2278. Gate City National Bank (Atlanta, GA)

View Charter #2424 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2424
Charter Number
2424
Start Date
February 22, 1893
Location
Atlanta, Georgia (33.749, -84.388)

Metadata

Model
gpt-5-mini
Short Digest
84899b2bc6ba4407

Response Measures

None

Description

Articles describe the Gate City National Bank suspending late Feb 1893 after discovery of Assistant Cashier Redwine's defalcation (~$70k–$95k). The Comptroller/examiner assumed charge; funds were transferred for liquidation and the Comptroller later placed the bank in receivership (June 1893). There is no clear contemporaneous report of a depositor run prior to suspension, and the bank did not reopen as a going concern—hence suspension followed by closure/receivership. OCR minor inconsistencies corrected (e.g., amounts ranging $65k–$95k).

Events (6)
1. May 3, 1879 Chartered
Source
historical_nic
2. February 22, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a large defalcation by Assistant Cashier Lewis (Lewis) Redwine (reported between $65,000 and $95,000), prompting suspension and examiner takeover.
Newspaper Excerpt
Bank Examiner Williams assumed charge of the Gate City National Bank, which suspended yesterday. The bank did not open its doors.
Source
newspapers
3. April 7, 1893 Other
Newspaper Excerpt
The money locked up in the vaults of the Gate City Bank will be returned back into circulation today. Mr. Stone, examiner in charge, was directed by the controller of currency yesterday to transfer the funds in the bank to Atlanta National Bank. ... It has been decided also to liquidate. The bank will not go into the hands of a receiver if present plans can be carried out, ... Reorganization in the sense of reopening the bank has been given up.
Source
newspapers
4. June 24, 1893 Receivership
Newspaper Excerpt
Gate City Bank in Receiver's Hands. ATLANTA, GA., June 24.-The Gate City Bank, which was placed in the hands of a receiver by the Comptroller of the Currency about two months ago, will close its affairs up, paying its depositors.
Source
newspapers
5. June 29, 1893 Other
Newspaper Excerpt
At 9 o'clock this morning the Gate City National Bank began paying off its depositors. There was a steady stream of depositors all day, and about $160,000 was paid out.
Source
newspapers
6. July 25, 1893 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)
1. February 24, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, February 24, 1893

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FAILURES. LOUISIANA, Mo., Feb. 23.-John W. Fritz failed today. His liabilities are $35,000 and his assets $32,000. He gave a deed of trust on all his property to Taylor Frier, trustee, for the benefit of his creditors. Too much wheat speculation is the cause. ATLANTA. Ga., Feb. 23. - Bank Examiner Williams assumed charge of the Gate City National bank today. The latest developments put the amount of the defalcation of Assistant Cashier Redwine at $70,000. President Hall says that the depositors will be paid in full. The bank owes depositors $800,000. LINCOLN, Neb., Feb. - -The state banking board has taken charge of the Farmers and Merchants bank at Elk Creek, whose affairs are in a bad shape. The true condition of the concern cannot be learned now. The deposits are not large. Cashier Holmes is under arrest. ST. PAUL, Minw., Feb. 23.-An assignment deed of the Baupre Mercantile company to Theodore Borup was filed in the district court this afternoon. The firm, which is old and prominent, at last succumbed to adverse circumstances which have been gathering around it for a long time. The members will make no state. ment, but from outside sources it is learned that the failure is a general one; that there are nopreferences, and that no releases from creditors would be req uested. The assets foot up about $200,000, while the liabilities approximate $400,000. LINCOLN, Neb., Feb. 23.-Another lot of forged paper, aggregating $200,000, has been brought to light in the Capital National bank case. One batch of the notes, now in the hands of attorneys for collection for eastern banks, amounting to $175,000, is signed by an employer of Mosher's, named Hurlbuti and indorsed by Mosher as president of the bank. They were floated by Mosher and the money sequestered by him. Mosher admits that he got the cash, but refuses to say where any of it went. It is now stated by conservative men who are intimate with the affairs of the institution that the bank's liabilities exceed $1,200,000, with the assets practically nothing. It is not expected that the bank will pay 10 cents on the dollar. The Lincoln business men who have had faith in the statement that a full settlement would be made, are greatly excited tonight. It has also come out that the amount of county and city funds on deposit is- greatly in excess of what was at first given out. NEW YORK, Feb. 23.-It is rumored that a receiver will be appointed tomorrow for the United States and Brazil Steamship company, of which C. P. Huntington is one of the directors.

