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Run on Atlanta Bank. ATLANTA, Ga., Dec. 21.-The Neal Loan and Banking Company, one of the largest financial institutions in Atlanta, is being examined to-night by the Atlanta Clearing House Association and it is probable that it may not reopen on Monday. Probably it either will go into liquidation or be merged with some other bank. The doors were shut to-day owing to a run caused by rumors affecting the bank's solvency.
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RUN ON NEAL BANK ATLANTA INSTITUTION FINDS ITSELF IN TROUBLE. Clearing House Association Finds That It Is Solvent and Depositors will Be Paid Every Dollar Due Them. Atlanta, Ga., Dec. 21-On account of certain rumors set afloat concerning the solvency of the Neal Bank, of this city there was a small run on the bank today just before the closing hour and in consequence the officers of the bank requested the Clearing House Association to make an Investigation. This was started tonight. It is stated on the authority of a member of the Association that the bank solvent and will pay its depositors dollar for dollar. The bank will either continue In buriness or conscridate with some 0 her Prank in the city. The heark ke atu its regular clasing hour 304 Td paid every check pre sented learing House will finish its invest ion before Monday morning. The Neal Bank has a capital of $100.000 and a surplus of $450,000. The deposits amount to more than $2,000,000. The bank is a State institution, doing a general business as well as having a savings department. E. H. Thornton is president.
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NEAL BANK HAS A RUN ON ITS CASH ALTHOUGH EVERY CLAIM PRESENTED IS FILLED, THE CONCERN ASKS CLEARING HOUSE TO EXAMINE BOOKS. Atlanta, December 21.-(Special.)Owing to rumors which have been in circulation for a few days as to the standing of the Neal bank and to an unexpected run which was made upon the bank Saturday morning as a result of the rumors, the officers of the bank, after the closing hour, requested the Atlanta Clearing House association to take charge of its books for a thorough and complete examination. This the association consented to do and the investigation is now being made. The result of it will be made known to the public at the earliest possible moment. In this connection it may be stated that the bank did not close its doors, but kept open until the usual Saturday hour of 12 o'clock and even 10 minutes thereafter, paying every check which was presented across the counters. The rumors which caused the run, had, however, so depleted the supply of cash that the officers of the bank thought it best to ask the advice of the Clearing House association, of which it is a member. It is stated by the bank and generally believed that no depositor will lose a cent as the resources of the bank are believed by all to be in fine condition.
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WON'T HELP INVOLVED BANK. Atlanta Clearing House WIII Let Neal Company Concern Stay Closed. ATLANTA, Dec. 22.-After an investigation lasting all day, the directors of the Atlanta Clearing House have decided not to aid the Nezl Loan Benking Company, which closed yesterday on account of a run, and to-morrow the State bank examiner will take charge of the institution. The Clearing House directors examined all the securities held by the Neal Bank, and as a result were' convinced that the Clearing House should not give aid. The Clearing House committee expresses the hope that ultimately sufficient money may be realized from the assets to pay the depositors. The Neal Bank is a State institution, and was considered one of Atlanta's strongest concerns. The deposits in its savings department alone are more than $1,000,000. The Neal Bank is one of the oldest in the city and its officers have stood high in the business world. The other banks anticipate no trouble to-morrow because of the trouble in which the Neal Bank is involved.
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WON'T AID ATLANTA BANK. ATLANTA. Ga., Dec. 23.-After an investigation lasting all day, the directors of the Atlanta Clearing House have decided not to aid the Neal Loan and Banking Company. which closed its doors on account of a run, and the State bank examiner will take charge of the institution. The Clearing House directors examined all the securities held by the Neal Bank. and as a result, were convinced that the Clearing House could not aid the bank.
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BIG GEORGIA BANK SUSPENDS Bad Loans Responsible for Failure of Atlanta Institution With Deposits of Over $2,000,000. Atlanta, Ga., Dec. 23.-The Neal bank, one of the largest state banks in Georgia, was today placed in the hands of the State bank examiner. The deposits amount to $2,067,000, of which $750,000 is in savings accounts. The nominal assets exceed the liabilities by $600,000 but heavy loans on Cuban and Alabama properties have greatly depreciated. It is believed that the depositors will be paid in full.
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WILL NOT AID BANK. Atlanta Clearing House Objects to Some Neal Securities, Atlanta, Ga., Dec. 22.-After an investigation lasting all day, the directors of the Atlanta clearing house have decided not to aid the Neal Loan and Banking Company, which closed its doors on account of a run, and to-morrow the State bank examiner will take charge of the institution, The Neal bank is a State institution, and was considered one of Atlanta's strongest concerns. The deposits in its savings department alone are more than a million dollars. At present there is a lack of definiteness as to what is responsible for the bank's trouble.
