Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1913-08-03
Institution Said to Have On
Deposit Large Sums of
Public Funds
RECEIVER SOUGHT
Tie Officers OF the Bank Are Well
Known. story OF Failure
to Raise Cash.

Little Rock. Aug. g. No bank fail
ure in recent years ..ls caused so
news Of that of the Bank of Forrest
City. The officials are almost as we'll
known in Little Rock as those Of To-
cal banks. for they were here every
few days consulting with the Little
a week ago officials of the Forrest
Ciyt Bank came to Little Rock and
made an effort to negotiate a loan ror
$50, 600, offering real estate security
for $4,000 in order to secure the cash.
1t was refused by Little Rock banks.
and Memphis. Fort Smith, Pine Bluff
and other banks are stated by local
bankers to have followed suit.
The Bank of Forrest City formerly
carried large accounts in Little Rock,
but this dwindled to nothing and the
same is said to have happened in Mem
phis.
None of the Little Rock bankers
would venture an opinion as to the
cause Of the failure of the Forrest
City institution, but it is supposed that
the demand for the deposits of the ST
Francis levee district, which have az
ways been handled by this bank is the
main cause. The last Legislature pass
ed an act which required the deposit
ing of the funds of the st. Francis
levee board in each county of the dis
trict Prior to that time the Forrest
City bank had handled all the funds.
State Interested.
The State of Arkansas is interested
in this bank failure, as the county
collector is due the state about $50, 600
and it is opposed by local bankers that
this is the amount the officers OF the
bank were trying to raise in Little
Rock.
The officials of the Forrest City
bank have been the most Influential
politicians of East Arkansas for many
years. Eugene Williams and Il. A.
Buford have held positions with the
board, that of members, as well as Of
ficials. The last Legislature put stop
to this, but they acted as members
until month ago, when they resign
ed, Williams to continue as the treas
uref of the district, and Buford as one
of the attorneys.
Governor Futrell refused to accept
their designations but Friday APP
pointed James Russell and S. d. De-
Roist, to succeed them. Both of the
new officials were connected with the
Bank of East Arkansas.
Former Sheriff Williams of ST Fran
els county, one of those asking for a
receiver, is the father of Eugene Will
liams. Eugene Williams has long been
a factor in Arkansas politics, and is
given credit for many changes in the
last gubernatorial campaign. He was
manager for George w. Donaghey in
his last race for governor, and was a
worker for Judge George w. Hays in
the last campaign.
A telephone message from Forrest
City, received at 2:45 Saturday after
noon, stated that r. H. Mann would
be appointed as receiver of the Dank
by Chancellor Robertson at Wynne.
Another telegram from Forrest City
stated that the st. Francis Levee
Board had about 100000 in the bank
at the time of the failure, but bankers
of Forrest City doubted that it would
reach this amount. They stated that
no matter what the amount of the
failure, the levee and other districts,
as we'll as county and state, were pro-
tected by ample bonds.
All the bankers interested in this
failure are we'll known in Little Rock
Eugene Williams.
A telegram from Earle, the suppos-
ed office of the levee board, late Sat-
urday afternoon, stated there was
about $4,000 to the credit of the
board there at this time. This was
the first news of the Earle institution
had of the failure.
Doors Closed Saturday Morning.
Forrest City, Aug. 2.-The Bank of
NJ
morning. Quite large number of