Peoples National Bank (Salisbury, NC)

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Episode Information

Episode UID
907601482
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
90760 national
Charter Number
9076
Start Date
June 8, 1923
Location
Salisbury, North Carolina (35.671, -80.474)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e438160e8cb2f75c

Response Measures

Full suspension, Books examined

Other: Comptroller of the Currency oversight and appointment of a federal receiver; committee of depositors allowed to inspect books; bank closed and placed in receivership.

Receivership Details

Depositor recovery rate
57.3%
Date receivership started
1923-07-03
Date receivership terminated
1931-09-12
OCC cause of failure
Economic conditions
Share of assets assessed as good
36.6%
Share of assets assessed as doubtful
19.5%
Share of assets assessed as worthless
43.9%

Events (5)
1. March 20, 1908 Chartered
Source
historical_nic
2. June 8, 1923 Run
Cause
Local Shock
Cause Details
Large withdrawals triggered by receivership of the Mecklenburg mills in which the bank had financed the mills.
Newspaper Excerpt
The Peoples National Bank ... was closed because of withdrawal of deposits following the throwing of the Mecklenburg mills into receivership.
Source
newspapers
3. June 8, 1923 Suspension
Cause
Local Shock
Cause Details
Bank suspended operations after heavy withdrawals tied to the Mecklenburg mills receivership.
Newspaper Excerpt
Peoples National bank, Salisbury, was first to close ... Bank examiners are in charge.
Source
newspapers
4. July 3, 1923 Receivership
Source
historical_nic
5. July 3, 1923 Receivership
Newspaper Excerpt
Daniel P. McLean ... was this morning appointed receiver of the People's National Bank of Salisbury and will in a few days go there and take charge of the bank, it was announced by the comptroller of the currency.
Source
newspapers

Newspaper Articles (17)
1. June 10, 1923 Evening Star Washington, DC
Article from Evening Star, June 10, 1923

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THREE BANKS CLOSE IN NORTH CAROLINA Forced to Shut Down When Salisbury Institution Stops Business. By the Associated Press. SALISBURY, N. C., June 9.--Three smaller bank. in Rowan county closed their doors yesterday afternoon and today following the closing yesterday of the Peoples National Bank of Salisbury. The three banks are the First National Bank of Spencer, the Merchants and Farmers' Bank of Granite Quarry and the Bank of Rockwell. The Spencer institution will be able to pay its obligations in full, it was said today by W. G. Folger, national bank examiner, but no statements as to the situation of the other three could be obtained in authoritative quarters here today, nor would bank officers generally discuss the closing for the present. The Peoples National Bank, it was announced by its officers yesterday, was closed because of withdrawal of deposits following the throwing of the Mecklenburg mills into receivership. as it was explained that the banks had been interested in financing the mills. The Peoples National Bank was capitalized at $100,000. the Spencer bank at $25,000. the Rockwell institution at $7,000 and the Granite Quarry bank at $5,000.

2. June 14, 1923 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, June 14, 1923

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"пэмол ouur 'Jeu r feud of thirty years, Jeff sixty, farmer, living near is placed on trial. Fifty ses are sworn. ashington, N. C. gressman Small tells state commission he regards as etical and unwise plan of Morrison for state to vater transportation, owning rating ship lines. nithfield.-City voters el of. $75,000 in bonds for ction of hotel conditioned on ption by private interests of to project. inston.-Associate Justice accepts invitation to th Carolina Beraca-Philat on here June 14-17. ker 'H uyor nces he will not seek election on congress vacated by Representative Kitchin if all prospective candidates agree rict committee to name chin, the widow, or Mills -to the office. ndrews.-Town will award t this summer for $300,000 it on Hiwassee river, to 0 primary kilowatt. inston.-Young son of oud, of near Liddell, is from effects of swallowing trated lye. He is fed thro e, his throat being badly Junian ut 28, dies here of cancer. ion of her illness had been n her mother, Mrs. Laura uch, who is suffering ken hip. Miss Crouch was wn as a pianist. harlotte.-Analysis of 436 of milk is the basis of the t by Dr. E. M. Duncan, health department, that the ply of Charlotte and g county is "very satisfactor alisbury.-The Peoples Nation k is closed and its books , custody of National Bank ner Folger, as a result of ositors withdrawing funds eivership is ordered for Meck g chain of mills. harlotte.Sarah Nelson, 12 gaining four pounds in ks on a milk diet; wins d by Mecklenburg County ducers' association to te body-building value of is the daughter of Mr. and Velson. oldsboro. - Movement, y suspended after death of R. Allen, to construct munity building as memoria rld war veterans is again various civic organizations rating. Varsaw.-Dublin county boar cation adopts a school budge 3,000, appropriations additional motor busses to children 7 oldsboro.-Miss Lillian ervisor of Wayne county ools, resigns and board reluct accepts it, effective July 1. roensboro.-Sam Jones is here with case of liquor; he a jar of sulphuric acid. '002$ p aleigh.-President Peaccok inces Shaw college is rated state department of educa t negro college in state to ol t rating, and that gifts to $390,000 have been receive tly. ayetteville-Fred C. Fields, n, of LaGrange, Ga., is ed here when foot slips, body in contact with a 2,300ver wire. Body is sent to

