Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1902-11-26
CRASH RUINS HUNDREDS
MilIville, N. j., Building and Loan
Association Wrecked.
$l05,000 LIABILITIES REVEALED

Tho Secretary OF tho Concern Has Die
appeared - The Failure Isrin=s Dis
'rcss to Many Poor Persnns-No Ex-
plantations Arc 1TnIe-Statcd That Div
fdends Werc Paid Ou: OF the PRINCIPAL
Millvillo. \. J.-ScorcS of small for
tunes have disappeared rs result OF
the wreckin% cf the NIiilVi!!c Stock
building Association. Trust funds be-
longing 10 widows ana orphans have
beer diSslDatcd. Savings. in somc
cases the result OF 4 lifetime OF labor.
are gone. Stock that has regularly
paid dividends OF five per cent. and
+ which was believed 10 he worth more
Than It's par value. may he entirely
wiped out, and it certainly is not
worth more than fifty cents on the dol.
lar.
Richard J.. Howell. for thirty years
u respected citizen of this city. posses.
sing the full confidence of his neigh.
hors' has absconded. acknowledging
that he Is Mt fault for the wrecllinc of
the concern OF which he was the see
rotary. y few days ago he was de-
nouhced 10y crowds of much excited in
ulNlullalS who thronged the streets
his only act of rcparation was the
conveying of his property here to the
directors of the Stock Building Assn
citation. This property was scheduled
at valuation of $4,000. but an inves-
il%ation proves that il would sell for
no more than SJ00G
Richard Howell was one of the orig
inAt"rS of the Stock Building Assoc.n
ton which was formed in 1874. He
was made its first secretary. and he
held that position To- the day he mystic
riorSly Disappeared
There had been some ugly rumors
aii0ai. but no one gave them scrious
thought. and little attention was noid
TO the absence of Howell until he had
been gone several days Then oues-
tions were asked. and IL was learned
tlat he had sent TO George II. Langley.
} the PRESIDENT of the Association. n
package containing deeds to all of his
/ property in this part of the State
/ 1t was feared that the association
was in serious difficult IS. but quiet
} was restored when il was announced
| that Mr.. ltowclrs property was worth
| S3ooo0. meeting OF the stockhold-
I ers was called and there was n full at
! tendance. Many went there expecting
To near bad news, but the worst fears
/ or the most pessimistic Were far more
than realized. Although the officers
ana directors OF the association We're
! present they would not talk They
/ were represented by Walter Bacon. of
bridgeton, who had been employed as
/ counsel 80
Mr.. Bacon said that shortage had
been created during the last month
ile added that for years the affairs Of
/ me association had been in bad shane.
| III WIS thought that the income of tho
ASSOCIATION had been close to $50. 900 n
/ year during the last two years. Instood
OF that it was but $4,000.
Mr.. Howell. who had charge of tba
/ bookkeeping. had made n practice Of
crcdiIin all money received 10 the oc.
/ count of profit. SO when loans had
been repaid he had added the princi-
/ pa, to the profit account. making II nos
/ SiDle TO pay the interest regularly ana
! Keep every one pleased. 1t is n fact
tnat Tor years the capital of the asso-
non mas peen used to pay dividends.
/ Mr.. Bacon closed his remarks with
the suggestion that one of thren
courses must be pursued. If business
Is to be continued the capital must bo
repleniShed. If business is NOT n no
continued bankruptcy should be no.
ceptcd. The third alternative is tho
! appointment of n receiver.
! one of. the stockholders aske., ,bot
experts be employed to go over the
books and accounts. This was object
! ed to by Mr.. Bacon on the ground thot
there is no money to pay the Increased
expense. The stockholders became
rather ugly. and insisted upon having
thelr own way. \ committee was. then
appointed. and all efforts to have one
or the present directors made a mem
her Of that committee failed. Mr.
Langley was asked If he knew whore
MT. Howell had gone. He refused to
answer the question.
| The situation here Is pitiruI Hun
dreds of stockholders. most of them
! poor persons who had their all stoked
in the association. have been left non.
niiess. Widows with children. who
were drawing five per cent. dividends
from the concern. are con ionted with
the calamity of absolute poverty.
They crowded around the doors or
the Offices Of the ruined company whjIo
me meeting Of the stockholders was in
session, many of them sobbipr nifi.
fully. ''''-
CRAVE-RCBeERs, c,cMa,