2782. Barnesville Savings Bank (Barnesville, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 4, 1901
Location
Barnesville, Georgia (33.055, -84.156)

Metadata

Model
gpt-5-mini
Short Digest
192d9d76

Response Measures

None

Description

The bank suspended payment and did not open on Dec 4, 1901; a temporary receiver (W. B. Smith) was appointed and later a permanent receiver (T. W. Cochran). Failure is attributed to large loans to the Barnesville Manufacturing Company and the Hanson-Crawley/Hanson-Crowley Company. There is no clear contemporaneous description of a depositor run on this specific bank (coverage mentions runs on New South bank), so this is a suspension followed by permanent closure/receivership.

Events (4)

1. December 4, 1901 Receivership
Newspaper Excerpt
W. B. Smith was today appointed receiver of the Barnesville Savings Bank. The institution did not open for business this morning and suspended payment.
Source
newspapers
2. December 4, 1901 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Had loaned about $70,000 to the Barnesville Manufacturing Company and the Hanson-Crawley/Hanson-Crowley Company; failure/closure of those mills produced the bank's embarrassment and suspension.
Newspaper Excerpt
The Barnesville Savings Bank suspended payment to-day and declined to take any further deposits.
Source
newspapers
3. December 16, 1901 Other
Newspaper Excerpt
Following the failure of the Barnesville, Ga., Manufacturing Company, the Hanson-Crowley Company and the Barnesville Savings bank, a receiver has filed a deed of assignment. The liabilities are estimated at $80,000...
Source
newspapers
4. December 19, 1901 Receivership
Newspaper Excerpt
T. W. Cochran of Barnesville was appointed as permanent receiver. He is required to give bond for $25,000...the court declined to make the appointment until he had considered the matter more fully and retained Mr. Smith as temporary receiver until the rendered his decision.
Source
newspapers

Newspaper Articles (14)

Article from The Age-Herald, December 5, 1901

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Appoints Receiver for Bank. Macon, Ga., December 4.-W. B. Smith was today appointed receiver of the Barnesville Savings Bank. The institution did not open for business this morning and suspended payment. No official statement of liabilities has been yet made, but the failure is ascribed to the bank's Manufacturing Company, which is now closed down.


Article from The Savannah Morning News, December 5, 1901

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BARNESVILLE BANK SUSPENDS. Had Loaned Too Much Money to Crippled Manufacturing Company. Barnesville, Ga., Dec. 4.-The Barnesville Savings Bank suspended payment to-day and declined to take any further deposits. W. B. Smith. president, was appointed receiver. The bank had loaned about $70,000 to the Barnesville Manufacturing Company and the Hanson-Crawley Company. and the embarrassment of the former has prevented payment, which is at the bottom of the trouble of the bank. The bank is capitalized at $30,000. J. W. Stafford & Son will open a private banking business temporarily until the bank's affairs can be straightened out. A committee of three was appointed by the stockholders of the Barnesville Manufacturing Company to look into the affairs of the company, and, acting under the authority delegated to them, they have employed Alonzo Richardson of this city as an expert accountant to go over the company's books.


Article from The Montgomery Advertiser, December 5, 1901

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Savings Bank Closes. Macon, Ga., Dec 4.-W. S. Smith was today appointed received of the Barnesville Savings Bank. The institution did not open for business this morning and suspended payment. No official statement of liabilities has been yet made, but the failure is ascribed to the bank's complications with the Barnesville Manufacturing Company, which is now closed down.


Article from Americus Times-Recorder, December 6, 1901

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GRAND Barnesville Bank Closes. Barnesville, Ga., Dec. 5.-The doors of the Barnesville Savings bank were closed yesterday and all business for the present has been suspended. Mayor Walter B. Smith, of Barnesville, was appointed by the United States court in Macon receiver for the bank. The assets and liabilities of the institution are not yet known. The closing of the bank is attributed directly to the shutting down of the Barnesville Manufacturing company and the Hanson-Crawley company, two of the largest cotton mills in this city.


