The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-06
ECEELS' RECENT RULING.
MT. Ray Says il is The First Of lis
hind Made in That Department

The First National Bank Of Bruins
wick to Reopen as a State Bank and
the Stockholders to Take Charge of
the Secretary Smith Has Di-
rected a Typographical Survey Of
the Coast Counties OF Georgia.
President W f. Kay Of the First Ma
tional Bank Of Brunswick was in the city
yesterday on his return from Washing
ton, where he has been TO hold a consulta-
ton with Controller of the Currency
Ecl.els with regard to a proposition made
by the stockholders to assume the assets
and liabilities of the institution and re-
open It as a state bank. Mr., Kay left for
Brunswick last night.
The controller of the currency has de-
cided TO permit the creditors and depos-
itors of the First National Bank to as
sign their claims TO new concern to be
opened and operated under a state char
ter, provided that satisfactory evidence Is
produced at the department showing that
creditors and depositOrs are fully salts
fed.
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, land 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
of hn TNirat National Ilaulr
was the first Of its kind ever made in that
Office and it has received the endorse
ment of some of the best known
tinanciers 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.
81 don't think there will be any trouble
whatever in getting all of the stOckhOld-
erS to come in. 1t is the best thing they
can do and it Will be a good thing for
Brunswick 10 win 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 Ma
tional and the chances are, that if the
stockholders of that Danki take,advantage
of it stheys Will save a large amount of
their assets.
A SURVEY OF THE COAST COUNTIES.
II had occasion to meet Secretary of In
terror Smith several times while in Wash
ington,' continued Mr.. Kay, land from
all saw and heard l am justified in say
ing Mr.. Smith has determined to do all
he can for Georgia.
''While l was there the state geOlogist
was in Washington in consultation with
the geOlogist of the interior department
with regard to typographical survey of
Georgia. Secretary Smith told the geol-
ogist of the department of the interior
that he wanted the typographical survey
of the counties along the coast made first,
as the North Georgia counties had been
gone over thoroughly, ana he thought it
time that some attention was being
paid the coast counties. Secretary
Smiths orders in this department are
supreme, and there is no doubt but that
it will be done as he directed He be-
heves that there is great deal of wealth
in the southern counties of Georgia which
will be located by such a survey"
MIR. Kay was very much satisfied with
the results Of his trip. He left last night
the Brunswick to lay the proposition of
Tor controller before the stockholders.