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cr BANK SUSPENDS. South n Institution is Compelled to Quit Business. Washington, Oct. 21.-The comptroller of the currency today received a tele/gram announcing the suspension of the Eufala national bank. of Eufala, AA.
134. Eufaula National Bank (Eufaula, AL)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
- 2309
- Charter Number
- 2309
- Start Date
- October 21, 1901
- Location
- Eufaula, Alabama (31.891, -85.145)
Metadata
- Model
- gpt-5-mini
- Short Digest
2e419d2a
Response Measures
Full suspension, Books examined
Other: Temporary receiver appointed then permanent receiver; eventual dividends paid by receiver (liquidation process).
Receivership Details
- Depositor recovery rate
- 74.6%
- Date receivership started
- 1901-10-21
- Date receivership terminated
- 1904-05-04
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 56.1%
- Share of assets assessed as doubtful
- 12.5%
- Share of assets assessed as worthless
- 31.3%
Description
Multiple contemporaneous articles report an unusually heavy run and poor collections leading to suspension on Oct 21, 1901. The Comptroller appointed a temporary receiver the same day and a permanent receiver was later named; the bank remained in receivership (defunct) though receivers later paid dividends years after. Classified as run → suspension → closure (receiver).
Events (6)
1.
November 30, 1875
Chartered
- Source
- historical_nic
2.
October 21, 1901
Receivership
- Source
- historical_nic
3.
October 21, 1901
Receivership
- Newspaper Excerpt
- The Comptroller appointed National Bank Examiner George R. deSaussure as temporary receiver. Later J. K. McDonald was appointed permanent receiver (Nov 7, 1901).
- Source
- newspapers
4.
October 21, 1901
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Unusually heavy withdrawals (run) combined with poor collections on loans/assets precipitated panic withdrawals.
- Measures
- No special measures to stop the run reported beyond subsequent suspension and appointment of receiver.
- Newspaper Excerpt
- An unusually heavy run on the bank and poor collections are assigned as the cause of the failure.
- Source
- newspapers
5.
October 21, 1901
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank suspended after heavy run and poor collections; Comptroller appointed temporary receiver the same day.
- Newspaper Excerpt
- The comptroller of the currency today received a telegram announcing the suspension of the Eufaula National Bank at Eufaula, Ala. The Comptroller appointed National Bank Examiner George R. deSaussure as temporary receiver.
- Source
- newspapers
6.
August 25, 1902
Other
- Newspaper Excerpt
- Official announcement has been made that the Eufaula National Bank will pay a dividend of 30 per cent within the next two weeks. Receiver J. K. McDonald is looking after the affairs of the institution with great diligence and under his judicious management the depositors are assured they will get the largest possible dividends the bank can be made to pay.
- Source
- newspapers
Newspaper Articles (20)
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EUFAULA BANK SUSPENDED. Details of Its Troubles Not Given. In Good Condition at Last Report. Washington, Oct. 21.-The controller of the currency to-day received a telegram announcing the suspension of the Eufaula National Bank at Eufaula, Ala. No details were given. The Controller appointed National Bank Examiner George R. deSaussure as temporary receiver. The condition of the bank, as shown by its report at the close of business, Sept. 30, 1901, was as follows: Liabilities-Capital stock $100,000; surplus and undivided profits, $6,568; circulation, $25,000; due to banks, $8,072; deposits, $94,601; borrowed money, $125,841; total $360,213. Resources-Loans and discounts, $232,841; United States bonds to secure circulation and premium, $26,000; stocks, securities, claims, etc., $13,460; banking house, furniture and fixtures, $15,000; other real estate owned, $42,313; due from other banks, $11,657. checks and cash items, $4,932; cash in hand and 5 per cent. redemption fund with treasurer United States, $14,009. Total, $360,213. Why Eufaula Bank Closed. Atlanta, Oct. 21.-A special to the Constitution from Eufaula, Ala., says: The Eufaula National Bank, the oldest financial institution in this city, closed its doors to-day. An unusually heavy run on the bank and poor collections are assigned as the cause of the failure. No statement has been given out and it is not known who will take charge. The institution has for years enjoyed the patronage and respect of the business community and its closing was a tremendous surprise.
