The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-04-05
GADSDEN A DEFAULTER.
TIE SUICIDE CAsaIER's ACCOUNTS
SSORT 100000.

Tbs Merchants sank Loser 20 About
SIC, ooo-Ehe Bal nee of the Detail
cation Covered by the Cashiers
Bond-Gadsdsn' Speculation ia COT
ton and Grain Futures Lea to a
Hypotlsca ioa OF the Banks Sc
curt es to Cover LosSss-Fear Of
Exposure and Punishment the Cause
Of lis Suicide.
A defaulter for SI0o, 900. to cover losses in
population in grain and cotton futures and
dread of exposure and punishment, Ia tee
story If Thomas Cad denis suicide.
The Merchants National Bank directors
finished their investigation Of the late CASH
er's accounts lat night While the total
amount OF his irregularities is $780,
900. the bank will recover $50, 900 on bond
from the American Security Company Of
New York, which was his surety. This
will leave the bank net loser of $4,000.
The bank directors were hard at work all
Of yesterday, and when they concluded
their investigation at o'clock ths fact tlat
their trusted cashier had been a heavy de-
faulter stared them in the face. From the
moment the news Of Gadsden's tragic death
o@NAS1Ne
thing was wrong with the banks money.
but they had no idea that the shortage
would reach such proper lions.
TUE DIRECTORS STATEMENT.
As soon as the directors adjourned Presi-
lent John l.. Hammond handed the follow
ing official statema It to a MORNING NEWS
reporter: "The banks | So from the defal-
cation OF Thomas Gads len, late cashier,
will not exceed $4,000. The banks capital
Is $4,000, and its surplus aud undivided
profits 1916, 600"
Tuesday or Wednesday President Ham
mond discovered some irregularities which
lrou Sed his SUSPECT ms and caused him 10
fear that everything was not as 10 should
BE- He requested Cashier Gadsden TO hand
In his resignation at Fridays meeting Of
The board of directors. and he intended that
4 thorough investigation Of the books
Ihould be had at tue same time.
USED THE BANKS SECURITIES.
At the close Of last years business, Dec.
10, the acc cunts ha ancsd 20 a cent and the
securities were all right Gadsdeu hypoth-
seated the banks securities for the purpose
Of dealing in cotton and grain futures, AID
IN the short space Of time in which he COM
11itted the defalcatioR he must have been
An unusually heavy plungsr in tins market.
President Ham nond said he had noticed
Tor the past few months that Gadsde1 had
number of brokers calling on him at the
oank, but he never suspected that he was
aandling the banks money in his transac-
lions until a few days ago, when his
mspicions were aroused.
CONFESSED HIS GUILT.
In the letter which Capt. Hammond re-
Sawed Friday morning from the suicide the
after admitted that he had betrayed the
confidence of the bank beyond any possibility
ST replacement, and rathsr than face the ex
oosure and consequent punishment which
would follow it be hal decided to take his
life, and would. by the time the letter was
oerused, be dead IN Laurel Or I'VE cemetery.
The fews Of the defalcation spread
rapidly, and while every one believed IL was
something of the kind which cansed Gads-
Gen to commit suicide, the am unit of the
shortage was rather a surprise Many
eouId hardly understand how he could have
made away with such an amount of money
IN so short time. but the fact remains that
ae did. The su position Is that the suicide
vent into some heavy deal at the start, ana
hsing, continus ID to uss the banks fluids in
Ine hops that lie would make lucky r. t
and would be able to replace Fl
had ne called in his friends and male
elean breast Of bis shortage when be first
ost the banks money, it ia more than q
probability that they would have devised
tome means of making good the amount.
DREADED THE DISCLOSURE.
The dreaded disclosure came with the re-
quest for his resignation. No longer a
chance to escape. nOGhiug with which to
make good his loses, aud the penitc atiary
staring him in the face, be made up his
mind tlas death was the only alternative
The American Security Company, which
was Gadsden's surety, is represented in
Savannah by Haiaes g. Daniel.
Paying Teller w. 8. Rock well has been
appo nted temporary cashier of the bsak,
and will pr badly be male cashier.
The suicides funeral took place yesterday
afternoon from his late residence, ct " hita-
ker and Bolton streets, and was largely
attended. Rev. Charles 81. Strong, of st.
Johns Episcopal church, performed the
services at The house and at the grave in
Laurel Grove. The burial was Immediately
In the rear Of the lot where the dead man
ended his career. The pallbearsrs were
Judge Robert Falligant Capt. d. G.. Purse,
Thomas P. Bond, James Sullivan, r. r.
Thomson, Jam H. Hunter, James R.
Sheldon and R. III. Demsre. NuTerous
coral offerings, crossss, crowns. wrsaths
and anchors we're laid upon the grave.
A large crowd Of people attracted by Gu
riosity gathered TO witness the obseQuies