Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1902-03-21
BANK OF
ANERICUS CLOSED,
Steady Draw Upon Deposits Was The
Cause.
ASSETS WILL PAY DEPOSITS
Bank Perfectly Solvent, But Could
Not Withstand Rapid Withdrawal
of Deposits. C. R. Ellis is in Charge
as Assignee.

Very largely as the result of gossip,
which caused steady withdrawal of
deposits for week past, the Peoples
Bank of Americas made a voluntary
assignment yesterday for the benefit
of it's creditors and Mr.. G. r. Ellis is
cow in charge of it's affairs as assignee
He will adjust it's affairs as rapidly as
possible.
The suspension of this we'll known
bank caused much surprise,
Since President W. Fl. Simmons
took charge several years ago it has
done quite large business, and the
announcement of it's suspension could
scarcely be credited.
Largely as the result of damaging
reports circulated here, a quiet with
drawal of deposits began several days
ago. This continued until the banks
cash was practically exhausted when
President Simmons, to protect his pa
irons, made voluntary assignment.
There are no preferred creditors
though Mr.. Simmons wife aud chill
dren are among the depositors TO the
extent of nearly $4,000.
Assignee Ellis could not make a
statement yesterday regarding the
exact amount of assets and liabilities,
but it is understood that the latter is
approximately $50, coo.
President Simmons, when seen at
his home, talked feelingly of his mis- :
fortune and the cause which brought
it about. NJ man in Georgia enjoys
more fully the perfect confidence of
the people of This section, and much
sympathy il expressed for President
Simmons in the embarrassment of his
bank
Mr. Simmons is confident thai the
bank can pay dollar for dollar of its en-
tire indebtedness.
OF course time will be required
wherein to realize upon the banks
notes and securities, but careful adj
ministration of its affairs will, it is be-
lleved, pay all Indebtedness.
The list of deposltors accompanying
| the schedule of assignment is lengthy
one. The largest deposition is Mrs.
SimmOns-$10, 900, the others having
various amount from few dollars only
up to 81, 500 A very large majority of
small
The county had something over S.
900 on deposit in this bank.
President Simmons attributes tie
cause of the run on the bank to idle
reports circulated here.
The late Charles Broadway Rouss,
the New York millionaire and phi!an
thropist, was personal friend of Mr..
Simmons and had extended him favors
in years past. AS preposterous as it
may seem, this fact was seized upon as
the vehicle for bringing about the sus-
pension here yesterday.
It was told, MIR. Simmons says, that
the death of Mr. Rouss would mean
the failure of the bank, and some were
VI CA01OOS ObONSh W OCA1OFC ~ 0AA 10
peat the story, highly embellished.
1t created feeling of uneasiness,
and qniet run was instituted.
At this season the cash of all banks
in this section is loaned out to farmers
to make their crops, and while Mr..
Simmons drew upon other sources the
drain upon the Peoples Bank was too
great and the assignment was deemed
best for the protection of all creditors
alike. And all will be paid In due time,
he says,
Mr., Simmons, fearing on Wednes-
day that the bank might be forced to
close, laid aside all deposits made on
that day, in justice to the depositors.
This amount, some $1,000, can be
had now by these depositors upon de-
mand.