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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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FIRST NATCHEZ BANK. The Natchez Democrat of Thursday brings the unwelcome news of the failure of the First Natchez Bank of that city which has gone into the hands of receivers who will liquidate its affairs. The Directors of the bank, in a notice posted on Its doors, state that "on account of delays and losses in marketing crops and the consequent inability of the Bank to realize promptly on its assets and meet its obligations they have deemed it is best for the protection of depositors to place the affairs of the Bank into the hands of Receivers. No statement of the affairs of the Bank is officially made at this time but it is reported that the depositors will be paid in full and the loss will fall on stockholders. The Gazette regrets extremely this disaster to the First Natchez Bank and to the City of Natchez, for the failure of the second largest bank in that city must necessarily be felt not only by stockholders and depositors but by all the customers of the Bank who will be forced to seek elsewhere the accomodations in the way of credit which they had heretofore obtained from that Bank. Besides, this failure will cause a feeling of uneasiness, which, while doubtless without reason, may have the effect of further increasing the depression now prevailing in this section owing to the crop disaster of this year.
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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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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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SUIT IS FILED AGAINST DIRECTORS Natchez, Miss., April 16.-Suit for $1,252,219.12 was filed in chancery court here today by L. P. Conner, receiver of the First Natchez bank, against five directors of the defunct institution. The bill filed contains the allegation that the bank had been insolvent since 1907. The defendants are: A. G. Campbell, James K. Lambert, Sim H. Lowenburg, E. P. Stewart and W. P. Mulvihill. Campbel and Lowenburg and two other officers are under indictment for receiving deposits after the bank was insolvent. Campbell was placed on trial here today.
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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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BANK RECEIVER SUES DIRECTORS L. P. CONNER SEEKS RECOVERY OF A MILLION-46 CHARGES AGAINST DIRECTORS. LONG INSOLVENCY CHARGE Bill Recites Bank Unsound Since 1907, But Did Not Close its Doors Until October, '13-Excessive Loans and Dividends. Natchez.-L P. Conner, receiver for the First Natchez bank. has filed suit in chancery court for $1,252,219.12 against the directors of the bank. "and If petitioner has asked wrong or insufficient relief, then for such other further different and general relief as is just and proper." The defendants named in the bill filed are A. G. Campbell, Jas. K. Lambert, Sim H. Lowenburg, W. P. Stewart and P. W. Mulvihill. A. G. Camp bell was president of the bank and is now on trial in the circuit court on a charge of receiving money in an insolvent bank. Sin: H. Lowenburg was vice-president, R. Lee Wood, second vice-president, and H. M. Gaither, manager for the saving department, are also under indictment under the same charge. there being a total of fortyfive charges against the four. Mr. Campbell is also charged with false pretense and perjury. The bill declares that the bank was inselvent in 1907, and closed its doors on October 29 last, at which time there was to the credit of the various depositors for the said bank. subject to check, the sum of $1,314,219. as shown by the books of regular entry. According to the statement of the condition of the bank on the day it closed there was only $15,868.34 cash on hand. The bill filed by the receiver says "that the insolvent condition of the said bank loss to the depositors of the entire amount of their deposits save and except the amount of $60,000 now in the hands of this receiver was caused directly by the negligence and want of ordinary care and diligence on the part of the defendants as directors, managers and trustees of the said bank. "That since 1907 the said directors, defendants herein, have, notwithstand ing the insolvency of the said bank. declared semi-annual dividends and ) paid the same to the stockholders of the said bank from deposits made, when defendants knew, or by the exerelse of proper care and examination could have known, that the said bank was insolvent, the stock worthless and that the assets were insufficient to pay even the deposits."
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REACH SETTLEMENT WITH OFFICIALS RECEIVER FOR NATCHEZ BANK WANTS $30,000 FROM S. LOWENBERG. Natchez, Miss., June 22.-L. P. Connor, receiver of the First "Natchez Bank, has petitioned Chancellor Cutrer to authorize a settlement with Sim H. Lowenberg, who was vice-president and member of the loan committee of the defunct bank, on payment of $30,000. L. T. Kennedy, attorney for the receiver, agreed to the petition and the Chancellor will come to Natchez today to hear arguments in favor of the petition and a protest that has been made on behalf of fourteen depositors. The petition was agreed to by a committee of seven who were appointed by a number of depositors at a time when it was thought a new bank would take charge of the affairs of the First Natchez Bank, but nothing came of that proposition. The petition sets forth the fact that in consideration of the payment of $30,000 all liabilities of S. H. Lowenberg, his brother-in-law and business partner, E. Samuels, and their firm of I. Lowenberg & Co. shall be wiped out. No suits have been filed against Mr. Samuels or the firm. There were several indictments against Lowenberg in connection with the failure of the bank and the protestants aver that the committee of seven have agreed to use their influence with the Circuit Court Judge and District Attorney to quash these indictments. Last April the receiver filed suits against the directors for $1,252,219. He has on hand $74,000. There has been no distribution among the depositors since the bank failed in October of last year.
