Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-04-01
Lack of Cash to Meet Demands,
Started by Gossip, Given as
Reason for Closing by the Vice
President-S5O,OO Deposits.

The Ctu Savings Bank closed 1t.
doors this morning The state Treas
urer is in charge
The State tooh charge az the re-
quest of tho BANKS directors. The
bank faced small run Yesterday.
ana feared another run To-day Cash
was almost exhausted. ana rather
than Iet those first foe line &c. their
money while others would have 70
wait. the directors decided to close
temporarily lind let au share alike
Officers Of all the other financial in
stitutions in Atlanta, when seen BY
Georgian reporters, declared emphat-
ieslly that the banking situation n
Atlanta will not be affected in the
slightest degree b. the action % lire
City Savings Bank These officials
emphasized the fact that there is 70
cause Tor any apprehension on the
part Of the public. Position Of At,
Ianta banks IS unusually strong; no
other institutions are concerned in
the action the City Savings Sank mas
taken. and the whole affair is merely
an incident in banking circles. which
will not cause a ripple on the surfacs
Of general conditions.
Deposits Placed at $4,000.
Deposits of ta. Cir, Savings Bank
are estimated by the bank examiner.
at S5u.ooD az which $4,000 is IN
checking accounts and ssIooo IN saw
iugs accounts
There are Loo o,rusltors
Directors declare tile bauk entirer
solvent Dauo-itors viii receive 10
cents ON ule do.ac and even the
STOCKHOLDERS win suffer but small loss
If any. according 20 the banks od
GERS. NO irregu.ariry is even hintea
The troubles of the city Savings
began yesterday because of word Of
mouth gossip. current for several
days. No newspaper had given dig
uity to this gossip by publishing il.
and the rumors were spread only Z.
tongue.
Depusitors Do The city SAVINGS arsl
men who could in afford amy loss. The
average balance they carry is very
small % was estimated to-day that |
POE cheCkiug accounts make up the |
1000 u that department. and that |
The S3l. 600 savings are held 10y ] 500 !
men. women and children, which
makes the average account a trids
more than 500
6eauehamp Explains Act.
Bun there viii Doe NO loss accord
ing Geo Ihe directors. a. =. Beau
champ Jr.. president issues the
following statement
The directors Of the City Savings
Bank last evening passed resoIu-
ton deciding to turn the bank over
to the State Treasurer for liquidation.
The cause o. this action was a heavy
withdrawal OF deposits yesterday.
The assets OF the bank are entirely
adequate to take care Of the depos-
itors, but on account of having in
vested a large proportion Of the work.
ing capital m purchase money notes,
tnls WORKING ~aHtLaA G0AiA fiQk %
converted into cash immediately to
meet the demand OF checking depes-
itors. The assets OF the bank are IN
tact.
The directors wish TO state to the !.
public and to the dspositors that eV-
cry dollar OF deposits will be paid
back. and. in addition TO this, that the
stockholders themselves have no
cause to fear a loss"
r. a. McDoUeaI is president Of
the City Savings Bank, G.. ). Beau-
champ. Dr.. viee-presideuJ. ". A.
Sims. cashier The other directors
are James D. Wright = a. Wickers.
D. g. Hunt b. 81 L.yel-s~ and D n
Speer.
THE .aHs Was .r-auisea s,."at Hf-
teen m"utH~ a-u I'd, 81. 20 savings
..r-.ueas % tnuN over .G- savings
taua~lt~ OF tr. GHsrfnt.e Trust ara