Full suspension, Books examined
Other: Bank was placed in hands of a national bank examiner/receiver; subsequent liquidation and dividend distributions to creditors.
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C. Plants & Sons and the First National of Macon Go Under (Special Telegram to Evening Teller.) MACON, Ga., May 16.-I. C. Plants & Sons' bank and the First National closed their doors this morning, pending the arrival of the examiners, no official statement is given. Plants private institution was founded fortythree years ago by the father of R. H. Plant. It is said that a million dollars is involved in the two failures.
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MACON BANKS GO TO THE WALL HANDS OF RECEIVERS IN ARE THE FIRST NATIONAL AND I. C. PLANT'S SONS' BANK. Great Sensation Caused in the Central City by the Suspension of the Two Concerns-Plant Bank Was Closed for Half an Hour Before It Was Known-R. H. Plant Heavily Involved-Mystery as to Cause of the Failures.
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Washington, May 16.- The Controller of the Currency has been advised by National Bank Examiner W. F. Albert- sen that the First National Bank, Ma- con, Ga., closed its doors this morn- ing by order of the board of directors.
The failure of the bank, the examiner states, is due to a heavy loss sustain- ed by the suspension of I. C. Plant's Son, a private bank, of which the president of the First National Bank was also president. Examiner Albert- sen has been appointed receiver.
The resources and liabilities of the bank as shown by the last report of condition, March 28, 1904, were as fol- lows: Resources: Loans and discounts, $587,925; overdrafts, $1,364; United States bonds, $240,000; stocks, securi- ties, etc., and premium, $51,776; real es- tate, $38,500; due from banks and bankers, $85,304; cash and cash items, $164,635.
Liabilities: Capital, $200,000; surplus and undivided profits, $65,574; circula- tion, $200,000; due to banks and bank- ers, $56,186; deposits, $525,670. Re-dis- counts, $122,075.
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The I. C. Plant Sons' bank, in Macon, Ga., failed to open its doors Monday. The First National Bank opened at 9 o'clock, but later closed, posting a notice that it would not open the next day, pending the arrival of a bank examiner. No official statement of the bank's conditión has been given out. It is reported the action taken by the First National was from an apprehension of a run following the closing of the other institution.
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Receiver for Plant & Son Writes Comptroller. (By Associated Press.) WASHINGTON, D. C., May 21.-The Comptroller of the Currency received today a letter from National Bank Examiner Albertson, temporary receiver of the First National Bank of Macon, Ga., which closed its doors on May 16, 1904, stating that he cannot at this time state definitely whether the bank will be able to resume business or not. Its ability to do so, he says, will depend upon whether certain corporations which were closely identified with the failure of I. C. Plant and Sons, can meet their liabilities to the bank. The examiner states that his time has been SO fully taken up since the suspension in protecting the bank's interest in various matters that he has been unable to complete his receiver's report, but expects to do so within a week.
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President of a Failed Bank Ends His Existence. Macon, Ga., May 21.-R. H. Plant, presIdent of the I. C. Plant & Sons' bank and the First National bank, which were closed here Monday, killed himself late this afternoon. He had been confined to his home by illness for several days. Unnoticed, he slipped away from his nurse, secured a revolver and shot himself through the head. Fifteen minutes later the nurse found the capitalist dead, with a pistol in his hand. Mr. Plant leaves a widow and nine children. The Plant banking institutions were the oldest in Macon. The receiver of the private bank has reported a shortage of more than $844,000. The national examiner has not yet reported on the First National. Mr. Plant had life insurance for more than $1,000,000. of which about $800,000 was for the benefit of creditors.
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Can't Say Whether the First National Will Resume Business. Washington, May 21.-The controller of the currency received a letter to-day from National Bank Examiner Albertson, temperary receiver of the First National Bank of Macon, Ga., which closed its doors on May 16, 1904, stating that at this time he cannot state definitely whether the bank will be able to resume business or not. Its ability to do so, he says, will depend upon whether certain corporations which were closely identified with the failure of I. C. Plant & Sons, can meet their liability to the bank. The examiner states that his time has been so fully taken up since the suspension in protecting the bank's interest in various matters that he has been unable to complete his receiver's report, but expects to do so within a week.
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MACON BANK MAY RESUME IF CORPORATIONS PAY UP The Comptroller of the Currency has received a letter from National Bank Examiner Albertson, temporary receiver of the First National Bank of Macon, Ga., which closed its doors on May 16, stating he cannot at this time state definitely whether the bank will be able to resume business or not. Its ability to do so, he said, will depend upon whether certain corporations which were closely identified with the failure of I. C. Plant & Sons, can meet their liability to the bank. The examiner says his time has been so fully taken up since the suspension in protecting the bank's interests in various matters that he has been unable to complete his receiver's report, but expects to do so within a week.
