555af3fdFull suspension
Other: Receiver appointed; legal proceedings regarding receivers continued into 1904.
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EL DORADO BANK CLOSED. El Dorado, Aug. 24.-The Bank of El Dorado, with a capital stock of $50,000, closed its doors today. The assets and liabilities are unknown at this time. A receiver will be appointed as soon as possible. It is reported that the depositors will be paid in full and that the bank's stockholders will lose nothing.
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RECEIVER IS ASKED. Run on Bank of El Dorado and Lake Failure Forced Issue. El Dorado, Aug. 25.-Notice is posted on the front door of the bank of El Dorado asking for a receiver on aecount of an unusual demand upon them Saturday and their impaired credit abroad as a result of the AlphinLake Cotton company failure.
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EL DORADO BANK CLOSED. El Dorado, Aug. 24.-The Bank of El Dorado, with a capital stock of $50,000, closed its doors today. The assets and liabilities are unknown at this time. A receiver will be appointed as soon as possible. It is reported that the depositors will be paid in full and that the bank's stockholders will lose nothing.
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BRIEF MENTION. The Bank of El Dorado has been closed. The failure of the bank is due to the Alphin-Lake failure of several months ago. The safe in the postoffice at Lincoln, a small town west of Prairie Grove, was blown open by burglars, who secured only a small sum in cash. P. A. Douglass, machinist for the De Witt Ginning and Milling Company, fell against the large circular saw of the milling company, while it was in rapid motion, and was cut across the back and shoulders in a frightful manner. P. A. Douglass, cashier of the Bank of Danville, which was recently placed in the hands of a receiver, and who mysteriously disappeared, is still missing. A warrant has been issued for the arrest of Dallas Hunter charging him with the murder of Will Lee in Union county July 6. Lee was from ambush a few miles home The accused of L
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RAILROAD COMPANY WILL HAVE AGENTS. Repetition of Eldorado Frauds Will Be Prevented By Placing of Agents at Every Compress Point. It is learned from reliable authority that th Iron Mountain Railroad Company wi place an agent at each cotton compress point in the state who will receive and sign the cotton delivered on compress property. The compress company will be required to give an indemnity bond to the railroad company and the superintendent of eachcompresswill be made the agent of the railroad company as well. As soon as the cotton is received on the compress property the railroad agent will give a certificate that the cotton is in possession of the railroad company, and on this certificate the cotton buyer or shipper can secure a bill of lading. This method will make it impossible to "kite" receipts or practice fraud, and will protect all parties interested, from the country shipper to the receiver of the cotton at the final point of destination, whether it be at a milling point or a foreign port. This regulation has been brought about by the experience of the railroad companies in the gigantic frauds recently perpetrated at Eldorado, which resulted in the failure of the Alphin-Lake Company, the Bank of Little Rock, the Bank of Eldorado, and a loss of nearly $200,000 to the railroad companies, besides individual losses that can never be scheduled. The new rules will be made effective as soon as some of the minor details can be arranged, and when once fully understood by shippers, receivers and the general public, will be welcomed as a happy solution of the hitherto question of the proper handling of cotton by the railroads. All roads will practically adopt the same method, with a few minor differences.
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AN AGENT TO BE PLACED AT EACH COTTON COMPRESS POINT BY IRON MOUNTAIN, Plan Adopted by the Railroad Company to Prevent "Kiting" Cot. ton Receipts. it is learned from reliable authority that the iron Mountain Railroad com pany will place an agent at each cot. ton compress point in the state who will receive and sign for cotton de livered on compress property, says the Little Rock Gazette. The compress company will be required to give an indemnity bond to the railroad company and the superintendent of each compress will be made the agent of the railroad company as well. As soon as the cotton is received on the compress property the railroad agent will give a certificate that the cotton is in possession of the railroad company and on this certificate the cotton buyer or shipper can secure a bill of lading. This method will make it impossible to "kite" receipts or practice fraud, and will protect all parties interested. from the country shipper to the receiver of the cotton at the final point of destination. whether it be " 9 milling point 0: a foreign pori. This regulation has been brought about by the experience of the railroad companies in the gigantic frauds l'ecently perpetrated in El Dorado. which resulted in the failure of the AlphinLake company. the Bank of Little Rock. the Bank of El Dorado. and a loss of nearly $200,000 to the railroad companies, besides individual losses that can never be scheduled. The new rules will be made effective as soon as some of the minor details can be arranged, and when once fully understood by shippers. receivers and general public, will be welcomed as a happy solution of the hitherto vexatious question of the proper handling of cotton by the railroads. All roads
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RAILROAD COMPANY WILL HAVE AGENTS. Repetition of Eldorado Frauds Will Be Prevented By Placing of Agents at Every Compress Point. It is learned from reliable authority that the Iron Mountain Railroad Company will place an agent at each cotton compress point in the state who will receive and sign the cotton delivered on compress property. The compress company will be required to give an indemnity bond to the railroad company and the superintendent of eachcompresswill be made the agent of the railroad company as well. As soon as the cotton is received on the compress property the railroad agent will give a certificate that the cotton is in possession of the railroad company, and on this certificate the cotton buyer or shipper can secure a bill of lading. This method will make it impossible to "kite" receipts or practice fraud, and will protect all parties interested, from the country shipper to the receiver of the cotton at the final point of destination, whether it be at a milling point or a foreign port. This regulation has been brought about by the experience of the railroad companies in the gigantic frauds recently perpetrated at Eldorado, which resulted in the failure of the Alphin-Lake Company, the Bank of Little Rock, the Bank of Eldorado, and a loss of nearly $200,000 to the railroad companies, besides individual losses that can never be scheduled. The new rules will be made effective as soon as some of the minor details can be arranged, and when once fully understood by shippers, receivers and the general public, will be welcomed as a happy solution of the hitherto question of the proper handling of cotton by the railroads. All roads will practically adopt the same method, with a few minor differences.
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CHANCELLOR HART APPROVED BOND. El Dorado, June 7.-Chancellor Hart in the case of the Bank of El Dorado today approved the bond of W. J. Miles as receiver, but did not discharge E. H. Smith, the receiver appointed by Judge Mahoney, and continued the case until June 30. He will look into the case thoroughly by that time. Chancellor Hart left this afternoon for Little Rock.