The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1893-06-17
From the special correspondent Of The WING.
Brunswick's Bursting Boom.

| LII uhS " lSN . lSu1 DOo"s
| BRUNSWICK, GA June 8, 1898.
| DEAR WHICH, think it was some three
years ago wrote you some account Of the
boom that had started in Brunswick
Capitalists from New York came dowa here,
purchased two OF thres hundred acres OF
town lands, laid out building lots, started
the Brunswick Company, induced citizens
| to take stock in the same, built magnif-
cieDt hotel at a cost of 165, 900 dollars, built
street railways, had the stock listed at the
stock exchange at New York, sold lots at
| e1horbitant prices, induced people to build,
| started boom of speculation and in fact
| set people crazy as to the future of Bruins.
| wick. Lots valued at 800 dollars before the
boom, rapidly sold for one to two thousand,
with few exceptions, and all seemed anxious
to 81 eculate in town lots. To accommodate
borrowers, four banks werej started, two
National, the First National bank and the
Oglethorpe National Bank, and two State
banks, the Brunswick State Bank and the
Merchants and Mechanics Among and
foremost of the spectators were the presi
dents Of the Oglethorps n ational Bank, the
First National Bank and the Brunswick
State Bank, who it appears now were using
the funds of their respective institutions in
private speculations, and 80 the thing went
on. And now comes the inevitable result.
Five or six weeks ago faint rumbIings of
the storm began to be heard and felt. A few
conservative men who had not participated
ia kite flying, began to set their houses in
order. Well the burst came. Talk about
your western cyclones, the worst of them
were but gentle zephyrs in comparison to
the cyclone that struck this town three
weeks ago. leaving ruin and desolation in
it's track.
Three weeks ago the president of the
Oglethorpe National Bank entered it at
8 a. m, had short talk with his compeer
and associate the president of the First
National, then passed into private room
and blew his own brains out. The bank
Immediately closed its doors (Which it
would have done at any rate AS soon as
the President of the First National Bank
reached his bank hs closed its doors and
they both remain closed. The failure of
the two prominent banks caused a run on
the Brunswick State Bank went under
The Merchants and Traders Bank still
holds out and may weather the storm. We
all hope it may, but the feeling of distrust
is so prevalent in this community that no
one can estimate for the future. The U. S.
bank examiners are in charge OF the two
National Banks and the probabilities are
they will be put in the hands OF receivers.
An effort is being made by the stockholders
and directors of the Brunswick State Bank
to reopen it and make fresh start with
new officers, but the general impression is
that they will all go into the hands of
receivers. If 50, then great distress and
suffering must accrue in the course of
winding up these institutions, and it will
be long time before depostors get paid
off, if ever.
L am pleased to be able to say that the
Cecil delegation located here escaped the
fury of the storm with but slight damage
and are safely anchored in port with sails
all set for coming breezes.
OF course business is IN a measure paral.
yzed for the present and every thing looks
dark. But when the effects of storm have
passed away, 1t will start up again on |
better and frmer grounds and the sad
experience of the last few years will be |
remembered as a costly lesson to profit by |
in the future. Yours CECIL |