Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-11-04
FA|RBUR|v BANK
100000 SHORT,
AUDITORS REPORT.
Shortage Probably Will Be
Larger Still, Says Report,
Which Holds W, B, Green
Responsible

The audit Of the Fairburn Bank
ing company, announced for the first
time Saturday afternoon, places the
minimum loss Of the bank at 100000
and charges that the shortage is due
to "the wrongful acts" of w. B.
Green, it's vice-president.
1t states that Investigations not
yet completed will apparently make
the shortage larger, and that there
is an additional loss, the RESPONSE
bility of which has not yet been
fixed, which will add another $15,-
900 to the shortage, making the to-
tai loss $105,000 at the least.
Since the banks capital, $4,000,
and the banks surplus, 100000, to-
gether make but $4,000, the loss
over and above them is $4,000, an
amount which, it is statedA will Ell
Their have to be made up by the
stockholders or result in the banks
going into the hands of receiver.
Which action will take place can
not be told until the final report on
the audit is made. This is expected
early this week, when State Bank
Examiner w. J. Speer either will
give the stockholders a chance to
make up the shortage or will ask
for q receiver.
The final report will also bring
about the immediate commitment
hearing of Green on charges of en-
bezzlement, and of Mrs. Catherine
Queen Bradstreet and her husband,
Clarence Bradstreet, who are also
charged with embezzlement.
1t was stated Saturday night by
Attorney Reuben r. Arnold that as
soon as Green's attorney, George
Westmoreland, returns to the city,
the date of the hearings will be
fixed and that they are almost GER
tain to be held this week before
Justice Of the Peace Homer McDan-
iel, in Fairburn.
Announcement Of the banks short
age was made Saturday afternoon in
the form Of a preliminary report by
w. o. Martin & Company, the audi
tors, to Mr.. Speer. The report in
full follows:
Hon. w. J. Speer
Estate Bank Examiner,
State Capitol.
Dear Sir: We have been work
ing very diligently upon this
audit since Monday, October
the 18th. We were very much
hampered by the fact that most
of the bank records were burn
ed. This accounts very much
for the delay in announcing the
result. We will give the general
figures reserving the exact
amounts, dates and other details
for our full report, believing that
the best interest of all concerned
will be thereby conserved.
I'VE beg to state that the
result of our investigation
shows that the bank has suf-
fered as the result of the
wrongful acts of Mr.. W. B.
Green, its vice president, a di-
rect loss of more than ninety
thousand (9O,OO0.OO) dollars, as
certained and proved by the ex-
animation so far made. There
are additional items yet to be
determined as soon as all pass
books, certificates of deposit.
now outstanding, and other
similar matters are turned in,
for record and verification. It
is apparent that the shortage
will be larger when all these
items come in.
There is an additional loss,
the responsibility for which has
not yet been definitely placed
which will have the effect of
further adding to the short
age about fifteen thousand (15,-
000.00) dollars.
Therefore, it is seen that the en-
tire capital and surplus Of the hank
has been entirely wiped out, and
there is in addition, a depletion of
the banks assets of twenty-five
($25, OOO.0O) thousand dollars or
more. The figures which we have
given are minimum figures and be-
fore the final completion of this
work may be increased. Just as soon
as our work is completed, full and
detailed report will be furnished you.
Respectfully submitted,
CIV. o. MARTIN & co.
Auditors and Accountants"
ATLANTA, Georgia,
November /, 1919"
The sale of the grocery store al
legged to have been a gift from Mrs.
Catherine Bradstreet to her father,
A. P. Queen, was completed Satur-
day morning, it was announced. The
store was seized by J. H. Longino,
receiver for Mrs. Bradstreet and w.
B. Green, and the sale was made aft
el. the consent of the attorneys for
Mrs. Bradstreet and the Fairburn
Banking company. The name of the
purchase and the purchase price
were not announced: No other prop
ertY in the hands of the receiver has