The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1906-03-15
THE MANY WITHAM BANKS.
Most Practical and Successful Banking
System in the World.


This country, progressive and origi-
nal as it is, has not furnished business
development more successful and in
teresting or Of greater practical value
to the people and territory affected than
the Witham system of banks, ennbrac-
ing system of seventy institutions,
each separate and distinct, and yet a
part of the whole, scattered throughout
the state OF Georgia, with central in
Atlanta.
Mr.. William and his scores of asso-
ciates and assistants have demonstrate
ed that the banking field is as suscepti-
bic to the influences OF new :ideas. adj
vanced methods and practical improve
ments as those OF rairoading, manu-
featuring, commerce, or any other
branch of modern business.
About seventeen years ago the frat
Wirham bank was organized at Jackson
Ca, with capital of $25 900.
At the end OF the. third year the COM
bined capital Of the Witham banks was
$75, O00-now the combined capital OF
| the Witham banks amounts to $1,272,-
800, with surplus Of over $500, 900,
which is over IA per cent of the entire
capital employed by the state banks in
Georgia at the beginning Of the year
! 1905,
| The deposits in the Witham banks
| also amount to one-eighth of the en-
tire deposits in state banks in Georgia.
In addition to the surplus accumulat-
ed, the dividends to stockholders will
average 20 per cent per annum, thus
showing that the stockholders have, on
the average, doubled their investment
every five years.
The Atlanta Office of the Witham
banks, which is headquarters, handles
30, 900, 600 per annum, and is conducted
by W. S. Witham, president and tinan-
cial agent, and large corps of able and
experienced assistants.
The Witham banks are not a chain of
banks, as each one has its own capital
stock, surplus, stockholders, and board
of directors they have no connection
one with the other. Many attempts
have been made in the United States to
conduct system of branch banks or
chain of banks, but they all failed of
their purpose and now are following
the Witham plan, which is remarkable
for its wonderful success and safe
guards This plan has been adopted by
others two in the west and one in
Pennsylvania. and have proved very
Ssuccessful.
= A unique and interesting feature of
the Witham banks is the depositors
guarantee fund, which insures the de-
posits against loss. There are no other
banks in the world that offer this pro-
lection. There is bill pending in the
present congress for the adoption OF
this plan to secure national banks.
This is not only great compliment
to Mr.. Williams genius as practical
financier, but the highest possible en-.
sdorsement of his methods of money
handling.
In addition to this the Witham banks
have created the cash emergency fund
of 100000, and this, together with
their backing, gives each bank direct
foreign backing of over $750,000 al.
though the individual capital of the
banks, in many instances, does not ex.
coed $4,000.
The Witham banks have corps OF
| travelling auditors, who examine care
fully and audit each bank two or three
times each year. They also have a mu-
tuaD law department to which legal
| questions are referred
The Witham banks have been of in
calculable benefit to the rural districts
of Georgia and have Accomplished
more in the way of substantial and per-
manent Improvements than any other
| agency with ten times the amount of
capital they employ. They have Great
! ed means for the concentration and
economical handling of scattered funds.
| Opportunities for profitable investment
have encouraged development and i'm
| provement and have placed the country
| towns and communities son the same
basis as the populous cities for mar
shaling their capital and developing
| their resources.
They have assisted in erecting school
| houses, putting in water works and
| electric lights, have encouraged immi-
| grafton, agriculture, and have encOur-
! aged the building Of brick stores in
stead of wooden shncks; thus increas-
| ing the population, building cotton
warehouses, enabling the farmers to
hold their cotton for better prices, and
many other enterprises Of profit and
! conveniences.
In many instances six months after
a Witham bank is organized in small
town the property Increases in value
over So per cent.
The Bank Of Powder Springs is a
! Witham bank, and at the close of the
| first years business few days ago, de-
| clared per cent dividend to stock
holders, and passed a neat sum to uH-
divided profits.