2347. First National Bank (Brunswick, GA)

View Charter #3116 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
3116
Charter Number
3116
Start Date
May 18, 1893
Location
Brunswick, Georgia (31.150, -81.491)

Metadata

Model
gpt-5-mini
Short Digest
460c125b9dadf97d

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1893-06-17
Date receivership terminated
1895-09-12
OCC cause of failure
Losses
Share of assets assessed as good
31.3%
Share of assets assessed as doubtful
62.8%
Share of assets assessed as worthless
5.9%

Description

Articles report that depositors started a run after the suicide of M. Ullman (president of the Oglethorpe National Bank) on May 18, 1893; the First National Bank of Brunswick suspended the same day, a receiver was appointed in June, and the institution was reorganized/reopened (or its assets assumed by a reorganized bank) in early 1894. Cause of run tied to bank-specific adverse event and circulating rumors after the suicide. OCR minor name variations (Burbage/Burthage) preserved but do not affect identification.

Events (6)
1. February 2, 1884 Chartered
Source
historical_nic
2. May 18, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors ran after news that M. Ullman (president of the Oglethorpe National Bank) committed suicide; rumors about the banks circulated and sparked withdrawals.
Measures
Closed doors; bank suspended payments (closed) same day.
Newspaper Excerpt
The news spread rapidly and depositors started a run, and in a few minutes the Oglethorpe National Bank closed its doors, followed immediately by the First National Bank.
Source
newspapers
3. May 18, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Immediate suspension followed the run sparked by the suicide and ensuing rumors; Controller later intervened and examiners/wires were sent; receiver appointed in June.
Newspaper Excerpt
the First National Bank of Brunswick, Ga., which suspended May 18, 1893.
Source
newspapers
4. June 17, 1893 Receivership
Source
historical_nic
5. June 17, 1893 Receivership
Newspaper Excerpt
the controller of the currency today appointed Mr. Thomas S. Jordan receiver of the First National Bank of Brunswick, Ga., which suspended May 18, 1893.
Source
newspapers
6. March 17, 1894 Reopening
Newspaper Excerpt
The National Bank of Brunswick ... will open for business Monday morning under telegraphic approval from Controller Eckels ... Almost the entire list of the old First National depositors have signified by written agreement that they will accept certificates of deposit issued by the National Bank of Brunswick, in lieu of their claim against the First National.
Source
newspapers

Newspaper Articles (19)
1. May 18, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, May 18, 1893

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James E. Horne & Co. Suicide-Bank Suspensions. By Associated Press to The News. NEW ORLEANS, May 18.-A southern afternoon press special from Savannah says that Max Ullman, a prominent merchant and Local Time Card. banker of Brunswick, Georgia, Georgia, committed suicide there this morning. Missouri, Hansas Texas. The Oglethorpe National Bank Passenger Trains-South Bound and the First National Bank, both 10:45 p. a No. I arrives of Brunswick, suspended today. No. 1 leaves 10.55 p, IN Great excitement is said to be there 2:20 p. No. 8 arrives 2:30 D. no No. Sleaves but no further details have been ob. North Bound. tained yet. 6:20 a. . No. 2 arrives 6:40 a. ID No. 2 leaves No. . arrives 3:10 D. a We are ahead of you in one No. . leaves 8:25 p. IX respect," said a German to an No. 1. has through Wagner sleeper to Sar Antonio via Lockhart and Luling American. "We have built a J. K. SMITH church which is so long that it Ticket Agent, Pacido Hotel Block takes a full half hour to go from the entrance to the chancel." Oh Cotton Belt House. GOING WEST. tnat's nothing," replied the Ameri11:15 a . Tarin No. 1 leaves can. We have a church which is Train No. 1 arrives 11:00 a a 80 large that the infant who is GOING BAST. Train No. 2 arrives 5:48 D o taken in at one entrance to be bap. Train No. 2 leaves 6:15 D 1. tized goes out at the other entrance 10.00 8. m Train No. 28 arrives 7.00 a. no Train No. 27 leaves a full-fledged minister with his sec. Between Waco and 8t. Louis solid train vis ond wife. - Fliegende Blaetter. Paragould to St. Louis on Iron Mountain traci