3. June 16, 1923 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, June 16, 1923

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NORTH CAROLINA Raleigh.-North Carolina Supreme court denies 9-year-old girl's right to sue father for damages when de murrer of defense granted by Judge Long in Gaston county superior court is sustained in suit of Mildred Small and her next friend, W. L. Balthis, against J. C Small, for $5.000 as a result of automobile accident, involving father's car, covered by liability policy. Raleigh.-Associate Justice Clark son hands down his first supreme court opinion, sustaining the right of Durham city government to dispose of city opera house for less than $250,000, if within good judgment of officials, by sustaining ac. tion of superior court judge in refusing to enjoin city government. Wadesboro.-Civitan club is organized here with 21 members. Frank H. Kennedy, president of Charlotte Civitan club, presenting charter. Wilmington.-Miss Mildred Moore, 18, Bay City, Mich., arrives here to see her brother, M. v. Moore, 21, World war veteran who left home before her birth and never returned. not knowing of her existence until a few years ago. Southern Pines.-Destruction of Lexington hotel is begun by Leonard Bliss and Adam de Rochemont, preparatory to construction of a fireproof 60-room hotel, probable cost of which is not stated. Spencer.-H. C. Milier resigns as superintendent of city schools to accept similar position at Washington, N. C., and school board elects E. T. McSwaim to succeed him. Statesville.-J. F. Alderman, of Mooresville, deputy sheriff, is brought to a hospital for treatment of wound sustained when his pistol, accidentally dropped, was discharg ed. He will recover. Albemarle -The seventh annual session of the Charlotte division, Baptist Woman's Missionary Union, of which Mrs. T. B. Henry, of Wadesboro, is president, convenes here. Star.-Norfolk Southern railway begins improving roadway preparatory to putting larger engines into service next fall between Charlotte and Raleigh. Winstom-Salem.-W. A. Zeiglar, 42, for 22 years Southern railway engineer, is found dead in his room here with .22 calibre pistol gripped in hand. Coroner's jury returns verdict of suicide, for which no reason has been advanced. Davidson.-Dr. J. M. McConnell, member of the Davidson college fac. ulty, and Mrs. McConnell accept invitation of John R. Todd, wealthy New York city building engineer, to trip abroad of several months' duration, and will leave the latter part of June. Davidson.-Three hundred and fifty delegates attend session here of fifth annual conference for young people of Presbyterian synod of North Carolina. Salisbury.-Fourth bank closes doors in Rowan county, each re. ported to be in distress as result of Mecklenburg chain of mills be. ing thrown into receivership. Peoples National bank, Salisbury, was first to close, then followed First National bank, Spencer, Bank of Rockwell, and Merchants and Farmers' bank, of Granite Quarry. Bank examiners are in charge. Greensboro. W. Cloninger, vice president, Atlantic Bank and Trust Co., denies report that his bank will take over Peoples National bank of Salisbury. Scotland Neck.-Nineteen mules and numerous farm buildings are destroyed by fire at Halifax Farms, Inc., loss being estimated at $15.000 or more, partly covered by insurance. Ahoskie.-Judge John H. Kerr, formally announces, at Windsor, his candidacy for congress. Wilkesboro.-Attendance at federal court, Judge Webb presiding, necessitates holding sessions in county court room and June term of Wilkes county superior court is indefinitely postponed by Judge J. Bis Ray. Wilkesboro.-Wilkes county commissioners vote reward of $20 to any official delivering to sheriff complete distilling outfit, and compensation for delivery of incomplete equipment will be determined on this basis. Wilkesboro.-Miss Mary Sue Enhis, daughter of Mr. and Mrs. E. N. Ennis, Milledgeville, Ga., is married to H. C. Landon, Jr., manager of Boone Trail Motor company. teremony taking place at home of bride's parents. Bride was a member of high school faculty here. Clayton, N. C.-Miss Mary Creech Williams, daughter of Mr. and Mrs. D. H. Williams, is married here to G. D. Crawford, young attorney of Cornelia, Ga. Dunn.-M. M. Jernigan assumes office of recorder here and warns all violators his attitude toward them should influence them to leave his jurisdiction without delay. Newton. Miss Edna Rowe, Maughter of Mr. and Mrs. E. L. Rowe, of Claremont, is married here to Clyde D. Guion, druggist, of Monroe. Grenesboro. Officials announce Basil H. Hedgecock, convicted of misappropriating funds of defunct Home Bankin ocmanpygMWFYPP Home Banking company, High Point, of which he was cashier, will mmediately begin serving his sen. tence, totailing from four to five years. Asheville.-Fred L. Seely, local capitalist, presents to University of North Carolina, at Chapel Hill, grand piano purchased from Metropolitan Opera House, instrument being described as largest in state. Kinston.-State Senator L. P. Lann local tobacco

