The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-01-14
BROKER DEMERE WINS.
TIE JURY DECIDES AGAINST The
MERCHANTS BANK

Mr.. Demere Awarded Bis Securities
and the Bank to Reimburse Eim for
/ ANY Loss he May Have Sustained by
Their Being Out of His Possession.
Some of the Points the Case Estab-
fishes.
A verdict was rendered 10 the city court
yesterday in the case Of R. NJ. DemArs VS..
the Merchants National Bank in favor of
Mr. Demere. The verdict is for the value
of the three $1,000 Georgia Southern and
Florida bonds at sos, their value at the
time they were demanded by Mr.. Demere
from the bank.
The argument Of Mr.. Erwin for the bank
and Mr.. Charlton for Mr.. Demere con-
sumed almost the entire day in the city
court. The counsel held TO the points
already set forth by their respective sides Of
the case, MIR. Erwin holding that no collateral
had been placed 10 secure the Gadsden loan
of Nov. II, 1890, OF 5000. aud that all
collateral placed with the bank TO secure
other loans was subject 60 this debt also,
and Mr.. Charlton holding that directly the
opposite was the case.
The jury was only out four minutes and
returned a verdict for MIR. Demere.
The verdict means a good deal to Mr..
Demere. The Judgment for the bonds at
SO5S amounts to 2,5S7 so. As the bonds are
only worth 70 now it was loss to the bank
of $427 so for this item alone.
The chief interest, however. hinges on
the Gadsden note, on which "a, 800 remains
unpaid, which loss falls upon the bank, by
virtue of the jury's decision. The bank
will have to surrender to Mr.. Demere
bis collateral, amounting to about
other otSGOO on the AS payment almost OF s s
of the stocks and bonds included In this
amount have deprecated in value within
the last nine months the bank will also have
TO pay the difference in their value then and
at the present time. Ii is also liable for
any damage Mr.. Demere may have sus-
tanned in his business by reason Of the with
holding Of his collateral. This lays another
loss upon the bank of several thousand dol
lars in addition to the others it has sus-
tained by reason Of the defalcations Of
Cashier Gadsden,
Mr.. Demere seemed to have the sympathy
OF the business men generally with him in
the case and was generally Congratulated on
all sides yesterday. upon its successful issue.
An interesting point decided In this case
Is that 1t establishes the custom of the
Savannah banks in making loans that the
collateral upon each loan is security for
that loan simply, and may not be held I'M
I'll all other loans have been paid.
There were seven violators before the
mayor yesterday morning. five for drunk
enness and disorderly conduct, one for obs
structing the sidewalk and one for safe
lAeepiug The majority Of the cases were
against women.
Three criminal cases were disposed Of In
the superior court Yesterday
Joe Taylor (colored) was found guilty of
burglary, In company with w. K. Brin-
son, Charles Brinson and James
Dolly, he broke into Lawson's dance
house on Gas House hill, on July 4,
1891. The others pleaded guilty and have
been sentenced. The jury found verdict
date In the afternoon, and the sentence was
postponed until this morning.
David Bates tcolored) was found guilty of
burglary and sentenced to five years in the
pentteutiary. Bates was charged with rob-
bing Central railroad car.
George Steele was found guilty of simple
larceny and sentenced to three years in the
penltentiary. Steel stole an OK from an old
colored man living outside the city and
brought it TO town 70 sell. His actions ex-
cited suspicion, and be was arrested and
confessed TO stealing the OK.
j. +. Kollock was reappointed CONNER
cial notary public by Judge Falligaut in the
superior court yesterday.
John Simpson indicted for passing coun-
terfeit money was found guilty in the
United States court yesterday morning,
and was sentenced by Judge Speer to one
year In the Ohio penitentiary. Simpsons
arrest for passing counterfeit dollar on a
market woman, week or two
ago, was reported In the MORNING
NEWS at the time. The
evidence on the trial showed that Simpson
was no new hand at the business.
The Naylor Yarnell- Cambria admiralty
case is on In the United States court.
THE GULF STORM.