The Semi-weekly leader. (Brookhaven, Miss.) 1905-1941, 1914-01-31
SAY WILL PAY IN FULL
Grand Jury Makes Favorable Report
on Conditions Of the Com
merciaI Banks Affairs.
~
S2I4. .O46. 6.I5 SHRlhKAGE
BEFORE DEpOSITORS LOSE
InquisitOrs In Report Occupy Practi-
caIIy Same Position as Taken
by The Leader.
State of Mississippi.
T,incnIn County

State of Mississippi.
Lincoln County.
In the Circuit Court to January
Term. 1913.
To the Hon. d. M. Miller. Judge.
We, the grand jury, having been
impaneled. sworn and charged to
inquire in and for Lincoln county
for the term of court aforesaid,
beg leave to make this. our final
report.
We have been in session six days.
have examined 116 witnesses. have
reported IL true bills, have ignored
II cases and referred -- cases to
the justices of the peace.
We have carefully examined all
violations of law brought to our
attention and acted on same to the
best of our ability. We are glad
to report that crime is greatly on
the decrease in Lincoln county.
there being less crime now than
has occurred in many years.
| a We have examined the affairs of
the Commercial Bank which closed
its doors on January 5. We had
before US many witnesses. includ-
ing the auditor, Chas. ]. Moore.
who is now auditing the books,
and we find from all evidence inso-
far as we have been able to ascer-
tain. that the affairs of the bank
are in fairly good shape. We
founI that the books had been kept
regularly. and there is nothing in
the books that shows that any
crime has been committed. 1t was
the auditors opinion that the books
are regular and kept correctly.
We found that the bank owes to
depositors and all other debts.
$608, 915.9 .99. and that it has assets
in the sum of $822. .962.14 We
have carefully inquired about the
value of the assets and from the
information that we had before US.
and from our own Judgment as best
we could get at it, we believe that
the bank was solvent at the time
it closed its doors, and with careful
management. we are of the opin-
ion that the depositors should get
every dollar that is due them. We
find. according to the books of the
bank. that the bank would have to
lose $214. .046.15 before the deposi-
tors could lose a cent. The auditor
has not completed the audit, but
was able to tell US from his ex-
perience that the bank in his opin-
ion was perfectly solvent.
Each and every witness we had
before us was reasonably sure that
the depositors would get the ir
money. We had a great deal of the
securities before US, and in many
instances put our own valuation on
them. and while we could not in
the time we have spent On this fea-
ture of our investigation observe
closely each and every piece of
security. we did our best to make q
rough estimate of the value of the
securities. and taking this in con-
nection with the opinion Of the
auditor and other Witnesses who
were familiar with the securities,
we base our opinion and belief that
the bank is solvent. We believe
that 1t is to the best interest of
the depositors to give the present
assignees time to work out the
affairs of the bank, and we believe
it will be to the interest of the de-
positors not to file suits or in any
way interfere with the manage
ment of the affairs of the bank BY
the present assignees until they
have been given a fair opportunity
to demonstrate the correctness OF
our conclusion in the matter.
We have examined the county
jail and find it well kept and the
/ prisoners we'll cared for. We have
also examined the county farm and
find things 10 very good condition.
We recommend that the board of
supervisors buy a gasoline engine
fur use on the county farm We
also recommend that the guard
house on the county farm be re.
paired. as it is in bad condition
like it is. We also recommend
that shed be placed to the barn
for the purpose Of housing the
farm implements and also protect.
ling the outside of the barn from
the weather.
We have examined the books OF
the county officers and find them
correct SO far as we were able tc
ascertain. We recommend that
the justices of the peace itemize
their cost bills in the book furnish.
ed them, so that the grand jury
may know just how much cost ii
being paid in each case.
We thank the court and officers
for the courtesies shown US, and
asked to be finalIv DISCHARGED