2. February 24, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, February 24, 1893

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The Bank Examiner in Charge. ATLANTA, GA., February 23.-Bank Examiner Williams assumed charge of the Gate City National Bank, which suspended yesterday. The bank did notopen its doors. The latest developments put the defalcation of Assistant Cashier Redwine at $70,000. President Hallsays depositors will be paid in full and will probably get a first dividend in 30 days of 25 per cent. The bank owes depositors $80,000.

3. February 24, 1893 Middlebury Register Middlebury, VT
Article from Middlebury Register, February 24, 1893

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Mr. Cleveland announces that he has completed his cabinet by the selection of Richard Olney of Boston for attorney general and Hillary A. Herbert of Alabama for secretary of the navy. The second trial of Dr. Thatcher Graves for the alleged murder of Mrs. Barnaby has been set now for May 22, at Denver, Col.: meanwhile the prisoner will remain in jail, having refused all offers of bail. The Chicago & Northwestern railroad will elevate all its tracks within the city limits of Chicago at an expense of $24,000,000. The plans provide for the elevation of 27 miles of main and second track and 143 miles of side track. Henry Joy, express messenger on a New Hampshire road, was blown off while going from one car to another between Durham and Madbury Monday night. He had to walk to Durham, two miles. His face, nose, ears, hand and toes were frozen. He was thrown down three times by the terrific wind on the way. J.C. Eno, who wrecked a bank in New York and has been a fugitive from justice for nine years, has returned and surrendered himself to the authorities. He says that he was guilty of indiscretions, and expects to be acquitted. He was charged with making way with about $4,000,000 of the bank's money. His home has been at Quebec since he fled the country. A.L.8. 46 A sensation was caused in business eircles at Youngstown, O., Friday, by the failure of Robert L. Walker, a prominent banker and capitalist. The failure will be widespread in its effects, involving Gov. McKinley, and the indications are now that every dollar of property owned by the governor will be swept away. During the past ten years Mr. Walker has been rated as a very wealthy man. Five boys from 12 to 14 years old discovered a large bundle of bank bills the other afternoon in the cellar of a large brick house in Hartford, Conn. The boys were mending their double-ripper and one of their discovered the package, which they shared among them. The police have not obtained all the money, which is estimated at $500. No clue to the owner has been found. The Reading system of railway lines has again passed into the hands of receivers. The downfall of the company caused almost a panic on the New York stock exchange on Monday. The failure of the company is believed to have been the outcome of its attempt to control the anthracite coal trade of the country, a venture for the accomplishment of which it had too little capital. The disappearance and defalcation of Assistant Cashier Redwine of the Gate City national bank is the biggest financial sensation Atlanta, Ga., has known in years. The officers of the clearing house association report his defalcation is about $65,000. They declare that the Gate City national bank can pay up every cent and can pay up stockholders in full. Redwine evidently lived beyond his means for years. An important offshoot of the annexaion of the Hawaiian islands by the United States is the large number of vessels which may then be available for the American coasting trade. There are known to be some 30 or 40 large vessels owned by Americans, but sailing unler the Hawaiian colors, which may then un up the stars and stripes and be entitled all the protection and privileges of the national flag. Two Mormon preachers who had miles been Lewis county, Tenn., 25 from in Pulaski, preaching Mormonism, after being repeatedly warned to leave a he country, were, while preaching to crowd, assassinated by a band of masked men. The men road up to a side vindow of the house in which the Morwere holding their meeting, both and, nons iring through the window, killed instantly. No one else was injured. Mrs. J. Gilman Adams. who was badburned at a tenement house fire a Anna few weeks y ago, has since been at the Mass. James hospital in Newburyport. The Friday skin grafting was tried. On yound was so large that it was impossi- for le to obtain human skin enough and purpose, so frogs were used, from he them the skin was taken and graftthe hand. Nearly 300 grafts were d on The frogs were chloroformed them. before ut on. the skin was taken from 'he operation is likely to prove successui. The coroner's jury which has been inrestigating the destruction of the county find asylum near Dover. N. H., usane the evidence leads to the conclusion Lahat fire was started by Mrs. who, in soure way, and ignited her tesIt also appears Countaine, hat match the from bed or obtained the chair been ushion. that the commissioner has of andicapped mony by the limited sum Whatever money for annual repairs. been the lay it appears that every one withHowed tire, have immediate all cause con- of with the institution did the be eeted his extinguish and or her power to they I and save the inmates, cause, ames the next, or proximate with a nd as of things not in age or in un 11 duties to the poor condition enlightened unfortunates harmony keeping with who re our voluntary wards. FOREIGN

