The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-04-16
AFTERGADSDEN'SESTATE
THE MERCHANTS BANK EsTI-
MATS IT'S VALUE AT $4,000.

T. P. Ravsnel Appointed Temporary
Administrator and Approximates
I the Value Of the Ex- Cashiers Prop
erty ct $1,000 - Tae Merchants
{ Bank Petitions the Ordinary to Have
the Administrator Bond Made
100000 on $4,000 Estimated
Valuation Of the Estate-The Case to
be Heard Next Week.
The Merchants National Bank may re-
cover a portion Of its losses by the embezzIe,
meut Of its cashier. The eK-cashier's ate
is valued at over $50, 600, or that at least is
the estimate placed upon it b. the bank,
and President Hammond thinks be has good
grounds for the estimate.
T. P. RaveHel, Esq, of Lester s. Ravenel,
has been appointed temporary administrator
Of the estate 10y the ordinary. In
his petition for appointment, which
was also requested by the
heirs, Mr.. Ravenel stated the value Of the
real and personal property Of the deceased
at $1,000. According TO law he was required
to give a bond as temporary administrator
for twice that amount, which he did.
A LARGER BOND ASKED FOR.
After the appointment of Mr.. Ravenel
the Merchants bank filed petition with the
ordinary, through its attorneys, Erwin,
duBiguon Il Chisholm, placing the value
of tine property of the deceased at over
$4,000, aud stating that the bank is a cred
itor of the estate 20 a large amount and
asking that the temporary administrator be
requested to give bond for double the
value of the estate, and that in the event of
his failure or refusal to do so that his tenn
la fars Of cd mi ion a al
Upon considering the petition, Judge
Ferrill issued an order requiring the tenn
porary administrator to snow cause on
April % why he should not be required to
give bond as temporary administrator in
the sum Of 100000.
As the prevalent opinion was that the
value of Gadsden's estate was practically
nothing, or only q very small amount COM
pared with his shortage, the announcement
Of its valuation at So, 0OO is something of
surprise.
A QUESTION OF VALUE.
A MORNING NEWs reporter saw Mr..
Ravenel yesterday and asked him Whether
from his knowledge of the estate he thought
its value was in excess Of the figure named
in his petition, 5000, and, if
SO, is it in the neighborhood
the bank MIR. Ravenel said that when he
made mis- application as receiver he knew Of
certain deeds on record, belonging to Gads-
den, which he supposed were worth about
$1,000, and he placed the value of the es-
tate at this figure in his petition. He said
he found that the deceased a $50 had other
property in the shape of margins on loans,
where collateral had been given as security,
which will amount to several thousand dol
lars-he could not say OK
actly how much - but he did
not think it would reach anywhere in the
neghborhood OF the figure mentioned by
the bank. He has not had time, he said, to
make a full examination of the condition Of
the estate, and could not say what its exact
value is.
The term Of the temporary administrator
expires in June, when permanent admins
TRAITOR will DO appointed. Mr.. Ravenel said
he did not think more than $4,000 of the
money Of the estate would pass through his
hands between the time of his appointment
and the expiration of the temporary admin
istraUorship, in which case he considered the
amount Of the bond amply sufficient.
PRESIDENT HAAiMOND's ESTIMATE.
Capt. Hammond, president of the Mer-
cha ts' Bank, was asked if ne thought the
value of Gadsden's estate would reach
$4,000. He replied that he thought it
would.
In what does this property consistF' he
was asked
I'm margins upon loans to his credit" he
replied. "a man doing the business that
Gadsden did, specializing heavily and Dor
rowing large sums of money upon collateral
must necessarily have a large amount Of
money to his credit"
Capt Hammond said that Mr.. Ravenel
had the book in his possession, in which
Gadsden kept an account of his transactions
and which will show that he had large
amounts to his credit with various firms.
TWO NEW HARBOR TUGS.