The Durant news. (Durant, Miss.) 1882-1985, 1940-08-22

payoff in excess of fifty per cent
was unusual.
This makes the record of Judge
Stricken the more impressive.
"In every major liquidation in his
Jurisdiction, with one exception
which is still in the process of liqui-
dating, depositors have received all
their money.
I'm several instances stockholders
have had their entire investment
returned.
"In every instance stockholders
have been returned q substantial
volume Of assets after all depoSitors
have been paid in full.
Judge Stricken has been told by
eminent attorneys that no similar
record exists In the nation.
During one period, the jurist had
under his immediate jurisdiction
and supervision seven banks. n
bond and mortgage company, one
building and loan association, and
one or more minor establishments
in liquidation.
"The liquidation Of the Merchants
Bank and Trust company of Jack
son is Q prime example.
ut was the largest banking In
stitution in Mississippi back in
1883, with some 10000 depositors.
On April 8. 1888, the institutions
liquidation began under j. S. Love,
state superintendent of banks,
through James l.. Berry as liquidat-
ing agent, and under direction
and supervision of Judge Stricken.
1.-The bank had assets of approx
mately six and one half million
dollars, with an equal amount of
liabilities.
ION Thursday, July g., 1899, six
years after the banks closure,
Judge Stricken terminated the re-
ownership after repaying deposit
tors in full and returning assets
with a book value of more than
100000 to the stockholders.
mot all the liquidaticns suoer-
vised by Judge Stricken were placed
il such a position by the exigencies
Of the depression era.
The Building q Loan Associa-
tion of Jackson went into voluntary
liquidation under the courts super
vision. At the time of its closure
it was the largest such institution IL
Mississippi, with assets approx
mately three and one half million
dollars, and an equal amount OF
liabilities, consisting of thousands
Of items of distressed and depressed
real estate scattered through all
the counties of the state.
when the liquidation had run lis
course, stockholders had received
moro than the full amount e their
investments.
IN similar fashion the Guaranty
Bond and Mortgage Company of
Jackson paid its creditors in full
ana a substantial dividend was paid
to stockholders.
Under Judge Stricker's super
vision the Mississippi Life Insur-
ance Company of Indianola was
liquidated, with 10000 policy hold
ers reinsured, creditors paid in full
and stockholders repaid their entire
investment.
1.-THE list goes on and on:
1.-THE Mississippi Building and
Loan Association of Jackson PAID
stockholders the full amount of
their investments.
THE Commercial Bank of Brook
haven, to the surprise of that city
and section, paid depoSitors and
creditors in full.
THE United Industrial Insurance
Company of Jackson paid all cred
itors in full, to the extent of ap
proXimately $780, 10000
THE Citizens Savings Bank and
Trust Company of Jackson remains
in the process Of liquidation. /.
came into the court with assets OF
approximately $500, 000.0 90 book value
but of so depressed and varied q
nature that the liquidation has
been extremely tedious and diff
cult.
This institution has repaid de-
positors IS per cent, with prospects
for an additional five per cent, and
possibly q hundred per cent.
These liquidations we're started
and conducted during one of The
worst depressions the country has
known. and when the Judge was
holding ten terms of court Q year
with tho largest volume of busl-
ness Of any chancery district In
Mississippi including estates In al
m~inistration. guardianships, trusts
! end the like. involving other mil
Hons q dollars.
II The nature and aneceGs q IN