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ASSIGNEES AND BOTH ATTORNEYS RECOMMEND AND ACCOUNTANT WILDBERGER. OR SOME OTHER IMPARTIAL MAN. SELECTED TO ACT AS RECEIVER WITH SOME NEW ATTORNEY. ASSISTANT CASHIER TULL DREW OUT $900 ON THE MORNING OF FAILURE J. W. Cassedy, Attorney, Advises Against Suit Being Instituted Against Bank of Franklin-It's Rights as a Depositor No Greater Than Those of Other Depositors-Other Suits Recommended. The following document was vertisement," and that, as - Asin filed in Chancery Court today signee, he would be compelled, the matter of the Commercial Bank under the recommendations of the & Trust Co. 's affairs: report, to institute suits against himself as a stockholder of the Brookhaven, Miss. June 24, 1914. bank. To Hon. P. Z. Jones, Chancellor We call the Court's attention to of the Fifth Chancery Court Disthe fact that Assignee Louis Cohn, trict of the State of Mississippi, a stockholder and director of the including Lincoln county: defunct bank, would be compelled, We, the undersigned committee under the recommendations of the of the Depositors of the defunct Commercial Bank & Trust Comreport, to institute suits against himself as a stockholder, and as pany, duly and regularly appointed the maker of a note involved in the by said Depositors in. public meet Bank of Meadville transaction, ing to act for them, respectfully and we think, against himself as a beg leave to state as follows: Director who failed to direct in We first wish to call your attenthis instance. tion to the fact that at the time We, therefore, not only heartily said institution closed its doors, it concur in the recommendation of was with the most positive assurthe Commission that one of the ance that its affairs had been conAssignees be relieved of further ducted regularly and on a high duties, but we earnestly insist plane; that conditions over which that both are totally disqualified to it had no control necessitated its act as Assignees, and respectfully closing. and that the Depositors urge that both be by Your Honor would receive dollar for dollar. removed, and another assignee, a The matter was presented to Your wholly impartial, disinterested Honor, the assignment made, the man, be appointed assignees from the officials of the At this juncture, we desire esbank, with attorneys from the officials and their relatives, made bepecially to commend the work accomplished by Auditor Wildberger, fore any depositor, or the public, and we further recommend that it knew it. There was, therefore, would be to the best interest of all no opportunity for any Depositor concerned that both the present to object to Your Honor's appointment. Assignees be removed, and that Your Honor could do no better Thereafter, however, when the than to appoint Mr. Wildberger same report made to Your Honor as Assignee, to continue and conwas just as positively repeated to clude the good work he has begun. the stunned Depositors, that every We wish it to be further underthing was regular and dollar for stood, however, that while we dollar would inevitably be paid, earnestly recommend Mr. Wildthey, with the intent to be perfectberger, still any disinterested, imly fair, and relying on the assurpartial, capable man will be satisances systematically handed out to factory to the depositors. them, chose to await developments With reference to the Attorneys and made no protest, in legal form, connected with the management, against said appointments and the we desire to call Your Honor's atproposed liquidation of the bank's affairs. tention to the fact that Attorney Hiram Cassedy, a stockholder, We remind Your Honor that this director and attorney of the Bank attitude was maintained consistbefore its decease, is propounding, ently, in spite of the rumors which so we are advised, a claim of his constantly leaked out, until the own against the defunct bank, report of the first auditor was filed amounting to about $700, which IS in your court, showing a situation more than three years old, yet to amaze and alarm the most sanwhich he is seeking, so we are adguine Meantime, the managevised, to have declared a preferment of the bank, which was supence claim, in the face of the deposed to be in the interest of the positors' interests Furthermore, depositors. had frankly and boldly as Attorney for the Assignees, he manifested an attitude which was would be compelled under the recnot only, in our opinion, not in the ommendations of the Commission, interest of the depositors, but careto to institute suits against himself less of them, and even inimical them. as a stockholder of the bank and as a signer of the note involved in It being indisputably apparent the Bank of Meadville transaction, to the Depositors that the managealso, we think, against himself as a ment of the bank before its failure negligent Director and perhaps as had not been what it should have a debtor of the bank, unless his been, and that the methods of the present indebtedness is settled by assignees and their attorneys, in him. fluenced naturally by family and e show that Attorney. W. Casbusiness ties, were not what the sedy is closely connected to the interests of the Depositors demand management of the bank by busied, there were held several meetness ties, and to do his duty would ings of the Depositors, which rehave to Sue his cousin Hiram Cassulted in the passing of rosolusedy with whom he advises as CO tions expressing the condemnation attorney for the Assignees, and has of the Depositors for the past and already advised against following present management, and calling up the recommendation of the for relief in various forms. commission that suit be instituted Influenced, as we are persuaded, against the Bank of Franklin. by these resolutions, and to the end We, therefore, while concurring that justice might be done to all in the recommendation that one of concerned, Your Honor, as a means said Attorneys be removed, earnestof obtaining a basis upon which to ly insist that it is to the best interact intelligently and justly, proposests of all concerned that both the ed the appointment of a commission present attorneys be removed, and of three impartial, disinterested, some other chosen who can and non-resident gentlemen, of busiwill, without fear or favor, repreness, legal and accounting skill, to sent and push the depositors' interthoroughly investigate the records ests, and institute the following of the defunct institution and suits: made due report of their findings. A puit against the Bank of In this proposal of Your Honor's Franklin, since it is unfair for the the Depositors acquiesced, but the Bank of Franklin, whose president assignees and their attorneys obwas F. F. Becker and whose cashier jected. Nevertheless, a well chosen was and is a son-in-law of F. F. commission was appointed by Your Honor on the 27th day of April, Becker, to be preferred by the defunct Commercial Bank & Trust 1914, who began work promptly and who have now made the preCompany, whose President was F. F. Becker. Its rights as a deposiliminary report their duty required. tor are no greater and no more sacred than those of the other deWith this summary of the propositors. ceedings, we desire to say now that A suit against the Stockholders so far as said report goes, we wish of the Commercial Bank & Trust to express our approval of the Company same, and urge that Your Honor A suit against the Crosby Bonds act upon its recommendations withLumber Company out delay. We desire further to A suit against the Arrington say, however, that in our opinion Foundry & Machine Company the report could have been more A suit against persons who were drastic with entire justice. and its recommendations more far-reachdepositors of the bank but whose money was returned; ing, in view of the conditions suit against the nine Directors brought to light by their investigations. of the bank who either owe the bank on note which they have not We call the Court's attention to paid, or else bad wrongfully had the fact that Assignee L. H Bagthe bank to operate the Bank of gett, a stockholder, director and assistant cashier of the defunct Meadville, who are in either instance liable; bank now stands charged with havA suit against the Directors of ing made a false statement of the bank's condition, which he would