4. February 24, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, February 24, 1893

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Will Pay in Full. ATLANTA, GA., Feb. 23.-Bank Examiner Williams assumed charge of the Gate City National Bank which suspended yesterday. The bank did not open its doors. The latest developmonts put the amount of the defalcation of Assistant Cashier Redwine at $70,000. President Hall says depositors will be paid in full, and will probably get a first dividend in thirty days of 25 per cent. The bank owes depositors $800,000.

5. February 27, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, February 27, 1893

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No Receiver Needed. WASHINGTON, Feb. 27.-Comptroller Hepburn said this morning that as far as he was advised there would be no need of the appointment of a receiver for the Gate City National bank. of Atlanta, Ga. Bank Examiner Stone has gone to Atlanta to assist Examiner Campbell in straightening the affairs on the Gate City bank.

6. February 28, 1893 The Morning News Savannah, GA
Article from The Morning News, February 28, 1893

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REDWINE STILL IN JAIL. EFFORTS TO OBTAIN BAIL FOR HIM UNSUCOESSFUL. The Young Swells Who Knew Him in His Palmy Days Not Anxious to Lend Him a Helping Hand Now-The Cashier's Downfall Not Due to an Escapade With a Woman. ATLANTA, GA., Feb. 27.-Lewis Redwine, the defaulting cashier of the Gate City Bank, has not yet given bond. Efforts were made by his attorneys to do so to-day, but now that he is in a position to use them the many young swells of wealth who last week were SO willing to make good his shortage after he had fled are not so ready with their assistance. A statement by the bank examiner will be made in a day or two. Usually there is a woman or two in such a case as Redwine's, but diligent search by the gossips have 80 far failed to disclose any particular female to whom the defaulting cashier's downfall might have been even remotely due. He seems to have been fond of women, but not of any particular woman, though curiosity has been created by the bouquet which was sent him by an unknown friend the day of his capture. A QUEER NOTE. Just after Redwine had left the police station for the United States court where he was taken to have his bond set, a queer communication was sent to him. It was examined by the officers, but it was not delivered to him. It was written on a deposit slip of the Gate City National Bank and on one side was inscribed, "Therefore doth my Father love me because I have lain down my life that I mighttake it up again." Below this is written, "John X., 17." On the opposite side was written: "These things I command you, love one another." Just below was the quotation, "John XV., 17." Just who wrote this note is not known. It was written in a slanting hand and no signature was attached that would give any clew to the writer. NO RECEIVER NEEDED. WASHINGTON, Feb. 27.-Controller Hepburn said this morning that as far as he was advised there would be no need of the appointment of a receiver for the Gate City National Bank of Atlanta, Ga. Bank Examiner Stone has gone to Atlanta to assist Examiner Campbell in straightening the affairs of the bank.

7. February 28, 1893 The State Chronicle Raleigh, NC
Article from The State Chronicle, February 28, 1893

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No Receiver for Atlanta's Broken Bank. WASHINGTON, Feb. 27.-Comptroller Hepburn said this morning that as far as he was advised there would be no need of the appointment of a receiver for the Gate City National Bank of Atlanta, Ga. Bank Examiner Store has gone to Atianta to assist Examiner Campbell in straightening out the & ffairs of the Gate City bank.

8. March 2, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, March 2, 1893

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Redwine's Defalcation 893,000. [By telegraph to the Dispatch.) WASHINGTON, D. C., March 1. .-The Comptroiler of the Currency is advised that the defalcation of Assistant-Cashier Redwine, of the Gate City National Bank. of Atlanta, Ga., will foot up $95,000. The bank will probably be reopened BOOD and the necessity of putting it in the hands of a receiver avoided.

