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RECEIVERS WILL ADJUST AFFAIRS INSOLVENT BANK 48 part belonging to women, children, and people of small means, all of which WALLIS NAMED seems to have vanished within a brief FAIL OTHER PLANS time. The estimate of $600,000 includRECEIVER FOR es the original capital stock of $100,000, which, it seems, was long ago SIGNALLY dissipated and is now utterly worthSAVINGS BANK less. However, there are proven claims DEPOSITORS WILL REAof depositors amounting to $319,000, LIZE SOME PORTION besides unverified deposits of $35,000. OFFSPRING OF NATION'L BANK In addition, there are other items unThe 'swap song' in the affairs of the der this account of $27,000, making a insolvent and somewhat depleted grand total of $381,000. It is said Americus National Bank which went to His Appointment is Made the amounts due other banks will agthe wall early in February, was sung gregate $110,000. Yesterday yesterday when it was announced that The total liabilities, capitulated, are the final proposition made by depositestimated at about $504,000, besides Judge Z. A. Littlejohn at a late ors to the bank's directors for its the capital stock of $100,000, to be hour yesterday appointed Mr. W. P. liquidation, outside the usual channels added. This is supposed to include the Wallis receiver for the Americus Trust employed by the government, had fall"overdrafts" of about $75,000, the & Savings Bank, an offspring of the en flat. This forlorn hope to which greater portion of which is regarded defunct Americus National, and, prior the depositors had clung, has failed as entirely worthless; probably $10,000 to the closing of that bank ,operated signally. to $12,000 being considered collectaby the same officers. The little saving This being true, Receiver T. C. Dunble. bank was organized under a state lap will continue the work, already Notes held by the bank, good and charter, and had a capital stock of fast progressing, toward liquidating indifferent, may approximate $340,000, $15,000. the national bank in the usual mana considerable portion of them being Its deposit account, at the time of ner employed by the government, at deemed collectable. The total differthe closing of the national bank, was which he has been busied since the ence between available assets and liasaid to be about $13,000. Its assets collapse of the institution in Februbilities is about $162,000, it was said at this time are thought to be rather ary. recently by one of the attorneys intersmall. Just what depositors will reQuite recently a last hope was held ested. Of this large amount something ceive in the liquidation of the bank is, out that the bank's directors might be like $130,000 seems unaccounted for, of course, largely a matter of couinduced to liquidate the bank, providaccording to statements of those injecture. ed the stockholders and depositors terested in the bank's affairs. About two weeks ago, Attorney Gencomplied with certain terms suggested, No authentic information has been eral Warren Grice came to Americus and the four Lowery brothers, all of given out by Receiver Dunlap, as this to see about the appointment of a rethem directors, put up $150,000 to that would be contrary to the regulations ceiver for the little state bank, and end. They had previously expressed of his department. proposed the appointment of Mr. L. G. a willingness to lend substantial asWhen the Americus National closed Council to that position. Mr. Council, sistance to this end by putting up real its doors February 3rd, after a most however, found it inexpedienct to acestate to safeguard the party who prosperous seven years career, the cept the position and so notified Judge would liquidate the bank. people of Americus were stupefied with Littlejohn, who has since named Mr. On the showdown recently, however, astonishment. About nine hundred deWallis as the receiver instead. the value of the realty tendered was positors, many of whom, it is said, The exact status of the bank's conconsidered far less than the amount made large deposits over the counter dition will not be known until Reexpected of them, and the liquidation only the day before the failure withceiver Wallis has gone fully into its plan, as suggested, fell flat, It is out the slightest suspicion of impendfinancial affairs. A number of its desaid directors tendered yesterday the ing danger, were appalled. Up to the positors, it is understood, were women sum of $62,500, or less than half the last day and hour, it is said, deposits and children. amount required, hence the liquidaflowed in freely, and the bank was tion plan failed. considered one of the safest in GeorThe result will be that the stockgia. A comparatively small amount holders will be assessed, under the liaof cash was found in its vaults when FARMER A BUSINESS bility clause, and probably $70,000 Receiver Dunlap assumed charge the raised from that source. The stocknext day. The work of depletion had MAN THANKS TO holders' liability is $100,000, but some been terribly complete. of them are unable to pay. This To this bank hundreds of people, amount, with that to be laboriously RURAL PHONES some of them widows, had been atcollected from the assets of the bank, tracted by the alluring rates of intergood, bad and indifferent, will be disAtlanta, May 30.-Rural telephones est offered, and the belief that their are beignning to play just as importtributed as far as it will go in the money would be absolutely safe in a payment of the bank's indebtedness ant if not a more important part than national bank. Merchants, farmers and deposit account. either rural free delivery or parcels and others deposited there. Many post, in putting the farmer on an econJust what depositors will eventually poor people who had saved a pittance omic equality with the city business receive is a mooted question. No estifor their declining years, had their man. mate is given out by those in authority little hoard swept away-just how The growth of rural telephones or and guesses range all the way from they know not, but they grieve in the 10c to 60c on the dollar. the lines of the Southern Bell through fact that it is gone. out Georgia and other Southern states Two weeks before the failure the Americus has been dealt a body is as interesting as a romance. A genofficers had declared and paid a semiblow, and much suffering will be eneration ago the average farmer was annual dividend of four per cent. upon tailed as the result of seeming gross isolated. Today he is no more isolated its capital stock of $100,000 presum. mismanagement in the bank's affairs; than his city neighbors. ably paying the dividend from profits to express the case mildly. earned by the bank. Under the law It is directly as the result of these The affairs of the national bank will facilities that the average Southern dividends cannot be legally paid except be liquidated in the United States from earnings of the bank. farmer has developed into a compecourts and those of the little savings tent business man, a salesman of his It is said Cashier M. M. Lowery has bank by the superior court of Sumown products, as well as a producer not been under a bond of any descripter county. In the meantime, the of them. tion whatever in a year or two, it bepeople hope that justice may triumph The day has passed forever when ing said the original bond of $10,000 over this wrong. had been allowed to lapse for lack of the farmer laborously loads his crops on wagons and takes them to the renewal, and this report is a surprise
