The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-02-19
$62O.62s.23
Both Frugal Men.


$52o.629.25
Both Frugal Men.
Probably the most remarkable fea-
ture of the difficulties Of the bank lies
in the inability of the citizens OF Fay
etteyille to fathom or understand the
shortage by embezzlement of two such
men as Haigh and Myrover They
both possessed reputation for stead
mess and honesty not surpassed Dy
any men In the entire community So
far as is known neither of them has
ever been in an evil sense dissipated.
nor have they participated in any
spccuations which would seem to have
caused a temptation to loot the bank.
They have both lived frugal and un-
ostentatious lives and have been con-
stanly on duty at the bank. From the
evidence which has been obtained the
irregularities consist for the most part
Of money taken in small sums, at
times extending over several years.
Both parties are acting under the ad-
vice of counsel and have nothing TO
say as to their guilt or Innocence under
The charges. The evidence against
both, however, is understood to be OF
the most direct character.
Judge Ferguson's Order.
The order of Judge Ferguson ap-
pointing Mr. Gray receiver was rs fol-
lows:
This cause coming on to be heard
before HisHonor Garland :. Fergu-
son. Judge of the Superior Court, upon
the application of the plaintiffs for
appointment of temporary receiver
and upon the allegations Of the verb
fed complaint treated as an affidavit:
Now therefore, upon motion OF
John G. Shaw. attorney for plainttn.
it is ordered and adjudged that X.
II. Gray be appointed receiver OF the
defendant bank and that upon giving
bond in the usual form III the sum ot
fifty thousand dollars to be approved
by the clerk of the Superior Court OF
Cumberland county, the said receiver
shall take charge Of all the property
and effects of the defendant and hold
the same until the further order or
this court: and that the defendant
appear before His Honor Garland ).
Ferguson. judge of the superior Court,
at Chambers in Whiteville. on the End
day of February, 1905, and show cause
is any it has why the said receiver
ship should not be made permanent:
and In the meantime the defendant
il officers, servants and agents and
all other persons are hereby enjoln-
ed and restrained from interfering III
any manner with said bank or with
any of its property or assets OF any
kind.
1T is further ordered that the
sheriff of Cumberland county serve
copy of this order and the complaint
in the action upon the defendant.
Done at Chambers III the city of
Raleigh on the 18th day of February,
1905.
(Signed.l &c. S. FERGUSON j.
~. Judge of the Superior Court,
Sections of the complaint referred to
above, having reference to the snort
age of the bank from the statements
published byiit read:
THAT in compliance with law, the
defendant from time to time rendered
statements to the plaintiff relative to
it's financial standing and preporting
to show it's true balances due by other
banks and bankers and from other
sources. That on the 23rd. day of
December, 1904, the defendant,
through it's report TO the plaintiff.
represented that there was due said
defendant from banks and bankers
the sum of s43.706.6S, large part
Of which was due to the bank from
the Hanover National Bank of the
city of New York, the Citizens Ma
tional Bank. of Raleigh. the Girard
National Bank, of Philadelphia,
Greensboro National Bank, Greensboro,
and the Bank of Marlboro. Benefits
Vile, S. G.
THE plaintiff commission believing
that there were discrepancies or errors
i'll the accounts of the defendant,
through It's examiners, called the at
tention of the officers of the bank
to such discrepancies and errors as
then appeared to exist, and notified
said bank that they would be allow
ed sixty days in which to correct and
have properly stated their transac-
tions with other banks and bankers
in order that their books might speak
the truth.
Upon investigation made by the
said bank examiners 1t was found that
tn esaid bank had been conducting
it's business in an unsafe and an un-
authorized manner and had been peo-
pardizing the interests of it's deposit
tors, in that the balances appearing
on the books which purported to show
their business with their correspond
ents were incorrectly and untruth-
fully kept, and the directors of the
defendant admitting the same and
also their inability to protect the
depositors and having requested this
plaintiff commission to send bank
examiner to take charge of the bank
and assets until application could be
made for the appointment of q re-
ceiver. as provided by law.
That it appears from the statement
of the defendant rendered on the 23rd.
day Of December, 1904. that the re-
sources of the bank were $52S,116.24
and that the liabilities of said bank
were the like sum of s528,116.24, and
that the $43,706.6S due from other
banks and bankers, referred to in