The Union times. [volume] (Union, S.C.) 1894-1918, 1901-06-21
THE PEOPLE'S BANK.
Another Union Enterprise. Backed
by AbnudaDt Capital
and Brains,

modern building is to be erected in n
convenient location on Main street.
The promoters are b. F. Arthur, Man
| aGer of The A. III. Foster Co.'s great
store, L. G. Duncan, President of the
Union and Buffalo Mills, and W. ID.
Arthur, City Treasurer and Wholesale
Merchant. This is Il powerful combi-
nation, and the fact that this new enter
prise has this leverage behind it is n
sufficient guarantee that the business
will be conducted upon business princi-
pies and will be Il success from the be-
ginning. The name of the bank will
be The Peoples Bank, and this is what
IT is to be in fact rs well as in name.
Inc establishment OF aaothcr b INK in
mon was thought to be necessary,
from the fact that recently money
seemed to be very tight, and in many
instances people were unable to borrow
money with the best collateral. The
VI. and p. Bank for instance has r.t
their money loaned out to the amount
OF nearly S2Oo,OG0 or three times the
amount of their capitalization. No one
can attach any blame to the banks. thcv
are carrying heavy load, and of course
lccI that II IL necessary TO protect their
regular customers. 1t is situation
that has naturally arisen as a conse-
quence of the rapid industrial progress
OF the town of Union, and the estab-
llshmcnt of another bank has been for
some time considered a real necessity
of the town. The object of the pro-
motcrS of this bank is not to place large
blocks of stock with capitalists, but
rather to place the stock with the peo-
pie. and every man, farmer, labOrcr,
lawyer, doctor, merchant or planter
who has one hundred Il liars or more.
Is invited to take stock in the ncw bank.
1t will be a bank of the people, with
the people and for the people. The
capital stock is to be S6O,OOO, and the
obJest will be to relieve the tightnoss of
the money situation, and lend money
to all persons with good collateral and.
at lawful rate of interest. There is
not the slightest feeling of antagonism
to the present banks by the promoters
of the new bank. 1t is simply an effort
to meet the demands Of the times. The
second bank of this town. that of VIM.
n. Nicholson " Son was established
some IL or more years ago. This was
done because it was felt that the in
tercsts of the town and the require
ments of the people demanded it. 1t
has continued to do a successful bust
ness since its establishment, thus iusti-
flying the enterprise, and demonstrating
the wisdom of its establishment. Now
the town of Union boastcd of a popu-
laton of | 800 inhabitants only. Not
long afterwards the town began to
awaken, imbucd with the spirit of in
dustry, our first industrial enterprise
was the little Union Oil mill, of which
the late lamcnted VIM. A. Nicholson
was the president, a few years later the
Union Cotton Mill No. /, was erected
with I. {. Duncan as its president, and
an influx of population was Il result.
Then followed the mammoth mill No.
=, the Knitting mill and recently the
Monarch Mill, the Buffalo mill, the
tory, the Carriage factory, the Harness
factory the brick factory, and now
comes the .Etna Cotton Mills, and thus
industry after industry has been SPRING
ing up on every hand and the popula-
tion has increased ut an unprecedented
rate until Union can boast at least 5000
inhabitants, with every prospect favor
able for a continuation of this wonder
full progress.
Taking all this into consideration, it
would seem that the establishment of
another bank would not only be
Il wise act upon the part of the
promoters but will supply the
town with an institution the ncccS-
sity Of which was becoming urgent. We
predict Il successful business for this
new bank from the start. The charter
has been applied for, the organization
will be perfected at an early date. The
board will decide upon one of the sites
in view, and the building will begin at
the earliest practical moment, it is pro-
posed if possible to have the building
ready to begin business this fall. The
bank will be equipped with burglar proof
vaults and safety deposit boxes. The
stock will be 500 each and the terms of
payment will be arranged to suit the
times.
THE PRESIDENT.
Mr.. b. Frank Arthur will be the pres
ident of the new bank. Mr.. Arthur is
one of Unions most prominent young
business men, whose record is one to be
proud of, and sets shining example of
what may be attained by Il poor boy,
backed by honesty and integrity, and
an indOnitable purpose of summOunt-
ing the difficulties encountered in his
path. Endowed with these qualities
any young man may safely calculate
that there is Il place reserved for him ut
the top. The old adage, "a prophet is
not without honor save at his own
home," does not apply in this case.
Mr.. B. Frank Arthur is the grandson
of DR.. Jas. III. Dogan, who was in his
day one of Union county's most famous
financers, and one of the most wealthy
men in the upper counties. He is the
third son of B. +. Arthur, prominent
lawyer, who died in 1870. He was
clerk of the famous scccsSiOnal conven-
ton. B. +. Arthur was born and reared
in Union. He is truly native and to the
manor born, He began his education
under that eminent scholar, now Judge
ID. A. Townsend, under whom he took
special course of mathematics. His
next tutor was Rev. B. G. Clifford, PHI.
d., ID. d., now the principal Of the fam
| Ous seminary for young women. At
ti,n nnn of | 1 ynnrs he Left Sch nol tn