4. June 21, 1923 News and Record Greensboro, NC
Article from News and Record, June 21, 1923

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MILL AND BANK FOLK MEET IN SALISBURY Mills Creditors Seek Operation of Four Plants—People's Bank Meeting Today. Salisbury, June 20.—A creditors meeting of the Mecklenburg Mills company has been called for Saturday morning at 10 o'clock in the office of Linn and Linn, Salisbury, for the purpose of considering a practical solution of the difficulties now confronting the creditors. One possible outcome of this meeting will be the financing of the receivership of the four mills involved so that operations in them might be resumed. Martin Cannon, of Concord, and J. K. Doughton, named as receivers, refused to qualify because of a lack of funds with which to keep the mills going. The depositors of the Peoples National bank which closed on account of the Mecklenburg mills trouble, are having a meeting at the courthouse Thursday evening to take steps to protect themselves in the premises. Six hundred year old iron furnaces using charcoal for fuel in Austria have been reopened after long idleness.

5. July 3, 1923 The Sentinel Winston-Salem, NC
Article from The Sentinel, July 3, 1923

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SALISBURY BANK RECEIVER NAMED Daniel McLean, of Illinois, To Take Charge Peoples National, of Salisbury Washington, July 3—Daniel P. McLean, of Illinois, was this morning appointed receiver of the People's National Bank of Salisbury and will in a few days go there and take charge of the bank, it was announced by the comptroller of the currency. Mr. McLean has for years served as receiver for defunct national banks over the country and has the reputation of having made a success of the business.

6. July 4, 1923 The News and Observer Raleigh, NC
Article from The News and Observer, July 4, 1923

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DECISION REACHED AS TO BANK RECEIVER Washington, July 3.—At the office of the Comptroller of the Currency it was stated this afternoon that the matter of the appointment of a receiver for the Peoples National Bank, of Salisbury, was still under consideration but that no determination had been reached as to any man for the position. President J. Kemp Doughton and H. A. Rouzer, who came from Salisbury to confer with the Comptroller of the Currency about the affairs of the bank, have left for their home, and further information as to the bank's condition is expected to arrive from the representative of the Treasury Department now at Salisbury.

