Newspaper Page Text
WEDNESDAY, AUGUST 6, 1919.
NEW GEORGIA
BANKING ACT
IS NOW A LAW
ATLANTA, August 6. —Bankers
in all parts of Georgia and business
men as well are interested in the
provisions of the new Georgia bank
ing law, just enacted by the legis
lature.
The act applies to s tate banks,
executing private bankers, copart
nerships doing a banking business
and national banking associations. It
forbids persons, firms or voluntary
associations doing a private banking
business not under the supervision
of the department of banking from
using any designation that would
tend to mislead the public in think
ing them regular state banks, and
provides for defiinte notice of their
character being prominently display
ed.
New Department Created.
It provides for the creation of a
department of banking, with a sup
erintendent of banks to be appointed
by die governor for a term of four
years, who shall have had at least
five years of active banking experi
ence and who shall not be, at the
time of his appointment, officially
connected with or indebted to any
bank. In event of vacancy the
governor shall appoint an assistant
superintendent until asuccessor can
be approved by the senate. The of
fice of the department shall b e at
the capitol. Personnel, in addition
to the superintendent, who shall have
a salary of $6,000 paid from fees,
are an assistant superintendent, $3,-
600; examiners’ salaries not to ex
ceed $2,400; clerks and office assist
ants, whose combined salaries shall
not exceed $3,600. All expenses are
to be paid from fees collected from
the banks. An annual report from
all banks is inquired on or before
December 31 of each year; this to
be printed in book form and dis
tributed to the banks. Suits against
banks will be handled by solicitor
generals of the various circuits for
the superintendent, and provision is
made for fees in event of suits.
Examination Semi-Annually.
All banks are to be examined
twice a year, with additional exami
nations if public interest demands it,
these to be made at irregular inter
vals, and the examined banks to
pay for examination. Results of ex
aminations are to be kept secret, ex
cept in event of judicial proceed
ing:?; the examinations to be used as
evidence of true conditions of banks
before the courts. Four reports to
the department shall be made each
yeas and more if required by the
superintendent; also dividends must
be reported ten days after they are
declared. Provision is made for the
due acknowledgement of all official
communications from the superin
tendent.
Cannot Impair Capital.
When a bank’s capita] is impair
ed as much as 10 per cent, the su
perintendent shall notify said bank
to make good its capital stock by
transfer from its surplus or undivid
ed profits. If these are insufficient
an assessment shall be made upon
stockholders within sixty days. Banks
may reduce capital stock to the ex
tent of the impairment, if this does
not Place the capital below the
amount required by the act.
rhe superintendent of banking
may place its affairs in his hands by
Postmg a notice to that effect. No
oank may make assignment for credi
tors. Provision is mad e for the col
lection of assets and sale of proper
es, aiso for the procedure in liqui
a ion such as filling and payment
i claims, the order of paying debts,
assessment on stockholders of an
- an '°“ nt mifficient to pay depositors
n tun providing such assessment does"
not exceed liability of stockholders
on their stock, and for the disposition
of the remaining assets after all
claims are paid.
Charter Requirements
her the incorporation of banks,
application for charter must be filed
with the Secretary of State showing
name, location, capital stock, num
ber of SIOO shares, purpose an d na
tuie of business to be conducted, and
number of directors—not less than
three or more than 25. Full informa
tion must be furnished superintend
ent. of banking. Sixty per cent of
capital stock, in no case less than
$15,000 shall be paid in in cash be
fore the bank may commence busi
ness. Provision is made to enforce
the payment of subscriptions and the
bank is given a lien for unpaid in
stallments on its capital stock. Pro
vision is also made for the amend
ment and renewal of bank charters,
t*e conversion of private and na
tional bank s into state banks after
examination discloses live assets at
true market value in excess of lia
bilities to cover amount of propos
ed capital stock in proposed bank.
Mergers or consolidation of banks
Blay be mad e upon two-third s of the
stockholders in each bank voting in
avor, after the rights of creditors
***d others are duly safeguarded and
proper notice is given both to the
superintendent of banking and to the
P«blic. Voluntary liquidation or dis-
vlu.ion may also be made subject
to the approval of the superintendent
and on two-thirds vot e of the stock
holders.
Power* of Bank* Definied
The powers of banks are defined
The liability of stockholders is set
at an amount equal to the face val
ue of their stock. The regulation of
the business of banking is fully pro
vided for, including election and
qualification of directors, monthly
meetings, election of officers, borrow
ing by officers and employees, limi
tation of loans t© one individual or
drafts, limit of loan on collateral,
set of interests, regulation of over
limitations of bank’s realty holdings,
and various operations concerning
loans, interest, dividends and profits.