9. March 2, 1893 The Morning News Savannah, GA
Article from The Morning News, March 2, 1893

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Short $95,000. WASHINGTON, March 1.-The controller of the currency is advised that the defalcation of Assistant Cashier Redwine of the Gate City National Bank of Atlanta, Ga., will foot up $95,000. The bank will probably be reopened soon and the necessity of putting it in the hands of a receiver avoided,

10. March 3, 1893 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, March 3, 1893

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hand of Columbus, Ind., is the only heir to this vast estate. three-cornered fight at West resulted in of Liberty, A Ky., all three the combatants being killed. The coal dealers of Boston and vicinity have reduced the price of anthracite coal fifty cents a ton. The Manhattan Athleticclub house has been closed by a receiver, the debts aggregating nearly $1,000,000. The supreme court of Kansas, it is declared by the populist senate, has no jurisdiction in the house muddle. Two Mormon proselyters, who have among Tennessee peowere assassinated been ple, working by masked men. Rev. David Keene, for nearly half a century, rector of St. John's Episcopal church, Milwaukee, is dead. The Kansas populist passed house of resolution the legislature a in favor of removing the state capital to Kanapolis. John Hughes, a theological student of Moberly, Mo.. insulted a white girl on the street and was shot full of holes by her brothers. Gen. Beauregard, the ex-confederate and one of the principal members of the Louisiana Lottery company, died at New Orleans. Governor McKinley has assigned all his property for the benefit of creditors of the Walker failure, and is thus rendered penniless. John G. Eno, the defaulting bank president, who has been missing for many years, has surrendered himself in the United States court, at New York. The wholesale grocery firm of Beaupre. Keogh & Davis of St. Paul has assigned. The liabilities will approximate $400,000: the assets $288,000. Mrs. Thos. Schlicher, wife of a motorman, of Allentown, Pa. was delivered of four children, one boy and three girls. All died shortly after birth. Charles M. Jackson. ex-treasurer of Crawford county, Mich. has been arrested on the complaint of the supervisors charged with the embezzlement of county funds during his term of office. It is said the shortage will amount to over $13,000. The jury in the murdercase against Hugh )'Donnell brought in a verdict of not guilty. He was accused of being an active participant in the Homestead riot. during which T. .1. Connors, a Pinkerton detective received the wound which cost him his life. A party of body-snatchers, among them Dr. J. W. Overton. dean of the Drake University medical department, and John W. Shaffer of the United States signal office were caught in the act of robbing a grave at Des Moines. The affair caused a great sensation. The Chicago Times is agitating the return to the United States government of the $2,500,000 advanced to the Columbian Exposition coilmission on condition of Sunday closing, and thereby release the commission from the pledges given on accepting gift. Winona has a ghost. A week ago the watchman in the railway tower became insane and was killed by an engine. Since then three different watchman have been employod and each has quit on account, as they allege, of an unearthly figure that visits the tower each night. Allan Manvel. pres dent of the Sante Fe railroad, died last week at San Diego, Cal., where accompanied by his wife, he arrived three weeks ago from St. Paul for the benefit of his failing health. It is believed the cause of his death was Bright's disease. The disappearance and defalcation of Assistant Cashier Redwine, of the Gate City National bank. of Atlanta, is the biggest financial sensation Atlanta has known for years. This morning a thorough examination of the bank's affairs wasmade by officers of the clearing house association, and they reported the defalcation was about $65,000.

11. March 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, March 30, 1893

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Investigation of the Atlantic Bank Defalcation Suddenly Ended. The Matter Was All Ready to Lay Before the Grand Jury, When Attorney General Olney Wired to Suspend Action. Forgeries of the Whisky Certificate Made in a Bunglesome Manner. ATLANTA, Ga., March 29.-The following sensational story is printed here this afternoon: The investigation of the Gate City bank defalcation by the United States grand jury has been brought to a sudden stop. Day and night for some time past United States District Attorney Darnell and Capt. Henry Jackson have done herculean service in pushing this investigation; they have literally gone to the bottom of things. Mr. Parnell announced yesterday in court that today very important matters would be laid before the grand jury, and while it was not stated that they were connected with the Gate City bank affairs, the public were anxious to know what action the grand jury would take this morning. It is a fact that the matter which the grand jury was to have handled today was the Gate City bank case. A number of new bills against citizens of Atlanta, charging them with violating the law in connection with the failure of the Gate City bank had been elaborately drawn and witnesses were at hand. All were ready to go on with the investigation. sensational developments were expected, but the investigation was summarily stopped, AttorneyGeneral Onney wiring from Washington to suspend action until further notice, and this morning in the United States court, the grand jury, which was ready to take in hand these new and most important bills against others than Redwine, was dismissed until April 10.

