Historical Newspapers of South Carolina

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of that corporation, kept by herself under the direction of Mr. Carlisl2, to show that the company had received the money for these drafts. In answer to the cross-examination by Mr. Dominick, Mr. Tairant stated that he had been assistant cashier of the bank during the years 1906 1907, and 1908, during that time there having been three cashiers, E. A. Carlisle, F. N. Martin and J. H. Hun ter. In 1908, Mr. Martin was cashier, and Mr. Tarrant stated that Mr. Car lisle's account had been overdrawn a great deal of that time. In answer to questions as to why he had cashed these overdraft checks of Mr. Carlisle, Mr. Tarrant stated that they were signed by Mr. Carlisle who was presi dent of the bank. Mr. Dominick brought out testimony to the effect that the checks were not signed by Mr. Carlisle as president of the bank. Mr. Tarrant was asked if Mr. Car lisle was the only one indebted to the bank, and replied that he did not know about notes, but that there were other directors who had overdrafts. Mr. Tarrant stated also that the disicount committee appointed from the board had fuil access to the books, though he did not recollect any particular examination of them, and said that he did not remember having any instructions to turn down these overdrafts checks. He stated also that there had been some fric tion between Mr. Hunter, a cashier, and Mr. Carlisle, as president. An examination of the bank books showed no deposits to the account of the Cold Point Granite company from the date of the first of the drafts in November, 1908, to the end of the ac count. An examination showed also that three demand notes of the gran ite company were not on the "note ledger" and Mr. Tarrant could not lo cate them on the records of the bank, but had no doubt that they were re corded somewhere. The notes were placed in evidence, however. He stat ed also that Mr. Carlisle had said the drafts which had been refused pay ment, would be attended to. It was also brought out in the testimony that none of the employes of the bank were bonded, though there appeared to have been a move to that -end some years previous. Among the principal witnesses of the forenoon was Mr. J. A. Black welder, who was intimately connected with the affairs of both thie bank and of the Cold Point Griae company, having been a director of both. He was next sworn, and gave a history of the organization of the granite company. This had been formerly a partership between Messrs. M. A. Carlisle, J. D. Davenport, S. B. Aull and J. A. Blackwelder, but was later incorporated with a capital of $30,000, at which time it appears that Mr. George T. Bryan become a stockhold er. These five stockholders, it de veloped, each agreed to sign a note for three thousand dollars, it being estimated Athat the $15,000 would be sufficient to pay the indebtedness of the concern, and leave a slight mar gin, the quarry having been already opened. At this time Mr. Carlisle was president, and Mr. Blackwelder secre tary and treasurer. It appears that only three of the stockholders signed this note, and by~ means of a larger note, of the cor poration as a whole, they were each relieved of their individual responsi bility in the matter. In May 1906, about six months after the first elec tion of officers, Mr. Blackwelder re signed as secretary and treasurer, bu't continued as manager of the affairs of the company. When questioned if the property of the Granite company was worth Its liabilities, Mr. Blackwelder hesitated, and said it depended on how the mat ter was considered. Considering the opportunties and possibilities of the company, the company was solvent, in his opinion. The assets of the com pany were enumerated and found to aggregate about ten or twelve thou sand dollars, and Mr. Cochrane, in his efforts to bring out the alleged. in solvency of the corporation, endeavor ed to make the witness state that the corporation owed about $15,000, with assets of about ten or twelve thou sand, at the outside. Mr. Blackwelder, however, did not appear willing to leave out the invisible assets of the corporation. The agreement between Mr. Mat thews, and other directors to vote their stock together to elect Mr. Car lisle as president, for the year 1909, which was made much of during the two days preceding, was brought up, and Mr. Blackwelder, who was stat ed before to have brought the paper to Mr. Matthews, was asked to explain the circumstances. which he did. Mr. Black-welder stated that during the summer or fall of 1908 Mr. Car lisle had told him that he was anxious to get out of the press of business at the bank, as his health was suffering. and that he wished to retire. Some discussion ensued as to who should take the presidency, and Mr. Black welder, later. following a promise to Mr. Carlil to find someone, suggest SpeIal V w BEAUTIFUL AND DECOR) eI $2.00 Val 1.00 Vah Imitation Br $3.00 Vali 1.00 Val 50c. Vai Mayes'Bi "HOUSE OF A TH Cotton We Are Prel 100 Ba1e & Have just finishe< 'h Ginnery and we th shape to meet the Bagging and Ties We Pay Ful Prici Satisfaction Will appreciate Southern