There are penalties provided for the
violation of these requirements by
the superintendent of banks, his as
sistants, and the officers and other
officials of th e banks.
Read Bragg’s Market adv. on page
6. Will save you money. 5-2 t
LADIES ARE NAMED ON
NEW W. C. C. S. BOARD
In the published names of those
constituting the new War Camp
Community Service Board, the
Times-Recbrder yesterday inadvert
ently omitted the names of th e la
dies board. The complete board is
constituted of H. O. Jones, chair
man; Rev. James G. Lawrence, Wible
Marshall, Rev. Silas Johnson, Frank
Lanier, Mrs. W. H. C. Dudley, Mrs.
J. W. Harris, Jr., and Tom O. Mar
shall.
Bragg’s Market big sale Saturday.
Everything for less.
SGT. L. A. MORGAN
COMING HOME SOON
Sergeant Louis A. Morgan, Jr.,
who is the son of Mr. and Mrs. L.
A- Morgan, of this city, will return
to his ' ime in Americus this week
after an absence of 2 years. Ser
geant Me: •”! landed yesterday at
New York a. ’ will return home im
mediately aft r great parade in
New York next Friday. He is a
member of the Second division, reg
ulars and went across is November,
1917. Sergeant Morgan has a host
of friends here who are proud of
his war record and will accord him
a warm welcome home.
Bragg’s Market big sale Saturday
Everything for less.
Go to B Bragg’s Market—l 23 For
syth Street.
Alcazar
Theatre
Admission lOc and 20c
Wednesday
TRIANGLE PICTURES
Presents
MITCHELL LEWIS
—IN—
NINE TENTHS OF
L .THE LAWaa*
and
Sennette Comedy
“Love’s False Faces”
STRAND
THEATRE
ADMISSION 10 c and 20 c.
Tuesday
MUTUAL PICTURES PRESENTS
Wonderful
LEWIS STONE
in
“A Man’s Desire”
Five Acts
and
Sunshine Comedy
“Six Cylinder Love”
Come and Take a Laugh.
Wednesday
GOLDWYN PICTURES
Presents
Attractive
MABEL NORMAND
—IN—
“The Peat”
FIVE ACTS
Be Sure To See This.
J Mere Mention About Town
New shipment of ICE TEA
GLASSES—BeII, the Jeweler.
W. E. McDonald, of Albany, was in
Americus this morning on business.
Bragg’s Market big sale Saturday
Everything for less.
B. D. Carter, of Scott, was in the
city today .
Bragg’s Market ads changed daily,
telling what w e have. Read them.
A. R. Kitchens motored to the city
today from Thomasville on business.
Bragg’s Market ads changed daily,
telling what w e have. Read them.
Searcy P. Ingram, of Greensboro
was a visitor in the city today.
We want everybody to come to the
big sale Saturday at Bragg’s Market.
Find th e place. 12.3 Forsyth St.
W. G. Bankhead left on the Semi
nole this morning on an extended
visit to his old home in Mississippi
We want everybody to come to the
big sale Saturday at Bragg’s Market.
Find th e place. 123 Forsyth St.
We want everybody to come to the
big sale Saturday at Bragg’s Market
Find the place. 123 Forsyth St.
Bragg’s Market big sale Saturday.
Everything for less.
We want everybody to come to the
big sale Saturday at Bragg’s Market.
Find th e place 123 Forsyth st.
Bragg’s market publicity page 6
Go to BBragg’s Market—l 23 For
syth Street
CLEANLINESS ABOVE ALL.
WE CLEAN EVERYTHING. PHONE
18. 23-ts
Mean
Brside
RY ACADEMY
chool with a country location
•us health section of Georgia
tad'd by Ray C. Hili. (West Point
• with world war.
anqe at one end of siAiy-acre campus.
ty of college men. who take n personal inter
work and who cosch ad athletic teams.
». Compulsory gymnasium work. Classical,
irses.
and Annapolis Preparatory Department di-
Point graduate, recently instructor in mathe-
Illustrated Catalog
e». Dept. j - Gainesville, Ga.
International 8-16 Kero
sene Tractor
THIS is a strong, light-weight tractor
that you will like. Owners of the
International 8-16 are pleased with the way it per
forms both at the drawbar and belt.
