Article Text
o GOOD SHOWING IN ANNUAL RE. PORT OF J. L. emerson, THE STATE superintendent. EMERSON SUBMITS REPORT 1 Few Failures Are for Most Part Quick. ly Adjusted to Satisfaction of Depositors-News at the State Capitol. S The report in part of J. -Nashville. L. Emerson, superintendent of state banks, to Gov. Rye is as follows: "Conditions were generally satisfactory during 1915. Directors and committees were more active, managers were more careful, and the banking business was more prosperous. There e eare now 399 state banks and eight y branch banks. Eight hundred and thirty-eight examinations were made 0 during the year. Two published statements were called for, one on March g e 30 and the other on Nov. 10. A com e parison of the March and November figures shows that the total resources of the banks increased $7,990,006.58. -deposits increaserd $6,810,914.38, and e reserve increased $1,085,490.78. ts "With reference to the bank failures er during the year, the following encoure aging facts are to be noted: The ePlanters Bank and Trust Company, of oTullahoma, failed, but depositors were ls paid in full within a very short time, en and a trustee representing the stock he holders is now liquidating the remain eing assets. On Feb. 4 the Peoples ne bank, Collierville, became involved in on some difficulties and closed its doors. Its troubles were soon adjusted, how ever, and it reported on Feb. 18, in ut volving no loss to depositors. he "Early in January the Citizens Bank his Maury City, failed. Every effort was he at once made to secure rapid liquida at tion, but since some unusual local contht ditions made it seem probable that his long and expensive litigation would be on necessary, it was the choice of the de. ent positors that a compromise settlement bse of 70 per cent be effected. This plan en was carried out after being submitted en to and approved by the court. led "There are some unfinished matters the ved in connection with banks that failed during 1914. ver les"The assets of the Citizens' bank owHuntingdon, were sold to the Farmers the State bank, the latter assuming the ose payment of depositors. Fifty per cent joy already has been paid, another divi imdend will be paid soon, and the pay tenment of the full amount due creditors inwill unoubtedly be made within the ace. course of a few months. "Another dividend of 12 per cent any making a total of 87 per cent, ha of been paid the creditors of the Van Bu ere ren bank, Spencer, and there is a sat ons isfactory prospect that payment of th able remaining 13 per cent will be mad verthis year. and "I am still acting as receiver of th the Mercantile bank, Memphis, and suit It pending. for the recovery of large sums are stil of "In the case of the Bank of Hun nce boldt, liquidation is very slow, but su in has been brought and is now pendin that against the directors for an amount hall sufficient to pay all creditors in ful the "The personnel of the departmer has had no changes and is composed hod of J. L. Emerson, superintendent; John Heflin, assistant; D. C. Borden, A. emWilliams, J. F. Joyner, H C Crumblis be and N B. Gentry, examiners; J. 1 Turrentine, secretary."
