2665. Exchange Bank (Athens, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 13, 1899
Location
Athens, Georgia (33.961, -83.378)

Metadata

Model
gpt-5-mini
Short Digest
9bc5c36b

Response Measures

None

Description

The Exchange Bank of Athens was placed in the hands of a receiver (A. S. Pariser/Parker) on Nov 13, 1899 due to a cashier's disappearance and a large shortage (~$14-15k). The bank was being liquidated and depositors were being paid; articles indicate winding up and payment in full to depositors and distribution to stockholders, consistent with permanent closure rather than reopening. No bank run is described in the articles. Small OCR variants of receiver name (Pariser/Parker) appear in different reports; both refer to the receiver.

Events (3)

1. November 13, 1899 Receivership
Newspaper Excerpt
The Exchange Bank of Athens was placed in the hands of a receiver to-day. The stockholders claim the institution is solvent. The experts ... have been examining the books of Cashier John A. Benedict, who mysteriously disappeared several months ago, will not be ready to report within sixty days.
Source
newspapers
2. November 13, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discrepancy in accounts of cashier John A. Benedict (disappeared); capital impaired, shortfall of about $14,000-15,000.
Newspaper Excerpt
At a meeting of stockholders this morning it was decided to place the Exchange bank in the hands of a permanent receiver. A S Pariser was appointed.
Source
newspapers
3. December 1, 1899 Other
Newspaper Excerpt
The Exchange Bank will in a few days begin paying off its depositors. Receiver Parker ... hopes to have enough on hand to pay off all the depositors, except a few who are willing to wait a while longer until further collections warrant the payment of the remaining portion of the deposits.
Source
newspapers

Newspaper Articles (11)

Article from The Morning News, November 14, 1899

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IN A RECEIVER'S HANDS. Examination of Benedict's Accounts Not Reported on. Athens, Ga., Nov. 13.-The Exchange Bank of Athens was placed in the hands of a receiver to-day. The stockholders claim the institution is solvent. The experts who for some time have been examining the books of Cashier John A. Benedict, who mysteriously disappeared several months ago, will not be ready to report within sixty days.


Article from The Lancaster Ledger, November 15, 1899

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Benedict's Bank Fails. Mystery of the casheier who Di. appeared Explained. Athens, Ga, Nov 13.-At - a meeting of stockholders this morn ing it was decided to place the Exchange bank in the hands of a permanent receiver. A S Pariser was appointed. A committee of the directors reported the capital stock reduced from $75,000 to $45,000. A discrepancy In accounts amounts to about $15, 000. The Exchange bank is that of which John A Benedict, who dis appeared from Greenville, S C was cashier Its troubles seem to explain his disappearance and to make it plain that the man never suspected of wrong was guilty and has gone away voluntarily and hid himself. Even now Athens people are slow to accept the explanation, but the figures on the books seem to leave no room for doubt on this mystery of months. How or why M1 Benedict came short is not knowd yet; but the facts that there was trouble in his accounts and that he knew that his bank was virtually wrecked is too evident for dispute. People in Athens now believe against their inclination that Mr Benedict went to Greenville with a well laid plan in his head, disappeared purposely and is now alive and well.


