NEWPORT BANK DIRECTORS SUED
Clarke Brings Suit Kor Depositors
AllcglnK Neglect of Duty in
Directing Bank’s Affairs
Newport, Aug. 31 -Senatoi
.fames P. Clarke, as attorney foi
S. Heineman and \Y. K. O Neal
depositors of the suspended Ban!
of NeVport, has filed suit in tin
Jackson circuit court against tin
directors of the hank for lossei
sustained by them as depositors
The deposit of O'Neal was $‘2,00(
and that of lieinemann #1,
when the bank failed April 30
last.
Senator Clarke represents de
positors whose losses aggregati
over $100,000, and these two suit
are regarded merely as test cases
and if judgment can be secured ii
them many others will follow
The directors named in the tw<
actions were all acting directors a
the time of the bank'- collapse
They are A. I). Bailey, (i.
Decker, T. J. Graham, -I. M
Jones, J. T. Henderson, H. M
Johnson, J. M. Slayton, K. P
Sboffner and J. S. Stephens.
The plaintiffs’ petitions alleg
that these men, as directors of th
bank, intentionally neglected am
refused to perform the duties im
posed upon them by law and b;
virtue of their position as direr
tors.
The causes of action arc cite
under five heads as follows:
1. Failure to compel the pre?
ident and secretary to tile the an
nual certificate, setting forth tin
financial condition of the hunk wit
the county clerk, as required b.
law.
H. Failure to discontinue busi
ness and continuing to receive do
posits after knowing of the bank’
insolvency.
3. Failure to compel the cash
ier to execute bond to secure th
fidelity provided for in the by
laws.
4. Failure to exercise ordinar:
diligence in superintending and di
recting officers of the bank, where
by funds were wasted and improp
erly diverted.
5. In declaring dividend- t<
stockholders when the bank \va
known to be insolvent.
If the court holds that any orn
of these grounds gives the deposi
tors a cause of action, the jury be
comes arbiter of the facts as t<
whether the charge or charges art
true.
One of these cases, at least, i
expected to ne up before th
September term of court, and ii
the event that the court rules tha
these allegations, or any one o
them, gives the depositors a caus
of action, the directors, or a num
her of them, at least, will want
severance of T icir cases, some hav
ing been much more prominent!;
identified with the management o
the bank than other-. If all ar
held liable every depositors clain
would be sat is tied.
THE CREDIT SYSTEM
The credit system seems to 1)
growing instead of dwindling. 1
is strange that this diould 'he sc
Surely no more vicious system o
doing business was ever devise
or tolerated. It is bad on tli
merchant because he can neve
toll just what his collections an
losses are going to be and he ne\
er knows when he is selling good
whether a gain or loss awaits bin
It is had on the purchaser becaus
lie will spend much more wlie
buying on credit than when h
pays spot cash. The credit sy>
tern gives no present measure c
value and it leaves the unbridle
free to stray into extravagai
ways. It is bad on the man wh
_pays bills, because he must als
pay increased price* for the man
who does not pay his hill.
The cash system has many and
| great advantages and it is singu
lar that our people do not adopt it.
: It keeps money in circulation. It
intakes for economy by furnishing
at all times a present measure of
value. It permits of cheaper
I goods from the merchant because
i there are no had debts to be added
! j on to good debts. It would seem
“ that a cash store, conducted strict
' i |y on a spot cash ba-is, could un
dersell all credit stores and it is a
* wonder more of them art; not
started.
STATE HAPPENINGS BRIEFLY TOLD
• Items of General Inf erest Gathered
- Fresh From the Columns of
, the Daily Papers,
i
L. B. Woolford wa> crushed to
> i death between two cars in the
t Choctaw railroad yards at Little
Hock Saturday.
Geo. W. Taylor, a prominent
• citizen of Clarksville, committed
• suicide Saturday night by shoot
• ing himself with a revolver.
Miss Margaret Stanton, daugh
ter of L. I). Stanton, a prominent
farmer of Saratoga, died after a
^ three days’ illness of septicemia,
|superinduced by a spider bite.
Homer, the '.'-year-old son of
j Station Agent R. A. Gregory, of
j Mammoth Spring fell from a
horse and came near losing his
life. His skull vu- fractured and
he was unconscious for several
hours.
Col. Robt. Xett'es, at one time
!a member of the legislature from
Crawford county, was found dead
in the woods near his home six
miles from Van Buren a few Hays
s ago. He is supposed to have died
! from heart failure.
