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Shortage of $30,000 Causes J. F. Holden Suicide.
BLUE RIDGE INSTITUTION WEATHERS SEVERE RUN
Outside Interests Believed to Have Taken Funds of Official Who Commits Act Upon Examiner's Appearance.
By Staff Correspondent.
BLUE RIDGE, Ga., Sept. 24.—This little town is in a fever of excitement tonight following the suicide of the cashier of the largest bank in town late last night, the discovery of a shortage of approximately $30,000 in his accounts and a subsequent run on the bank today.
The body of J. Fletcher Holden, cashier of the Fannin County bank, was found at 11 o'clock last night, lying beside his automobile, parked on a deserted road about three miles from town. He had left town shortly after noon, after turning over the books of the bank to O. G. Jackson, state bank examiner, who arrived Monday morning.
No official report of the condition of the bank will be made until after a complete audit of the books has been made, Mr. Jackson said tonight, but it is reported that a shortage in excess of $30,000 exists. The audit of the books will not be completed for at least a week. The bank is capitalized at $15,000.
After news of the suicide got abroad today a run on the bank was immediately started, and tellers worked all day today in an effort to care for depositors who wished to withdraw their money. After the bank closed tonight a hurry call was sent to several nearby towns and it was reported tonight that ample funds had been secured to enable the bank to open for business tomorrow morning. The run is expected to continue tomorrow, despite statements by other officials that the institution is sound and that depositors will not be allowed to lose by any shortage.
Mr. Holden was heavily interested in the Sunset apple orchard, near Blue Ridge, and was also head of the J. F. Holden Insurance agency here, and it is understood that losses incurred by these interests during the last few months are responsible for the condition of the cashier's accounts at the bank.
The actions of the cashier following arrival of the bank examiner yesterday morning were unusual. After hearing that the examiner was in town, Holden went to the hotel here and registered, securing a room, although his home is in the city. After registering he scanned the register, but apparently did not find the name of the examiner. He then walked across the street to the bank, where he encountered Jackson.
The examiner went to work on the books and Holden stayed in the bank until about 1:30 in the afternoon. He then left with the statement that he was going to lunch and would return in a few minutes. He never came back.
He was last seen alive about 2 o'clock in the afternoon, driving along the road near where his body was later discovered. When he did not come home to lunch or supper his wife supposed he had gone either to the orchard or to see some property he wished to appraise with a view to writing insurance on it. When he did not return late in the evening Mrs. Holden called Sheriff J. J. Bell, who organized a posse and started a search. The body was found by Joe Daves, a member of the posse, shortly after the search started.
A .38 caliber pistol was lying within a few feet of Holden's body. He apparently had died instantly from a bullet through the temple. The coroner pronounced it a case of suicide without holding an inquest.
J. M. Eaton, wealthy merchant of Marble Hill, Ga., president of the bank, issued a statement today declaring that he would be personally responsible for any shortage and that no depositor or stockholder in the bank would be allowed to lose as the result of a shortage. President Eaton was joined in the statement by Col. William Butts, Blue Ridge attorney and vice-president of the bank.
Despite the statement a run was started on the bank as soon as it opened for business this morning. The largest individual deposit withdrawn during the day was that of the Tennessee Electric Power company, which drew out more than $10,000. The run is expected to continue tomorrow, but with reserve cash received tonight officials expressed confidence that the institution will not be forced to close its doors.
Personnel of the bank is made up of President Eaton, Vice-President Butts, John C. Love and Ellen Carver, assistant cashiers.
According to reports here tonight, Holden was insured for $50,000, but whether the insurance will hold force in face of the suicide could not be learned.
The bank was protected by an indemnity bond of $10,000.
Holden is survived by his widow, a son, J. Fletcher, Jr., 21, and a daughter, Katherine, 11. His funeral will be held tomorrow afternoon at 2 o'clock and members of the Masonic lodge, to which he belonged, will have charge.
