The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-28
CLOUDS HEAVY OVER CASSIN.
TWO OTHER INSTITUTIONS NOW
LOOKED UPON As SHAkN.

IA Receiver Appointed for the wash
inGton Loan and Investment Conn
standardization for Receiver
for the United states bond and
Mortgage Company TO Re Passed
ON saturday-A Charge That the
Books of the Latter Company show
Misappropriation of S3O,OOO-Cas-
sin stiH Unable 10 Furnish Bail.
Atlanta. Ga, April 27.-The defaloation
OF H. A. Cassin. cashier of the Georgia
Loan. Savings and Banking Company
bids fair to rival the case Of W. c. Hale
the defaulting and absconding president
OF the Southern Mutual Building and Loan
Association.
In the general wreckage Of financial in
situations with which he was connected,
Judge Lumpkin to-day appointed re-
ceiver for the Washington Loan and In
vesment Company, of which he was sec
rotary and treasurer, and on Saturday the
court win pass upon the application for
a receiver for the United States Bond and
Mortgage Company, Of which he was also
secretary and treasurer. There are two
separate bills in this case.
As to both companies, it Is alleged that
Cassin has mismanaged and msappli.d
their funds. 1t is charged that the books
show that the United States Bond and
Mortgage Company has collected $4,000.
and that all of this has been misapplied.
In one instance. it is alleged that he pur-
chased $4,000 worth of the stock of the
Georgia Loan, Savings and Banking Com
pany with this money, the misapplication
of these monies causing the company to
become insolvent. 1t is also stated that,
although handling the funds of the COM
pany Cassin never executed a bond for
the faithful performance Of his duty, as
required. and that, therefore, whatever
loss there is will have 10 be borne by the
stockholders, as he is totally insolvent
In reference to the Washington Loan
and Investment Company, it is also stat
ed that the loss will fail entirely upon
the stockholders, those who hold bonds
being likely to get their money.
1t came out to-day that at the meeting
OF the directors of the banking company
yesterday there was a free fight. 1t arose
over a remark made by Morgan Gress,
son of President Gress. He said to Judge
r. I. Dorsey that his father and he had
al eady been robbed out of $50 900, ana
that the application which the judge had
submitted for the settlement looked like
a scheme to rob them out Of another $780,
OO0. To this Judge Dorsey was in the act
of replying with a fisticuff when Morgan
Gress caught him by the whiskers. A.
this juncture Albert Howell, Jr another
director and law partner Of Judge Dor
sey, took nand This brought President
q. V. Gress into action. There was about
10 be a general smash-up when George
Cassin came ia and succeeded in sepa-
rating tho combatants.
ii appears that the directors have been
al outs for some time Two months ago
Judge Dorsey wrote to Cashier Cassin
suggesting that in view of the failure of
the State Savings Bank and the other con-
Germs that went down with w. c. Hale's
collapse there should be regular meetings
of the directors. Cassin paid no attention
TO this, although there had been no meet
ing of the directors in nearly a year, and
Judge Dorsey wrote to President Gress
asking him to call the board together
But President Gress refused, saying rather
significantly that he and Mr.. Cassin owned
a majority of the stock, and he did not
think il advisable to have those who were
nominal stockholders only meddling with
the active management Cashier Cassin's
bond was fixed at $1,000 to-day, but his
relatives and friends did not come for
ward to sign it, and he was kept under
guard by a bailiff tonight.