Article from The Age-Herald, December 6, 1901

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Speer Appoints Receiver. Macon, Ga., December 5.-Judge Speer today appointed J. J. Rogers receiver for the Barnesville Manufacturing Company and the Hanson-Crowley Manufacturing Company, also of Barnesville, on a bankruptcy petition filed against them by the Barnesville Savings Bank. The bank claims the concerns are indebted to it in the sum of $67,000. The bank's officials will soon be able to resume.


Article from The Savannah Morning News, December 6, 1901

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A RECEIVER NAMED. J. J. Rogers to Take Charge of the Two Barnesville Companies. Macon, Dec. 5.-Judge Speer to-day appointed J. J. Rogers receiver for the Barnesville Manufacturing Company and the Hanson-Crowley Manufacturing Company, also of Barnesville, on a bankruptcy petition filed against them by the Barnesville Savings Bank. The bank claims the concerns are indebted to it in the sum of $67,000. The bank's officers claim it will soon be able to resume.


Article from The Indianapolis Journal, December 6, 1901

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Her husband and son had gone to their work, leaving her alone. No clew has been found as to the murderer. Mayor Moores, of Omaha, intimates that the present board of fire and police officials of the city, appointed by himself and the City Council, will not accept the decision of the Nebraska Supreme Court by which the Governor will in the future appoint the members of the board. Attorneys for the St. Louis Fair Association yesterday filed a demurrer in the injunction suit begun by Attorney General Crow against the association to prevent bookmaking at the fair grounds under licenses alleged to be void. They contend that the attorney general has no legal capacity to sue. A coal famine is causing hardship at Akron, O. The Akron Gas Company has been compelled to close its works and a shortage of gas adds to the discomforts. The Whitmore-Robinson Company and other large potteries and the National sewer pipe factories are closed. No relief is promised until Saturday. The man and woman detained at Wilson. N. C., by the police under the belief that they were Miss Nellie Cropsey and her companion have been discharged from custody on information from Elizabeth City that the woman held could not be the missing girl. Miss Cropsey disappeared two weeks ago. Griffin Mayo, colored, and Frank Strong, white, both sixteen years of age, were arrested at Cleveland last night and have confessed that they were implicated in the murder of Emil Goodman, whose store was robbed Monday night. Mayo said that a third boy killed Goodman, and the police are after him. Judge Speer yesterday appointed J. J. Rogers receiver for the Barnesville (Ga.) Manufacturing Company and the HansonCrowley Manufacturing Company, also of Barnesville, on a bankruptcy petition filed against them by the Barnesville Savings Bank. The bank's officers claim it will soon be able to resume. N. P. Clark, of St. Cloud, Minn., filed a petition in bankruptcy in the United States Court at Fergus Falls yesterday, placing his assets at $150, all exempt, and liabilities at $687,821. There are seventy-five creditors who are largely lumber firms and banks. Mr. Clark is one of the best known lumbermen in the Northwest. The mystery of the disappearance last summer of Robert F. Walsh, of Brooklyn, at one time an inventor of some prominence, was cleared up yesterday when it was found he had died on July 21 in Bellevue Hospital and that his body had been sent to a medical college. What was left of the body was surrendered to a son. Chancellor J. F. Spence, of the American University at Harriman, Tenn., denies that a student was tied to a tree, beaten and otherwise mistreated. He says last Saturday night several students threw a cup of water on one student and that was the extent of the incident. He says the faculty declined to proceed against the students after investigation. Wednesday midnight three men made a bold attempt to dynamite the safe at the Brownell packing house, in Washington C. H., O. Night Policeman Haggard saw a stranger and started toward him, when the rest of the gang appeared and opened fire on the officer. He returned the fire and the robbers made their escape in vehicles which they had previously stolen. As a result of the threatened expulsion of a number of students at Western Reserve University and Case School, following the recent disorders in which several men were severely hazed, the students of both institutions have joined in signing pledges to the effect that all forms of hazing shall hereafter be eschewed. It is believed the presentation of the pledge will result in the abandonment of the extreme measures decided upon by the faculties. At the Auditorium mass meeting in Chicago next Sunday evening. which is to be addressed by W. Bourke Cockran, a delegation will be appointed to visit President Roosevelt to ask the President to use the influence of the United States with the British government towards a just settiement of the war between England and the South African republics. Congress will be asked to aid the President in seeking to bring about a settlement of the war. The Supreme Court in the case of Eli S. Kulp vs. W S. Fleming, error to the circuit of Medina county, holds that suit may be brought in Ohio to enforce the individual liability of stockholders for debts of a corporation, provision for which is made by the Constitution and statutes of Kansas. The opinion is rendered in a suit brought by a credtior of an insolvent Kansas corporation against a stockholder of the same who is now a resident of Ohio. Yesterday marked the one-hundred-andtwenty-fifth anniversary of the organization of the Phi Beta Kappa fraternity in America and in commemoration of the event the Rutgers College chapter yesterday sent a member. Rev P. T. Pochman, to present to President Roosevelt a gold key, the society insignia. Mr. Roosevelt is the fifth President who has held a membership in the society, the others being John Quincy Adams, Pierce, Garfield and Arthur. Attorney General Sheets, of Ohio, yesterday rendered an opinion construing the Ohio debenture law. Prior to 1900 the law permitted debenture companies to enter the State on depositing $25,000 with the state treasurer and an additional amount of 25 per cent. of their gross receipts until the aggregate amounted to $100,000. The attorney general holds that any such company desiring to enter the State after the law of 1900 went into effect must deposit $100,000 at once with the state treasurer. Wilmer B. Budderow, president of the Collingwood (New Jersey) Borough Council, was arrested yesterday at his home in connection with the recent robbery of $530 from the South Jersey Gas, Electric and Traction Company. Budderow was acting cashier for the concern, and was suspended when the shortage in the company's funds was discovered. The technical charge in the warrant for his arrest is the embezzlement of $23.60 from the concern, but the Camden police authorities say the peculations may reach thousands.


