Newspapers / The Smithfield Herald (Smithfield, … / Aug. 14, 1903, edition 1 / Page 1
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fpje ?mitljfirl& Hrralfi. price one dollar per teak. "TRUE TO OURSELVES, OUR COUNTRY AND OUR OGD." single copies five cents * ? - ? , ? VOL. 22. SMITHFIELD, X. C.. FRIDAY, AUGUST 14, 1903. NO. 23. NEVVBERN BANK FAILURE. Bank Examiner Ellington Tells the Story of the Discovery of Dew ey's Shortage. The story of the failure of The Farmers and Merchants Bank at Newborn is thus to'.d in Sunday's News and Observer in an inter view with Mr John O. Ellington, State Bank Examiner: "The first intimation "says Mr. Ellington, "that I had that any thing was wrong with the Mer chants'and Farmers' Bank was when I examined the Bank of Wayne at Goldsboro. "In checking up their bills re ceivable I found the following note: (For lack of space we omit this note which was for $5,000 and signed by Southern Hosiery Mills Co., 1*. H. I'ellitier, Treas urer, and endorsed by T. W. Dewey, Cashier of Farmers' and Merchants' Bank.) "Knowing that this note was irregular 1 made a note of it. "(Jpon examining the Farmers' and Merchants' Bank July 2Sth, 1 found that the above note had not been entered on their books at all. I asked Mr. Dewey in the presence of ITesideut Cutler what re-discounts he had. He replied $9,750 in the National Bank of Commerce, Norfolk, tasked him if that was all. He replied that it was. 1 then asked him if he had any paper out that was guaranteed by him as cashier lie said he did not. "I then a^ked President Cutler if he had guaranteed any paper. He replied emphatically: 'No, sir.' I then said that when examining the Bauk of Wayne?Mr. Dewey then interrupted me saying: '1 intended explaining that paper later.' 1 then asked him if he had any other such paper out. He replied he did not. "1 proceeded with the examina tion and found his books in per fect balance. His general ledger showed right many thousand in terest, from one o fifteen thou , sand dollars charged to other banks. For instance, where he would seud a deposit to one of his correspondedis for $190, he would place a 5 in front jjf it when posted in his general ledger, and it would appear $5,100. "1 asked him if this was not a ljttle irregular. He replied that his books were in perfect balance, aud th.,t his bank was all 'right. 1 replied that 1 could not tell un til 1 Heard from m,v inquiry. "L then left the bank and took a drive with President Cutler. 1 remarked to him that the books of the bank were in good shape, and if the balances were true, his only trouble was the $5,000 note of the Hank of Wayne, unless there were other notes of like character outstanding. ' told him that I could not let him know about the correctness of the balances until I heard from my inquiries, wlnfch I would mail that night. 1 also told him that I thought it would be wise for him to get some currency, as 1 feared that 1 would find a short age in the bank accounts. He said he would and did go to Nor folk on Friday thereafter and upon personal endorsement oi himself and others of his direct ors secured $25,000 in currency. "Upon my arrival in Raleigh the Monday following I received a letter from the Hank of Wayne in reply to' my inquiry stating that Cashier Dewey's account was overdrawn $.S,984. Cash ier Dewey had reported to nic when 1 was examining his bank that he had a credit in the Hank of Wayne $109. This showed a shortage of $10,000. I immedi ately took the evening train for " Uoldsboro, aud fearing that there was some mistake I went i to the Hank of Wayne and found that the shortage was true. Next morning I took the train for Newbern, and upon arriving at the Chatauqua Hotel sent for President Cutler and Vice-Presi dent Blades. They came to mv room and I informed them of the shortage. "They immediately sent after W. W. Clark, their attorney. It then looked as if the shortage would be small. We decided that the best thing to do would be to get currency and continue to run the bank. They wired for what we deemed a sutticiei tj amount. We then s?nt tele grams to all of the correspon dents!, as follows: "What is our balance? Don't cash any papers signed by T. W. Dewey, Cashier the Farmers' and Merchants' Dank, dated after j August drd." This was signed 'L. H. Cutler. President Farm ers' iind Merchants' hank.' "Upon receiving replies we discovered that Mr. Dewey was considerably short in his other bank accounts, amounting to $70,000. Mr. Cutler then called the Board of Directors and the stockholders together, and they decided to liquidate, requesting me to take charge. "Upon taking charge I proceed-' el with the investigation and v r JOHN O. ELLINGTON. found that the MerchantH' Na tional Bank of Baltimore and the Girard Nati< nai Bank of Philadelphia each held a note for $10,000 like trie one discovered in the Bank of Wayne. 