Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-10-29
AUGUSTA BANKER
COMMITS SUICIDE

O0hwbhwAs ~ ~OA~b@8
AUGUSTA, Ga, Oct 27.-After
the posting of a notice on the door
Of the Merchants bank here Wed
nesday night stating that the bank
would be closed today and it's affairs
turned over to T. r. Bennett, super
intendent Of the Georgia state bank
ing department, Eugene E. Rose
borough, vice president and direc
tor of the bank, committed suicide
at his quarters in the Broadway
apartment here this morning.
Mr.. Rosborough left several notes
behind which are now in the hands
Of relatives.
In addition to his connection with
the Merchants bank, Mr.. Rosborough
operated one of the largest automo-
bile agencies in Augusta, being q
member of the Georgia State Auto
mobile association.
BANKS DEPOSITORS
NOT LIKELY TO LOSE
The financial embarrassment OF
the Merchants bank, of Augusta
which for several days has been
under close examination by the
state banking department, probably
will not result in financial loss tC
the depositors, according to infor
nation from the state banking de
partment.
Information was telephoned~ to
the banking department Thursday
morning that Eugene E. Ros
borough, vice president and cash
Ter of the bank, had shot and killed
himself at his home before banking
hours, and had left the following
note addressed to w. II. Sherman,
assistant cashier:
1.-THE amount is $167, 900, cover
ing a period of about fifteen years
Tell all the boys goodby and ask
them to think kindly of me-"
Information is that, though. dis
covery of the shortage would have
been Immediately imminent, no idea
was entertained by the state or
bank officials prior to the death OF
Rosborough that there was short
age.
Thelast state examination of the
cash and when. more than a week
ago, the state examiners again be-
gan going over ainstitution'S bus
mess, the situation was found to be
such that the state superintendent
Of banks, Colonel T. r. Bennett, was
called to Augusta, and at that time
it was made clear to President A.
S. Hatch that the bank would have
to call it's loans and realize quickly
on considerable of it's assets. I'm
mediately, efforts were begun to dc
this, and to some extent the re-
sources brought, in considerable
cash, but in the past day or two 1t
was obvious that the institution
would have to be taken over by the
state and the doors closed unless
aid could be arranged. from other
banking institutions, and for a time
a movement was underway looking
to the merging of the Merchants
with some of the other. Augusta
banks, but after midnight last night
that movement failed. Even then
it was not known there was an &C
tual shortage in the Merchants
bank.
The cashier is covered by fidel
learned, which will be applicable to
any shortage. In addition to this
it is learned from the state depart
ment that, under the laws of Geor'
gia, the shareholders in the bank
are liable for 100000, all of which
goes exclusively to the depositors!
The banks assets, it is. stated by
officials, are such that, on the face
tot 6oY1 IY
ing department believes the deposit
ors will be fully paid out.
Deposits shown in the last state
ment are 81, 400, 900; bills payable
and rediscounts $420,000, loans and
figures. The total assets of the in
stitution are given at a little more
than 100000. The bank is cap
italized at 100000, with surplus OF
100000 and undivided profits OF
SOS 5000.
This failure, says the state bank
ing department, is the largest in
the state in a good many years.
Report was also made today that
the state department has taken over
the Hawkinsville Bank and Trust
company, capitalized at $4,000. E
J. Henry is president of the lnstl
tuition, and J. H. Caldwell is cash
Ter. The bank carried deposits
amounting to 100000. State Su
perintendent Bennett said today
that, on the face of the banks state
ment, the condition indicates that
it's creditors will be paid off in full
but no intelligent opinion can be
given until the assets are thorough
ly analysed and a formal audit is