The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-08-11

'Gowment insurance to be taken upon the
lives of parties whose consent was to be
secured by the broker, the broker paying
them for the privilege, also the premium
out of the proceeds of the bonds, the bal
ance to go to the Southern Hosiery Mills
Company
Upon a further examination he stated
that he considered the notes uncollectible.
He also stated that he was one of the
examining committee who examined the
bank on the S0th day OF April and re-
ported it in excellent condition. Although
knowing that these notes were then out
standing and were worthless, he drew the
report and signed it. Being asked why
he did not tell of these notes, he replied
that he was afraid that if he did it
would cause the bank to have to liquidate.
1T is a well known fact that Cashier
Dewey, Attorney Pelletier and DR.. r. S.
Primrose have been interested IN extern
sive speculations They have been in
separable companions for some time, and
it is thought by many that DR.. Primrose
accompanied Cashier Dewey in his flight
At least, he has left New Bern, and was
heard from in New York, when he called
on Mr.. George Dewey and offered his
sympathy
1T is fact that p. II. Pelletier wired
Cashier Dewey Saturday asking him to
meet him Sunday night in Raleigh, but
he did not receive any reply to this mes
sage.
cit is not known whether there are
more notes outstanding like the Southern
Hosiery Mills notes, signed by them or
others. 1t is feared that there are. II
SO, they will increase the shortage.
Receiver Thomas Daniels has receipted
for the assets as inventory and has COM
menced his work. Mr.. A. I. Uzzell form
er cashier of the Bank of Beaufort, is as
sisting Mr. Daniels In Strengthening out
the affairs of the bank and the presence
of these two gentlemen is a guarantee
that the work will be well done.
There was a savings department con-
nected with the bank, in which many chill
dren had their small savings. was asked
rron the street on several occasions by
these small children, whether or not their
money was safe, for they were very much
disturbed.
Under the present conditions it looks
as if the dcpositors will receive about 10
per cent.
1T was heart-rending to see the effect
OF the announcement of Dewey's defalca
ton upon his associates. They broke
down in tears"
Mr.. Ellington had a copy of the last
advertisement issued by the bank. 1t is
a blotter with beautiful picture upon it
of the Guardian Angel spreading her
sheltering wings over two little children
and the words:
I'VE love to think that the unseen
world provides for childhood an ever
watchful guardian, but hard experience
teaches us that personal responsibility
comes with the years of discretion. Our
safest refuge for the material world is to
be found IN Good Bank Account.
The State Is to be congratulated that re-
Gently the Corporation Commission Sc
lected Mr.. John o. Ellington as State
Bank Examiner. He is young man of
excellent ability and has more than justi-
fed the expectations of his friends. He
has handled the New Bern defalcation
with tact, discretion and promptness. He
has shown that he is the right man in
| the right place, and has won the conf
dence and respect of the business world
| especially the banking world of Mort
Carolina.
There is a rumor in New Bern that Mr.
j. A. Stewart. former director of the
bank, will start new bank in New
Bern. 1t seems that Mr.. stewart as a di-
rector of the bank, was constantly inter.
rogating Cashier Dewey as to the banks