Will Jacob, a negro, was acei
D dentally killed near Dumas, while
. loading staves. He had a shot
gun on the part a' v loaded wagon,
m the muzzle pointi: g towards him.
i He was putting staves on his wag
- on and carelessly throwing them
about. It is presumed that in this
manner the gun vv s discharged,
) the load entering near the waist
s line and killed him instantly.
Jesse Clegg drank some lubri
• eating oil at the farm of Mr. Smis
- son, near Xasln 1 \ which made
• | him dangerously ih. Me. Clegg
> picked up a jugw; ieh lie suppost d
1 to contain water, and drank a
quantity of the oil before discover
- ed hi$ mistake. Ke soon became
' very ill, vomiti: g a quantity of
1 blood, and the services of a physi
t cian were reqn •>,' to save his life.
Isaac Clark, a farmer living live
miles from Carlisle, was bitten in
the arm by a wolf while out hunt
1 ing and received a painful wound.
He had to cut the animal's throat
' with a knife before it would let
1 loose his arm. Clark was out
hunting when h> dog found the
1 wolf and engaged in a tight with
him. Clark rushed in to aid the
dog, when the wolf turned on him
and seized him.
t how’s This?
We offer one hundred dollars
f reward for any ease of catarrl
I that cannot be cured by Hall's
e Catarrh Cure.
r F..!. Chenney & Co., Toledo, ()
We, the underpinned, have
known F. .J. Cheney for the past
■ 15 years, and believe him perfect
s ly honorable in all business traits
actions and financially able to car
p ry out any obligations made b.\
his firm.
II Walding, Rinnan it Marvin,
6 Wholesale Druggists, Toledo, (>.
i- Hall's Catarrh Cure is taken in
f ternally, acting directly upon the
11 blood and mucous surfaces of th»
system. Testimonals free. Price
1 75 cents per l>ottle. Sold by all
° i druggists. Take Hall'9 Family
oj Pills for constillation.
WILL HE WORK? ASKS EMPLOYER '
That is the Question of Parmount
Importance in the Business
World at Present lL
A young man was recently ap
plying to a well-known employer
for a position, says H. .1. Hapgood
in a recent Magazine article. He \
was in the midst of rather a glow- \
ing description of his peculiar V
qualifications for the place, when
the employer interrupted him.
“Never miud about all this. There
is just one thing 1 want to know. ;
Will you work i” j \
Will he work' Not merely has
he ability; but does he know how
to use honestly, energetically and
persistently what ability he hash
I This is the great question. I he
answer decides the employment ot
every new man and the promotion
of every old one and it applies
with equal force to all grades of
i service from the laborer to the
general manager.
A Chicago employer who engag
es each year a large number of
young college men invariably giv- \
es preference to those who have I
earned the money for their eduea- \
tion. He does this, because he I
has learned that a man who has I
made his way through college un- ^
aided, possesses the capacity tor I
hard work that is so necessary in
business. His preference in this
respect was originally based upon
the case of a young man who en- :
tered his employ several years ago j
and is now one of his most trusted
lieutenants.
This man went from the farm to' \
a New York university with le>s j
than ten dollars in his pocket and
no idea where to find more. He
was slow to learn and decidedly *
unattractive in his appearance, hut <
he knew how to work. Before ‘
the end of the lirst month he was *
on a self supporting basis. At the ,
close of his freshman year he was I
actually making money. By *
working 1- to 14- hours a day con- <
tinuously for four years he main f
tained a fair rank in his class, *
j earned every dollar of Ids expens <
es. and on commencement day had «
in the bank a cadi balance of five *
hundred dollars. *
Kvery man who intends to make I
| himself of value to his employer 1
. and to win advancement for him 1
self (and the two go hand in hand -
despite all the pessimists may say) j *
must have this capacity for work, j
No matter how great his ability. ;
how thorough his education or how ;
attractive his personality, these •
qualities are as useless as a loco- «
motive without fuel unless backed ;
up by persistence and energy. ;
He may be retained for a time be- ;
cause of his ability, but in the long '
race he will be found sadly want- ;
ing. Some day his employer will "
be forced to give the position lie
has hoped for and which by his
[natural talents he is pre-eminently
fitted to fill, ton man who although
less capable has shown himself to
be a worker.
STAfoa
BRANS)
SHOES ,
Am >
BETTER:.
DOUR MERC. CO.
Magness, - > Arkansas]
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Come in and See Ls Before \ou
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CRAIG & MOORE
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E MAGNESS, : : ARKANSAS.
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