The herald and news. [volume] (Newberry S.C.) 1903-1937, 1912-12-06

directors declare that should they De-
able to realize from the president Of
lhe institution what he owes it the
proba bility is that a reorganization
will be effected and the bank will be
continued. On the other hand, should
they fail in this, the stock will be
GSiquidated and the directors and stock
holders will pay off the depositors.
The deposits of the bank amount to
about $4,000. The bank has a capi-
al of $4,000 of which $500 has been
paid in.
Hope to Avert Loss.
The directors are all men Of integ-
rity and good business men in the
community and are able to pay the
4depositors. Besides there are securi-
ties amounting to large sum that
are considered gilt edge and the di-
rectors hope that the affairs of the
bank may be wound up without loss to
either depositors or stockholders.
B. ]. Rhame, State bank examiner,
wired the cashier today that he
would be glad to come to Leesville and
assist in any way to aid the bank Of
\ ficials in bringing about an adjustment
Hsof the banks affairs and it is expect
ed that Mr.. Rhame will go to Lees
Vile in the morning. According to
the last published statement the bank
September IA had loans and discounts
e the amount of s61,430.37, the total
resources being placed at 71,2S3.60
Che liabilities, including certificates
or money borrowed, were placed at
$4,000
The Peoples bank was organized
five years ago, having begun business
November l, 1907. The bank owns
it's own building on Main street and
i, is commodiously furnished.
q DR.. Etheridge, the president, has
long been identified with many busi-
hess enterprises and is well known
throughout the State His integrity
Mas never been questioned.
He has lost heavily in the Etheridge
Automobile company of Columbia, OF
which he was president. He owns
what is generally termed the finest
residence in Leesville, but there is
said to be mortgage on this held by
Columbia bank for $4,000. He was
chief promoter in the establishment
\ of the Leesville Mattress factory and
has been it's president since it was
put in operation some years ago. This
plant was closed during the last few
days and the superintendent said to-
day that the plant would not be oper-
ated further until DR.. Etheridge's af
fairs were adjusted.
DR.. Etheridge is an ex-memOer of
the South Carolina legislature, having
represented this county for two terms
} in that body. He was in the race for
the State Senate in the campaign this
year but was defeated. He is an
ex-president of the South Carolina
Dental association. He is a member
of the board of trustees of the Luther
an college for girls at Summerland and
was one of the prime movers in secur-
ing the college for his community. He
is a prominent layman of the Luth-
eran church. His family is one of
the Oldest and most honoored in the
Ridge section of the State.
The books and accounts of W. Aug.
Shealy, cashier, are said to be in ex-
cellent shape and he is held in no
wise responsible for the failure of the
bank.
Mr.. SheaIy would give out no state
ment today further than that every ef-
fort would be made to secure the
depositors. Not a single person to-
day was seen to enter the banks
doors, other than the directors and
stockholders, and the business of the
town was progressing as if no failure
had taken place. Inquiry at the
National Bank of Leesville revealed
the fact that no run was made on