7. July 5, 1923 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, July 5, 1923

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Raleigh.-State department of public welfare announces all county superintendents of public welfare will come un for election July 9, elections being held biennially, law requiring each county with more than 30,000 population to have such official. Raleigh.-Fourth series of summer institutes on public welfare to be held at University of North Carolina, Chapel Hill, under auspices of state board of public welfare and institution's public welfare school will open July 16 and close July 27, Commissioner Kate Burr Johnson an hounces. Asheville.Six school districts in Fairview township, Buncombe county, vote August 6, on bond issue of $50,000 to consolidated school. Asheville. Volley Weaver and Stanley Weaver, arrested on charges of store-breaking and larceny, are returned to Franklin county for trial, and after cases there are disposed of they will be returned here to face charge of stealing motor cars. Raleigh.-Condition of state banks in North Carolina is "much better than usual, state banking department announces, following survey conducted as result of failure of two national parks at Wilmington and Salisbury. Raleigh.-Shortage of teachers in state is becoming serious. says Jule B. Warren, secretary of North Carolina education association, only ap parent surplus being of high school principals. Sanford.-Lee county chamber of commerce prepare to celebrate "In dustrial day,' probably one day of week following July 4. in connection with recent report of Geological Sur vey on Deep River coal region, in parts of Lee, Chatham and Moore counties. M. R. Beaman, secretary, announces. Raleigh.-Board of trustees of Ag. ricultural and Technical college, negro, Greensboro, decides to name main building, soon to be constructed, "Morrison Hall" in compliment to governor. Gastonia.-Depredations of vandals rouses citizens of Landers chapel neighborhood in Gaston county to tall mass meeting, with Former Solicitor George Wilson on program for principal address, to discuss methods of curbing outbreak. Officers of law ask co-operation of residents. Raleigh.-With two factions waging bitter contests, state highway commission holds special sessions to hear arguments on location of capital-to-capital highway. Mount Airy.-Henry Ford and George L. Carter, multi-millionaire coal operator, plan to build coalcarrying road from Bluefield, W. Va., to Mt. Airy, according to information regarded as reliable. Surveys declared with this in view are reported In progress. Mileage would be about 100. Morchead City.-What members declare will be most important meetIng of state fisheries board ever held Is called for July 10, to be held here, J. K. Dixon, chairman, announces. Winston-Salem.-Dr. C. N. Sisk, health officer, announces about 1.900 persons were given anti-typhoid and anti-diphtheria treatments in Forsyth county health campaign. Asheville.-Mr. and Mrs. W. F. Rice, of Riceville, celebrate golden wedding anniversary with dinner terved on lawn to 32 descendants. Salisbury.-Comptroller of cur tency allows committee represent ing depositors to inspect books of Peoples National bank, closed June S, and W. H. Hobson, committee hairman, says bank's affairs necessilated receivership but first reports were proven much exaggerated. Salisbury.-Committee of creditors of defunct Mecklenburg chain of mills agree on plan of operation, exbected to result in early resumplion of three mills under receiver. Salisbury.-Prof. Lewis H. Rothrock, 85, one of Rowan county's best known residents, dies at home of daughter, Mrs. H. E. Rufty. He was one of Confederate soldiers carrying body of Col. C. F. Fisher. Sixth North Carolina, from Manassas bat ilefield. Marshville.-Plant of Union Lumber Co., and 1,000,000 feet of pine umber are destroyed by fire causing $50,000 damage and threatening en tire town. Monroe fire department arrives and controls flames. Newton.John Cilley, of Hickory starts home after visiting home of father-in-law, G. A. Warlick, and faints at wheel of car, which crashes into tree, overturns, pinning him underneath. Unconscious, he is brought to Warlick home and will recover. Raleigh - Flag of 120th infantry, 30th division, will be decorated July 19 at Camp Glenn, Morehead City, with Portuguese Order of Tower and Sword. Chevalier grade, by Brigadier General Bowley, U. S.A., command. ng Fort Bragg. to which ceremony all civil and military leaders of state have been invited, Adjutant General Metts announces. Charlotte.-Bert Brown. composer of popular songs, traveling through country in flivver, betrays himself when he begins playing piano at chamber of commerce, impromptu concert by man in greasy overalls resulting in temporary suspension of work in building. Statesville.-Merchants and Farmers' bank will increase capital stock from $25,000 to $100,000. Charlotte.-L. V. Phillips, Lexinglon, N. C., president, announces when members of Southeastern Veaeer association gather in special ession conference will discuss phases of business conditions likely to aflect veneer industry. Rutherfordton.-Feature of July 4 celebration program is address by A. W. McLean, of Lumberton, former lirector of war finance corporation,

8. July 6, 1923 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, July 6, 1923

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McLEAN RECEIVER FOR PEOPLES NATIONAL BANK Special to The Observer. SALISBURY, July 5.—D. F. McLean, who came here from Illinois to take charge of the Peoples National bank as receiver, has already taken up his work at the bank. William Folger, bank examiner, who has been in charge of the bank since it closed on June 8, is checking the business and turning it over to Mr. McLean. This work will take several days, and Mr. McLean does not expect to have any announcement for the public for some time.

