Savannah morning news. [volume] (Savannah) 1868-1887, 1884-10-21

There have been a general comparing Of
notes. and many have discovered that
they too have cause 10 remember the
absent. In addition 10 the loans obtained
from the banks and bankers, Grant
owes large sums on open accounts to
grocers. hardware and dry goods
merchants, and others for supplies
purchased for his correspondents
in the country. There is also a consider
able amount in acceptances in the
hands OF merchants, taken in the usual
course Of business. One Of the worst
features in Grants case is his getting his
checks cashed on Friday afternoon just
before he leTt town, when he had no
money in bank To meet them. 1t is esti-
mated that outside Of the amounts
obtained from the banks and those
mentioned hereafter he owed on open
accounts and accepted drafts about S2O,-
Co. The banks hold "A large amount Of
collateral in the form Of naval stores re-
ceipts. rice mill receipts aEd cotton re-
-eipts. Their losses will be principally
on the first named cOllaterals.
FRAUDS IN CLASSIFICATION.
The loss is occasiOned by the manner
In which advances on naval stores Te-
ceipts are made. The railroad receipts
are taken for the number of barrels. but
the classification Of the resins is left 10
E tNE utAJE OF ALE mel CAAul. ne AAdh4uz OLAt
an invoice which is attached as part OF
/ the collateral, in which is specified the
number of barrels OF each grade.
There is no other method by which
these facts are Obtainable, and banks
must trust their customers 10 this extent
+ or IL would he impossible 10 handle the
( business. Grant gave fraudulent invoices,
r0t 81 the number of barrels, but Of the
GRADES Ofthe resins. thus obtaining larger
sums Of money than his invoices entitled
nun to. The Investigations show n system
[ oi carefully conducted operations to OBJ
{ tain money without due consideration
( therefor.
There was a COOL deal Of curiosity 70
know what was the extent Of Grants
F transactions. but il was impossible 70
even approximate them with anything
( like accuracy. The deed OF assignment
/ % Mr.. J. Z. Sheldon who Is said TO be a
preferred creditor 10 the amount OF Sl6,-
.911 had been filed in the Superior Court.
The Liabilities are reported To be about
/ $40 600. and the assets abOutSI0,OOO. This
( : probably as near as it can be figured at
I present.
A representative of the MORNING
: NEWS called upon the officers of the banks
which were reported 10 De interested III
F Grants financial operations.
THE MERCHANTS NATIONAL BANK.
[ ~ ~
I ness was going on as usual. and there APP
T ueared 10 Ice nothing to disturb 1.-The
~nirit Of their Dreams" II bank officers
I indulge in those visionary attitudes
I during banking hours. Capt. John
. l.. Hammond. the Vice President,
.eas in his usual good humOr.
lie said that his bank was
not sufferer by Grants troubles; that
Grant mad only kept an account there for
. ar rru- nh a a n
aIs security for whatever advances he
received. HIS Indebtedness on Saturday
morning was about 5000, secured princi-
ually by rice mill and cotton receipts.
F. Capt. Hammond said il was high time 10
. prosecute and bring to justice people VINO
/ nhled their fellow men or swindled the
banks. 4 few examples wouli make rls-
Gals more careful; TOO much leniency
had been shown In Savannah to such
people.
Mr.. Thomas GadsIen. the cashier of the
Merchants. stated that SIR. Grants ac-
counts and papers when presented 70 the
bank were always in tie best possible
shape. He always found them correct IN
every particular. and had remarked upon
tue Busiuess-like way ii which Grant at
tended 10 his banking business. He was
much surprised when he heard # mis- dis
+ appearance and suhseqU developments.
THE SAVANNAH BANK AND TRUST COM
PANI.
Attais bank the President. Capt. D. g..
Purse. aud several other officers, were
..oinr over Grants accounts when the
preventative of the MORNING NEWS
called. The major part Of the securities
held hv the bank consisted Of receipts for
naval stores. The receipts, as was eX-
uIained by one Of the gentlemen present,
,vera all right as far as the number Of
IL Hsrr# In #rs1H IN No
was with the invoices. In the latter the
resins were put down at much higher
zrade than they were in reality. The
bank had. in addition to these collateral,
notes and mortgages on real estate. Mr.
Purse stated that il was impossible to say
what the banks losses would be,
as il would require an inspec-
.jcu and classification Of the
gosius 10 ascertain the true
value Of the cOllaterals. The pink tick
et'' mentioned in the MORNING News Of
yesterday. which Grant got on Tuesday
and failed to make good, represented Sl3,-
600. Whether this would be total loss
OF not no one could tell until after an eX-
animation Of the cO!laterals. lt was i'm
possible for the hank officers to say with
any degree Of correctness what the ultt-
mate loss would be. The bank instituted
suits yesterday in the City Court against
nave Grant arrested and to prosecute him
eriminally.
This bank, it is said, holds a mortgage
Of s.. 600 on real estate in DOugheTty cOun-
II for advances made TO a planter through
Grant. The former, il Il said, shipped
cotton TO the latter 20 pay off the mort
zage. but he sold the cotton and failed to
Uquidate the claim.
THE SOUTHERN BANK.
Il was lark before the MORNING NEWS
representative had an opportunity of
seeing the officials Of the Southern Bank.
In the morning there was 4 pTOtTacted
session Of the Board Of Directors, which
was apparently of too great Importance
go De interrupted. Late in the
sfferuoOn. however. Capt. John Flan-
merry and Mr.. Horace 4. Crane,
President and Vice President Of the
uank were found in the bank room. These
Gentlemen stated that there We're no new
developments in the Grant matter. Tue
hank rad $4,000 of his paper, but it was
impossible II say what loss IL would
sustain, If any. Apparently the eollat-
erals in their possession were
ample to cover all loans. but from what
they had been informed there was every
reason 10 suppose that il would prove
that the invoices were fraudulent, mas
much as they might not represent the
having the naval stores inspected and
classified, and until that was done they
were all. as il were, in the dark.
said Capt. Flannery: If Mr.. Grant
were % walk into that door this moment,
we could not arrest him, as we have no
evidence Of wrong doing against him. All
we know positively, and that is not Of our
own knowledge. is what Mr.. Grants law
yer safd. viz. that Mr.. Grant had criminally
wronged this bank. Upon this the whole
matter rests, as far as this bank is con-
ceTued. until a full investigation. OF
course. with the Savannah Bank and
positive evidence. Grants appropriation
Of the proceeds Of the pink ticket" is
sufficient ground for their action. This
bank proposes 10 act with that bank in
bringing Grant 10 Justice
THE ASSIGNMENT.
On oct. L Mr.. Grant made an assign
ment 10 Mr.. James X. sheldon Of all his
property. real and personal, including his
interest in his parents unsettled estate,
and an undivided fifth part Of the planta-
ton in Glynn county, planted in rice, and
known as eS1rautly." together with all
chooses in action. The conditions Of the
ASSIGNMENT are as follows:
First. The payment Of all expenses at
tending the execution OF the assignment.
second. The payment Of any balances
due as wages of clerks or laoOrers en-
ployed by the assignOr.
Third. The payment unto himself, the
ASST NEE. of $1,000 borrowed money.
Fourth. The balance Of the property to
be distributed between the assiguOr's
creditors, with such preference only as
the law directs.
Mr.. sheldon was called upon by re-