The Semi-weekly leader. (Brookhaven, Miss.) 1905-1941, 1914-03-11
A meeting of the deposltors Of


the defunct Commercial Bank &
Trust Co.. which went to the wall
here Jan. 5. was held Friday in the
Lincoln county court house, the
court room being packed to over
flowing. following a call issued
some days ago by Alfred W. Smith,
S. H. Chandler. Mrs. Addie Harvey
Mayes, 2. b ParnelI, I j. McInnis
and Shade Coker. depositors.
A gathering of this character
was never before held In this,
county and doubtless not in the
state. The present assignees Of the
bank, Messrs. L Fl. Baggett and
Louis Cohn were both directors and
the former an assistant cashier of
the closed Bank, and upon their
own initiative were selected by the
directors as receivers when the in
stitution failed. H. Cassidy, at
torney, the banks former counsel.
with j. w. Cassidy, were also en-
ployed by the bank to assist in adj
justing its affairs. The auditor.
who filed his schedule in Chancery
Court only few days ago was
also selected by the head officials of
the bank as the man to make the
audit. Some of the depositors
feeling with growing unrest. that
their interests were not represented
at the Bank sounded the note for
a get together meeting.
Early in the morning on last
Friday, it was easily to be seen on
the streets that there was going to
be a largely attended meeting and
when 10 O'Clock came, the hour. set
for the gathering there was hardly
standing room in the court room
where the gathering was to be
held. After considerable delay the
meeting was called to order by
Alfred w. Smith, a Confederate
Veteran of the county. Even be-
fore chairman and secretary could
be chosen there was considerable
difference among those present as
to who would be allowed to take
part in the meeting although the
call was issued to depositurs only.
AS Il finality it was agreed that
only depositors and their proxies
should have q voice in what was to
be done.
The names of R. E. Bennett, of
Franklin county, and Judge w. P
Cassidy. of Brookhaven. we're up
in nomination for chairman. Judge
Cassidy withdrawing in favor of
Mr.. Bennett, who was present in
the capacity of attorney for deposit
tors.
After the names of P s. Gamer
on, DR.. D. w. Jones, Paul M.
Hobbs. DR.. w. H. Weathersby. and
DR.. T. X. Magee were put in NOM
ination for secretary and with
drawn for various causes. Frank
Campbell was chosen.
On motion of DIR. D. w. Jones
Chancellor P. q. Jones was invited
to come before the meeting and adj
dress it on questions to be brought
before the house.
The chancellor responded and
discussed the legal phases of the
administration of such matters.
He answered many questions put to
him by members of the audience
and took occasion to commend the
course of the assignees. expressing
confidence in their Judgment and
ability to wind up the banks busi-
ness TO the best interest Of all con-
cerned
DR.. Jones, ]. F. Noble and q /.
Wilson were appointed a committee
to invite Messrs. Louis Cohn and
L. Ii. Baggett, the assignees. to
come before the meeting with a
statement of what had been done
Paul M Hobbs introduced the
following resolution which brought
about another discussion by many
present. chief among whom was
Mr.. Geo. Cam. former treasurer of
franklin county:
On motion. be it resolved BY the
depositors Of the Commercial Bank
| in mass meeting assembled, That
the assiQnees OF said bank be re-
lquested to publish q statement Of
the banks condition in county
paper once every two weeks. show
ing as near as possible in condensed
form the standing and progress Of
| its condition each ID days Also
further that the Chancellor be
asked to approve the above. Said
resolution to be for the general
Information Of the public and 10
/ the interest Of the depositors who
have right to know under the
circumstances. Said publications
10 be continued al long as deemed
necessary
As substitute the following
amendment was finally adopted
unanimously. being proposed by
DR.. Tom x. Magee. OF Fernwood.
d man who says he has been ID
nine bank failures and lost over
$40 600 In them the past few years:
Resolved. That the chancellor be