2. May 19, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, May 19, 1893

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COMMITTED SUICIDE. The Way & Georgia Bank President Répaid a Loan. BRUNSWICK (Ga.), May 18.-M. Ullman, President of the Ogelthorpe National Bank, committed suicide in a toilet-room this morning. Beside being President of the Ogelthorpe Bank, he was President of the Brunswick Brewing and Ice Company and a line of river steamers, and was a large stockholder in various enterprises. President Burthage of the First National Bank requested Ullman to repay a loan made the day before. "All right, wait a moment," said Ullman, stepping into the toilet-room. A moment later Burthage heard a report. Ullman was found sitting upright with a bullet hole in the center of his forehead. The news spread rapidly and depositors started a run, and in a few minutes the Oglethorpe National Bank closed its doors, followed immediately by the First National Bank. A slight run was commenced on the Brunswick State Bank, but it met all demands. Mayer & Ullman, wholesale grocers, closed temporarily. The Brunswick Brewery and Brunswick Cotton Factory will also close temporarily. The Oglethorpe Bank was capitalized at $150,000, and the First National at $200,000. The officers of both banks say the claims will be paid in full.

3. May 19, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, May 19, 1893

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STILL THEY GO DOWN Western Banks Keep on Closing Their Doors. Hopes of a Better State of Affairs Are Thrown Out, but Very Vaguely. Special to THE MORNING CALL BRUNSWICK, Ga., May 18.-M. Ullman, president of the Oglethorpe National Bank, committed suicide in the coilet-room of the bank this morning. Besides being president of the Oglethorpe Bank, he was president of the Brunswick Brewing and Ice Company and a line of river steamers, and was a large stockholder in various enterprises. President Burthage of the First National Bank requested Ullman to repay a loan made the day before. "All right. Wait a moment," said Ullman, stepping into the toilet-room. A moment later Burthage heard a report and U!Iman was found sitting upright with a bullet hole in the center of his forehead. The news spread rapidly, and the depositors started a run. In a few minutes the Oglethorpe National Bank closed its doors, followed almost immediately by the First National. A slight run was commenced on the Brunswick State Bank, but it met all demands. Mayer & Ullman. wholesale grocers, closed temporarily, and the Brunswick Brewery and the Brunswick cotton factory will also close temporarily. The Oglethorpe was capitalized at $120,000 and the First National at $200,000. The officers of both banks say all claims will be paid in full. EVANSTON, May 18.-The National Bank of Evanston, III., closed its doors this morning at the suggestion of the Bank Examiner. The bank has a capital stock of $100,000, and did business with the broken Chemical National in this city, The notice on the doors says depositors will be paid in full, and it is said the bank will resume next week. LINCOLN, May 18.-The Nebraska Savings Bank is in trouble. For several days there has been a quiet run on the institution, which to-day assumed extensive proportions. The Clearing-house was called on for assistance and responded promptly. The officials are confident the bank will weather the storm. It has a capital of $250,000. The deposits are $150,000. CHICAGO, May 18.-Six hundred thousand bushels of corn were reported sold out in the Board of Trade to-day for account of N. W. Warren & Co. The firm claims to be selvent, but its accounts are tied up by the Columbia Bank failure. MINNEAPOLIS, Minn., May 18.-The run on the Farmers' and Merchants' Bank, which began Saturday afternoon and which reached a climax yesterday, completely exhausted itself to-day.

