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Newport Bank Fails. LITTLE ROCK Ark., April 30.-The Bank of Newport, at Newport, Ark, falled to open for business today. It has deposits of over $100,000. The closing almost caused a panic in Newport business circles, as practically every house in the city was affected.
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BANK CLOSED. Its Failure to Open Monday Nearly Resulted In a Panic. Newport, Ark., May 1.-Bank of Newport did not open Monday. Following notice was posted on a door: "The directors have decided to clase until matters are adjusted." The bank, which is capitalized at $50,000 and has deposits of over $100,000. is one of the most prominent in the state. Asmets are not obtainable. The closing almost caused a panic in Newport business circles, as practically every house was affected. The trouble is supposed to have been caused by the failure of the bank to collect more than a $100,000 loan made to a manufacturing firm a year ago.
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Little Rock. Ark., April 30.-The - Bank of Newport, at Newport, Ark., failed to open for business today. It has deposito of over $100,000. The closing almost caused a panic in Newport business circles, as practically every house in the city was affected.
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CLOSES DOORS Bank of Newport, Doing a $300,000 Business, Fails. Newport. April 30.-The Bank of Newport, established in 1889, the oldest of the local banks, with deposits of nearly $300,000. closed its doors this morning. A placard announced its suspension with the statement that a receiever had been applied for.
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BANK OF NEWPORT CLOSES DOORS Reason Given for Suspension Is Large Loan Made Lumber Concern Which Has Suffereed Heavy Losses Recently. Newport, April 30. - The Bank of Newport established in 1889, the oldest of the local banks, with deposits of nearly $300,000, closed its doors this morning. A placard announced its suspension with the statement that a receiver had been applied for. At a meeting of the directors held yesterday evening it was decided to suspend business, and one of the members or the board, Attorney J. M. Stayton, was dispatched to Mammoth Spring to ask of Chancellor J. C. Humphries the appointment of a receiver who will probably be Alcorn Ferguson of this city. The announcement of the suspension came as a shock to a great majority of the people, though a number of large depositors had withdrawn their accounts owing to a prevalent rumor of its impaired condition by reason of a large loan made to a large lumber company which, through the past year, suffered heavy losses on account of excessive rains and inability to operate. Cashier R. M. Johnson says all depositors will be paid in full.
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BANK CLOSED. Its Failure to Open Monday Nearly Resulted In a Panic. Newport, Ark.. May 1.-Bank of Newport did not open Monday. Following notice was posted on a door: "The directors have decided to close until matters are adjusted." The bank, which is capitalized at $50,000 and has deposits of over $100,000. is one of the most prominent in the state. As sets are not obtainable. The closing almost caused a panic in Newport business circles, as practically every house was affected. The trouble is supposed to have been caused by the failure of the bank to collect more than a $100,000 loan made to a manufacturing firm a year ago.
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AN ARKANSAS BANK CLOSES. Every Business Firm in Newport Affected by Failure of Institution. Little Rock, Ark., May 2.-The Bank of Newport, Newport, Ark., failed to The open for business yesterday. following notice was posted on the doors: "The directors have decided to close until matters are adjusted." George W. Decker is president and R. M. Johnson cashier. The bank is one of the most prominent in that section of the state. The capital stock is $50,000, with deposits of more than $100,000. The closing almost caused a panic in Newport business circles as practically every house in the city was affected: The trouble is supposed to have been caused by poor collections.
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One Receiver As Yet. Up to press hour Friday afternoon no word had been received from G. L. Grant, despatched to Mammoth Spring with a petition from some sixty depositors of the Bank of Newport, asking the appointment of Capt. T. D. Kinman as a co-receiver with Mr. Alcorn Ferguson of the suspended bank. Captain Kinman is however assisting Mr. Ferguson in his work, which is tedious and may require some time before a statement of the bank's condition can be given out.
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ALMOST CREATED A PANIC Citizens Become Excited When the Bank of Newport, Ark., Fails to Open Its Doors. Little Rock, Ark.-Tuesday the Bank of Newport, Newport, Ark., failed to open for business. The following notice was posted on the doors: "The directors have decided to close until matters are adjusted." George W. Decker is president and R. M. Johnson cashier. The bank is one of the most prominent in that section of the state. The capital stock is $50,000, with deposits of more than $100,000. The closing almost caused a panic in Newport business circles, as practically every house in the city was affected. The trouble is supposed to have been caused by poor collections.
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THE Bank of Newport, Ark., which was established in 1889 and had deposits of $300,000, has gone into the hands of a receiver.