12. March 31, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, March 31, 1893

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CASH ON HAND TO PAY. But Complications in the Directory Prevent Such Action. WASHINGTON, March 30.-It is authoritatively learned at the department of justice that Special Counsel Henry W. Jackson, who is employed in the Gate City National bank case at Atlanta, Gs., has not been removed, but any further action on his part in the case has been suspended till Attorney General Olney and Seoretary Carlisle, of the treasury, agree on the course to be pursued. The case has assumed a very peculiar phase. The bank to-day. in the opinion of the treasury offloials, ia in a position to open its doors and pay every dollar of its indebtedness caused by the defalcation of Cashier Redwine. but there is said to be a disagreement as to who shall constitute the board of directors. On the other hand, it is intimated that several of the old directors are open to the charge of having wrongfully taken money from the bank. Jackson was formerly counsel for the bank. His son committed suicide shortly after the defalcation became known. This overwhelmed Jackson with grief, and it is said he made some very wild statements as to the result against the members of the old board of directors. The case is 80 grave that the government felt called upon to stop further action on his part in the case till a searching investigation of the bank's condition has been made.

13. March 31, 1893 The State Chronicle Raleigh, NC
Article from The State Chronicle, March 31, 1893

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TOM COBB JACKSON DEATH. UNFITS HIS FATHER TO ACT AS COUNSEL IN THE GREAT BANK MATTER. His Services Temporarily Suspened but not Removed-Thesitualion an Intricate One. WASHINGTON, March 30 -It is author itatively learned at the department of justice that special counsel Henry W. Jacks n, employed in the Gate City National bank case, of Atlanta, Gs, has not been removed, but any further action on his part in the case has been suspended until Attorney General Olney and Secretary Carlisle of the tressury depart ment agree upon the course to be pur sued. The Gate City National bank case as far as information reaches here goes, has assumed a very peculiar phase The bank today, in the opinion of treasury officials, is in a position to open its doors and pay off every dollar of its indebted ness caused by the defalcation of Redwine, its cashier, but there is said to be some disagreement 88 to who shall constitute the board of directors, and for that reason principally the bank has not been re opened. Oa the other hand it is understood that several of the old di rectors are open to the charge of having wrongfully taken money from the bank. This view is said to be held by special counsel Jackson, who was formerly at torney for the bank. Gen. Jackson's son, it will be recalled, committe d suicide shortly after Red wine's defalcation, and in some way not clearly indicated, the suicide of young Jackson was connected with Redwine's defalcation. Gen. Jackson's special counsel in this case, was natur ally very much grieved at the suicide of his son, and the intimation unofficially thrown out here is that General Jackson has become overwhelmed with grief and has made very wild statements and in sinuations against some of the old board directors, so grave in characters that the government has felt called upon to stop the further action on his part in the case, until the most thorough and searching investigation of the banks condition car be made. Attorney-General Oaley has no further information on the subject of a General Jackson's contemplated visit t b Washington than that contained in th newspapers.

14. April 7, 1893 Evening Star Washington, DC
Article from Evening Star, April 7, 1893

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UNLOCKING THE FUNDS. Money in the Gate City Bank to Be Train ferred. ATLANTA. GA., April - The money locked up in the vaults of the Gate City Bank will be returned back into circulation today. Mr. Stone. examiner in charge, was directed by the controller of currency yesterday to transfer the funds in the bank to Atlanta National Bank. The work of counting the funds and removing the funds will begin this morning. This is not a usual proceeding. but to meet general desire to have the money unlocked the controller took this step. Depositors do not get their money yet, but the $200,000 or more in actual cash now in the Gate City Bank will be in another national bank. which can loan it out and relieve financial stringency. It has been decided also to liquidate. The bank will not go into the hands of a receiver if present plans can be carried out, and there is every rea-on to believe that they can be. Bank Examiner Stone thinks the bank will soon have enough money in hand to open its doors and pay all depositors as fast as they come up. He will not open the doors until there is a dollar on hand for every dollar that is owed. The bank has now on band about $320.000 in cash and cash assets. When the bank closed on the night of February 22 it had in the vaults about e38,000 in cash and $4,000 in checks. Mr. Stone says he thinks the inconvenience caused by. locking up the bank's money has been over estimated. but he deemed it the wise thing to have a transfer made of the money to another bank where it will be available for regular banking purposes, and so recommend it to the controller. Since the bank closed maturing paper has been collected very promptly considering that it is a suspended bank. Some debtors have not been prompt, but they are good and money will be obtained. Mr. Stone states that paper which the Gate City Bank was carrying was of high class as a rule and there will be very little of it that cannot be collected. Every depositor will get dollar for dollar and stockholders will get par or very near for their stock. Reorganization in the sense of reopening the bank has been given up.