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POLITICAL CLUB IN MONTGOMERY Cver 1000 Voters Favoring the Constitution Organize WASHINGTON WINS VOTES Many Join Club Since. Roosevelt's Dinner, Who Before Were Against the Constitution-Eufaula Bank. Montgomery, October 21.-(Special.)-The strongest political club perhaps ever organized in Alabama has just been organfor the ized in Montgomery purpose consti- of urging the ratification of the new The club begins with a memberone thousand ship tution. exceeding electors, the time and of its promoters assert that by the first meeting next Wednesday night, the roster will have grown very materially. The organization of this club was in- B. stigated by George Jones and Charles Teasley, district and county chairmen for ratification, respectively. They have labored with untiring energy, and their to phenominal success is most gratifying all friends of the new constitution. The strength of this club is best demonstrated when it is known that the white voting strength of the city of Montgom- three ery is perhaps not greater than thousand. Nearly one-half of these will have been enrolled by the time of the first meeting. Friends of the movement say that four-fifths of the remaining half favor ratification, and will become members of the club. The promoters of the club are preparing for a mass meeting Wednesday night at the court house, when Gen. George P. Harrison will be the chief orator. Several speeches will be made by local enthusiasts. Chairman Teasley of the county Demcommittee, reports good the work being effects ocratic from campaign done Montgom- in the country precincts and he says doubtno longer belongs in the list of ful ery counties. A full canvass of the Lomax, counhas been made by Messrs. Graham, ty Macdonald, Watts and Sanford, it is delegates to the convention, and reported that they have revolutionized the sentiment in several beats that were counted for the anties. Booker Washington Incident. The recent act of President Roosevelt dine Booker Washington to in has also had its with inviting him effect Ratification in this A worker for the said today that he to that had fourteen county. Club here signers had refused secured to the arrival of the Age-Her- reit being the here containing the for sign ald ceived yesterday, prior first Washington paper interview. One of those declaring and ratification is a life-long Republican one of the most respected professional men Chairman in this Jones city. of the district Demo- tocampaign committee asserted fast cratic that the Second district was the day into line. He said that six of voted falling counties in the district had but nine the call for the convention, against that this condition would be reversed in the ratification election. "We will get six of the nine counties, at least," declared Mr. Jones. Under the supervision of the district done. chairman much good work is being Literature has been freely distributed and good speakers are being supplied. Eufaula Bank Suspension. Montgomerians were greatly surprised the to hear of the suspension of today National Bank. It was supposed of the strongest Eufaula be one banking and it insti- carto tutions in southeast Alabama greater than the combined of two other banks in ried deposits deposits the forced same city. It is not known here what the bank to suspend. The president of the bank was Captain from who was a delegate S. in the conBarbour H. Dent, county constitutional member Colonel E. B. Young, a Jelks' staff was the of Jelks was vention. cashier. Governor Governor detained by bank's the his home in Eufaula today at failure. It is not known to what extent the Governor was interested in the bank.
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NATIONAL BANK FAILS INSTITUTION AT EUFAULA, ALA., SUSPENDS. WASHINGTON, Oct. 21.-The comptroller of the currency today received a telegram announcing the suspension of the Eufaula National bank, at Eufaula, Ala. No details are given. The comptroller appointed National Bank Examiner George R. Desaussure as temporary receiver. The condition of the bank, as shown by its report at the close of business Sept. 30, 1901, was as follows: Liabilities, capital stock, $100,000; surplus and undivided profits, $6,568; circula_ tion, $25,000; due to banks, $8,072; deposits, $94,601: borrowed money, $125,972; total, $350,213. Resources-Loans and discounts, $232,841; United States bonds to secure circulation and premium, $26,000; stocks, securities, claims, etc, $13,460; banking house, furniture nd fixtures, $15,000; other real estate owned, $42,313; due from other banks, $11,657; checks and cash items, $4,932; cash in hand and 5 per cent redemption fund with treasurer United States, $14,009; total, $360,213.
