The Camden chronicle. (Camden, S.C.) 1888-1981, May 19, 1933, Page PAGE FOUR, Image 4
THK BANK OK CAMDBN
I I I I ? 1 f 9 ?
Attention k? called to t>he statement
ami proposal curried m Abte? week's
Chronicle ov<* the signature* of the
committee cho*eo *>y the wbookhoklem
ami dei>osiU>n? of The Bank of Camden
to investigate the condition of
that institution ami to formulate a
plp,n for Kta reopening tm im uure"
etricted hasi*.
The report of thin committee shows
that these gentlenMMftifrhve made a
careful and painstaking^ investigation
ami it will be road. eAgeily by the
many frienda of the Bank that has
for ao many boon of such able!
wad friendly service to Camden ami
hut rounding communities. It ia clear
that the condition of the Bank has
been oauae<^^v(U? unprecedented
slump in ipckkwt to the. dal>rtw?ion
throu?$ W*?kh we have been
parsing; and 'with a return to normalcy,
toward which we are now
aurely traveling, the book values of
the loans and projxnti^s will much
more nearly represent their true
worth than at present.
The committee, after the wxwt careful
consideration, hee evolved what is,
perhaps, the moist feasible plan to
enable the Bank to carry on, ?t*l **
is earnestly to be hofliej'th^t the
cftockholderM and depos^iw' $?*1
in line ami thus insur?Hfe of
that great institutiion ahd assure to
themselves and to the At"
large the cooperation end helpful Service
that hae so marked iW career
wince its founding more than fortyyea
rs ago. * - ?Few
busirueasw and few^ people
within a large radius but who have
boon benefited by the Bank of Oamden,
literally thousands, are hoping
that there may be no" forced liquidation.
Camden would not 8eom the
Mime if The Bank of Camden should
be no more. Receivership liquidations,
here and everywhere, have always
proven slow, costly and unsatisfactory.
The money owing to the
depositors can assuredly be more
easily recovered tf the Baavk is allowed
to continue, and certainly at
far lose expenses
yw the good of the depomtons, for
the good of the M^csbholdene and for
Chq good of the people, may we expreen
the hope that a plan be speedily
adopted end *flhe Bank of Cferaden be
thus permitted to again Mwod aa, the
? saf^ and sturdy friend of the evtizene
of Camden and Kershaw County,
POST OFF ICR HOARDING
Withdrawal of funds from local
activities and depositing them in
jxxwtaJ savingw may be good aa a
"safety first" measure but it is hoarding
on a coloesal soale.
The president's edict should also
have closed the deposit windows in
the post offices. What sense to scold
people for hoarding and then encourage
it in this way ?
Originally this function of the government
wad to encourage savings.
While it remained such the business
at the <iocal posrt office at. leaat was
almoet nil. Lnformation* is that the
same was true everywhere. r .
BuV with the \
"postal savings" it speedily beoame
"paatart |
offifife
Certainly in this emergency the
bars should **>,&* up < **** * this
form of ho>ar<Bn|p^* " j
life-toed it would help if the gtrrernmenit
would art. once call for with- __
drawaJ of currenvoy that would have
to go to work.-to 'be valid.?dirtily
Sentinel. Fainnkohitii 'Minn.
IN J C STICK TO YOUTH
We are doing a grave injustice to
millions ..f youths by adhering U> the,
fetich that everybody must bo edu-|
rated right on up through high school |
nnd college and holding out to the I
youths the jaokassirai t.iAa?y tnatj
education is a cure for congenial tg-;
norar.ee and a guarantee of economic!
SIX'U! ftV.
What we are iietuaiiy doing. f* j
roaring a nation of disappointed, disillusions!
and discontented morons.
All men we^e not created equal and
education cannot make them so.
Through the elementary grades you
can teach all .to road and write ar^i
cipher a bit, bait you can't teach them
to think. The higher education
should be only for those who cam use
their heads, and those who have heads
to use and will to use them will get
all the education they desire.?'Elizabeth
City (S. U.) Independent.
The Into mat *maJ Shoe company at
St. Ix>uis. Mo , h?r announced am increase
of pay to its workers ranging
from 2 1-2 to 15 per cent. The inert!*^
will cost the company $500,000
annually*-U/
*
Momphrs, Tenn., on Wednesday befl-an
its annua! three-day frolic in
honor of Kinp and Queen Cotton. The
city is m ffala attire and everyb dy!
is highly pleased with the recent ad-j
varices in the pnoes bjinjr offered for;
ronton.
American and other women failed
to see K.inK George at the receptions
held at Bucking-ham palace la.<t week, i
The king hud rheumatism in his left
shoulder, could not wear a uniform
and could not !>e present at the functions.
iff?? i
MbPOSAL TO THE STOCKHOLDERS OF THfe BANK Ol*
? , -i, CAMDEN, CAMDEN. 5. C.
? . ., .- ' 'W, ..ye n t?* j*' ei
An audit <mad? by the ffudifcors of *he !BtwCe Coromk<??e of Banking
OunUrot gfeowed the following to be the condition of the Rfl?kh of (?rm<Um*
TM my $?T? given in oondweed form end round number* for the
of eMp9>4R^i( .
I . .-V _ T". - ^ ' ASSETS " '.'V*
Apponaiaed Value Book Vnlue
(Loan* end Diaoounte >304,000.00 $480,000.00 *
[5oode 60,000.00 02,000.00
iXti niture end Fixtum? 10,000.00 15,700.00
Hmhtog Uouen . * 35.ooo.oo 54.000.00
'Other Kuel R?t?t? 46,000.00 56,000.00
(fcah 0,000.00
Tty?l $100,000.00
' *"*' 1.1 ABILITIES \_.
Unsecured IVihxsH-s $367,000.00
Due to Rank* 108,000.00 .
Other Liabilities, (accrued livUsivst, etc.) 2,000.00
Total
Which reveals a deficiency of T^^Hf7,OOOCOO $400,000.00
This appraisal was made when prices were at their H^est level, but
even wbqn the decent rise in values is taken into coneuleration it is obvious
that the deficiency i* eo large ^nd the' borrowings of the bank ao large
that any plan of reor gain ration which would provide for the payment of
any substantial (portion of the deposit liability in caeh upon reopening U
impracticable. Furthermore, it is obvious from thin audit that .the stockholders'
liability for assessment Is imminent. *
The shrinkage orf assets under recehnervhip is well known. Beyond
a question of a doubt the most efficient liquidation of the frozen aesete of
the bank can be attained through-a going institution.
.Realizing this, a meeting of the stockholders of the Bank ^elected a
committee of directors, otookhokfers and depositors to study the Rank's
condition and suggest a plan of reorganisation which would ineure the
depositors full payment of their deposits with a minimum of burden not
only upon the debtors of the Rank, but also upon (the stockholders. This
aommittee, after a painstaking study of the problem submits to the stock-,
holders the following plain:
It is essential to raise from without the Rank a minimum of $85,000.00
in cash. Without thb no plan of reorganization will be approved by the
State banking authorities. If such a sum is not raised no course is open
but receivership and the inevitable 100 per cent assessment of the stockholders.
Mr. H. <3. Cairrison, Sr., has .made available >50,000.00 of this
sum. It is proposed that the balance needed be secured in the following
manner: The stockholders of the Rank shall surrender their stock and/
pay in cash one-half of the amount of their stockholders liability thereoffi
Upon th? payment of this money the stockholder shall .be offered an agree- u
ment with the reorganized Rank that (if and when the present depositors
are paid in full .the stockholder shall receive stock in the reorganized bank
in the amount of his payment or so much of it us has at that time not been
needod to pay the depositors out, or a settlement mode.with him on a cash
basis. (Mir. Oaarison for his payment will receive a similar agreement.)
It is hoped that such ?rn arrangement will relieve the stockholders of
one-half of his assessment that is not now asked for. Moreover, if the depositors
are eventually paid out without the need of th? 50 per cent as- .
scwsment now being asked for, then the stockholder really stands tq lose
nothing, for m such a case he will be offered stock or caahl settlement, m
the reorganized bank in .the amount put up by him. . . ._^>
Far your information the portion, of the plan affecting the dep^qHor# vig
as follows: - ...."
$50,000.00 new stock would be issued, divided into shames of fcw4l(>10)i
dollars par value: This stock would be divided among the depositors in
proportion to deposit?. In other wbrde the ratio would-be approxm^?tel|p^
me to si*. Fog example, a depositor with * maty dollar deposit .would:
receive one share of stock m the reorganized thank. Ouch an axvangflmeotvwould
wipe out completely all of the deposits, save the odd amounte and-.'
those so amall that stock issues in lieu of them would not be practicable.
