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MISSISSIPPI BANK CLOSES DOORS. Low Price of Cotton Held Responsible for Pittsboro Suspension. Pittsboro, Miss. Oct. 28. - The First State Bank of this city closed its doors and went into the hands of the State Board of Bank Examiners several days ago, Mr. Harris of the board took charge and placed Auditor E. L. Crice to work checking up and auditing the books. Mr Carter finished his work and left town this morning, and it is learned that the condition of the bank is about as follows: Loans somewhere near $42,000, assets about $44,000 and deposits about $37,000. A. V. Lamar was appointed receiver, ard will proceed to liquidate the bank under the direction of the Board of Examiners. This bank was organized in the fall of 1911 by Guy Barber, whose intercst was soon purchased by local investors. W. J. Ligon was president and George W Bunch, cashier, they having served as such for the past ten months only. The capital stock was $10,000. The directors state that depositors will be paid in full. The Jow price of cotton caused the collections to be so slow that it became impossible to do any further business.