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NATIONAL BANK SUSPENDS. Enfauia Institution Suspends, But no Details Are Given. (By Associated Press.) WASHINGTON, Oct. 21.-The Comptroller of the Currency to-day received a telegram announcing the suspension of the Eufaula National Bank, at Eufaula, Ala. No details were given. The Comptroller appointed National Bank Examiner George De Saussier as temporary receiver. The condition of the bank, as shown by its report at the close of business September 30, 1901, was as follows: Liabilities-Capital stock, $100,000; Surplus and undivided profits. $6,568; circulation, $25,000; due to banks, $8,072; deposits, $94,601; borrowed money, $125,972. Total, $360,213. Resources-Loans and discounts, $232,841; United States bonds to secure circulation and premium, $26,000; stocks, securities, claims, etc., $13,460; banking house, furniture and fixtures, $15,000; other real estate owned, $42,313; due from other banks, $11,657; checks and cash items, $4,932; cash in hand, and 5 per cent. redemption fund with treasurer, United States, $14,0.0. Total, $560,213.
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Eufaula Bank Fails. Washington, Oct. 21.-The comptroller of currency has received a telegram aLnouncing the suspension of the Eufaula National bank at Eufaula, Ala. No details.
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BANK AT EUFAULA, ALA., FAILS. Old Financial Institution Goes Down Under a Run. The Eufaula National Bank, at Eufaula, Ala., the oldest financial institution in the city, closed its doors yesterday. An unusually heavy run on the bank and poor collections are assigned as the cause of the failure. No statement has been given out, and it is not known who will take charge. The institution has for years enjoyed the patronage and respect of the business community, and its closing was a tremendous surprise. The controller of the currency yesterday received a telegram announcing the SUBpension. of the Eufaula National Bank, The controller appointed National Bank
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Receiver for Alabama Bank. REPUBLIC SPECIAL. Washington, Oct. 21.-The Eufaula, National Bank of Eufaula, Ala., having suspended payment, the Comptroller of the Currency to-day appointed National Bank Examiner George R. De Saussure as temporary receiver. The condition of the bank, as shown by its report at the close of business September 30, was as follows: Liabilities, $360,213.83; resources, $360,213.83.
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BANK'S DOORS CLOSED THE EUFAULA NATIONAL HAS SUSPENDED. No Statement Has Been Issued. Poor Collections Believed to Have Been One of the Causes of Failure. Eufaula, Oct. 21.-(Special)-The Eufaula National Bank, the oldest institution in the city, closed its doora today. The institution enjoyed the patronage and confidence of the best business men of the city, and the news came like a shock. An unusual heavy run on the bank and poor collections are assigned as causes. No statement has yet been given out, nor is it known who will take charge. The closing of the bank is regarded as a great calamity and has caused much uneasiness in business circles. Those who are in a position to know say that satisfactory arrangements will be made later on. The last report of the inspector showed a satisfactory statement and- those who were most familiar with its workings were much surprised at the announcement. It is believed that an investigation will show that the assets and resources will offset liabilities.
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DE SAUSSURE RECEIVER. He Will Assume Charge of the Eufaula National. Washington, Oct. 21.-The Comptroller of the Currency today received a telegram announcing the suspension of the Eufaula National Bank at Eufaula, Ala. No details were given. The Comptroller appointed National Bank Inspector George R. DeSaussure as temporary receiver. The condition of the bank as shown by its report at the close of business September 30, 1901, was as follows: LIABILITIES.