Article from Evening Times-Republican, December 16, 1901

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Following the failure of the Barnesville, Ga., Manufacturing Company, the Hanson-Crowley Company and the Barnesville Savings bank, a receiver has filed a deed of assignment. The liabilities are estimated at $80,000, and it is stated that the assets amount to about as cents on the dollar.


Article from The Savannah Morning News, December 20, 1901

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COCHRAN RECEIVER. Judge Reagan Gives Him Charge of Barnesville Savings Bank. Griffin, Ga., Dec. 19.-The receivership cases of the Barnesville Savings Bank and the New South Savings Bank were argued before Judge Reagan yesterday. There was no fight over the receiver for the New South Bank, and Mr. T. W. Cochran of Barnesville was appointed as permanent receiver. He is required to give bond for $25,000, the cost of the same to be paid out of the funds of the bank. When the appointment of the permanent receiver for the Barnesville Savings Bank was argued it developed that there was two factions from Barnesville and one from Forsyth, each of which wanted their man named for the place. Several of the stockholders wanted Mr. W. B. Smith, the temporary receiver, placed in permanent charge of the affairs of the bank, and others wanted Mr. A. A. Murphey appointed as permanent receiver. The Forsyth creditors asked that Mr. Ed Fletcher of that place be made permanent receiver, and after hearing the arguments the court declined to make the appointment until he had considered the matter more fully and retained Mr. Smith as temporary receiver until the rendered his decision.


Article from Atlanta Semi-Weekly Journal, December 23, 1901

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DR. COTTER NOT PRESIDENT OF BARNESVILLE BANK Editor Atlanta Journal. Since the suspension the other day of the Barnesville Savings bank, of which institution I was president for about four years, I find that many of my friends are under the impression that I have been its president up to the time of its suspension. Allow me to explain that about five years ago I sold out to other parties a large majority of the stock which I controlled, resigned the presidency, fully advertised the sale and have had no official connecR. O. COTTON. tion with it since. December 17, 1901.


