The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-21
CREDITORS WILL NOT LOSE.
BTunSWiCk'S Broken Banks Can Pay
Everything.

1dr. Myers Thinks the Stockholders
viii Escape Assessment and May
Realize % or so Cents on the Dollar.
Loose Banking Methods BE Says
Caused the Failures The InstitU-
lions Were Used Too Much to Boom
the Town-Cause of Mr.. Ullman's
Suicide.
Mr. Herman Myers returned yesterday
morning from Brunswick, where lie went
TO look after the interests Of the Savan-
nah stockholders in the suspended banks.
There is really nothing new in the situ-
alton " said Mr. Myers. Both banks are
closed. and the directors are only in pos
session of meager information. The bank
examiner arrived this morning, and until
he makes his report everything viii be
only matter of conjecture. However, I
feel satisfied in asserting that the credit
ors of the bank will not lose a dollar.
There is a great deal of good paper to be
realized upon, which viii protect them,
but collections on it will be slow. Incon-
venience for a short time is all the credit
ors will suffer.
CAUSES OF THE FAILURE.
81 expect a receiver will be appointed
for the banks, and if he is a good business
man, which will probably be the case, the
stockholders will get out without an as
sessment, and possibly realized 25 or 80
cents on the dollar"
''What causes do you assign for the
failmes}n Mr.. Myers was asked.
1.-The causes date back several years"
he replied. 'The banks have not been
operated according to proper banking
methods, that is, as commercial institu-
lions. think that their funds were used
too much to build up Brunswick. They
carried on too much of a real estate loan
business, and when papers of that kind
fell due they could not be promptly met.
If the banks had been run more strictly
as commercial affairs they would have
been more prosperous. The officers were
public-spirited men"
In reply to a question as to the effect
the failures would have upon Brunswick,
Mr.. Myers said the city's progress will,
TO a certain extent, be retarded by the
disaster. the same as any other place
would feel the effects of the collapse of
two financial institutions.
MR.. MYERS POSITION.
Mr.. Myers said he was surprised
at the report published in Bruins
wick papers and teleFraphed abroad
that he had refused to be in
terviewed in connection with the report
that he had declined on the morning of
the failure to loan President Max Ullman
$4,000 and that such refusal was the
direct cause of Mr.. Ullman S suicide.
u was never approached by any of the
newspaper men there, " said MIR Myers.
Il would willingly have given an inter-
view had one been requested. Ihad moth
ing to hide and would have given any in
formation in my possession. / had no
telegram from Mr.. Ullman for a loan, but
] suppose the rumOr arose from the fact
that one of the bank directors telegraphed
from Atlanta refusing to sign a bond to
secure the county treasurer.
81 do not believe anything wrong viii
be found in Mr.. Ullman's affairs" said
Mr. Myers. THE only cause can assign
for his rash act is that he could not stand
the humiliation Of living to see his bank
close its doors. This is borne out bX the
fact that about a month ago MIR. U1lman
remarked to Mr.. Kay that if the Ogle-
thorpe bank went down he would go down
with IL