The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-10-23
4 FINANCIAL DISASTER.
Bank of Columbia and Columbia Bank
ing COmpmnY. Fail.

~ but surely Tor the last six months
wrapping i'll its dreaded folds both
these Old and trusted institutions.
Time and again had their doors
closed in the evening with not enough
'nouey IN their vaults to run them an
hour the next morning. But with
hopefulness and heroism remarkable
fhe officers would make renewed eff
forts and with scant supply would
start the day again.
During these days of battle the
trusted, confidential friends of the
backs were advised of the condition
of affairs, and so impressed were they
with the honest, earnest efforts Of the
officers, and so perfect was their faith
in the honesty and integrity of these
men, that their private purses were
open to their cali and instead of
Saving themselves as generally
characteriZes the acts of men under
such circumstances, they clung to the
Old ships until they went entirely
under. The men who We're the closest
| friends of the banks, and the men
who were most cOgniZant of the pend
| ing crash, are the men VINO did not
draw out any money for days, some
of them weeks, before; who, because
Of their sympathy for and confidence
in the men at the helm, stood silent
and loyal and faithful, and would not
say a word or make move or write
check, tor fear it might hasten the
day or add to the burden of men who
were fighting and struggling honestly
and bravely to save the financial
lives of their institutions and them
selves.
Most of our readers know well the
history of these Institutions. For so
| many years and so closely have they
been identified with all the material
interests OF Maury County, that men
who know anything of the business
interests of the county know well the
important part these two banks have
played. Not only have they added
much to the growth and wealth of
the county, but, in a perfectly fair
and legitimate way, they have build
ed up individual fortunes for others.
Some of the wealthiest men and best
| business men in the county to-day,
men whose names now are prominent
in all public enterprises and whose
influence is great for the public good,
| ten, fifteen and twenty years ago
were but beginning to climb the rug
ged hill of life and many of them
were pulling hard against the stream.
These men with nothing much save
energy, business qualifications and
honesty to back them, for years were
| the wards of these banks. When
they needed money it was not to the
| discount committee of a cold COM
mittee room that their paper went.
But into the sympathetic ears Of Maj.
Ingram and Lucius FriersOn they
told the story of their wants, and it
was as frequently the warm blood
from the heart as it was the cold
blood from the brain that unlocked
the vaults.
Thus it was that when the scene
shifted and the bright skies became
clouded; when the times tighte ed
and frightened and frightened; when
their credit became weakened abroad
and they could no longer get help from
foreign banks; " hen, because of the
times, their money scattered in
notes all over the county could not be
called in; in such time, because OF
the characters they had preserved as
spOtless; because OF their kiudnesses
TO the high and the low, the rich aud
the Door, in the past; because of their
humanity to man; in such a time,
their bread east upon the waters after
many days came back to them in
kind words, heartfelt sympathy and
staunch confidence. In such an hour
more priceless than Jewels is II good
name and the confidence of your fell
lows.
In business circles as early as F,i-
day at noon the uneasiness began to
be felt. The banks about this hour
or an hour before began to realize
| that they could rot hold out. The
deposits that came in early in the
morning, were passed upon the
] books, aud the money paid out as the
checks were presented, in the usual
] L IL. =
/ before the bank officials, lost hope aud
at once determined to use no more
! deposits. As they were brought in,
without saying anything to the de-
! pOsitors they were received but not
put on the books; they were simply
put to a place for safe-keepiGg and
the next day returned.
Late in the afternoon whispers of
bank failure were getting loud, and
! before bedtime it was generally
! known; the next day it was the talk
of the town. There was more or less
gathering of men to discuss the situa-
ton, but there was practically no eX-
element. So universal was the SEN
! timent that the failures were honest
and unavoidable ones, that instead of
an exciting, cursing, threatening
crowd, there was a sorrOwful, SYM
! pathetic gathering here and there,
talking quietly, goOd-naturedly about
the failures and their probable eff
fects.
| The assignment papers show that
! Col. J. w. s. Ridley is assignee of the
Bank OF Columbia. The assets aggre-
gate $467, O04.95, liabilities $2S5 500;
surplus of assets over liabilities $lSI-
POI 50. In addition to this, Maj.
Ingram has made deed of trust to
Col. Ridley, for the benefit of the
Bank of Columbia, his private prop
erty, valued at $50, 900. This makes
the surplus of assets over liabilities,
$2Il ,2O495. This shows the surplus
to be within about $40, 900 of the liza
bilities without touching the assets,
and there seems to be little doubt, but
that the depositOrs will be paid dol
lar for dollar. There may be some
loss in stock, but as Mai. Ingram
owns about five-sixths OF the entire
stock the loss, if any, will fall nearly
entirely upon him.
q. II. Hughes, Esq, was named as
assignee of the Columbia Banking
Co. Its assets are 1915, 620.4l; liza
bilities $254, AS 81; surplus $62, l91.74
THE OLD OFFICERS CALLED TO THE
HELM.
Such a vote of confidence, trust and
credit as was given Mr. LuCluS FfleI-
son and Mai. w. p. Ingram, by the
creditors of their banks, was never
given before to two men under similar
circumstances. 1t was the spOntane-
Gus uprising of a peOple-a grand,
high born, noble peOple-tO pay Il
deserved tribute to two men who had
passed through the fire and come out
without searching; two men who
had been personal friends to nearly
every man present; two men who
had been benefactors to the county.
1t was not in the slightest any
manifestation Of dissatisfaction with
the trustees named in the assignment
papers; towit, Col. Ridley for the
Bank of Columbia and q. Il.
Hughes, Esq, for the Columbia
Banking Company, No two men
could have been named who would
have given more general satisfaction
than these two. But it was the sense
of the depOsitors that Mr.. Frierson
and Maj. Ingram could wind up the !
business with less cost and less in |
convenience to the debtors, than any
body else; and it was the sympathy |
of the depOsitOrs, who wished in |
some public way to express their con
fidence and relieve the burden of sor- |
row resting upon the men who had |
had the misfortune to fail. 1t was |
noble impulse well acted.
The first that either Mai Ingram