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The Hattiesburg News
Hattiesburg, Forrest County, Perry County, Mississippi
What is this article about?
In Natchez, Miss., Chancellor R. W. Cutrer announced plans to order the sale of notes and property of the failed First National Bank by August 7, addressing depositors' losses since 1913. Approval from depositors who received only 5% so far.
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BANK TO BE SOLD
Natchez, Miss., July 22.—While holding chancery court here Chancellor R. W. Cutrer announced he will issue an order by August 7, directing L. P. Conner, receiver of the First National Bank, to get together all notes of the failed institution in order that they may be sold. In addition to this the chancellor will issue a decree authorizing the sale of all other property possible, including lands and city property. For the property that cannot be sold to an advantage at the present time trustees will be appointed.
This action meets with the approval the depositors, who so far have received only 5 per cent, although the bank failed in 1913. This amounted to $5,000. When the bank closed its doors the books show that it was indebted to depositors more than $100,000. The principal asset of the bank is plantation property in Louisiana.
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Domestic News Details
Primary Location
Natchez, Miss.
Event Date
July 22
Key Persons
Outcome
depositors have received only 5 percent ($5,000) since the bank's failure in 1913, when it was indebted to depositors for more than $100,000. the principal asset is plantation property in louisiana. order to sell all notes and other property, with trustees for unsellable items.
Event Details
While holding chancery court in Natchez, Chancellor R. W. Cutrer announced he will issue an order by August 7 directing L. P. Conner, receiver of the First National Bank, to gather and sell all notes of the failed institution. Additionally, a decree will authorize the sale of all other possible property, including lands and city property. Trustees will be appointed for property that cannot be sold advantageously now. This action is approved by depositors.