1.
November 19, 1912
The Hattiesburg News
Hattiesburg, MS
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RECEIVERS NAMED FOR MERIDIAN BANK UNION BANK AND TRUST COMPANY FORCED TO CLOSE DOORS TEMPORARILY. Meridian, Miss., Nov. 18.-A few moments after 12 o'clock this morning Hon. J. M. McBreath of this city, as attorney for the stockholders and depositors of the Union Bank & Trust company here, one of the largest banks in Mississippi, presented to Chancellor Sam Whitman at Bay Springs an application for the appointment of temporary receivers of the bank. The chancellor appointed E. L. Bostick, a well known lumberman of Meridian, and J. A. McCain, cashier of the Merchants & Farmers' bank of Meridian, as temporary receivers, under a bond which will be made promptly thi smorning in Meridian. They will be in charge of the Union Bank & Trust company, which will not open its doors this morning, and the two receivers will at once proceed to a more thorough investigation of the affairs of the bank. Mr. McBeath stated that the action was taken as a measure of protection to the depositors and to conserve the resources of the bank, which it is expected. will be reorganized and placed upon a better footing in the future. The receivership is a temporary
2.
November 26, 1912
The Hattiesburg News
Hattiesburg, MS
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PLAN TO REOPEN MERIDIAN BANK Meridian, Miss., Nov. 26.-Stockholders of the Union Bank & Trust Company Monday decided, If the consent of depositors could be obtained, to ask the court to discharge the receivers and place the affairs of the bank in the hands of a committee composed of F. W. Williams, Joe Meyer, E. S. Bocstick of this city, and Dr. J. B. Marshall of Mobile, all to serve without pay, eliminating the cost of a receivership. It was stated by a committeeman that there was every reason to believe that all depositors would be paid dollar for dollar and that there would be a substantial part for the stockholders. It is also the purpose of the committee to devise plans for reopening the bank.
3.
December 19, 1912
The Neshoba Democrat
Philadelphia, MS
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epositors Reassured. Meridian.-Nothing new has developed 1 the future of the Union Bank and trust Company, which was placed in the ands of receivers, after the bank closed doors three weeks ago. The stockolders and others are still firm in their slief that depositors will be paid in ill.
4.
December 20, 1912
Greene County Herald
Leakesville, MS
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Depositors Reassured. Meridian.-Nothing new has developed in the future of the Union Bank and Trust Company, which was placed in the hands of receivers, after the bank closed its doors three weeks ago. The stockholders and others are still firm in their belief that depositors will be paid in full.
5.
September 19, 1913
The Grenada Sentinel
Grenada, MS
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$700,000 Instead of $100,000. In our editorial columns of Sept, 7, we commented on the allowance of $50,000 made by the chancery judge at Meridian to the three attorneys and two receivers of the defunct Union Bank and Trust Co. When we made that comment we were under the impression that only $100,000 had been paid to the stockholders but Hon. J. M. McBeth, one of the attorneys, writes us that nearly $700,000 had been paid the stockholders. We gladly make the correction and take occasion here to congratulate our distinguished friend, Mr. McBeth. EDITOR.
6.
February 5, 1914
Oxford Eagle
Oxford, MS
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STATE SCHOOLS GIVEN $1,600,000 EVENTS IN STATE CAPITAL INCREASE APPROPRIATION REC. OMMENDED BY HOUSE COMMITTEE IN REPORT. Doings in the Various Departments of the Government of the Commonwealth Reported for Benefit of Our Readers. -Jackson. An important feature in the house was the report of the appropriations committee fixing the basis for the common school appropriation at $2.25 per capita or approximately $1,600,000 per annum. This is an increase of about $150,000 per year over the last appropriation. In his biennial message Gov. Brewer recommended liberality in dealing with the common schools, and the educational leaders have been hard at work ever since the session convened for a larger appropriation. The senate judiciary committee has made favorable report on the Cavett resolution, adopted unanimously in the house, ordering an investigation of the official conduct of Chancellor Sam Whitman, Jr., especially in regard to an alleged excessive fee of $50,000 granted by him to the receivers and attorneys of the defunct Union Bank & Trust company at Meridian.
7.
