3697247191291 369724719
hash
3b7bce8a05d52fecNone
Click image to open full size in new tab
RUN UPON A MACON BANK Begun by Indefinite Talk and Stopped by Cash When Demanded. I By Associated Press. Macon, Ga., July 3.-Frightened by intangible rumors, small depositors today withdrew seventy-five thousand dollars from the Exchange Bank, but this amount was offset by deposits of sixty thousand and a loan of a hundred thousand dollars by other banks of the city. The run was soon checked.
Click image to open full size in new tab
RUN PREPARED FOR. Exchange Bank Had Money on Hand to Meet Emergency. Macon. Ga., July 3.-A run was made on the Exchange bank today, resulting in the withdrawal of a total of $75,000, which was more than offset by deposits of $65,000 made by friendly depositors and the loan of $100,000 by other banks of the city to meet the emergency. The run developed from vague reports prevailing for several days past and it had been anticipated and prepared for. Every depositor who asked for his money was paid and the run was soon checked.
Click image to open full size in new tab
A RECEIVER FOR EXCHANGE BANK Continued Run Has Caused its Suspension. 0 Macon, Ga., July 8.-At a directors' meeting of the Exchange bank plans were made for applying to the superior court of Bibb county for a receivership for the institution, and counsel immediately sought out Judge U. V. Whipple, of Cordele. Dr. T. N. Baker, A. D. Schofield and B. P. O'Neal were appointed, and now have the assets and the banking business of the institution in hand. Through Counsel nced to Judge A. L. Miller, it IS an the public that the assets of the b.nk are ample to pay depositors and credìtors in full and leave a surplus for distribution among the stockholders.
Click image to open full size in new tab
INVESTIGATION OF THE BANK BY THE RECEIVERS Macon, Ga., July 8.-Receivers appointed by the court began today an investigation into the condition of the Exchange Bank. A stockholders' meeting has been called for July 18. A deed of sale for the bank building and fixtures, recorded today, secures a loan of $90,000 recently made by local banks to tide over the run.
Click image to open full size in new tab
BANK FAILS IN MACON. Exchange, With Assets and Liabilities of $2,000,000. Macon, Ga.-Judge U. V. Whipple at Cordele, appointed B. P. Oneal, T. N. Baker and A. D. Schofield receivers for the Exchange Bank in Macon. The assets are stated to be $1,958,973.55 and liabilities the same. President Cabaniss gave out a statement to the public that on account of a run on the bank for several days all the available cash of the bank has been exhausted and that it is impossible to continue the bank "as a going concern."
Click image to open full size in new tab
STATE HAD FUNDS IN THE BANK. But Protected Therein By Ample Bond. Atlanta, Ga. July 9.-It was stated by Bank Examiner Park that the state had a deposit of $5,289 in the Exchange Bank of Macon, which has closed its doors. The deposit is well protected by a bond of $100,000 and the state will not lose by the suspension. Speaking of the suspension of the Exchange bank, Bank Examiner Park said that he had called the attention of the directors of the institution to a number of outstanding loans when the report of the bank was made. "Large loans upon poor securities appear to have been responsible for the suspension of this bank," said Mr. Park.
Click image to open full size in new tab
Bank in Hands of Receivers. Macon, Ga.-Judge Whipple today appointed B. P. O'Neil, T. N. Baker, and A. D. Schofield receivers for the Exchange Bank of this city. The assets are stated to be $1,958,973 and liabilities the same. President Cabaniss gave out a statement saying that the directors at a meeting held after the run on the bank of July 2, 3 and 5. passed resolutions saying that allavailble cash of the bank had been used and that it was impossible to continue operations. It is said that depositors and creditors will be paid in full.
Click image to open full size in new tab
Senator Bacon Loses Fortune. MACON, Ga., July 12-About half of United States Senator Bacon's small fortune was swept away by the failure of the - change Bank last week. The senator was worth about $75,000. half of which was represented by Exchange Bank stock. This stock is not only worthless. but it is said the senator and other stockholders will be assessed heavily to pay depositors. It is feared that when the affairs of the bank are wound up Senator Bacon's fortune will be entirely gone. Expert accountants are working on the bank S books. Former Cashier Orr owed the bank $96,000. part of which he has paid. The capital stock and surplus of $650,000 are gone and when the bank closed after a run of four days $300,000 was still due the depositors and there was not a dollar In the vault.
