The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-07
RRUNSWICK'S BROKEN BANK.
JAMES 5. wRIGHF MADE PERWA-
NENT RECEIVER.

Heavy Assessment on the stock
holders ProbabIe-Assets IiI,cl, 30
Pan Out Less Than 60 Cents on the
DOIlar-savannah Creditors of tire
Institution Represented by law
yers at Yesterdays Meeting ne
Assets Far Less Valuable Than
Their Face Value Indicates.
Brunswick. Ga, Jan. 6.-Juds s"
Today appointed James s. Wr-1.
prominent business man, permaaeat pee
ceiver OF the Merchants and Traders
Bank.
This appointment was made iu defer
ence to the wishes. of large individual
creditors and stockholders residiue prince
pally at Savannah and Brunswick. who
We're present by attorneys and by letters.
The report of Temporary Receitor N'd-
den was filed and is summarize as lo--
lows:
Assets .,............... ...,......'-F. '-. = W.
Liabilities .......-.- -..........-.-. f.''' ''
The report includes, however, a stale
ment of assets of various kinds and OF
par value sufficient to run the grand to-
tai of assets up to $170,564.75. A summa-
ry of this latter named class is: over
drafts, S. 1867 actual cash on hand $2''.@,
stocks and bonds, par value as follows.
one hundred and eighty-one shares AIKEN
Canning Company, $lS,100; So shares Met-
chants and Traders Bank, S6,60t; Furnl-
niture and fixtures, 1850; due from other
banks, Sl,303.70; uncancelled checks, drafts.
etc, $4,000; one-half of this latter amount
good. making $500.
There is an addition to the above nume'-
GUS notes. checks, drafts, etc, forwarded
by out-of-town banks to the Merchants
and Traders for collection. Some of
these have been collected and the money
received placed in separate envelopes.
Judge Sweat stated that II was his desire
TO accommodate all banks having collee-
ton money laid aside by letting the re-
ceiver turn the amount over 10 the own
ers, such being in no manner assets oil
the bank.
Representing various parties a interest
before Judge Sweat to-day were Attorney
Owens, for the Germania Bank of Say3u-
nah; Mills B. Lane, vice president Cluzens
Bank OF Savannah, and himself one of the
largest individual creditors; Attorney Den
mark of the Merchants Bank of Naldosta;
Attorney Miller of the Exchange Bank OF
Macon.
The usual filibustering tactics common TO
suits involving much litigation were re
sorted to- each side trying to gain adVan-
tages for their clients.
Goodyear & Kay addressed the court on
the grounds that the various creditors and
stockholders were working on TeOrsani-
cation plan which would probably be per
fected tomorrow and relieve the court
from appointing a permanent receiver.
Attorney Johnson presented a bill from
various creditors alleging reckless, care
less, negligent and Incompetent, misman-
agement of the Merchants and Traders
by it's officers, and wanted the receivers
appointment postponed.
Attorney Owens of Savannah wanted
the appointment postponed until he could
study Attorney Johnson's amendment
Attorney Krauss presented a petition
from various creditors requesting that no
stockholders in the bank be appointed re-
ceiVer.
Judge Sweat stated his belief that the
causes shown by various attorneys were
not sufficient and the receiver was APP
pointed. If at any time the stockholders
and creditors want to reorganize the bank
and take its affairs out of the court, the
court upon proper showing, will dismiss
the receivership
Frankly stated, there is but little hone
of the assets of the bank paying out. 1t is
more than probable that a heavy assess
ment win be made on the stockholders.
The assets taken as a whole do not appear
to be worth over 60 cents on the dollar
and it is doubtful If they viii reach that
much.
The state is preferred creditor for
S., 200. Fortunately for the creditors the
stockholders are all solvent and practical
ly worth 100 cents on every dollar of as
sessment made necessary. Unfortunately
for Savannah banks and individuals there
are good slices of stock in their hands.
The case of Paterson, Downing & Co.
ct al. VS.. the London Assurance Com
pany, ct al, occupied a good deal of
Judge Sweat's time to-day and tonight.
rs nature was fully stated in to-days
Morning News.
The appointment of permanent receiv-
er for ]. p. Davenport grocer, has gone
over indefinitely. 1t may be heard to-
morrow, or not until next week.
The municipal contest jurisdiction mat
ter will come up before Judge Sweat to-
morrow at 2 o'clock. He viii then decide
as to the merits of the claims
made in securing the prohbitory order.
Judge Sweat stated in open court to-day
that he was of the opinion that the gen
eral law of Georgia overshadows Bruins
wck's city charter, and by virtue of that
fact Ordinary Dart would have jurisdic-
ton to try the contest cases