The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-08
TIE RACKER FAILURE.
z. Myers & Fro. Obtain sn Inlunction
involving $4,000.


Involving $4,000
II. Myers & Bro. Of this city have OBJ
tanned from Judge O'Brien CT the supreme
court Of New YORK injuncu1ns against toe
Merchants National Bank and the Central
National Bank Of New YORK, and Abraham
BacLer and ais assignee, Benjamin r Eln-
stein. ,-...t aa,L a.
corning 10 New orE t.spaIcn 20 tHe
! Nrp~Tsa NEWS. Is enjolned from dIspoSlnS
!. ~ - 49, n the Savannah and At
| 49,, RaiIUay company aud note or
( go ~ ne N.scOEse Real Estate Com
-, T. llunbls. pledged vita the bank
NJ Bscker. The Central National
r. il restrained from dispOsiug Of los
shsrss II the STOCK Of the National BANK OF
Savannah BY backer-
% sI-s-Tnsr h. Myers was seen last night by
aN1RxIN5 News reporter. He declined 10
Sac the amount OF his loss, intimR.iug that
II is entirely private matter. be said,
! bowayer. that the National Bank OF Savan-
nah is not involved in the failure OF backer.
In reply 10 q question whether the
/ fsilura VII! affect the Macon and Atlantic
railway, Mr. Myers said that he doesn't
think IL WILL as none Of the corporations
money was in Backer's hands The stock
holders were assessed e. so on each $4,000
A.
placed with the Central Trust Company Of
New York. The Macon and Atlantic. Ar.
Myers thinks, has no further interest IN
Backers failure than whatever individual
interest be may have IN IT,
The itemised securities which the Asso-
ciated Press dispatches state have bean en-
Joined indicate the amount Of Myers &
Bros. interest at over 81 600. / ne sixty bonds
Of the Savannah and Atlantic are worth
S6. 900, and the l6S shares of National bank
stock Ell, $40. These, together with the
s20. 600 note Of the Muscogee Real Estate
Company Of Columbus foot up total OF
s47. S32
Much surprise is expressed in mercantile
circles that Baeker, on capital Of about
$4O0, 900, had managed TO obtain such large
amount Of credit, equal TO ten times DIS
capital. This is partly accounted for by the
fact that he had accounts in q number OF
banks in which be put through
large quantities Of paper, which
was readily accepted with his
Endorsement. Then again he had bsen II
business in New York tor over quarter OF
q century and had always met his obhga-
tions promptly. Il Is also 6 mstter OF
favorable comment that il bis large busl-
ness in commercial paper Bscker met with
very few losses and that he was scle 70
collect claims where others could net. His
credit wls 30 good with the banks that
there were scarcely any inquiries regarding
his affairs.
1t will probably require ten days 70 com
plete statement Of BscEer's affairs. In the
meantime there Is no change IN the amount
Of liabilities as previously stated-S4, 600. 900,
which includes the contingent OF $500, 900
paper Of other parties under discount, which
Mr. Backar indorsed The direct liabilities,
90, 800, 90, are principally for loans, partly
secured BY collateral, and on open accounts,
The nominal assets, it is said, exceed the
liabilities, and il properly managed, 1t is
claimed, ought 10 pay all debts and leave
margin for Backer.
There are about twelve banks in New
York as creditors, and it is said that their
officials have promised to do all they can to
put Bscker on his feet again.
Myers & Bro. are said to be the only
parties in Savannah interested in Backer's
failure.