First National Bank (Gulfport, MS)

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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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Kaplan Bank Kaplan, Kaplan State Bank $14,693.

Lake Providence, Lake Providence Bank $21,000.

Napoleonville, Citizens Bank and Trust Company $20,000.

Natchitoches, Exchange Bank of Natchitoches $35,000.

Natchitoches, Merchants and Farmers Bank (repaid in full) $12,500.

New Orleans, Interstate Trust and Banking Company $178,275.50.

Paincourtville, Bank of Paincourtville $15,450.

Ponchatoula, Ponchatoula Bank and Trust Company $40,000.

Saint Joseph, Bank of St. Joseph and Trust Company $45,000.

St. Martinville, Bank of St. Martinville $11,000.

Springhill, Commercial Bank and Trust Company $20,000.

Mississippi:

Biloxi, Peoples Bank $20,000.

Booneville, Bank of Booneville, The, $84,500.

Clinton, Bank of Clinton $13,315.40.

Greenwood, Greenwood Savings Bank (received) $140,000.

Gulfport, First National Bank in Gulfport (receiver) $280,000.

Kosciusko, Guaranty Bank and

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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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BONDHOLDERS BUY EDGEWATER

Large Mississippi Coast Hotel Bid In For $88,000 at Mortgage Foreclosure Sale Today.

The Edgewater Gulf Hotel that went on the auction block today at Gulfport by virtue of a bond mortgage foreclosure sale brought $88,500 when bid in by O. J. Dedeaux, Gulfport attorney representing the bondholders.

The big hostelry, finest of the resort hotels on the Mississippi Coast and valued at the time of its construction some six years ago at a million and a half dollars, was sold because of default by the Edgewater Gulf Hotel Company in the payment of mortgage bonds totaling $980,000.

The property sold included the hotel and its furnishings, the beautiful grounds and the extensive golf course in connection therewith, it was said. The sale was made by Eustis McManus, chancery clerk as special commissioner.

The First Union Trust and Savings Bank of Chicago and Rufus Chapin, trustee, were the foreclosing complainants.

HOLMHAVEN-ON-GULF AND MIRAMAR SELL FOR $6500

Sold today under mortgage foreclosure proceedings to satisfy a $54,000 chancery court judgment in favor of A. F. Rawlings, receiver for the First National Bank in Gulfport, the beach property between Gulfport and Biloxi, known as Holm-haven-on-The-Gulf and Miramar subdivisions, was bid in by the bank receiver at $6,500.

It is considered a valuable and very desirably located piece of property and has been laid out and improved as a residential subdivision.

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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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EFFECT BANK COMPROMISE

Agreement Reached Between Receiver A. F. Rawlings and Receivers of Union Indemnity Company.

New Orleans, March 17.—(AP)—Petition of receivers for the Union Indemnity Company, asking authority to sign a compromise agreement with the First National Bank of Gulfport, Miss., also in receivership, has been filed with Judge Michel Provosty in civil district court.

The petition said the agreement had been reached with A. F. Rawlings, the bank's receiver, subject to approval by the civil court, comptroller of the currency and the International Re-Insurance Corporation.

During February, 1931, the Union Indemnity and the New York Indemnity Company, executed bonds as security for the Gulfport bank in favor of Harrison county for about $435,000 as security for the county's deposits in the bank. Since receivership of the bank, attempt have been made to reach a compromise.

The above compromise in substance provides that the bills receivable and other securities now held by the Union Indemnity Company receivers, the title to which is vested in the First National Bank in Gulfport, are to be returned to the local receiver to be liquidated in an orderly manner for account of the Union Indemnity Company receivers, until the balance of the indebtedness to said Company is paid, at which time the remaining collateral is to then become the property of the creditors of the First National Bank in Gulfport free and clear of any liens of encumbrances.

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New Orleans, March 17.—(AP)—Petition of receivers for the Union Indemnity Company, asking authority to sign a compromise agreement with the First National Bank of Gulfport, Miss., also in receivership, has been filed with Judge Michel Provosty in civil district court.

The petition said the agreement had been reached with A. F. Rawlings, the bank's receiver, subject to approval by the civil court, comptroller of the currency and the International Re-Insurance Corporation.

During February, 1931, the Union Indemnity and the New York Indemnity Company, executed bonds as security for the Gulfport bank in favor of Harrison county for about $435,000 as security for the county's deposits in the bank. Since receivership of the bank, attempt have been made to reach a compromise.

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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.

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A fitting finale to the successful real estate sale made Thursday by Britt Davis and his assistants of distressed property for the First National Bank in Gulfport, of which A. F. Rawlings its receiver, was the banquet given last night at Hotel Markham by Britt Davis, who has a contract with the Comptroller of the Currency for making such sales.