The Savannah morning news., 1901-06-21
GOT ALL He NEEDED
SAVANNAH BANKS ANXIOUS TO LEND
MONEY TO THE STATE
AT LOW RATE OF INTEREST.
SOUTHERN AND CITIZENS BANKS
LOANED $4,000.

lied to Borrow Has Been Obtained.
savannah Banks Made the LOan
without Hesitation Treasurer
Robert f. Park Could Have Obtain
ed Entire Amount Here-He Is
GratiGed at Success of Effort to
Effect the Loan within the State.
status of the Teachers.
State Treasurer Robert f. Park has
completed a loan for the state of 100000,
which will be applied to the payment of
the salaries of the public school teach
ers. Yesterday morning two Savannah
banks, the Southern and the Citizens.
aoaned the state $3.50 and thus made up
the full sum that the Governor is author
lied TO borrow.
There have been rumors afioat for the
past few days to the effect that all the
money the state now needs to tide it over
the present stringency, induced by the
recent decision of the Supreme Court in
the public property fund case. would be
obtained from Georgia banks. Nothing
that is either definite or authoritative has
been given out or known to more than
very limited number of persons.
After the visits he made yesterday
morning to the Southern and Citizens
banks, State Treasurer Park sent the fol-
lowing telegram to Gov. Gambler, which
epitomizes the whole story:
Gov. Alien D Gambler. State Capitol,
Atlanta, Ga. Have borrowed 100000 for
state of Georgia, at best New York rates,
from the following Georgia banks: The
Southern Bank and the Citizens Bank
of Savannah, the Neal Loan and Bank
ing Company. the Fourth National Bank,
and the Atlanta Bank of Atlanta.
"Georgia's credit is not excelled by any
other state in the Union. 1 tender you
this splendid loan and generous tribute
from above-named patriotic Georgia
banks and heartily congratulate you upon
this gratifying Endorsement of your eX-
cellent administration of Georgias az
fairs Expect me in the morning with
particulars.
Robert e. Park, Treasurer of Georgia"
The Southern and Citizens.
OF the $4,000 borrowed in Savannah,
$4,000 was from the Southern Bank and
$4,000 from the Citizens. Any additional
sum needed could have been obtained at
the same low rate of interest. This rate
neither Mr.. Park nor abe banks were
willing to give out for publication, but
it was quite as low as the state could
have borrowed the money in New York
or any other financial center 1t is con-
siderably less than per cent. per an
mum, and as the state will need the money
probably until fan only, the loan will
cost very little indeed.
A Morning News reporter saw the state
treasurer az the De Soto, where he was
stopping, just before the tele-
gram was sent the Governor.
and Mr. Park in response to questions
gave an interesting description of the
manner in which the loan had been OBJ
tained and of other matters connected
with the financial status of the state.
Last Thursday" he said, the
Governor told me he intended to wire
New York in reference TO obtaining a loan
of 100000. / requested permission to see
y ] could not borrow this amount of
money from the banks of the state. 1 told
the Governor l felt satisfied. from my
own examination of Georgia banks, that
they could make the loan, and that they
possessed the patriotism and financial
strength to do as we'll as we could ex-
pect from the banks of any other point
in the country. Gov. Gambler promptly
acceded to my request and told me to go
ahead
I called upon Capt T. B. Neal, president
of the Neal Loan and Banking Company;
Capt. James w. English, president of the
Fourth National Bank, and Mr.. Paul
Romare, vice president of the Atlanta
National Bank, and explained 10 them
the states wish TO borrow money. With
out hesitation, they gratihed me by say
ing they would willingly lend the state
S125O0O.
Had No Trouble Here.
Much encouraged by this prompt
acquiescence, l left Atlanta to attend the
CONNIE ncement of the University Of Geor-
gia at Athens, from which point l came
on to Savannah. 1 reached here this
morning. After breakfast / called at the
Southern Bank and there had the pleas
ure Of meeting, quite accidentally, COM
mittee of the banks directors, consisting
of Capt Jonn Flannery, its president
Mr.. Horace A. Crane. its vice president,
Gen. w. w. Gordon, and Mr.. John NJ.
Egan, who when had made known the
wishes of Gov Gambler, promptly prof
fered loan of $5000O With the loans |
had already secured from the banks in
Atlanta, this made $4,000 of the total Of
100000, which the constitution OF Georgia
permits the governor to borrow, except
in cases of war or invasion
Delighted with my success, I next call
ed upon my FRIEND Col. J. II. Estill, VINO
courteously volunteered to accompany me
10 the Citizens Bank, where / had the
pleasure of meeting three old acquaint-
ances, Vice President Mills B. Lane, Col.
William Rogers and Mr. George C. Free
man, the last named a former resident
OF my home city. Macon. Upon making
known 10 them my mission. the remain
ing $4,000 was Immediately rendered by
the Citizens Bank.
u believe" said the State Treasurer.
that II had gone to other banks I'm Sa-
Vannah, | could have raised the entire
$4,000 without any difficulty. / was told
in Atlanta that the entire amount could
have been raised there but / thought IL
wiser and better to divide this patriotic
work between the banks of Geor-
gia's two largest and wealthiest
cities"
Mr.. Park called attention to the fact
that OF the five banks that have Joined in
the loan, three are not state repositories.
ana hence reap none of the advantage
which may be said TO accrue from hold.
tug this position and keeping on deposit
the states funds.
This generous and unhesitating Loan
said Mr.. Park, 80 freely and so courte-
ously rendered by these five splendid
banking institutions is exceedingly graf.
Tying TO me as treasurer of Georgia. and
am sure that Gov. Gambler. than whom
Georgia has never had a more patriotic
md N.NaH