The Montgomery advertiser., 1906-11-06
DuBOSE OWES
 BANK $22,115 Monroevil1e Cashier is
 Short. CREDITORS WILL NOT LOSE Directors Issue a Statement to the
 Public. Misappropriation of Funds of Monroe County Bank is Brought Out
 by State Bank Ex-
 animation.

A shortage amounting to $22.115.17
 in the Accounts of H. c. DuBoss,
 Cashier of Athe Monroe County Bank, of Monroeville, has been disclosed by | the call of the State Treasurer's De-
 pertinent upon that inst.tution for its
 annual report, du, October 31. The dedication IS admitted by the
 directors of the bank, who have issued
 a statement'of the facts. in which they have assured their depositors that they will make good any losses which the institution may have incurred
 through their employees defection Although the matter has been known | by officials of the Treasurer's Depart
 ment for some time, no official infor-
 nation has been given out from that source. State Bank Examiner T. J. 1 Rutledge, through whom the official
 report of the matter was brought to
 the attention of Treasurer J. Craig Smith yesterday was non -committal on the subject, while Treasurer Smith felt | impelled not to give out information
 concerning affairs of his department
 regarding banks owing to legal re- | strictions in such matters.
 Will Protect Creditors. That the Cashier of the Monroe
 County Bank has defaulted for the
 sum named above, however. has been
 stated on the authority of J. B. Bar
 nett, Thomas s. Wiggins, D. J. Hat ter, W. s. Wiggins, Sr, and Q. Salter.
 directors of the institution, who have | published a statement covering the
 transactions. In this statement they | say:
 "of the bank assets Mir DuBose has taken the sum of $22.115.77 of which $4.242.47 was surplus and undivided
 profits. Therefore, the dedication in- | wolves the capital stock to the extent
 of $17.S73.30. The original paid up
 capital of the bank was $30.000, and. l consequently, there is now remaining
 of the original capital the sum of $12.- | rity probably exceeding $20,000 against this shortage. There is no chance for any creditor or depositor to lose a | cent"
 The report announces that D. r. Mims, an employe of the bank for
 number of years, has been appointed to succeed former Cashier DuBose. The statement also advances three reasons why those having interests in
 the bank need not fear for its stabil- ity. These reasons are: First, be- cause $12,126.70 of the paid up capital
 of the bank remains undisturbed; sec-
 ond. the shortage is largely secured; third, the directors have bound them
 selves individually, firmly and ire Vocably 70 De personally responsible for the money of all creditors past and future placed in their hands. The shortage is secured by a guar
 anty bond in the sum of $10,000, exc cuted by the United States Fidelity and Guaranty Company, and the bank also has a statutory lien upon $10,000 worth of its fully paid up capital stock and some other collateral which the directors state will probably prove valuable.
 Trouble in the Monroe County Bank. it is understood. was first apprehended when the State Treasurer's Depart ment called upon the officials of that institution for its annual report. The call for this report was made October 10. the report being due on the last day of the fiscal year. When it be- came evident that there was something wrong with the accounts of the official report. 1t seems State Examiner T. J. Rutledge was sent to Monroeville to make an examination.
 On November 1, the Directors of the bank made the following statement of the condition of the Monroe County Bank on October 31, 1906: