Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-02-07
STRaNGLED BY RUMOls.

| Deauly rs Int udSStI vi lHc aooaooii
and as destructive as the touch of the
iDcendiary, is the poisonous breath o
idle rumor. While the two former de
murder and arson the latter destroys
reputation, kills confidence and wrecks
business enterprise. The two are nc
more certain in their work than the
one. The effects of all are equally
baneful.
Upon application of the president
and directors, the Commercial and
Farmers Bank, of Rock Hill, was
taken under the protection of the court
last Saturday. This action was rend-
cred necessary as the last resort after
long and brave struggle against the
power of unfriendly rumor. At least
80 the reporter understands the situa'
ton.
Judge Gage, on last Saturday, sign
ed an order appointing Mr.. D. Hutch,
inson temporary receiver. The papers
read as if it is the purpose of the cor
poration to resume business within a
few weeks, and from all that can be
learned there is every reason to be-
lieve that this purpose amounts almost
to certainty.
The history of the banks trouble,
if it were told in full, would include
some details that are almost tragic in
their character. The reporter is una
BILE to give any inside facts, however.
There is nothing to be related except
supposed incidents. These goes to make
up story which though old in bank
ing history, is quite new development
in this section but none the less de-
plorable.
We have not seen the books nor
have we tried to; but we have it on
authority that we consider to be as
good as there is to be had, that up to
the first of December, and in fact un-
til few days before Christmas, the
financial condition of the bank was at
least as good as the average of such
institutions in this section, and that
means much. Previously, damaging
rumors had been put in circulation.
They gained more or less currency
with more or less ill effect. Upon the
occasion of the financial panic in Wall
street on the Tuesday before Christ.
mas, there originated story to the ef-
that the Commercial and Farmers
bank was involved in the crash. Just
how was not explained ; but the run
that had started previously became
stronger. About the same time there
originated an absurd story that Mr.. r.
Lee Kerr, the cashier of this bank had
made 100000 by lucky speculation.
This story, though sounding pleasant
to the disinterested, did not strength
en- the confidence of depositors. 1t
travelled far and wide, accelerating
the run on the bank wherever it was
told. No less than three times within
the past 80 days has it been reported
in YorkvilIe that the bank had closed
its doors, and these reports often cost
from $4,000 to $4,000 day of depos-
its. 1t is stated upon the best of au-
thority that within 40 days the deposit
account of the bank was reduced
something like 100000. Though fully
cognizant of what they were fighting,
the officials stood their ground, all the
while, bravely trying to stem the tide;
but at last the strain reached the
breaking point. Whether or not any
slow assets were sacrificed, as often
happens under such circumstances,
cannot be stated but anyway the drain
continued until assets which could not
be readily realized upon were reached,
and this made necessary the move OF
last Saturday. In justice to their de- |