42fa853bBorrowed from banks or large institutions, Full suspension
Other: Receiver obtained Reconstruction Finance Corporation loan for liquidation/distribution to creditors.
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Two Mississippi Banks Close. GULFPORT, Miss.. November 28 (A). -Two Mississippi banks yesterday failed to open for business, due, officials said, to uneasiness over deposits and withdrawals. The suspended banks were the First National at Gulfport, capitalized at $400,000, and the Exchange Bank at Canton, capitalized at $110,000.
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Ramsay Submits Timber Estimate on Day Tract The Harrison County Board Supervisors morning, having recessed Saturday today. Among other matters coming before the board the matter receiving estitimber owned by Ingram Day Lumber Company sections and which state tax lector claims taxes the state timber these two 2,000, feet and the estimate the Ingram Day Company representative 125,000. There such disparity estimates the board employed Ramsay former member the board estimate the timber the lands. The estihanded to the board this morning by Mr. Ramsey placed the timber 113,000 The board considering funds bonds tied in the closed First National Bank in Gulfport.
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HEAVY DOCKET DISPOSED OF National Bank Receiver GrantJudgment Against W. Seafor $40,066.25. heavy cases, for the part formal and today Chancellor Russell brought the first week scheduled two weeks' May chancery court. Argument torneys and was heard during Charles Brown, Gulfport lawyer, named court Redding Esther Redding involving part which the said to be heirs. protest any sort defense from Seaman, series notes the First National Bank Gulfport. Rawlings receiver the First National Bank judgment in total sum $40,066.25 against Seaman the provision that certain lands. under deed trust loans, should satisfy indebtedness unless The judgment cluded principal interest notes, which themtotaled around $29,000. hearing the children Mrs. estranged Fred mother was granted their
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HANCOCK BANK BRANCH IN Negotiations Are Opened To Secure Banking Facilities For Coast Town GULFPORT. Gulfport will have bank in the mediate future negotiations opened by the Hancock County Bank Louis are successfully completed was announced today by Leo W. Seal, president the bank. A lease the building formerly occupied by the defunct First National Bank of Gulfport has been prepared and sent Washington for the approval of the comptroller of currency. the lease is approved, steps will be taken at once for the opening of the bank, Seal said. The Hanceek county bank now operates banks at Bay St Louis Pass Christian and Long Beach. Gulfport has been without bank since the National bank suspended operations last November.
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Notices Mailed Out Today, Receiver Rawlings Announces Rawlings, receiver First Bank today that dividend will ready for delivery Thursday October This paid funds by receiver the ordinary liquidation, supplemented by from Reconstruction Finance This cured retired, until further made the receiver. lieved that the the the will receive furthdividend the made by the receiver will dividend 4,256 different today placing postoffice each Included tice dividend check, which have signed before the delivered. ceiver fact are numbered and the bank opens business he will be five and will the checks the creditors will locate their number and the the receiver's tificate has been delivered. absolutely that certificate be returned the bank, in der the nounced. not received receiver's will delivered to the time dividend check in the notice receipt for the which receipt likewise will The funds the Reconstruction Finance Corporation set aside for the First National Bank in Gulfport are for loan this early funds leased by this trust should terial the community in these difficult times.
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LOANS MADE COAST BANKS (Continued from first page) obtained a loan from the Reconstruetion Finance Corporation. "The publication of the July report of the Reconstruction Finance Corporation, during the month of August, did not have the bad effect upon the banks as predicted by the opponents of the provision. "This is shown by the greatly decreased number of bank suspensions that have occurred since the report was published. "During the month of July there were 131 suspensions. During the month of August 85 suspensions; and during the month of September 63 suspensions, XXX "All of the other objections raised in the brief as to the wisdom of policy of requiring public monthly report of the corporation's activities were presented to Congress by the corporation or other persons before the act was passed." The report itself showed that a considerable number of loans which were authorized during August were withdrawn or cancelled in full, including authorizations to 35 banks and trust companies aggregating $2,631,571. Bank and trust companies in Mississippi received loans as follows: Biloxi, Peoples Bank $20,000: Booneville, Bank of Booneville, $84,500 Clinton, Bank of Clinton $31,315.40 Greenwood, Greenwood Savings bank (receiver) $140,000. Gulfport, First Natonal Bank in Gulfport (receiver) $280,000; Kosciusko, Guaranty Bank and Trust Co. (receiver) $42,500; Kosciusko Bank $47,795.20; Lauderdale, Lauderdale State Bank $7,000: Meadville, Bank of Franklin $17,379.85 Olive Branch, Bank of Olive Branch. $30,000 Sallis, Sallis Bank (receiver) $43,500; Tunica, Planters Bank $59,965 Tupelo, Citizens State Bank $39,014.23. The Interstate Trust and Banking Co., of New Orleans received a loan of $178,275.25. INSURANCE COMPANIES Birmingham, Lincoln Reserve In surance Co., $66,200. New Orleans, Union Indemnity Co., $400,000.
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STONE COUNTY ASKED TO PAY DEBT TO BANK Receiver Files Petition For Redemption of $9,725 In Warrants Held By Closed Gulfport Bank. Seeking compel the payment Stone county of rants certificates issued school fund that county 1929 and mandamus petition filed Friday the federal court Biloxi receiver the First National Bank in Gulfliquidation. The of the Stone County Board of Supervisors, whom petitioner claims have refused either the other petition filed them 1932, asking for the payment of these warrants certificates, named defendants Floyd MeHenry, clerk, named defendant by reason his being the board supervisors. the for the mandamus that funds the the total ing $5,520. of pay certificates totaling $4,205. ceiver the failed bank, them due course busiclaims were issued an mandatory order directing the payment the board the deemed and sought and the alternative that county does the funds hand this time pay same, asks order the recting tax county sufficient to pay the obligation. county school fund involved issued August September of 1929 by the chancery said. and the pay tificates in January of 1930 by the county superintendent education and purchased the National Bank They sent the Citizens Bank county depository Stone county prior to its in May. but back to the bank in Gulfport. of the Stone County Board named defendR. Smith. Vernon Brown, Lott. Breland and Dr. Switzer.
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RAWLINGS, BANK RECEIVER FILES SUIT IN ASSUMPSIT Invoking the powers of the court receiver for the First National Bank in Gulfport. has filed assumpsit involving $12,000 against the R. Inglis Company of Long Beach, Inglis, R. M. Inglis and Mrs. Catherine Inglis Hendrickson
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SUIT FILED TO MANDAMUS TOWN TO COLLECT TAX (Associated Press.) NEW ORLEANS, Sept. petition for mandamus to compel the town of Covington, La., to levy and collect tax to satisfy an alleged obligation of $20,339.81 to the First National at Gulfport, Miss., was filed in federal district court here yesterday by A. F. Rawlings. receiver for the bank. The petition alleged that the fed. eral court here on April 3, 1926, awarded $14,840.80 to Alonzo B. Hayden, Inc., contracting firm, which had installed sewerage improvements in Covington. This judg ment was later surrendered to the bank, the petition asserts, and the receiver is now seeking to recover that sum, plus interest. alleged that the town had issued bonds ostensibly to cover the cost of the work, but that the proceeds had been diverted other uses. Officials of the town are also named in the action.