The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-06-10
MIR. M'LAURlN's i'll LUCK.
He Seems 10 Have Been Done
Out of 100000.
The Ex-senator Says That Unless He Can
Realize on Collateral He Took as Sc
eurisy fer Money lent He Will
Hardly Have Enough Money
to Get Heme.

New York, June 3.-John D. Nc
Iaprin, former United States Senator
from South Carolina and political foe
OF Senator Tiliman, is in this city,
striving to gather some fragments of
his fortune, which, he declares has
been shattered by the endorsement of
notes. If ne cannot realize on the
collateral given to him as security, MT.
McLaurin who was worth something
like 500, 600, says he will scarcely
have money enough to get back home.
Mr.. McTauirn, who is staying at the
Imperial Hotel, declared today he was
not in position to say the security
obtained by him was worthless. He
feared thas he, as well as others IN
volved, would be able to realize only
very small portion OF their investment.
Continuing, the former Senator said
81 Will say, however, that the prop
e.ty given rs as, security was repre-
sented as being gilt-edged, and it IS
vet TO be proven that the representa-
ton IS as stssed. Our security con-
sisted OF Eve notes Of the promoter OF
the Brunswick and Birmingham Rail
road. given on April 21, and payable
one month after date. They were en-
dorssd by Mr.. Umste6. When they
fell due. however, payment was not
forthcoming, and since then myself
and associates in the transaction have
been using every means In our power
to arrive as the exact value OF the
property. What we have learned IS
not reassuring.
Mn. Umsted, against whose proper
~ the attachment was issued, occu-
pies apartments in the Wellington.
According to representative Of Mr..
Umsted, the deal in which Mr.. Nc
Tarrin is involved was friendly
one. and Mr.. Umsted was making
every effort to guarantee the amount
due to the former Senator from South
Carolina.
Mr. NcLaurin said that ne was IN
able to say Just how long he would
remain IN this city, but that he had
been advised by counsel to stay until
something definite was done. Legal
steps will be taken in a few days.
That the situation is critical was evl-
denced by the fact that both Senator
McLaurin and Col. Brown we're close
IN consultation with Attorneys Osborne
and Hess at the Rar Association rooms
until nearly midnight. Col. Brown
.arne to this city with Mr.. McLaurin
several days ago. News and Curier.
New York, juno 4.-Former Assist
ant Attorney James ". Osborne, ccan-
sci for former Senator John L. Nc
Laurin, said today: " That the value
of the collateral represented by sever.
al thousand shares Of stock In the Mo-
hawk Valley Steel and Wire Company,
Of Brunswick, Ga, was misrepresented
to Senator McLaurin when he was In
duced by Frank g Umsted and others
TO invest $4,000 in cash in the con-
cern, besides going security on notes
for $500 more, for which Senator
lLcLaurin is personally liable, there
aan be no question.
Senator McLanrin, my client, was
given positively to understand thas
Che Mohawk Valley Steel and Wire
Company, which is an adjuncs Of the
Brunswick and Birmingham Railroad
Company, was capitalized for $50. 600, :
900 and owned and controlled several
hundred thousand acres Of valuable
coal and iron lands in she country in
sarsected By the railroad. InVestiga-
ton has proven that the steel and wire
concern exists largely on paper as yet,
and we have yet to find that it has the
absolute ownership OF control OF the
lands SO claimed.
AS result Of our continued IN
yestigations today, as counsel for SEN
ator McLaurin. can state that he
is not as near ruin as at hrst reported.
His liability, howeyeris fully sll5. 600.
This sum is represented by $50, 600 In
cash, which my client advanced to
Frank a. Umsted. in addition to three
different Totes on which he went
security. One of these notes is for
$40. COO another for $50, 600 and another
for $50, 900. The first note fell due a
few days ago and IVES promptly met by
Senator McLaurin, who then obtained
an attachment for the face OF the note on
the stock Of Frank A. Umsted in
the Mohawk Valley concern. -
Senator McLaurin and former assistant
District Attorney Osborne his counsel,
today confirmed in substance the report
of the transaction. Senator McLaurln
and his counsel spent the greater part
of the day in making exhaustive IN
vestigations to determine the market
value of the collateral given, and said
.onight that at least S1S, 600 would be
realized. District Attorney Jerome
admitted today having been approached
with regard to making some sort OF
investigation in the matter, but SAID
that it had not been done in an official
way, and that he was, therefore, not
in position to say what action, if any,
would be taken by his Office.
Frank Umsted has Offices with the
Brunswick and Birmingham Railway
Company, at No. 100 Broadway. He
said today:
81 have nothing to say one way OF
the other in regard to this transac-
tion. Senator McLaurin is doing
enough talking for both sides and that
should be enough. So far as the
Brunswick and Birmingham Road is
copcerned, it is one of the best paying
oo6-oosf PROMISING railroad properties