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Bank Closes Its Doors. UNION, S. C., August 4.-The People's Bank of this city closed its doors today pending voluntary liquidation. In a statement issued by the president, B. F. Arthur, general depression is the reason assigned for the action. It is said that depositors are fully protected.
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A Bank Suspends. Union, S. C., August The People's Bank of this city, closed its doors pending voluntary liquidation. In statement Issued by the president, F. Arthur, general depression is the reason assigned for the action. It is said that the depositors are fully protected.
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Union, S. C., Bank Falls. UNION, S. C., August 4.-The People's Bank of this city closed its doors to-day pending voluntary liquidation. In a statement issued by the president, B. F. Arthur. general depression is the reason assigned for the action. It is said that depositors are fully protected.
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BANK AT UNION CLOSES. Depositors Are Said to Be Fully Protected. The People's Bank of Union closed its doors Tuesday pending voluntary liquidation. In a statement issued by the president, the general depression is the reason assigned for the action. It is said that depositors are fully protected.
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UNION BANK SUSPENDS. Institution of Which B. F. Arthur is Head Goes to Wall-Depositors Protected. Union, August 4.-The People's Bank, of this city,' suspended this morning pending going into voluntary liquidation. Just before the regular time for the bank to open the following notice was posted on the closed doors: 1, 1908-Ba k suspend. ed." At a meeting of the board of directors of this bank last night it was decided that owing to the continuous decline in our deposits and the general depression in the stock owned by this bank that it was best to suspend further business pending arrangements for voluntarily liquidating its affairs for the protection of all parties concerned. Depositors are fully protected. The State bank examiner has been notified and requested to apply at once to a circuit judge for the appointment of liquidating officers according to law. B. F. Arthur, President. The People's Bank was organized in February, 1904, with a capital stock of $60,000, and up to the time of the Duncan failure was doing quite a good business. It was somewhat handicapped by that failure, however, as Mr. Duncan was vice president of the bank and had considerable interest in it. Last fall when the panie began in New York it naturally affected this institution as it did
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Union Bank Fails. Union, S. C., Aug. 4.-The People's Bank, of this city, closed its doors to-day pending voluntary liquidation. In a statement issued by the bresident, B. F. Arthur, general depression is the reason assigned for the action. It is said that depositors are fully protected.
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Bank at Union Fails. Union, Special.-The People's Bank of this city, closed its doors Tuesday pending voluntary liqiudation. In a statement issued by the president, B. F. Arthur, general depression is the reason assigned for the action. It is said that depositors are fully protected.
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BANK AT UNION CLOSES. Depositors Are Said to Be Fully Protected. The People's Bank of Union closed its doors Tuesday pending voluntary liquidation. In a statement issued by the president. the general depression is the reason assigned for the action. It is said that depositors are fully protected.
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UNION BANK CLOSES ITS DOORS. The People's Bank at Union, B. F. Arthur, President, Suspends- Depositors Protected. Union, Aug. 4.-The People's Bank of this city suspended this morning pending going into voluntary liquidation. Just before the regular time for the bank to open the following notice was posted on the closed doors: "August 4, 1908. Bank suspended. "At a meeting of the board of directors of this bank last night it was decided that owing to the continuous decline in our deposits and the general depression in the stock owned by the bank that it was best to suspend further business pending arrangements for voluntary liquidation its affairs for the protection of all parties concerned" depositors are fully protected. "The State bank examiner has been notified and requested to apply at once to a circuit judge for the appointment of liquidating officers, according to law." B. F. Arthur, "President." The People's bank was organized in February, 1904, with a capital stock of $60,000 and up to the time of the Duncan failure was doing quite a good business, was handicapped by that failure, as Mr. Duncan was vice president of the bank and had considerable interest in it. Last fall when the panic began in New York it naturally affected this institution, as it did more or less every concern throughout the country and though the suspension was not expected at this time it is not altogether a surprise. At the present time its officers are: President, B. F. Arthur, and vice president, L. M. Jordan. Dr. W. J. Murray, chairman of the State dispensary commission, stated last night that the State funds in the People's Bank of Union were fully protected. While Mr. Arthur was a member of the commission $10.000 was deposited with this bank. Last winter a call was made upon all the banks having dispensary funds to remit 22 per cent. of the total amount deposited. The People's Bank of Union complied with this call, which leaves but $7,800 of dispensary funds on deposit, with a small amount of interest added. There are securities to the amount of $12,000 in the State treasury to protect this deposit, but whether the State held any security or not the funds are protected by the temporary injunction issued early in January by United States Judge Pritchard. By this restraining order the People's Bank of Union was prohibited from paying out or otherwise disposing of the funds in its hands belonging to the State dispensary funds.