In the statement below it is estimated that probably >36,000-00 would re?
main as open deposits in the bank on its reopening.
The (following statement would represent the approicima/be openingday
statement. It is to be noted that in it the assets have been drastically
out, probably considerably below what can be realized on them. Attention
is also called to the fact that any question of a possible stockholders
liability on the new stock is little more than theoretical because
of the large undivided profits account (and the surplus account provided .
by the old stockholders:
. ASSETS
Tx*an? and Discounts >322,000.00
Bond and (Stocks 11,000.00 -V
Furniture and Fixtures >10,000.00
Banking House ; 36,000.00
Other Real Rebate ? 46,000.00 v
Osah 35,000.00
r
Total ; >458,000.00 A>
' LIABILITIES
Capital Stock (distributed to depositors) | 50,000.00
.. Surplus ..J 10,000.00
| 'Deposits (remaining "after distribution of stock) >35,000.00
* Special Reserve "Fund . .: 273,000.00^
Bills Payable (R. F. C.) v.v 90,090.00
*Tot?l >458,066.00." ^
- The Oon?el*\%V>r h*s in excesa of >50,000.00 now with htm in deposits,^
practically all of which, it is anticipated, will remain with bhe reorganized
institution.
As .money-is colle<<t?d on the Kxms and .discounts it will be paid the
new stockholders (old depositor^) in the form of stock dividends until tbcy.
have received 500 per cemt dividends. After that the old stockholders that
have paid in on their stock liability will receive stock for it and be entitled
to slvare m the bank's earnings.
A short jwriod of operation as an active bank with .such a strong
statement should make it possible to take up the entire bills psyable item.
All collections a: or that would go to the new stockholders (old depositors)
:n the form of . .>ck <1 ivxfeads until they are paid, and when they are paid
stock wi.l be offered the oid stockholder for the amount he has paid into
t h?- sjHN'ial surplus. <?r so much of it as was not needed to pay the depo*:tors
out in full.
To put th.s {ilan in effect prompt act:<*n on the part of the stockholders
is essential. The o? mm it ice must know in writing at the earliest possible
moment'uVu/ y stockholder's reaction to the plan. The ]>aymen-Us from the
stock hoMers will probably not be required for another sixty days.
L>o your duty by the depositors, save yourself if jxissible your full
liability and .save your community from going through the distress of a
forced liquatation of the Bank of Camden. Do your i*tm?*st to cooperate
with the undersigned committee.
Respectfully submitted,
R. M. KENNEDY, JR., Chairman
J. M. YILLEPIGUiE
W. F. NE7TTLES
HENRY SAVAGE, JR.
L L BI?CK
r n i
Newe^f Interest in
and Near Bethune
. I ** ?h .> ';?
Bethune, M?jr 15,?dmoreaeiv? me*
day at the no>me of Mm. M. G. King.
Two Confederate veterans, Mr. G. &
King, H6, and Mr. Douglas, ?9, were
present. Neil Truesdale made a
apkwHiid talk und special music w??
furnished by Mrs. T. R, Rethune and
Miee Stella Bethune, with Mia, J. C.
Footef- accompanying at the piano. A
tiweet course was nerved durlngMihk
social hour.
The ladies of the Presbyterian nux* I
iliary observed the birthday of ' the I
auxiliary last Thursday. A<n Inter-1
voting Chinese program was giyenj
after which the birthday cake was Cut]
and refreshments served." 1
Miss Ri/yu Mclyeod, of LeRoy, N. I
Y., and Camden, has btnm a recent!
visitor in the heme of her brother!
iniii wster-ln-law, Mr. ami Mrs, I). I
L. Mclyeod. I
Mrjj, E. B. King ami eon, Jnmes, J
sbeut several Hays last week visiting]
relatives in Columbia.
Miss Gladys Baker, who has been!
teaching it} the Guffney schools is at I
homo for the summer vacatioci. / t I
'Mr, and Mrs. T. R. Bethune have!
taken over the King-Davis hotel fori
the'season. !
The Rev. and Mrs. W. V. Jerman, f
Mrs- J. M. Clyburn, Mrs. W. ,E. Da- (I
vis and G. E. Parrott attended dis-jl
t rk^t conference in Sumnverton last 11
Thursday and Friday. v -\jJ
Mr. and Mrs. OB. E. KeUler visited}!
