The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1884-07-31
A Plan for Settling the Affairs of
Green's Bank.


Special to the Picayune-l
JACKSON. Mss, July 26 The
creditors OF Green's Bank met at the
hall of the House Of Representatives
ut IL o'clock to-day. There were
10 creditors, representing about
three-fourths of the Indebtedn ess on
account of deposits and loan certlfi-
Gates.
The meeting was most harmoni-
Gus and the best of feeling prevail.
ed. All want the bank to resume at
once and tske extensions, which they
assume.
Col. Power made a report Of the
assets and liabilities, which showed
the latter to be $464, 225 II, and the
good assets $620,050 26-the assets
exceeding the liabilities $164.745 06.
The following plan and resolu-
tion were adopted with the amend
ment offered by Mr.. David Shelton
1--WE, the creditors of Green's Bank,
agree to take six, twelve and eigh-
teen months notes, payable sooner
if passible at 6 per cent interest for
our claims on Green's Bank. The
assets TO be held sacred by the new
bank to be organized in its place and
collections pushed for the debt,
giving the bank the option when
they cannot collect difficult debts
and take their extension notes in
payment, and in fact 10 make the
best settlement they can. A new
bank shall be organized with entire
ly new capital under a new charter
if necessary, and may be the agent
through a receiver for collecting and
settling up the affairs Of the old
bank. The amount collected for the
old bank shall not be used in the
new business but shall be applied
to the notes as above stated. That
the secured creditors shall exhaust
the collaterals in their hands at
their discretion, and If short shall
accept for the balance the same
terms as depositors, and If they
have surplus shall turn it over to
him. That all the past due notes
due the old bank shall be placed in
the hands of attorneys, after &C
days, to be pushed for collection un-
less full guarantee shall be given by
the debtors that the payment will
be made before Jan. l, 1885.
adopted at a meeting of the
creditors Of Green's Bank, repre-
senting-of the liabilities.
''Resolred, That the statement of liza
bilities and assets presented to the meet
ing by Green's Bank, together with the
plan for resumption and all other matter,
connected with the same, be referred to 6
committee of five, consisting of Gen. Wirt
Adams, j. B. Harris, G. A. Pardue. w. L
Nugent and VIM. H. Tribette, who may
examine into the question and recommend
such action as they may think necessary
and for the best interest of all parties con
cerned and make report by circular II
each person INTERESTED, who shall signif,
his acceptance or disapproval of the same
and that the Chairman be authorized t,
call meeting of creditors when the com
n,ittee is ready to report"
Sheitnn's amendment was:
"Resolred, That the committee ap
pointed by the foregoing resolution be re
quested to report with plan of proceed
ings to the several creditors the details o
all assets on the credit side of the balance
sheet this day placed before the meeting
dated July 26, 1884, or if they think BEES
have statement left at Green's Banl
for inspection of the creditors or thei
agents"
The committee appointed met a
once and resolved that the best plar
to work the bank out was to turn
it back to the Greens. To this enc
they are issuing a circular, and al
soon as the consent of majority o
the creditors is obtained, of which
there is no doubt, the Greens will
take possession of the bank ane
open its doors, which will be goot
news to all concerned.
The good feeling of the creditor:
was marvellous. Their confidence il
the integrity of the Greens has re
manned mistaken from the first.