Article from Atlanta Semi-Weekly Journal, August 21, 1902

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BARNESVILLE BANK CASES REVIVED DEPOSITORS WILL ENTER SUIT AGAINST OFFICIALS-JUDGE VAN EPPS MAKES A STATE MENT. BARNESVILLE, Ga., Aug. 20.-One hundred or more depositors of the two defunct Barnesville banks, the Barnesville Savings bank and the New South bank, have held a meeting and formally determined to push the prosecution of the bank officers who were indicted by the spring term grand jury. To this end they have agreed to employ additional counsel to assist the state's attorney in the cases. The officers who were indicted are as follows: For the Barnesville Savings bank, W. S. Witham, of Atlanta, president; Cashier H. P. Powell and Assistant Cashier Robert Holmes. For the New South bank, President J. J. Rogers and Cashier George E. Huguely. The charges against the officers are that they received money from depositors after they knew the institutions had failed. The cases will come up at the October term of the Pike county court. The alleged shortage in the Barnesvile Saving bank is between forty and fifty thousand dollars. No showing whatever is made of what was done with the money. The New South bank's books have never been investigated, therefore no one knows the exact deficit, but it is supposed to be near $30,000. Judge Howard Van Epps, who is the attorney for Mr. W. S. Witham, when asked about the matter stated that he was in possession of all the facts and that Mr. Witham was wholly innocent of any wrong whatever in the matter. "Mr. Witham resigned his position as president of the Barnesville Saving Bank in October," he said. "He was not present when any of the deposits complained about were made, nor did he know anything about them. No demand was made upon Mr. Witham for a return of such deposits at any time nor was any demand made upon other officers of the bank until Judge Reagan had appointed a receiver and enjoined the bank from paying out any of its funds to any person. "I will undertake to say that the public will be entirely satisfied of the absolute innocence of Mr. Witham and I confess that I do not regret that ap opportunity is now offered him to justify himself against many and most injurious charges which have been in circulation against him. The public can very well afford to withhold their judgment in this matter until the courts which are dealing with it have developed the real truth of the case."


