The Clinton chronicle. (Clinton, S.C.) 1901-current, June 02, 1932, Image 8
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Examiner Tried
THE CLINTON CHRONICLE
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THURSDAY, JUNE 2, 1932
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To Save Banks
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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
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Quality
Vanilla
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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
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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
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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
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®‘i'M- - ‘ . \.
Wa IVIa IX La Ila ff lLVILw tt , Vila
Laurens, South Carolina
L. M. SWETT
Auctioneer in C|iarge
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