The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-12-18
The BUSTED BANKS
And THEIR CREDITORS.
THE COMMITTEES OF BOTH, MAKE FULL
And FINAL REPORTS.
The Columbia Banking Company Meeting
Was Easy Sailing.
But the Bank Of Columbia Meeting a
Stormy One.
Mr.. FriersOn Resigns His TrusteeShip,
and Maj. Ingram Requested to
Do the Same.

and Mai. Ingram Requested to
Do the Same.
Last Monday was day long to be
remembered. The committees APP
pointed to examine into the affairs
of both the broken banks, had issued
calls for the creditors to meet i'll the
Circuit Court room on Monday morn
ing. And quite early in the morn
ing the creditors began to accept the
invitation, and continued coming in
until the public square was crowded
with them.
1t was supposed the meeting would
be called at IL o'clock, but when that
hour arrived there was evidently a
hitch somewhere. 1t reminded us
of the good old times of political con-
Ventions. 1t soon began to be ru-
mored that caucus was in session.
What that caucus was trying to do
was not so easily discovered. This
did not set very comfortably upon the
troubled minds and empty purses OF
the creditors who were not lin 1t,
and that brought about more talk.
Finally, however, some OF the COM
mitteemen were seen heading Tor the
Court House and the crowd followed
ike Bn06p anu SOOu VIC SlIOulO OOuAb
room was fTAll.
1t was understood that the Column
bia Banking Co., meeting would not
consume much time, and it was
agreed that this committee should
report first. Joseph fowler, Chair
man of the Committee, took the stand
and reminded the creditors present
that at a former meeting the COM
mittee had been appointed to examine
the books and condition of the bank
and report to q meeting to be called,
the facts, and the condition OF the
banks affairs, and the causes leading
thereto. The committee, he said, had
given much time to this work, and
were now ready to make their fulI
and final report. w. J. Webster then
read the report of the committee,
which will be found in full further
on. 1t will be noticed in this report
that for reasons therein set forth, the
committee recommend and Mr.. Frier-
son consents, that another Trustee be
appointed for the bank, and the re-
port names Mr.. r. G.. Church for the
position. The report was received
and concufred in in all respects and
vote of thanks rendered the COM
mittee for their efficient services.
Before the report was finally re-
ceived and acted upon, a supplement-
al resolution was offered, requesting
the County Court to appoint Mr..
Church upon the same conditions I'M
der which Mr.. FriersOn was given
the trust. That is, that he should re-
ceive a fixed salary of $4,000 year
for his services, that bond of $50, 900
should be required of him, and when
ever as much as per cent of the
funds of the bank had been collected
by him, he should at once disbuse the
same to the creditors. Mr.. Church
accepted the conditions, and the re-
port was then adopted unanimously.
THE MEETING OF THE BANK OF
COLUMBIA CREDITORS.
Immediately after the adjournment
of the meeting of the creditors of the
Columbia Banking Co., the meeting
of the creditors of the Bank of Co
Iumbia was called to order by Judge
A. NJ. Hughes. II. p. Figures, Esq,
and w. j. Webster, Esq. alternately
read the report of the committee,
which will be found in full further
on. No sooner had the gentlemen
finished reading their report, than
motions and counter motions began
to be made thick and fast.
1t was moved to amend by striking
out the clause discharging the COM
mittee, on the ground that they
might be needed in the future for
some further investigation. 1t was
further moved to amend by striking
out the clause Withholding the report
from publication, and inserting in
stead request that the local papers
publish il, for the benefit of the credi-
tors who were absent. This last mo-
ton brougf about very heated de-
bate. The opposition to the publica-
ton rested their argument on the in
Justice that the report would do
Messrs. Luther Frierson and jacob
Barker. The other side commended
that if the facts were as reported by
the committee no injustice was done
these gentlemen; and the facts were
certainly that way or the committee
would not have SO reported, Some OF
the committee explained this by say
ing that the books showed these gen.
tlemen overdrawn, but that some
some further information had been
gathered about Mr.. Barker'S account,
which deserved explanation. The
gentlemen insisting on the publica-
ton said the explanations could go
with the publication. Mr.. Webster,
one of the committee, made a state
ment of the case, in substance the
same as will be found in his card
further on. Finally, after a great
deal of time had been wasted, dur
ing which time it was very plain to
the newspaper men that large ma
iority OF the crowd were with them,
if they could only get a chance to
vote) by mutual consent the motion
to publish was withdrawn for the
time being, in order to give the right
g. rf
Mr.. Sam Roberts then got in the
work he had been itching for several
hours to do, by making q motion that
Mai. Ingram be requested to resign
his trusteeship of the bank. At once
bedIam broke loose again, The little
scrimmage that had been on hand
before was no where, compared to the
wild and wOlly row this motion pre-
cipitated. When the HERALD report
er saw all this confusion worse con-
founded"-or, in other words, all this
COMPOUNDED confusion-and then cast
ing his eyes to the rostrum saw Judge
Archibald Hughes in the Chair,
he could help not but believe fol
a moment that this was a Republican
convention in disguise-and not very
we'll disguised at that.
There were so many Grating at once
that it were impossible to tell who
fired the first rocket. Somewhere neaJ
the beginning @. II. Hughes, Esq,
sounded his protest to the resolution
and waxed both eloquently technical
and technically eloquent in his de-
Tense of the present Trustee. He
demanded that each voter be required
10 show his credentials, and that the
basis of presentation be measured
by the dollars and cents OF the voters
bank account.
There were somewhere from one
to too dozen gentlemen who claimed
the attention of the Chair, when Mr.
Hughes had exhausted himself. II
apI e n, ed for several minutes as though
the Chair had recognized all of them
but finally, by pure strength anC
awkwardness, the Hon. Geo. G.. Tay
Tor, ESQ, Outwinded the others anC
got the attention Of the house. Mr.
Taylor's remarks condensed, would
be about these. That his friend Mr.
Hughes was altogether too technica
and becoming so at q very late stag
of the game. That Mr.. ingram wa
made Trustee la the same form ant