4 Pages
24 COLUMNS
vol. xii— No. 19. EXTRA
Two Banks Open In County Monday
"Union Trust Company, of Shelby, To Have
Branches At Forest City and Rutherfordton
Consolidation of Cleveland Bank &
Trust Co. With Union Trust Co. Gives
Banking Institution Great Prestige
Chas. C. Blanton Heads Consolidated Bank
Which Has Resources of Nearly
Two Million Dollars.
.4 His Coming to This County Will Restore Confi-
The Union Trust Company, of Shelby, will open branch
banks in Forest City and Rutherfordton, Monday, according
to an announcement made yesterday afternoon by the offi-
cials of that institution.
The people of Forest City and Rutherford county were
overjoyed with the news. When word to that effect reached
here small groups could be seen clustered on the streets ex
citedly discussing the good news.
The news was all the more gladly hailed as it came at a
time when word to the effect that several South Carolina
banks had closed their doors this week-end, which was adding
to the already demoralized condition in our county.
*. Telegrams, letters and petitions have been pouring in on
Mr. Chas. C. Blanton since last Tuesday, imploring him to
give us a new bank. The news that the Union Trust Co., will
open in Forest City and Rutherfordton Monday was hailed
with delight and has had a wonderful influence in creating
confidence and stabilizing business conditions.
Until the announcement of the opening of the Union Trust
Co., here Monday, business had almost become paralyzed and
the public felt stunned yd most apprehensive of the future.
Rutherford county will go ahead and soon restore normal
conditions with the great Blanton interests coming into our
field.
Important in banking circles was the announcement Friday
that the Cleveland Bank and Trust Co,, and the Union Tiuso
Co., both strong banks of Shelby, had consolidated and that
the' Union Trust Co., will on Monday open banking offices at
Forest City and Rutherfordton, where local banks failed last
Tuesday week.
It has been known for two months hy those ciose to these
banks that this consolidation was under way, but not
Friday was it consummated and public announcement
made. Since the bank failures in Rutherford county, promi
nent citizens of this section have been making) overtures to
President C. C. Blanton of the Union Trust to open banking
offices in Forest City and Rutherfordton and after the com
bination with the Cleveland Bank and Trust, it was definite
ly decided to go into Rutherford county with banks at Ruth
erfordton and Forest City on Monday.
Mr. Forrest Eskridge, cashier of the Union Trust Co., and
Mr. Wm. Lineberger, president of the Cleveland Bank and
Trust Co., issued the following statement to the Shelby Star,
bearing on the consolidation at noon Friday:
'Tor two months the officers and directors of the Union
f and the Cleveland Bank and Trust company
have been considering a consolidation of the two institutions
and Friday Chas. C. Blanton, president of the Union Trust Com
pany and Wm. Lineberger, president of the Cleveland Bank
and Trust company announced that their plans had been con
summated and were ready to be made public.
Increased Capital.
the officers also announced another forward movement for
#ie consolidated bank by having increased the capital struc
ture of the bank by adding another $100,000.00 in new capi
tal to the present combined capital of the two banks.
Open Two Rutherford Banks.
"To give bailing service to the neighboring towns of Ruth
erf ordton and Forest City which have been urging President
FOREST CITY COURIER
FOREST CITY—"ONE OF THE TEN BEST PLANNED AND MOST BEAUTIFUL CITIES IN THE U. S. A." U. S. DEPARTMENT OF AGRICULTURE SURVEY
dence and Give Stability.
PUBLISHED IN THE INTEREST OF FOREST CITY AND RUTHERFORD COUNTY
FOREST CITY, NORTH CAROLINA SATURDAY, FEBRUARY 15, 1930.
Blanton to open banking offices there, it has been decided
for the Union Trust company to open banking offices there
beginning on Monday next. ... , ...
"The capital stock of the enlarged Union Trust company
will be $200,000.00, the surplus fund $200,000.00 and the
total reserves over $75,000.00 making a total capital struc
ture of nearly half million dollars. The combined resources
amount to nearly two million dollars.
"The entire staff of officers and directors of the two insti
tutions will be connected with the enlarged institution and
for the present banking offices will be maintained in each of
the present banking rooms. The name of the Union Trust
company will be continued. A complete list of the officers and
directors will appear soon."
"Big Move For County," Says Lineberger.