Article from Atlanta Semi-Weekly Journal, August 25, 1902

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BANK INVESTIGATION STIRS BARNESVILLE Entire Town Is Excited Over New Move AMERICA IS MODEL of Depositors. FOR FOREIGNERS BY MILT SAUL. BARNESVILLE, Ga., Aug. 23.-That inSAYS DEPEW tense feeling which ran rampant in last December's days, following Barnesville's double bank failure, is duplicated today NEW YORK SENATOR HOME AGAIN and the business heart of the thriving town is seared with the same hot passion AND DISCUSSES NEWS OF that arose at the first announcement of the suspension of the Barnesville Savings OLD WORLD REGARDING bank and the New South bank. There is more bitterness in the feeling today, howRECENT EVENTS. ever. because the business heart, torn then by the financial losses, is inflamed now with a strong suspicion of illegality NEW YORK, Aug. 23.-Senator Chaunin the management of the banks and a cey Depew was a passenger on the Amerdeep set determination to punish the ican line steamship Philadelphia which guilty managers if the suspicion is proven arrived today. On European affairs he be well to founded. said: The employment of Dupont Guerry and "The most noticeable change in EuA.A. Murphy as counsel to push in Pike rope since my visit last year is the disapcounty court the investigation of the banks and their management is the direct pearance of the American terror. Then there was, a panic of industrial fear of cause of the renewed interest in the bank American invasion. The productive posfailures. The depositors who lost their sibilities of the United States were exagmoney in the banks employed the attorneys. Indictments by the grand jury are gerated until cabinets were consulting seriously about prospective measures, either standing against the bank officials and in tariff walls or in concerted action by these attorneys will assist the state's atthe powers. That fear has disappeared. It torney in the trials at the October term of Pike county court. was too hysterical to last. The foreign mind is now not so much how to keep Rigid Investigation Is On. the products of American mills, factories The employment of the attorneys is and furnaces out as to copy American merely the first step in the rigid investigamethods and then with their cheaper lation to be made. It is not the spirit of the bor they hope to hold their markets at depositors to assume at this time that home and abroad. But their study of our the banks were looted by the bank ofindustrial development and success, ficials. They merely assert that their which is very careful and exhaustive, has money, or its equivalent securities, when produced a widespread desire to combine the bank doors were closed, was, or should with us. have been, on the side of the counters "The tiations with the vatican on where the officials were and they want the question of the friars and their lands an accounting. If the court investigain the Philippines have done more in a tion proves that the banks were looted few weeks to educate Europe about our then the depositors want the proper punposition in the war with Spain and our Ishment dealt out to the officials. On the possession and government of the archiother hand. if the investigation shows pelago than all the diplomacy and literthat the money went through other chanature since the beginning of the contest. nels than dishonesty, the rumors and susParticularly is this noticeable on the conpicions that are now affecting the town's tinent. Our attitude and purposes have prosperity will be allayed and the ofbeen the theme of discussion in the press ficials set right in the public mind. A and ecclesiastical circles, and is thoroughfairer proposition, they assert, could not ly understood and universally approved. be asked of a set of business men who There is general confidence in the opinion are carrying the burden of a financial loss that the action of the American governamounting to thousands of dollars. Whatment is necessary for peace and order in ever the decision of the court may be, the the Islands, and eminently just and fair. depositors will be satisfied with it, but they are determined that every stone will be upturned and every corner of the case NEW FRENCH DIPLOMAT explored before tue decision is rendered. HAS AMERICAN WIFE Notwithstanding the conservative position of the depositors the town proper is NEW YORK, Aug. 23.-M. Jesserand, as intensely excited in watching the progress French ambassador to the United States, of the investigation to see If guilt or inwill be a welcome acquisition to Washnocence is proven for the bank officials. ington society, says a Paris cable to The All the men concerned in the management Tribune. M. Jesserand was born in 1855. of the two banks are well known and The greater portion of his diplomatic cahighly connected in this section of the reer was passed in England, where he state. Each has his friends and relatives. was for several years attached to the to back him claims of clean French embassy at the court of St. James. hands in the bank failures. These claims his strong literary and are heard on the streets daily, along with classical tastes. he devoted especial attenthe rumors and stories of various chartion to political economy, commercial and acters concerning the failures. Street Industrial subjects. fights have been on several occasions narM. Jesserand speaks English with great rowly averted and It may be the situation purity and fluency and without a trace of will yet lead to personal encounters. foreign accent. He has written several Savings Bank Failure. books in English bearing upon English The Barnesville Savings bank ran about poets of the Elizabethan era. He is a bright and witty conversationalist and a five