The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-03-23
AbbeviIIe Officials Hot After
the LOoterS.
MEXICAN AND LATHAM
THEY ARE CHARGED WITH S12,-
600 DEFALCATION.
BOUGHT AND WRECKED A BANK
All Within Forty-Three Days, and Then
Skipped Back to TarbOro "A Bench
Warrant Has Been Issued
for Them.


for Them.
There were two very intelligent and
seemingly very clever men from Able
vile, Ga, in Raleigh yesterday. One
was Mayor T. l.. Holton, of Abbevile,
and Sheriff Coyington, of Wilcox coun-
ty, and they are here en- route to Tarboro
armed with bench warrant for the ar
rest of one JAS. ]. Michigan, expresideut
of the defunct Bank of Abbeville and
III. +. Latham the skipped-by- the-light-
of-the-moon cashier of the same defunct
bank. Messrs. Holton and Covington
were seen at the Marlborough House last
night and Mr. Holton made a frank and
positive statement of the slick manoeu
vers of Michigan and Latham in his
home town Abbeville, and how both
himself and the people of Abbeville had
been taken in by the new bankers.
These men came to Abbeville about
February 1st," said Mr.. Holton, with
strong letters of recommendation and
opened negotiations with Mr.. Potter.
successful private bank in Abbeville.
After a few days of negotiations Mr..
Potter made a proposition to sell them
the bank. His proposition was accepted
Potter taking out his original capital
leaving all the deposits and nearly all
the securities in the bank, Michigan and
Latham paying him for the notes kept in
the bank, it is supposed out of the depos
its.
THE bank under the management of
Potter" says Mr.. Holton, had the COLI
.fidence of the people of Abbeville and of
banks and bankers throughout the coun-
try.
1T was known as the Bank of Able
vile and the people of the town extend
ed to it's new owners and managers the
same patronage and confidence" but ac-
cording to Mayor Holton, lit was conf
dence and patronage wofully misplaced.
The bank under Michigan and Latham
had only been running forty three days
when on Sunday night, March 18th, Mr..
Holton being lawyer was called upon
by Latham and told that he wanted TO
make an assignment, that Michigan, the
president was in Tarboro but he had
power of attorney from him to sign the
assignment and that the papers must
be drawn that night" Mr.. Holton sug-
gested that they wait until Monday, but
Latham declared that there were assets,
money, collateral, etc, in bank sufficient
10 pay adj Claims and that settlement
could be made within sixty days.
Mr.. Holton finally drew mp the papers,
a gentleman of Abbeville was named as
assignee. Latham gave the assignee the
safe combination and told him where he
would find everything.
I'VE expected that Michigan would re-
turn, that Latham would be on hand and
that matters could be soon adjusted,
said Mr.. Holton, ''but when Monday
came Latham was gone and there was
nothing from Michigan. / went with
the assignee to the bank: we tried to
open the safe but the combination had
been changed: the day book showed a
deposit of ST 400 on the Saturday before.
n 81 200 remittance ON Friday, $500 a
few days before and other sums tina
had been received. When we finally got
the safe open we found only $500 in
money, mostly in small change. and but
little collateral that was of value
'The town was i'm a fever of excite
ment and banks and bankers from all
about began wiring and writing for bal
ances due and not RENTED. There
was one package of letters, nearly 100 in
all. addressed to bankers, jobbers and
others, containing checks for remittance
that had never been mailed, and the
banks balances in other banks had been
withdrawn.
II saw that we had been duped and
while / was engaged as attorney for the
assignee | concluded to wash my hands
of the whole business, but because |
wrote the assignment some of the peo-
pie began attaching some blame to me-
So | made up my mind to apprehend the
offenders. take them back to Georgia
and that's what We are here for
Mr.. HoIton applied to the Governor
for requisition papers but j. j. Martin,
attorney for Michigan and Latham.
wired asking for papers to be held upl
until 18th, so that he could be heard.
Judge Clarke was then applied to for
a bench warrant for their arrest The
warrant was issued and Holton and
Covington left last night for Tarboro to
have Michigan and Latham arrested and
held until extradition papers are passed
upon.
According to Mr.. Holton the total do |
falcations amount to over $12, 900 The |
people of Abbeville are Just about THAT |
anxious to get hold of tho hanly loc+a,s. |