The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-08-24
TEXAS BANK GOES TO
THE WALL.
Former Governor Hogg and Other
Prominent Texans Involved in
the Failure-Overdrafts Alone
Said To Amount to
100000.

Beaumont, Tex. August 19.-The Cltl-
zens' National and Savings bank was this
afternoon closed by Bank Examiner Lo-
gan, who has been here for several days
looking over the affairs Of the institution
Examiner Logan positively refused to say
anything concerning the status of the
banks affairs beyond saying that he had
prepared q statement for the comptroller
of the currency. 1t is rumored on the
street that the bank has a large sum In
paper which Is alleged to be practically
worthless 1t Is also stated that there
are 100000 in overdrafts. The bank was
opened for business on May 81, 1901. The
capital stock was 100000 and the deposits
have ranged In the neighborhood of $780,
900 until recently.
The other banks in. the city were pre-
pared for the collapse. Their officers state
that they have provided for any emer-
gency that may arise tomorrow when the
fact of the suspension becomes generally
known and that no other bank will be
affected by the crash. They declined to
discuss the affairs Of the Citizens BANK,
but stated that they had known enough
to make preparations for the suspeIsluIl
The failed bank is ofiicered oy men "no
are well known financially In the State'
the published list OF directors including
Ex-Governor J. S. Hogg, who Is In the
city now; Rod oliver j. S. Culllnah, at
the head Of the big Texas OH company
r. F. Brooks and w. L. CamppeN. loi
mer members of the Hogg-Swayne syndi-
cate. which has made a great sum OUT
of oil Rod oliver. president or the panN.
is connected with number Oh panks
throughout the state. He ls In the city
and is thoroughly posted as 10 the ana. >
Of the institution. He denied himself to
all save Intimate friends tonight. Cover
nor Hogg tonight said he was not olrec-
tor: he had been elected. but had not ac-
cepted the place. He gave his own losses
as several thousand dollars
Poor People Very Hard Hit
Beaumont. Tex. August 2o-An the
banks. except the Citizen. opened for
business as usual today. There was no
run on them, and 1t Is not believed that
anv other institution will be affected.
Local merchants as a rule. had no &C
commits with the Citizen. The capital OF
the bank is absorbed by the failure. and
about $50, 900 In addition Is involved. part
of which represents the savings of poor
people.
washington August 20.-The Citizens
national bank of Beaumont, Tex, was
closed yesterday after examination by
National Bank Examiner Lyon and
committee of the clearing association,
which showed estimated losses at 1928 900
and doubtful items $4,000 Examiner
Logan has been appointed receiver.
The failure of this bank. 1t Is stated,
is due to The large loans made to the
president, r. Oliver, and enterprises in
which he is interested.
The resources and liabilities of the
bank on June g. 1903 as shown by the
report made by the comptroller of the
currency on that date WAS as follows:
Recommendations and discounts S3S5 81 /;
United States bonds to secure circulation
SIS, 900; stocks. securities and claims. etc.
$l2.74o; real estate owned $l5.594; due from
banks and bankers $40. $50; cash and cash
items $40, $50 Total 1893 757,
Labilitics-Capital stock 500, coo; sur
plus fund and undivided profits 1886 341 /.
circulation S25, 900; due to banks and bank
ers $5,7l1; individual deposits s342, 7O4. To-
tai 1898, 49,