Fuel Economy
Os any two tractors of equal quality and use
fulness, the one that operates on the cheapest fuel
will be the most economical. The amount of saving to
the owner can be definitely determined by the difference
in fuel costs. The International operates successfully
on kerosene and on even lower-priced fuels where they
can be obtained. As compared with gasoline, the
difference in the present price of these fuels means a
saving of from 50 to 60 per cent to an International
8-16 owner.
Used to Advantage Any Day
International 8-16 is built to do belt work, as well aa
drawbar work, and is dependable for satisfactory service
every day in the year.
Now is the time to place your order. The sooner
you do so, the better chance to get your tractor in
time to handle a large part of your farm work at a great
saving in time and money.
SHEFFIELD COMPANY
P h one 20. Americus, Ga.
_ . ■>
AMERICUS TIMES RECORDER.
Too Late To Classify
SALESLADIES WANTED—For
permanent positions. Muii.be eight
een years of age. Experience not
necessary. S. H. KRESS & Co. 6-4 t
FOR RENT—Two unfurnished
room- for light housekeeping; close
in. Call 616. 6-lt
WANTED—PIain sewing and fan
cy work. 130 W. Church Street.,
Americus. Ga., Prices reasonable,
good work. 6-10
T BUILDING WILL
BE COMMUNITY
CENTER
(Continued from Page 1»
suit in bringing about a closer com
munion of our citizens; a spirit of
civic pride and cooperation will be
engendered in the hearts of our peo
ple; a wise guiding hand will be ex
tended to the young 1 ifeof
tended to the young life of Ameri
cus; every man; every woman, every
youngster will be under lasting ob
ligations for the magnanimity of this
donor.
We earnestly request that you pass
this message on to this noble Amer
icus citizen and assure him (or them)
that we are impatiently awaiting the
time when we can extend our hands
to him and assure him of the senti
ment we are trying to convey in this
communication.
The committee also wishes to ex
press to you and to Dr. Davis its ap
preciation for the part you and he
have taken in bringing about this
very happy event.
Most sincerely
GEO. R. ELLIS,
Chairman, Special Committee of
Citizens.
T. M. FURLOW HEAD
OF CENSUS HERE
Ich grams received her e late yes
terday from Washington announce
the a; pointment of V M. Furlow, of
Americus, as director of the census
son, LaGrange; fifth, Captain Walter
ALCAZAR
Thursday
Jesse L. Lasky Presents
Bryant
Washbum
—lN—
“Something
To Do”
He was the last word in useless
ness. He never did anything
for anybody. Then he got a
sudden ambition to do some
thing for somebody.”
Oh boy, Oh boy I where ignor
ance is bliss 'tis folly to be wise
—and Bryant Washburn doesn’t
play a “wise one". Don’t miss
it! Don’t miss it I!
QPECIFY Firestone Gray Sidewall
Tires when ordering your car and
make every mile you drive a pleasanter,
easier, less expensive mile. You’ll know
the feeling of confidence that really
dependable tires bring.
*
Most miles per dollar is a simplified
statement of Firestone economy. It
means the greatest return on your in
vestment, the biggest value for your
money.
The faithful service of the Firestone
Gray Sidewall Tire has been the talk of
car owners for the past year. It means
fewer tire troubles, less annoying delays,
less upkeep expense.
That a more liberal mileage adjustment
is in effect is only an additional reason
for riding on —
firestone
TIRES
Most Miles' per Dollar
Georgia Motor Company
Phone 133 Americus 106 W. Lamar St.
Agents For
Firestone Tires
for the Hird Georgii District f-r
ths cci.itng enumera' on. His head
quarters will be in Americus. Other
di’-K-ters turned in ths districts in
which they will serve are as follows:
First, William G. Sutlive, Savan
nah; second, William A. Covington,
Moultrie; fourth James T. Thomas-
Friday
BLUE RIBBON FEATURE
Corrine
Griffith
—IN—
“A Girl At
Bay”
Five Acts
Admission 10 and 20c
PAGE FIVE
O. Mashburn, Atlanta; sixth, Roy V
Moore, Macon; seventh, Dr. Lewis t,
Ledbetter, Cedartown; eighth Thom
as M. Swift, Sr., Elberton; ninth, V»
E. Candler, Blairsville; tenth, Thom,
as F. Fleming, Sparta; eleventh
Prof. Y. A. Little, Douglas; twelfth,
Oscar J. Franklin, Eastman.
Saturday
Jesse L. Lasky
Presents
Wallace
Reid
—NI—
“The Roaring
Road”
FIVE ACTS
Admission 10 and 20c