The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-17
TO Be TESTED IN COURT.
Some Inside History Of a Brunswick
Banks Administration,

Banks Administration,
The Stockholders of the OFlethorpe
National Bank will Question the
Right of Comptroller Eokels to Levy
an Assessment without Sufficient
OBSERVATION-DISCLOSURES Spicy Talk
About the appointment of a Reoeiv-
er-Mr. Myers to go TO Brunswick
Tonight.
Mr. Herman Myers, who is stock
holder in the Ogelthorpe National Bank
of Brunswick, which failed some six
weeks ago, and who is member of the
committee appointed to represent the Sa-
vannah stockholders, leaves tonight for
Brunswick, where he goes to look into
the affairs of the bank with regard TO its
assets and Liabilities, with a view to
making proposition to Comptroller of
the Currency Eckels on behalf of the
stockholders to the effect that they are
willing to take up the banks business,
pay whatever assessment is necessary on
the stock and reorganize the bank on
new basis
The inside history of the administra-
tiOn of the affairs of the Oglethorpe
National Bank since its failure is a some
what sensational and interesting one, and
there is great deal to it that has never
yet been told
Shortly after the bank failed, Col VIM.
Garrard, Mr. j. p. Williams and Mr.
Herman Myers were appointed a commit
tee TO take care of the interests of the
Savannah stockholders in the institution,
which are quite large, about $50 shares
being held in this city The action of
Comptroller Echels, in assessing the
stock SIS per share, falls quite heavily on
them, and it is doubtful if it viii be borne
under the present existing circumstances
without some protest
THEIR PROPOSITION REFUSED.
"This committee" =" said Mr.. Myers yes
terday, first asked the comptroller of
the currency for permission TO
examine the books of the bank aud to
look into its assets and liabilities They
did this, knowing that they could take up
the bank and straighten it out, placing
whatever assessment on the stock that
was found to be necessary after a thor
ough investigation into the banks assets
and liabilities, ana thus making up the
deficit and putting the bank on new
basis.
This request was refused by Mr..
Eckels, who insisted on the appointment
of receiver, and denied us the right to
look into the affairs of the bank or make
any Investigations whatever, until two
days ago when we received a notice from
him that we would be permitted to in
spect the accounts, which was
followed shortly afterward by
letter from Receiver Bennett stating that
he would furnish us with any informa-
tion he thought proper to give out. ] 90
to Brunswick tomorrow night to look
into the accounts of the bank on this au-
thority from the comptroller with the
planin view that have just mentioned.
INSISTED ON APPOINTING A-RECEIvER.
''Mr. Eckels, asI have said, insisted on
the appointment of receiver without
giving the stockholders the opportunity
they asked for, although Mr.. Williams, a
member of the committee, went to Wash
ington and urged the matter personally
when it was seen that he was deter
mined to appoint n receiver, the names
of three gentlemen, all good business
men, We're suggested to him by
the committee as parties who would be
acceptable to the stockholders. These
gentlemen were Mr.. Peek, confidential
man for Meinhardt Bros. Mr.. Brantley,
solicitor of the Brunswick circuit, and
Judge Spencer h. Atkinson.
MIR. Eckels, however, insisted that
he wanted a lawyer as re-
ceiver, and so gave the appointment to
Mr.. j. w. Bennett a lawyer, on condi-
tiOn (and l have proof of the fact) that
he would appoint Judge NJ. L. MershOn,
of Brunswick, as counsel to the receiver,
both of these gentlemen having done
campaign work in their district
"We thought that the bank should be
taken in hand by business man and
urged this point before the comptroller of
the currency, but he thought differently.
We were not opposed to Mr.. Bennett per-
sonally, nor has any particular fault been
found with his administration, but we
did object to the principle of the action
and the appointment Of gentleman APP
parently for political reasons.
OBJECTIONS TO THE ASSESSMENT.
"Then, too" said Mr. Myers, "Mr.
Eclels has levied an assessment of S75 per
share on the stock although the receiver
has had charge but little longer than ten
days and has scarcely had time TO check
up and verify his correspondents ac-
counts.
He certainly has not had time to in
quire into the value of all the assets and
which of them can be relied on, to a full
enough extent to have the basis for call
ing for such an assessment, when it can
not have beendetermined within that time
that it was necessary. The stockholders
will not object to paying any assessment
necessary to make up the deficit, but they
do object to large assessment before it is
shown by a thorough investigation of the
liabilities and assets that it was neces-
sary.
"That is the reason why the stockhold-
ers wanted to take up the work Of reha-
bilitating the property themselves and