Savannah morning news. [volume] (Savannah) 1868-1887, 1884-09-25
WHISKY KING AND KNAVE
BUCHANAN's ARRANT RAsCAIL
TY NOW UNDOUBTED.

Warehouse Receipts known to Have
Been Duplicated to Large Amounts
Whence the Frauds Have Fled Stiu
UnknOwn-A Private Banker of Cana
da Fails for Nearly a MiIliOn-Other
Crashes.
LOUISVILLE, Sept. 24.-Later develop
ments in the failure of Newcombe. Bu-
chanan Il Co. were almost the sole tonic
Of conversation in business circles TODAY.
This morning the officers of the banks
that hold the defunct firms paper were
quietly looking up matters to see how
much they had been caught for, if for any,
thing. 1t was not unusual to see these
officers visiting the warehouse with a
bundle of receipts for the purpose of COM
pairing the papers with the actual supply.
The counting rooms of Buchanan & Co.
were closed to the public today, and the
following notice was posted this morning:
"The office is closed for the examination of
books. For information cali on the FL
deity, Trust and Safety Vault Company"
Clerks were busy IN the of
fee assisting in the examination
of all the receipts and books. Late this
afternoon a reporter saw Il. G. Halsey,
manager of the Fidelity Trust Company,
who said: "We have found some dupli-
cate warehouse receipts" On being asked
to what amount, he replied @I'm not pre-
pared to say, but this much / can state,
the probabilities are that a great many
more will be found. We are not working
on any particular case, but are taking
them as found. The amount of work be-
fore us is enormous, and it will require
considerable time to properly attend to it.
There are 10000 barrels of whisky. 1t is
all in warehouses. We will have to check
off all the whisky before it can be ascer-
tanned how many duplicates have been
issued. There will be no trouble" Thus
the matter stands.
NO DOUBT OF CROOKEDNEss.
Undoubted evidence of fraud has been
discovered, but to what extent cannot be
stated yet. Mr.. Buchanan is still missing,
and there is no clue to his whereabouts.
George G. Buchanan left here Sunday
afternoon, and was last seen in Cincin-
natl in an omnibus. One theory in regard
to the disappearance of the Buchanans is
that they have not gone to Canada, but
to the Bermuda Islands. There they have
a large amount of whisky stored, having
exported it there to delay the payment OF
the tax. 1t would be impossible for them
to sell this whisky without mOlestation.
Speaking of the firms affairs this after
q
cOmbe drew out of the firm shortly after
the death of his father in 1878. An occur
renee came under my knowledge which
may be of interest now. H. Vail, Presi-
dent of the Bank of Commerce of New
York, brought warehouse receipts issued
by Buchanan to NewcOmbe, and showed
him receipt issued by Buchanan to New
combe, and told him that the receipt was
duplicated. NewcOmbe, on examination,
found that such was the case. The re-
ceipt was signed by Andrew Buchanan,
matter, and the latter burst INTO tears.
This occurrence was never made public,
but / can vOuch for it,"
A CANADA BANK BREAKS.
LONDON, ONT, Sept. 24.-The failure
of Thomas Fawcett, a private banker, has
had depressing effect in Western On
tariO. A great portion of the banking
business of that section has been in the
hands of private banks, and that of FaW-
cett was one of the largest of these
Besides his office in this place, he was
interested in branch establishments in
WatfOrd, Wyoming, Arizona, AlvinstOn,
MillbroOk, ThoTnbany, Dresden, Mitchell,
Thamesville, and other places. In an
interview to-day Mr.. Fawcett said that
his liabilities, at a rough guess, cannot
be tar short of $S00,0 or 100000. That
estimate includes the Liabilities of the
agencies in which he is interested.
He felt satisfied that the assets
were far in advance of the amounts
named, although of course if the estate
be forced into liquidation or placed in the
hands of an assignee some of the securI-
ties held would not realize their face
value. He was confident that the estate,
If properly handled, would pay dollar for
dollar. When asked about the deposits
in the agencies, he said that he had not
had an opportunity to ascertain even an
approximate estimate of the deposits, but
since the Federal Bank difficulties the
shrinkage in nearly all the agencies had
been very large. In addition to this,
many farmers had been forced to with
draw their money. The failure is thought
to be due mainly to dullness in the cattle
trade, in which the different agencies
were very largely interested.
INJUNCTION TAKEN OUT.
NEW YORK, Sept. 24.-Receivers New
comb & Smith, of the Bankers and Mer-
chants Telegraph Company, to-day OBJ
tanned an injunction from the Supreme
Court restraining the bringing Of suits
against the company, the prosecution of
suits already begun, levying upon the
property of the company under execution
upon judgments already obtained and sale
of the property seized under exc cutions.
DAY BROS? FAILURE.
Day Brothers & Co., of Peoria, who are
reported as having failed to-day, had an
office in this city. A statement of the
firm, made about two weeks ago, showed
liabilities of $3.50, 900 and nominal assets
OF $546,00 The greater part of their mer-
chandise Indebtedness is due in this city.
RURDETTE s POND SUSPEND.
NEW YORK, Sept. 24.-Burdette &
Pond, carrying on an extensive business
in the South American and English
trade, have been forced to suspend, with
100000 liabilities.