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WORLD NEWS BY GABLE (Associated Press Cable. BANKER KILLS HIMSELF. Macon. Ga., May 21.-R. H. Plant, president of the First National Bank, also Plant & Son's private bank, has committed suicide. The receiver of his banking properties reports a shortage of $844,000.
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Macon, Ga., May 23.-Robert - H. Plant, president of the First National bank. and owner of the I. C. Plant's Son bank, both placed in the hands of a receiver last week, committed suicide.
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Washington, May 23.-The Southern Railway to-day entered suit in the district Supreme Court against the First National Bank of Macon, Ga., for $22,957, which was on deposit with the bank when it went into the hands of a receiver. The railroad company alleges that the bank owns 160,000 gallons of cotton seed oil now in this city.
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Washington, May 23.-The Southern railway today entered suit in the district supreme court against the First National Bank of Macon. Ga., for $22,957, which was on deposit with the bank when it went into the hands of a receiver. The railroad company alleges that the bank owns 100,000 gallons of cotton seed oil now in this city.
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The I. C. Plant Sons' bank, in Macon, Ga., failed to open its doors Monday. The First National Bank opened at 9 o'clock, but later closed, posting a notice that it would not open the next day, pending the arrival of a bank examiner. No official statement of the bank's condition has been given out. It is reported the action taken by the First National was from an apprehension of a run following the closing of the other institution.
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(By the Associated Press.) Washington, 23.-The Southern railway today entered suit in the District Supreme court against the First National bank of Macon, Ga., for $22,957, which was on deposit when the bank went into the hands of a receiver. The railroad company alleges that the bank owns 160,000 gallons of cotton seed oil now in this city.
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Depositors Await Report on Condition of Suspended Banks at Macon. The excitement, caused by the suspension of the First National and the private bank of I. C. Plant's Sons, it Macon, G2. is subsiding, and the people are patiently awaiting the report or the condition of affairs of the in. stitutions. It will be several days be 10.e the report will be ready.
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KILLS SELF TO PAY DEBTS HEAD OF TWO DEFUNCT BANKS COMMITS SUICIDE. Shortage of $800,000 Can Be Made Good When Insurance Policies on Life Are Collected. Macon, Ga., May 23.-Realizing that he was financially wrecked and that he would be worth more to his creditors as a corpse than while living, R. H. Plant, once a millionaire banker, arose from a sick bed, put on his bathrobe and slippers, and asked his nurse to assist him to the bathroom. Then, passing through the bathroom, he went to the back porch and sent a pistol ball through his head Saturday afternoon. He died without a word. Nothing by way of explanation was found. He carried $800,000 life insurance. Of this $50,000 was incumbered to secure debts. Besides this he carried $250,000 in favor of his wife. He told a friend five years ago that he had $1,000,000 secured to his wife and children so that they would get it no matter what business reverses overtook him. Those who knew him intimately say they are satisfied that when the receiver for his two banks published a day or two ago that his net liabilities were $800,000, the figures became so fixed in his mind and he realized that the only way for him to pay his debts was by suicide. His total liabilities are upwards of $2,000,000. He was pro-' prietor of the I. C. Plant's Sons' private bank, which, was established here half a century ago, and he was president of the First national bank. He asserted that he had not known his distressing financial predicament until a bank examiner reached here last Saturday and demanded $100,000 represented by a due bill held against R. H. Plant in the national bank. When $100,000 was taken out of the private bank it exhausted the funds of the latter. When notified of this in his sick room on Sunday he ordered the private bank closed. A run on the national bank was started and the directors closed it early Monday morning. Mr. Plant was the general agent of the New York Life Insurance company for years. He secured investments of life insurance money paid by the company to beneficiaries of policies. Therefore hundreds of widows and orphans were heavy losers by his failure. He said after the failure that it was on this account that his misfortune wrung his heart.
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Depositors Await Report on Condition of Suspended Banks at Macon. The excitement caused by the suspension of the First National and the private bank of I. C. Plant's Sons, it Macon, G.. is subsiding. and the people are patiently awaiting the report or the condition of affairs of the institutions. It will be several days be10 e the report will be ready.
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Macon, Ga., Special.-In the United States Court a consent order was passed, under which the receiver of the Red Cypress Lumber Company may sell over three million feet of lumber at the company's plant upon which a lien is claimed by Receiver Albertson, of the First National Bank, under a mortgage executed by the lumber company to the I. C. Plant's Son Bank for an aggregate of $114,000, to secure loans made by them to the company, which mortgage was transferred to the First National Bank. It is provided in the order that all of the funds arising from the sale of such lumber, or any part of the same, shall be deposited and held as a separate fund subject to the lien.
