie, of Darlington, died in 1928 the Peoples Bank of Darlington was made his executor. It closed in October 30, 1928, and Brasington was made receiver. The Michie estate was credited with $6,310.17 on the bank's books. Brasington, as receiver, resigned as bank executor of the Michie estate and appointed Donald E. Michie ad. ministrator cum testamento annexo. He then paid the administrator dividends totaling $2,839.53. The administrator claimed the bank as executor held funds in trust for the estate and by mingling the bank's funds with funds of the estate, it committed breach of trust and gave the estate lien and preference over general creditors and depositors. When Michie entered the courts, Judge Dennis "in general" upheld his contentions and the receiver appealed. In his dissenting opinion, Justice Carter merely said briefly he accepted Judge Dennis' interpretation of the law in the case.
Decision Reversed In Important Case Columbia, July funds received trust by and mingled with other bank funds, not breach trust event of the bank's failure give the estate preferential claim other positors, supreme court ruled an important majority opinion today The opinion, the first ruling the court on phases of 1930 statute, is regarded highimportant in view of the num estates now tied up closed banks. Written by Associate Justice the opinion concurred Chief Justice Stabler Associate Justice Car ter dissented. Although pointing out the law personal ministrator, guardian trustee mingle the funds of the estate with his own funds, and loss ensue estate, the fiduciary must make good from funds. court ruled bank receiver not required an estate ahead of creditors depositors where there is no breach trust. The court the deci sion of Judge in case Darlington county, Donald E. Mitchie, et al., the Peoples Bank Darlington and receiver, appellants.
LEGAL NOTICE bales. Operated very profitably and offered sale because of large interest of bank receiver in stock of known as Darlington Bonded Warehouse The Tobacco Warehouse has for years shared equally with other local warehouses the tobacco auc tion business in Darlington It has been rented every year rentals varying from $750 $1,500 mea 120 feet by 300 feet. It owned by the Receiver of the Peoples Bank of Darlington, S C., and being offered for sale liquidate the receivership The prop. erty generally known the Milling Tobacco Full property up. set prices terms of sale will be furnished promptly upon request B. BRASINGTON Receiver of Peoples Bank Darlington S. and Presiof Darlington Bonded Warehouse SAMUEL WANT Attorney
Public Sale of Federal Licensed Cotton Warehouse and Well Established Tobacco Warehouse, in Darlington, South Carolina, March 5, 1934. (1) The Cotton Warehouse is modern brick structure, with sprinkler system, having a capacity of 4,000 bales. Operated very profitably and offered for sale because of large interest of bank receiver in stock of warehouse corporation. Property known as Darlington Bonded Warehouse. (2) The Tobacco Warehouse has for years shared equally with other local warehouses the tobacco auction business in Darlington. It has been rented every year at rentals varying from $750 to $1,500. It approximately 120 feet by 300 feet. It is owned by the Receiver of the Peoples Bank of Darlington, S. C., and is being offered for sale to liquidate the receivership. The property is generally known as the Milling Tobacco Warehouse. Full particulars as to property, upset prices and terms of sale will be furnished upon request. G. B. BRASINGTON, Receiver of Peoples Bank of Darlington, S. C., and President of Darlington Bonded Warehouse. SAMUEL WANT
FINAL SETTLEMENT STATE OF SOUTH CAROLINA, COUNTY OF GREENVILLE. IN THE COURT OF PROBATE. Notice is hereby given that Laurie Vance Norwood, Executrix of the estate of W. M. Norwood, deceased, has this day made application unto me for a final accounting and discharge as Executrix of the estate of W. M. Norwood and the 30th day of March, 1934 at 10 o'clock has been fixed for the hearing of said petition. All persons holding claims against said estate are hereby notified to present same on or by above date. GUY A. GULLICK, Judge of Probate for Greenville County, S. C. February 26, 1934. PUBLIC SALE OF FEDERAL LICENSED COTTON WAREHOUSE AND WELL ESTABLISHED TOBACCO WAREHOUSE, IN DARLINGTON, S. CAR., MARCH 5TH, 1934 (1) The Cotton Warehouse is a modern brick structure, with sprinkler system, having a capacity of 4,000 bales. Operated very profitably and offered for sale because of large interest of bank receiver in stock of warehouse corporation. Property known as Darlington Bonded Warehouse. (2) The Tobacco Warehouse has for years shared equally with other local warehouses the tobacco auction business in Darlington. It has been rented every year at rentals varying from $750 to $1,500. It measures approximately 120 feet by 300 feet. It is owned by the Receiver of the Peoples Bank of Darlington, S. C., and is being offered for sale to liquidate the receivership. The property is generally known as the Milling Tobacco Warehouse. Full particulars as to property, upset prices and terms of sale will be furnished promptly upon request. G. B. BRASINGTON, Receiver of Peoples Bank of Darlington, S. C., and President of Darlington Bonded Warehouse. SAMUEL WANT, Attorney.