The Birmingham age-herald., 1907-04-18
M, 5. SMITH GOES INTO BANKRUPTCY Leading Wholesale Grocery
 Firm of Selma THE CENTRAL CITY CLUB New Social Organization Is Formed With a Limited Membership.
 James E. Ellis Elected
 President.
THE CENTRAL CITY CLUB

Selma, April 7.=(Special)-The an- nouncement of the fact that the firm of M. S. Smith, doing a general wholesale grocery and advancing business in this city, had gone into bankruptcy was re- ceived with profound regret and sorrow by the Selma business world today. Dur ing the early morning hours 1t became known that the firm was in financial straits and at 1 o'clock, upon the re- ceipts of a telegram from Mobile the doors were closed and there was placed on the door the notice. Closed by order of the United States court. Phillip T. Shanks receiver"
 The firm Is a corporation, and cor poration cannot go into voluntary bank ruptcy. Hence the proceedings were taken under the involuntary bankruptcy provisions No schedule of the liablll- ties and assets have been made up, but it is roughly estimated that the liabili- ties will reach $75,Ooo The assets are to some extent in crop mortgages, etc., which, if they can be carried out, VIII enable considerable amount to be realized The various estimates of the amount Of assets vary from s250O0 to s5O000.
 Than. MT. M S. Smith, there is hardly a more popular man in Dallas county Frank in his dealings with all men, gem ial in disposition, good citizen in all the term implies, he has a host of warm friends who trust and believe he will be able to pull out whole from his financial difficulties.
 Central City Club.
 There was launched upon the sea of the social world last night a new organiza- ton for Selma to be known as the Gen. tral City club It is the progeny or the Dallas Realty company, which purchased the Elks' home at the trustees sale on Monday, paying $29,050 for the same. Last night at the Elks home was held meet ing attended by practically all of the fifty-three stockholders of the Realty company and the formal organization of the Central City club took ulace with the election of the following officers:
 James B. Ellis, president.
 George H. Craig, Jr, vice president.
 E. w. Pettus, Jr., secretary and treas urer.
 The membership of the club was limited to 100 and the initiation fee was placed at $100, the dues at $5 per month The stockholders or the DdIlaS 6edlly Colii- pany owning as many as two shares or stock are, however, admitted to mem- bership upon the payment of $5, which is to be the first months dues. Additional stock to bring the number of stockhold- CTS in the company up to seventy-fVe will be issued in blocks of two shares each after which no further stock will be issued This will give the Dallas Realty company paid in capital Of slo,- GOO and will enable certain repairs to be made on the building in addition to pay ing off the difference between the out standing bonds, which are not renewed, and the price paid at the sale for the building The additional twenty-five mem bers who pay an initiation fee of loo Tor the privelege of joining the club will also give plenty of funds With the dues at $5 a month there will be no lack Of money with which to conduct first-elass gentemen's club and success is assured beyond doubt.
 The purpose as agreed upon at the meet ing last night is to sub-let the basement of the club house for cafe to be con ducted under the direction of the club. only members and out-of-town guests to be admitted except that members can give a ten days card to town residents to patronize the cafe. No intoxicants or