University of South Carolina Libraries
' i i \ r ' ^ -IP ’A-. .t Examiner Tried THE CLINTON CHRONICLE . J / THURSDAY, JUNE 2, 1932 V * To Save Banks I # Fant Replies To Probing: Com* Mittee an^ Claims He Always Soagrbt To Help Situation. Columbia, May 26.—In his'written retarn to attacks on conduct of his office, Albert S. Fant, state bank ex aminer, told -the house investigati^^' said Bailey intimated committee his **utmost endeavor has i from the bank examiner’s office had either doubtful or worthless.” “I became firmly convinced that in justice had been done the Peoples State bank in the appraisement of somfe of its items . . . and the changfes made in the valuation of the assets were made upon what appeared to me to be perfectly valid and trustworthy statements by men who were supposed to know best.” Rad,the first report been filed, Fant said “it would have precipitated the immediate closing: of the bank.” He his severance feet that a bank is not insolvent until its capitat_a33ets are completely ex hausted. During the period that the condition of this bank was under se rious consideration the deposits were not increased, hence no additional ob ligations were being incurred.” As to the bank of Taylors, the state officials said “that the receiver saw fit.to transfer $1,000 to the branch of the Peoples State Ba^dc of South Car- Sell Carolina-Ga. Service Co. Scion All South Carolina Property of 'C/Ompany To Be Placed SaloEy Anderson Court. Anderson, May 19.— One of the olina at Chesnee, with which he war lAr?®st sales in the history of Ander affiliated, is too, regrettable but it was entirely without the power or province of this office to prevent son cdunty^will be consummated here} on Mondaji June 6, when the entire! properties of the Carolina-Georgia ■ $11.# NEW YORK company in South Carolina. been used to save and strengthen! the i somtjconnection with the filing of this i hg ^n officer of the court and Service banks of South Carolina" during a; report”]but denied this was so. ' not of the bank examiner’s office. . placed on the block under a lUftrrinK to testimony that tho: .-That the hank closed before final E. AND RETURN I $10 PHILADELPHIA and ATLANTIC* CITY ~ $12 PITTSBURGH June 4th — limit 6th REDUCED PULLMAN FARES For Fun Infomiation Consult W. H. SHANI^,liUENT SEABOARD AIR LINE RAILWAY I ‘depression unequalled in the annals of the world." “If I had not made mistakes in my administration, H would perhaps have benn exceptional. Such mi-«takes as I Peoples State used “hdgh pressure” *u 1 .icbllection of the balance due by the method, m uk.ns: over the Bank of, j, regrettable though they Edgefield, the examiner said “there is npt a word of criticism of the bank- were making substantial payments judge of Anderson Bailey, probate county. WTiile no exact statement has been "have made, are mistakes of judg- ing department with reference to the ment,” he said. i transfers.’* Fant’s 47-page return, fil^d yc'ter-J In reply to transactions with the day and made public by the commit-' bank, Fant pointed out tee today, completed evidence in tbej“tbc law prescribes the method of se- case. The committee of fiv^, created ’’cting a receiver, and it also fixes under a resolution adopted by the h's compensation.” and had already saved to depositors, the value of properties, they the sum of $35,000, which was of real are conservatively estimated as worth | consequence in the final liquidation of j considerably over one million dollars. the bank.” In his general statement Fant said The suit which resulted in the sale of the 12 plants of the company lo-i “citizens may take bankruptcy or ad-! cated in the upper section of the state mit insolvency and the public will j was brought by the Irving Trust com- ! sympathize but when calamity over- i pany of New York, as trustee for house of the recent general assembly. I Takinv ud the Bank of Union Fant i caiamuy over-, ,ur announosd it would mako a final re-jl "fTtuaHv ^ec-Ld ’‘ r.ght bondsmen. p.e plants ha« operated * w.. .n .V RiKr.Wwnnd.i -. % ^ Deen Virtually wrecked | I under receivers appointed by the nia.Kwooa j i,y ,tg former president and the man-' port to'.frtjvemor Ihra ( June 9. The bank examiner, whose office has been under fire following wide- sprt'ad bank closings in recent months agement.” Fant .said regarding charges of “kiting” between the American State jiners as particeps criminis. .1, a.A, ' u n 1 0.0^. l>»nk Bt Gaffnej' and the First Na- including the 44-t)ranch Peoples Stkte d i • r> n.u u i i u * 1 ' • J . -1 tionl Bank of Gaffney the bank ex bank chain, took up in detail criti- . u .. i u . j aminer could scarcely be expected, with his many and various duties, to success of the community, the tenden- court for several months. non the officials of the The sale will include equipment all lands, and all other cisms made at hearings of the com mittee by depositors of a number of , , .. • .l . • • ^ closed banks. ! re.sidence in that vicinity for offers from persons to appear in his behalf but “preferred to stand upon the record.’’ ^ , . , . the purpose of seeing that infractions! Ch^anj^s m fieW examiners reports corrected .». The de-! honorable com on the Peoples State bank last sum mer were made, Fant said, because he was “firmly cpnvinced that injustice had been done the Peoples .Slate bank.” , W. T, Bailey, as.sistant examiner at the time, \V.. Boyden Watkins, associ ate examiner, and J. A. Sutherland, stenographer, all former employes of the department, testified that impor tant changes were made in the report. Sutherland testified changes were dictated bv officials of the Peoples State. Bailey and Watkins said their report was altered considerably and that Kant signed for them a report they had not made. "While it has been the policy of thi.s department to give an examiner carte blanche in the examination of a bank to which he has been assigned,” Fant partment called aitention to this kit- ^ mittee,” he concluded. Members of the committee are|-M. B. Huggins, Florencci ehairman; ATI.. ing and peremptdrily demanded that it be stopped. . . J This kiting was re duced from date hf examination from $58,115.20 dow'n/to $3,905, the date the bank actually closed its door.s.” Regarding the- appointment of Ash ton H. Williams as receiver for the Palmetto Bank and Tru.st company. Florence, Fant praised Williams’ work us receiver of the Commercial and cy is to look upon ^ bank as criminals and the bank exam-1 buildings, properties of the company with the He eaid he had received numeroua | ''2-'’.?"'' r«.. ^r.nr,, .nn..»r in hi. I™ vaHous batiks. W^ile mo»t of the' property consists of ice plants and' equipment, the Carolina-Georgia S^r- , , . , . vice company also owns and operates' I unhesitatingly submit the issue, ^il mills in a number of ; towns. ! Properties to be sold here next I month are located in the following towns and cities in South Carolina: Laurens, Senecg, Westminster, Edge- field, I.Angley<, Aiken, Greenville, An derson, Greenwood, Clinton, Honea Path, Belton and Abbeville. No statement as to future oper ations of plants can be made until af- CAKI) OF THANKJj j ter the date of sale, but it is likely I wish to thank my friends, the doc-1 practically all of the plants will Gaston, Che.ster; H. K.‘Cooke, Horry; Phil Huff,' l^urens, and E. L. Fish- burne, Colleton. Huggins introduced the resolution providing the investi gation. B E T T E R Quality Vanilla T H E A N D Savings bank of I.4ike ('ity and of the to^s and nursjes for the kindnes.se8' operated under the new owners Bank of William.sburg. Kingstree. He j shown me, and for the flowers sent' ' — said no complaint had 1mm made un-1 while a patient at Dr. Hay.s’ hos-i Anything in the way of .Magazines til "Mr. J. L. Barringer and Dr. K, H.jpj^^ai Mclveod, made their criticism l)efore[ the honorable committee investigating 1 this department.’’ \ He said depositors were given fullj notice as to the plan of liquidation and! MRS. JOSEPH POOLE. and Newspapers. — See — JAMES W. CALDWELL (Said, “this does not necessarily mean j no objections were presented. He said that I as thief state bank examiner Barringer "was called in to settle ev- have not both the legal and moral j <*r.v point of difference between Mr. right to revk w the findings of such i J- R- Webster and Mr. ,\8hton H, Wil- exaininer.” He said Thomas H. Davis, j iiams” and on both occasions sided comptroller, and J. A. Johnson, vice-1 with Williams. . For Nervous Headaches c H E A p E R president of the Peoples State, “and I Regarding testimony of W. T. Bai- a man of uriimpeachahle integrity,” j ley, formerly of the department, on “complained that in passing on the the Merchants and Farmers hank, swurities, my exaniiners had arbi-j Spartanburg, Fant said "This office trarily placed in the doubtful and i has never had but one ruling on the worthless column many notes that i question of what constitutes insolven- might Im* considered slow, but which , cy in a hank and that ruling of a foK should not have been con.sidered asjrner attorney general was to'the ef- A headache is Nature’s warning of high nerve strain. You can get quick and delightful relief from headaches and other nerve pains by using* Capudine because it soothes the tense nerves. Contains no opi ates and dues not upset the stomach. deing liquid, Capudine acU al most instantly—much quicker than tablets and powders. Sold by drug gists in 10c, 30c, and 60c sizes, tUo by the dose at founts, (adv.) COLLEGE BARBER SHOP Haircuts 25c Shaves 15c Shoe Shine 5c George Weathers At L. R. Dillard's Store F L A V O R L A S T S Improves With Age , 3 oz. 33c 6 oz. 59c Pint $1.39 Sadler-Owens Pharmacy 44 Telephone 400 At Union Station** Night Phonf 401 The Clinton Chronicle — $1.50 a Year (Not Going Out of Business But Going Out For Business) S, M, & E. H. WILKES & COMPANY ANNOUNCE $50,000 Furniture and Rugs at Public THURSDAY AT 3 P. M AND CONTINUES 2 SALES DAILY AT 3 P. M. AND 8 P. M. UNTIL FURTHER NOTICE ENTIRE.STOCK 6F MOST SELECT HIGH GRADE QUALITY FURNITURE, RUGS AND HOME FUR NISHINGS OF S. M. & E. H. WILKES & CO., LAURENS, S. C.,-To Be Hurled Out Over the Auction Block FOR CASH IN A FEW DAYS AT PUBLIC AUCTION—SELLING PIECE BY PIECE AND SUITE BY SUITE a TWO Two Auctions Each Day-3 P. 1H. & 8 P. M. Pronqrtly AUCTIONS DAILY Starting Thursday, June 2nd. 3:00 P. M. AND 8:00 P. M. UNTIL Stoi’e open 9 A. M. till closing time. Come early and make your own selections. Chairs for your comfort. Beautiful presents absolutely free. Courteous treat* ment and wonderful bargains for all. FURTHER s M & t H wiLKF^ it rn noDce . , ®‘i'M- - ‘ . \. Wa IVIa IX La Ila ff lLVILw tt , Vila Laurens, South Carolina L. M. SWETT Auctioneer in C|iarge [• '4 m ... 1 -T-y