Pine Bluff daily graphic., 1915-02-12
Petition to Legislature.

1 Pine Bluff, Ark, Feb. 1, 1915. To the Members of the Fortieth General Assembly, State of Ar kansas.
 l Gentlemen:
 In behalf of the depositors of the Bank of Pine Bluff, Arkansas, 1 pro test against the manner in which the affairs of said bank are being handled by the banking department of this state, and ask that you ap- point special committee with power to administer oaths, subpoena wit nesses, and take testimony. ] charge, first, that the failure of said Bank of Pine Bluff was brought about by the state banking depart ment.
 Second, that after said failure had been caused, the said banking de- partment deliberately. prevented it's reorganization, to the great loss, damage and injury of it's depositors. Third, that before said bank was closed by the state banking depart ment. practically all of it's deposi- tors except the farmers and laboring people of Jefferson county, who were
 
 partment for protection, were per- mitted to withdraw their funds. Fourth, that said bank was not in solvent when taken in charge by the state banking department, yet more than six months has Alapsed and it's depositors have only been paid 20 per cent, 10 per cent. of which was only obtained after the learned and honest Chancellor of Jefferson county had forced the state banking commits sioner to make same.
 Fifth, that when said banking de- partment or state bank commissioner took in charge said bank, he directed the Pine Bluff Clearing House to list it's assets and appraise same, which was done. That said appraisem-.. -... was kept secret, and for the pur- pose of preventing reorganization of said bank, was reduced by the banking commissioner more than $3OOOO0 without the consent or knowledge of the said Pine Bluff Clearing House.
 Sixth, that said bank was placed in charge of R. E. Pugh, special com missioner, and that the said R. E. Pugh admitted in open court that he was making nearly $1000.00 per moath as special commissioner, which is more than three times the amount paid state bank commits sioner, his employer.
 Seventh, that the said R. E. Pugh, special commissioner, A. B. Banks, who will be hereinafter mentioned, and John M. Davis, state bank com missioner are partners in business, or rather they are all three directors in the Home Life & Accident com pany of Little Rock, Ark.
 Eighth, that the said R. E. Pugh in open court at Pine Bluff when asking for more than $500 per month as part payment for his services as special commissioner, admitted that he was also drawing $250 per month from an insurance company owned by John M. Davis, bank commits sicner, A. B. Banks, and others, aud that he had not given five days time to said insurance company in the last five months.
 Ninth, that at the same time R. D.. 1 Pugh, special commissioner was asking more than $500 per month for his services from the depositors of the Bank of Pine Bluff, John M. Davis, bank commissioner, was ask ing that the said R. D. Pugh be paid $4OO per mon,h by the depositors of a bank at England, Ark, which he 1 also had in charge at that time.
 Tenth, that the said John M. Davis, bank commissioner, in addition to asking outrageous and exorbitant fees for R. E. Pugh, special commits sioner, is also using the most extra vagant method in. handling the affairs of said bank, which the slightest in- vestigation by your honorable body will disclose.
 Eleventh, that unless your honor able body takes some action in this matter, the entire assets of the said Bank of Pine Bluff will be consumed by fees and unnecessary expenses al lowed by the state banking depart ment.
 Twelfth, that said banking depart ment is not being operated in behalf of the people of the state of Arkan- sas. but in behalf of R. B. Pugh, a mariner in business of the said state banking commissioner, as befort mentioned, and also A. B. Banks another partner in business as before mentioned.