4. May 19, 1893 The Times Richmond, VA
Article from The Times, May 19, 1893

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PREFERRED DEATH TO POVERTY. Bank President Ullman Suicides-Several Suspensions Result. BRUNSWICK, GA., May 18.-M. UIIman, president of the Oglethorpe National Bank, committed suicide in the toiletroom of the bank this morning. Up to this time he was considered one of the wealthiest men in this section. Besides being president of the Oglethrope Bank he was president of the Brunswick Brewing and Ice Company, and a line of river steamers, and was a larger stockholder in various enterprises. President /Burbage, of the First National Bank, called at the Oglethorpe Bank shortly after opening and requested Ullman to repay a loan made the day before. "All right, wait a moment," said Ullman, stepping into the toilet-room. A moment later Burbage heard a report. Ullman was found sitting upright with a bullet hole in the centre of his forehead. In his pockets were found an ounce bottle of laudanum, and an unsigned bond drawn to protect a large depositor who had demanded his money the day before. The supposition is that Ullman had been crazed by financial troubles, and that his inability to protect his friends drove him to suicide. The news spread rapidly, and depositors started a run. In a few minutes the Oglethorpe National closed its doors, followed almost immediately by the First National. A slight run commenced on the Brunswick State Bank, but it met all demands. Mayor & Ullman, wholesale grocers, have closed temporarily. The firm is composed of Sam Mayer and M. Ullman. The Brunswick Brewery and the Brunswick Cotton Factory will also close temporarily. Rumors affecting the two banks had been in circulation for several days. These became public after the tragedy, causing the runs. The Oglethorpe was capitalized at $150,000, and the First National Bank at $200,000. The officers of both banks say that claims will be paid in full. Bank examiners have been wired for, and pending their arrival nothing definite will be known. Business will not suffer to any great extent. WASHINGTON, D. C., May 18.-Comptroller Eckels this afternoon ordered Bank Examiner John Carskedan, of West Virginia, to Brunswick to take charge of the First National Bank and the Oglethorpe National Bank of Brunswick, both of which closed their doors this morning. The First National Bank had capital of $200,000 and the Oglethorpe Bank of $150,000. The resources of the banks on May 4th, as reported, were for the former $492,000, and for the latter $682,000. Illinois Bank Failure, EVANSTON, ILL., May 18.-The Evanston National Bank, of this city, closed its doors this morning, at the suggestion of National Bank Examiner George B. Caldwell. The bank formerly did business with the Chemical National Bank, of Chicago, but after the failure of that institution transferred its accounts to the Metropolitan National Bank, of Chicago. Nebraska Bank In Trouble. LINCOLN, NEB., May 18.-The Nebraska Savings Bank is in trouble: For several days there has been a quiet run on the institution, which to-day assumed extensive proportions. The clearing house, was called on for assistance and responded promptly, and the bank is confident it will weather the storm. The bank has a capital of $250,000 and the deposits amount to $150,000.

5. May 19, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, May 19, 1893

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WOULD NOT FACE DISHONOD. Brunswick, Georgia, May 18.-M. Ullman, president of the Oglethorpe National Bank committed suicide in the toilet room of the bank this morning. President Burthage of the First National Bank requested Ullman to repay a loan made the day before. "All right; wait a minute," said Ullman, stepping into the toilet room. In a moment Mr. Burthage heard a report and Ullman was found sitting upright, with a bullet hole in the center of his forehead. The news spread rapidly and the depositors started a run. In a few minutes the Oglethorpe National Bank closed its doors, followed almost immediately by the First National. A slight run was commenced on the Brunswick State Bank but the bank met all demands. Mayor and Ullman wholesale grocers, closed temporarily. The Brunswick Brewery and the Brunswick Cotton Factory will also close temporarily. The Oglethorpe Bank was capitalized at $150,000, and the First National'at $200,000. The officers of both banks say that the creditors will be paid in full.

6. May 24, 1893 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, May 24, 1893

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BANKER COMMITS SUICIDE. President Ullman, Unable to Weather the Storm, Shoots Himself. BRUNSWICK, Ga., May 18.-M. Ullman, president of the Oglethorpe national bank, committed suicide in the toilet room of the bank this morning. He was considered one of the wealthiest men in this section. Besides being president of the Oglethorpe bank he was president of the Brunswick brewing and ice company, and line of river steamers, and was & large stockholder in various enterprises. President Burlbadge of the First national bank called at the Oglethorpe bank shortly after opening and requested Ullman to repay a loan made the day before. "All right, wait 8 minute," said Ullman, stopping into the toilet room. A moment later Burlbadge heard a report. Ullman was found sitting upright with a bullet hole in the center of his forehead. In his pockets were found an ounce bottle of Jaudanum and an unsigned bond drawn to protect a large depositor who had demanded his money the day before. The supposition is that Ullman had become crazed by financial troubles, and his inability to protect his friends drove him to suicide. The news spread rapidly and depositors started a run. In a few minutes the Oglethorpe na= tional bank closed its doors, immediately followed by the First D& tional. A slight run commenced on the Brunswick state bank but it met all demands. Mayer & Ullman, wholesale grocers, have closed temporarily. The firm is composed of Samuel Mayer and M. Ullman. The Brunswick brewery and the Brunswick cotton factory will also close temporarily. Rumors affecting the two banks had been in circulation for several days. These became public after the tragedy, causing the runs. The Oglethorpe was cap* italized at $160.000 and the First national at $200,000. The officers of both banks say that claims will be paid in full.

