The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-09
COL. oLmsTEAD's RESERVATIONS
No Trouble With the Institutions
From Which He Resigned.

/ No Trouble With the Institutions
From Which he Resigned.
The announcement in the MORNING
News yesterday that Col Charles H. Ohm
stead had resigned the presidency Of the
Chatham Bank, and,also that Of the Geor-
gia State Building and Loan Association,
! created surprise and excited comment.
Inquiry developed the fact that Col
Olmstead's relations with the institu-
tions from which he had resigned were
correct in every particular, and that
there was no reason, 80 far as those inSti-
tutiOns were concerned, why he should
have resigned from them. From further
inquiry among his friends the informa-
ton was gained that his affairs In connec-
ton with some private matters OF which
he has charge, had become somewhat In
volved, and il was believed that that was
the cause of his resigning from the two
institutions. His friends were inclined
70 think that he had acted hastily, and
without due consideration.
From the statement OF Col. Oimstead
and the statements Of the officers Of the
two institutions, IL IS clear that his rela-
lions with those institutions were entirely
honorable and satisfactory during his
connection with them.
The statement of Col. Olmstead with
respect 10 the Chatham Bank and the
building assOcia ton. is contained in the
following extracts from a letter TO a d.
rector OF the bank:
EXTRACTS.
The following extracts are published in
justice both to the bank and TO Col. Ohm
stead
My Dear Sir: beg that you Will present
the enclosed letters Of resignation 10 the
bank and 10 the association and ask their i'm
mediate acceptance had not intended to
IA 20 aFfr Il inc r. Ia
but n is forced upon me by circumstances
that am unable to control. out which are en-
tirely and Absolutely outside Of either the
banks or associations affairs To neither OF
these two am in anyway indebted. I believe
that there will be a small balance OF with
draWal value 70 my stock in the association.
WIN you be kind enough to see that 1t is
handed over TO my family. Try to keep
little kind feeling for me in your heart Your
friend, CHARLES H OLMSTEAD
The following postscript in pencil was
attached to the letter:
Four days salary is also due me from the
bank II is trtfing matter, but my family
NAV need II.
Col Olmstead's resignation from the
bank was worded as follows. The let
ter were dated al Savannah, Aug. 4, but
were mailed in Atlanta, Aug. 6. and re-
ceived IN Savannah on the morning of the
7th:
Savannah, Ca. Aug. 4. 1s94--To tho Board
OF Directors Of the Chatham Bank: 1 respect
fully tender herewith my resignation from
the presidency and direCtOrship OF the Chat
ham Bank. l take this step for reasons
which are imperative and absolute as regards
myself, but which are entirely disconnected
with the bank Your goodness and kindness
TO me / shall remember while life lasts Re
spectfully, CHARLES II. OLMsTEAD.
The bank directors furnished the fol-
lowing for publication:
We, the undersigned, board Of directors Of
Chatham Bank have examined the books,
securtues and cash, and have found every
thing correct and In good shape.
w w. CHISHOLM,
j. w. FRETwELL,
b. II. LEVY,
LEOPOLD ADLER,
THOMAS BALLANTYER
GEO. A. HUDSON,
MAX l.. BYCK.
RESTORATION FROM THE BUILDING AssoCIA-
TON.
Col Olmstead's resignation as president
of the Georgia State Building and Loan
Associate which was received at the
same time as his resignation from the
bank, is as follows:
Savannah, Co. Aug. 4, 1sot-To the Board
Of Directors Georgia State Building and
Loan Association. Gentlemen hereby
tender my resignation as president and direo-
tor OF the association. A step that is taken
for reasons that are imperative upon me 1
thank you more than | can express for all of
the courtesy and kindness that has always
been extended 20 me since | came among YOU.
Respectfully yours.
CHARLES II. OIMsTEAD.
Mr. Lester Hubbell. treasurer of the
association stated last night that its af-
fairs are in no wise affected, and are in
tact.
Col Olmstead has been absent from the
city since Aug !. His friends are urging
his Immediate return