Every evening, Wilmington daily commercial., 1922-02-20
LloHT ON AFFAIRS
OF ELKTON BANK
EXPECTED SOON
Continued from pare /


were closed. It II allegcd, several Elk
tonians were asked to indcrsc notes
for two hundred dollars each, and II
II now reported that instcad OF calling
for two hundred. they called for
thousands Of dollars. These notes, It
IN said. are among the banks assets, 2
which IL causing the indorsers to be-
como greatly worried, fearing Receiver
Finney will demand they be paid In
full. This situation IL expected to stura
some litigation in the local courts.
Public Funds Tied Up.
The funds OF tho, commissioners O.
Cecil county. also those OF the county
school Board, are tied mp In the
wrecked institution. which In making
hardship for several hundred school
teachers who have not yet been paid
their last months salaries; also a
number Of county employees are simi-
iarly affected.
According to a local law the bank
offerinG tho highest ratio OF interest
on checking accounts must be made
tho, deposttary OF county. State and
school funds Last fall Mr.. Warbur-
tons bank bid for tho funds at bL
per cent, which caused the other banks
In the county to protest that such
could not be done. Especially with An
institution that had had such n slow
growth a. the Second National Bank
for the past thirty years.
| Tho bank. according TO law. was 10
give the county treasurer 4 bond for
tho funds. but II Is alleged the treas
urer was put OF from time 20 time
and the taxpayers' money will have to
stand Its chance In the distribution OF
the banks funds when settlement is
made by the receiver.
Business Entanglement
| Since the FIRST OF the year Charles
r. Warburton resigned as manager
of Gilpin Falls Electric Co. In which
William r. Warburton is Interested,
and Calvin Fox, an employe OF the
company. was placed In charge. He
has been transacting all business,
handling all funds, and paying bills
OF the electric light company. Elk
ton Banking and Trust Co., has been
the depository Of the 0ilpin Falls Co.'S
funds since Mr. Fox took charge.
Citizens Mutual Fire Insurance Co,
another concern Of which Mr.. War;
burton was president, and his son
i Charles Il. Wsrburton, was secretary
and treasurer. has funds In the closed
bank.
4 John Lungrcn OF Lewisville. Pa,
for several years director In the
bank, Is reported TO be confined to
his bed by Illness brought on by
worrinient over the affairs OF the
bank He disclaims any knowledge Of
mismanagement Mr.. Lungren. Is re-
ported to be worth about $4,000.
which he made In early years CT his
life by driving a stage between Elkton
and Jewisvile.
President Reported Dying.
Coincident with the taking over oi
affairs at the Second National Banl
of this town by r. Gordon Finney, re-
{ lceiver sor the bank. came the news tha
, William I. Warburton. president O
( the financial institution. which hs.
! been closed and under government in
, vestigation for six weeks. was dying
President Warburton had a very bn,
I night. AT u o'clock. midnight, Will
the members OF his family assemble,
| around his bedside, he sustained
1 severe sinking spell. and 1t was though
, that all was over. His robust constitu
. ton. however, came to his aid, an,
he rallied. but is today in comatos
condition.
Z While there Is nothing to base sucl
an opinion. except their desire TO Loo
\ on the bright side Of things. there wa
I an undercurrent or opinion today &
| Elkton, that the depositors in tn
r Second National might come prett
n close to obtaining 100 per cent on tn
y dollar OF the money they had deposite
q in the institution.
Receiver Finney was busy toda
4 checking up the accounts and takin
: over for collection the assets OF tn
n bank as they have been found b
Charles A. Stewart in tho past fiv
weeks. Mr.. Stewart. who is an eS
aminer for the Comptroller of tn
Currency. completed his labors her
L.. today.
Optimistic Feature.
One OF the things which gives III
kpresent situation q moro optimist
look is the fact that $4,000 worth
n alleged bad paper, which has bee
le counted as one OF the liabilities,
is learned today. was not listed anon
ie the liabilities In recent statements
l. the bank. This is at variance with III
u sensational newspaper reports thu
ie have been given out from this tow
concerning 10 much bad paper at tn
y bank.
~, 1t Is said that there IL upwards
N 100000 In notes which Receiver FIJI
u ney will endeavor to collect It depent
10 largely on how good and how speedi
., no ID able 70 collect this money
>, to when the depositors will be give
y an initial payment OF 10 per cent {
&; their deposit
T. One OF the facts concerning Pres
D. dent Warburton's fllness which h
u, not been printed 70 that he Is total
>t, blind.
Ok 1t appears that Mr.. Warburton h
Ok had the sight OF only one eye for
u, number Of years. The worries in CO.
u nection with the bank closing PROV
such a severe strain upon him tn
he, in suffering a cerebral hemorrhas
also lost the sight OF his good eye.
Members OF his family who Wis
i him daily say that he remains in
comatose state the major portion of {
time. and while he IL unable to see /
e. relatives and loved ones. his mind
l.. still keen, and he is able to determi
f. who they are by their voices only.
n,
ex ROSCOE COOK DEAD.
p-
IN Was Veteran Of World War, ServiI