7. May 27, 1893 The Morning News Savannah, GA
Article from The Morning News, May 27, 1893

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DEPOSITORS SAFE. The Oglethorpe and First National Will Pay All in Full. Brunswick, Ga., May 26.-It is now considered certain that the Oglethorpe Bank will not resume business, but it is equally certain that no depositor in either bank will lose a cent. While it is not believed that the stockholders in the Oglethorpe Bank will realize anything on their stock they will hardly be assessed, as much of the paper the bank holds can be collected. The First National Bank will probably be reorganized on a $150,000 basis, just onehalf of the former capital stock. Col. W. L. Kay, one of the best business lawyers in the state, is vice president of the First National and is working hard to place it on its feet again. A meeting of the depositors will no doubt be held soon and a proposition made to them to take good negotiable paper for their claims, payable on different dates and to resume their business with the bank. As the largest depositors are liberal-minded business men working for the good of Brunswick, they will probably help Col. Kay in his efforts. It is evident here now that it will be to the interest of the depositors to arrange some way for the bank to resume, even if only for the purpose of gradual liquidation, for the forced methods of a receivership would prove not only disastrous to the people who owe, but to the depositors as well. The stockholders and creditors of the First National will no doubt turn over the management of the bank to the creditors and depositors if they will come together to reopen the doors, and in a short time it is thought this plan will be laid before the people. The building and loan associations are helping Brunswick a great deal by lending money to their stockholders, many of whom are building, and this money distributed through the different channels of trade is relieving the pressure to some extent. None of the agencies represented have shut down on the people and their action is appreciated. Some of the merchants have quit crediting and are bringing their business down to a strictly cash basis, but this action on their part is a move many would have profited by if it had been started long ago. R. R. Hobbs of Albany, Goodyear & Kay, attorneys for Morris Mayer and Anson Tucker of Albany and the East Tennessee railway, filed a petition for an injunction to-day to restrain the insurance company from paying Mrs. Max Ullman $64,000 on her husband's life, and endeavoring to subject this fund to the payment of debts of Mayer & Ullman, and Samuel Mayer, Crovatt and Whitfield represent Mrs. Ullman. Rumors effecting the solvency of Kaiser Bros., wholesale dry goods merchants, are untrue. Kaiser Bros. state their ability to pay $2 for every $1 they owe, and their indebtedness is very small, if any. They are reported favorably upon by the banks.

8. June 14, 1893 The Morning News Savannah, GA
Article from The Morning News, June 14, 1893

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TRAMMELL IS ON TOP. He Stands the Best Chance to Be Internal Revenue Collector. ecretary Carlisle Believed to Have Promised Col. Trammell the Place. The Fight at Athens to Secure a New System of Water Works-A' Receiver Named For the Brunswick Banks. Washington, June 13. -There is nothing brand new about the collectorship of internal revenue for Georgia. Representative Turner has made his speech for his man and the North Georgia people have made other speeches that are presumed to be counter irritant. Secretary Carlisle appears to have promised to put Col. Trammell in the office and the President will hardly go behind the returns this late in the day. Mayor Tuck of Athens was here to-day on his return south from New York. It appears from his statement that the legal cause which called him to Gotham involves a grave local question for his town. Athens had water works built some ten years ago by a northern concern. The works have proved inadequate after a ten years' trial and a contract entered into with a new company is the issue to be met. The original company claim a thirty years' monopoly of the water rights of the town under their contract and they have enjoined the new company, who have their works nearly complete, from doing business. Mayor Tuck thinks the town will overthrow the injunction. Gen. Gordon returned yesterday afternoon from New York, and is stopping a short distance out of town with his son Frank. He was in the city to-day, but made no official calls, it being cabinet day. He is billed for an address in New York at an early date, with Lee and Grant as his subjects. THE BRUNSWICK BANKS. Controller of the Currency Eckles has appointed Joseph Burnett, a young lawyer of that town, as receiver of the broken, Oglethorpe Bank. Mr. Burbage of the First National, which is also crippled, is still here and wants a show to reopen his vaults, but the probability is that he won't be accommodated unless he can pay his debts. However, he will see Controller Eckles again to-morrow and then the matter will be decided. The following Georgians have been granted pensions for services in the Indian wars: Aaron Roff, Jonathan Miller, A. M. Horne, W. J. Avery, William H. Wilder and James Keheley. The following Georgia widows of Indian fighters come in for $8 per month each on recent adjustments: Elizabeth Moore, Sarah E. Alexander, Harriet Miles, Elizabeth King, Martha Sparks, Electra Carter, Belinda Kelly, Elizabeth Ormond and Mary Gilbert. Secretary Hoke Smith will return to Washington to-morrow from Ocean Beach, Va.