Article from The Anderson Intelligencer, November 15, 1899

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General News Items. - The Boers are holding their own in the war with the British in South Africa. - The Exchange Bank at Athens. Ga., has been placed in the hands of a receiver. - The Northeastern railroad of Ga.. from Athens to Lula, has been purchased by the Southern: They paid $307,000 for it. - Imperialism comes high. Our army and navy are now costing $650,000 a day, with more prospect of increase than of decrease. At an auction of Hereford cattle at Kansas City the other day a calf a year and a day old brought $1,950, and a heifer was knocked down at $2,500. - By December 1st, Otis will have 65,000 men in the Philippines. One thousand more men are to be recruited to bring all regiments to full strength. - Gen. Otis is now pushing the war with the Fillipinos with a little more energy, and is basing them back into the mountains, killing many of thein as they retreat. - Bob Green, ex-prize fighter, has been licensed to preach in Boston. It will take his best solar plexus licks to knock true religion into the sinners of that city of cranks. - On behalf of Admiral Dewey and his officers and men Washington attorneys have asked the court of claims to find that the amount of bounty money due them is $382,800. - At the meeting of the Cabinet the question of civil government for Cuba was discussed. The President is said to favor the abandonment of the present military system in the island. - The United States cruiser Charleston, which had been patrolling the northern coast of Luzon, was wrecked on a reef off the northwest coast on Tuesday' November 7. All on board were saved. - A company with unlimited capital and 200,000 water power at Ottawa, Canada, has been organized to fight the American paper trust. Its plant will cost $600,000 and it will make 600 tons of paper a day. - Augusta, Ga., is building up a pretty large divorce mill business. At the last term of court forty-four mismated couples were sundered. It is said that a good deal of the material for the grist comes from South Carolina. -- The cultivation of fruit trees along the highways of France is being extended each year, the Government having adopted this practice as a source of revenue, so that now roadside fruit cultivation has become an important branch of national industry. - A colored preacher named John Lofton, of Norfolk, Va., was arrested at Winfall, N. C,, for passing a counterfeit bill. A good ten dollar bill had been split and the back half had been pasted on to a counterfeit. The work was skilfully done aud only an expert could detect it. - A big Western packing concern has embarked in the business of separating the whites and yolks of eggs, canning them separately, freezing them and unloading them on the market. Some thirty dozen eggs are put up in a two-gallon can, which is exactly the number that a case holds. When a baker uses thirty or forty dozen eggs in a day it takes time to break the eggs and separate them. The new plan saves time. - To feed her army in South Africa, Great Britain is buying from Chicago and Kansas City packing houses canned beef by the car load. The beef is of the same quality that was bought for the American army during the Spanish war, and about which such a rumpus was raised against Secretary Alger. So large has been the British orders that the price of beef has been considerably raised throughout the west.


Article from Lancaster Enterprise, November 15, 1899

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BENEDICT'S BANK FAILS. Mystery of the Cashier Who Disappeared Here Explained. Athens, Ga., Nov. 13.-At a meeting of stockholders this morning it was decided to place the Exchange bank in the hands of a permanent receiver. A.S. Pariser was appointed. A com. mittee of the directors reported the capital stock from $75,000 to $45.000. A discrepancy in accounts amounts to about $15,000. The Exchange bank is that of which John A Benedict, who dis. appeared from Greenville, S. C., was cashier Its troubles seem to explain his disappearance and to make it plain that the man never suspected of wrong was guilty and has gone away voluntarily and hid himself. Even now Athens people are slow to accept the explanation, but the figures on the books seem to leave no room for doubt on this mystery of months. How or why Mr. Benedict came short is not known yet; but the facts that there was trouble in his accounts and that he knew his bank was virtually wrecked is too evident for dispute. People in Athens now believe against their inclination that Mr. Benedict went to Greenville with a well laid plan in his head, disap. peared purposely and is now alive and well.


Article from The Camden Chronicle, November 17, 1899

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RECEIVER TAKES CHARGE. Capital Stock of Exchange Bank at Athens, Ga., Considerably Cut Down. The stockholders of the Athens, Ga., Exchange bank met Monday morning. The experts have not finished their examination and no definite report could be made. A committee from the directors reported that the capital stock has been reduced from $75,000 to $45,000. The discrepancy in the accounts amounts to between $14,000 and $15,000. The stockholders decided to place the bank into the hands of a receiver and Mr. A. S. Pariser will be the permanent receiver.


