The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-12-07
j. B. M'Neill and w. Clyde
Roberts Named AS Receivers
of the Pensacola State Bank
w. Y. Knott, as State
Comptroller, Files Peti-
tion in Court of Record
and Judge Monroe Ap-
points Receivers to Close
Up Affairs of Institution.

Upon petition of Hon. w. "
ter had examined into the affairs of
the institution, ]. B. McNeil1 and w.
Clyde Roberts were appointed re-
ceivers for the Pensacola State bank
by Judge Monroe of the court of rec
ord, this action being taken late in
the afternoon and the two receivers
will take charge of the affairs of the
bank as soon as they furnish and
have approved by the court bond in
the sum of 100000 each. At the same
time, Scott NJ. Loftin and Jno. P.
Stokes were appointed as attorneys
for the receivers.
ASSETS ARE LARGE.
The banks assets are large, even
without the liability Of the stock
holders. The latter can be held, under
the state laws, for an assessment equal
to the amount of the stock they hold.
It is understood that the paper held
by the bank totals several hundred
thousand dollars, much more than the
liabilities, and if It can be realized
upon, the depositors will not suffer
heavily. 1t will be the business of the
receivers to realize as much possible
en- this. co1Iateral. The amount due
tarl depositors. according 20
staa terklay saa1ea4sAEs tp about
ss1 3lazg .s.sr j. As ss fssf leszi
With 81 Jourr1a1 represen alive last
night made the following statement:
''The Journal misunderstands me in
reference to what I said about the
condition of the bank when I as
sumed control of it. The bank was
not in a bankrupt condition, though
it was having a hard pull. The fact is
that the suspension of the bank now
is due to our inability to make a
prospect Of the withdrawal of the
city's large account made the sus-
pension inevitable"
MR.. KNOTS PETITION.
The petition of State Comptroller
Knott, asking for the appointment of
receivers, in part is as follows:
That your orator is comptroller of
the state of Florida, residing at Talla.-
hassee, in the state of Florida, and
that the defendant is corporation
and existing under and by
virtue of the laws of the state of
Florida Your orator further
states that on the 6th day of Decem-
'endant corporation were examined
nto, under and in pursuance of the
directors of the complainant as comp
roller of the state Of Florida by B.
:. Whitfield, who is employed by the
under and in pursuance !
If the laws of the state of Florida /
md that the president and cashier
If the said defendant corporation fur |
lished to complainant, a report of the
condition of the defendant corpora |
ion.
sThat from the examination made |
W the said B. c.. Whitfield and from |
he report made to the complainant /
W the president and cashier, afore. /
aid, it appears that said defendant I
is in an unsafe and un-
n default; that the reserve has been
,ermitted and allowed to become less
han that required by law.
'fThat complainant. at the request
f the officers and directors of said /
'ank, has taken charge of same and
'een unable to place the bank in a
afe and sound condition and that by |
eason of the premises it will be neces-
airy for the affairs Of the bank to
'e wound up and liquidated.
ITO the end, therefore, that the said
defendant, the Pensacola State bank.
nay be required to appear to and
nswer this bill Of complaint, but not
nder oath, answer under oath being
lereby waived. and that a receiver
e appointed to close up the affairs Of
he said defendant corporation and
hat each and every stoclxholder Of the
aid corporation may be held liable,
v decree, of this court for such part
T the Indebtedness of the said de-
endant corporation shall be held Ii
BILE for any illegal act or deed per-
ormed by them, in the conduct of
be business to the extent that may
e decreed by this court and that your
rator may have such other and fur
her relief as equity may require and
s may be provided in any by the
lws of the state of Florida and that
his court may seem meet. !
May il please the court to grant
nto your orator the states writ of
ubpoena to be directed to the de-
endant, the Pensacola State bank. a.
orporation. organized and existing
nder the laws of the state of Florida.
equiring said defendant to appear
nd answer this bill, but not under
ath, answer under oath being waived,
{ the time therein to be specified
nd under penalty therein TO be named
nd to stand to and abide by and per-
,rm such other and further order and
acree as may therein be made by the {
1fIFt and NOTJF will ever