9. June 15, 1893 The Morning News Savannah, GA
Article from The Morning News, June 15, 1893

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TRAMMELL ON THE SCENE. He Will Remain at the Capital Until He Wins or Loses. The Controller Not Inclined to Allow the First National Bank of Brunswick to Reopen Its Doors-Congressman Lester Backing David Robinson for Inspector of Immigrants at Savannah. Washington, June 14.-Paul: Trammell is in Washington to-night. He arrived to-day and here he will remain until he wins or is beaten for collector of internal revenue. Representative Turner is urging his candidate, Mr. Clements, but Mr. Trammell has the balance of the delegation, with the exception of one or two, and both senators. Mr. Trammell is a discreet man and talks little, still he said tonight that he expected to win. President Burbage and Director Kay of the broken First National Bank of Brunswick left for New York to-day, but will return on Monday. In a further talk - to-day the controller expressed his unwillingness to allow any closed bank to reopen, as experience had demonstrated that such rarely recover their lostprestige. Unless the entire liabilities of the bank are paid, which is deemed unlikely, a receiver will be named in a few days. The Atlanta Journal's Washington special of June 12 stated that the difficulty with the controller was the payment of the indebtedness of the president and directors. This is not the case, for the bank examiner's report shows President Burbage's indebtedness to be $46,000, Director Kay's, $5,000; Director Russell's, $3,500; Director Keenan's, $3,500, and Director Walker's, of Darien, $15,000, while the aggregate sum of the discounts is $435,000. The controller is favorably impressed with Attorney and Director Kay and will probably appoint him counsel for the receiver, an unusual procedure by the way. THE LA GRANGE POSTMASTERSHIP. Postmaster General Bissell has at last agreed to appoint Representative Moses' candidate, Mr. Kirby, to the postoffice at LaGrange and his commission will shortly issue. Hon. John Temple Graves is here tonight. He delivered the commencement address of the University of Virginia yesterday at Charlottesville, and the Richmond papers speak of it as one of the greatest hits ever made by an orator at that institution. Mr. Graves will call on the President to-morrow, but expresses his indifference about a foreign appointment, as his lecture work is yielding him a handsome income. Congressman Moses caused the postmasters at Geneva, Talbot county, and Temple, in Coweta county, to be removed to-day. Mrs. U.M. Renfro is the new appointee at Geneva, and G. B. Griffin at Temple. Congressman Lester is still here, but ne expects to leave for Savannah to-morrow or the day after. He is trying to have David Robinson of the Savannah Press appointed immigrant inspector under the treasury department. Mrs. Loutia M. Gordon, the gifted newspaper correspondent, is in Washington tonight en route home to Atlanta. She has had an extended northwestern trip. Georgia drew a single prize in the postoffice lottery to-day. A. P. Padgett was appointed to Willacoochee, in Coffee county. William E. Anderson of Pensacola has filed an application for the office of collector of customs at that port. F. W. Breovard of Lakeland wants to be superintendent of life saving stations. Hon. W. H. Sebring of Bronson has applied for the office of register of the treasury. William Duryee of Fernandina wants to be collector of customs at that town.

10. June 17, 1893 Evening Star Washington, DC
Article from Evening Star, June 17, 1893

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Receiver Appointed. The controller of the currency today appointed Mr. Thomas S. Jordan receiver of the First National Bank of Brunswick, Ga., which suspended May 18, 1893.

11. June 18, 1893 The State Chronicle Raleigh, NC
Article from The State Chronicle, June 18, 1893

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Appointed Receiver. By Southern Associated Press. WASHINGTON, D. C., June 17 i Comptroller Eckels has appointed John S. Thomas Receiver of the First National Bank of Brunswick, Ga., suspended May 18 last.

12. June 18, 1893 The Morning News Savannah, GA
Article from The Morning News, June 18, 1893

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Brunswick's First National. Washington, June 17.-Controller Eckles has appointed John S. Thomas receiver of the First National Bank of Brunswick, Ga., which suspended on May 18, last.

