The Brunswick times. [volume] (Brunswick, Ga.) 188?-1900, 1897-12-30
CLOSED IT'S DOORS
RECEIVER NAMED.
Merchants and Traders Bank Sue
cumbs to a Steady
Run.
MADDEN is TEMPORARY RECEIVER.
Owes DepOsitOrs Forty Thousand Couldn't
Make Liquidation Arrangements.
Other Banks All Right.

The Merchants and Traders bank
failed to open its doors for business
yesterday morning. After a steady
but quiet run, of three days duration,
the institution succumbed, and the di-
rectOrs resolved to let liquidation take
its course either in or out of the courts.
The Merchants and Traders is a
state institution, and has been in ex-
istence for a considerable term of
years. 1t was organized by DR., j,
M. Madden, who still remains its pres.
Ident.
In the crisis of 1898. when the First
National, OgIethorpe and State banks
succumbed, the Merchants and Traders
and the Savings and Trust company
were the only institutions that sur
viYed.
For some time past, however, the
bank had been regarded as weakening,
and an unsuccessful effort was made a
few months ago to put it in the hands
of receiver. Since that time the de-
/ r. no lwy
and, during the past three days, a
quiet run has been made.
On Tuesday, President Madden per-
sonally returned all deposits which
had been made On Monday and Tues
day, Yesterday morning it was de-
cided to suspend payments.
1t was the intention of the directors
to go into voluntary liquidation. Pur-
suant to this purpose, Mills B. Lane,
vice-pre sident of the Citizens bank. of
Savannah, arrived yesterday morning,
and a meeting of the bankers of the
city was held.
Mr.. Lane offered to furnish funds to
pay all depositors, if protected by the
endorsements of the directors, and the
assets of the bank. The arrangement
could not be made, as all the required
endorsements could not be obtained
Hence, the negotiations were absn-
d0ned, and the courts Will settle the
banks affairs.
A special train left for Waycross IN
the afternoon, having on board num-
ber of attorneys. They went to ap-
pear before Judge Sweat and ask the
appointment of temporary receiver.
Cashier W. B. Cook made the fol-
lowing statement to a TIMES reporter
last night:
"The causes of the banks suSpen-
SlUH dTo ueCIedoc VI uepUoIGo anu OIllI-
cultIes of collection. The assets are
$150,0O0 and the liabilities $8O, 900 i.
The amount due individual depositors
is $4,000. OF the assets 75 per cent.
can be safely counted as solid and so
per cent. is surely solid"
The officers of the institution are :
j. M Madden, president, and w. b.
Cook, cashier. The directors are A.
Il. p Dodge, A. VI. Lane, G. d. Ogg, j.
J.. Foster, NJ. Isaac and j. b. Wright.
These gentlemen are all solid fnan-
cially, and at least half of them could
respond Immediately to 100 cent on :
the-dollar calls.
AS shown in another article, the
two other banks in the city are able
to meet all demands.
Mr.. W. M. Mann, the Jekyl island
contractor, was one OF the larKest de-
positors.
The stock of the Merchants and
Traders bauk was held by individuals,
but good ,l'ces OF it belong to banks
in New YORK and Savauhah.
Juige Sweat last night appointed
DR.. J NJ. Madden temporary rece iver
for the bank. There were several gem
tlemen mentioned, among them j 5.
Wright and Sam e. Atkinson.