years. W. S. Witham. the president, capital impromptu after dinner speaker. is said to have resigned about thirty days He has been minister at Copenhagen for before the bank failed, leaving the manfour years. agement in the hands of the cashier and Mme. Jusserand, like Lady Herbert, the assistant cashier. The crash came when wife of the British ambassador at Washabout $90,000 of depositors' money or its tington, and like the Duchess d'Arcos and security was supposed to be in the vaults, the Baroness Moncheur, wives of the minIt was about the first of last December. isters of Spain and Belgium, is an AmThe depositors had made a run on the erican. Mme. Jusserand was formerly bank the day before the doors were closed Miss Richards, the daughter of a partner and when it was announced that the run in the banking house of Munroe & Co., had cleaned out the bank those who were during the lifetime of the late Mr. Munnot so fortunate as to get in the line the roe, father of John Munroe, the present first day set up a clamor for their money. head of that firm. M. Jusserand is at his The was a complete surpost at Copenhagen, and is not expected in prise as the business men of the town Paris before October. considered the bank absolutely safe and sound in every particular. About $40,000 was due to the depositors. Walter B. Russia Loses $1,250,000 on Ship Liners. Smith was made receiver. ST. PETERSBURG, Aug. 21.-The Kottline, After trying in vain for several months ergan of the Russian naval department, says there has been loss of $1,250, 000 on the to get any considerable portion of their steamship service started a couple years ago deposits from the defunct institution, the depositors finally agreed on a compromise road. in connection with the Chinese Eastern railwith the bank receiver. By the terms of the compromise they received one-third of their deposits in stock of the Barnesville Manufacturing Company and the balance in two certificates, one payable in JanTHUGS BEAT A GIRL uary, 1903, and the other in January, 1904, at per cent interest, the certificates backed up by $5000 bonds. The depositors would not agree, however. to a proposition that no criminal AND ROB HER suits should be pushed against the bank's officers. They had determined then that the bank's management should be investigated in court, and it was this determination that led to the employment of counsel last week. In the meantime the OF $1,800 grand jury met and indicted the three officers of the bank after hearing stateMISS MAMIE KLEIN HAD A SACHments from a number of the depositors. It was charged that the bank received deEL WITH CIGAR FACTORY posits when the officials knew It was insolvent. PAY ROLL IN IT WHEN New South Bank Failure. The New South bank went down almost ASSAULTED. simultaneously with the Barnesville Savings bank, though it has not been shown that there was any connection outside of NEW YORK, Aug. 23.-Mamie Klein, ordinary business relations existing bebookkeeper in a cigar factory, was astween the two institutions. It was only saulted and robbed by two men of a a day or so after the first suspended that sachel containing $1,800, the weekly paya run was made on the New South and roll for the factory, this afternoon in the the suspension of that bank followed the hallway of the Kraus building. first day's run. Miss Klein made a desperate struggle The town was literally paralyzed at the for the possession of the money, but was news of the second failure. There was overpowered. due depositors by this bank about $30,000, The two men escaped, although the girl and the fact soon became apparent that gave chase for some distance. practically none of the money could be Miss Klein had several teeth knocked out paid. T. W. Cochran was made receiver and was badly cut about the face. for the institution and after working six months he managed to get in about $5,000 but the cost of collection left little for the Barnesville Carriage and Vehicle comthe depositors. He made a report to the pany, whose officers were officers of the court showing the assets to be $41,019 with bank, borrowed $1,240. liabilities of $32,709 but he added a stateAn interesting side light is thrown on ment that the Barnesville Savings bank the affairs of the Barnesville Savings claimed the New South bank owed it a bank by a statement made yesterday by sum of money, the claim being commonly John L. Taylor, who was a director and reported in Barnesville as $28,000. This formerly vice president of the institution. claim the New South bank officers deny "When resigned the vice presidency and there is mystery connected with it. a year before the bank failed, he said, The grand jury indicted the officers of "We had $12,000 in undivided profits. I the New South bank along with the savknow the bank was prosperous then ings bank officers and the investigation of "About 30 days before the failure Presitheir management will be made along with dent Witham sent for me and I went to the investigation of the savings bank the office of the bank, where found the management. president and one other director, John No expert examination of the New Kennedy. The president called a meeting South's books has been made. There is of those then present and tendered his an effort on foot now to have an expert resignation. He had told us the bank had employed for the purpose. The depositors been excellently managed, and that we want the examination, and it will probamight come up in January and get our bly be made when they can select the man dividends. Before January came the bank from several who have been mentioned. failed. Officers Borrowed Money. "Subsequently I heard that a public subThe receiver's report, however, shows scription was being raised for the purpose


