The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-06-10
LOSES ALL HIS MONEY.
Ex-senator McLaurin Seems to Have
Bought Gold Brick.

a special to Tie State from New
York says John L. McLaurin. former
United States senator from South Car
olina, is in this city striving to gather
some fragments of his torture, which
he declares has been shattered by the
endorsement Of notes. If he cannot
realize On the collateral given to him
as security, former Senator McLaurin,
who was worth something like $780,
900, says he will scarcely have money
enough to get back home. In his fight
to save some of his money, Mr.. Nc
Laurin has obtained an attachment
from Judge Clark, in the supreme
court, for $4,000 against property
said to be owned by Frank a Umsted
or Worcester, Mass, in !avor OF Will
liam Howard, Jr., who held the pro-
tested note.
a certificate for 17,909 shares Of
stock of the Brunswick and BirmiEg-
ham railway has been attached. The
note in question was made by Mr.. Nc
Laurin on April 81 and was payable at
the Mercantile National bank oi New
York in one month. The note was not
paid at maturity. Mr.. McLauiiH had
presented the nute to the Guardian
Trust company, which paid him the
money. In an affidavit Mr.. McLau-
rim says he paid the money to Mr..
UmSted.
Though the note in question was
for $40, 700 it is said that Mr.. McLau-
rim is threatened with the loss Of $780,
900 and that several prominent poll
Uicians Of South Carolina are heavily
involved in it. James w. Osborne, a
former assistant district attorney, and
Otto Beise, vino have been employed
as counsel by Mr.. McLaurin, are now
trying to learn whether there are any
prior claims upon the property given as
security by the men who obtained the
endorsement Of the former United
States senator to their paper.
Mr.. McLaurin, who is staying at the
Imperial hotel, declares he was not in
position to Say the security obtained
by him was worthless. He feared he,
as well as other involved, would be
able to realize only very small por-
tion of their investment. Continuing
the former senator said: II will say;
however, that the property given US
as security was represented as being
gilt edged and it is yet to be proven
that the representation is as stated.
Our security consisted Of five notes of
the promoters Of the Brunswick and
Birmingham railroad, given on April
81 and payable one month after date:
They were endorsed by Mr.. Um-
sted. 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 at the
exact value of the property.
What we have learned is not reas.
suring."
Mr.. Umsted, against whose property
the attachment was issued, occupies
apartments in the Wellington. &C
cording to representative CT Mr..
Umsted, the deal in which Mr.. Nc
Laurin is involved was friendly one,
and Mr.. Umsted was making every
effort to guarantee the amount due to
the former senator from South Caro-
lima.
Former Senator McLaurin said that
he was unable to say just how long he
would remain in New York, but that
be had been advised by counsel to stay
until something definite was done.
Legal steps will be taken in few days.
That the situation is critical was evil
denced by the fact that both Senator
McLaurin and Col. Brown were in
close consultation with Attorneys Os-
borne and Heise at the bar assocla-
tion rooms until nearly midnight
Tuesday. Col. Brown came to New
York with Mr.. McLaurin several days
ao0