The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-25
The Bank Not to Lose a Dollar BY
the Trouble.
Loaned 70 HIMSELF and LOST.
Money Used in Enterprises He Con-
SideTed Legitimate.

Tho Amount Involved About $4,000.
The Georgia Loan, Savings and
Ranking Company the Institution
He Was Connected With-NO Meet
ing of Its Directors Held in "A Year.
Discovery of the Shortage Brought
About by the Banking COmpany's
inability to Pay Loan Maturing
in Another Bank.
Atlanta. Ga, April PA great sensa-
ton in local financial circles was occa-
stoned to-day by the announcement that
Harry A. Cassin, cashier of the Georgia
Loan. Savings and Banking Company,
had misappropriated about $4,000 of the
funds Of that institution.
The bank officials claim that Cashier
Cassn is a defaulter, but say they will
not prosecute him, as his shortage has
been made good.
Cashier Cassn's friends claim he has
done nothing criminal, but that everything
he did was legitimate. Cashier Cassln, il
is stated, applied the funds of the bank
to private enterprises, and lost them. He
sent good money after bad, trying to re-
deem his lost fortune and lost again. In
this way, investing the money of the In
stitution Of which was cashier in what he
considered legitimate business enterprises,
the young man misappropriated between
$4,000 and $4,000 of the banks money.
The bank will in no wise be affected
by the transactions of the cashier, as the
friends and relatives of the young man
have made up the amount of his losses.
The stockholders will not lose anything,
while the bank will continue to do bust
ness at the old stand. on South Pryor
street. .sssa
Cashier Cassin's connection with the
bank ceased yesterday. He says he will
begin life anew in Atlanta, and will live
down this trouble. He has been prom-
nent in business and financial circles for
several years. He is the son-in-law of
Judge George Hillyer, and young man
Of wide popularity.
AT lengthy meeting of the banks di-
rectors, held this morning the PROPOSE
ton Of Cashier Cassins relatives and
friends to make a settlement was accepted.
The Georgia Loan Savings and Bank
ng Company was organized some years
ago, principally through the efforts of
Cashier Cassin. G. V. Gress became presi-
dent, and was the largest Individual stock
folder The capital stock is $500, 000 which
vas paid in on the installment plan
mere being large number of stockhold-
Ts. The bank has done a loan business
only, receiving no deposits.
Inc discovery that Cashier Cassin was
wrong in his accounts was made one week
ago He failed to meet certain of the
ranks paper which was due at the
Fourth National bank. This led to the en-
a hoyment of an expert bookkeeper, who
soon discovered that the cash was short
PRESIDENT G. V. Gress was in New York
al the time, but came to Atlanta at once
az the Geographic request of the directors
wee President Dorsey was out of town,
snd he too came at once upon being noti-
q led Of the state of affairs.
A meeting of the directors was held and
Cashier Cassin was confronted with the
statement that he was short in his ac-
counts.
lie admitted the truth of the charge and
merely said that he had none of the mon
~ but was willing to be punished if the
directors saw fit to prosecute him.
cashier Cassins friends feared that his
Iouple would cause him to attempt self
obstruction, and his brother, George Cas-
ON mas been constantly in his company
Slce the shortage was discovered. II is
tald that the cashier secured a pistol with
Whlch ne intended to end his life, but 1t
vas taken from him before he had an OPP
portunity to use it.
Judge George Hillyer, father-in-law Of
youhg Cassn has been in conference with
,le pdhK directors for several days, trying
70 arrange settlement OF the shortage.
ouuse Hillyer and the directors held an
otner conference this morning, and the
''I ms o. settlement were agreed upon.
RESIDENT Gress made the following
SI5Satement for the press: at is true that
trtaddy Cassin is short between $4,000 and
%i'oo IN his accounts with the bank but
tle young mans friends and relatives
nsle arranged TO make good the entire
l"ouht so there will be no loss whatever
sG ne stockholders or the bank. Mr. Cas-
gu ceased his connection with the bank
geslerday. He turned over everything he
roo Mon'h tabout 100000 to the bank. The
p'Hsy ne misappropriated he put into
la ne considered legitimate enterprises,
., oI winch lost He loaned more money
W. nilnset and to enterprises with which
TO do" ''1" nc hau risn'
mr. Cassln himself would not be inter
e"ed' but his father-ln-law, Judge Hill
sall' Speaking for him: There has
- no conceolment aud every draft or
i."n 20 Mr. Cassin. or 10 the companies
~. was concerned In, WIS made usually
80 80" express assent and authority, openly
anp uuly entered where all could be seen
a iI win no intent or purpose but 10 pay
~. ~ ,he case Of other loans lie states
10, - es'iy check a. there TO show whore
10y aoialr Of the money went / saw
W. Ne because IN such cases people are la-
IT, e ~ sNasgerate and DO injury. Mr. cas-
, man, doubtless IKE many others
i,, .ins line and hOpcfh. but he Is abso-
a, ,, lI.e from any bad habits. singular
~, .,,..', ominble ard generous. and N is
Ii,t.rnt' thaf when called on DC could
,a-,lf iaiso The nlennH ~ squarine hls ~.
Done nv, .en 80 been done. OF D. 70 be