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UNION BANK CLOSES. The People's Bank of Union, B. F. Arthur, President, Suspends. Union, August 4.-The People's bank of this city suspended this morning pending going into voluntary liquidation. Just before the regular time for the bank to open the following notice was posted on the closed doors: "August 4, 1908. Bank suspended. "At a meeting of the board of directors of this bank last night it was decided that owing to the continuous decline in our deposits and the general depression in the stock owned by the bank that it was best to suspend further business pending arrangements for voluntary liquidation of its affairs for the protection of all parties concerned. "DEPOSITORS ARE FULLY PROTECTED. "The State bank examiner has been notified and requested to apply at once to a circuit judge for the appointment of liquidating officers, according to low. B. F. ARTHUR, "President." The People's bank was organized in February, 1904, with a capital stock of $60,000 and up to the time of the Duncan failure was doing quite a good business, was handicapped by that failure, as Mr. Duncan was vicepresident of the bank and had considerable interest in it. Last fall when the panic began in New York it naturally affected this institution, as it did more or less every concern throughout the country and though suspension was not expected at this time it is not altogether a surprise. At the present time its officers are: President, B. F. Arthur, and vice president, L. M. Jordan. These with Dr. J. H. Hamilton, Dr. H. K. Smith and W. D. Arthur of this city, B. G. Wilburn of Cross Keys, and W. N. Garner of Pinckney, forming the directorate. It will be recalled that at the time that Judge Pritchard was appointed to take charge of the State dispensary winding up affairs this bank had on deposit $10,000 of the State dispensary money and it is supposed that it is still in the bank's custody as both the State and federal courts forbade its removal and no judicial order changing this has been received so far as is generally known. What effect this will have in the winding up finally of the affairs is not known. State Bank Examiner Giles L. Wilson has been notified of the bank's suspension and is expected to reach Union to-morrow. There has been no excitement incident to the bank's suspension, everything moving on smoothly in business circles here, though, of course, it has been the topic of conversation.
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Receivers Appointed. Union, Aug. 7.-Judge D. E. Hydrick has appointed as receivers of the People's bank of this city, which on Tuesday morning went into voluntary liquidation, B. F. Arthur, president of the bank, and W. H. Gist, cashier of the Bank of Carlisle. What the assets and liabilities are can not yet be ascertained, several directors having stated that they are not in possession of information upon which any definite figure can be based. State Bank Examiner Giles L. Wilson of Spartanburg is expected here to-day.
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Third Receiver Desired. Union, Aug. 19.-To-day B. F. Townsend, an attorney for a large number of the stockholders and depositors of the People's bank, which went into voluntary liquidation on August 4, and for which Judge Hydrick appointed as receivers B. F. Arthur and W. H. Gist, will go before Judge Hydrick and ask that H. B. O'Shields be appointed as additional coreceiver. This action was taken last week as the result of a number of those directly interested being dissatisfied with Judge Hydrick's first order, as B. F. Arthur was president of the People's bank at the time of its going into liquidation, and Mr. Gist cashier of the Bank of Carlisle.
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# CHARGED WITH FRAUD. Action Brought Against Union (S. C.) Man by Receivers of His Bank. UNION, S. C., September 22.-Thomas C. Duncan is under arrest here charged with fraud and obtaining money by misrepresentation to the amount of about $8,000. The charge was made by the receivers of the People's Bank of this city, which several months ago went into voluntary liquidation, and relates to certain checks and drafts on the Bank of Spring City, Tenn., paid by the People's Bank, but turned down by the Spring City bank, as Duncan had no funds on deposit. He was released on bond. Duncan is the son of the late Bishop Duncan.
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# Charged With Fraud. Union S. C., September 21.-Thomas C. Duncan was arrested here today charged with fraud and obtaining money by misrepresentation to the amount of about $8000. The charge was made by the receivers of the Peoples bank of this city, which several months ago went into voluntary liquidation and relates to certain checks and drafts on the Bank of Spring City, Tenn., paid by the Peoples bank but turned down by the Spring City bank as Duncan had no funds on deposit. He was released on bond. Duncan is the son of the late Bishop Duncan.
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# BISHOP'S SON ARRESTED. T. C. Duncan Charged With Obtaining Money by Misrepresentation. Union, S. C., Sept. 22.-Thomas C. Duncan was arrested here today, charged with fraud and obtaining money by misrepresentation to the amount of about eight thousand dollars. The charge was made by the receivers of the People's bank of this city, which several months ago went into voluntary liquidation, and relates to certain checks and drafts on the Bank of Spring City, Tenn., paid by the People's bank, but was turned down by the Spring City bank, as Duncan had no funds on deposit. He was released on bond. Duncan is the son of the late Bishop Duncan.
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T. C. DUNCAN HELD ON GRAVE CHARGE. Alleged That He Obtained About Nine Thousand Dollars by Fraud and False Pretenses. Union, Sept. 21.-T. C. Duncan, former president of the Union and Buffalo cotton mills until their reorganization three years ago and one of the best known industrial promoters of the South for years, was Saturday evening arrested here on a warrant charging him with fraud and obtaining money under false pretenses to the aggregate amount of $8,000 or $9,000, sworn out by one of the receivers of the People's bank of this city.Special to The State.
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# BISHOP'S SON UNDER ARREST. T. C. Duncan Charged With Obtaining Money Under False Pretense. Thomas C. Duncan has been arrested at Union, S. C., charged with fraud and obtaining money by misrepresentation to the amount of about eight thousand dollars. The charge was made by the receivers of the People's Bank of that city, which several months ago went into voluntary liquidation, and relates to certain checks and drafsts on the bank of Spring City, Tenn., paid by the People's Bank, but turned down by the Spring City bank, as Duncan had no funds on deposit. He was released on bond. Duncan is the son of the late Bishop Duncan.
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The People's bank building and fixtures at Union was sold at a receiver's sale Monday. W. J. Haile was the highest bidder, his bid being $14,300.