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CREAM OF NEWS ++++++++++++ Summary of the Most Important Daily Happenings Tersely Told. ################ -Monday President Roosevelt of George an nounced the appointment collecKoester as internal revenue to for district of South Carolina tor succeed W. L. Webster, deceased. "Dear Schley" letter was -The to at Monday's session his again reverted Schiey inquiry court. Through admits reattorney of the Admiral Schley ceiving the document. -The Eufaula, Ala., National heavy bank run its doors Monday. A as the closed and poor collections arc given cause. fraud order has been issued Wil- at -A barring Mrs. Helen from us mans-Post, Washington of Daytona, Fla., healing ing the mails in her mental operations. plot to slaughter the American of Sa-A at Carbiga, on the island discovtroops in the Philippines, frustrate was mar, ered in time Saturday to -Yale college began the celebration of hundredth anniversary of the founding two of the institution Sunday of the -The democratic marching contem- club has abandoned the and will Chicago trip to Louisville, Ky., plated visit the Charleston, S. C., exposition. reports -British cruiser Pylades she has annexed Ocean islands, west that of the Gilbert islands No news was received from have Miss been Stone Sunday. Parties who returned to reach the brigands not be and trying reported that they could found on the Turkish side. comparative statement decrease of the in -A of Cuba shows a exports imports commerce and an increase in over last year. in Floy Hinds is placed postoffice, -Miss of the Decatur, Ala,, whose accharge her father, his resucceeding counts were mixed up, causing moval. -General James A. Walker, soldier, who lawyer and politician, history statesman, name in Virginia's south, carved a known throughout the Va. died and was at his home in Wytheville, Sunday. J. L. M. Curry, secretary respects to the Dr. school fund, paid his He Peabody President Roosevelt saturday. has been to that the suggestion succeed said President Roosevelt of made the late that president on the board for trustees. period of official mourning midnight -The late president ended at morning on Friday the white the night, and Saturday house and all the flags public buildings in Washington their staffs. the were raised to the top of Geor -Citizens of Elbert county, prosatisfied with the present Hillyer gia, are laws, and turn Dr. Guerry hibition down in his efforts to organize clubs. -Booker washington Roosevelt is roasted for the in Alabama as much as Alabamians thinkhouse dinner, judgment white Washington used bad in ing accepting the invitation. national treasury has $30,000, turned -The to North Carolina over tarheel over money expended in the for the state the in preparing soldiers Spanish-American war. a Chattanooga military company, Ten of the Sixth regiment, out nessee member National Guard, is mustered of regiof service on recommendation who show a disorganized mental condition officers, and a failure to attend drills -A young drug clerk named Quick Tenn. at Nashville, missing charged was arrested with abduction. The girl is found. the Schley inquiry Friday Oregon, Com- tes -At Nicholson, of the off Santi mander that during the battle miles tifled ago Sampson was seven or eight distant. the falling of rock in the Transit tun -By made by the Rapid Friday, five nel being of New York injured Company, killed and two of men were Saratoff, Bulgarian minister to Amer-M. has addressed a note prointerior, Consul General Dickinson, being ican HIS government of held testing responsible against for the abduction LESS Ellen Stone. is said that when the new the Hay "for -It treaty is framed, found tifications" Pauncefote clause will have been have dropped out. the of to H. Mory, cashier Pa., has -Milton bank of Boyertown, amount of National with a large clos disappeared securities, and the institution has ed its doors. police use extra lynching precau -London to prevent mob from her husband tried O'Della tion on Diss enarges de Bar of and immorality and fraud. Irwin county, Ga., 175. prohibition The elec- is -In by a vote of the full reg defeated was interesting and tion istration was at the polls.
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of age October 26th. Three new oil wells were brought in at Beaumont October 27. The Eufaula National Bank of Eufaula, Ala., the oldest financial institution in the city, has suspended. Rev. Otto Leak, aged 25, suicided at Cullman, Ala., the result of grief over the death of his sweetheart. Albert G. Smith, teller of the Merchants Bank at Lowell, Mass., is missing, SO is $115,000 of the bank's funds. Between 20 and 30 people, mostly girls, perished in a fire which destroyed Hunt, Wilkinson & Co.'s big upholstering establishment in Philadelphia. The state of Alabama will lose the sum of $37,000 by the failure of the Eufaula National bank, that sum being on deposit in the wrecked institution. A desperate battle took place beand Ky., a near tween Hopkinsville, union non-union in which miners beman named Coffey was killed, sides a number were wounded. Edward Stokes, of New York who shot the famous Jim Fisk, is dying. It is said the man in his ravings constantly refers to the famous tragedy and labor under the hallucination that he is haunted by his victim. A table