The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-12-18

sets $40, $50 90
To Amount Insol-
vent assets. 80. 277, 400 90
Total assets of Bank 1897, $50 OC
LIABILITIES.
Byiindebtedness as per
schedule. ....'.......... zAd,oVO "
Surplus $1S0, $50 OC
To which add individual
property of w. p. In
gram, conveyed for
the benefit of Creditors. 31,750 0C
Showing an excess of re-
However, the Committee make the fol-
lowing estimate of the true condition
of the Bank, to-wit:
To Total liabilities as per
ScneuQl0. .......... -...-.... SzII ,SUV "
RESOURCES.
By Solvent assets $l20,450 90
BY w. p. Ingram's
/ Individual prop
erty conveyed for
benefit of creditors 81, $50 %
152, 200 OF
Excess of liabilities above
assets ................... sos, 100 90
We have not taken into account in
the foregoing statement the interest ac-
crued on the assets of the Bank, nor
nave we 6SGlmaC0Q Cl0 COSIS Vi S0ILllus
up the business of the Rank.
Assets not considered good but some
Tnsoivent notes. .............. s15O, 800 OC
Over-drafts not good .. 126 900 o.
Total. .$277, 400 90
Excess of liabilities over the
solvent assets .......... %, 100 OO
Additional assets reported by
part of committee. ..-....... lS,OOO W
Major Ingram has lot of walnut trees
in North Carolina that cost him many
thousands of dollars, which we do not
value at all. Something may be re-
allied from this source, but we count 1t
nothing in this estimate. After care
full and conservative estimate we think
it reasonably sure that the assets, If
properly managed will pay the creditor
about 60 or 20 cents on the dollar. Cir
cumstances may vary this estimate
materially either way.
CONDITION OF THE BOOKS.
The books of the Bank were not found
in good condition in some respects.
We find that at the time Horace Frier-
out of balance to the extent of about
81, 400 and which is not yet Strengthened
but simply charged of. We find that
there were errors and inaccuracies OF
the same sort in the books kept by Mr..
Frierson to the extent OF about 81, lOOO.
These errors seem to have been made
at various times, running over period
of three wears, and at some times there
would be a loss and at others gain OF
cash. There are several thousands OF
dollars of notes, coupons, warrants &c (,
called for by the books OF the Bank that
we have not as yet found, and the Off
GERS and clerks cannot ind. We hnd
that the accounts of certificates of de-
posit, individual depositors and dis
count of notes were all out of balance.
We find by following the balance due
between the American National Bank
and Bank of Columbia, that Bank of
Columbia was largely indebted nearly
American National Bank. That being
so in debt to the American Natlonal
Bank on July 3lst it rediscounted lot
of notes without getting any money but
went to the credit on this debt.
July 81 amount or debt S2O,OOO.UO
note discounted. SI,UZo.04
and being very large
ly in debt on Septen-
Der 24th 1891, viz -. 81, 501.O6
closed this in notes. ....... 80, 546.l2
At this time the condition of the bank
was very bad and we have reason to
believe from the correspondence be-
tween these banks, that the American
National well knew the condition of
the Bank of Columbia, and that it could
not get along in it's then condition.
We also find that large number OF
notes were left with the American
National Bank as collateral or to be
discounted; they Wore not so discounted
but are simply held as collateral for
pre-existing Indebtedness to American
National Bank and Commercial Natio-
nal Bank of Nashville. The notes so
left with the Commercial National
Bank were discounted by the CONNER
ciaI National Bank of Nashville on the
very day of the failure to the extent of
their claims, and day before, and about
ten thousand dollars of paper held as
collateral for the endorsements on the
back of these notes by Bank OF Co
lumbia.
This was only as we believe, to col
lect their debt, and in this they did not
consider the interest of the Bank of
Columbia.