15. April 8, 1893 The Morning News Savannah, GA
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GATE CITY BANK FUNDS. The Money Deposited in Another Bank to Get It Into Circulation. ATLANTA, GA., April 7.-The money locked up in the vaults of the Gate City Bank was turned back into circulation today. Mr. Stone, the examiner in charge, was directed by the controller of currency yesterday to transfer the funds in the bank to the Atlanta National Bank. The work of counting the funds and removing the funds began: this morning. This is not & usual proceeding, but to meet the general desire to have the money unlocked the controller took this step. Depositors do not get their money yet, but the $200,000 or more in actual cash in the Gate City Bank will be in another National bank, which can loan it out and relieve the financial stringency. It has been decided also to liquidate. The bank will not go into the hands of a receiver if the present plans can be carried out, and there is every reason to believe they can be. WILL SOON BE READY TO PAY. Bank Examiner Stone thinks the bank will soon have enough money in hand to open its doors and pay all depositors as fast as they come up. He will not open the doors until there is 8 dollar on hand for every dollar that is owed. The bank has now on hand about $320,000 in cash and cash assets. When the bank closed on the night of Feb. 22 it had in its vaults about $38,000 in cash and $4,000 in checks. Mr. Stone says he thinks the inconvenience caused by locking up the bank's money has been overestimated, but he deemed it a wise thing to have a transfer made of the money to another bank, where it will be available for regular bankIng purposes, and 60 recommended to the controller. COLLECTING THE DEBTS. Since the bank closed maturing paper has been collected very promptly. considering that it is B suspended bank. Some debtors have not been prompt. but they are good and the money will be obtained. Mr. Stone stated that the paper which the Gate City Bank was carrying was of & high class as a rule and there will be very little of it that cannot be collected. Every depositor will get dollar for dollar and the stockholders will get par, or very near for their stock. Reorganization in the sense of reopening the bank has been given up.

16. April 8, 1893 The Times Richmond, VA
Article from The Times, April 8, 1893

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THE MONEY UNLOCKED. Funds in the Gate City Bank Put in Circulation. ATLANTA, GA., April 7.-The money locked up in the vaults of the Gate City Bank was turned back into circulation to-day. Mr. Stone, the examiner in charge, was directed by Comptroller of Currency yesterday to transfer the funds in the bank to the Atlanta National Bank. The work of counting the funds and removing the fund began this morning. This is not the usual proceeding, but to meet the general desire to have the money unlocked the Comptroller took this step. The depositors do not get their money yet, but the $200,000 or more in actual cash row in the Gate City Bank will be in another National bank, which can loan it out and relieve the financial stringency. It has been decided also to liquidate. The bank will not go into the hands of a receiver if the present plans can be carried out, and there is every reason to believe they can be. Bank Examiner Stone thinks the bank will soon have enough money in hand to open its doors and pay all the depositors as fast as they come up. He will not open the doors until there is a dollar on hand for every dollar that is owed. The bank has now on hand about $320,000 in cash and the cash assets, When the bank closed on the night of February 22d, it had in the vaults about $38,000 in cash and $4,000 in checks. Mr. Stone says he thinks the inconvenience caused by locking up the bank's money has been over estimated, but he deemed it a wise thing to have a transfer made of the money to another bank, where it will be availabe for regular banking purposes, and so recommended to the Comptroller. Since the bank closed the maturing paper has been collected very promptly, considering that it is a suspended bank. Some debtors have not been prompt, but they are good, and the money will be obtained. Mr. Stone states that the paper which the Gate City Bank was carrying was of a high class as a rule, and there will 'be very little of it that cannot be collected. Every depositor will get dollar for dollar, and the stockholders will get par or very near for their stock. Reorganization in the sense of reopening the bank has been given up