Click image to open full size in new tab
SENATOR BACON LOSES FORTUNE. Failure of Macon Bank Takes About All He Had Saved. MACON, Ga., July 11.-About half of United States Senator Bacon's small fortune was swept away by the failure of the Exchange Bank last week. The Senator was worth about $75,000. half of which was represented by Exchange Bank stock. This stock is not only worthless but it is said the Senator and other stockholders will be assessed heavily to pay depositors. It is feared that when the affairs of the bank are wound up Senator Bacon's fortune will be entirely gone. Expert accountants are working on the bank's books. Former Cashier Orr owed the bank $96,000. part of which he has paid. The capital stock and surplus of $650,000 are gone and when the bank closed after a run of four days $300,000 was still due the depositors and there was not a dollar in the vault.
Click image to open full size in new tab
SENATOR BACON PENNILESS. Macon Bank Failure Heavy Blow to the Stockholders. Macon, Ga., July 11.-About half of United States Senator Bacon's small fortune was swept away by the failure of the Exchange Bank last week. The Senator was worth about $75,000, half of which was represented by Exchange Bank stock. This stock is not only worthless, but It is said the Senator and other stockholders will be assessed heavily to pay depositors, It is feared that when affairs of the bank are wound up Senator Bacon's fortune will be entirely gone. Expert accountants are working on the bank's books, and sensational revelations are looked for. Former Cashier Orr owed the bank $96,000, which he has partly settled. The capital stock and surplus of $650,000 is gone, and when the bank closed, after the run of four days, $300,000 was due depositors, and there was not a dollar in the vaults,
Click image to open full size in new tab
BANK FAILS IN MACON. Exchange, With Assets and Liabilities of $2,000,000. Macon, Ga.-Judge U. V. Whipple, at Cordele, appointed B. P. Oneal, T. N. Baker and A. D. Schofield receivers for the Exchange Bank in Macon. The assets are stated to be $1,958,973.55 and liabilities the same. President Cabaniss gave out a statement to the public that on account of a run on the bank for several days all the available cash of the bank has been exhausted and that it is impossible to continue the bank "as a going concern."
Click image to open full size in new tab
Bank in Hands of Receivers. Macon, Ga.-Judge Whipple today appointed B.P. O'Neil, T. N. Baker, and A. D. Schofield receivers for the Exchange Bank of this city. The assets are stated to be $1,958,973 and Habilities the same. President Cabaniss gave out a statement saying that the directors at a meeting held after the run on the bank of July 2, 3 and 5, passed resolutions saying that all availble cash of the bank had been used and that it was impossible to continue operations. It is said that depositors and creditors will be paid in full.
Click image to open full size in new tab
TRANSFERS HIS PROPERTY. Cashier of Defunct Bank Turns Over All He Has. --Macon, July 11.-Former Cashier C. M. Orr of the Exchange bank, which was put into the hands of receivers last Sunday, has transferred to the bank named real
Click image to open full size in new tab
The auditor's report of the condition of the Exchange Bank of Macon, Ga., which recently went into the hands of a receiver, shows that the entire capital and surplus had disappeared and there was an actual deficit of $8,500.
Click image to open full size in new tab
The auditor's report of the condition of the Exchange Bank of Macon, Ga., which recently went into the hands of a receiver, shows that the entire capital and surplus had disappeared and there was an actual deficit of $8,500.
Click image to open full size in new tab
The auditor's report of the condition of the Exchange Bank of Macon, Ga., which recontly went into the hands of a receiver, shows that the entire capital and surplus had disappeared and there was an actual deficit of $8,500.
Click image to open full size in new tab
The auditor's report of the condition of the Exchange Bank of Macon, Ga., which recently went into the hands of a receiver, shows that the entire capital and surplus had disappeared and there was an actual deficit of $8,500
Click image to open full size in new tab
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.
Click image to open full size in new tab
Sue Defunct Bank Directors. The receivers of t.e Exchange Bank of Macon have filed suit against the directors for $5000,000 and ask a judgement for said amount. Thev also ask for an accounting The receivers blame the directors with criminal negligence, The suit is signed by many stockholders,
Click image to open full size in new tab
Pay Another Dividend. Macon, Ga., Dec. 28.-Another dividend of ten per cent. will be paid the depositors of the Exchange Bank which failed July 6, 1907, on Decemberai 31. The total amount to be paid will be $60,000. This dividend will nake a total of seventy per cent. which the receivers have paid since they took charge a year ago.