13. August 5, 1893 The Morning News Savannah, GA
Article from The Morning News, August 5, 1893

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CONGRESS TO HAVE A ROW.Western Members Kick Over Proposed Committee Changes. TheRetention of Messrs. Springer and Holman in Their Old Committee Chairmanships to be Demanded-ControilerEckels May Permit the Suspended First National Bank of Brunswick to Become a State Institution. Washington, Aug. 4.-Nearly every congressman has come to Washington with his head full of ideas and a chip on his shoulder. It looks as if there might be a bad row in the Democratic party over the House chairmanships. There is no longer a probability that the Sherman be repealed immediately, or without law a can bitter contest. The leaders of the democracy are nearly all in the city now. Messrs. Springer, Holman and Bland have arrived, and by to-night the majority of their followers will have reached Washington in readiness for the opening of the session. As the members come in there are rumors of growing dissatisfaction with the plan decided upon by Speaker Crisp, of deposing Messrs. Springer and Holman from the chairmanships of the ways and means and appropriation committees. The growl, though not very deep nor very loud, is plainly heard, and there is a strong probability of its growing in intensity. OF A SECTIONAL NATURE. The dissatisfaction exists only among the northern and northeastern members, and it is purely of a sectional character. The fact of the matter is that the friends of the two gentlemen threatened with deposition are calling attention to what they declare is an apparent purpose to place the entire organization of the House in the hands of the southern states. This sectional view of the situation is being disseminated with the idealof arousing sentiment to such a degree that both Mr. Springer and Mr. Holman may be kept at the head of the committees over which they presided during the last congress. THE DOOR KEEPERSHIP. The fight for the place of door keeper has developed little beyond the fact that all the office candidates running are weak men. Mr. Turner, the ex-door keeper, has lost control of his New York people and his boom threatens to collapse before the House can assemble. If he gets out Smith of Texas. a young newspaper writer, will stand the best show. THE BRUNSWICK BANK. The controller of the currency decided to-day to permit the creditors and depositors of the closed First National Bank at Brunswick to assign their claims to a new concern to be opened and operated under a state charter, provided that satisfactory evidence is produced at the department showing that creditors and depositors are fully satisfied. The controller also decides that the new bank can by a vote of the shareholders of the closed bank constitute it a liquiit datig agent and as such can assume charge of all the assets and liabilities of the closed bank, discharge its receiver, and utilize its assets to discharge its debts, or to increase the capital stock of the new bank. Mr. Kay of Brunswick has worked earnestly for the plan, which he said to-day has received the indorsement of some of New York's oldest financiers. This decision of the controller, Mr. Kay declares, marks a new era in the work of reorganizing closed banks, and the ruling will excite wide spread comment. John Locke Martin, of Rome, has received a place in the census office.

14. August 5, 1893 The Morning News Savannah, GA
Article from The Morning News, August 5, 1893

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IT WILL PROBABLY REOPEN. The Controller is Looking With Favor On Bruswick's Bank. There is little doubt now that the First National Bank of Brunswick will be reopened within a few days, and as it seems under very auspicious circumstances. Controller Eckels has looked with favor on that bank. and although he !appointed a receiver some time ago, he has never levied any assessment on thestockholders. This has not been done on account of the fact that he has been considering a proposition from the stockholders to take up the bank assets and liabilities and reorganize the institution. Pending the consideration of the proposition no assessment has been levied, and it was learned here yesterday that the controller had agreed to the proposition and that it will go into effect shortly. Not only this but there is another plan in the proposition by which one of the two solvent banking institutions left in Brunswick is to be amalgamated with the First National and one good solid banking institution formed, under the name of the First National Bank. Upon the creditors relieving the bank of this liability, the controller will turn the bank over to the stockhoiders and they will probably amalgamate it with one of the other banks and assume the liabilities and assets. There is little doubt but what this plan will be pursued, and thus the stockholders will be given an opportunity of realizing all possible from the assets of the bank. This is what the stockholders of the Oglethorpe National bank wanted or rather they made a similar proposition to the controller, but it was given little consideration. The stockholders of the Oglethrope National Bank are now looking into the assets of that institution with a view to reopening or winding up the bank's affairs. If they decide to reopen the bank, a similar proposition may be made to the controller.

