New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-10-17

TRIAL OF OLcOTT-Cg densburgh BaHk.-Theo
dore Olcott, Cashier Of tn Canal Bank put on
trial at Albany the l2thnst for embezzling ~ 20-
Of the funds OF the Ogdesburgh Bank. Henry g.
Wheaton, Samuel Stevens, Nicholas Hill. jr and Mar
Gus T. Reynolds appeared counsel for the accused
The District Attorney and Samuel :. Foote Esq fol-
the People From the openin. of the case by the Dis
trct Attorney IL appears that the Ogdensburgh Bank
did business in the County of & Lawrence. The bills
OF that institution were either redeemed In Newl
or Albany. The Canal Bank wss its agent to redeem
It's bills in Albany The bills u the bank If taken Al
another bank sealed up and the amount marked on
them and sent to the agency for redemption. The Ca
nal Bank had In their possession for the purpose OF such
redemption some $50 900 or $4,000.
On the 9th Of July the Mechanics and Farmers Bank
sent the package Of 1900 10 the Canal Bank and Il
was there redeemed 1t should have been sent by ex
press according to the agreement with the Bank that
.sued the bills Mr. Ocott wrote that he had received
L. but that he did not forward the package, but sent
TO New York for the purpose o. being thrown into mar
ket or used for some other purpose. The Ogdens
Lurgh Bank heard no more rom their agency until
they heard of It's and d the bills being thrown
into market There thne counts in the indict
ment the fret charges that NJ OlcOt was the Cashier
and that this package came INTO his possession, and
that without authority he embezZled the said package
the second that Cashier he the agent OF the Og
densburgh Bank the third similar 10 the nrst. The
last count for larceny, In stealing the package
Mr. Judson. Cashier Of the Ogdensburg Bank, gave
evidence that the Canal BANK tcted as the redeelhI
agent, In Albany for the Oeiensburgh Bank since
about July $40 the date of appointment down 10 the
time Of closing the Bank the Ogdensburg furnished the
Canal Bank with funds to redeem the bills from the
9TH 10 the 10Th OF July they lad been furnished not
less than $50 O0O there tlat balance on hand IN
favor OF the Ogdensburgh Bank the financial ocer with
whom they corresponded was Mr.. OlcOu the mode
and course of redemption tor the city banks TO sea
up their bills every Saturday. and to advise them o
the amount sealed up. and u request redemption 10
twenty days time from the agency At the expl
ration OF the twenty days, they are handed IN seal
ed directed to the Ogdens5urgh Bank and usaal
ly, the amount in them is marked on the outside
Of the package the Canal Bank then redeems me
amount and advises the Ogdehsburgh Bank he exhibit
ed the letter OF Instructions their agency IA refer
the disposal of the redeemed bills wnich ne
wrote them since the forwarding Of the letter tney
have been forwarded by Wells 81 Cos Express th'
letter was taken from the ile al the Canal Bank
The District Attorney read the letter, when directs
that the packages be sent by Wells a Cos Express L
Utica, thence north by Russels Express Inc cana.
Bank 20 advise by mail OF the amount sent ana 70 pay
express charges
Mr. JudsOn again recallcd-FrOm the date OF tna
letter they acted according to the letters directions
until near the failure Of the bank be believes no
other instructions were given all the packages were
forwarded bat the one the 9th " July ne eNnlDt
ed Mr. Ocotts letter in reference 70 that package ia
ted July the letter received by mail on the III
of July before the failure OF the bank was heard OF al
Ogdensburgh THE letter read and charges redemp
ION OF s45)s. signed by Mr. Ocott) the package o.
81 2O- was never received by the usual course o.
business il should have come 70 hand on the lotn
July be was the financial officer OF the bank there
was no authority given % change the usual direction Of
the package
The examination was continued Friday and sat
urdsv. and several witnesses examined but notnin.
very important in addition to the above was elected