Click image to open full size in new tab
DIVIDEND IN SIGHT. Macon, Ga., April 19.-A dividend is almost in sight for the 3,000 depositors of the defunct Exchange bank. The repe of the receivers to day showed 1.12t they have over $15,000 in bank, with all debts, with the exception of the depositors' claims, liquidated.
Click image to open full size in new tab
STOCKHOLDERS SUED FOR $145,000.00 TO PAY DEPOSITORS OF BANK MACON GA., Aug. 27.Suits aggregating $145,000 have been filed against 156 stockholders of the Exchange bank, which failed in 1907 with a deficit of a half-million dollars. The stockholders are scattered all over Georgia and the United States. Two of the largest stock owners are Senator A. O. Bacon and Representative Charles L. Bartlett. The stockholders are sued by the receivers for $29.60 per share, but are offered a compromise of $20 per share, if paid before October 10. Many have already agreed to avail themselves of this privilege. By this means every depositor will be paid his claim in full, with interest. The deposits alone amounted to more than $1,200,000 at the time the bank failed. The depositors have already been paid 90 per cent in dividends.
Click image to open full size in new tab
STOCKHOLDERS SUED FOR $145,000.00 TO PAY DEPOSITORS OF BANK MACON GA., Aug. 27.-Suits aggregating $145,000 have been filed against 156 stockholders of the Exchange bank, which failed in 1907 with a deficit of a half-million dollars. The stockholders are scattered all over Georgia and the United States. Two of the largest stock owners are Senator A. O. Bacon and Representative Charles L. Bartlett. The stockholders are sued by the receivers for $29.60 per share, but are offered a compromise of $20 per share, if paid before October 10. Many have already agreed to avail themselves of this privilege. By this means every depositor will be paid his claim in full, with interest. The deposits alone amounted to more than $1,200,000 at the time the bank failed. The depositors have already been paid 90 per cent in dividends.
Click image to open full size in new tab
OLD BANK CASE COMES TO END "Finis" has been written on the old Exchange Bank case which has been in litigation for eighteen years. When the directors of Macon's first national bank, the Exchange Bank, filed suit in Bibb superior court on August 20. 1907 against the bank. and B. P. O'Neal Robert J. Taylor and C. T. King were appoint ed the bank's receivers on that day, it was not thought that it would turn into one of the biggest civil actions ever recorded in that court, nor was it thought that it would take 18 years to complete its history. But in December 1925 the case has ended. all litigations in connections with the bank have been settled. and Judge H. A. Ma hews has signed an order discharging the receivers who have served throughout these 18 years. and have submitted their final report to the court. The records of he case are more voluminous by far, than any other case ever recorded in Bibb superior court, according to officials. When the suit was first brought as result of some deficiencies in the handling of the bank's funds. the law firms of Hardeman. Davis. Turner & Jones, and Miller & Jones were employed to represent the di rectors. T. S. Felder was employed to represent the bank. Of these firms the firm of Hardeman. Davis, Turner & Jones. is now known as Jones. Park & Johnston, and the partnership of Miller & Jones has been dissolved since the appointment of Malcolm D. Jones. a member. to the judgeship of Bibb superior court, civil division. T. S. Felder is still practicing in the city. According the records of the court practically every lawyer. who was a member of the Macon bar in 1907. was in some way connected with the litigations. Judge Charles H. Bartlett one of more than 250 stockholders of the bank. represented larger number of the stockholders during the litigations. than any other lawyer in the city and probably kept in closer touch with the proceedings of the court than any other Macon attorney. it is said. An unusual feature of he final determination of the case is the fact that the creditors have been paid ninety-five per cent on the dollar in settlement of their accounts. something that a bank is rarely ever able to do, attorneys announce. All the assets of the bank have been collect ed. and the entire amount has been paid to the creditors in dividends, which act was necessary before the litigation could be officially closed. Probably the most extencive litigation in the history of the case was a suit brought in 1912 by the receivers against the stockholders in an effort to recover an assessment for the benefit of the creditors, ac-