Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-02-14
Wednesday, February Il, 1900.

Crisis was precIpltated ny tne laiiure ol
the Commercial and Farmers Bank.
So it appears from such facts as the
reporter has been able to gather
through the most dilligent effort.
The complaint upon which the re-
ceivership order was signed was made
by the Charlotte Clothing Company,
through Thomas F. Mellow, Esq, Mt
torney, and Immediately upon the FL
ing of the papers in this case, Major
James F. Hart, representing the re-
ceiver Of the Commercial and Farmers
Bank and other claimants, served no.
lice OH Temporary Receiver Moore 10
appear before Judge Gage, at Chester,
tumorrow-Thursday-to show cause
why co.receiver should not he ap.
pointed. Afterwards a new notice was
served, fixing the return date OH FRI
day and indicating direct application
for the appointment of receiver the
Suue as III tuelc nav oeeu uo PioFiouS
proceedings. 1t will he, therefore,
several days yet, probably, before the
exact status of the receivership is set
tied.
The reporter called upon Mr.. M. F.
Jones, president of the Ganson Dry
Goods Company, on Monday TO see
whether he had anything to give out
in connection with The receivership
proceedings. Mr.. Jones replied that
his business was in the hands of the
court, and although he was still doing
what he could to get its affairs straigh-
tened out, he did not feel warranted in
making any statement. 1t would be
better, he thought, to leave all state.
men,s TO the receiver, as the represen.
talive of the court.
Mr.. Moore, the temporary receiver,
did not care to say anything at this
time. In view of the notices that had
been served upon him, looking 10 the
appointment Of co receiver, etc., he
thought it would be better for him TO
await developments.
There are, of course, numerous ru-
mors aaoat as 10 liabilities aud assets
of the Ganson Dry Goods Company
but none of these rumors are 10 be
taken as authentic. 1t is fact, how
ever, that the stock Of goods on hand
in the store aggregates nominal value
of somewhere between $4,000 and
$4,000, and there are on the books
many uncollected accounts, aggregat-
ing quite large sum.
The papers filed by Major James F..
Hart, as attorney for the receiver Of
the Commercial and Farmers Bank
of Rock Hill and others, enumerate
two unpaid notes to the bank; one
for 81 900 and one for $500 with at
torneys fees and it is the general un-
derstanding that these papers were
the cause of the trouble. With the
bank carrying these papers as it had
agreed to do, the Ganson Dry Goods
Company had reason 10 believe it
would be able to take care of all small
er claims and successfully weather the
crisis that had been made so severe by
last years crop failures. The failure
of the bank, however, made necessary
the immediate collection ofthe past due
notes. There was not time in which
to provide for these notes otherwise,
and the closing down of numerous
creditors quickly brought about the
present situation.
The failure of the Ganson Dry Goods
Company, the largest concern of the
kind that has ever existed in York
vile, is especially regretable. There
is not only much sympathy for Mr..
Jones, who was the owner of the
majority of stock, and for his especial
ly clever corps of clerks, who will be
thrown out employment; but there is
a general appreciation of the injury
that will he sustained by the town in
a business sense. This, there need be
no attempt to deny, is quite severe.