prepared by the director of the mint shows that the coinage of gold for the world during the last calendar year was $354,936,497, a decrease from $466,110,614 for the preceding year. The coinage of silver was $177,011,902, an increase over the preceding year of $10,884,938. Of this sum $99,272,943 in gold and $36,845,621 in silver was coined in the United States. Lieut. Gen. Miles has reversed his views, and in his annual report will discuss the anti-canteen law and any effort to repeal that oppose in the law. Gen. Miles has been past one of the strongest advocates of the canteen system, and he was largely responsible for its adoption. He has changed grounds since the anti-canteen law was adopted, and now argues that the army is better off without the canteen. "In the line of duty, while receiving the people, the president was shot by Leon F. Czolgosz," is the official statement by Dr. Presley M. Rixey, medical inspector, U. S. N., as the introduction for his report upon the wounding, illness and death of the late President McKinley. The cause of death is thus stated: "Gangrene of both walls of the stomach and pancreas, following gunshot wound." The second trial of ex-Secretary of State Caleb Powers at Georgetown as accessory to the assassination of Gov. Goebel resulted in a conviction, and he was given a life sentence in the penitentiary. Powers sat pale and motionless when the verdict was announced by Foreman B. S. Calvert and his old choolmate. Opposite Powers, on the other side of the court room, with the attorneys sat Arthur Gocbel, brother of the late governor, with his eyes fixed on the prisoner. The attorneys of Powers shook his hands, expressing aloud their renewed belief in his innocence. Women crowded around Powers, embracing and kissing him, and tears were shed. The jury was out only 50 minutes. Pat Crowe has written another letter to Chief of Police Donahue of Omaha. This latest communica-
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CONFIDENCE IS DWINDLING Depositors Have Little Faith in Defunct Eufaula Bank. Eufaula. Nov. 4.-(Special.)-J. Raburn Sanders, an old ard highly esteemed citizen of Barbour County, died at his home seven miles north of the city Saturday afternoon and was buried near there yesterday. Mr. Sanders was 76 years old and leaves a wife, a son and a daughter and some grand-children. The remains of W. F. Perry of Thompson's Station reached the city yesterday morning. The funeral was held from the passenger station and the interment took place in Fair View Cemetery. C. P. S. Daniel received a telegram Saturday afternoon announcing the death of his son, James Earl, which occurred in Tuscaloosa that day. The remains reached here this morning and were laid to rest in Fair View. The fall term of the Circuit Court convoned in Clayton this morning with Judge Evans presi iding. The day was consumed in empaneling the juries and sounding the docket. Quite a number of lawyers and jurymen left last night to be in attendance. Louie H. Dent and his brother, Warren, ft Saturday afternoon for Crystal Springs, Miss., where the former will wed Miss Genevere Lockwood of that city tomorrow. Warren Dent will act as best man. L. G. Lightfoot has been elected King of the Eufaula Street Carnival. Everything is in readiness and an effort will be It us to make the floral parade one of the most interesting events ever witnessed in the city. Receiver Marcus L. Crawford of Chicago is expected to take charge of the affairs of the Eufaula National Bank tomorrow. While nothing of the condition of its affairs has yet been given out, confidence in its ability to pay is growing less and 1e38 every day. Depositors are offering their claims at sacrifice and the general belief is that the savings bank will pay virtually nothing. Citizens are discussing the outlook on every corner, and all kinds of rumors are afloat. The general opinion is that the per cent. to depositors will be extremely small. Citizens from the surrounding country flooded the city Saturday and business went with a merry hum all day.
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Mark L. Crawford, special bank examiner, has been appointed receiver of the failed Eufaula National Bank, of Eufaula, Ala.
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MADE RECEIVER OF EUFAULA BANK J. K. M'DONALD OF BIRMINGHAM RECEIVES THE APPOINTMENT. EVERYTHING DEPENDS UPON WHETHER DEBTORS CAN PAY. Washington, November 7.-(Special)Announcemnt was made at the office of the comptroller of currency today that J. K. McDonald of Birmingham had been appointed permanent receiver of the Eufaula National Bank, Vice M. Crawford resigned. Mr. McDonald is well known in banking circles. He was a bank examiner under Comptroller Eckels five years ago and has had charge of several defunct tanks in Florida, rendering very efficient services The comptroller has received from Examiner Deasussure a first report on the condition of the Eufaula bank. it is simply a general statement and the real condition is not given, owing to the inability of the examiner to estimate at this early date the bank assets. The policy of the department is to make collections from the bank's debtors without suit. Everything depends," said an otficial of the comptraller's office this morning, "upon those who owe the bank paying their debts."
