The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-23
ATLANTA'S BANK RUINED
REDwINR's SHORTAGE PLACED
AT 100000.

Other Sources Yet to Be Heard From
May Increase the Amount-Redwine
Not Seen Since His Disappearance
From the Saloon-On Leaving the
Bank He Took $50, 900 in Cash and q
Pistol.
ATLANTA, GA, Feb. 22.-The Gate City
National Bank will not open its doors for
business tomorrow morning. Cashier Red
wines defalcation, which will probably
reach $l0o, 900. has wrecked this institution.
It will be placed In the hands of a United
States bank examiner aud the remaining
assets distributed among the deposItors and
stockholders. At midnight tonight this
course was determined upon, after q meet
ing Of the clearing house and the bank
officials, which has been investig lting the
dafalcation all day. In the statement to the
public the clearing house announces that the
assets OF the bank will be sufficient to
meet the demands of all dspositors aud pos
sibly protect the stockholders
As far as the investigation has proceeded
Redwine's defalcation appears TO be close to
| $4,000. There are other sources to report
yet, however. and the amount lost through
the absoondlng assistant cashier will proba-
bly, climb to 100000.
| IL has not yet been ascertained what time
Redwine's stealing began. but it is believed
that ne has been abstracting funds from
the vault for at least year aud
covering up his shortage by kiting
with other banks whenever his accounts
were to be examined. He is supposed to
| ha "a fak aba ftrk In, q
way. as be kited S25, 900 last week to cover
discrepancies in his books, which were TO be
examined
CONDITION OF THE BANK.
The bank has a capital OF $780, a sur-
| plus OF 5000 and undivided profits
amounting to $4,000. IL is rumored, how
ever, that the bank has sustained some
heavy losses in business speculations cover
log period Of two years past and now the
further loss by the absconding cashier,
which otherwise might have been bridged
over, precIudes all possibility OF staying the
collapse
During the day the failure OF the bank
has been freely predicted, and the announce
inent that its doors will not open tomorrow
| will not be received with great surprise.
| Depositors generally feel safe as the public
has tirm confidence in the statement OF the
| officials.
During the needing OF the clearing house
| to-day Efforts we're made to secure aid
from other banks to tide over the oontem-
plated rush Of tomorrow, but when the
heavy amount Of Redwina's stealing be-
| came evident this wns abandoned.
REDwINE's DIsAPPEARAEoR.
Redwine's mysterious disappearance has
excited the deepest interest he was never
seen 20 leave the bank and how he gos
away cannot be accounted for as he was
watched when he entered the saloon. the
place where be was last seen. He Is be-
lieved to be in hiding with some Of his
friends in this city. though the country has
been covered With telegraphio descriptions
of him. When be left the bank he took
with him about $4,000 in money and q
pistol which was kept in the
vault. His salary was $1,000 per
year. but he spent many
times that amount, being q leading club
man, the owner Of fine horses and swell in
society. A woman OF disreputabe char
acter upon whom the young cashier spent
his banks money has been discovered to-
day by the detectives and this clew will be
followed up, though the department is az
| sea for a plausible explanation of Red wines
disappearance from the saloon.
CLAIMS OF THE OFFICERS.
Bv the associated Press.
Officers OF the Clearing House Associa-
ton report that the defalcation is
| - ubOub @OJsSOVp certainly HDb
more than that. They al o
cay that Redwlne must have taken the
bulk Of this within the past few days and
| that he probably left with $50, 900 or $00,00)
on his person. The clearing mouse officers
declare that the bank can pay its depos-
itors every cent and can pny the stock
holders In full. Tine GREATEST mystery
about the affair is Redwine's disappear
| ance.
Whether he Is in hiding in the city or
| whether he happened to catch ali outgoing
train, nobody knows. The bank is cnly
half block from the union depot, and the
latter theory seems the most probable IL
Is believed that he has gone west.
Redwine has evidently been living be-
yond his means for year. lie has been ons
| OF the most prominent members OF the
Capital City Club, and it is believed that be
has some funds of the club, the pro-
| ceeds Of "a recent bond sale. The
| bank officials believe that Redwine
has been behind for several years,
| but In small amounts. His position en-
abled him TO cover up his shortages so that
| they never were discovered. A week ago q
bank examiner was here, and Redwine. to
cover his shortage, drew on other banks for
| q total of s2j,00J. President Hill learned
this day before yesterday for the first time.
Redwine. it appears, suspected that he had
been discovered.
A man arrested at New Orleans suspected
elJe. The young man who committed sui
eide at Admission to-day and at first was be-
lieved 10 be Red has been identified as