Col L. wA. FLOY d the matter to Mr. Matthews. The greement was made with him, and t was arranged that four directors hould agree to vote their stock for the election of Mr. Carlisle, it being mderstood that he was to retire at the end of ninety days, and that Mr. Jatthews was to become president in is place. Mr. Carlisle was forced to resign before this time, however, on account of bad health. Mr. Blackwelder was cross-exam ined by Mr. Dominick for the defense, and the affairs of the Cold Point Gran ite company were gone over agaim. uring this, Mr. Blackwelder gave figures to show the profit from such a lant, and stated that he believed it o be a good investment if properly anaged, adding that he would rather have this plant, if in good running or der, than any cotton mill of equal capital, in the State. He spoke of the union of the banks, which had been formed to operate the company. t was stated also that three of the five stockholders in the granite com pany were directors in the National Bank of Newberry, during 1908. Mr. Blackwelder stated that he was during 1908, vice-president of the bank, and when asked if he had ever investigated the overdrafts of Mr. Car lisle and of the Granite company, he stated that he had once gone into the bank with the intention of "looking around a little," but that the cashier at that time, Mr. Hunter, had told him that as he was not active in the man agement of the bank, it would be the best policy for him not to look into the books. and he had not made a second attempt. He did not remem ber any report of the finance commit tee in regard to these overdrafts. The check of Mr. Blackwelder, for $300, to Mr. F. P. McGowan, which is alleged in the indictment to have been falsely certified, by Mr. Carlisle as~ president, and which was brought out ase Sale! JAPANESE KTED VASES. i aes $1.00 ies 50c. ine Statuary ies $1.00 4 aes 50c. ies 35c. i* Dok Store ISAND THINGS." Gnning ared to Gin ; Per Day . I overhauling our i are now in good demands. k at a LOW PRICE Sfor Cotton Seed Guaranteed 2 your patronage ton Oil Co. ti D,Manager ( was now explained by Mr. Blackweld er, at the suggestion of the defense. After stating the causes which led up to Mr. McGowan's having wanted the cneck, and why he had promised it, Mr. Blackwelder stated that the* transaction took place in Mr. Car lisle's office in the bank, on the 31st of Decembeir, 1908. Mir. McGowan wanted the check, in payment of cer tain indebtedness, or notes, of Mr. Blackwelder, and as the latter had not then the money in the bank. upon which to draw, he gave Mr. McGow an a check for payment dated Jan uary 2, 1909, under the knowledge that the directors at a meeting held that day, had declared a semi-annual four per cent. dividend, which would put to his credit, on the second of January, sufficient funds to meet the check. Mr. McGowan asked Mr. Car lisle, who was present, to certify the check, which he did, stating that Mr. Blackwelder would have sufficient funds on hand on the second to meet the check, since the directors had just declared the dividend, and Mr. Blackweder's portion was known to amount to above the amount of the check. Accordingly the check was certified. When the second of January came, stated Mr. Blackwelder, It was found by the cashier that there were not sufficient funds on hand to meet the dividends, without touching the sur plus of the bank, which it was not de sired to do, and a special meeting of the directors was called to take ac tion on the matter. When these had assembled, Mr. George Johnstone pro posed the resolution that the divi dends which were accruing to any di rector should not be paid to him, but were to be placed to his credit upon any indebtedness he might have to the bank. Though opposed by Mr. Blackwelder, this resolution was (Continued on page three.) Ewart-Perry Co. To govern selection by fitness rather than price. To give service rather Finished H than to merely sell. To offer the BEST at Productsensible prices. Product --i'oc In a word, to establish a in lthings, com- permanent institution in which the women of New pp rberry will place their con from fidence as we have done in our "The Woman Clothing, etc., for men This is the purpose of Tour etlhing the Shoe who cares" w cares epartmnent for women. NI Kreppendlorf Ditmnan. re andW Doris Shoes ^Aof our shoes-s entifically designedafe fo wmnthe most modern fashions - but with a reserve from are pre-eminently so. -.------__ - extremes tha asuresthe Complete Line of the best HlA1T Sr--c----e-s----einmet ______________ While luxurious in every School Shoes a,,_._m.___ya_ for Boys and GIRLS. prohibitive in price. "Just Right" Shoe for Men REPORT OF The Newberry Savings Bank NEWBERRY, S. C. At the Closelof the Business November 16, 1909. Condensed From Report to State BanklExaminer RESOURCES.LIALTES Loans and discounts $269,495.25Cail$500.0 4 Furniture and Fixtures 2,275.00UnvdePrft27036 Overdrafts secured and unse-Deois20328 cured 1,758.60NoeanBilRdscnt Bonds and Stocks 680.00 ed 6,000.00 Cash and due from Banks 59,437.65 $333,646.50 i 3366 4%l Paid On Savings Dpst JAMES MCINTOSH,JE.NRO, President. Cashier. ........ *. . .