Article from The Newberry Herald and News, November 17, 1899

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BENEDICT'S BANK FAILS. MYSTERY OF THE CASHIER WHO DISAPPEARED EXPLAINED. Big Diserepancy-Concern Goes into the Hands of a Receiver With Capital Much Impaired. Athens, Ga., Nov. 13.-At a meeting of stockholders this morning it was decided to place the Exchange bank in the hands of a permanent receiver. A.S. Parisor was appointed. A committee of the directors roported the capital stock reduced from $75,000 to $45,000, A discrepancy in accounts amounts to about $15,000. The Exchange bank is that of which John A. Benedict, who disappeared from Greenville, S. C., was cashier. Its troubles seem to OXplain his disappearance and to make it plain that the man never suspected of wrong was guilty and has gone away voluntarily and hid himself. Eevon now Athens people are slow to accept the explanation, but the figures on the books seem to leave no room for doubt on this mystery of months. How or why Mr. Benedict came short is not known yet; but the facts that there was trouble in his accounts and that he know that his bank was virtually wrecked is too evident for dispute. People in Athens now believe against their inclination that Mr. Benedict went to Greenville with a well laid plan in his head, disappeared purposely and is now alive and well.


Article from The Morning News, December 1, 1899

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FLORIDA. AND GEORGIA IN ITEMS FROM THE TWO STATES TOLD IN PARAGRAPHS. GEORGIA. Barnesville is said to have had several incendiary fires recently. A ginnery was destroyed and an effort was made to burn two barns and a dwelling. John L. Harris, a well known farmer, living three miles from Winder, has recelved a telegram stating that he has fallen heir to $67,000 and a gold mine, the value of which is not known, located in California. The first business session of the North Georgia Annual Conference of the Methodist Episcopal Church, South, was held in the First Methodist Church of LaGrange Wednesday morning. The members of the conference have been arriving upon all the trains during the past three days. There are present in the city now about 400 clerical and lay members. Bishop E. R. Hendrix of Kansas City, Mo., is presiding with great force and dignity. In Pierce Superior Court, Henry Thomson, the negro charged with the murder of Mr. Vining of Offerman, was found guilty and sentenced to life imprisonment. the jury having recommended him to the mercy of the court. The grand jury while in session passed a resolution requesting the Legislature to pass the prohibition bill and especially requesting Pierce's representative and senator to vote for it. The prohibition sentiment is very strong in that county. Macon News: Deputies White, Thomas and Ware distributed themselves through the bushes of Monroe county last night, about sixteen miles from Macon, and disturbed a party of moonshiners, who were preparing for Thanksgiving. The operators of the still managed to escape the soft-treading representatives of the majesty of the law, but the plant was captured. It was a forty-gallon copper affair. The boys were making the real corn. and were evidently catering to the connoisseur trade. Americus Times-Recorder: Elbert Billings, a negro living near Americus, boasts a head of hair as long and straight as that of any Caucasian. Billings was in town yesterday, and his hirsuite wealth attracted much attention. His hair is quite long and curls naturally like that of any white man, and in answer to an inquiry as to its length stated that It had once grown as long as his arm, but that for convenience he keeps it cut short. Billings is a middie-aged man and black as the ace of spades. The Fourth Georgia Regiment has been re-arranged as to battallons. The Dawson Guards, formerly with the Fort Gaines Guards and Cuthbert Rifles, is now in a battalion with the two Albany companies and under command of Maj. Jerger of Thomasville. The Cuthbert and Fort Gaines companies and the Columbus Guards form a battalion and have been assigned to Maj. Morris of Fort Gaines. The Waycross Rifles, Thomasville Guards and Valdosta Videttes compose another, and are under Maj. O'Brien of Waycross. Haralson county might have had the premium for the largest pig, if it had been exhibited at the State Fair. A. P. Bush living a mile from Waco, has a Poland China porker which best judges estimate would weigh 800 pounds. It is 6 feet, 5 inches long and the same distance around the belt, which shows symmetry as well as size. It is thirteen months old. and at this age he is only entitled, in this part of the world. to be called a pig, since it is customary to butcher at two years or over. Tallapoosa butchers won't undertake to handle Mr. Bush's hog. Washington Chronicle: Sowing wheat has come in for a large share of the attention of the farmers of Wilkes this fall, and men from all.parts of the country inform us that more of this very desirable cereal has been sown this season than they ever knew to be sown in one season before. As a consequence thousands of dollars will be saved to the farmers next year.wThe wheat harvest last spring turned out remarkably well, notwithstanding the fact that oats met with such disaster. Wheat is not so susceptible to the cold of winter and the dry weather of spring, from which oats suffer so greatly. The new Carnegie free library of Atlanta will be built of Georgia marble and granite. The former material, in all probability, will form the decorative work of the interior and exterior, while the granIte will be used to make the solid walls end foundations of the monument to Andrew Carnegie. The Board of Trustees have all practically agreed that Georgia materials shall be used in the construction of the edifice. The architects have been instructed by the Committee on Buildings to submit plans which have these materials in view, and the consensus of opinion of all connected with the library favors nothing else. Athens Banner: The Exchange Bank will in a few days begin paying off its depositors. Receiver Parker has been busy for several days getting the money together, and by Friday he hopes to have enough on hand to pay off all the depositors, except a few who are willing to wait a while longer until further collections warrant the payment of the remaining portion of the deposits, Receiver Parker is at work collecting in all the money due the bank and will, at as early a date as possible, discharge all outstanding obligations of the bank, except those due to the stockholders. It will be some time before the affairs of the bank are completely wound up and liquidated. The postoffice at Hogansville was destroyed by fire Wednesday morning. The building was two-story, and valued at between $300 and $400. The first story was used as postoffice and store room, the stock of goods being owned by I. H. Loftin, postmaster. The second story was used by the negroes as a society hall. Loftin was assisted by C. J. Barnett, a young megro man, who stated that he reached the office about 6 o'clock and noticed a light inside of the building. On opening the door he discovered the smoke and heat SO great that he could not enter. Loftin said when seen that all of the mail and Dostoffice fixtures were burned. When asked