15. August 6, 1893 The Morning News Savannah, GA
Article from The Morning News, August 6, 1893

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ECKELS' RECENT RULING. Mr. Kay Says it is the First of Its Kind Made in That Department. The First National Bank of Brunswick to Reopen as a State Bank and the Stockholders to Take Charge of the Assets-Secretary Smith Has Directed a Topographical Survey of the Coast Counties of Georgia. President W. E. Kay of the First National Bank of Brunswick was in the city yesterday on his return from Washington, where he has been to hold a consultation with Controller of the Currency Eckels with regard to a proposition made by the stockholders to assume the assets and liabilities of the institution and reopen it as a state bank. Mr. Kay left for Brunswick last night. The controller of the curreucy has decided to permit the creditors and depositors of the First National Bank to assign their claims to a new concern to be opened and operated under a state charter, provided that satisfactory evidence is produced at the department showing that creditors and depositors are fully satisfied. The controller has also decided that the new bank can, if the stockholders desire, assume charge of all the assets and liabilities of the closed bank, discharge its receiver, and utilize the assets to discharge its debts or to increase the capital stock of the new bank. IT WAS A NEW RULING. "Mr. Eckels is very kindly disposed toward the people of Brunswick," said Mr. Kay yesterday, "and he was ready to do all he could to aid the First National Bank out of its troubles. "The ruling he made with regard to the reopening of the First National Bank, was the first of its kind ever made in that office and it has received the endorsement of some of the best known financiers in the country. He has allowed the stockholders to change the institution to a state bank and to come in and take charge of all the assets. There was no limit fixed for the time at which they must act, but we expect to have the bank orga nized and ready to run as a state bank within the next thirty days. "I don't think there will be any trouble whatever in getting all of the stockholders to come in. It is the best thing they can do and it will be a good thing for Brunswick. It will result in the saving of a large amount of the assets which might otherwise have been sacrificed. "The precedent made by his decision in the case of the First National Bank has made an opening for the Oglethorpe National, and the chances are, that if the stockholders of that bank) takeladvantage of it they! will save a large amount of their assets. A SURVEY OF THE COAST COUNTIES. "I had occasion to meet Secretary of Interior Smith several times while in Washington," continued Mr. Kay, "and from all I saw and heard I am justified in saying Mr. Smith has determined to do all he can for Georgia. "While I was there the state geologist was in Washington in consultation with the geologist of the interior department with regard to a topographical survey of Georgia. Secretary Smith told the geologist of the department of the interior that he wanted the topographical survey of the counties along the coast made first, as the North Georgia counties had been gone over thoroughly, and he thought it time that some attention was being paid the coast counties. Secretary Smith's orders in this department are supreme, and there is no doubt but that it will be done as he directed. He believes that there is a great deal of wealth in the southern counties of Georgia which will be located by such a survey." Mr. Kay was very much satisfied with the results of his trip. He left last night the Brunswick to lay the proposition of for controller before the stockholders.

16. August 9, 1893 The Morning News Savannah, GA
Article from The Morning News, August 9, 1893

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BRUNSWICK'S FIRST NATIONAL. The Success of the Plan for Reopening the Bank Probable. Brunswick, Ga, Aug. 8.-When seen to-day Col. Kay stated that had nothing to say about the affairs of the First National bank except that the outlook for reopening the bank was encouraging. From parties who claim to know it is learned that all the plans are being carried out and that only a few necessary but trivial matters remain to be attended to before everything can be closed up. The consummation of these plans and the work that has already been done places the people of Brunswick in a position to realize the earnestness of the efforts made by Col. Kay to relieve this community of the disasters which were occasioned by failure of the bankers. When the financial panic commenced Col. Kay was president of the Brunswick Savings and Trust Co., and vice-president of the First National Bank. Being partly aware of the existing state of affairs before the banks closed, he tried to save them. When he approached the president of the Oglethorpe Bank he was assured that $5,000.00 would save him. Col. Kay then placed his own personal property as security and with the co-operation of Col. John E. duBigmon secured the required amount, placed it in the President's hands and thinking the banks safe, left that night for New York on other matters of business. While in New York he learned the news of the bank troubles and returned at once to Brunswick. He at once began straightening out the affairs and to have more time resigned the savings and trust company's presidency against the combined protests of the directors and stockholders. When they finally accepted it, Col. Kay was tendered a banquet, and the severing of his connection was made as pleasant as possible. After this he twice visited Washington to see the controller on his reorganization plan, and finally by determined and persistent efforts, fair propositions, solid facts, and a good showing he succeeded in securing such recognition from the controller as had not before been shown to other banks. His success means the early distribution of over $400,000 in Brunswick, and the people will not soon forget it. Col. Kay modestly declines to discuss his actions in the matter, but the facts are familiar to some.

17. February 14, 1894 The Morning News Savannah, GA
Article from The Morning News, February 14, 1894

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BRUNSWICK'S FIRST NATIONAL The Bank to Resume Business Under a Reorganization on March 1. Brunswick, Ga., Feb. 13.-Col. W. E. Key returned to-day from Washington, where he has been in consultation with Controller of the Currency Eckels with a view to reorganizing the First National Bank. While unable to secure an interview with Col. Key, owing to his rush of business, the MORNING NEWS correspondent understands that the plans of reorganization submitted were favorably received by Controller Eckels, who consented to detail a special expert to visit Brunswick and assist the bank's officersin transferring the bank's papers, now in Receiver Thomas' hand's, to the new officials. The plans of the transfer having met with a favorable reception by the controller, the new bank, with $150,000 capital, will be open by March 1. The effect of this will be very beneficial, not only to the shareholders and depositors, but to the general public as well.

