The Caucasian. (Shreveport, La.) 1900-192?, 1907-04-07
COMMITTEE REPORT
A Statement in the Matter OF the Mer,
chants and Farmers Bank Failure.

|
chants and Farmers Bank Failure.
The following is a statement IN the
matter Of the Merchants and Farmers
Bank failure, by Hall & Jack, the legal
advisers OF the depositors, cooperating
to secure their deposits:
Shreveport, La. Feb. %. 1907.
V. Grosjean, Cairman, and 9th
ers. Depositors' Committee NJ. & F.
Bank and Trust Co., City:
Dear Sirs-We hand you herewith list
of depositor5 represented by us in the
| matter OF the NJ & F. Bank failure. The
aggregate amount which was due said
depostors was $Io8,oI8.C2.
When the first dividend of 80 per cent
was declared, the llquidators gave us a
check for s4.232,24 to cover pro rata due
those of our clients whose books or GER
tifcates OF deposit had not been placed
for collection with one of ehe local
banks. The whole of this, after deduct
ing our commission of 5 per cent, has
been paid to the proper parties, except
ing 5000 due one Philip Jackson, whose
address we have been unable 70 learn.
and have therefore deposited said
amount to his credit in the Commercial
National Bank.
The balance due tlN)depositors on the
first dividend over and above the check
for $4,232.24 given us. was paid direct to
them through the locst banks. Final set
tlement of the remaining n per cent
with interest due the depostors was
made by Mr.. Leonard, president OF the
NJ. & F. Bank. through the Commercial
National, and also by the First National
This settlement was made not through
us but direct with the depositors them
selves on their transfer of their claims
respectively to Mr. Leonard or the First
National.
The Commercial National and First
National Bank were each supplied with
list of those of the depositors who had
signed contracts with us and in making
settlements they deducted our commits
sion, placing same to our credit, but in
quite a number of instances our COM
mission was overlooked either by the
bank or the depositor, and there are
several large deposltors, as you will note
from our list, whom we have not been
able to locate and for whom we have not
collected from the liquidators.
Our fee being limited to $1,000, we fig
ured that that amount might be obtained
by reduced charge of 4S per cent on
The final settlement, and instructed the
First National and Commercial National
to deduct at that rate for our fee, but
few days later when we saw that on ac-
count of the number of depositors who
were overlooking our commission, the
full fee would not be realized, we in
structed the banks to deduct ) per cent
straight !.
We have collected a total from the
depositors OF S5,o34 So and have handed
you the fifty dollars excess to recoup
you for the expenses the committee have
been to in the way of published notices,
etc 1t might be possible for us to col
lect 5 per cent from those depositors
who ave not paid, and pro rate and dis
tribute several the hundred dollars thus
collected among all our clients, but it
would amount to SO little to each. that
such an attempt would be impracticable
We shall therefore collect nothing fur
Their
The list of depositors represented by
us which we hand you has opposite the
name of each depositor the amount of
his claim against the M. & F. Bank, and
in separate columns the commission we
received on the first. dividend and on
finals settlement. Where no commission
IS credited, none has been received. We
also hand you daily deposit slips of the
Commercial and First National banks
showing commissions collected for us
and placed to Our credit. All commits
sions received by us are shown in the
papers handed you
You will much oblige lts' if you will
check up and verify our account, and if |
same is found correct, give lis a quietus
For our employment and your very
hearty cooperation in this matter, we
are much indebted to your committee
We thank you and the individual depos-
ltors for the fee received, and trust that
our services have been entirely satisfac-
tory. Yours very truly,
HALL & JACK.
SUB-COMMITTEE REPORT.
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