Mrs. Keialer's former home atjl
Hodges during the week end. II
Mrs, <\ R. Viiugban, of Oayce, is II
spending some time with Mrs. Wal-||
lace King.
Grler Gordon and Whlteon How ie, ||
of Charlotte, spent Thursday with}]
Mr. and Mrs. Z. R. Gordon. i
Miss Mary Huckabee, of Camden, Iwas
the week end guest of Mrs. Lon-1.
nde Waters. . j
Miss Carrie Yerbrough, who lias I
been teaching in the Baron DeKalb
school is at home. '
Dr. Eldridge Raskin, of Baltimdre,
has been a recent visitor to Bethune. 11
Mrs. Charles V. Rivers und little}
daughter spent the week with rela-1
tives here.
Little Miss Minnie Edna McLeodj
bos been spending several days in M
Camden with her aunt, Mrs. Clara
Rhoden.
Miss I.illie Mae Blackwell, of Con-j
wey, was the week end guest of her J
motbef, Mrs. 'T. B. Blackwell. *
Hugh Oliver and son, Harris, and}1
Harold King left Sunday for a visit
to Quitman, Ga. ?
Mr. and Mrs. Loring Davis and "
small daughter, Rita, are visiting relatives
at Perry, Ga.
Mfos Eliza King, of North Carolina,
has been the guest of her parents,
Mr. and Mrs. Wilmer King..
Circle one of the Baptist Women's
Missionary Union met, with Mrs. W. ,
W 'Mungo Monday afternoon. Circle <
mot with Mrs. iLocmie Waters
Tt**day afternoon. Refreshments
V hdth bbeMcne* at^the <
fcartsryrtau
imtti W; A. Gaines, returned Monday
from a Visit ho relatives tnOOtambia
.and Ward. , ff
Mr. and Mra. J. 0. FostorligwVchil-&w
have Tbeen vtsdtihg relatives'" in
Spartanburg county.
Mrs. Douglas C. Guy, Mrs. W. F.
Thornton, of 'Spaatanburg, and Miss
Frances Campbell, of Pacolet, spent
Mother's Day at the 'home of their
parents, Mr. and Mrs. W. T. Gardner, !
in Bethune. They were accompanied I
home by Mrs. Guy's niece, Miss Ruby
Gardner, of Camden.
A great throng stormed the capitol
*t Columbus, Ohio, Tuesday to proteat
against a sales tax plan that had
been offered by Governor White to
the legislature. Packed galleries
looked on the legislature while jpopy
speakers voiced bitter opposition.' i
A strike of 2,000 workers of the
Pequot MjIIs at iSalem, Mass., said to
be the only 100 per cent union mill in
the country, closed the mill Monday;'
The strike is against an increase of
looms from 20 to 24 looms per operator.
Jfi .
CArd of Thanks
*r Editor Chronkie: I wibh io ex- >
proeS through the columns of Tha
Chronicle my sincere appreciation
the splendid service rendered by the
fixe dfepsrtmont on Wednesday mom?>g:.
May lOtih, when my house oame
so near being destroyed by ft re; also
for proffers of assistance, and kindnesses
rendered, by many others.
Camden has a fire department of
which any city might well be proud.
"The boys" certainly put over a nice
job and I want them to know that I
appreciate to the fullest the verry fine
work they did. '
Wry truly vours, '
\V. "L. McDowell.
Notice to Debtor* and
Creditor*
All parties indeibbed to the estate '
of J. E. Rush, deceased, are hereby
notified to make payment to the underaiffn^h
and all parties, if any,
having claims against the said eatate '
will present them likewise, duly attested,
within the time prescribed by
law. MAGOIR W. RU^H, J
Executrix cf the Estate of J. E. Rush
Camden, S. C., May 4, 1933 ||
Wants?For Sale
LOST-?One round yellow gold wrist
watch, with yellow gold band.
Thought to have been lost somewhere
in Mores or streets of Camden.
Finder return to Chronicle
office and receive reward. 8pd
Some one, somewhere, has something
you want; some one, somewhere,
wants something you have.
FOR 'RENT-?Several desirable residences
freshly painted and repaired.
Kmterprise Building: and Loan
Association, or W. R. Zemp.
FOR RENT ? Apartment of four i
rooms, with private bath, kitchen-1
ette and large piazza. Apply Mrs.