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RUN ON THE BANK. Officers of An Atlanta Institution Want Investigation. (By the Associated Press.) Atjanta, Ga., Dec. 21.-On account of rumors set afloat concerning the solvency of the Neal Bank. a State institution, there was a small run today just before the closing hour, and in consequence the officers of the bank requested the clearing house association to make an investigation. This was started tonight. It is stated by a member of the association that the bank is solvent, and will pay its depositors dollar for dollar. The bank will either continue in business or consolidate with some other bank. The bank kept open until its regular hour Saturday and paid every check presented. The Neal Bank has a capital of $100,000 and a surplus of $450,000. The deposits amount to more than $2,000,000.
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RECEIVER FOR NEAL BANK. Atlanta, Ga., Dec. 24.-The Central Bank & Trust corporation will be appointed receiver for the Neal bank, which closed yesterday and will endeavor to pay the depositors in full.
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Wonder if any member of the At- lanta Journal's "Smile Club" was caught in the Neal Bank suspension?
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ASK FOR CO-RECEIVER Depositors in Suspended Neal Bank File Petition. ATLANTA, GA., January 18.-A petition was filed in the State Superior
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Court by six depositors of the suspended Neal Bank, asking that a co-receiver with the Central Bank and Trust Company be appointed, and alleging that the Central Bank and Trust Company, a3 a member of the Atlanta Clearing House Association, is attempting to make Itself a preferred creditor. The petition says that $170,000 collateral notes are held by the Trust Company of Georgia, as security for balance due the clearing house, and asks that these notes be turned over to the receiver and distributed to the creditors without preference.
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Asks For Co-Receiver. Atlanta, January 18.A petition was filed today in the /state superior court by six . depositors of the suspended Neal bank, asking that a co-receiver with the Central Bank and Trust company be appointed, and alleging that the Central Bank and Trust company as a member of the Clearing House association is attempting to make itself a preferred creditor. The petition says that $170,000 collateral notes are held by the Trust Company of Georgia as security for balance due the clearing house and asks that these notes be turned over to the recelver and distributed to the creditors without preference.
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State Treasurer Park is explaining the very heavy deposits of the state's money in the Neal bank at Atlanta at the time of its suspension by saying that he had no where else to put the money. How about using an old sock next time?
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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.
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STATE GLEANINGS. Demurrers were fixed in the superior court to the indictments against H. T. Thornton and W. F. Manry, president and vice president of the failed Neal bank of Atlanta, charging violation of the state bankink laws. The annual tax returns of the Atlanta, Birmingham and Atlantic railway, made to Comptroller General W. A. Wright, shows an increase of nearly $1,200,000 over those of 1907. Robert E. Davison of Athens, who received the second largest vote for prison commissioner in the recent election, has withdrawn from the second primary, thus leaving the field open to Wiley Williams who received the greatest number of votes. The Commercial Telegraphers' union of America, which has just closed its convention in Milwaukee selected Atlanta for their next meeting place. The Rockmart Hosiery mills resumed operations and will employ about thirty operatives. The mill has been shut down for several months. The supreme court has reversed the election held in Lafayette some time ago in which bonds were voted for the establishment of an electric plant and water works system. The leading railway lines of the Southeastern Tariff association filed a bond amounting to $600,000 and will go to the higher courts with the latest issue in the famous Tift lumber rate case at Macon. The farmers' co-operative demonstration work under the supervision of Dr. S. A. Knaff, of the department of agriculture of Washington, is meeting with much favor in Floyd and adjoining counties. Work of actual construction has been begun upon the fertilizer plant to be built by the Germofert Manufacturing company of Charleston, at the cost of $250,000 near Atlanta. When completed, early in September, this will be the largest factory for the manufacture of fertilizers in the south. Attorney John R. Cooper of Macon, has entered a fight in the state courts again to keep Jim Yeates from going to the state penitentiary for life for killing of the town marshal at Donaldsonville several years ago. Captain Archibald W. Butt, who has recently been detailed as aide to President Roosevelt, is a native Georgian, being from Augusta, and appointed into the service from there in January. The following officers were elected by the Georgia Bankers' association at the annual meeting in Savannah. Forest H. Crane, Savannah, president; E. D. Walter, Brunswick, first vice president; L. P. Hillyer, Macon, secretary. The steamship Merrimack, Captain Pratt, which arrived at Savannah, brought in the survivors of the crew of the British steamship Caribbee, Captain Ellis, which was lost in the gulf stream. At the last meeting of the city council a license of $1,000 was placed on the sale of near beer in the city of Tifton. Georgia's horticultural and agriculral products for 1908 will be worth about $200,000,000, according to the estimate of T.G. Hudson, commissioner of agriculture, who has compiled a report from information received in response to 1,000 letters sent out to reliable persons in all parts of the state. A terrible death was that suffered by J. E. Rodgers of Ellijay, Ga., at a saw mill plant in Murray county. Mr. Rodgers was operating the mill, when he was caught in some of the flying gear and was almost torn to pieces before the machinery could be stopped. Bob Tuggle, a meat cutter at a Cedartown market, was run down and killed by a Central switch engine. Tuggle was walking close beside the track reading a letter, and the engine came up from behind with a string of cars and struck him. Unexpected activity developed in Augusta cotton circles as the result of the purchase by Augusta mills of 1,164 bales, bought on the local market and sent direct to the warehouses of the local manufacturing concerns. Governor Smith has offered a reward of $200 for the arrest and evidence to prosecute the unknown person who burned the gin house and grist mill of Angus Morrison and also the school house in Morven district, Brooks county. Work has been begun at Covington on the new cotton seed oil mill. The company has bought the old machine works on the Georgia railroad, and the manager is on the ground getting it equipped.