Wm. Lineberger, president of the' Cleveland Bank and
Trust company says: "This consolidation has been under way
for some time and I think the step is the best move for Cleve
land county in a long time. The combined capitals will en
able the Union Trust company to better serve the public in
every way as the day has come when strength is highly es
sential in banking circles.
"In the merging and expansion of these two banks, this
section is certainly given, the banking facilities it deserves."
Interview With Mr. Chas. C. Blanton.
"For about two years at intervals, the officers of the Cleve
land Bank and Trust company and the Union Trust company
of which I am president have considered joining forces and
this week the final plans have been arranged and I think the
step one of the most important and forward-looking that has
happened in financial circles in some years. I think every
man connected with the two institutions is solidly behind the
consolidation and with the enlarged capital structure this in
stitution should be able to give the public in this section ex
cellent service. Both banks are in excellent financial condi
tion, neither one owes a cent of borrowed money and has
large reserves on hand. The Union Trust Co., and the First
National bank of Shelby of which I am president also, will
work harmoniously together as there is enough good business
in this section for both institutions, as some phases of busi
ness can be handled more successfully by one mstiution and
others by the other one.
"I can truthfully say, and I hope modestly, that this section
is to be congratulated on having two such financial institu
tions. The First National has a capital structure of approxi
mately $900,000.00 and resources over five million dollars.
The enlarged Union Trust company will have nearly half a
million dollars capital structure and resources of nearly two
million dollars capital structure. Both of the banks will be
well manned as to officers and directorates and both institu
tions are well supported with cash securities and reserves.
"With my associates we are planning to give the towns of
Forest City and Rutherfordton banking service by the Union
Trust company. The people in these towns have urged by let
ter, telephone and personal calls that we give them adequate
banking service and this I intend for them to have. While we
will be using the present bank rooms of the former banks in
these towns there will be no financial connection with the
closed institutions. In other words, we are not "taking over"
the former banks but establishing entirely new ones. •
"We will have well-tried men from our institution to man
age the offices opened in Rutherford county.
The Union Trust -company's capital and surplus has been
increased to accommodate this need. With my associates, I
have taken this additional stock of one hundred thousand
dollars and it will be distributed for the best interest of the
Union Trust company.
"Our county should feel grateful that financial conditions
are such that we feel justified in taking this forward step, but
as I stated a few weeks ago in your columns Cleveland county
and her financial institutions are in fine condition. Many of
the cotton mills have had their annual meetings lately and
they too reflect solid financial strength. We should be grate
ful that conditions here do not exist as in some adjacent sec
tions."
Union Name Continued.
Two Strong Institutions.
The Rutherford County Branches.
Conditions Very Sound.
CLARK MATHENY
COTTON CHAMPION
Local High School Senior
Awarded First Prize in
State For Best Cotton
Project.
Clark Matheny, a vocational ag- j
ricultural senior in the Cool Springs j
High school at Forest City, was a-|
warded first state prize for the best
cotton project of any student of
agriculture recently. The prize, $25.
in cash, given by the Chilean Nitrate
of Soda Educational Bureau, made a
total of $85.00 in prizes which have
been awarded to the 5-acres of Coker
| No. 5 cotton which was Clark's ma
jor project last year.
As winner in the Charlotte dis
trict he received $15.00, in a local
contest sponsored by the Forest City
Kiwanis club he won $45.00. His
prize money and the profit on his
cotton will more than pay his way to
college next. year. He plans now to
study agriculture at State college.
The records of Clark's project
show that he spent $352.80 on his
5-acre "cotton patch", and that the
4,280 pounds of lint cotton he grew
brought him $842.15, or a clear pro
fit of $489.35, very nearly a hundred
dollars an acre. One feature of
Clark's project, of which he is es
pecially proud, is the fact that he re
ceived a premium of $5.00 a bale
for his cotton. The growing of an
inch cotton is a project of the school,
and the special prize given by the
Alexander Mills for the best 5-acre
plot of inch cotton was. won by
Clark also, in a competition with 70
men and boys.
Clark, who is the son of J. W.
Matheny, is a very popular boy a
mong his fellow students. He is one
of the stars on the local football
team, and has been a strong student
of agriculture since he entered high
school.
FUNERAL HELD
FOR W. J. BROOKS
Prominent Ellenboro Citizen
Succumbs to Illness of Two
Months Duration—Leaves
Number of Relatives.
