Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-12-05
.FA|RbURN BANK IS
AUTHORIZED AGAIN
TO OPEN ITS DOORS
Report Of Auditor Shows
That Total impairment Of
Institution Was S143,-
138.61-Confidence Now
Restored

Acting on the report OF w -. Mai
tin, auditor, as to the restored imam
| cal condition of the Fairburn Bank
ing company, William J. Speer, state
! bank examiner, on Thursday issued
an order directing Mr.. Martin to re-
| turn the sank to it's stockholders and
directors and authorize it to resume
business at once. He announced thai
the bank will open for business at
O'Clock Friday morning.
Mr.. Martins report shows that the
total impairment of the bank was
Sl43,138.61, which is several thou
sands dollars larger than the I'M
pairment reported some weeks ago
before he completed his investigation.
This impairment consisted or the
canital stock of $4,000, the accu-
INFLATED surplus of $32,0OO, ana
further loss of $61,138.61, major
norton of which was previously
charged by the auditor to William r.
Green. the former vice president, who
now is awaiting trial on charge OF
misuse of the funds of the bank
Impairment Made Good
The report shows that the impair
! ment of SCI, 138.61 has been MADE
good, with "a small margin over OIL
| S5O1. a." and in addition new CAPT
| tal of $4,000 has been subscribed.
| Of this amount, 60 per cent has been
Maid in. Although, as the report
! states. 1.-The former capital and sur
| Mus probably are gone forever, the
| bank is stronger by $91,64O.O5 than
| no
| banking department" This item
of s91.64O.O5 consists of the restored
shortage. with the overplus amount
| and the cash paid in by the stock
| holders.
The report then states. after recit-
| ing the above condensed statement of
| the banks condition:
"a very strong board Of directors
and officers have been elected, and 1t
| is with much qualification that, as
YOUR representative, we now are ablo
to report to you that the bank is not
| only solvent, but in our opinion is in
every way strongly intrenched in the
| confidence of all concerned"
Mr.. Speer's Order
Based on this report, Bank Exam
iner Speer issued the following Or
| der:
Acting upon the showing made to
me in your report of even date, which
! shows that the bank has been restor-
| ed to solvency, it is ordered that you
! return said bank to it's stockholders
| and directors. 1t is Of course in or
! der that you take proper receipts
! from it's officers for all Of the assets
! belonging to it now in your hands.
! 1t affords us great pleasure that this
! condition has been made possible, and
! we not only wish to congratulate but
! to thank you for the valuable service
; rendered in the reorganization Of this
| institution
The new officers of the bank as
! elected by the directors are as fol-
| lows:
Chairman of the Board-W. T. Rob
erts.
PRESIDENT. H Longino.
Vice President-Dr. L. NJ. Hobgood.
Cashier-George Edmondson.
Mr.. Roberts formerly was president
! of the bank. while William B. Greene
was vice president. Mr.. LONGING was
president some years ago. Mr.. Ed
mondson is the same cashier.
! Although the auditors report does
not state from what source the i'm
! pairment or shortage of SCI, 1881
has been restored, it is understood
| lateral put up by William B. Green
| and the balance from an assessment
paid by the stockholders.