The Birmingham age-herald., 1916-06-09
JEFFERSON BANK
 DEPOS|TORSFO
 AN ORGANIZATION
Two Hundred Present Last Night at Meeting-Execu- tive Committee Is Named
 to Look After Interests

tive Committee Is Named
 to Look After Interests A unanimous vote of thanks was ex- l tended to Alex F. Walker, state super | intendent of banks, at the meeting or | the depositors of the institution last ! night. for the full and free statement l of the condition of the bank he made | to the meeting. A permanent organiza- | tion was perfected and the chairman
 of the meeting was authorized to name an executive committee of five mem 1 bers to assist in the business which ! might be of interest to the depositors 1 of the institution
 | Fully 200 depositors of the Jefferson | County bank were present at the meet I ing last night, which was held in Judge Pugh's courtroom in the court house. H. M. Abercrombie presided at the meeting. After stating the purpose | of the meeting, which was to hear a ] report of the state superintendent of banks regarding the condition of af- fairs, Mir Abercrombie called on Su- 1 perintendent Walker for a statement. MADE FREE STATEMENT | MT Walker made full and free statement of the affairs of the insti- 1 tuition to the depositors He told of I the condition of the bank at the time | it had failed and he recounted the steps which had been taken by him as superintendent of banks looking to- ! ward its liquidation. The statement 1 of MT. Walker was in many respects I remarkable, especially in so far as 1 the expenses of liquidating the insti- l tuition were concerned. He showed by l his reports that the total cost of hand !, ling the affairs of the bank since it closed it's doors had not been as much as the interest which the bank had l earned on the accounts due it.
 We have paid dividend of 60 per | cent to the checking depositors of the | bank" declared Mir Walk "The law requires that we pay these depositors before we do those who have stipu- lated for interest. We have on hand at
 this time about $100,OOO In a short
 time we will have about SIPS. 1000. which
 
 on dividend of 20 per cent. As soon
 as we collect that amount we will pay It to the checking depositors. We are pushing our collections with all pos s1bie haste and you may rest assured that 1t is my purpose to hasten the liquidation of this bank as far as pos sible. Just as fast as we get the money in we will pay out dividends of 20 per cent to the checking depositors. We hope to wind up at an early date and
 then we will start in on the savings de- positors.
 "As to the Jefferson County bank building, the bank has an equity of
 about $475,o00 in it. We reduced that to judgment and later secured d third mortgage covering the amount We have not had any bona fide offer Tor the purchase of the building which would give us even a reasonable sum on this amount. I am just as anxious to sell this building and close up the l affairs of that bank as any of the de- positors. I have offered the building | for sale. but up to the present time have had no fair offer would be will ling to lose part of the sum we have invested in the building if we could wind it up and you may rest assured
 that the first time we get any kind of reasonable offer I will present the mat ter to the chancery court for decision  WENT INTO DETAILS MT. Walker went fully into the de- tails of the condition of the bank and answered every question that was asked. There was no effort to keep anything from the depositors and the superintendent of banks and his at torney Phares Coleman, Sr gave the mlnutest information regarding the legal status of the bank and everything connected with it. At the conclusion Of his statement resolution was unanimously adopted thanking Mr. Walker for his courtesy and for the frank statement he had made. The de- l positors seemed to be highly gratified With the manner in which MT. Walker | was handling affairs of the institution and for the economy with which the 1 1iouidation had thus far been accom- 1 plished
 D. II, Decker introduced resolution providing for a permanent organiza- l tion of the depositors with a chairman l secretary and treasurer to be elected by 1 the meeting and an executive commit 1 tee of five to be named by the chair | man from among the savings depos- 1 itors. The resolution was adopted | unanimously. H. M. Abercrombie was ] elected chairman: Joseph Gluck. sec 1 retary. and Dr. Eugene Jacobs. treas | urer MT. Abercrombie asked for fur | ther time in naming the executive com 1 mittee. but he announced last night l that John w. O'Neill would be the
 chairman of that committee. The meet i ing then adjourned. subject to the call | of the chairman