The Birmingham age-herald., 1915-06-27
Understood Plans of A. E. Jackson of Decatur and
 Associates COnsummated
STATEMENT WILL BE
 ISSUED TOMORROW
Two Weeks Asked of State Banking Department Will Expire on That Date-No Comment From
 McGaughy or Hilton

l It was generally reported yesterday that the plan of A. F. Jackson of Decatur and associates for reorganization of the Jeff | ferson County Savings bank had been con summated
 Nothing authentic regarding the situa- ton. however, was given out. The two weeks time asked for by MT. Jackson and his associates in which to present their reorganization plans before the | state department of banks will expire to- morrow. and 1t is understood that on that date there will be forthcoming an of- ficial statement both from Mir. Jackson and from State Superintendent of Banks Alex Walker giving details of the proposi- | ton.
 Announcement Tomorrow Neither Mir. Walker nor McLane Triton of Pell City. who has been the agent of the state banking department in charge of the defunct institution, was in the city yesterday, and it was also stated that MT. Jackson and his associates had re- turned to their homes in north Alabama. Reliable information was to the effect 1 that the full announcement of the plan by which MT. Jackson and associates will | take over the old bank and assume all | it's liabilities in full would be made to- morrow.
 , There was no statement forthcoming yesterday from Snowden McGaughy who with MT. Triton and others have organ ized the Jefferson Trust company in con- neetion with the affairs of the defunet Jefferson County bank. MT. McGaughy said yesterday that there were no develop ments to be made public.
 1 As will be remembered, MT. McGaughy and associates were on the point of ap- plying for a charter and starting bus- ness in the rooms of the old Jefferson County bank when announcement came i from MT. Jackson and associates that they 1 had been granted two weeks time in which to place their plan for reorganization of the bank before the banking department. I 1t was then stated by MT. McGaughy that while the rooms of the old Jefferson County bank would be surrendered to MT. Jackson and associates if their reorgan- ization plans succeeded. at the same time the organiza ton of the Jefferson Trust company would proceed as usual and be- gin business with the purpose of becoming within few months a national bank.
 Will Pay Dollar for Dollar 1 While to the general public the whole | situation has been considerably confused on account of the many different sides to developments regarding the bank, it is generally understood that under the plans of MT. McGaughy and associates all lia- l bilities of the old institution would not l have been assumed by the new organ l ization, while under the plans of MT. Jack son and associates the entire liabilities of the defunct bank will be assumed and all depostors, both commercial and savings accounts, will be paid dollar for dollar.
 Should the latter be the case, bankers and industrial men had no hesitancy yes- terday in stating their belief that it would be one of the most encouraging things l that has happened in Birmingham in years. The belief was expressed that it would almost immediately put new life and vigor into local business conditions such as otherwise would be hard to im- agine. For this reason there Is intense interest through the business world of the Birmingham district in the rumored forth coming announcement of MT. Jackson and associates.