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THE COMMERCIAL BANK creditors of the Commercial The of Knoxville had a meeting on which Bank of last week, at R. M. McTuesday President of the Bank, he was Esq., reported that all the satisfied Clung, that he could raise dolnecessary to pay every and money of the bank's indebtedness, if the lar handsome surplus left, The creditors have a would give him time. of for a further extension committee of request was referred to a investime five, with the instructions bank's books to fully and report furtigate to the propriety of granting meetas time. To a subsequent ther the creditors the a a report, the depositors and made ing of lengthy amounts, giving committee New list the of certificates of deposit. unpaid notes checks, over drafts, and There York and due the bank. depositors. 99. 81 $127,681 purchased were 118 depositors, Amount aggregating aggre due $48,168 83. Unpaid different gating banks, $6,602 45. In all York checks, $9,227. The com New aggregating $143,533 62. of report the indebtedness to be mittee bank officers to the bank $101,815 the 52, and say that aside good from asthis indebtedness, they find 810,000. the amount of about tend sets to report other matters complete- that They conclusively the these ness to prove of the failure. Amongst properties of the facts that the President are President and Vice full the already incumbered to their evidence are and that no written could value, the organization of the bank the offi of found. The only hope be of the bank have of them. replacing the cers money over drawn by sale of an the say, is in the steel, interest committee in a patent for making course. So, is uncertain of be only a which was at first thought to prove what suspension, is likely to Notwith a disastrous failure. most great ansiety of first the standing the bank when the creditors of the of its condition busi- was announcement the high character and of the ness made, qualities influenced of the the creditors officers to give to bank two months time in The which report them matters square. creditors is make committee to the astonishing of the and unpleasantly to a fur. minute facts developed. As officers in the extension of time to the and of ther the bank the committee say of suggest: Sixty days ago, at of the the meeting Bank recreditors, the officers within which to quested the until indebtedness now, to have due ample from as means the pay claiming well the back assurance Bank, with which of to responsible do it, as persons to them. creditors voluntarily expected granted The indulgence asked, and Bank would, officials of the their in good faith, without dual means the that the intact preserve prejudic- indivi- reus ing vested rights. communications now to are, And the as we feel uncertain forced ferred to indefinite and as to contain time, no as to of future asked report, guarantees promises, action suffi- to base cient thereon the indulgence for. basis of this application means seems The the hope of obtaining right which to be the sale of a patent little more from cost the bank but a to replace the has with which opinion large than $7,000, sums that should, be represented in the by of the committee, but in fact represchedule Committee, sented legitimate by assets, No, however, 10. dealexist, suggest be such) ing Your with that the the facts stockholders as they convey (who admit to themselves to entire estate, real, personal patent new Trustee and their mixed, including right, for their the evinterest equal benefit in the of their creditors Messrs. of ery character. that McClung It is also and in suggested Bearden their efforts be under to permitted dispose such of Trustee to continue that and interest, and, accounting should acting to a him sum for suffi the proceeds to discharge the other sour realized from be or cient be right that indebtedness reconveyed, disposces, that with the any estate not together the proper party. in ed of, to however, that It is suggested, this arrangement care prothe making be taken of that no stockholders right to ceed should against the other be waived. Col. Hu. L. Trustee McClung and resigned James Com his position as was chosen in his place, this fort, Esq., being unwilling at bank the time creditors to enter proceedings in ruptcy.
