University of South Carolina Libraries
AMW to th is wonde rful I music.: ;/ y Hea* it?the most human, universal music in the world! For the Orthophonic Victrola, by its new and exclusive principle, gives you all the music of all time? with all the clearness and artistry of the original.. Judge for yourself ! Let us play it for you. Corat in and hear it today/ Sold By ' Camden Furniture Co., Camden. S. C. 7>ietv Orthophonic Vfctrola Shoes, / | Have Them Rebuilt at the Red Boot Shop ! '< 1 * LL' Abram M. Jones, Prop. Next to Express Office CAMDEN, S. C. : SCANDAL IN THE AIR In ventilation of American Bank Af* fair* Promise* Sensation (By John K. Aull, in The Yorkville Enquirer) Columbia, July 5.?If, within the next few weeks, development should follow development as rumor has mounted upon rumor, the stench which ?manates from the mess surrounding the closing of the American Bunk and Trust company, of Columbia, automatically closing its branch banks at Aiken and Bennettsville, will reach to the high heavens. A fight will be staged before Judge W. 11. Townsend on Saturday morning at Jl o clock, by the unsecured depositors against the use or transfer of securities amounting to between |4OO,OO0 and $500,000, assigned by the bank to secure certain deposits of the city of Columbia, the county of Kichlaud, John L. Mimnaugh, as administrator of the estate of the late James A. Mimnaugh, of Newberry, "and all other persona who ; for a period of ninety days prior to the 26th day of June, A, J). 1926," received any securities frpm the bank for deposits. The bank did not open for business, it will bo recalled, on June 26. The proceedings are in the nature of "John Doe" proceedings, and can take in the earth within a period of ninety days before the fateful 20th day of June. Securities held by the qtate, amounting to something in the neighborhood of a half million dollars, securing all its deposits except about $83,000 current accounts to be turned over to the state treasurer' at the end of "the month, are not attacked. The county had about $126,000 and it is alleged that securities for it were obtained by the county treasurer on June 22. Mayor Owens; stated to a newspaper man that he had obtained securities for the city as late as Thursday before the Saturday on which the bank did not open. The city's deposits amount to something in the neighborhbod of $182,000. The amount of the Mimnaugh estate funds is not definitely known. Mr. Mimnaugh was a merchant at Newberry, a brother of the late John L. Mimpaugh, of Columbia, and left an estate valued at about $300,000. He left no will, and his estate went to his two sisters in Ireland and the family of his deceased brother in Columbia. Then there is security for $5,000 deposited by a Westminster bank, se-' cured by State Bank Examiner Brad-., ley, according to well defined reports here?in fact Mr. Bradley,has been quoted that he secured it?when he was doing "all in my power to supply | the bank here wtyh enough money to tide it over the crisis." Mr. Bradley is also quoted as saying that he stopped payment on a check of approximately $10,000, secured for the same purpose from the Bank of Duncan, now in liquidation. Mr. Bradley, it appears, knew of the impending crisis, "which had tcr be met, but which was not met quickly enough," ?and the bank closed. - The state deposits are secured under'an act of the legislature of 1925 and 1926, requiring that securities be given the stato treasurer for all de :? " < pohittjj and defining the nature of the securities. Hut the unsecured depositors knew nothing of this "impending crisis"? at least, only a few had an inkling of it?and the bank closed. Sentiment here is running strong. When the American Bank and Trust company began business, it attracted the small depositor. It reached out for him. When the other banks, members of the clearing house association, inaugurated a plan under! which fifty cents per month was < htwgcd depositors whose accounts lun below fifty dollars during the month, the American Bank and Trust company, which was not In the agreement, offered an added attraction to the small depositor?the working girls, dependent upon their monthly stipend; the clerks in the stores; the family wage earners, who lived from month to month; the folks who added a dollar now and then to a savings account which they were trying to build up for the future. The money amounting to about $300 recently secured, by popular subscription to save the home established by the late "Uncle Jaggers," the old negro of national fame?the* home established by him to take care of the aged and Infirm of his race-^was there. The money of an orphan lad which he had worked for and saved to use to go to college this fall, was there. They are all hoping and a-good many of them are praying?that there will emerge from the gloom a justification of Examiner Bradley's confidence "that whatever the outcome of the bank's affairs or the future course as to its administration, depositors and creditors will not lose a penny by reason of its closing." Withdrawal of funds to such an extent uh to seriously cripple the financial operations of the bank," said President Mauldin and Examiner Bradley as to the bank's closing. The bank closed its doors with $2,000,000 of deposits on Its books, it is said the records show. ' The bank was opened for business on Friday, June 25. That night a trip was taken "by a committee of the bank" in an effort to secure the money. A resolution had been adopted the afternoon before that the bank be placed in the hands of the state bank examiner. It was held up pending the report of "a committee of the bank" which went that night in an effort to secure some money. -The committee reported next morning? and the bank did not open for business. ? Whatever may br~the decision of the courts as to forcing the secured .depositors who received securities within ninety days of the date of the bank's closing, to share their securities with the unsecured depositors, the people here^are demanding?and