' 3 Year, In Advance.
“FOR GOO, FOR COUNTRY AND FOR TRUTH."
Single’ Copy 5 Cent*
VOL. 36
PLYMOUTH, N.
C , FRIDAY, JANUARY 16, 1925
NO. 16
Plymouth Institution
Forced to Close.
Backward Season, Worthless Paper,
Few Deposits and Heavy With
drawals Cause Institution to
Cease Business.
The United Commercial Bank,
which was formed by a merger
of the Bank of Plymouth and
The Washington County Bank,
just two years ago, closed its
doors here Tuesday night.
The bank had struggled heroi
cally for the past 3 years in an
effort to overcome the effect of
paper accepted by the former
institutions during the years of
1919 and 1920 when money was
plentiful and prices inflated, and
which at that time were consider
ed desirable documents, but
when the slump of 1921 came
gradually dwindled to practical
to practi cal worthlessness- ihere
was a considerable sum of money
represented in such paper, and
While the new bank was success
ful in retiring a good quantity of
it there was enough left to
seriously handicap the successful
growth ol the bank.
Continued bank failures throu
ghout tie country during the
past few years has almost destroy
ed publit confidence in banking
institute ns, and as a result de
posits have been very light arm
the conduct of the bank had been
difficult.
From those who are most con
versant with the affairs of the
bank we learn that the deposits
amounted to nearly three hundred
thousand dollars, while the assets
will aggregate in the neighbor
hood of a half million dollars It
is the desire of the bank officials
to have a receiver oppointed wnt
will endeavor to judicially ano
expeditiously dispose of all cob
ateral possible. It >s also stated
that there is a great chance joi
all depositors to realize one hun
dred cmts on every dollar dollar
to their credit in tlm bank.
The sudden closing )i the bank
has worked a hardship on eveiy
phrase of life that has been co -
nected with the bank, and a great
number of individuals and enter,
prises have been crippled by the
sudden termination of the bank s
business here, which we sincerely
hope will be temporary.
Wednesday afternoon a meet
ing of stockholders, depositors
and others interested was heic
in the court house for the pur
pnae of ascertaining as far as pos
SiDie tne actual status of affair!
and to decnle upon the mos
feasible plan of obtaining bank
ing facilities as early as possible
Several plan 3 were suggested
and it was finally decided b
immediately begin the organiza
tion of a new bank with a capita
Stock of not less than twenty-fiv
thousand dollars, this bank t
begin as a state bank and to be
converted into a National bank
as early thereafter as considered
practicableby the stockholders.
A committee was appointed to
solicit stockholders for the new
institution, work upon which has
been already, inaugurated.
In connection with the closing
of the old bank, it is asserted by
those Who are familiar with the
d tabs hat. there has been n<> ■ •
ir.g irregular transacted auu
that no one is suspected of mis
handling funds that were en
trusted to the care of institution
It is also stated that the bank is,
not broke, but a as compelled to
close because of lack of support
of the community which it ser
ved and an inability to immediat
ely realize upon a great amount
of collateral owned by the bank
Just as we go to press we are
informed reliably that an
effort is being made to reviv,
the United Commercial Bank,
iivl in ar* next issue we hop*' t<
be able to give complete infor
mation concerning this move.
MR. i.T. HASSELLDEAD
Mr. Issac T. HassHl, aget
eighty-jive, died at his ho.lie
on the Homestead Farm neai
Roper Sunday morning a,
ten minutes past eleven oclock
The deceased came to this
ounty from Tyrrell count)
a/ lien he was about eight years
of age md had been one ol
die most well known men in
Lhe county. From the time oi
coming to our county he has
dyed in the same house in
which he died, and is one ol
the most attractive places in
die county.
He was the oldest Masoi
in tile county and was reverm
uv that organization He leaves
three sons, Messrs. L. E., and
j. J. Hassell of Roper ana
Mr. T. R. Hassell of Troy;
one oaughter, Mrs. F. D.
Wilson of Roper, also survives
him.
The funeral and interment
was made in the Methodist
cemetery at Roper Monday
afternoon at tlnee o’clock.
Mr. Hassell had been a
’ subscriber to this paper since
! its organization in 1889, and
“ we join with the entire
' county in expressions of sym
! pathy to the bereaved.
’ His health began to fai
1 and his vigor wane about!
j year ago. ...