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RECEIVER OF EUFAULA BANK. J. K. McDonald, Formerly of Realty Company. J. K. McDonald, who was appointed receiver of the Eufaula National bank of Eufaula, was formerly general manager of the Birmingham Realty Company, which company is the successor to the famous Elyton Land Company. Mr. McDonald was for many years an official in the famous banking house of Josiah Morris in Montgomery, and while serving that bank he was in 1893 appointed by President Cleveland to be a national bank examiner. In 1898 Mr. McDonald resigned his office as national bank examiner to accept the general managership of what is now the Birmingham Realty Company, successor to. the old Elyton Land Company. Mr. McDonald was "brought up," so to speak, by the late Josiah Morris, the oldest, most successful and most famous of Alabama bankers. Mr. Morris conducted in Montgomery the bank that bore his name. In the very beginning of Birmingham he gave money proof of his faith in the new town in Jones Valley, at the intersection of the then proposed railroad lines of the South and North Alabama and the Alabama Great Southern. He associated himself with the late Dr. Henry Martyn Caldwell, the late Senator John T. Milner, father-in-law of Hon. James Merriweather Weatherly, and the late James Powell, the famous "Duke of Birmingham," who was murdered in Mississippi. The faith of these men, as their heirs can substantially demonstrate, was fruitfully verified. Birmingham now has a Morris avenue, a Morris hotel and a Powell avenue, but there is no public memorial of that nature to Dr. Caldwell or his brother-inlaw, Senator Milner. Thus the appointment of Mr. McDonald to be receiver for the United States government of the Eufaula National bank of Eufaula suggests much history of Birmingham. One of the greatest surprises of recent years in Alabama was the failure of the Eufaula National bank of Eufaula. It was one of the oldest national banks in the South, and was considered one of the
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EUFAULA BANK CASE John Quinn Did Not Return to Montgomery Yesterday. George F. De Saussure, who has placed in charge of the Eufaula National Bank soon after the failure of that institution came to Montgomery yesterday morning from Eufaula. where he has been assisting J. K. McDonald of Birmingham, recently named as receiver of the bank. It was expected that Mr. De Saussure would be called upon to go before the Federal grand jury which is in session, but he did not do so vesterday. It was said that the grand jury will adjourn
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# ARE BADLY TANGLED. Affairs of the Defunct Eufaula Bank Not Reassuring to Depositors. Messrs. G. R. Desassure of Atlanta, Mark L. Crawford of Washington, D. C., and J. K. McDonald of Birmingham, all government bank experts who have had long and varied experience in untangling the mathematical complications of suspended banks, are hard at work on the puzzle of the Eufaula National Bank. As we have said before, no one can find out a thing about the affairs of the bank because the examiners are pledged to silence and are not talking But this silence is ominous and presages a much worse condition of things than was first reported. People are anxious to know the truth, and shou.d know it, but the probability is that they will have to await the long process of a thorough examination into affairs of this old bank dating back years ago. It may be a couple of years before the bank business is settled. Just how much depositors will get in return is a mere matter of guess. No one knows. Not even the receiver. And he will not know, nor will any one else know, until the business has gone through the searching crucible of official investigation. Old papers, dating back many years, will have to be investigated, and it is no little task to figure up and settle up the large amount of business done by this bank in the past. Of course there are many idle rumors and much conjecture, but nothing is known outside of the bank except that affairs there are badly mixed up and that it will take time and patience to arrive at a balance statemant.-Eufaula Times.