Article from The Morning News, December 12, 1899

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ATHLETICS AT UNIVERSITY. Accumulated Debt Must Be Paid. Other News From Athens. Athens, Ga., Dec. 114-University athletics are in a sorry plight. In order to bring them to any degree of perfection, different plans of procedure will have to be made in the future. The season opened in September with a $600 debt hanging over the Athletic Association. Five hundred dollars of the debt was lifted by subscriptions from alumni and students. Now at the end of the season the association is about $800 in debt, and in a worse condition than it was last September. The problem of managing the financial end successfully is what now must be solved. The boys will make a mighty effort to put the association on its feet again. A series of ten games of football between the classes of the university will be played on the campus this month, and it is hoped that they will net about $200 for the association. Mr. Frank McCutchen has been chosen captain of next year's football team, and Mr. Hirsch business manager. Nearly all the players on this year's team will be back next fall and the University of Georgia will have a fine team if the financial difficulty can in any way be surmounted. The people of Athens are very anxious for the Legislature to visit the city during the university commencement of 1900. The Mayor and Council have issued an invitation to the general assembly and the bill of Representative Carlton has already passed the House, directing the general assembly to visit Athens next June. If they come a royal reception will be prepared for them by the people of Athens, and it is believed that great good will result from the visit. Preparations will be made to inaugurate a big Chautauqua in this city the first week in June, 1900. Although Athens has had a Masonic lodge since 1841, there has never been such enthusiasm among the Masonic fraternity in this city as is now prevalent here. Mount Vernon Lodge No. 22 has 165 members, 102 of whom have been added to the rolls during the past twelve months. The regular annual communication of the lodge will be held next Thursday night, at which time a committee will be appointed to devise plans for the erection of a $20,000 Masonic temple, which the lodge hopes to complete inside the next two years. Judge A. L. Mitchell has been appointed to check up the books of the city clerk and treasurer and the chief of police. Prof. E. C. Bronson of the State Normal School will lecture at the Athenaeum Club Thursday night. Receiver Parker of the Exchange Bank has paid off half of the depositors and the other half will be paid as soon as the assets of the bank can be collected in.


