The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-07-11
DARLINGTON BANK FAILURE
Carries With III Recefvership for the
independent Cotton Seed Oil Cont
pany-Satements Of tlsc Officers.
Columbia STATED

this morning and this will exterd to 4
much wider circle when the facts are
known.
h first was the announcement
that the doors Of the Darlington Trust
company We're temporarily closed. thu
second was the statement that the az
fairs of the Independent Cotton Oil
Company had been placed in the hands
Of a receiver.
The first intelligence was gained
from Ii following notice, which was
posted on the closed doors of the DAT
llngton Trust Company,
owing TO the financial troubles OF
the Independent Cotton Oil Company,
the directors deem it to the interests of
the depositors and the stockholders of
the Darlington Trust Company TO close
the doors temporarily. The directors
have examined the books of the COM
pany and assure all stockholders that
they will be paid in full.
by order of the board of directors.
e. c. LIDE.
Cashier"
It will be seen by this notice that
the Independent Oil Company was IN
VOWED and the news Of Il receiver hay-
ing been appointed tor this
followed soon. Your correspondent
wanted only the most accurate infor.
nation concerning the situation and
what follows is official:
Going first to Mr.. Bright Williamson,
president of the Independent Cotton
Oil Company, and II of its largest
stockholders, the following statement
was secured from President William
son.:
Ten days ago, because of the So
licitation of my friends, I accepted the
position Of president of the Independ-
ent Oil Company at a special meeting.
| at once began Investigations and Ii
few days ago | found some inaccura-
cies which | had verified yesterday. |
feared these were serious enough to
place the company in the hands of a
receiver, so called a directors meeting
by telegraph. Seven out of ine mem
hers were present. Mr.. Nachman be-
ing in Paris and Mr.. Israel not being
able to attend. After hearing my re-
port these gentlemen were of the
unanimous opinion that a receiver
should be appointed and today an or
der from Judge Watts appoints me to
that position to take charge at once"
1t is impossible now to get any def
rte statement regarding the assets
and liabilities of the company.
The capital stock of the Independent
company was nominally 81 900, 600 and
the stock sold last week as high as IS
per cent. of the par value. The lia-
bilitieS will approximate 5000 so it
is believed.
The Independent Cotton Oil Com.
pany, under the management of rresi-
dent r.. K. Dargan, has had a record
and reputation seldom equaled. When
he took charge Of the one mill upon
which the organization was afterwards
founded the stock was selling at &c
cents on the dollar. Latterly the com
I.iny has operated plants at Charles
ton, Darlington, Mullins, Kingstree,
~IfmmOnsville, Syracuse, Effinghaln,
Wadesboro, n. c., Cheraw, Lamar,
Homer, Lydia, Swift Creek. Mechan-
i~csville, Marion, Manning, Auburn,
Montclare, Davis Station, n. c., Sum-
merton and Packsville. These 81 plants
are still under the direct control of the
Independent Cotton Oil Company, CON
shutting its various branches.
Mr.. r. X. Dargan is president OF
the Darlington Trust Company, which
was organized April 1, 1905, with au-
thOriZed capital of 100000. The Ill
dependent Cotton Oil Company Dor
rOwed $4,000, so it is correctly stated,
from the trust company on demand
loan. These loans were called for yes
terday n could not be met, but it is
authOritatively stated that depOsitors
and stockholders of the trust company
will be paid in full and will be paid at
once.
Mr.. Bright Williamson, receiver, has
at once III to work and says he will
make an official statement in a few
days, just as soon as all the necessary
facts can be ascertained. He has been
receiving kilograms and messages over
the long distance phone all day from
various sections, sending substantial
evidences of sympathy and interest.
The circumstances are deeply regret
ted by all and were freely discussed
today. For several years, under the
management of President r. X. Oar
2an, the Independent grew, prospered
and paid good dividends. Now stock
holders and business men unite in re-
GREETING the combination of events
that has forced such an unfortunate
situation and all hope for a satiSfac-
tory adjustment very
1t is confidently believed that the
trust company will at an early date
pay back dollar for dollar. Nothing
definite, of course. can yet be learned,
regarding the exact details of the oil
company's affairs. Mr.. Bright Will
hanson, receiver, has at once gone TO
work and with so experienced, con-
sentative and successful a business
nan in charge, it is hoped that a nor
satisfactory statement will soon be
made concerning this organization.