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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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Natchez.-Chancellor Cutrer was here and it was learned he would sign the petition authorizing the receiver of the First Natchez bank to accept the compromise made by James K. Lambert, through a committee of depositors, by which Lambert is to suffer a complete loss of all moneys and accounts credited to his name in the bank when the institution failed last October.
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Natehez-Chancellor Cutrer ordered a decree entered in the case of L. P. Conner, receiver for the First Natchez Bank. against James K. Lambert et al. on the motion of the complainant to dismiss the suit as regards James K. Lambert, but without prejudice as to the other defendants.
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TO SELL BANK LANDS. Natchez, Miss., Jan. 28.-A decree was issued by Chancellor R. W. Cutrer authorizing L. P. Conner, receiver of the First Natchez Bank to advertise all the lands of the bank for sale. This consists of thousands of acres in Adams and contiguous counties in Mississippi, in Louisiana, and a large amount of property in the City of Natchez.
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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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MISSISSIPPI NEWS ITEMS Natchez.-Chanceller 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 that they may be sold. Poplarville.-Last week closed the fourth week of the model extension school held in the agricultural high school building in Pearl River county. There were about 00 club boys and girls in attendance. The results were most satisfactory in every respect. Hattiesburg.-The fifth annual meeting of the South Mississippi Baptist encampment began here July 23 at the Mississippi Woman's College. The first day was featured by two addresses by Dr. Edwin M. Poteat, president of the Furman University, at Greenville, S. C. Jackson.-The good roads advocates and especially the contingent of practical business men who are behind the movement for a "Mississippi Centennial Highway" from Jackson to the coast. are elated over the decided affirmative vote cast in favor of a good road bond issue in Beat 1 of Rankin county. Biloxi-At a meeting of the board of mayor and aldermen specifications and an estimate of the cost of a sea wall along the beach front was sub. mitted. One plan is to consist of 20 sea wall districts and the second of 17 districts. It is estimated that cost of the construction of a sea wall would be $205,177.76; the estimated cost of second proposition, $123,672.80. Aberdeen.-Miss Laura Fite of Nashville, Tenn., and Wheeler Watson of Strong. Miss., were instantly killed in an automobile accident. They were driving a new Chandler car, and evidently losing control of the machine, hit the curbing of a concrete bridge, turning the car completely over into the ditch, pinning them under the car. Pontotoc.-Oscar Fowler, 45 years old. living near Palestine Church; accidentally drank some of the fluid taken from a dipping vat and died in a short time. He saw one of his neighbors with a bottle of whisky at his home, and hunting for it, found the bottle of lipping vat solution. Thinking it was whisky, he drank some of it. and died. Jackson.-After a conference. in which a number of well known leaders participated, it was announced that the differences which had existed between the officials and operatives of the Gulf & Ship Island for several months past. and out of which a very positive and effective strike was precipitated, about the middle of June, had been satisfactorily adjusted. Natchez.-The Foster Creek Lumber and Manufacturing Company. a corporation capitalized at $1,500,000. has lo. cated its big mill in Wilkinson county, just across the county line from Dayton, a station on the main line of the Y. & M. V. The engineers have completed their work of laying out the nill site and the land has been cleared. The company is now having the lumber sawed to be used in the construction of its plant. The plans call for south. Electricity will be the power. one of the most modern mills in the Starkville.-Representative farmers and business men from every county in Northeast Mississippi visited the A. & M. College last week, having arrived on a special farmers' excursion from Corinth. While the crowd was not as large as had been expected. due to the continued wet weather. the number who braved the unfavorable conditions lost no time in studying the improved methods of agriculture practiced at the college. Dr. B. M. Walker, acting president, and Director E. R. Lloyd welcomed the farmers. Jackson.Mayor S. J. Taylor anl Commissioner Blakeslee left for Gulf. port to attend an important meeting of the executive committee of the Mississippi Centenuial commission. which was called for July 28. At the meet.