9. July 6, 1923 The News and Observer Raleigh, NC
Article from The News and Observer, July 6, 1923

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TAKES CHARGE OF SALISBURY BANK D. F. McLean, of Illinois, Experienced Banker; Palmer Leaves For N. C. News and Observer Bureau, 603 District Nat'l Bank Bldg. By EDWARD E. BRITTON. Washington, July 5.—D. F. McLean, of Macomb, Illinois, who is now at Salisbury in charge of the affairs of the Peoples National Bank, is described by Comptroller of the Currency Dawes as "a high class, able banker." Mr. McLean was president of the Union Trust Company, of Macomb, but is now a retired banker. The Salisbury position is the first he has ever held as a bank receiver.

10. July 19, 1923 News and Record Greensboro, NC
Article from News and Record, July 19, 1923

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Rendleman Bank's Receiver; Want Junior Order's Home (Special to Daily News) Salisbury, July 18.—John L. Rendleman, a local lawyer, was today named attorney for the receiver of the People's National bank. The receiver, B. F. McLean, of Illinois, has a force of clerks at work on the books of the bank, but is not yet in position to make a statement about the condition of the bank. A number of fraternal and civic organizations have appointed committees to have a hand in the matter of getting for Rowan county the orphanage the Junior Order United American Mechanics expects to build in North Carolina. T. H. Vanderford and associates have offered free a 200-acre tract of land near Gold Hill for the orphanage site.

11. February 9, 1924 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, February 9, 1924

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ers may receive thirty cents on dollar. Receiver will proceed with liquidation. CONCORD.-John M. Cook, assistant cashier of Concord National bank, dies after short illness. Widow and son survive. GREENSEORO.-J. K. Doughton, who was president of Peoples' National Bank of Salisbury when It failed last June, under federal indictment in district court, charged with aiding and abetting in violations of federal banking laws, arrives here and issues statement denying guilt. He makes bond. NEW BERN. - Craven county jail's last prisoner is released and institution is without "boarder" for first time since erection 16 years ago. WILSON. - Herbert Hobson is held for trial in superior court under $1,000 bond, charged with burning barn owned by A. Mercer, near here. CHARLOTTE. --- Building permits issued in January amounted to $1,399,000, establishing high record for any month in city's history. RALEIGH.-Kenneth Caldwell, of Concord, is designated by Governor Morrison as inspector general of North Carolina national guard, with rank of major, succeeding Major Wallace B. Stone, of Charlotte, re signed. BELMONT.-R. A. Leeper, 48, dies after long period of poor health. GOLDSBORO. - Women's Missionary union of Baptist church in this state, will hold annual meeting here April 1-3, with Mrs. W. N. Jones, of Raleigh, presiding. More than 400 members are expected to attend. ASHEVILLE.-Bids for $50,000 bond issue to build Hawk Creek school are opened by Buncombe county school commissioners, which will award within few days contract for construction of $80,000 school building for Sand Hill district. RUTHERFORDTON. - Proposal to issue $200,000 in bonds, proceeds of sale to be expended in constructing consolidated school for Rutherfordton, Spindale and Hampton, is carried in special election, only nine of 527 voters opposing issue. WILMINGTON.-Contract for laying double track on main line of Atlantic Coast Line railway from Pembroke, N. C., to Latta, S. C., distance of 27 miles, is awarded to Cornell-Young company, of Macon, Ga., work to be completed by June 1. RUTHERFORDTON.-Malcolm J. Sorrels, aged 77, one of county's best-known citizens, dies at home at Gilkey. RUTHERFORDTON. - Republican county chairman, D. F. Morrow, calls executive committee to meet February 25 to name delegates to state, congressional and district conventions. REIDSVILLE.-Awed by hatred exhibited by members of factions in Dan River Primitive Baptist church at Mayfield near here, Superior Court Judge Bryson said he could only advise disputants to "get on bended knee and seek guidance of God" in an effort to settle their own doctrinal controversy, which had been referred to him in court. GOLDSBORO.-Four times married, Mrs. Ila Farmer, aged 24, testifies in legal battle for life of her fourth husband, Charlie Farmer, on trial in superior court, charged with killing J. E. Pearsol last October. KINSTON.-Weather man brings storm which continues short time and includes snow, hail, rain, wind, thunder and lightning. CHARLOTTE.-Mrs. F. O. Landis and Mrs. C. B. Marcom, living in same house, leave children with nurse and attend Bill Sunday's evangelistic services. They return to find Billy Landis, aged eight, dead, and his playmate, Bernard Marcom, aged 11, admits, according to officials, that he accidentally shot Landis child with pistol. Landis child lay dead for hour before mother could be communicated with. RALEIGH.-Low bids aggregating $2,948,000 are submitted by 115 contractors on 19 projects advertised by state highway commission. Chairman Page announces bids will be studied before contracts are awarded. Projects are first to be advertised under provisions of law, passed by 1923 assembly, appropriating additional $15 000