February 6, 1914
Macon Beacon
Macon, MS
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Letter from Mr. Brame. -To the Beacon: I am just in receipt of a letter from "Big Bud," who is at his son-in-law's, Dr. Roberts, at the A. & M. College. He writes that he hopes to be back Sunday. I miss him; in fact, we all miss him. His concurrent resolution to investigate the allowance of the large sum of $50,000 to the receivers and attorneys connected with the defunct Union Bank & Trust Co., of Meridian, has passed both Houses, and the committee will investigate the matter. We are all very anxious about Senator Price, and trust that he will soon be back in his place, where he is so much needed. Mr. Minor, as chairman of the Local and Private committee, is kept very busy and gives eminent satisfaction I introduced a bill with the view of relieving his committee and the House from passing on so many local bills to reimburse parties having stock killed or injured by defective bridges and culverts. Mr. Minor and myself prepared a substitute and this passed the House and is now before the Senate. Its purpose is to allow the Boards of Supervisors, in their discretion, to settle these claims. The House is now being flooded with another class of local bills, for which a general bill should be passed, viz: To pay for cattle killed by dipping under the tick eradication law. If we are got ing to force people to dip their cattle. b those that are killed by the act of dipping, through no fault of the owner. should be paid for them. We hope to get through further legisse tion relative to road laws of the state before the session closes, W We are always glad to welcome all u our friends from Noxubee, and if they can't come down. we will take pleasure ri in trying to assist them in any matter ty of interest to them. ti Adjt.-Gen. Scales, I understand, is to filling the role of soldier in his new pova ation in a way that is very gratifying CO to his friends and the members of the National Guard. in I thought Mrs. Brame would become fu tired before now and would want to go bl back home, but she seems to be very much satisfied. Yours, wh T. W. BRAME. its
8.
February 6, 1914
The Grenada Sentinel
Grenada, MS
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# State School Get $1,600,000.
An important feature in the house was the report of the appropriations committee fixing the basis for the common school appropriation at $2.25 per capita or approximately $1,600,000 per annum. This is an increase of about $150,000 per year over the last appropriation.
In his biennial message Gov. Brewer recommended liberality in dealing with the common schools, and the educational leaders have been hard at work ever since the session convened for a larger appropriation.
The senate judiciary committee has made favorable report on the Cavett resolution, adopted unanimously in the house, ordering an investigation of the official conduct of Chancellor Sam Whitman, Jr., especially in regard to an alleged excessive fee of $50,000 granted by him to the receivers and attorneys of the defunct Union Bank & Trust company at Meridian.
9.
February 28, 1914
The Semi-Weekly Leader
Brookhaven, MS
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House Censures Chancellor for Fifty Thousand Dollar Fee. Jackson, Miss., Feb. 25. -By a vote of 68 yeas to 32 nays the House of Rperesentatives today adopted a resolution censuring Judge Samuel Whitman, Jr., of the Second Chancery Court District for his conduct in allowing a fee of $50.000 to the receivers and attorneys of the defunct Union Bank and Trust Company of Meridian. Immediately following the adoption of the resolution of censure the House passed a concurrent resolution notifying Judge Whitman that he would be addressed out of office, and citing him to appear before the Legislature to defend himself. Meantime, the Jones County Bar Association adopted strong resolutions commending Chancellor Sam Whitman, Jr as a "capable, in. corrupt and efficient judge," and expressing its contempt for the motives that prompted an attack upon him that culminated in a legislative investigation. The committee exonerated Judge Whitman, and the Jones county lawyers state in their resolutions that they are anxious to express their "unalterable confidence in the ability, fairness, honesty and integrity of said chancellor." " This action of the lawyers of Jones county, reminds us of nothing as much as whose ox is gored'' in the matter. Lawyers who grant or accept exorbitant, and consequently, dishonest fees are just as guilty of abuse and misuse of the people's confidence and their funds as is generally the case with bank officials. Theonly difference 18 the depositors' money changes hands. It 18 takingadvantage of position to the utter disregard of the rights of others.
10.
March 6, 1914
Macon Beacon
Macon, MS
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$ WHITMAN SEEKS VINDICATION. The Vicksburg Herald, several months ago, had a very strong editorial in regard to payment of a fifty thousand dollar fee to the lawyers and receivers of the Union Bank & Trust Co., of Meridian, and has the following to say anent the action of the legislature in regard to Chancellor Whitman: After the committee report and its acquittal of Chancellor Whitman of violating the law, and nothing venal being attributed to his dereliction, The Herald thinks the legislature crossed the line of justice and law, in calling for his retirement from office. A vote of censure was sufficient it seems to carry the needed warning. But any reply from the chancellor in which he may seek to justify the $57,000 fees. etc., he allowed the receivers and lawyers in the case of the suspended Union Bank & Trust Co., wiil have few converts. In view of the labor involved, and their previous earning capacity, they were grossly overpaid and the depositors grossly wronged. A vincicatory election of the chancellor in the face of such facts, is a matter for the determination of his constituents.
11.
May 1, 1914
Macon Beacon
Macon, MS
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# Bank Suit Thrown Out.
