85004171366 8500417
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85-004151f771a3c4098bddNone
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Bank Goes Under Natchez, Miss., October 30.-A notice posted on the door of the First Natchez bank this morning announced the fact that the bank has been placed in the hands of receivers who will wind up its affairs. The bank was capitalized at $250,000 and had a surplus of $40,000. No statement of liabilities and assets was made. It is stated that all depositors will be paid in full.
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$2,000,000 Bank in Mississippi Fails NATCHEZ, MISS., Oct. 30.-The First Natchez Bank to-day was placed in the hands of receivers. The bank has a capital of $250,000 and deposits of $2,000,000. It was stated that the depositors would be paid in full.
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Negro Bank Fails. Natchez.-The Bluff City Savings Bank, a negro institution, closed its doors on account of a run made as a result of the failure of the First Natchez Bank.
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STATEMENT OF FIRST NATCHEZ BANK. We publish below the statement of the affairs of the First Natchez Bank, made up by the accountant employed by the Receivers of the defunct institution. The statement does not throw much light on the subject and leaves depositors as much in the dark as to what dividends they may expect as they were before the statement came out. The accountant promises us to file, at an early date, a detailed statement, and after that is' done, and the character of the collateral held as security for the loans and discounts is made public, some defiinite idea of the Bank's condition and what depositors will get will be had. ASSETS.
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Receivers May Sue. Natchez.-In the chancery court, Chancellor Cutrer issued an order authorizing the receivers for the First Natchez Bank to enter suits against all persons indebted to the bank who fall to make settlement within a reasonable time. The bank closed its doors October 29.
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JUDGE ORDERS PROBE OF B INK FIRST NATCHEZ BANK TO RECEIVE THOROUGH INVESTIGATION BY GRAND JURY. Ntchez, Miss., March 5.-Judge R. E. Jackson, in the Adams county Circuit Court, has directed the grand jury to investigate the failure of the First Natchez Bank and defined the law covering embezzlement, accepting deposits knowing the bank to be insolvent and officers swearing a bank is sound when it is insolvent. The bank suspended October 29, 1912, with $15,872 cash, and, according to official figures, held deposits subject to check and certificates of deposit $1,323,296. The report of an accountant declared that depositors would probably receive not more than 15 per cent, as quite an amount of securities had been rediscounted and were held by outsiders.
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BANKERS GO TO JAIL. Natchez, Miss., April 6.-Andrew G. Campbell, president; S. H. Lowenburg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicted recently for receiving deposits after the bank was insolvent, went to jail here today in order that a writ of habeas corpus might issue. They were under bond for their appearance tomorrow for trial in the Adams county circuit court. The trial is estopped. The writ of habeas corpus was granted today by the state supreme court and is returnable tomorrow before Chancellor Jones at Jackson.
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Mississippi Bankers in Jail. Natchez, Miss.-Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.
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Mississippi Bankers in Jail. Natchez, Miss.Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.
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Mississippi Bankers in Jail. Natchez, Miss.-Andrew G. Campbell, president; S. H. Lowenberg, first vice president, and R. Lee Wood, second vice president of the suspended First Natchez bank, indicated recently for receiving deposits after the bank was insolvent, went to jail in order that a writ of habeas corpus might issue.
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SIGNIFICANT PLANTATION LOANS. Accountant Gives Illuminating Figures From Books of First Natchez Bank. Natchez, Miss., April 20.-The cross-examination of R. E. Connor, special accountant. employed by the depositors of the First Natchez Bank, continued all today Connor tesified that A. G. Campbell, president of the bank, had on deposit at the time of its suspension, $83.96. Witness stated that since January, 1909, the bank had paid out $83,320 in dividends to stockholders. The indebtedness of the planting companies was stated, and the connection of the officers of the bank. It was stated that A. G. Campbell was the vice president and a stockholder of the Adams Land Company, that the Ballina Planting Company stood in the names of A. G. Campbell, W. P. Campbell and H. M. Gaither; that March 1, 1909, the total indebtedness of the Adams Land Company to the First Natchez Bank was $14,097.70, and at the time the bank closed was $212,682. The witness testified that the Ellen H. Green Company owed the bank March 1, 1909, $153,973 29. At the time the bank closed it owed $357,967.39. Other planting companies followed, and Mr. Connor testified that the indebtedness of all of them had increased by large amounts. J. D. Miller, tax assessor of Concordia parish, where most of the lands are situated, testified that $20 per acre IS a fair valuation. A number of letters were read from out-of-town banks, written before the failure, requesting that notes from loans be retired. The case will continue through the week.
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COMPROMISE SOUGHT. Receiver Has Proposition to Make to Stockholders. Natchez.- P. Conner, receiver for the First Natchez bank, which closed Oct. 29 last year, will ask Chancellor Cutrer for authority to make a proposition to the stockholders, offering to accept one-half the amount of the dividends paid to them since Jan. 1. 1910, at which time the bank became insolvent. Mr. Conner said that on that date the bank was out $485,000. Several of the bank officials have been indicted, and the president, A. G. Campbell, convicted on one count, but is now under bond pending an appeal to the supreme court. A movement is under way to effect a compromise, the officers and directors to pay something to the creditors and all litigation tb be withdrawn. The receiver has filed suit against the directors for a million and a quarter. The depositors have not received a cent since the bank closed. A number of compromises of large loans at 25 and 30 per cent were made and $80,000 deposited in a local bank. The order issued by Chancellor Cutrer requiring depositors to probate their claims has been pretty generally followed, but has created universal dissatisfaction, as there is no law for the order.
