Savannah morning news. [volume] (Savannah) 1868-1887, 1886-07-08
GAVE BOGUS RECEIPTS.
THE PLANTERS RICE MILL ST.
PERINTENDF,NT MISSING.

THE PLANTERS NICE MILL ST.
PERINTENDF.NT MISSING.
&YiIliam TiIghman Owens Operations
on Fraudulent Rice Receipts g
Goes ON Vacation and Fails ia Return
The Banks Hold over %2O.OdO Worth
of His Paper-An Investigation of HIS
Accounts.
A sensation was caused yesterday by
the report that William Tilghman owen,
Superintendent of the Planters Rice MIL,
had absconded. lie left Savannah Tues
day, June %, on a vacation which was to
last until Friday. July ,. When he did
not return on saturday or Monday some
pf the officials of the company suspected
something wrong, and an investigation of
the superintendent accounts was begun.
The examination had not gone far before
1t was evident that owen had swindled
three or four OF the city banks.
BANKS MAKING INQUIRY.
just about the same time the banks
we're making inquiries for the missing
superintendent. Those that held ware
house receipts signed by owen called
Tor the interest on the loans, but neither
the superintendent nor the rice for which
the receipts were given could be found.
Mr.. George J. Mills. Secretary and
Treasurer Of the Planters Rice Mil Com
pany. said yesterday that the &C
counts had not all been gone over
and the examination would not be
completed until to-day. The amount of
the defalcatiou is put a S2l 900. Some
estimates are as nigh a. $4,000 Further
Investigation may discover some addi-
1ional sums, but S2l,500 is believed to be
pretty nearly correct. All the money
seems to have been raised upon bogus
receipts for rice.
About six months ago Owen got Mr..
George Scley to operate for him as
broker.
sPECULATIEG ON THE QUIET.
Owen cO1ld not openly speculate by
reason OF his position, but he went to his
broker and represented that be mad bought
Il quantity Of rice and produced ware
house receipt for the same. Upon the
warehouse receipt Mr.. Schiey negotiated
loan with a bank for Owen. 1t Is Il
very common thing Tor the banks to ad-
vance money on cotton, rice and naval
stores warehouse receipts, and the banks
did not suspect fraud. owen kept his
Insurance up on the alleged stock and
paid commissions with the money adj
Vanced 10y the banks.
At different times all OF the banks in
the city except tue Central Railroad
Bank held some of the bogus receipts.
Three months ago the National Bank OF
Savannah held some o. the bogus receipts,
hut they were calleu in and the money
advanced was paid back. The scheme of
operation was very simple.
BANKS THAT HOLD THE PAPER.
The banks holding the bogus receipts
are the Southern, the Merchants Ma
tiOnal. the Savannah Bank and Trust
Company, and G. h. Olmstead's banking
house. None of the officials would say
anything Of the amount advanced by their
respective banks. The Savannah Bank
and Trust Deposit Company is sand to
hold the smallest amount, $1,000, and
that was on one Of the last bogus re-
ceipts.
On the day he left owen obtained over
$1,000 on one of his receipts. What he
did with the money he raised is matter
Of surmise. A large part OF it il said TO
have gone in wheat speculation. owen
was young man between 80 and IS years
Did, He had been superintendent of the
PLANTERS mill for four years ana the di-
eeetOrs and stockholders had the fullest
Con ldence III mis- integrity. He was from
Maryland originally, as was also his wife,
3 daU -hter of the lale Admiral Buchanan.
owen was OF good family and was of
3 genial, social nature, and was very
popular in savannah. lie made many
friends here, who we're greatly surprised
10 learn OF his disgrace.
WHERE is HE?
Where he has gone no one knows. A
gentleman who knew him we'll remem-
beers meeting MIA on a Central railroad
train Tuesday night, jane %. owen re-
marked then that he had snort vacation
and ne was on hts way out in the country.
II is believed by some OF MS friends that
he has Gu,cided.
Hi, intimate friends say that his family
hid not know that be mad fed until day
Dr Two ago. His wife, three children and
two servants We're passengers on the
Bteamshtp VIM. Crane for Baltimore
Tuesday.
AS superintendent of the mill owen GOT
Rbout 800 year. A law suit is likely
10 arise out OF the fraudulent receipts.
The banks insist that the rice mill com
pany is responsible, but the company
may resist payment.
W hen the fraud was discovered yester-
day. and IL WAS found that the supply of
rice on hand was 10000 bushels less than
was supposed, the market improved
Slightly.