Commercial Bank (Albany, GA)

Episode Information

Episode UID
3970512091251
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
397051209 hash
Start Date
March 23, 1904
Location
Albany, Georgia (31.579, -84.156)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ef31192af9e74637

Response Measures

None

Description

Deposit holders were paid in full; bank is described as defunct and a receiver was appointed for liquidation.

Events (2)
1. March 23, 1904 Receivership
Newspaper Excerpt
Levied on ... in favor of M. Weslosky, Receiver of the Commercial Bank, of Albany, Ga., vs Mrs. M. M. Wight.; ...the defunct Commercial Bank of Albany ... Col. E. A. Hawkins ... to hear proceedings in the case of the defunct Commercial Bank of Albany, the supreme court having handed down a decision in the case of the minority stockholders against the directors. Depositors were paid in full, but stockholders received nothing. (1904 articles).
Source
newspapers
2. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged negligent, unauthorized and illegal acts by officers and directors; large insider loans and mismanagement that depleted capital and surplus.
Newspaper Excerpt
Dissatisfied stockholders of the defunct Commercial Bank, of Albany, have entered suit... These constituted the bank's board of directors at the time of suspension
Source
newspapers

Newspaper Articles (6)
1. March 23, 1904 The Dawson News Dawson, GA
Article from The Dawson News, March 23, 1904

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Article Text

BANK SUIT MAKES STIR IN ALBANY Charge of Negligence Filed by Dissatisfied Stockholders. ALBANY, GA., March 18.-Dissatisfied stockholders of the defunct Commercial Bank, of Albany, have entered suit against the receiver and officers and directors of that institution for $79,000, the par value of the stock held by them. The defendants named in the petition are T. M. Carter, W. W. Pace, T. N. Woolfolk, M. Weslosky, T. M. Ticknor, H. N. Parker, John Mock, S. G. Turner, and R. E. Carter, the latter of Columbus. These constituted the bank's board of directors at the time of suspension, the officers being T. M. Carter president, Morris Weslosky vice-president, and S. G. Turner cashier. The petitioners allege negligent, unauthorized and illegal acts by those in controlof the bank's affairs, and base their suit for the recovery of the value of their stock on the allegation that the business of the Com mercial Bank was conducted by the officers and directors in an unbusinesslike, careless tnd negligent maner. It is alleged that the rules of conservative banking were ignored, and that the laws of the state were frequently violated. It is set forth that the sum total of the loans made by officers and directors was $47,779,95, equivalent, it is asserted, to 50 per cent of the capital stock of the bank. The suit nas created a sensation in the business circles of Albany.

2. October 6, 1904 The Marietta Journal Marietta, GA
Article from The Marietta Journal, October 6, 1904

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Article Text

Sheriff's Sales for November. Will be sold before the Court House door in the city of Marietta, Cobb county, Ga., on the first Tuesday in November, 1904, during the legal hours of sale, the following property to wit: Lot of land No. 862, containing 40 acres, more or less, in the 16th District and 2nd Section of Cobb county, Ga Levied on as the property of G. W. Campbell by virtue of a tax fifa issued by J. H. Murray, Tax Collector of Cobb county, for his State and county taxes for the year 1902. Notice given in terms of the law. Also at the same time and place, Half of land lot No 204, in the 20th District and 2nd Section of Cobb county, Ga., containing 80 acres, more or less. Levied on by virtue of a tax fifa issued by J. H. Murray, Tax Collector of Cobb county, as the property of Alabama Peeples for his State and county taxes for the year 1903. Notice given in terms of the law. Also at the same time and place, One Hundred and Ninety-five shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Mrs. M. M. Wight, as her property. Levied on as the property of Mrs. M. M. Wight by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of the Commercial Bank, of Albany, Ga., VS Mrs. M. M. Wight. Notice given to Mrs. M. M. Wight, defendant, and to Ed L Wight, President of Belmont Farm. Also at same time and place, Land lot No. 38 in the 17th district and 2d section of Cobb county, Ga. Levied on as the property of A. Y. Moss to satisfy a cost fi fa for use of officers of court, issued from Cobb Superior Court in favor of W.J. Nothern, Governor of the State of Georgia, VS Andrew Hay es and A. Y. Moss. Notice given in terms of the law. Also at the same time and place, Two shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Ed L. Wight, as his property. Levied on as the property of Ed L. Wight, by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of Commercial Bank of Albany, Ga, vs. Ed L. Wight. Notice given Ed L. Wight, President of Belmont Farm, and Ed L Wight, de. fendant in fifa W.J.FREY, Sheriff.