1 found a shortage of $5,000 in the stocks and bonds, a shortage in cashier's drafts outstanding of $0,000, a fhor ? in bills re ceivable and cash of $8,000, and various other shortages, bring ing the total up^o $125,000. "Upon investigating the worth of the Southern Hosiery Mills Company and P. 11. I'elletier, its ; treasurer, I found tlicm bank- ! rupt. Mr. P linti-1' was tt torney and a director of the bank. There being some suspic ion of his actions 1 examined: him under oath. ?'Mr. i'elletier said that when M these notes were made, Dewey and himself expected to pay them with an issue of bonds by-the I Southern Hosiery MillsCompaiiy, which they were -then negotiat ing with a New York broker. The bonds were to be secured by the , mills property aud endowment j insurance to be taken upon the lives of parties whose consent |. was to be secured by the broker, ' the broker paying them for the' priviledge, also the premium out of the proceeds of the bonds, the'' balance to go to the Southern i Hosiery Mills Company. "Upon a further examination ' he stated that he considered the ?' notes uncollectible. He also J stated that he was one of the ex amining committee who exam ] ined the bank on the 00th day of < April and reported it. in excellent f coudition. Although knowing! that these notes were then out- ( standing aud were worthless, he , drew the report and signed it. | Being asked why he did notr tell , of these notes, he replied that he was afraid that if he did it would cause the bank to have to liquid ate. _ ' j "Tt is a fact that P. H. Pelletier' 'r wired Cashier Dewey Saturday,' asking him to meet him Snnday 'r night in italeigh, but he did not receive any reply to his message. "It is not known whether there are more notes outstanding like" ' the Southern Hosiery Mills notes, ' signed by them or others. It is feared that there are. If so, they will increase the shortage. "Tnere was a savings depart ment connected with the bank, in which many children had their e small savings. I was asked upon f the street on several occasions r by these small children, whether n or not their money was safe, for t thev were very much disturbed. } "Under the present conditions y it looks as if the depositors will | < receive about 75 percent." I, I Dr. Dickinson Weds Miss Watson. Henderson, X. C., August 11.? This morning at half-past eleven o'clock there was a quiet home wedding here, when .Miss Willie Louise Watson was married to Dr. 11. T. Dickinson, of Wilson. The ceremony was performed by Dr. .J. I). Hutham. The bride was attended by her brother, .Mr. U. 1'. Watson, oi Wilson, and the groom by Dr. Albert Anderson, of Wilson. The bride was robed in white acolian and lace over white silk, and carried bride's roses. The veil was caught with a pearl and diamond brooch, the gift of the groom. As the bridal party entered the room Mr. Will A. Parker, of Ral eigh, played Lohengrin's wed ding march. Dr. and Mrs. Dickinson left at one o'clock on the .Northbound train for Norfolk. From there they will go via the Old Domin ion to New York, and thence to Albany, Chicago and California. They will be gone about six weeks. Among those present from a distance were Dr. Albert Ander son and Mr. R. P. Watson, of Wilson; Dr. .1. 11. Person, of Sel ma; Mr. and Mrs. L. X. Watson and Miss Lucy Watson, of Ax tell; Rev. A. L. Ormond and Mrs. Ormond, of Kittrell; Miss Mary Purefoy, Denver, Col.; Mr. Wal ter Allen and Mr W. A. Watson, Axtell, and Mr. W. A. Parker, of Raleigh. The gifts to the bride were beautiful and tasty, an elegant collection represeuting the useful and ornamental. Among the gifts was a case of half-dozen gold and silver oyster forks from Governor Aycock. CLAYTON CHIPS. Dr. J I. A. Royster was "here on professional business Sunday .Mr. ('. I. Johnson is in town this week the guest of Mr. Jno. \V. Talton. Messrs. J. M. Turley and A. Sam White sp^at Sun lay in Siuithfield. The Anti Saloon League meets Friday evening August Id. L very body attend. Miss Annie Taylor, of Raleigh, ii< visiting Mr. and Mrs. D. i 1. McCullers this week. Miss Lona Williams returned Monday from a month's visit to parents near Wakefield. Mr. aud Mrs. Riley Gulley and Miss lone left Monday p. m. for' a. visit of several days in Durham. Rev. J. M. White a former resi lient of this place, will preach at the Baptist church next Ssunday. Messrs. A. J. Barbeur, E. T. tiioton, ('has Carroll, W. 1. Whit ley and J. 1. Boone went to Asheville Tuesday. Mr. J. W. Williard and family i returned Wednesday from Jack am Springs where they have been 'or the last week. j ;l Mr. .J. A. Vinson with Miss 1 Pearl Robertson and Mr. Lewis witn Miss Cleve Barnes spent Sunday in Smithfield. Mr. D. .1. Thurston requests the young men who wish to join h.'Baracua Cla.