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1 From the special correspondent of THE WHIG. f Brunswick's Bursting Boom. BRUNSWICK, GA, June 8, 1893. e DEAR WHIG:-I think it was some three ) years ago I wrote you some account of the boom that had started in Brunswick. e Capalists from New York came down here, purchased two or three hundred acres of I town lands, laid out building lots, started the Brunswick Company, induced citizens to take stock in the same, built a magnificient hotel at a cost of 165,000 dollars, built e street railways, had the stock listed at the stock exchange at New York, sold lots at exhorbitant prices, induced people to build, started a boom of speculation and in fact set people crazy as to the future of Bruns. wick. Lots valued at 300 dollars before the $ boom, rapidly sold for one to two thousand, with few exceptions, and all lseemed anxious to speculate in town lots. To accommodate P borrowers, four banks were] started, two f National, the First National bank and the Oglethorpe National Bank, and two State banks, the Brunswick State Bank and the Merchants and Mechanics Among and foremost of the speculators were the presi dents of the Oglethorps National Bank, the First National Bank and the Brunswick State Bank, who it appears now were using the funds of their respective institutions in private speculations, and 80 the thing went on. And now comes the inevitable result. Five or six weeks ago faint rumblings of the storm began to be heard and telt. A few conservative men who had not participated in kite flying, began to set their houses in order. Well the burst came. Talk about your western cyclones, the worst of them were but gentle zephyrs in comparison to the cyclone that struck this town three weeks ago. leaving ruin and desolation in its track. Three weeks ago the president of the Oglethorpe National Bank entered it at 9 a. m., had a short talk with his compeer and associate the president of the First National, then passed into a private room and blew his own brains out. The bank immediately closed its doors (which it would have done at any rate.) As soon as the President of the First National Bank reached his bank he closed its doors and they both remain closed. The failure of the two prominent banks caused a run on the two State Banks, and one week later the Brunswick State Bank went under. The Merchants and Traders Bank still holds out and may weather the storm. We all hope it may, but the feeling of distrust is so prevalent in this community that no one can estimate for the future. The U.S. bank examiners are in charge of the two National Banks and the probabilities are they will be put in the hands et receivers. An effort is being made by the stockholders and directors of the Brunswick State Bank to reopen it and make a fresh start with new officers, but the general impression is that they will all go into the hands of receivers. If so, then great distress and suffering must accrue in the course of winding up these institutions, and it will be a long time before depositors get paid off, if ever. am pleased to be able to say that the Cecil delegation located here escaped the fury of the storm with but slight damage and are safely anchored in port with sails all set for coming breezes. Of course business is in a measure paral. yzed for the present and every thing looks dark. But when the effects of storm have passed away, it will start up again on better and firmer grounds and the sad experience of the last few years will be remembered as a costly lesson to profit by in the future. CECIL Yours,