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CAPTAIN KINMAN NAMED. Chancellor Humphries Appoints Him Co-Receiver With Alcorn Ferguson of Bank of Newport. Chancellor Humphries has appointed Capt. T. D. Kinman coreceiver with Alcorn Ferguson of the Bank of Newport and on Monday he assumed jointly with Mr. Ferguson charge of the suspended bank's affairs. Attorney G. L. Grant returned Sunday night from Springfield and Mammoth Spring whither he had been sent with a petition for Capt. Kinman's appointment. The receivers are still at work and are not yet in a position to make the statement keenly anticipated by the creditors and general public.
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ALMOST CREATED A PANIC Citizens Become Excited When the Pank of Newport, Ark., Fails to Open Its Doors. Little Rock, Ark.-Tuesday the Bank of Newport, Newport, Ark., failed to open for business. The following notice was posted on the doors: "The directors have decided to close until matters are adjusted." George W. Decker is president and R. M. Johnson cashier. The bank is one of the most prominent in that section of the state. The capital stock is $50,000, with deposits of more than $100,000. The closing almost caused a panic in Newport business circles, as practically every house in the city was affected. The trouble is supposed to have been caused by poor collections.
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Suit Occasioned by Bank's Failure. Newport, May 8.-Suit has been instituted by certain depositors of the Bank of Newport to se. cure the return of the collateral held by the bondsmen who became securities for the bank of Newport, on the loan made by the county on October 9, 1905, of $45,421.23 to the suspended bank. The moneys loaned by the county are being continually drawn upon for current expenses, and at the time of the bank's suspension the amount due the county was $24, 923.79.
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BANK CREDITORS TO GET DIVIDEND. Receivers of Bank of Newport Report That They Have Collected Total of $10,543.73. Newport. Nov. 27.-The receivers of the defunet Bank of Newport, Messrs. Ferguson and Kinman, by their attorneys, Phillips and Boyce. filed a report in chancery court vesterday afternoon. The report shows that the receivers have collected $41,641.41. of which they have on hand $40,548.73. It also shows that the claims against the bank aggregate $253,983.75 The receivers recommend that a dividend of 12 1-2 per cent be declared on these proven claims. This would mean the payment to the creditors of $31,747.96. Judge Humphries opened chancerv court this morning, and the forenoon was devoted to a preliminary call of the docket. The report of the receivers of the Bank of Newport constituted the first important business to come before the court.
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WILL GET 12 1-2 PER CENT Newport, Nov. 26.-The receivers of the defunct Bank of Newport, Messrs. Ferguson and Kinman, by their attorneys, Phillips & Boyce, filed a report in chan cery court this afternoon. The report shows that the receivers have collected $41641.41, of which they have on hand $40,543.73. It also shows that the claims against the bank aggregate $253,983.75. The receivers recommend that a dividend of 121 per cent be declared on these proven claims. This would mean the payment to the creditors of $31,747.96.
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CREDITORS TO GET DIVIDEND Newport, Nov, 30.-The chancery court today acted upon the report of the receivers for the Bank of Newport, Judge Humphreys entering his order instructing the receivers to distribute a dividend of 20 per cent to creditors of the bank upon claims that are unprotected.
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Will Pay 60 Per Cent. The claims of the depositors of the Bank of Newport, represented by Senator Clarke, totaling about $108,000, will be settled on a compromise basis of 42 per cent net, which with the 18 per cent net divided paid out by the receivers, makes a total of 60 cents on the dollar.
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Will Pay 60 Per Cent. The claims of the depositors of the Bank of Newport, represented by Senator Clarke, totaling about $108,000, will be settled on a compromise basis of 42 per cent net, which with the 18 per cent net divided paid out by the receivers, makes a total of 60 cents on the dollar.
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# Will Pay 60 Per Cent. The claims of the depositors of the Bank of Newport, represented by Senator Clarke, totaling about $108,000, will be settled on a compromise basis of 42 per cent net, which with the 18 per cent net divided paid out by the receivers, makes a total of 60 cents on the dollar.
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IN HANDS OF RECEIVER Newport, March 17.-The PondDecker Manufacturing Company, owners of the electric light plant and the real property upon which the Newport Stave Company is operating its plant, was placed in the hands of Charles G. Henry as receiver today by order of Chancellor George Humphries of Salem. The assets and liabilities of the company are not yet known, but there are many heavy outstanding claims dating from several years prior to the failure of the Bank of Newport. A receiver was asked for by the American National bank of Fort Smith, represented by Gustave Jones. The amount of their claim is about $3,500. The president of the company, George W. Decker, was formerly president of the Bank of Newport, which failed about two years ago.