10932. Commercial Bank (Brookhaven, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 29, 1914
Location
Brookhaven, Mississippi (31.579, -90.441)

Metadata

Model
gpt-5-mini
Short Digest
4c5f8fb5

Response Measures

None

Description

Articles (Jul–Aug 1914) describe the Commercial Bank as having failed and being in liquidation under assignees; the sheriff/Chancery actions removed assignees and petitioners sought a receiver. No bank run is described. Cause of suspension treated as voluntary liquidation/failure and ensuing court actions.

Events (4)

1. July 29, 1914 Other
Newspaper Excerpt
DEPOSITORS WILL ENDEAVOR TO PUT ASSIGNEES OUT SATURDAY HEARING BEFORE JUDGE P. Z. JONES... Section Receivers May Be Appointed or Removed... petition by depositors has been asking Judge Jones to appoint a new receiver Saturday. Hearing set for Friday in Jackson; large number of depositors served notice on Messrs. Louis Cohn and L. H. Baggett of pending action against them for removal for cause, under sections 122 and 627 of the Code....
Source
newspapers
2. July 29, 1914 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank had already failed and assignees were conducting liquidation; court action and sheriff's seizure occurred to enjoin assignees' liquidation proceedings.
Newspaper Excerpt
Sheriff T. H. Montgomery took possession of the Commercial Bank building Saturday shortly before 12 o'clock... enjoining Louis Cohn and L. H. Baggett, the assignees, from any further procedure in the liquidation of affairs. Not since the bank failed...
Source
newspapers
3. August 1, 1914* Receivership
Newspaper Excerpt
Section 'Receivers May Be Appointed or Removed in Vacation.' ... petition by depositors asking Judge Jones to appoint a new receiver... appeal pending with a hearing of the cause set for Friday in Jackson... receivers may be appointed by the chancellor in vacation as well as by the chancery court in term time.
Source
newspapers
4. August 8, 1914 Other
Newspaper Excerpt
A petition by depositors has been asking Judge Jones to appoint a receiver Saturday. August 8, at 6 p. m. at the Lincoln County court house... CLOSING OF THE BANK... 'Mr. Baggett ... referred to the closing of the bank.' Testimony describes withdrawals and that the bank closed; assignee Cohn carried a pistol; fines and proceedings followed.
Source
newspapers

Newspaper Articles (3)

Article from The Semi-Weekly Leader, July 29, 1914

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Article Text

For cause assigned in the above order Sheriff T. H. Montgomery took possession of the Commercial Bank building Saturday shortly before 12 o'clock, enjoining Louis Cohn and L. H. Baggett, the assignees, from any further procedure in the liquidation of affairs. Not since the bank failed has there been so much suppressed excitement as was caused by this action on Judge Jones' part, it being a complete surprise to the assignees and their assistants. Numerous others remarked on his action: "It ought to have been done long ago." As soon as the assignees fully realized what kind of a predicament they were in, their attorneys, Hons. H. and J. W. Cassedy and L. L. Tyler, attrney for the stockholders were quickly called in and a hastily prepared document typed for presentation before the Supreme Court. It was completed a few minutes before the train pulled out for Jackson, Messrs. J. W. Cassedy, H. Cassedy, L. L Tyler and L. H Baggett carryirg the document to Jackson and presenting the matter


