The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-21
AN Ex.sANKER IN TROUBLE.
Samuel D. Stevenson Tells the Story
of the Swainsboro Bank.

Samuel d. Stevenson Tells the Story
of the Swainsboro Bank.
Samuel D. Stevenson, the deposed presi-
dent of the Swainsboro bank, Is in the city.
II his story is true he has been in world
of trouble since he became the chief
executive OF the bank. He has been
arrested for forgery, and has had all sorts
of worriments. He came down to Savan-
nah to try and adjust some of the banks
affairs pending in the United States court,
but he said that he will not return TO
Swainsboro. He has been advised by his
friends not 20 go back there. Some Of the
people in that town, he said, are his friends,
but there are enough whom he considers
enemies to annoy him if they put into
execution their threats.
The suit in the United States court here
is brought by his sister, of New York,
from whom he borrowed in the name of the
hank So, 500 The bank refuses 20 meet the
note. and after the time Of payment expired
suit was begun.
Briefly stated, the history of the bank,
according to Mr.. Stevenson, is this: A year
ago Mr.. Stevenson came south to look into
a title to a tract of 10000 acres
of land owned By his sister in
New York. After investigating the
matter he found that the title
was worthless, and his sister had been made
a victim of land sharks who had been sell
ing land and giving fraudulent titles. He
remained in Emanuel county some time
and regained his health almost entirely.
During the time that he was there he was
approached upon the subject of a bank.
Owning considerable property himself,
and knowing that he would be seconded by
his relatives, who are people of means, he
considered the matter favorably, and
agreed to engage in the enterprise with the
people of Swainsboro- A charter was OBJ
tained, aud the bank was Incorporated. By
the charter the stockholders were allowed
to increase the capital from $4,000 to
$4,000, and they were allowed to begin
business with a paid in capital of $40, 900.
Thirty-six thousand dollars of stock was
subscribed, $4,000 of which was northern
capital, and was controlled by the presi-
dent
From some hardness in paying up the
subscription the bank was unable to begin
business and the president said that he was
instructed to go north and borrow money.
He did so and negotiated two loans with
his sisters in New York and Michigan.
One note was for 81, 500 and the other was
for Sl,700. They were made payable in
sixty days.
While on his way back to the south he re-
ceived letter from Swainsboro advising
him of disagreement among the directors
of the bank and instructing him not to
borrow. He placed the borrowed money
on deposit in a northern bank and came on
south. He was unable to get a meeting of
the directors or stockholders, and the bank
seemed to exist only in name. Considerable
talk about it was INDUCED in, and ill-feeling
sprang up. Finally a meeting of the
subscribers was secured, and the pres1-
dent claims that he was forced
to surrender the subscription list. 1t was
stormy meeting, and during its progress
the president picked up his hat to go out,
when one of the stockholders got before
him and seized his arms, and prevented
him from leaving. The list was finally
surrendered, and the president swore out a
warrant, charging his assailant with
assault and battery. The case came up,
but bond was rendered, and it will be
heard at the April term of the superior
court. Soon after this the president was
charged with forgery, and was arraigned in
the magistrates court. He demanded an
examination, and for the lack of evidence
the case against him was dismissed.
The feeling grew bitter toward him, Mr..
Stevenson said, and the demonstrations got
to be 30 annoying, until, acting upon the
advice of friends, he left Swainesboro. He
engaged himself to the bank for 81 200 a
year, not cent of which he said, had been
paid HIM. In addition to several hundred
uOlldIb VI Ills own money having Ueen e1-
pended for incidentals, he settled the
claim of one of his sisters for 81, 700 against
the bank and his purpose now is to settle
even the other if possible. He
said that one of his relatives
was on the eve of coming south with cap
ital of $4,000 to put into Emanuel county
investments. After the bank disturbances,
however, he will not come. MIR. Steven
son exhibited credentials from Hon. Will
lam R. Morrison, Hon. j. II. Oberly, Hon.
A. E. Stevenson. and numbers of others,
recommending him in the highest terms.
He has certificate Of advice from his physi-
clan, advising him to give up law, which
is his profession, on account of ill-health.
He has recommendations to ex-President
Cleveland for an appointm in the post
office department and also for a Canadian
consulship. be said that he had the promise
of the consulship. His health was poor
north and he was forced to give up his
practice of the law and leave there. Mr..
Stevenson is undecided as to the course to
be pursued in adjusting the matter in the
United States court. but he is here to
make some arrangements whereby a settle
menU may be arrived at.