The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-08
EXAMINER CLOSES
C[AREMONT BANK
1t Is Third and Last of Chain
Started by the States Trust
Company.
RECEIVERS TO BE NAMED
Officers Will Aid in Winding
Up Affairs Of Insti-
tutions.

Raleigh. N c.. April 7.-State Bank
closed the Bank Of Claremont, Catawba
County. to-day. this being the third
and last of the chain of banks the
States Trust Company, of Wilmington.
was organizing In tho State when tho
examiners and the Corporation Com
inession objected to the system being
followed as 70 the financial status OF
me institutions. He was unable to
get In the bank this forenoon on ac-
count of IT. being locked. Cashier Dlmit
Lanort having gone to Wilmington for
conference with the officers of tho
States Trust Company In tho mean
time telegram came to the commits
sion here from tho States Trust Com
pany, reading: Learn that the Bank of
Claremont has sufficient cash in vault
TIC pay dcpositors. Please Instruct the
bank examiner to pay OF the same and
take up commission"
Bank Examiner Hubbard telephoned
20 the commission this morning that
there is great excitement among the
people of Claremont and vicinity.
Those business men who took the $4,000
stock in the State Trust Company TO
secure the opening of the bank by the
company are threatening to attach the
property of the bank. in order to secure
themselves. However their claims
would have to come after the deposi-
Tors Such procedure would necessitate
a court adjustment of the affairs OF the
bank and result in a considerable tie
up OF the whole matters. The purchas-
ers of the stock in the States Trust
Company. the members of the Corpo-
ration Commission say, Will lose most
heavily in this banking scheme, which
the commissioners believe would have
touched North Carolinians for some :
thing Ike 100000 If steps against
eI.v 70, ii.
longer. w. Q. Tarver, president of the
states Trust Company, was registered
at hotel here last night, but left on
an early train. without having any
conference with the commissioners
a telegram came this morning from
Assistant Cashier w. j. Mercer of the
Fank of Macclesfeld. asking if Assist
ant Bank Examiner Batcman had
turned over to the commission the
SLIGO he seized in that bank Saturday.
C. H. Bowlds. secretary treasurer OF
the states Trust Company. was cashier
CT the Macclesfleld Bank
The Corporation Commission will
procure at once receivers for each OF
the three banks closed Saturday and
to-day. The Bank of Angler, Harnett
County: the Bank OF Macclesfeld.
Edgecombe County. and the Bank of
Claremont Catawba County Score
tary Maxwell, of the commission, went
to Goldsboro this afternoon TO procure
the appointment of receiver for the
Bank OF Angler.
Cashier Laftorn returned to Clare
mont from Wilmington at IL o'clock
this morning. and after making an ex-
animation OF the books and assets OF
the bank, Examiner Hubbard ;eie-
rhon"d The Corporation Commission
this afternoon that he found condi-
tons about as they were at Angler and
Macclcsfeld.
II Is reported here that President f.
II. Smith. Vice-President w o. Tarver
and Secretary c. III. Bowlds, OF the
states Trust Company will go on to
each or the three closed banks to aid
in winding up AFFAIRS and demonstrates
that they intended no fraud in their
banking methods.