Pine Bluff daily graphic., 1913-08-06
WORK 0N BOOKS
 OF DEFUNCT BANK Assisted by Experts, Judge Mann, Receiver of Institu-
 tion, Stars Probe
LEVEE BOARD MEETS
Officers Say They Will Pay DepOsitOrs Dollar for Dollar, and
 Meet Liabilities.


 Mann, appointed receiver of the For rest City Bank on Saturday by Judge Robertson, began his work of check ing up the books of the defunct in stitution at s o'clock Monday morn ing, assisted by T. P. Tupper, assis- tant cashier of the Central Natioal Bank of St. Louis, and about six or seven other workers.
 Judge Mann said that he could not tell the conditions of the bank until after he had completed an audit of the books and that it would take a week or two to do this. He stated that the work would be rushed as quickly as possible, but that it would be done systematically so that no errors would be made
 Auditors from Latham & Co. of { Memphis arrived in Forrest City shortly after noon and joined the forces in the bank checking up the books, and it is expected that the work will be greatly facilitated by their addition to the force already employed.
 Quiet reig2s in Forrest City, and there is no sign of a panic, although many people living out in the country, interested in the bank, came to tue city this morning to learn the true condition of affairs and to see what they would receive on their money.
 Judge Rolfe, the president, aa- nounced that he would pay dollar for dollar to the depositors and other creditors.
 !! Cashier Eugene Williams left For rest City for Memphis Monday morn ing to attend special meeting of the St Frances levee board, called for today at Memphis. $#'t
 Some people here are claiming ti:at the bank will have difficulty in pay ing off it's despositors and debts, as they claim the amount owed cannot be raised by the officers.
 We are amply able to meet all liabilities and were we not I might add $6O,O00 .to the assets by blowing out my brains and thereby allow the collection of my life insurance" said Eugene Williams, cashier of the bank { We have nothing to conceal, neither will l attempt to run away. Our cred itors and depositors, approximately 5000, will lose nothing, now that we have asked for an accounting and will have sufficient time to come to a complete settlement"
 Mr. Williams declared that he sought the receivership to avert the ruination of the bank but he declined to make a definate statement Con- cerning assets and liabilities, saying that he preferred the receiver to make the statement public.
 Had we had sufficient time to settle l knew we were safe,' said Mir. Williams, and l also knew that a run or forced accounting would wreck us. A meeting of the board of directors was called and the case was I plainly put up to them"
 Williams declared that the $S,000 cash transferred to the Eastern bal!l. was because it was thought run or. the bank would follow the closing of the Forrest City banks doors, and denied the rumor that the money belonged to the St. Frances levee board. He claimed that the amCunt belonging to the levee district held by the bank amounted to only 2O,Go0 I Though the dissension among the board members suit charging me with graft because 1 had not dis tributed the funds of the levee board arose. This suit was beaten in the Cross County Chancery Court last week and immediately afterward act ing Governor Futrell appointed James Russell and k. D. DeRossitt to suc- ceed me and MT. Buford. Mir. Bur ford is out, but l am still secretary treasurer of the board, having been elected to that office.
 The further charges of graft and refusal to comply with the law about distributing the funds to the deposi- tarles have sprung up since the ap- pointments were made by the acting governor, and it was in the face of these charges and the knowledge I had of the disastrous results which would follow suit and an enforced settlement that 1 sought to terminate the affairs of the bank in a manner satisfactory to all. We will pay dol lar for dollar. I can command per sonally about s75,O0O perhaps when my crop is in. and every cent shall