Article from The Semi-Weekly Leader, July 29, 1914

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Article Text

DEPOSITORS WILL ENDEAVOR TO PUT ASSIGNEES OUT SATURDAY HEARING BEFORE JUDGE P. Z. JONES IN BROOKHAVEN SATURDAY AT NINE O'CLOCK AT THE COURT HOUSE. Assignees Now Face Removal in Two Courts-Proceedidgs are Pending Both in Jackson and at This Place. Regardless of the action taken shall not be sued in any other court by Judge Jones in removing the save by permission of the court or assignees of the Commercial Bank, chancellor in vacation. from which decision the receivers Section Receivers May Be Appointed or Removed in Vacation. have an appeal pending with a hearing of the cause set for Friday -Receivers may be appointed by the chancellor in vacation as well in Jackson, a large number of depositors Monday served notice on as by the chancery court in termMessrs. Louis Cohn and L. H. time and any receiver may be reBaggett of pending action against moved by the chancellor in vacathem for removal for cause, under tion as well as by the Chancery section 122 and 627 of the Code, Court in term time; but before which read as follows: any receiver shall be so removed Section 122-The Assignee Be- in vacation the party applying comes an Officer of the Court-The therefor must give the adverse asssignee, upon filing the petition party or his solicitor and the reand approval of his bond, shall be- ceiver five days notice of the time come a receiver of the court, and and place of presenting such applishall be entitled to all the rights cation. Such application may be and privileges, and subject to all heard in term time on two days' the duties and obligations of other notice. receivers in equity and may be re- The petition covers many charges moved as such as in other cases and already made by depositors includ-


Article from The Semi-Weekly Leader, August 5, 1914

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Article Text

of examination. The thrills evidence to the brought many opened the spectators both and further how the bank eyes as to closed. public's managed bofore it ASSIGNEE was COHN HAD A GUN. During the trial of against the case Louis an affidavit was made for one of the assignees, UpCohn, concealed weapons. within carrying from his seat pistol, on arising bar it was seen that his was the in his hip pocket, the carried exposed to view by and as dis- he fully of his coat, Judge the shoulder Wilson, of Julian arrangement leaned over Memphis, witnessed of talk- by a him, it was spectaing to of ladies and other by number affidavit followed Ed Smith who after the the When Mr Cohn Constable tors. warrant An Judge's appeared served de- 10 cision. Justice R. S Butler a at plea before Monday he entered fined of o'clock nolle conten dere and was $100 and costs. WANT NEW RECEIVER. petition by depositors has been A asking Judge Jones to appoint August filed receiver Saturday. County 8, a new at 6 p. m. at the Lincoln court house. SOME OF THE TESTIMONY. Extracts from various portions as of the testimony are given follows: CLOSING OF THE BANK With reference to the closing of bank, Mr. Wildberger said: the 'Mr. Baggett, in conversation me in the bank accounting after with possibly three weeks my room. first came and entered on the I over there, referred to bank. duties matter of the closing of the at He said that he was sitting desk, which is out in the front draw his of the accounting room, gentlepart up some papers for a some ing who was going to sell enman and that while he was gaged land, in this particular transac- Mr. tion of drawing these papers, him F.F. Becker, cashier, came to desk leaned over the end of his statand which he was writing, and at that there would be a directors' it ed meeting at the bank that night, and being Saturday he explained, they that he could not recall when had had a meeting on Saturday what night, and could not imagine of the purport or the import went was that meeting; that when he supper. he discussed the matter to with his wife, and he couldn't fathom why it was that they were going to meet. But at the ap- the pointed hour, he went to where Drectors' Room of the bank He the meeting was in progress. said that it was discussed pro and difor some time among the con rectors of the bank, and that he stand- was the only man that insisted on that by the Commercial Bank: ing other man in the directors' meeting every was in favor of quitting that that he explained to them the there were moneyed men on Board and connected with the directorate of the bank. and that he favor of putting their shoulthe wheel and ders was in to tiding he over the the situation, and that was only one in the meeting that took that view, but that everybody else was against him " The question of over-drafts, loans, etc.) was thoroughly gone into by Mr. Brady. MR. TULL SAYS BOOKS WERE NOT AUDITED. The testimony of Mr. N. T. Tull, that assistant cashier, developed the books of the bank were not audited for 1913. With regard to the approximate W ithdrawal of $800 made by Mr. he Tall the day the bank closed, said: I'll have to offer some conexplanation of siderable Well, it. the It was withdrawal of $763 of a that I of the certificate treasurer assigned First Baptist to the Church to pay my unexpired subof $1,000 to to go into that to scription want that show church. why money. On bank closed on fore drew the my Sunday Monday to be- the was out semi-annual payday I put my check on that for my payday church. $125, semi-annual morning in ment, and on Monday proceeded to take that certificate of out, which was due on the first January and assign as say before