The Camden chronicle. (Camden, S.C.) 1888-1981, July 16, 1926, Image 7
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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: - - . .
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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
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roofing or building be sure to see us.
^1
I We also have the Genasco
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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