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

Columbia Banking Co.: J
We, the undersigned, hereby agree to
and pay for the following
amonts of the capital stock OF The Colun, :
bia Banking Co., to be paid as provided
for by the calls of the Board OF DIRECTORS |
NA,fE NO sHs. AMT. sH s. TOTAL )
Lucius Frierson ......... 80.........S1OO ; oOOO
NJ Mayes... .........2O ...... tOO- 49,
n 3 Titcomb 1OO.- LOU I
M A Turpin ACKNOWLEDGEMENT OO.- ZoOO
t w Keesee. ..............60..... 1OO. 0OOO
Jno M Allen .............30.. ...'.'' 1OO-. 49,
w p Morgan 15......... 100. lou
Mrs Lucius Frierson-.. l5...... 1OO-- 1o 9O0
w Frlerson...'''-'.'-':: 9''''-''- zoo IN O00
afterwards marked out with pen ooo
J G Wooten..... ..... ZoO.....:. l0V.. zo,VVo
We find that no part of this subscrlp-
ton has been paid.
We are Informed that The Columbia
Banking Co. assumed the liabilities OF Inc
First National Bank and took all the as
sets of said1old bank.
The capital stock of The Columbia Bank
ing Co was fixed as shown in the min
utes, at $50, 10000. Shortly after the Or
ganization of The Columbia Banklng 20;
7 G. Wooten had to his credit $50, 600 and
over as depositor of The Columbia Bank
ing Co., for which J. g. Wooten received
interest part of the time, at per cent ana
part at per cent. 1t is due Mr.. Wooten
to state that the erasure IN the STOCK SUD
scription is explained by Mr.. Wooten TO
have occurred shortly after the subscrlp-
ton was made-he believes the day 1T was
made; but Mr.. Frierson did not recoIlect
when it occurred.
The capital stock of this bank was ad- |
vertised at $lO0, 900, but unless this $50 |
600 is calculated, it does not appear 1t was |
all taken But it appears that after max
ing this subscription they concluded 10
inst take the stock of The First National
Bank and count this only, and dividends
were paid only on this stock. But there
of the stock of The
First National Bank and none OF these
| facts known to the public, and no stock
| issued by The Columbia Banking Co. to
any one-not even one dollar.
| The following are the directors OF The
| Columbia Banking Co.: ]. NJ. Mayes, }. Z.
Wooten, Lucius Emerson, T. w. Keesee,
Jno. NJ. Allen, II. b. Titcomb.
| j. NJ MAYEs, President.
| J. G. WoOTEN, Vice Prest.
| LUCIUs FRIERsoN, Cashier.
No meeting of the directors, as shown
on minutes, after July Is, 1886.
We find Mr.. Wooten, Vice President,
kept usually on deposit, from Sept. 1885
to June 1885, from $4,000 to $6S,OOO. On
June 2Ist 1889, it was reduced to $S9,OOO
| and on February 1890, was reduced to
$4,000. on Feb. 7ih, 1891, he had about
S2S 200 to his credit aud loaned TO Luclus
| Frierson and Columbia Banking Com
pany $40, 1892. This was from money
] on deposit in Columbia Banking Co 8
|
a mortgage on what is known as the ).
ID. Friers0n farm and the Rye House
and lot and number of good notes OF
the Columbia Banking Co. The farm
is the property of the Column bia Bank
ing CO.; was paid for by its assets, be
Ing claim against ID. B. Cooper; and this
mortgage of Mr.. Wooten was not regis
tered until after the assignment, and
we think belongs as part OF the
trust That although it stood in name
| of Lucius FriersOn it was or should
have been well known to Mr.. Wooten
that it was paid for by the funds OF the
bank, that the loan was TO the Dank ana
it WAS the property of the bank.
subsequently, viz, about the End OF
April 1891, some of the notes being
taken up, Mr.. WOOten made another
loan and settlement with The Column
bia Banking Co, the debt being then
reduced to 81, 800, and $2l 900 of notes
being placed as collateral. This dlo
not take up the debt of $4,000 mort
gage, so there is outstanding to j. T.