Ellenboro, Feb. 15.—Funeral ser
vices for William James Brooks,
aged 54, were held at Walls Baptist
church Friday afternoon at one
o'clock. Rev. Z. D. Harrill had charge
of the services. Following the fun
eral sermon interment took place in
Walls cemetery.
Mr. Brooks died Thursday after
an illness of about, two months. lie
had been suffering from kidney ail
ment during that time.
He is survived by his widow and
five children, as follows: Fay Brooks
Dessie Brooks, May Brooks, Bertha
Brooks and Elizabeth Brooks, of
Gaffney, S. C. One brother Charles
Brooks, of Logan Store and three
sisters, Mrs. Nonnie Earley, Bastic,
R-2, and Mrs. Maggie Freeman and
Mrs. A. Owens, of Bostic R-l, also»
i
survive. i
The deceased was a member of the
Walls Baptist church, where he join
ed about six months ago. He was
also a member of the Jr. O. U. A. M.,
Mr. Brooks was one of Colfax town
ship's outstanding farmers, a good
citizen and neighbor.
MARRIED IN GAFFNEY.
Licenses to marry were issued in
Gaffney during the past week to the
following couples:
K. C. Kirby and Nelle Doggett,
of Forest City.
Boyd Senty and Gladys Plevines,
of Avondale.
County Agent Claude B. Fjrfris,
of Craven county was recently vot
ed one of the most useful citizens
in the county.
EXTRA
SI.OO Per Year in Advance
HIGHWAY ROBBERS
GET $ll.OO FROM
SPINDALE YOUTH
Roy Boone, Young Textile
Worker, Held Up Friday
Night and Robbed by
Three Armed Men.
Spindale, Feb. 15. —Roy Boone,
young textile worker, was held up
and robbed of $ll.OO by armed men
here last night about ten o'clock.
Boone was returning to his home, and
while walking along one of the
streets paralleling the highway a
I Ford coupe, occupied by three men,
| drew up and stopped. One of the oc-
Icupants inquired the way to the
Spencer Mill. While Boone was giv
ing directions two of the men jump
l '
led from the car and covered him
with revolvers. The other man search
ed him, and removed $ll.OO from
{his pockets, and hurriedly drove *i
! way.
The matter was quickly reported
to officers Duncan and Green, but
the robbers had left the scene hur
riedly, and Boone was unable to give
them any clues as to the direction
in which they went after they left
that particular street. Officers are
making an effort today to locate the
car and the robbers.
ELLENBORO MILL
IN NEW HANDS
I
( 'Ellenboro Manufacturing Com
pany Leased by Bliss,
Fabyan & Company, of
| New York.
| Ellenboro, Feb. 17.—The Ellen
jboro Manufacturing Company, which
J has been in operation for the past
jfive years, has been leased by Bliss,
j Fabyan and Company, of New York
' City.
The mill has successfully run,
since its organization in the sum
! mer of 1925. It has about 3,000
| spindles and operates about 40
| looms. Besides yarn it manufac
tures rayon bedspreads, luncheon
Isets and mattress covers.
i The plant is situated in the
[edge of Ellenboro. Since its opera-
I tion the mill has doubled its
capacity. It employed around 100'
people, and has a payroll of $1,60(>
per week, and has recently in
stalled new machinery and equip
ment. Thismill was organized
by Belk Brothers, of Charlotte, and
a number of local men in the com
munity have stock in the mill. W.
H. Belk, of Charlotte, is presi
dent; W. A. Harrill, vice president;
E. J. Henry, secretary and treas
urer.
Flay* Hill Drops
Dead At Union Mills
Union Mills, Feb. 17.—Mr. Flay
A. Hill, aged 42, well known car
jpenter and citizen dropped dead here
|at his home Wednesday morning at
I 9 o'clock while getting ready to
jmake a trip in his car. He complain
ed of his heart aching Tuesday and
consulted a physician. It is thought
that he died of heart failure or
acute indigestion. He was not feel
ing well Wednesday morning early.
Funeral service held at
Round Hill church here Friday. He
leaves a widow, one child, three
brothers, Fred and Ray Hill, of
Appalachia, Va., and Will Hill, of
Spindale and four sisters, Mrs. Eva
Cobb, Fla.; Mrs. S. A. Alford, of
Dillon, S. C.; Miss Nora Hill, of
Spindale; half-sister and Mrs. Dem
ma McQueen, of Clio, S. C.
• .
He was a loyal member of the
Presbyterian church and served in /0B
the World War. His death was a 11)
shock to his many friends and tlii
atives.