The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-24
DAILY, $40 A YEAR.
5 CENTS A COPY.
WEEKLY 81 25 A YEAR.
ATLANTA'S BANK CRASH.
THE DEPOsIToRs EXCITED AND
SUSPICIOUS.

An Inclination to Accept the State
ments of the Banks Ofic!ais With
Distrust-The Institution Considered
sheky for Some Time Past-Rsdwins
Still at Large.
ATLANTA. GA, Feb. 23.-AtIsnta was
panic stricken to-day on account Of the fall
ure Of the Gate City National Bank, ostsnsi-
bly, due TO the defalcaton Of Assistant
Cashier Redwine The bank had on
deposit S550,000, and early this
morning a crowd Of depositors, embrac-
ing mechanics, merchants, capitalists and
widows whose mites was intrusted to the
institution, began to collect about the closed
doors. AT FIRST there was a disposition 10
take the situation philosophicslly, but as
the hour came on and the crowd
Of depoators increased and became
worked up, uneasines began to
manifest itself strongly until
panic broke out among the more excitsbls
depositors and they offered and sold their
claims to the more hopeful at 80 per cent.
discount. The reports made by the bank
officials had not been at all
satisfactory and in the uncertainty
as 20 the approximate shortage
based upon a donplete examination of ao-
counts all sorts Of reports were set ahoat.
Finally a notice was posted on the bank
door calling meeting OF depositors at the
court house TO take steps TO secure accurate
information. This increased the excitement
and the honesty of the banks statements
were taken into question.
THE BANK sHAKY FOR SOME TINE.
To the business public it has been known
for some time past that the bank has been
meeting with disastrous losses, and it was
readily believed when these reports became
current that the institution would have
fallen even without Redwines default,
Ia fact 1t was freely stated
that the theft Of the cashier
was only a pretext to close up the
banks business. The chief of police pub
lished an interview. in which he criticised
the bank officers for their lack Of energy
In endeavoring to have Redwine ap-
pretended, aud the fact that up
TO tonight not a dollar of re-
ward was offered, and the fact
that the chief had not succeeded in getting
authority from the bank to attempt ths
cashiers arrest or any specific charge tended
to increase the distrust OF the banks story
the chief OF police was instructed 70 offer a
reward Of 81 900 for Redwine's capture.
Several kilograms have been received giv~
ing notice OF the arrest Of persons on suspi-
cion. but up TO this writing the Ascending
cashier has not been apprehended.
wAsHINGToN's Suspicious.
Dispatches from Washington state that
the controller Of the currency, who Is In
charge Of the bank, is suspicious about the
| all - tka FaKI L. l.
| as saying that he does not see how the bank
| could have been wrecked by the loss OF
| SOS, 900 IL its statements heretofore
published are correct To show that
the failure was anticipated last
week it developed to-day that several
large depositors. among them John Ryan
and County Treasurer Payne, withdrew
urer, when interviewed. stated frankly
that he had received tip All these
facts do not show the bank up in good
light and the public will not be
fully satisfied until Redwine's mys-
teHlous disappearance from the bank
building is explained satisfactorily or until
he is captured and the amount OF money he
carried away Is ascertained.
At the meeting OF the depositors about
200, including q number of women, were
present. Speeches were made critIcising
the bank officials for their refusal to
make a full statement and a committee was
appointed TO confer with the bank and secure
this statement direct from the books, so
that the uncertainty now existing as to the
true situation can be dispelled.
HEMPHILL HOPEFUL.
During this meeting ex-MAyor Hemphill,
a stookhoder Of the bank, appeared and
stated that he believed the depositors would
be paid in full finally, though it might take
some time 60 collect all the assets and he
believed the stockholders would lose
nothing. His bank, the Atlanta Stock and
Banking Company, he said, would acceps
claims on the Gate City Bank as ool-
lateral at about 20 per cent. Mr..
Hemphill stated, as an evidence of the con-
hdence Of the stockholders, that they had
received an offer Of 60 cents on the dollar
for their stock from II. I. Inman, who at
this price agreed to pay the depositors in
full, but that this offer had been declined,
the stockholders being unwilling to take
less than 100 cents
A DISCREPANCY SOMEWHERE.
WASHINGTON. Feb. 23.- Controller Hep~
burn said this morning that there was some
thing peculiar about the closing Of the Gate
City National Bank of Atlanta, Ga. Ac-
cording to the last reports the banks unim-
paired capital was $3.50, 900, its surplus $780,
900 and Its. undivided profits 800, 900,
while the alleged embezzIement of the as
sistant cashier Is stated at $40, 600. In view
OF this statement 1t is thought strange that
the bank should have closed It's doors Bark
Examiner G. j. Campbell is in charge OF
the bank.