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The Southern Manufacturing Co., Richmond, Va., U. S. A. SHELBY COUNTY BANK. Friends of Burgess Little Defend His Course. Montevallo, June 16.-(Special.)-So much has been said and written concerning the failure of the Shelby Coun. ty Bank that your correspondent has endeavored to get an impartial statement of the whole affair. The friends of Burgess Little say that he is guilty of no wrong-doing, and in support of this position, it is contended that Mr. Little and the President and sole owner of the bank, Mr. William Walker of Blocton, promptly turned over all the books, papers and assets WANTED of the bank to a committee appointed by the depositors, and they attended all the meetings of this committee when called on and did everything in their power to assist this committee in arriving at the true statement of affairs. They also claim that Mr. Little remained in Montevallo for ten days after the failure, and, having nothing to do, applied for a position as clerk in a summer hotel in Tennessee, where he went last week. While on his way, he was One arrested on a warrant sworn out by a depositor here and detained for several days, being finally released on habeas corpus proceedings. His friends also claim that the assets of the bank figure up over $22,000, and the liabilities a little over $23,000, making a deficit of about $1,000. This statement seems to be borne out by an exThousand amination of the bank's books, and the statement of the receiver that the depositors will get over 50 cents on the dollar. They also say they have no doubt that some of the assets will not bring dollar for dollar, but claim that this Is no evidence of criminality on the part of Mr. Little but bad judgment in making loans. Cords On the other hand, many of the depositors claim that false representations were made by Mr. Little of the bank's condition, in that the published statement of the bank showed a capital stock of $25,000 while it was actually not over $5,000. Some of the depositors also claim that at the time of Oak making their deposits it was represented to them that various citizens here were stockholders to a large extent, and that the bank was in a healthy condition. They also say that Mr. Little's account was largely overdrawn, and that he was extravagant and wasteful of the bank's resources, which, it appears, were only the deposits made by its patrons. Taken altogether, this failure is an Hickory object-lesson for the members of the Constitutional Convention, and if they wish to perform a lasting service for the people of the State at large, they I and will incorporate in the Constitution 10 some provision requiring private banks to make sworn statements, and, if necessary, have an examiner to visit them at least once a year and report on their condition. Srould a law of this kind have been in effect, much money and great annoyance to all persons concerned would have been saved here, as Ash well as at other places over the State in the past.