3. October 13, 1904 The Marietta Journal Marietta, GA
Article from The Marietta Journal, October 13, 1904

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Article Text

# Sheriff's Sales for November. Will be sold before the Court House door in the city of Marietta, Cobb county, Ga., on the first Tuesday in November, 1904, during the legal hours of sale, the following property to-wit: Also at the same time and place, One Hundred and Ninety-five shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Mrs. M. M. Wight, as her property. Levied on as the property of: Mrs. M. M. Wight by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of the Commercial Bank, of Albany, Ga, vs Mrs. M. M. Wight. Notice given to Mrs. M. M. Wight, defendant, and to Ed L Wight, President of Belmont Farm.. Also at same time and place, Land lot No. 38 in the 17th district and 2d section of Cobb county, Ga. Levied on as the property of A. Y. Moss to satisfy a cost fi fa for use of officers of court, issued from Cobb Superior Court in favor of W. J. Nothern, Governor of the State of Georgia, vs Andrew Hayes and A. Y. Moss. Notice given in terms of the law. Also at the same time and place, Two shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Ed L. Wight, as his property. Levied on as the property of Ed L. Wight, by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of Commercial Bank of Albany, Ga., vs. Ed L. Wight. Notice given Ed L. Wight, President of Belmont Farm, and Ed L. Wight, defendant in fifa, W. J. FREY, Sheriff.

4. October 20, 1904 The Marietta Journal Marietta, GA
Article from The Marietta Journal, October 20, 1904

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Article Text

# Sheriff's Sales for November. Will be sold before the Court House door in the city of Marietta, Cobb county, Ga., on the first Tuesday in November, 1904, during the legal hours of sale, the following property to-wit: Also at the same time and place, One Hundred and Ninety-five shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Mrs. M. M. Wight, as her property. Levied on as the property of Mrs. M. M. Wight by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of the Commercial Bank, of Albany, Ga., vs Mrs. M. M. Wight. Notice given to Mrs. M. M. Wight, defendant, and to Ed L Wight, President of Belmont Farm. Also at same time and place, Land lot No. 38 in the 17th district and 2d section of Cobb county, Ga. Levied on as the property of A. Y. Moss to satisfy a cost fi fa for use of officers of court, issued from Cobb Superior Court in favor of W. J. Nothern, Governor of the State of Georgia, vs Andrew Hayes and A. Y. Moss. Notice given in terms of the law. Also at the same time and place, Two shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Ed L. Wight, as his property. Levied on as the property of Ed L. Wight, by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of Commercial Bank of Albany, Ga., vs. Ed L. Wight. Notice given Ed L. Wight, President of Belmont Farm, and Ed L. Wight, defendant in fifa. W. J. FREY, Sheriff.

5. October 27, 1904 The Marietta Journal Marietta, GA
Article from The Marietta Journal, October 27, 1904

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Article Text

# Sheriff's Sales for November. Will be sold before the Court House door in the city of Marietta, Cobb county, Ga., on the first Tuesday in November, 1904, during the legal hours of sale, the following property to-wit: Also at the same time and place, One Hundred and Ninety-five shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Mrs. M. M. Wight, as her property. Levied on as the property of Mrs. M. M. Wight by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of the Commercial Bank, of Albany, Ga, vs Mrs. M. M. Wight. Notice given to Mrs. M. M. Wight, defendant, and to Ed L Wight, President of Belmont Farm. Also at same time and place, Land lot No. 38 in the 17th district and 2d section of Cobb county, Ga. Levied on as the property of A. Y. Moss to satisfy a cost fi fa for use of officers of court, issued from Cobb Superior Court in favor of W. J. Nothern, Governor of the State of Georgia, vs Andrew Hayes and A. Y. Moss. Notice given in terms of the law. Also at the same time and place, Two shares of the capital stock of the Corporation known as the Belmont Farm, said shares of capital stock belonging to Ed L. Wight, as his property. Levied on as the property of Ed L. Wight, by virtue of and to satisfy a fifa issued from Dougherty Superior Court in favor of M. Weslosky, Receiver of Commercial Bank of Albany, Ga., vs. Ed L. Wight. Notice given Ed L. Wight, President of Belmont Farm, and Ed L. Wight, defendant in fifa. W. J. FREY, Sheriff.

6. June 18, 1905 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, June 18, 1905

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Article Text

# COL. HAWKINS IS MADE MASTER In Hearing of Suspended Albany Bank Case. Col. E. A. Hawkins of Americus has been selected as special master to hear the proceedings in an important bank case, that of the defunct Commercial Bank of Albany, the supreme court having handed down a decision in the case of the minority stockholders against the directors. This decisior, it seems, sustaine the lower court and allows the proceedings to continue on the merits of the case. The minority stockholders entered suit against the officers and directors of the bank for value of their stock. The depositors were paid in ful, but stockholders received nothing, and the directors were charged with mismanagement as result of which the capital and surplus of the bank was lost. Exceptions were made by the defense when the case came up before Judge Spence, irregularities in the manner of the proceedings being alleged. These were overruled, and the case went to the Supreme Court. As the result of the decision just rendered the case will now go before Col. E. A. Hawkins, master, for a hearing on its merits. The capital stock of the bank had been $100,000, but was reduced to $65,000 prior to the failure. The officers and directors of the bank are among the prominent business men of Albany and wide interest attaches to the case.