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H. Plant Kills Himself That Insurance May Be Available. SAVES DEPOSITORS $800,000 Southern Financier Atones Through Death For Crash of Two Banks of Which He Was Head-Revolver Ends His Troubles-Had $1,015,000 Insurance, Which is Incontestable. Macon. Ga.-A tragic sequel to the crash of the private bank of I. C. Plant's Sons and the First National Bank came, when R. H. Plant, the head of both institutions. committed suicide. thereby making available over $1,000,000 life insurance for payment on liabilities of about $800,000 of the two banking institutions. That Mr. Plant deliberately sacrificed his life that the creditors should not suffer is believed by his most intimate friends and by banking and insurance men who knew him here. During the last twenty-five years Mr. Plant had accumulated life insurance amounting to $1,015,888, on which he was paying an annual premium of about $43,000. As a result of his death the indications are that the creditors of the two banks will not lose a single penny. Many of the creditors are working people. whose deposits represented years of self-denial and saving. At least $800,000 of Mr. Plant's life insurance is now made payable to his estate. and this amount, it is estimated, will fully cover his liabilities. Mr. Plant had been ill for two months past. When the banks collapsed ugly charges were circulated and much indignation expressed because he failed to make any statements as to the cause. During his illness, especially since the failure of his institutions, he had been closely watched at his home in College street here by his family and nurses, for fear he would commit some rash act. He told his nurse he wished to lie down. Twenty minutes later he asked to be assisted to the bath-room. While there he sent the nurse for a glass of milk. In her absence he secured his revolver from his room, returned to the bathroom and stepped out a small doorway leading to a porch in the rear of his home. There he placed the weapon to his head and fired. The nurse, returning with the glass of milk, heard the shot, dashed into the bathroom and out on the porch, where she found the capitalist dead, the smoking revolver still clenched in his hand. The bullet had passed through the right temple and out of the left, flattening itself upon the house wall. Death was probably instantaneous. The Coroner was at once summoned, and upon the testimony of the nurse and of a physician a verdict of death by his own hands was rendered. Mr. Plant leaves a widow and nine children. Wallace E. McCaw, President of the McCaw Manufacturing Company, and Mr. Felton Hatcher, a prominent attorney. are sons-in-law., The Plant banking institutions are the oldest in the city. The receiver of the private institution has reported a deficit of over $844,000. The National Bank Examiner has as yet made no report as to the First National's affairs. Mr. Plant, in addition to being identifled with various manufacturing enterprises, and formerly largely engaged with the New York Life Insurance Company. was known throughout the trotting world, and his horses for years have raced in the grand circuit. He owned Grattan Boy. Dulce Cor, Miss Willamont and other well-known horses. George H. Plant, Vice-President of the First National, is a brother.
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First National Depositors Will Get More of Their Money. Macon, Aug. 23.-Receiver A. J. Butler of the First National Bank to-day made public the statement that he had already forwarded checks to Washing-
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Macon. Ga., Special.-Receiver W. J. Butler, of the First National Bank, which failed in the R. H. Plant collapse last year. will distribute next week another dividend of 10 per cent to all creditors of the institution. This will make a total of 95 per cent paid.
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HILLYER MADE A GOOD REPORT CALLED ATTENTION TO PROSPER OUS CONDITION OF BANKS IN GEORGIA. Secretary L. P. Hillyer, of the Georgia Bankers' Association, made the following interesting report at the meeting here Thursday: Mr. President and Gentlemen of the Georgia Bankers' Association: It gives me much pleasure to report to you that our association is flourishing in spite of the late depression, and that our membership is larger than ever. The recent group meetings were largely attended and were very enjoyable as well as beneficial. The panic of 1907. the worst in some particulars this country has ever seen, affected our Georgia banks as lightly, perhaps, as the banks of any state in the union. The state treasurer reports only two failures of state banks in Georgia for the year 1907. Thése fail. ures were the Neal Bank of Atlanta and the Exchange Bank of Macon. The Exchange Bank closed its doors some time before the panic, the Neal Bank was the sole weak spot in our 600 odd banks developed by the panic of 1907. In order that an accurate report might be made, I wrote to the comptroller of the currency at Washington, asking him to give the name of the National Banks which failed in Georgia since June 1st, 1907, as well as the full particulars concerning them. He replied as follows: "Washington, June 6th, 1908. Mr. L. P. Hillyer, secretary Georgia Bankers' Association, Macon, Ga. Sir: In reply to your letter of the 3d instant, you are respectfully informed that there have been no failures of National banks in the state of Georgia subsequent to May 15th, 1904. The First National. Bank of Macon suspended payment on that date, and its affairs were finally closed May 12th, 1906, the claims of creditors having been paid in full wth interest. T. P. Kane, Respectfully, Our record is a magnificent one, and none of us can estimate how much of it is due to the educational and moral influence of this association. Our members frequently, without knowing it, acquire valuable knowledge through social contact, and hints suggested at group meetings and annual conventions often enables us to avoid the treacherous pitfalls of banking. The program committee, of which your secretary is a member, has secured speakers for this convention whose addresses will furnish food for thought, and who will, no doubt, suggest important work for our association to accomplish. I beg of you to give them careful attention. and let us make this the greatest convention 'ever held since our organization. L. P. Hillyer, Respectfully, Secretary.