18. February 16, 1894 The Morning News Savannah, GA
Article from The Morning News, February 16, 1894

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BRUNSWICK IMPROVING. The Business Outlook Steadily Growing Better. Brunswick, Ga.. Feb. 15.-Brunswick's business is steadily improving. The Gress Lumber Company, of Atlanta, has opened a branch office here for the purpose of exporting lumber, both foreign and coastwise. Brunswick is losing no business, but instead, the list of firms here is being slowly but surely added to. The Kennon cotton factory will begin work within thirty days, President Kennon being now hard at work completing preparations for resumption. Cook's, Anderson's, Brown & Garber's and Holman & McArthur's lumber mills are running regularly; all of St. Simon's mills are in operation, and despite the recent depression. no unemployed laborers are standing around the street corners. When the sewerage work commences there will be ample labor for any men now idle in Brunswick. The banks are prosperous. Cashier Lane, of the Merchants' and Traders', reports a larger deposit list and an easier feeling in money matters among the business men. Col. W. E. Kay's plans for reorganizing the First National into a new bank with $150,000 fresh capital have materialized, and this amount, together with a similar sum from the sewerage contractors will be in the city soon. One oyster factory has resumed and another canning factory will resume work in thirty days from now, canning fruits and vegetables. The Altamaha Cypress and Lumber mills are now running full time with sixty-five men, and there is not an idle machine shop, foundry or blacksmith shop in Brunswiek. Several of the firms closed by the bank failures last year have resumed business, and all are arranging to pay their indebtedness promptly. The 'longshoremen and Knights of Labor, who recently struck for higher wages, have returned to work, and happiness and contentment seemingly have the upper hand of affairs. Brunswickians are plucky. They have had almost insurmountable set-backs, but they soon scatter misfortunes and dive deeper into the future and endeavor to pull themselves and their cherished city back to its proper* place in the business world.

19. March 18, 1894 The Morning News Savannah, GA
Article from The Morning News, March 18, 1894

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BRUNSWICK'S NEW BANK. Controller Eckels Authorizes It to Begin Business. Brunswick, Ga., March 17.-The National Bank of Brunswick, H. W. Reed, president. will open for business Monday morning under telegraphic approval from Controller Eckels, which was received to-day. Controller Eckels' special representative, A. D. Lynch, who is here for the purpose of ascertaining whether the new bank has complied with all the legal requirements previous to opening. said in an interview to-night "The National Bank of Brunswick has perfected an organization by paying in $150,000 as cash capital. There are twelve stockholders, and the officers are: H. W. Reed, president: C. Downing, vice president: James Here Smith, cashier: W. E. Kay, W. B. Burroughs. Rosenda Torras, W. G. Brantley, H. H. Tift, directors. This bank is entirely distinct and independent from the First National Bank of Brunswick. The majority stockholders both in holding and number are composed of those not previously connected with the First National. Almost the entire list of the old First National depositors have signified by written agreement that they will accept certificates of deposit issued by the National Bank of Brunswick, in lieu of their claim against the First National. In some instances depositors prefer to have small amounts paid them and take certificates for the balance, but this is a matter of agreement between the depositors and the bank and it is left to their choice whether part cash or ail certificates are received. Under this arrangement the First National by its receiver sells the National Bank sufficient assets to discharge all its liabilities. Its debts being discharged the remaining assets go to the First National stockholders and are collected by an agent as provided by law, the entire process of liquidation thus being kept within the province of national banking laws. The arrangement is a fortunate one for the depositors of the First National. The plan is a liberal one. The depositors of the First National will receive their payments in accordance with their agreement with the bank." The announcement of theopening of the bank will be cheering news to the public, and cordial support will be given it. Receiver Thomas, Mr. Lynch and Col. Kay leave Tuesday for Washington to complete the final details with Controller Eckels, concerning the settlement with the depositors of the First National under Col. Kay's plan. Receiver Thomas will to-morrow issue a statement to the public to the effect that in order for the receiver to complete the final arrangements of the plans proposed by the new bank for the settlement with the creditors of the First National a few days delay is unavoidable, but immediately after the completion of these details due notice will be given and the creditors can affect their settlement according to their contract with the old bank.