Article from The Morning News, December 14, 1899

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IN GEORGIA AND FLORIDA. NEWS OF THE TWO STATE TOLD NI GEORGIA. Jasper Watkins, a white man over 70 years of age, was shot and killed Monday morning near his home in Madison county, by a boy named Pitt Barber. A former difficulty and a threat by Watkins to kill Barber, caused the killing. Jim Mayfield, the young man who shot and killed a woman and her little girl near Adairsville one day last week, went into Calhoun Monday night and bought a ticket to Chattanooga, leaving on the 11 o'clock northbound train. Mr. Albert M. Gribble, sheriff of Habersham county, died at his residence at Toccoa Tuesday morning after a long illness. Mr. Gribble has made a splendid officer and the large majorities he has received in the last two elections show his popularity. He was 43 years old. A marriage which occurred in Atlanta during the time of the State Fair, and which has been kept secret by the contracting parties, has been made public. The groom was Mr. Albert B. Jones, deputy clerk of the Superior Court of Carroll county, and the bride was Miss Eva Brown, daughter of D. J. G. W. Brown of Carrollton. Mr. T. J. Gray, an aged and highly respected citizen of Monroe county, died last Thursday night at the home of his sonin-law, Dr. T. B. Hollis, of Forsyth. Mr. Gray had been suffering for quite a while with Bright's disease. Mr. Gray was born in Wilkes county, Georgia, seventy-eight years ago. He was for sixty years a member of the Methodist Church. More than a score of years ago he was elected tax receiver of Monroe county. The Ross pardon case was heard last Thursday before the Prison Commission. Judge J. B. Williamson representing Ross and Judge J. P. Carson the protestants. Ross is the young man who murdered his father-in-law at Cabaniss, Ga., in the northeastern section of Monroe county, on Aug. 4, 1894, at a primary election held that day. He was tried the following February and convicted, receiving a life sentence in the penitentiary. Receiver A. S. Parker of the Exchange Bank of Athens, is busily engaged in collecting in the assets of the bank preparatory to liquidation under the order of the court. Nearly half the deposits of the bank have already been paid out, and the remaining depositors have agreed to hold their claims back until the assets of the bank are collected. Every depositor and creditor of the bank will be paid in full, and whatever is left will go to the stockholders. The case of Mrs. W. L. Walker, of Floyd county, against the Southern Railway was concluded in the United States Court, in Atlanta, Tuesday. The jury, after being out for some time, brought in a verdict for the defendant. The plaintiff sued the Southern Railway for $5,000 damages because of personal injuries sustained some time ago She was on the point of taking