17. June 25, 1893 The Times Richmond, VA
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BANK FAILURES SOUTH. Bank of Cartersville Suspends Payment. Receiver for Another. ATLANTA, GA., June 24.-The Howard Bank, of Cartersville, Ga., the largest town between Atlanta and Chattanooga, suspended payment this morning, owing to the withdrawal of funds by depositors and the inability of the bank to realize on its assets and on account of general hard times. The bank has posted a notice that depositors will be paid in full as soon as collections can be made. It has heretofore been considered one of the strongest banks in the smaller towns of the State. Gate City Bank in Receiver's Hands. ATLANTA, GA., June 24.-The Gate City Bank, which was placed in the hands of a receiver by the Comptroller of the Currency about two months ago, will close its affairs up, paying its depositors

18. June 30, 1893 Richmond Dispatch Richmond, VA
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Depositors Being Paid. (By telegraph to the Dispatch. ATLANTA. GA., June 29.-At 9 o'clock this morning the Gate City National Bank began paying off its depositors. There was a stoady stream of depositors all day. and about $160,000 was paid out. The deposits withdrawn were all small ones. the larger depositors holding off until after the rush. The payment of this money IS having au excellent effect on business.

19. June 30, 1893 The Morning News Savannah, GA
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Paying Gate City Bank Depositors. Atlanta, Ga., June 29.-At 9 o'clock this morning the Gate City natioal bank began paying off its depositors. There was a steady stream of depositors all day and about $160,000 paid out. The deposits withdrawn were all small ones, the larger depositors holding off until after the rush. The payment of this money is having an excellent effect on business.

20. June 30, 1893 The Times Richmond, VA
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Paying Off Depositors. ATLANTA, GA., June 29.-At 9 o'clock this morning the Gate City National Bank began paying off its depositors. Ther was a steady stream of depositors all day, and about one hundred and sixty thousand dollars was paid out. The deposits withdrawn were all small ones, larger dpositors holding off until after the rush. The payment of this money is having an excellent effect on business.

21. July 24, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 24, 1893

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TWO HUNDRED NATIONAL BANKS Have Closed Since January 1-Bank Failures Yesterday-Examin Assigned. WASHINGTON, D. C., July 22.-Since the first of January nearly two hundred National banks have closed their doors, against less than fifty-during the same period last year. Of the failures this year five have been United States depositories, as follows: The First National Bank, of Little Rocd, Arkansas: the Gate City National Bank, of Atlanta, Ge: the Peoples' National Bank, of Denver, Col.; German National Bank, of Denver, Col.; the Kentucky National Bank. of Doulsville, Ky. This latter bank. which closed its doors to-day, had by the last report received $330,000 of United States funds. The Government, however, will not lose anything by these failures, as each National bank that is a government depository has to deposit United States bonds to the amount of government money it is allowed to carry. These bonds, in case of the failure of the bank are sold for the account of the government, and as United States bonds are at a premium in the financial market, there is never any difficulty in realizing. This afternoon Comptroller Eckels ordered bank examiners to take charge of the failed banks as follows: Escott, at Loufsville, Ky.: Plumler, at Knoxville, T6 Sawyer, at Russell, Kansas; Russell, Vernon, Kansas; Vernon, Milwaukee, Wis.

22. November 2, 1893 The Evening World New York, NY
Article from The Evening World, November 2, 1893

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# Suspended Bank Cashier Indicted. ATLANTA, Ga., Nov. 2.-Edward McCandless, Marshal of Atlanta, was indicted yesterday by the United States Grand Jury. McCandless was cashier of the suspended Gate City National Bank, and is charged with having paid a draft for $5,000, drawn by T. Cobb Jackson, when Jackson had no funds in the bank. McCandless is also charged with having conspired with Redwine to deceive National Bank Examiner Campbell.

23. November 2, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, November 2, 1893

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ATLANTA'S MARSHAL INDICTED. He Was Involved With Redwine in the Gate-City Bank Mess. (By telegraph to the Dispatch.) ATLANTA, GA., November 1.-Edward McCandless, Marshal of this city, was indicted to-day by the grand jury. McCandless was cashier of the Gate City National Bank before it suspended. He is charged with having paid a draft for $5,000 drawn by T. Cobb Jackson when Jackcon had no funds in the bank. Jackson committed suicide after Redwine, the assistant cashier, absconded. McCandless is also charged with having conspired with Redwine to fool National Bank Examiner Campbell. Redwine palmed off some $25,000 twice on Campbell, and thus hid a shortage which existed in the bank. McCandless gave bond.