Pine Bluff daily graphic., 1915-02-26
LIQUIDATION OF BANK TO BE ENDED Depositors Ask Assets Be Sold Publicly in Order to
 Save Money.
TO SELL SEPARATELY
Probable Judge Elliott Will Ordcr Real Estate Sold Separately, Fixing Minimum Price to Give DepOSitOrs
 so Per Cent and Trusts 100.

The assets of the defunct Bank of Pine Bldff will likely be sold publicly about March II under an order to be issued by Judge J. M. Elliot. of the chahcery court, and in such manner as VIII give ordinary depositors so per cent Of the amount of their clalms and result in the payment of 100 Der cent on trust funds held by the institution
 This action is expected as the re- suit of petition filed yesterday by about 800 or three-fourths of tue hold CTS Of approved claims against the Dank' and which was suggested by Judge Elliott, who has indicated rom time to time his determination to have the affairs of the bank liu- uldated in manner that would save as much as possible for the deposit Ors.
 It is considered possible that if the property is sold in bulk it may be pur- chased by a syndicate of local people, who will proceed with the reorganiza- tion of the bank. Should this happen. it is understood that efforts would be made to have the new bank make up the difference to depositors, that they receive every cent of their deposits.
 The purpose of disposing of the banks assets is to abolish the eX- pense of liquidation by the state bank ing department, the conclusion having been reached by Judge Elliott and others interested that by selling the property at figures giving depositors so per cent and trust funds 100 per cent, the holders of claims will re- ceive more than if the settlement of the lnstitution's affairs is continued over long period with tie expense that procedure is entaiins.
 Problem Is Intricate.
 Because of the numerous pieces of valuable property included in the as sets of the bank, as we'll as the per- sonal property valued at great sums and on some Of which there are other liens, the problem confronting Judge Elliott is an intricate one. Whether it is best to dispose of the property in bulk or sell the real estate and large equities separately ist a question now being considered. y,, .2s..,.5.S s.5,s
 Irrespective of the procedure deter mined upon, Judge Elliott has an nounced ne will set minimum figure or price, that sufficient to pay the so and 100 DOT cent may be obtained. No bids or offers for less will be ac- cepted. ees FiNslH&
 It is probable the court will grant the order, and fix the date of the sale fer about March II. It Is also proba- ble that Judge Elliott will order that the real estate be sold separately, as the court is understood to entertain the opinion that more will be obtained for the depositors in this way. h. cluded in the real estate to be offered at public sale. will be the three-story bank building on the northwest cor ner of Second and Main, the old Hearn property in Main street, the Hearndale farm and several other pieces of real estate. Personal prop erty includes equities in the Sanders lands in Lincoln county, the Clear Lake farm and other valuable tracts
 Insure Fair Returns.
 The conditions of the sale are to De that purchasers shall pay such prices as will give depositors so per ceh' net and trust funds 100 per cent net This means that purchasers will as sume loans and discharge all obliga- tions inculYed by the bank since the last dividend of 10 per cent was paid.
 Thirty per cent of approved claims have already been paid. Individual depositcrs therefore. will receive 3t ner cent more, if Judge Elliotts plan carries.
 How near the bank came to losing it's equity in the Clear Lake farm Is not generally known. The place Was sold for taxes two years ago, ana the lime allowed for redemption had near lv expred when Judge Elliott dlscoV- cred the true state of affairs and or dered the redemption, that this asset hc mt lest to creditors of the bank posides the lien of the bank on this farm there is another and it IS these complications that make the settie' meut difficult problem:
 It is generally recognized. however that Judge Elliott. who is in contfo' by reason of his official position IS doing everything in his power lo so conserve and dispose of the assets or the hank that creditors secure as mrch as it is possible to obtain for them through careful and conscien- tious liauidation of the banks afialrs'
 The petition asking for the puoilc sale of assets of the bank asks tha' the state banking commissioner or his deputy, R. E Pugh, conduct the sale under orders of the court. Petl- tioners also state:
 "That in spite of all the diligence that the bank commissioner has dis nlayed in the handling of the affairs it has only been possible for him to nav three small dividends of ten per cent each;
 "That on account of some ot the as sets being in the nature of large ioahs and real estate, it is hard for the bank cnmmissioner to realize on same mostly on account of the depressed f,nancial conditions of the country and the bank commissioner has beei unable to convert these loans iht' cash: and for that reason your 9s.l . toners think tust in the final wsnnlns m mo of the affairs of the Bank nt fine Rluff under the present condition Will be indefinitely prolonged. unless