• rOLEYSHONETHC/^
} Cor chlldna; eafe. turm. &o oj>tatv'
I MAIL-ORDER HOUSES
VS
HOME jvERCHANTS
Down in a certain town a man
went into a store to buy an article
and asked the price, It was $3.20
the dealer said ’’Good gracious,”
said the man, ’’lean get the same
thing from a mail order house
for $2.82.”
’’That’s less than it costs me”
said the dealer, “butl‘1! sell it on
the same terms as the mail order
bouse just the same.” ’’All right
said the customer. “You can send
it along and charge it to my ac
counts.” “Not on your life,” re
\'lied the dealer. “No charge ac
counts. You can’t do business
with tne mail order house that
way. Fork over the cash.” The
customer handed over the cash.
“Now 2 cents for postage and
5 cents for money order.” The
customer inwardly raving kept
to his agreement and paid the 7
cents. “Now 35 cents expressag*
‘ Well I'll be-he said, but
paid it, saying: “Now hand me it
and I’ll take it home for myself
and be rid of the foolery.”
“Hand it to you? Where do you
think you are? You’re not in
Chicago, and you‘11 have to wait
a week.” Whereupon he placed
the article on the shelt and put
the money in his cash drawer.
“That makes $3 26,” he said
“It has cost you 6 cents more
and takes you a week longer to
get it than if ycu had paid my
price in the first place.—ex
HUGHES RESIGNS AS
SECRETARY OF STATE
Charles E. Huges, Secretary c f 1
State, appointed by President
Harding four years ago and since
retained by President Coolidge,
has resigned, to be effective on
March the 4th, Frank B. Kellogg,
now ambassador to Great Britain
has been appointed by Mr. Cool
idge to take the place vacated by (
Mr- Hughes.
tCharles E, Hughes has always
bsjen admired for his ability and
his honesty. His retirement from
the important position of Secre
tary of State came as a suprise
generally in political circles,
Politicl judges say that since
he had occupied the two highest
positions in American politics
outside of the presidency, Chief
Justice of' the Supreme Court
and Secretary of State and seeing
all possibility of going higher
vanish he preferred the more
quite life of practicing law.
NOTICE
Notice is heredj given that
bids for fatnistring county sup
plies will be received by the
ooard of county commissioners
m Monday. January 4, 1925.
ADDIE L. BRINKLEY, Clerk,
Boar-1 of County Commissioners,
Plymouth, North Carolina.
Report or' tho Condition of The
PEOPLES BANK
at Creswell in the State of No
Carolina, at the close of business,
December 31, 1324
RESOURCES
Loans and Discounts .$93,990 47
Demand Loans . 1,349 95
Overdrafts unsecured - 5 94
All other Stocks, Bonds
and Mortgages, . 200 00
Banking Houses, -2992.12;
Furniture and Fix
tures . $4011.09 7,003.21
Cash in vault and net a
mounts due from Banks,
Bankers and Trust Com
panies ...—46,566 75
Cash Items held over 24
hours ...- 38 60
Expense accounts . 1,937 13
To'al .-. 151,092 05
LIABILITIES
Capital Stock paid in .$ 10,000.00
Dividends Unpaid. 72 00
Bills Payable .—. 20,000 00
Deposits subject to check,
Individual . 72,220 55
Cashier’s Checks outstand
ing .. 1,150 57
Certified Checks ... 11.25
Tim? certificates of De
posit, Due on or After
TO Days . 2,850 00
Savings Deposits . 44,787 68
Total .-. 151,092 05
State of North Carolina—County of
Washington, January 12, 1925
I, J. C. Gatlin, Cashier of the a
bove named Bank, do solcmr.iy swear
that the above statement is true to
the best of my knowledge and bclDf.
J. C. GATLIN, Cashier.
Correct—Attest:
H. G. WALKER,
J. \Y. STARR,
B. F. SPRUILL, Directors.
Subscribed and sworn to before me,
Ihi h a 0 J u«r> 10 5
E. S. WOODLEY, Notary Public.
In Refutation
We are very sorry that sen e
df our people seized upon th;
fact of the closing of the United
Commercial Bank in Plymouth
to make remarks derogatory of
dther financial institutions in the
the county. Our pe:ple ought to
realize that the integrity and re
putat on of our financial institu
tions means much for the good
>f the community.
