The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-07-12
DARLINGTON BANK FAILURE.
Later News Concering the Bank Fail
ne at Darlington Yesterday.

The FIRST was the announcement
that the doors of the Darlington Trust
s Company were temporarily closed;
tie second was the statement that
{ the. affairs Of the independents Gotten
OIL company had been placed in the
hands of a receiver.
The first intelligence was gained
from the following notice, which was
posted on the closed doors Of the
Darlington Trust Company:
st,.s5ng to the financial troubles Of
;he Independent Cotton Oil Company,
q the directors deem it to the interests
OF the depositors and the stockholders
of the Darlington Trust Company to
close the doors temporarily. The di-
rectors have examined the books Of
the company and assure all stock
holders that they will be paid in full.
IS .sBy order Of the board Of directors.
''E. c. Lide, Cashier
The Oil Company.
It VIII be seen by this notice that
tie Jadependent Oil Company was in
vowed and the news Of a receiver hav-
Eg been appointed for this company
followed soon Your correspondent
wanted only the most accurate infor-
raat:on concerning the situation and
what e.nows is Official:
q Going hrst to Mr.. Bright William
sscn, president of the Independent
Cotton Oil Company, and one Of its
largest stockholders, the following
s.atement was secured from President
.viliiamscn:
Mr.. Williamson's Statement.
..Ten days ago because of the So
hcitation of my friends, I accepted
the position Of president of the Inde-
pendent Oil Company at a special
meeting. at once began investiga-
ton and a few days ago found
some inaccuracies which had verified
yesterday. ! feared these were serious
enough to place the company in the
hands Of receiver, so called a di-
rectors' meeting by telegraph. Seven
out of nine members were present,
Mr.. Nachman being in Paris and Mr..
Israel not being able to attend. At
ter hearing my report these gentlemen
were Of the unanimous opinion that a
receiver should be appointed and to-
day an order from Judge Watts ap-
points me to that position to take
charge at once
It is impossible now to get any def
mite statement regarding the the as
sets and liabilities of the company.
The capital stock Of the Independ-
ent Company was nominally $1,000
coo and the stock sold last week as
high as Is per cent. Of the par value.
The liabilities will approximate $780,
900, so it is believed.
The Independent Cotton Oil Com
pany, under the management Of Pres
ident r. K. Dargan, has had a record
and reputation seldom equalled. When
he took charge Of the one mill upon
which the reorganization was after
wards founded, the stock was selling
at so cents on the dollar. Latterly the
company has operated plants at
Charleston, Darlington, Mullins, Kins-
tree, Timmonsville, Syracue, Efing-
ham, Wadesboro, \. c., Cheraw, La
mar, Homer, Lydia, Swift Creek, Me-
chanicsville, Marion, Manning, Au-
burn, Montclare, Davis Station, n. c.,
Sumraerton and Packsville. These 81
plants are still under the direct con-
troll of the independent Cotton Oil
Company, constituting it's various
branches.
Mr.. r. <. Dargan is president OF
the Darlington Trust Company, which
was organized April 1, 1905, with au-
thorized capital of 100000. The IN
dependent Cotton Oil Company bor-
rowed $4,000, so it is correctly
stated, from the Trust Company or
demand loan. These loans We're call,
ed for Yesterday and could not be met
but it, is autaoritatively stated thai
depositors and stockholders of the
Trust Company will be paid in full
and will be paid at once.