12. April 12, 1924 The Salisbury Post Salisbury, NC
Article from The Salisbury Post, April 12, 1924

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BANK RECEIVER MOVES OFFICE TO FISHER ST. Receiver Foutz, of the defunct Peoples National Bank, who has maintained headquarters in the banking house proper since taking charge of the affairs of the institution some months ago, has moved his office to the room at the rear of the banking house, with entrance on Fisher street, vacating the main section of the lower floor of the building.

13. May 6, 1924 The Sentinel Winston-Salem, NC
Article from The Sentinel, May 6, 1924

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FIRST METHODIST CHURCH AT SALISBURY OUT OF DEBT Salisbury, May 6—First Methodist congregation in a formal exercise burned a mortgage and note for $20,000 that have been on the church building since it was erected seven years ago, and the building fund debt was declared cancelled. While the papers burned the congregation sang "Praise God from whom all blessings flow." The Peoples National bank building was resold today in the bank receiver and was bid in by Lewis M. Miller for $41,300, but the bid will be left open for a higher one. MRS. PAIST RE-ELECTED New York, May 6—Mrs. Frederick M. Paist, of Philadelphia, was today elected president of the Young Women's Christian Association over Mrs. C. R. Wilson, of Detroit, by a vote of 748 to 441.

14. July 25, 1924 News and Record Greensboro, NC
Article from News and Record, July 25, 1924

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Bank Receiver Authorized To Sell 100 Shares Stock In an order filed here in the United States district court, signed by Judge H. H. Watkins, of Anderson, S. C., J. Earl Founts, receiver for the People's National bank, of Salisbury, is empowered to sell 100 shares of preferred stock of the Virginia Power company at $40 to share, the receipts from the sale to be added to the assets of the bank that failed in 1923. Three former officials of the bank, J. D. Norwood, M. L. Jackson and Kemp Doughton, were indicted several months ago by a federal grand jury for alleged violations of the national banking laws. The case is set for trial at the next term of criminal court here in December. The case, however, is likely to be transferred to Salisbury.

15. September 25, 1925 The Salisbury Post Salisbury, NC
Article from The Salisbury Post, September 25, 1925

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Mayview Manor at Blowing Rock this summer, is at home for a stay of some weeks. Later he goes to Pinehurst where he will be located during the winter. Mr. J. C. Foutz, receiver for the Peoples National Bank, is in the city for a few days. having come down from Washington to attend to some matters of business. He speaks encouraging of the affairs of the bank and says that they will come out as well or better than expected.

16. April 2, 1926 News and Record Greensboro, NC
Article from News and Record, April 2, 1926

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BANK BUILDING AT SALISBURY IS SOLD Former Home of Peoples National Brings $45,000Order Councils Organize. (Special to Daily News) Salisbury, April People's National bank building been purchased by R. Maynard, the purchase price being understood to be $45,000. This deal has been on for some time but confirmation was just secured and the property changes hands This the home of the bank suspended two years ago. Mr. Maynard will spend $10,000 use greater part of the building for Maynard Music house. Junior Order councils has been organized with representatives from number of the councils present at the organization meeting which was by J. Kesler, distriet deputy. The association will meet quarterly. jollification meeting of officials Park Avenue Methodist church was held following short campaign during which enough money was raised to pay of all indebtedness of the church. the meeting. the pastor, Rev. Shore, and Mrs. Shore were host and hostess at a chicken dinner for the officials. New "Sand" Steel Invention. pensive method of converting iron sand into steel has been announced by Yoshimitsu Murakama, of the government's Mining Department.

17. October 14, 1931 Battle Creek Enquirer Battle Creek, MI

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Bank Receiver Loses in Suit Judge Holds Loan Made to Salisbury Director's Mills in Good Faith. Shelbyfl March Yates Webb in decision handed down here dismissed for approximately $300,000 brought Earl Fouts, receiver defunct Peoples National Bank the Failure cotton headed by director caused the become insolvent. Judge in dismissing the suit held the to Norwood had been faith that mills the time apparently were good financial risk.