Article from The Morning News, January 12, 1900

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IN GEORGIA AND FLORIDA. NEWS OF THE TWO STATES TOLD IN PARAGRAPHS. GEORGIA. Mr. O. H. McWilliams was elected Mayor of East Rome Tuesday for the fifteenth consecutive time. Mr. H. B. Parks and Mr. E. J. Moultrie were elected aldermen. All of these gentlemen have been at the head of the little municipality many years. The Dicks saw mill at Forest Glenn, near Fitzgerald, operated by H. S. Johnson & Co., was destroyed by fire Tuesday night, and 60.000 feet of lumber and a flate car was consumed. The loss is about $4,000, with no insurance. The fire is supposed to be accidental. The annual election for Mayor and councilmen of Grantville occurred Saturday, and after a spirited contest Dr. George W. Clower was re-elected Mayor and Henry A. Camp, J. W. Arnold and N. O. Banks were re-elected councilmen. T. W. Todd. clerk; C. P. Clower, treasurer. and John W. Beavers, marshal. Monday about noon at his home near Zebulon, Pike county, J. F. Bevil breathed his last at the age of 78 years, honored and respected by all who knew him. He was one of the pioneers of that section. and like most of the early settlers, was a Primitive Baptist and lived and died in the tenets of his faith. His funeral OCcurred to-day at Liberty Church, where his membership was held. and his remains were followed by a large concourse of friends. C. C. Gates and E. F. Sturdevant lived about six miles west of Chipley and were young farmers who stood high in the community. Their homes were only a few hundred yards from each other. Gates killed himself Monday by taking laudanum and Tuesday Sturdevant was found dead in his barn. having stabbed himself through the heart. He still had the knife grasped in his hand when found. Both men have made attempts to suicide within the past few weeks. Receiver Parker is rapidly winding up the affairs of the Exchange Bank of Athens. Nearly all those who had money deposited in the Exchange Bank have been paid in full. Receiver Parker hopes to be able within the next few weeks to clear the books of all deposit accounts. He will then have the expert examination of the missing cashier's books brought to a close as speedily as possible. and as soon as all the assets of the bank can be collected in will divide out the money among the stockholders, who will probably receive 40 cents on the dollar for their stock. Macon News: The conditions of the wheat in the vicinity of Macon, and in fact, throughout the entire section of Middle Georgia, continues most encouraging and the prospect for the biggest yield that Georgia has ever known seems particularly good. In a conversation with Mr. John Moore this morning he stated to a News reporter that so far as his observation extended the wheat was in as good condition now as it had ever been and that in his opinion it-had not been at all injured by the recent cold, although the oats had been frosted a little. Mr. Moore appeared very hopeful of a big wheat yield for the coming season and his views are sustained by the farmers all over the state, especially in this section. The Alabama Iron Furnace at Cedartown was put in blast Wednesday at 10 o'clock. A large gathering of represen tative citizens and ladies were present to do honor to the occasion. Short and an propriate addresses weremade by Mr. Eugene Zimmerman. president of the com pany; Col. C. P. Ball. general manager of the East and West Railroad: Mr. Charles Adamson, an official of the Cedartown Cotton Mills: Dr. E. H. Richardson of Atlanta. and others. The Mayor was master of ceremonies. This gives Cedartown a first-class furnace. a knitting factory, three cotton mills, the third in process of shops. A company la now chartered for cotton seed oil mills soon to go up. The Atlantians composing the party who go annually to Homosassa. Fla., for a three weeks' fishing and hunting jaunt left that city Tuesday night over the Southern Railway. The party has secured a large ten-room house, which they will occupy during their stay. Messrs. George Muse and T. M. Armistead, the advance guard of the party, left Sunday night last. carrying with them three negro servants, a carload of provisions, cooking utensils and hunting and fishing equipments of every description. They will remain in the "Land of Flowers' until Feb. 1, and if their luck of past seasons does not fail them. they will return laden with fish and game. Those composing the party are: Frank Potis and wife Dr. A. W. Calhoun, I. S. Mitchell, D Woodward, John Berkele, Henry McCord, D. G. Wylie, Charles A. Collier. W. S. Duncan, Frank P. Rice and wife, George S Lowndes Dr. Todd EL


Article from The Morning News, April 4, 1900

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BENEDICT'S LARGE SHORTAGE. He Is Held Responsible for $11,087.10 of the Bank's Money. Athens, Ga., April 3.-The experts who have been working on the books of the Exchange Bank for the past ten months, have made their report to Redeiver Parker. It shows a loss to the bank of $11,087.10, for which amount the absent cashier, Jack Benedict, is held responsible, and a demand for the payment of that sum will be made on the two bond companies, the American Surety Company and the Fidelity and Casualty Company of New York, the total amount of his bonds being $15,000. The relatives of the absent cashier believe him perfectly innocent, believe the loss to the bank to be only apparent, and are confident that Benedict would be able to clear up the affair if he were alive and present.