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Jones Orders Keep Silent But Grapevine' Works MAY LOSE OATES $38,000 New Feature of Case Is Savings Ac count Run in Connection With the Bank-These De. positors May Lose. Montgomery. November 23 -(Special.) The officials of the Eufaula National Bank will in al. probability have to face jury of their fello W countrymen answering a a charge in an indictment sitting found by the federal grand jury, now in this city. Though great care has been taken about the grand jury room to keep secret the work of that body, it has been generally the rumored that almost the entire (f present week has been conzumed in the hearing of the Eufaula bank case. Many prominent citizens of Eufaula have been before the grand jury, including city and and county officials The bank receiver the national bank examiner appeared early in the week, and when the newspa- the began to print stories concerning pers taking up of the case by the grand jury Judge Jones called the entire grand jury before him, and read them a severe grand lecture about the privacy of the room. This lecture had its effect, but of jury failed to put the "grapevine out it business. A week ago it was thought that grand jury would adjourn last Tuesthe but they must have had a bigger job then day, they anticipated for with the exper- in of this week the jury is still session. ation The rumor now corres that final adjournment will be had next Monday. have end that the Eufaula bank efficials indicted as a result ct a thorough known been of the care. It is not what investigation charge is made in the indictment. theugh embezzlement is hirted. General Oats' Bonds. be recalled that General W. C. had fifty thousand he forty thousand of Oates It the will bank, dolla. which of bonds in placed 'there as a trust deand the remaining ten to the bank. posit claims were loaned were When thousand bonds the failure was announced the Oates two of one thousand dollars each, the save were gone. Investigation developed been fact that some of the bonds had hypothecated in the Western National bank of New York. The bonds had been recently used, ten thousand in April and ten thousand E. in June. It is understood that Cashier B. Young claims that General Oates had him the privilege of using the bonds, given but this is positively denied by The Oates bonds were class A Oates. and were placed in the Eufaula Alabama some eighteen years ago. General the bank that he put them in Oates stated a safety deposit, thinkEufaula bank as misfortune should overhe him ing that in case would have the fifty thousend take dollars to fall back upon. The coupons of these bonds were placed regu- to larly clipped and the interest turn of General Oates, he in the credit against it for incidental exchecking In 1892 during the general depenses. pression over the country the Eufaula Oates in trouble and General bank was the bank a loan of ten thousand made of the bonds then on deposit. These dollars bonds have never been replaced reguinterest on them has been of but larly the paid and placed to the credit General Oates. The Personnel of the Bank. officers of the Eufaula bank all are the The the most respected men in the among and their indictment by wideSouth, jury will create federal spread sensation. grand S. H. Dent was cash- the bank's president and E. B. Young and ier. The men are brothers-in-law the highest family connections are and their State Both Messrs. Dent and in the have reared large families Young had sons employed in the bank. both families have not been considered sufThe wealthy, though they have had Dent very to live in comfort President wealth at ficient said to reckon his individual is all of which he has anabout $40,000. will go toward paying off the nounced depositors. It is said that Cashier own Young bank's has but little property in his right. While no statement of the bank's condihas been issued, it is believed that 50 tion will receive not more than depositors the dollar. It does not seem cents on that General Oates will get any the probable portion of the $38,000 in bonds used by bank. Twenty thousand dollars of these bonds Bank by the Western National are held and as that concern did of New York, General Oates in the transacnot know to him. The Eufaula tion it is not liable the Western National Bank also owed stated. A representaBank $78,000 it is has been in Montgomtive of that Eufaula bank during the week but occa- he refused ery and to be interviewed on all sions. Had Savings Department. "A feature of the Eufaula known National was its Bank savings failure department." not generally said a prominent Eufaulian today. conducted under department was the "This firm name of E. B. Young was & Co. paid It not chartered Interest to was upon deposits, the depositors withdrawal. agreeing fifty days' notice of Young deposit When give the bank failed the books of which & Co. been showed deposited $36,000 by on said Young & Co. achad in the Eufaula National Bank. The to be of Young & Co. is now said count with the Eufaula National overdrawn and the depositors with returns E. B. Bank, Young & Co. can hope for no whatever." The speaker said he was a loser tonight by the failure. It cannot be learned made to attempt, if any, has been arrest what the parties indicted, but no will trouble be in this connection. It is feared that when the bank failed volun- both President recalled Dent and Cashier Young the came to Montgomery with oftarily United States district attorney and fered to make any bond required/e6.them
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EUFAULA EVENTS. Eufaula, Aug. 25.-(Special.)-The city was thronged with visitors from all sections Saturday and business went with a hum all day. Official announcement has been made that the Eufaula National Bank will pay a dividend of 30 per cent within the next two weeks. Receiver J. K. McDonald is looking after the affairs of the institution with great diligence and under his judicious management the depositors are assured they will get the largest possible dividends the bank can be made to pay. The switch engine has been put on the yard here for the winter months; cotton is rolling In rapidly and the compress will begin operations early next month. Indications are favorable for a fine fall business. The Daughters of the Confederacy are preparing to give an open air concert this week at the home of Capt. B. B. McKenzie to raise funds for a Confederate monument to be erected here. A good rain, which lasted for more than an hour, fell here yesterday afternoon and greatly benefited young cotton, which was said to be dying rapidly.