Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1914-05-31
OTHER PLANS FAIL
SIGNALLY
DEPOSITORS WILL REA-
I LIE SOME PORTION

The swan song in the affairs of the
insolvent and somewhat depleted
Americus National Bank which went to
the wall early in February, was sung
yesterday when it was announced that
the final proposition made by deposit
ors to the banks directors for its
liquidation, outside the usual channels
employed by the government, had fall
en- fiat. This forlorn hope to which
the depositors had clung, has failed
signally.
This, being true, Receiver r. c. Dun
lap will continue the work, already
fast progressing, toward liquidating
the national bank in the usual man.
ner employed by the government, at
which he has been busted since the
collapse of the institution in Febru-
airy.
Quite recently last hope was he'd
out that the banks directors might be
induced to liquidate the bank, provid.
ed the stockholders and depositors
compiled with certain terms suggested,
and the four Lowery brothers, all OF
them directors, put up $15O,OO0 to that
end. They had previously expressed
a willingness to lend substantial as.
sistance to this end by putting up real
estate to safeguard the party who
would liquidate the bank.
On the showdown recently, however,
the value of the realty rendered was
considered far less than the amount
expected of them, and the liquidation
plan, as suggested, fell fat. 1t is
said directors rendered yesterday the
sum of $62,5OO, or less than half the
amount required, hence the liquida-
ton plan failed.
The result will be that the stock
holders will be assessed, under the liza
bility clause, and probably $4,000
raised from that source. The stock
holders liability is 100000, but some
of them are unable to pay. This
amount, with that to be laboriously
collected from the assets of the bank.
good, bad and Indifferent, will be dis
tributed as far as it will 60 in the
payment of the banks Indebtedness
and deposit account.
Just what depositors will eventually
receive is mOoted question. No esti-
mate is given out by those in authority
and guesses range all the way from
l0c to 6Oc on the dollar.
Two weeks before the failure the
officers had declared and paid a semi
annual dividend of four per cent. upon
its capital stock of 100000 presum
ably paying the dividend from profits
earned by the bank. Under the law
dividends cannot be legally paid except
from earnings of the bank.
1t is said Cashier NJ. N. Lowery has
not been under bond of any descrip-
ton whatever in year or two, it be-
ing said the original bond of $4,000
had been allowed to lapse for lack Of
renewal, and this report is surprise
to the public. 1t is further said that
not an officer Or employe of the bank
was under a valid bond at the time Of
the failure, and it appears that even
the national bank examiners failed to
discover this in their numerous visits
here in recent years.
The total liabilities of the bank ara
said to exceed the enormous sum of
six hundred thousand dollars.
i This does not include the liabilities
of the little state savings bank COLI
nected with it and operated by the
same officers. This would add proba-
bly, $4,000 more of indebtedness, in