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# CITIZEN'S MEETING Followed By Organization Of New National Bank. A meeting of citizens assembled in the Mayor's office Friday at 10 a. m., for the purpose of listening to a proposition for the establishment of a new bank. Messrs L T Gaines, of Calhoun City, Miss., and A L Jago, of Okolona, Miss., were present and by request addressed the meeting, Mr Jago first. He said that he had come here at the instance of Mr Gaines, who would like to establish a national bank at Iuka and who would move here and reside if the bank could be set on foot. He said, "we have the capital, wire Memphis financial institutions for our credentials." He said Mr Gaines' idea, after looking over the situation, was to try to establish a national bank of $25,000 capital; that all he asked was for three men to take five shares each of the capital stock. He said the trouble with the bank that had recently broke here was that it loaned too much money to one man or one corporation. The bank at Amory had done the same thing and had gone under recently. National banks, he said, do not do this. Mr Gaines can give bond in any sum for the safety of depositors and will so if the bank is established. As to the defunct Tishomingo Banking Company, the new bank would be willing to make any possible equitable arrangement with W T Bennett, the receiver, where the business of said defunct bank might be wound up in the most economical and expeditious manner. If all the depositors could be gotten tother such an arrangement might be made. Mr Gaines then made a talk also. With reference to the 15 shares, under the law it was necessary to have that many shares sold, divided into lots of five each; so that three men in the community could serve as directors. The law required this, else he would not ask for it. He thought the present location for the bank a good one and hoped to secure the remainder of lease on the same premises. W T Bennett, receiver of the defunct bank, was present and addressed the meeting. He said he would be glad if the new bank could be organized and he would like to turn over the settling up of the dead bank to the new one. One reason was that, from investigations so far made, he had about come to the conclusion that the depositors would get nothing. It would be very embarassing for him to wind up the affairs of the bank and be unable to pay the depositors anything. He had just returned from Tupelo, where he had gone to look after the assets of the Good Roads Construction Co. He found seven second-hand wagons the only real assets from that source. An expendiure of $44,000 by the bank had been incurred and it would take $38,000 more to finish: It is true that the bank had a second mortgage on the outfit of Good Roads Construction Co., but the prior mortgage or vendor's lien was for $10,000 which was as much as the property would bring at a forced sale. Then, said Mr Bennett, there was a mortgage of $15,000 on the Mineral Springs Hotel to run until 1916 and another mortgage of $12000 on the Tishomingo Country Estate. Both these were assets of doubtful, if any value and the outlook was, to him, extremely pessimistic so far as the stockholders were concerned. Mr Pyle then made a talk about Iuka needing a bank. G W Dudley, who was then acting as chairman, said that there was but one thing to do and to decide whether or not