earnestly demanding?to know why some provision of the banking laws of the state should-not secure the small depositor?the depositor to whom the loss of a hundred dollar^ sometimes is more serious to hipi than the loss of thousands of dollars to others. The American Bank and Trust company made its h-ours convenient and attractive to its pdtrons.. Until recently it was opeir until a late hour fn the afternoon, while the other banks closed at two o'clock. But. the 1 bank closed?and the people are in . the dark as to just -yhy it closed. "Withdrawal of deposits" is the information they have received. But why, when these deposits were being withdrawn, the deposits of the small depositors, should not have been safeguarded?even though in the end they might get "every penny of it," is what the small depositors .are- demanding to know. There were some around Columbia who had an inkling of the situation and who made themselves safe on FrI* day before the bank failed to open oil Saturday. The closing of the bank, however, came as a shock to most of the people here?a very severe shock. One gentleman walkink dowi^ street with eight cents in his pocket bought' a morning newspaper for five cents, ! read the headlines oyer the story of the bank's closing, and gave his remaining thirar cents :tb thegklvaiion : Army. He was a depositor. The story is going the rounds here : of another depositor who saved his money by a wild dash for Richmond. It is said he had some several thousand dollars, on deposit, and when on Friday he had an intimation thai j something was going to happen, hS went to the bank. an<l drew out his money; that finally he accepted part j of it in cash and part in a-check on a ' correspondent bank in Richmond; that by that time the afternoon train had gone, and that he.secured an automobile and caught the train at Hamlet, getting to the Richmond bank just as it o|v^ned, and having with him some one to identify ^Kim; that he cashed his check on the Richmond bank, and M he was going Out of the door he was called back and asked to return ; the money, that a telegram had just been received trcm Columbia that the bank hefe had ctosed. He neither mm . v turned nor returned the money. It is .said all this transaction with the Richmond bank happened within one minute after its opening. This story . is,, based upon facts. Whether or not the one about the messenger boy who carried the telegram to one of the branch banks is based on fact or not, probably only the messenger boy and the bank could tell. Carrying the telegram tp th? branch bank, order* ing its closing, it is related, he asked how much, his deposit was, and was told that it was five dollars. He promptly wrote a check for that amount and received his money. "Well, that's the last one you will cash," he is reported to have said; "here, read this telegram." r?. 4 1 1 " = Two for Soft and Three for Hard. A clergyman went to spend the < week-end with friends 1n Alabama. _ When he rose on Sunday morning, and walked a'^Out his room dressing, he heard somebody singing, "Nearer My God to Thee.'* It was a clear, resonant voice, and the singer sang three stanzas in time j and time. 1 At breakfast, he learned that it was the negro cook who was the vo- i calUU?' *- ; - ~1 So he felt that such piety deserved 1 praise, and after breakfast he step- 1 ped out .in the kitchen. "Well, Mandy, I was truly pleased 1 to hear you singing a hymn so early in the mornintf?' ii i i i i v . i "Yassuh," returned the cook,, but she looked a trifle embarrassed. I'Are- you a. Presbyterian ."Well, nossuh, I ain't." "Episcopalian, maybe "7 "Well, uossuh, I ain't." "Oh, Methodist, of course." "Well, nossuh, I Ain't. Yo'se, I ain't neber experienced religion, nohow." "Well, that's too bad. ' And you sing so nicely." - "But that's the onliest hymn what I know. Yo' see, I always sings dat hymn when I boils de eggs. Two verses for. soft-boiledrthree for hardboiled." Only 10. days-remain to enroll. -* J jF - . ' * - ^ * & ImMmm i ? Smtioir to Station tails ^P^TGlephone Bills % t # . ' ' fl'S!'* ' -C 'X'V - '-''' 4 . ' ' ; > *.$* ' vTO make a atatlon.to-station, call you merely tell the operator that you wish, to be connected* with a certain telephone at 1 the dlatant point. You do not aak for a particular person. ^ %< ~t? 1 r*,' ? ^ A ?r? . v * ?< .. /. ; 1 -A? The call can ^e completed even if you ; do not know the number of the telephone . o you are catling. You ean atk to " nected with the" telephone In Mr. Blank's residence or with the telenhone In the of* f ice of Jenee A Company. 8tatlon-to-station long distance telephone aervico is becoming more popular as telephono usere understand how simple it la to make calls of thli kind. Try this service when making social or business calls. You will be surprised how quickly you get. your party, and the small cost will please you. Ask ''Long Distance" for rotes and othsr detailed information* - *4 about all classes of long distance" 'A .colls. . - MORGAN B. SPEIR, Carolina* Manager BELL. System** SOUTHERN BELL TELEPHONE i AND TELEGRAPH COMPANY ^? 1 ^ ?? 1 11 1 t: - - . . fmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmtlmmmmmmmmmmm Interesting Notice to Builders I We have on hand a car-load of JOHNSI MANVILLE rigid ASBESTOS Shingles I which we can sell at you very close prices I This is probably the best shingle on the I market and takes the lowest insurance I rates. Can be put on over old shingles if I desired. If you are contemplating reI roofing or building be sure to see us. ^1 I We also have the Genasco I Latite shingle on hand. SPRINGS & SHANNON, Inc. I CAMDEN, S. C. K '* I Available Bank Service I While various services rendered by this bank are not limited to the exclusive benefit of depositors, a checking account I here will result in a greater familiarity on your part with I banking customs and often in "the profitable use df some of the bank's services,, which are not available to those who |. are not depositors.. ; ? ' '**' JX- X"' ; The First National Bank