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A BANK FAILS OPEN (American News Service) Vernon, Mich., Nov. 30.-The Vernon Exchange bank, capitalized at $20,000, failed to opin today. A petition for the appointment of C. R. McLaughlin as receiver was made to the circuit court by one of the owners of the institution, Frank Sergeant. Ned Sergeant son of the petitioner, and Cashier, has not been seen since last Thursday, it is said.
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WILL DEMAND BANK BE THROWN INTO BANKRUPTCY Fifty Creditors of the Wrecked Exchange Bank of Vernon, Adopt Plan At Stormy Session. owosso. Mich., Dec. 7.- Special) -Fifty creditors of the wrecked Exchange Bank of Sergeant met at Vernon Monday night. After a stormy session they decided unanimously to hire an attorney and demand the bank to be thrown into bankruptcy. This action was taken because the receiver was appointed at the request of Frank Sergeant, a member of the banking firm. whom they fear will attempt to The meeting evade responsibility. decided to also begin procedings against Arthur Garrison, a former partner. now in California, because of outstanding certificates of deposit signed by the firm of Garrison and Sergeant.
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WILL DEMAND BANK BE THROWN INTO BANKRUPTCY Fifty Creditors of the Wrecked Exchange Bank of Vernon, Adopt Plan At Stormy Session. owosso, Mich., Dec. 7.-(Special) -Fifty creditors of the wrecked Exchange Bank of Sergeant met at Vernon Monday night. After a stormy session they decided unanimously to hire an attorney and demand the bank to be thrown into bankruptcy. This action was taken because the receiver was appointed at the request of Frank Sergeant, a member of the banking firm, whom they fear will attempt to evade responsibility. The meeting decided, to also begin procedings against Arthur Garrison, a former partner. now in California, because of outstanding certificates of deposit signed by the firm of Garrison and Sergeant.
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VERNON BANK CREDITORS MEET Corunna, Dec., 7.- (Special -A meeting of the creditors of the insolvent Exchange bank of Vernon was held Monday evening in the store of U. P. Ferguson. About fifty were present at the meeting. Attorney E. H. Lyon of St. Johns was also present, looking after the interests of some of the creditors. Mark Byington was chosen chairman of the meeting. Mr. Ferguson explained the cause for the meeting and stated that he for one was opposed to the method which was being used to settle the affairs of the bank, and that he was in favor of starting bankruptcy proceedings against Sergeant & Sergeant. Atty. Lyon was then called upon to explain to them the difference between bankruptcy proceedings and having the matter in the hands of a receiver. He went over the matter as he understood it. and advised them that if there was not some special reason why they wanted the matter thrown into bankruptcy, that it would be better for them to leave the matter as it is now. Mr. Lyon explained to them that what to do is to get the most money possible out of the matter with the smallest amount of expense. If they could not do this without going into bankruptcy, why start proceedings at once. Mr. Lyon was asked several questions concerning the affairs of the bank. Mr. Lyon explained that he did believe that the Detroit First National Bank could be held legally responsible for those checks amounting to nearly $800 which they had protested. It was his opinion that the Detroit bank was too careless in not looking into the matter after the Vernon bank refused to pay the checks drawn upon them. Mr. Lyon was then shown one of the certificates of deposit signed by Garrison & Sergeant. and was asked if Garrison could be held for the amount. He stated that he believed he could. A motion was then made to have Sergeant & Sergeant thrown into bankruptcy. After some discussion the question was put to a vote. Nearly every creditor present was in favor of pursuing this method instead of the one being employed now.- As one member stated, "It is not because we do not think that C. R. McLaughlin. the present receiver would not do all in his power to help us. but it is because we want to get after F. E. Sergeant as well as Ned Sergeant. We believe that this would be the quickest way to get after the matter." A motion was then made that ,a committee of three be appointed to look after the matter and to hire an attorney, to start the proceedings without delay. The motion carried and the chair annointed U. P. Ferguson. Frank DeHart and L. W. VanAlstine as the committee of three. Ther held a meeting in the store and Edwin Lyons of St. Johns was hired to look after their interest in the matter. Ned Sergeant arrived home from Detroit Monday evening and it was reported that he had recovered from his injury which. he says, he sustained by being held up in Detroit. Attorney Lyon said he would meet with the committee of three in Vernon Tuesday evening.
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INSOLVENT THREE YEARS. Cashier Sargent Testifies Regarding Failure of Vernon Bank. CORUNNA, Mich., June 7.-Hearing of creditors of the defunct Exchange Bank of Vernon, who seek preferred claims, was given in the circuit court yesterday, during which Ned Sargent, the bank's cashier, testified that the bank had been insolvent three or four years, and that both he and his former partner, Arther Garrison, had knowledge of it. He stated the insolvency dated from the time E. M. Hopkins, a promoter, defaulted on the payment of a $4,000 note. Garrison is in California and the receiver of the bank has attached his home in Vernon. The Brooks Elevator company, of Toledo, and several other creditors, who had deposited money to meet drafts, seek to have their claims declared preferred, while other creditors want all claims treated alike. Judge Miner ordered briefs filed in the case.
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INSOLVENT THREE YEARS. Cashier Sargent Testifies Regarding Failure of Vernon Bank. 1 CORUNNA, Mich., June 7.-Hearing of creditors of the defunct Exchange 1 Bank of Vernon, who seek preferred 1 claims, was given in the circuit court yesterday, during which Ned Sargent, the bank's cashier, testified that the bank had been insolvent three or four 1 years, and that both he and his former partner, Arther Garrison, had knowlI edge of it. 'He stated the insolvency I dated from the time E. M. Hopkins, a promoter, defaulted on the payment of a $4,000 note. Garrison is in California and the receiver of the bank has attached his home in Vernon. The Brooks Elevator company, of Toledo, and several other creditors: who had deposited money to meet drafts, seek to have their claims declared preferred, while other creditors want all claims treated alike. Judge Miner ordered briefs filed in the case.