Wooten the 1000 and $l7,5OO, as shown.
Some of the notes have been exchanged
for other notes in the bank.
We find Mr.. Frierson's total indebted
ness of every kind and description, in
cIuded in this all corporations of which
| he is a party and all endorsements, Il
3 about the sum of 200.
We find that Mr.. Mayes has on de
post about $2700, but is endorser OIL
several papers in bank.
We find nothing irregular about the
books of the bank, and although there
are small oVerdrafts of the two clerks
in fact very small overdrafts, their ac
counts are clean, and their salary
would probably cover these overdrafts
= We find nothing suspicious or lrregu
lar about the books of the bank, and NJ
: shortage in accounts, the books Delnt
neat and well kept we see no use u
. have an expert. We have worked day
and night for fully ten days, and have
examined the affairs of the bank as
1 carefully as we can, and think we nayt
q gotten at the facts. OF course there
might arise other liabilities by endorse
ment that we can not see, and the &C
a count between The Bank of Columbli
and Columbia Banking Co., must b.
o reconciled.
p ANoTHER STATEMENT OF ASSETS AMI
LIABILITIES.
: Amount of assets found as
: per our report .....-;......Sl zz,alS 4 4
Solvent and unpaid stock. 1000 Q
8 Dividends paid out............ $1,000 0
$257,99s 4
s Interest on dividend paid ron .
q out. oOjooo
9 S263, 57s 4
J. This leaves a large amount of doubt
+ full assets for the stockholders, as tn
above will pay depositors.
: As Mr.. Wooten has subscription an
: holds the claims against the bank, on
:, might be set off against the Other
leaving all the property held by him I
1 belong to the bank. ,
we are called on to report the condi
ton of the bank and the causes OF Tn
/ failure. We say:
q Ist. The condition of the First Ma
tional Bank was not good.
II End. The stock subscribed to the 20
n lumbia Banking Co., was not paid.
Bird. The tightness of money and wan
J. of confidence created by the necessary
l hOrroxund nanGinO UAn4rG
> rush, extending back for long time
ending in panic on the 10th OF OCTOBER
70 4th A large amount of currency wa
=, drawn out on checks sent by express;
5th. 1t appears there was great fall
n ing off in deposits. The last 80 days snow
10 ing So, 900 more drawn out than put l
the bank.
n There is also an asset in the form {
.. some walnut in North Carolina, nc
counted in this estimate. The state
% ment of the condition of this bank
TT officers, as required by law, has nc
n been published so far as we can hn6
not think he could withdraw his depos
4 TO injury of the other depositors.
AS will be seen from the communities
u ton of Mr.. Frierson he has expressed
g. willingness to resign his trusteeShlp
the depositors desire to have some or
more competent to bring suit agaln'
the stockholders and directory, tor tn
reason he has set forth:
we the duNASO AO7At
nation be accepted and Mr.. r. G. Churc
io be substituted as trustee. Mr.. Churc
st did not make this suggestion, but "
mr. the committee find him an efficient an
u competent man and he is now we
- acquainted with the affairs of the ban
1r from close investigation. We also az
wise that Mr.. Frierson be continued
20 assistant to Mr.. Church.
10 JOSEPH fowler, CHI IN.
w. IL. WILSON, Sec'y.
Oh ROBERT G. CHURCH.
s- WIN. J. WEBSTER.
M d. A. Davidson.
w. NJ. Cathey.
Vs. Mr.. FriersOn Resigns His TruSteeshil
On To the committee of examination @
re lumbia Banking Co.
Gentlemen: Since my qualification
'ss Trustee, it has frequently come to II
er that in the settlement of the trust,
- might stand in an awkward positio
uS la, q confronting fnVR0if tFnSt(