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DEBAUCHING JUSTICE. A petition has been filed with Chancellor R. W. Cutrer at Natchez, asking that the receiver of the defunct First Natchez Bank be authorized to make settlement of the obligations due from S H Lowenburg, vice-president of the bank, for $30,000. Mr Lowenburg submits this offer, with the condition attached that, if accepted, the authorities will endeavor to have the criminal proceedings pending against him in the circuit court dismissed from the docket. If Chancellor Cutrer has the backbone we have heretefore believed him to possess, he will not only reject this offer, but send to jail for contempt of court the man who makes it. Such a proposal was once made and accepted in a bank failure case in this state, to the humiliation and shame of our judicial system. If Mr. Lowenburg owes the First Natchez Bank $30,000. he ought to pay it. Furthermore, the courts can force him to pay it. He is either guilty or not guilty of that offense, and his guilt cr innocence can only be determined by a fair and impartial trial. To settle the question any other way would be an outrageous de-
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CHARGE LOSS TO DIRECTORS. Receiver Holds That Board are Responsible for Both Stock and Deposits. Natchez, Miss , July 11.-An amended bill of complaint was filed in Chancery Court this morning by L. P. Conner, receiver of the First Natchez Bank, asking that the directors of the bank, James K. Lambert, W P. Stewart, P. W. Mulvihill, Sr., and S. H. Lowenburg. be held liable for the value of the stock, $250,000 and $1,252,219 12, the amount shown by the books to have been on deposit at the time the bank closed its doors. The bill of complaint states that the stock owned by the stockholders is absolutely worthless and that the stockholders will lose $250,000 through the carelessness and negligence of the directors. The suit probably will be given a hearing by Chancellor Cutrer when Chancery Court convenes here July 21.
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Natchez Bank Failure. The receiver of the Bluff City Bank, a defunct negro savings bank, has filed his second account. His report states that the bank has paid a dividend of 20 per cent, having collected $12,665 09 and disbursed $10,279 42, leaving a cash balance of $2,394.67. The First Natchez Bank of this city, which closed its doors the same day, has not paid its depositors a dividend. / Natchez Special
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PLANTATIONS SOLD. Natchez, Miss., Oct. 6.-W. D. Mounger receiver of the Tensas Planting Company, has sold the O. K. plantation of 1,288 acres to W. A. Register for $12,886.30. Tecoa, Ballina and Palmetto plantations, with a total of 5,656 acres, were sold to L. P. Conner receiver of the First Natchez Bank, for $47,452.30. A number of other plantations were offered by Receiver Mounger, but were withdrawn.
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STEWART SUIT POSTPONED. Natchez, Miss., Oct. 16.-The suit of L. P. Conner, receiver of the First Natchez Bank, against R. Percy Stewart, one of the directors of the failed institution, which was due to have been heard today before Chancellor R. W. Cutrer, has been postponed until Wednesday. Mr. Stewart and the other directors of the bank were sued for a million and a quarter dollars, the amount on deposit when the bank closed its doors. All of the other directors effected a compromise. The suit was halted by a series of accidents. Chancellor Cutrer soon after arriving here got a cinder in his eye, causing intense suffering, and E. H. Ratliff, associate council for Mr. Stewart, while
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SUIT AGAINST ITALIAN. Natchez, Miss., Nov. 1.-L. P. Connor, receiver of the defunct First Natchez Bank, has filed suit against Eilvio G. Parodi and other heirs, whose residence is in Grenoa, Italy, and New York, for the sum of $6,712.
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TO SELL BANK PROPERTY. Chancellor Will Issue Order Regard. ing Failed Natchez Institution. Natchez.-While holding chancery court here Chancellor R. W. Cutrer stated that he would issue an order by the 7th of August directing L. P. Conner, receiver of the First Natchez Bank, to get together all notes of the failed institution in order that they may be sold. In addition to this the chancellor will issue a decree authorizing the sale of all other property possible, including lands and city property. For the property that cannot be sold to an advantage at the present time trustees will be appointed. This action meets with the approv. al of the depositors, who so far have received only five per cent, although the bank failed in 1913. This amounted to $75,000. When the bank elosed its doors the books showed that it was indebted to depositors for over $1,000,000. The principal assets of the bank are plan. tation property in Louisiana.
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TO SELL BANK PROPERTY. Chancellor Will Issue Order Regard. ing Failed Natchez Institution. Natchez.-While holding chancery court here Chancellor R. W. Cutrer stated that he would issue an order by the 7th of August directing L. P. Conner, receiver of the First Natchez Bank, to get together all notes of the failed institution in order that they may be sold. In addition to this the chancellor will issue a decree authorizing the sale of all other property possible, including lands and city property. For the property that cannot be sold to an advantage at the present time trustees will be appointed. This action meets with the approv. al of the depositors, who so far have received only five per cent, although the bank failed in 1913. This amounted to $75,000.
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Bank's Property Sold. Natchez, Miss.-City property of the First Natchez Bank which failed three years ago was offered for sale by Receiver L. P. Conner. Nine pieces were sold subject to confirmation by the chancery court. A total of $33,570 was offered.