-* to Hi'et him at ;he Baptist church directly ifter Sunday School nextSunday. On Friday evening August 2*th J :he Ladies Aid Society will give j v lawn party at the Academy ( ground?refreshments will be ierved. Y ou will enjoy it if you ( Co. Benefit Baptist church. Mr. C. M. Thomas is visiting . ?elatives and friends in Virginia, j dessrs. J..M. Turley and C. VV. i dome are filling hiH place in iank during his stay. . "Yklir." ( Puts an End to It All. J A grevious wail oftimes comes f is a result of unbearable pain j rom over taxed organs. Dizzi- f less. Backache, Liver complaint ( aid constipation. But thanks I o Dr. King's New Life Fills they mt an enu to it all. They are ;entle but thorough. Try them, i >nly 2.">c. Guaranteed by Hood !? Sros. Drugstore. * c OLD SOLDIERS' RE-UNION. Major Stedman's Fine Address More Than 3.000 People Here From All Parts of the County. Yesterday wus Confederate Veteran's uuy in Siuithfield. The battle seared and gray-beurded veterans of a hundred bloody battlefields were here 300strong. These old heroes formed in line at the coui t house and under the command of Col. Ashley Home inarched to the Turlington Gra ded School grouuds. It was ex pected that Maj. Stedman's ad dress would be delivered in the Institute llall, but as the crowd was so large, it was found that the Hall could not seat them. So the address was delivered from the school porch. The crowd, estimated at 3,000 or more, was an orderly one. Every section of the county was represented by those who came out to do honor to the old sol diers who fought for a cause they believed to be right, and the fame achieved and glories won are no less theirs because the cause they loved was lost. The speaker was introduced by Mr. YV. M. Sanders in the-follow ing words: .Mr. Chairman, Old Soldiers, and Ladies and Gentlemen: This occasion is an epoch in the history of the county, an occasion of profound interest to all our citizens, for this is the Old Soldiers day. In the behalf of the people of the county, whose honored guests you are, 1 bid you welcome. In behalf of the Mayor and his offi cial board, 1 extend to you the privilege of the town. This is indeed an occasion of interest to all of us, and especial ly to the young. For we have with us all that is left of that body of brave men, whose mar tial tread once shook the earth, and whose deeds of valor electri fied and challenged tne admira tion of.all mankind. What a ureat country is ours! What-a grand people! What a body of splendid soldiers we sent to the army! Our fathers desired to remain ia the Union and under the old flag, the stars and stripes, which their ancestors made glorious at King's Mountain, Guilford court house and ht York town. In January, 1861, our people assembled here and passed reso luMi ns requesting our delegates to Vote against secession. In joining your fortunes with those of your brothers, to resist invading armies you pursued the only honorable course. After ex hausting all your strength and1 resources you returned vanquish ed to your homes, but still the idols of ycur country. The young people delight to: honor you. They glory in your j achievements. And as time rolls pu < ach succeeding generation will require of its predecessor what they know ofvoursacriflces and deeds of valor which defy even time itself. We delight to linger around the magic names of I^ee and Jackson, but time forbids. Old comrade, 1 address you thus, for mv kindred were your iriends and companions on the march, in the camp and ou the Held of battle, i take this op portunity to thank you for hon oring the memory of one of our heroes with the name of your tamp. ?< Mb Soldiers, in behalf of the young people of the whole xounty 1 extend to you our grnt tude. We trust that each oneof you iuav carry with you to your oomes some pleasant remem brance of this occasion. 1 now have the great pleasure ind honor to present to you as orator of this occasion, one of rour old comrade, who has lived i useful life in peace as well as in var. A profound lawyer and itatesman, a gifted orator and I oredict the next governor of this treat Commonwealth, the Hon." 'has. Manlev Stedman of the bounty of Guilford. Maj. Stedman said in part: "It was the dauntless moral ?esolution of the soldiers of the touth which made their great leeds possible. What grander f fr " I spectacle does the world's history tii ruif-h th.'tn the unconquerable ! resolution with which they main tained the fight? They were neither elated by success nor I disheartened by disaster, but ever the same unchanged and unchanging men of iron. With out that moral power to sustain tliern. the incomparable legions i of Lee would have in vain strug- i gled for so long a time to roll back the tide of invasion across, the banks of the Potomac, and the marvellous campaigns of Stonewall Jackson would have found no place in history to gild forever with a romantic lustre the beautiful valley of Virginia. Neither famine nor pestilence nor mighty armies carrying in their track destruction of all that was near and dear to them could MAJ. C. M. STEDMAN. subdue their invincible will. In 1 the splendid future which awaits the Southern portion of this Re public there is no character, the study of which will more elevate its citizens and tit them for its i blessings than that of the (-on-; federate soldier. The capstone ; of the arch of his glory was the moral po wer which sustained him i upon the battlefield and which fi rever perpetuate his fame. ''An incident which illustrates the supft'ine seme of d y which can only be imparted by moral firmness, as exhibited by a North Carolina soldier deserves to be recorded amidst the feats of heroes. The eondhct of a private by the name of Tillman in the 14th North Carolina Regiment had attracted the favorable notice of his brigade commander; and he was at his request at-\ tacLud to the cumr guard. Till man's name was also honorably mentions i in the orders of the i day from brigade headquarters. Soon