W. Juration do Loach, 1306 Lyttleton
street, Camden, S. C. 7-8-eb
FOR RENT?'Five room house on
East Walnut street. Nice size lot
with garage. Price $15.00 per
month. Call W m. L. Goodale's
phone 193, Camden. S. C. 6-8sb
BABY CHICKS?Giants, Rocks, Reds,
White Wyandottes, White English
and Brown Leghorns. Write for
special low May prices. Thicklings
for June delivery. Graves Hatchery,
Pageland, S. C. 6-8sb
WANTED-?To exchange several subscriptions
to The Camden Chronicle
..for several loads of dry pine stove
< '' V"- ' ' I,w1
wood out eighteen inchee in taftk, \
ELECTRICAL REPAIRS? Repairs, f
renewals and adjustments made on
Electric Ranges and other hoii8?hold
appliances. Phone 384. W. t
M. Shannon, 210 Mackey Street,
Camden, S. C. 53t? i
FOR SALE OR RENT-?Five room
residence on Monument Park; six- .
i room residence' on North Mill
street; flve-rooni residence on DeKalb
street; six-room residence on
South Fair etreet. Apply Enter* I
prise Building A Loan -Association,' \
Oamden, S. C. ^ . 51tf |
RADIO REPAIRING?Expert rtdlfc Tv
repairing, any make. Other electrical
repairing done, all work guar- I
. anteed. Creed'e Filling Station, teh ephone
486, Camden, S. C. 60tt
CAW?N1?un?-^en -ft.'. Jftfer*
Em IE, SIS Oharch- Sttwt,; j
uindw, S. Cn will gfcra ?ad*-t
factory service te all^fer aUJkJM^
m*al retain.
II.H ** i if " "
UsetrTU^ture
i ' ! ??v I
I
We have opened at Storeroom I
- formerly occupied by Fischers Ten I
Cent Store, next door to our store, a I
complete line of Used Furniture. This I
merchandise has been re-conditioned I .
and is in first-class shape. We are of- I
SL.:
fering some tare bargains and we in- R
vite our friends to call and inspect |!
- u-? ..A . I,
these bargains.
rj ' *i '
" ^ y ? ? '? ? ? ? .? ? ? V ?? V * ?' ? ? m * W I. . . , , w I
Home Furnishing Co. I
MAIN STREET TELEPHONE 46 I
co.if?f>v 9m
KORNEGAY
FUNERAL HOME
? UuumtDutetm
PHONE 103* CAM0EN,r6.C
v " 1. AfiV f\,' * ' a?;
A'.W,V'I'""'"!>
.. 1 . m' ^
GRANDMOTHER'S SLICED
BREAD * 5c I
POPULAR BRAN A- :?? ?; ?I^M
CIGARETTES & 10c ??t 1
PLUS TAX k *?J?^TAX *<X=
Il WHOLE MILKl
CHEESE
u. 15c
J
IPHLMOLIK j
SOAP "!
! '<p - -j
Cake 5C 1
rnmmmmtmmmm l f | II ? II l l I < <*
Carolina. DlPlf I EC 24 ox.""jf" CT
Swoat Mixed If V l? Lt v J ar'
^maxo' SOUP 6 25c J ^
DEL MONTE PRODUCTS I
ASPARAGUS TIPSr^cL,15c ?
PEACHES 2"T27c 1
FRUIT SALAD 2 lgJ 25c fl
[PEARS 2 ir. 35cI 1
2 IN 1 POLISH, can, 12c | SUPER SUDS. 2 pkg*. iBc
IMTORTED BEER Bottle 20c 1
No boflle deposit required. Maxlntnqv sale IS bottler t? V.
customer. ' .-ia -i' ? '
MARKET
Roast Beaf. lh. 12Vtc
Veal Chop*, lb. ..i#/... 15c
Shoulder Lamb Roa*i 15c
Lamb Stew, 3 lbs for 25c
Pork Liver, 3 lb* for ..25c
Pig Tail*, 3 lb* for .... 25c
PRPPUCE >
Golden Bananas, SIb? 25c I M
Stringl?u Beans, 41b* 25c I 1
Large Celery, stalk .. 10c I
Red bliss Potatoes 31b 10c I J
Green CoA, per ear .. 5c I
Yellow Squash, lb 10? 1-9