The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-19
DID NOT CAUSE SURPRISE.
FinalCieTS Here Aware Of the Weak
ness Of BrunSWiCk'S Broken Banks.

ness Of BrunSWiCk'S Broken Banks.
Stock Of the ogIethorpe Bank offered
in Savannah for Months Without
Takers-Only Small Holdings Owned
by Local Capitalists-The Bulk I'm
loaded About Year AgO-President
UIIman a Former Well-Known and
Popular Savannahian-View Of a
Brunswick Bank President on the
Situation.
The announcement Of the failure of the
First National and OglethOrpe National
banks of Brunswick which reached here
just after Savannah's banks had opened
for business, did not cause much Of a stir
in local financial circles, as both banks
had been looked upon for long time as
shaky institutions
The failure was no surprise to the local
anl1 officials. They have been chary of
the Brunswick banks for over a month
and were prepared at any time TO hear
they had closed their doors. Some of the
paper went to protest in New York a
week ago and in the last few days they
have shown other signs of weakness.
Quite a large block of stock in both
banks was held by Savannahians up to
about a year ago, but the holders became,
in many instances, dissatisfied with the
speculative management of the concerns
and unlOaded as much as possible Never
theless. about $40 600 of the stock was
held here by individuals, who will in no
wise be affected by the failure as far as
their financial stability is concerned. This
$4,000 was distributed among about a
dozen business men, the largest single
holdings not footing up over 8, 600. Presi-
dent Herman Myers OF the Savannah Ma
tional is one Of these stockholders, and he
left yesterday for Brunswick to represent
the Savannah stockholders interests.
NO MARKET FOR THE STOCK.
For several months there has been no
market anywhere for Oglethorpe stock
1t has been offered repeatedly in the Sa-
yannah market, but nobody would touch
it. This state of affairs shows how Sa-
vannahs financiers have looked upon the
broken bank.
The suicide of President Max Ullman
of the Oglethorpe National caused more
surprise and gossip than the failure of the
two banks He was we'll and favorably
known in Savannah, having resided here
for many Years. He travelled the south
eastern states for four years for II. Myers
81 Bros. and was one of the most popular
travelling men on the road. Mr.. Ullman
left Savannah to go into the cotton bust
ness with S. Mayer at Albany and after
ward worked for the house Of s. Mayer
& Glauber in Americas. Later he mar
ried one of Mr.. Mayors daughters, who
is a sister of Mrs Emanuel Smith of this
city.
MIR. Ullman moved TO Brunswick ten
years ago with Mayer & Glauber, and
shortly afterward became a member Of
the firm. He took a lively interest in the
development of Brunswick and was soon
looked upon as one OF its most progressive
and pushing citizens. He put his money
into all the local industries and did every
thing in his power TO make Brunswick one
OF Georgia's foremost cities.
BRUNswICKs LEADING FINANCIER.
Nothing was complete in the town un-
less Max Ullman was interested in it, and
when he undertook the organization of
the OglethOrpe bank he had no trouble in
interesting the monied people of Bruins
wick and Savannah in the scheme.
Those in Savannah who were intimate
with him say he was man highly sensi-
tive of his honor, and they believe when
he found himself face to face with the
ruin OF his cherished financial scheme
the bank-this sensiuveness caused him
to take his life rather than meet the
people and stand the Calumnv which he
feared would be heaped upon him for the
disaster.
President c. b. Lloyd of the Brunswick
State Bank was in the city yesterday en-
route to New York for the benefit of his
health. As soon as he heard of the sus-
pension of the two banks he wired his
cashier, Mr.. Cunningham, for particulars
and also as to the possible effect on other
financial institutions. He received a reply
that the failures had not caused as much
excitement among the people as had been
anticipated and there was practically no
rush being made.
WILL NOT CRIPPLE BRUNSWICK.
"F'or some time, " said Mr. Lloyd, eve
have been aware that the First National
and Oglethorpe were suffering on account
Of the general financial depression, but
were In hopes they would tide over: still
the failures We're not a surprise to me.
The Merchants and Traders Bank, the
Brunswick Savings and Trust Company
and the Brunswick State Bank are per
tectly solvent and will in no wise be
affected by the failures A few minor in
dustries may be temporarily affected by
the suspension, but things will, | am sat
istied, work out all right. The most re-
grettable feature of the entire affair was
the suicide of Mr. Ullman. He was
public-spirited citizen and Brunswick will
miss him. His brother and other relatives
are wealthy, and believe they win see
that the Oglethorpes affairs are properly
righted."