The Forrest City times., 1913-08-08

E thsE paper.
 NE WILLIAMS sTAzEMELT
 This nghi. ln 50 fzr as He affairs z Cf tl1e Sl- ETzDcis 3eVes district : co1- | csTCed. began whs1 l w2S voEDg man. said Cashier Wil5zES 10 tfe Gazette corYsspoEs5e1-
 Since thai c6te we E8ve 18t14e1 back and forth and tar0EEG tee CasSen- sicn among ls aao wsrs striving tC- lie control ot The ooar5. and NhicL in recent years has spread tC tte Ezber- D9t0ri2l elections. ] have made polsti- ca enemies wno now grasp Lhe posi- tiol ] am in. & club 70 wiel8 agai1S. me
 This cub Is hone otLer than tAe ! business relationship that exists ns- ! tween the Bank Of Forrest CIty ard tbe Bank of Palestine The lztter bank is the certified depository far state funds for St. Francis county. (. M. Wilkinson Is that bank He is a. 50 q director cf oar bank and w8en i- was necessary Ter him t8 give bond in order tO make lis t4nz lie certified ! depository, our BCzrd q Directors voted to furnish the surety necessary. 1 Other than this there is ng connec- ! tion between The two banks. bat He ! having supplied he surety funds. and the fact that MF. Wilkinson is q meI- l Der Of our Board Of Directors. caused Us to accept from Mr. Wilkinson the states funds. apprcXiu7ting st0, 0o0. lied by Dr J. f MacDougal, sheriff and collector for St. Francis caunty. with M. Wilkinson. : bank. the Bank Of Palestine
 ssfTf-s- g. our part was legai. Se will contend. ! for ae h reality were the surety for ] tEe.Ge pCsiuCry. while MT. Wilkinson. CT r2therihis bank, the Bank Of Palestine. was the certified deDositOry ia name only This money was loaned by o1r bank and We have gilt edged collateral for it. as we have also for the funds of the St. Francis Leyee District. that .e have loaned But our opponents took advantage of their know ledge of the relationship and transition with ! the Bank Of Palestine and l am told threatened U bring suit to test the legality of the proceeding. That Be would have been safe on the test steaof2stly believe, but the mere run< l or that We were 10 be sued would have brought run and wrecked us In view Of the threat and the 1 knowledge that we would be called l upon 10 pay the state funds into tbe treasury, ! after attempting to uego- tiate loan of cash to cover the amount Of the states funds. decided the best course would be the one have taken.
 l knew We were safe if Ne could have sufficient time to settle l also knew that run or forced accounting l without sufficient time in which 10 settle would wreck us. l called to- gether the Board Of Directors and put the case plainly before them All i agreed that receiyership should be asked.
 This was done formally yesterday evening. and Chancellor Robertson. of Gross county. at our request. named Judge :. H Mann. who gave bond of s2,0, 600 Prior 10 The appointment of the receiver We took 10 the Bank of Eastern Arkansas our available cash, sum apprOximating g., GOO We feared that our suspension aoUld cause run on the Eastern" and We
 transferred this amount to them out 1 Of banking courtesy
 The rumOr that this money be-
 lOnged 10 the St Francis Levee Dis trict and that l made this payment 10 clear myself of responsibility as re-
 gards the funds of the district is groundless. So is the rumor that sl0l, O00 of the funds of the district
 were in our bank As have preyi- Iously said, the amount We had belong ing to the levee district apprOximated
 s20OOO
 This allegation about the funds of
 the ieyee board is the outgrowth of dlssension among the mem bers of the
 board which resulted when an atlem pt
 was made 10 oust either MT Buford
 or me because we are relatives The
 relationship is very distant, bat it ex-
 lsts, and We both rendered our resigna- tions. Acting Governor Futrell re-
 fused to accept our resignations, and
 We continued on as members of the
 board. was elected to the office of
 secretary-treasurer, which vas ere
 ated by the last General Assembly 'tIhrOugh the diSSension among the board members suit charging me
 with graft because l had not distri.
 buted the funds of the leyee board arose. This suit was beaten in the
 Cross County Chancery Court last
 week, and immediately afterward.
 Acting Governor Futren appointed James Fussell and F ". DeRositt to succeed me and NIT. BufOrd Mr. Bu- ford is out. but am still secretary
 treasurer of the board. having been
 elected 10 that office
 The further charges of gratt and
 refusal to comply with the law about distributing the funds 10 the depositO-
 ries have sprung up since the appoint
 ments were made by the acting gov
 ernor, and il was in the face of these
 charges and tue knowledge had of the disastrous results which would
 follow suit and an enforced settle.
 meut that l sought to terminate the
 affairs Of the bank, in d manner saff,.
 factory to a.l We will pay dollar for
 dollar l can command personally
 about 5,00A per haps, when my crcp
 is in, and every cent shall 20 if ueceS-
 sary toward a full settlement. MT
 Buford Of our Board Of Directors k ! aH as