thereafter, in front of L'etersburg the regiment became i sev< relv engaged with the eneuiv < and sffgered heavy lose. The ] flag several times fell, as its < bearers were shot down in quick i succession. Tillman seized it and j again carried it to the front.; 1 It was but au instant audhetoo, fell As one of bis comrades stooped to raise the flag again,, the dying soldier touched iiim and in tones made weak by the ?, approach of death, said, < ?'Tell the general I died with the flag." The tender memories and / associations connected with his i boyhood's home faded from his f vision as ho rejoiced in the < conciousncss that he had provi d 11 himself worthy of the trust i which had been confided to hiin. < "Wolfe died upon the heights ? of Abraham the death of a hero, ( and as his spirit took its flight to another world, left as a legacy to his countrymen words which si w ill forever live. NeNon at Tra- | falgar, illustrated by his conduct and speech his supreme seuse of duty to England and her glory, j The Scotchman who died at ; Waterloo with his pagpipe in his ( hand, by the sabre of the Cuiras- ) sier of the (iuard, whilst thinking j of Ben Lothian and playing an air of his native land, has been immortalized by Victor Hugo. Rut which of these three: aye. who of all those who live in song i and story is more worthy of the i crown of immortality than the 1 humble country lad whose grave i today is unnoticed and unknown? f1 "Have we learned naught from :? the silent endurance, the patient f agony, the deathless valor of the c Confederate soldier? His life and i t ' conduct have taught us the les son.over again which history is ever repeating. It is neither on tiie greatest fields of battle, nor places where the most calamitous bloodshed lias taken place that the recollection of future ages is chieHv rivetted. It is niorul grandeur which products a dura ble impression. It is patriotic heroism which jiermanentlv at tracts the admiration 01 man kind. ''The day may come when the memory of the fields of Gettys burg and Fredericksburg, of Sharpsburg and Chancellorsville, shall be dimmed by the obscurity of revolving years, and recollect ed only as a shadow of ancient days, but even tbeu the enduring . fortitude and patriotic valor of the Confederate soldier who fol lowed the banner of Robert E. Lee will stand forth in undecay mg lustre amid the wreck of ages and survive the Hoods of time." Maj. S ted man closed his elo vuent address as follows: "Death, which destroys the pomp and power of this world lias only placed the seal of im mortality upon their lives. The sacred charge of their fame is en trusted to you, my countrymen and countrywomen. Guard it devoutly, bravely, justly and trul}', that it may remain untarn ished in its pristine glory and not alone with this generation, but with all those who may came af ter us until time shall be no more. Let the glorious example left by them be preserved for untold ages and for every people from the rising to the setting sun. If history be false, let tradition preserve it. and on every anniver sary of our memorial days let eloquence proclaim it as a herit age for all humanity which it ha,s elevated and adorned with a ptithos and glory which belongs to the civilized world. "My comrades, as your foot steps approach the shores of that river broad and deep which flows between time and eternity, may the pathway of each and every one of you be lighted bv t he sunshine of peace and happi ness, arul in the 'horizon fur be yond may you see the rainbow of eternal promise which shall tell you that your last battle has been won and that a crown awaits you more splendid than was ever worn by earth's most favored hero." After Maj. Sted man's address the table was spread and au elegant dinner served to the old soldiers. One of the pleasant feature of the reunion was the excellent music of the Dunn Concert Hand whose kindness and generosity prompted them to play free of ?barge. The old soldiers and the committee in charge greatly appreciate the kindness of this t>and. End ot Bitter Fight. "Two physicians had a long ind stubborn fight with an ab bess on my right lung" writes.I. I". Hughes of DuPont, (in "avl save me up. Everybody thought my time had come. As a last re 3ort I tried Dr. King's New Dis covery for Consumption. The benefit I received was striking md I was on my feet in a few Jays. Now I've eutirely regain ed my health. It conquers all Roughs, Colds and Throat and Lung troubles. (Juarnteed by Hood llros., Druggists, Price SOc. and $1.00. Trial bottles ree. The state sujierintendent of public instruction says there ire now about 5,500 public tchool districts in the State and hat there ought to be only ibout 3,000. The Death Penalty. A little thing sometimes results u death. Thus a mere scratch, nsignificant cuts or puny boils lave paid the death penalty. It s wise to have Bucklen's Arnica halve ever handy. It's the test lalve on earth and will prevent atalitv. when Burns. Sores. Ti ers and l'iles threaten. Only 15c, at Hood Bros. Drug Store.
The Smithfield Herald (Smithfield, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 14, 1903, edition 1
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