The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-28
BANKER REEDS SACRIFICE.
He Appears in the Light of a Martyr
TO the Cause of PopuIIsm.

to the Cause OF Populism.
Brunswick. Ga, Aug 27.-The following
is given out relative to the resignation
of Mr.. H. w Reed. president Of the
National Bank, and will correct the i'm
preston that has gone abroad of differ
ences existing between that gentleman
and the board OF directors.
Under date of Aug "a, he rendered his
resignation in a letter which reads az
follows:
ITO the Board of Directors. the National
Bank of Brunswick: Gentlemen-I re-
spectfully beg to tender this my resig-
nation as president and director Of the
National Bank of Brunswick, to take eff
feet not later than the LIST prox.. or as
soon as your committee can examine the
affairs Of the bank so as to formally
relieve me.
IL am impelled to thus reluctantly sever
my relations with the bank for the rea-
son that my connection with the national
executive committee of the peoples party
would unquestionably complicate the
banks relations with many Of its con
nections and patrons; further. II would
be unjust to the bank, should l continue
to remain as its president. and to devote
my time during the campaign to political
work. l take this occasion to assure the
board that the newspaper reports pur-
porting to be interviews with me ndicat-
ing differences between myself and the
board on the affairs of the bank. have no
basis in fact, as I have never submitted
to an interview upon the subject Of my
relations with the bank. Such interviews
have all been merely manufactured con-
lectures.
Il desire, further, to thank the members
board hpf
to me on all occasions and for their ear
nest cooperation in all matters affecting
the welfare of the bank.
My best wishes will continue for the
success of the bank and of the individual
members of the board and the officers
and clerks with whom l have been so
agreeably associated.
i remain, very respectfully.
III. w. Reed"
When the above letter was read be-
fore the board of directors il was re-
ceiVed and accepted In the passage of
the following resolutions:
Resolved, That the resignation of Mr..
h. w. Reed as president of the National
Bank Of Brunswick, be and the same is
hereby accepted.
BE It further resolved, That in accept
ing the resignation Of President Reed. we
40 50 with sincere regret, and that he is
entitled to and has the thanks Of this
board for the able and efficient manner in
which he has managed its affairs and be
II further
Resolved, That Mr. Reed bears with
him, wherever he may GO the confidence.
esteem and the kindliest wishes for his
success and prosperity. Differing with
him, as some of US do. on the great hnan-
cial questions that now agitate the whole
country, we cheerfully accord to him the
same sincerity and honesty of motive that
we ask for ourselves" .. -r
The retiring of Mr.. Reed from the pres
idency Of the bank will most probably re-
suit in the selection of Mr.. c. Downing
in his stead, although the question of
who will succeed him has not yet been de-
cided.
In the past the retiring president has
been the active manager Of the banks af-
fairs and conducted them in an admirable
manner, leaving, as a result of two years
labor. surplus and undivided profit fund
of nearly $4,000, besides paying an annual
dividend Of per cent.
In March. 1894, Mr.. Reed came to this
city and organized the National Bank of
Brunswick, with capital stock of $780,
900, of which amount himself and the in,
terests he controls took s96, 800. In open
ing the institution all the business that
was in the hands of the receiver Of the
First National Bank, which failed n 1893
was absorbed.
In response to a direct question as to
why he cast his influence with the peo-
Pies party, he said: because of the fact
that after a careful analysis of questions
involved IN the condition Of our country,
a study Of the causes and effects relating
to social and financial questions. together
with historical research, have been
brought TO the conclusion that the de-
mands of the populist platform were in
line with true reform"