The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-06-29
TO RETURNDIsPENsARY FUNDS
Columbia Banks Ready to Surrender
Their Share-Whole Amount
rendered.

Columbia, June 25.-Dr. ". J. Mur-
ray, chairman Of the State dlspensary
commission, today stated that the
State bank had paid the commission
$38,875, and that most Of the other
banks in Columbia had rendered the
dispensary funds that they had on
hand back to the commission. While
it does not appear that the Columbia
banks have returned the money to the
dispensary commission on account of
the recent action Of the commission
calling for part Of the fund to be sent
to other banks, the action of the COM
mission appears to be somewhat re-
sponsible for this course on the part
of the Columbia banks. The official
records show that until today the Co.
lumbia banks have had on deposit
these amounts:
National Loan and Ex-
and Trust .. .. 54,oIo w
Columbia Savings Bank
and trust :. =. 34,s75 90
Palmetto National bank 1850 OO
The State bank :. 49,. 28,S1o W
The understanding is that at a re-
cent executive session of the
board the Columbia banks we're
called on for all or parts
of these deposits. Mr.. Avery Patton,
of Greenville, gave out statement
with regard to the matter, but Chair
man Murray has declined to give out
the resolution in which the amounts
called for from the various banks are
named.
= The National Loan and Exchange
bank, according to the statement OF
DR.. Murray, has rendered the entire
amount that it has on deposit, and
will turn in the entire amount upon
the surrender of the collateral. The
dispensary board called for only part
Of this deposit.
The Palmetto National bank, it is
stated, was called upon for the
amount that it held, and is ready to
return all the funds it holds upon sur
render Of it's securities.
The Columbia Savings Bank and
Trust company advised the commits
sion that it was ready to comply with
it's resolution at any time.
DR.. Murray will offer part Of the
money to the banks of Charleston,
but they will have to pay 4 per cent. |
interest and put up abundant collat-
eral.
It is somewhat curious, now that all
the fuss Of litigation is over and the
ANNOYANCE of orders from this and
that court has stopped, that the dis
pensary commission should be with |
drawing the funds and distributing
it in banks that had not had to suffer
these annoyances and that have not
had to carry the money at interest
whether they wanted it or not.
None Of the bankers in Columbia
care to discuss the matter in any OF
it's phases, and say that if any state |
ment is to be given out it must come
from the commission.
If the dispensary commission WITH
draws the money from banks and then
fails to replace it at interest and with |
security, it will be a rather curious
phase of the situation.
The entire fund has been safeguard
ed in every way and has been drawing !
a maximum Of interest, and the only |
reason assigned for any executive res
olution withdrawing part OF the de-
posts was that other banks should |
have some of the deposits. The list
of banks holding the funds now indl-
cate that the dispensary money is on
deposit in banks in every part OF the
State. At the time the money was
placed on deposit some of the banks
declined to use any of it, and there
has thus far been absolutely no hitch |
about the handling Of the fund