The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-25
TO MAKEIT A STATE BANK.
Savannah Too Large a City for a
100000 National Bank.

Mr. j. f. Lewis of Valdosta, Who
Contemplated Organizing the Geor-
gia National Bank, Informed by
the Controller That as Savannah
Has Over $4,000 Population H e
Will Have to Have a 100000 Cap
itaI-The Controller Evidently Does
Not Rely on the Republican Census
Figures.
Mr. J. F. Lewis of Valdosta, who was
contemplating the establishment here of
a national bank, with a capital of $780,,
0O0 has met with stumbling block in
the shape of section of the national
banking laws which will prevent his
establishing a national bank in Savanna h
unless he sees tit 10 put into it capital
of 100000.
MIR Lewis was in the city a few days
ago looking after location for the Geor-
gia National Bank, which he intended to
open in Savannah about Jan. /, with a
capital of 100000 He was well satisfied
with Savannah as a working point. He
and friends in Valdosta were to take
about three-fourths of the stock, and he
desired that the balance be placed here.
The only thing remaining to do was to get
a charter from the comptroller of the
currency and everything would be ready
for beginning business as soon as he de-
sired.
He wrote to the controller some days
ago, il is understood, giving the partcu-
lars and asking for a charter for the
Georgia National Bank Controller j. H.
Eckels replied that he was informed, and
had reason to believe from reliable
sources, that Savannah was a city OF more
than $4,000 inhabitants, and under the
national banking laws the charter could
not be issued on that amount of capital.
but if Mr.. Lewis would increase his CAPT
tai to 5000 900 there need be no more cor
respOCdence about it, as the charter
would be issued at once. This, it is pn-
derstood, is the purport of the letter from
the controller, and though he did not re-
fuse absolutely to grant the charter it
was pretty well understood from the tone
of his letter that such would be his deci-
sion in the matter.
Upon this point section 513S of the re
YlSed statutes of the United States says:
"No association shall be organized under
this title (meaning national bank with
less capital than 500, 600; except that
banks with a capital of not less than
$50 600 may, with the appro val of the sec
any place, the population of which does
not exceed 5000 inhabitants. No associa-
ton shall be organized in city the popu-
| latiOn of which exceeds $4,000 persons
with less capital than 100000"
1t seems that the United States offci-
ais, or the controller of the currency, at
! least, does not rely on the republican cen
sus figures where question of popula-
ton comes up in legal way The cen
sus figures of 1890 give Savannah pOpu-
! lation of 43, 1879, which the controller be-
lieves is incorrect, and the controller is
| undoubtedly of the right opinion in CON
! Guiding that Savannah has more than
! $4,000 population.
MIR. Lewis it is understood, has con-
Guided that rather than endeavor to raise
a capital of $500, 600, he will open state
| bank capitalized as at first intended, at
100000. In the organization of bank of
this kind the question of population does
not enter. Mr.. Lewis was not in the city
| yesterday, but it was stated that this
was the conclusion to which he had come.