Article from The Savannah Morning News, May 14, 1903

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and I had nothing whatever to do with the transaction. Another indictment charged me with wrecking and rendering the bank insolvent, and this indictment was predicated upon two charges: First, that I had sold 151 shares of stock of the bank owned by foreign stockholders to Cashier Powell and Assistant Cashier Holmes, and that I had knowingly suffered them to pay for it out of the funds of the bank. This was wholly untrue. The offer made by the Barnesville syndicate to me, as agent of the foreign stockholders, at $125 per share was accepted, which amounted to 151 shares. This stock was paid for by Messrs. Powell and Holmes, but not a cent of the money came out of the bank, but was derived entirely from an independent private source, as Messrs. Powell and Holmes will testify and prove, except $5,000, which they borrowed upon the written authority of the directors of the bank, as the minute book shows. The second specification of this charge was that I loaned more than 10 per cent. of the capital stock of the Barnesville Savings Bank to the Barnesville Manufacturing Company and the Hanson Crawley Company. The bank did lend more than $70,000 to these two institutions, but it was without my knowledge or consent, and in the face of repeated written and verbal protests. However, four of the seven directors of the Barnesville Savings Bank were also directors of these two mills, owning a very, very heavier interest therein, while they owned only about twelve shares in the bank, and the repeated renewals and continual increase of these two mill debts was made by others than myself. The failure of these two mills to pay this debt finally broke the bank, but I had, prior to its failure, resigned my office as president. I owned not one cent of interest in either one of these mills, and was in no way responsible for the large and injudicious loans made to them by the bank. In proof of this the receiver of the Barnesville Savings Bank has on file over twenty letters from me protesting against these loans. The above is a simple and accurate statement of the facts as they really existed. Upon the recommendation of the Hon. A. A. Murphy and Mr. R. E. Rumble, assignee and receiver of the bank, the solicitor general asked the court to direct verdicts of "not guilty." This the court did, remarking to the jury when the verdicts were received, as follows: "The verdicts in these cases meet with my entire approval, and I am glad the cases have been finally disposed of to the satisfaction of all parties concerned." I paid neither directly, nor indirectly, any sum to settle these criminal prosecutions. I did own at the time of the failure of the bank eleven shares of its stock, for which I was liable in law to pay $2,500 for the benefit of the creditors and depositors of the bank, and I did settle all civil liabilities against me by paying $2,500 and no more. I have stood ready at all times to pay this, or any other sum I might be under duty to pay. This is a frank statement which I make to unprejudiced business men. If any reader of this article questions the absolute truthfulness of any statement herein, I can furnish him with affidavits which will thoroughly satisfy his mind. I can, and do, refer with pride to all of the bank presidents and cashiers of Georgia, with whom I have transacted a very large business during the past fifteen years. I was born at LaGrange Ga., and I began life with many difficulties in my path, and have tried hard to act uprightly, and this is the first time that I have been charged with wrong-doing. My complete vindication in these cases will be received with pleasure by all unprejudiced minds. W. S. Witham.


Article from Fitzgerald Enterprise, May 15, 1903

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Barnesville saving bank to the Barnesville Manufacturing Co., The bank did lend more than $70.000 to these two institutions, but it was without my knowledge or consent, and in the face of repeated written and verbal protests. However, four of the seven directors of the Barnesville saving bank were also directiors of these two mills, owning a very very heavier interes therein while they owned only about twelve shares in the bank, and the repeated renewal and continual increase of these two mills debts made by others than my self. The failure of these two mills to pay this debt finally broke the bank, but I had. prior to its failure, resigned my office as president. I owned not one cent of interest in either one of these mills and was in no wav responsible for the large and injudicious loans made to them by the bank. In proof of this the receivers of the Barnesville saving bank has on file over 20 letters from me protesting against these kind of loans. The above is simple and accurate statement of this fact as they really existed. Upon the recommendation of these Hon. A. A. Murphy, and Mr. R. E. Rumble assignee and receiver of the band the solicitor generl asked the the court to direct verdicts "not guilty." This the court did remarking to the jury when the verdics were received, as follows "the verdicts in these cases meet with my entire approval, I am glad the cases have been finally disposed of the satisfaction of all parties concerned." I paid neither directly, nor indirectly, any sum to settle these criminal prosecutions. I did own at the time of the failure of the bank eleven shares of its stock for which I was liable in law to pay $2,500 for the benefits o creditors and depositors of the bank, and I did settle all civil bilities against me by paying 500 and no more. I have st ready at all times to pay or any other sum I might 1 der duty to pay Thisisa frank statement w I make to unprejudice business men. If any reader of this question the absolute truthfulness of any statement herein I can furnish him with affidavitas which will throughly satisfy mind. I can, and do refer with pride to all of the bank presidents and cashiers of Georgia, with whom I have tranacted a very la business during the past fifteen years. I was born at LaGrange, G and I began life with many difficulties in my path and have tried hard to act uprightly and this the first time that I have bee charged with wrong-doing. M complete vindication in these cases will be received with pleasure by all unprejudiced minds. W. S. WITHAM.