A surprise was caused in circuit court at Meridian, when the case of Receivers J. A. McCain and W. C. Moore of the Union Bank and Trust company against I. Blum, for the recovery of $1,175 on alleged promis-sory notes, was withdrawn.
12.
August 21, 1914
Macon Beacon
Macon, MS
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# Another Dividend Soon.
Meridian.—As soon as sales of real estate, held by the receivers of the Union Bank & Trust Co., as collateral, are held and collections made, another dividend will be paid depositors of the institution which failed over a year ago.
13.
February 26, 1915
The Grenada Sentinel
Grenada, MS
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# GETTING INTO POLITICS.
The failure of the Union Bank and Trust Co. of Meridian and the payment of a fee of $50,000.00 at one time to the attorneys and receivers is causing a great stir in Lauderdale county and is about to get into the politics of the county. J. M. McBeth, one of the attorneys, is the leader in that county of the faction supporting the Lieutenant Governor, and the widows and the orphans and other people of the county who had their all in the failed bank are, unable to reconcile an attorney's fee, for ten month's services, of $50,000.00 with a proper regard for the rights of the public. Besides the fifty thousand dollars, it seems that there was an additional allowance of ONLY $16,000.00 for expenses. Press dispatches state that suit is being filed in the name of Mrs. Lula Miller of Lauderdale station asking that the attorneys and receivers be made to "cough up" the big fee. The petition of Mrs. Miller charges that there was secrecy in filing the request for the fee and that the interested parties were not given notice. Mrs. Miller further states in her petition as follows:
"Your petititoner shows on information that said receivers not having sufficient funds in their hands to pay themselves the said allowance of $50,000 borrowed as receivers a considerable amount from the Merchants and Farmers' Bank with which to pay themselves and on which amount so borrowed the estate is forced to pay interest; all of which is unlawful, unjust and inequitable."
In view of the fact that these attorneys kept full connection with their other duties and that the service they rendered the defunct Bank took but little of their time it does appear that the fee was beyond all reason and their is little wonder that the people of Lauderdale county are wrought up over it.
14.
March 5, 1915
Macon Beacon
Macon, MS
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COMPROMISE IN THE MERIDIAN UNION BANK AND TRUST COMPANY. $90,000 FOR THE DEPOSITORS Receivers to Be Paid Half of the Sum In Thirty Days-Remainder On or Before November 16, Next. -Jackson. An agreement reached between directors and officers of the defunct Union Bank and Trust Company, Attorney-General Collins and District Attorney Buckley was explained in circuit court at Meridian, Attorney Bozeman acting as spokesman for the defendants and counsel. Attorney-General Collins first announced that the state recommended to the court that a jury verdict of not guilty be entered on the docket for all defendants in the bank cases. This was ordered by the court. The agreement reached between the state's attorneys and the defendants was that $45,000 of the $90,000 due depositors and creditors of the Union Bank & Trust Company should be paid within 30 days, and the remaining $45,000 to be paid on or before Nov. 16, 1915. The money 10 to be paid into the hands of the receivers, to be distributed by them within 30 days. The $45,000 is in the nature of a loan to the receivers. A thorough guarantee was given Attorney-General Collins that the provisions of the contract would be carried out in the time stipulated. It is understood that through the paying of depositors those officers and directors who are under indictment by the grand jury will not be prosecuted. The state's attorneys thought that if a settlement could be effected whereby the depositors received their money, all insistence for the prosecution of the directors would diminish and everybody be satisfied.
15.
May 8, 1915
The Hattiesburg News
Hattiesburg, MS
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DAMAGES ARE GIVEN. Meridian, Miss., May 8.-The jury after being out all night returned a verdict this morning awarding H. J. Woods $5,500 damages with six per cent interest from November 16, 1912, against Sam Meyer. The total amount is $6,315.82. The suit involved the condition of the Union Bank & Trust Company, which failed November 16, 1912. Mr. Woods alleged that he had a conversation with Mr. Meyer, a director in the bank from its organization, in June and July, 1912, with reference to the purchase of fifty shares of stock and the sale of fifty-four shares owned by him. He claimed that Meyer told him the bank was in good condition. Meyer denied on the witness stand that he had held any conversation with Woods. The case is of state-wide interest, because of the various phases which the failure of the bank has assumed and the involving of prominent men. The bank at the time of its failure, had 2,000 depositors. The allowance of $50,000 attorneys' and receivers' fees, brought forth an effort before the legislature to address Chancellor Whitman out of office. The attempt failing, various suits have been filed and criminal prosecution brought in which Governor Brewer and Attorney-General Collins took a hand. The criminal prosecution has been dropped. Part of the amount due creditors has been paid under an agreement. About $45,000 is still due which is to be paid next November. At the time the bank failed, it had liabilities of almost $1,000,000.