Yesterday afternoon the re
port gained wide circulation in
and arcur.d Plymouth that the
Peoples Bank at Creswell had
dosed its doors. In an interview
yith the president and cashier of
his institution last night we
earned that the Bank was in
>etter Condition than it has been
ince I'M). They told us that the
>ank was in splendid condition
nd is doing business in good
hape and that none of its de
ositors feel any sense of inse
urity about the institution. In
his connection they referred us
) their last statement to the
irpoistion commission, made
jrsuant to law, and we take
'easure in askingour readers to
3refully read this statement
hich appears in this issue of the
aper. It seems that therjs a lawe
1 this State providing that any
ne guilty of making malicious
.atements derogatory of Banks
re subjet t to the criminal law of
le State and it seems to us that
1 view of the interest which our
i izens have in these insritutior.s ■
lat this law ought to be strictly 1
nforced. j
NOTICE OF SALT <
ur uant to the terms of a mortgage J
leed, dated January 2nd, 1920, and
uly recorded in the office ot Rei ister
t Deeds o! Washington County, Nonh i
arolina in Book 77, page- 19, default
aving been made in the payment of
iie debt the-eny seeuied ai d tne in
crest due thereon, the undersigned
/ill offer at public auction at the door
f the court house in Washington
bounty North Carolina, at twelve
’’clock noon on Monday February 2nd
925 ti e property described in said
nortgage deed as follows:
Beginning in the Wa d lint on the
Jorth side oi the Hollis Hoad, thence
unning eastwardly along said line to
he back line of the Edward Blount
ine, thence north 10 poles E. to the
:"rner, ’hence X 50” W. 75 poks to
Yards corner; thence S. 40 ' W- to the
lollis road, the place of beginning,
:ontaining 50 acres more or ;e:s,aiui
reing the same land cotveyed by deco
>f even dale from J. H. Gurganus&
,vife to It. C, Jackson and wife and
Fheo.B. Jackson, recorded in Reg of
Deeds office Washington County, in
Book.. .Page to which deed refer
. nee is had for m;re fall description.
Terms: CASH.
This the 1st day of January, 1925.
Mrs. Meda Nurney, Mortgagee.
SUBSCRIBE TO THE BEACON
Linwood Blount, colored,
aged about fifty years and who
lives on a farm owned by Mr.
A. G. Walker on Lake Phelps
was shot by his son, Edward,
la t Sunday afternoon about
one o’clock, i he load of bird
shot which the young man
fired at his fat lit r took effect
from his herd down about
midway his body, one eye
being destroyed.
Linwood and his wife were
quarreling and Edward at
tempted to quid them, whete
upon the older man seized a
gun anu chased Ins' vvnfe and
son from the In use. A scuffle
so we are informed, ensued
in which the young man got
possession of the gun. 1 he en
raged parent letc the scene,
walked three miles, borrowed
a gun and returned.. The
young man, seeing his father
approaching with gun, took
no chances and fired point
blank.
Deputy sheriff Peal was
immediately notified and
Hastened to the sc nc of the
dtooting. Edwai d was arrested
tnd brought to Plymouth a net
nlaced in joi 1 to await a hear
ng before Recorder Norman
.vhich will be held Monda< .
WASHINGTON COUNTY,
sORTH CAROLINA,
Rebecca Basnight
vs
foseph Easnight
NOTICE
The defendant abo\e named
vill take notice that an action
ntitled as above has ct en ccm
neiictd in the Superi r Ci ur: of
Washington County for absolute
iivorce; for the reformation a
:ertain deed dated 1st d; \ of Au
gust 1918 to the said defet dam,
vhich deed is recorded in Regit-.
er of Deeds office of V shir j -
on Couniy in Book 7G. Page L7.
he defandant will further take
lotice that he is required to ap
pear before the Clerk of Superior
Hour! of Washington County at
iis office in Plymouth, N. C on
ihe 25th day of February 1925
*ud answer or demur to the eon -
plaint in said action or the pk in
tiff wil apply to the Court t.n
the relief demanded in said c rr.
plaint.
This Gth. dav of January 1925.
C. V. W. AUSBON,
Clerk of Superior Court
Washington County.
Dr. D. B. Mizelle
DENTAL SURGEON
in Plymouth every day er
cept Monday prepareo to
to do Jll kinds of Modern
DENTAL WORK
E
ruECTRiq
f EMITTERS AND KIDNEYS