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PAGE TWELVE What It Means| to Wreck a Bank (CONCLUDED FROM PAGE ONE) the hog-thief. Ignorance, illiteracy, the viciousness of environment and early training are not responsible for their moral turpitude, as may be the case with the negro thief and the burglar. No: usually, the wreckers of banks are men of education, good family, and comfortable circumstances. Generally, they are enterprising persons who, having made some money, wish to make more. They have an idea that criminal statutes were intended to catch poor devils who have no property and no rich friends. So, they conspire among themselves, agree to put the funds into some alluring speculation-trusting to luck to cash in and pocket their gains, without being caught making the plunge. In many instances, a smcoth-talking, "poker-face" outsider leads the bank officers to the top of the mountain, points to "Big Profits", (in a get-rich-quick speculation,) and proposes a partnership in the venture and the gains. The officers, fascinated by the prospect of such luscious profits, consent. The outsider and the bank officials form a "company"; and into the speculation they dump the trust funds, which confiding stockholders and depositors have placed in their custody. They take the gambler's risk-with other people's money. Now, suppose the bank had capital stock to the amount of $100,000; and that the conspirators put $160,000 of the deposits in a land deal; and that, all at once, like a clap of thunder on a sunny day, there resounded the cry of PANIC! PANIC!! Where would that bank be? With more than its entire capital stock unavailable, what fix would it be in, to resist a cyclone? You might as well expect an ocean-going steamer to ride out a storm, after her captain- had thrown overboard a large proportion of her coal-the storm having made every ton of it necessary to her salvation. Under such circumstances, no steamer could escape: and no bank, caught as the Neal Bank was, could possibly weather a panic. With their eyes open, and with calculating turpitude, the well-dressed, well-educated, well-connected gentlemen who wrecked the Neal Bank trampled upon as plain and positive a penal law as was ever put into our Criminal Code. Where the law provided that, with the consent of the board of directors, the two officers of the bank, Thornton and Manry, might borrow $20,000 of the bank's funds, they took and used, without the consent of the directors, $120,000; and they allowed their partner, in speculation and in crime, to use $40,000 more! Who was injured by this cool, deliberate violation of law? The stockholders lost $100,000. The nine thousand depositors were, many of them, made penniless, at the very beginning of one of Atlanta's terrible winters. Just how much suffering was caused among the poorer victims, no human being could know. But there was other damage done by these bank-wreckers, Thornton, Manry and C. T. Ladson, Esquire. The young men of this and other States have seen the criminals go unwhipped of justice. Prison pens, stockades, jails, chaingangs and penitentiaries have
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Receiver's Deed. $5-Central Bank and Trust Corporation as receiver of Neal bank to J. H. Porter et al., lot 59 by 150 feet, northwest corner Forrest and Piedmont avenues. February 19.
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Receiver's Deed $1,750-Central Bank and Trust Corporation as receiver of Neal Bank to G. W. Chamlee, lot 53 by 210 feet, east side Crew street, 157 feet north of Fulton street. January 6.
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Receiver's Deed $1,750-Central Bank and Trust Corporation as receiver of Neal Bank to G. W. Chamlee, lot 53 by 210 feet, east side Crew street, 157 feet north of Fulton street. January 6.
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Receiver's Deed $1,750-Central Bank and Trust Corporation as receiver of Neal Bank to G. W. Chamlee, lot 53 by 210 feet, east side Crew street, 157 feet north of Fulton street. January 6.
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Receiver's Deed $1,750-Central Bank and Trust Corporation as receiver of Neal Bank to G. W. Chamlee, lot 53 by 210 feet, east side Crew street, 157 feet north of Fulton street. January 6.