Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1857-04-04
FrOmths Tsmaqus 0assiis.
New Castle Bank Bursted.


Borough Of New Castle, Lawrence county,
Pa, has exploded. The Cashier, Jno. N,
Wagenseller, formerly of this place, alb.
seconded. He is defsulter to the amount
of $4,000 according to a statement of
the Directors-but it may be much more!
The notes out do not exceed $50 ,OOO-
The assets are nominally 100000, but
may prove one fourth that amount. The
stockholders are individually liable for the
redemption Of every note out, we have but
little doubt its circulation will be redeemed
at par.
The Bank has been in operation ls
months. When it was first organized, j.
P. Sherwin formerly of Pottsville, obtained
control, and put in young man formerly
clerk in Wagenseller's employ when in the
Exchange and Banking business in this
Borough, named Samuel Neiler, who is not
German as the papers have it, but is
originally from Chester county. Sherwin
established shaving shop at Pittsburg
and Neilor supplied him with New Castle
Bank money to the amount of 100000,
whereupon a prosecution was instituted
against Sherwin, who disgorged $4,000,
and subsequently, all they could ascertain
he had received, except four or five thou
sand dollars. OF the amount returned,
$4,000, it is alleged, was retained by a
Pittsburg broker, for his services in for
cling the Wall street man to disgorge.
After this transaction, Samuel Neiler
was turned out and j. N, Wagepseller elec.
ted Cashier, who gave Richard Carter of
this place and Hon. Henry M. Fuller, as
bail in the sum of $4,000. The Directors
commenced Withdrawing the heavy issues
of the Bank, and in two months past has
redeemed nearly 100000, when on Wed.
nesday of last week the Cashier was mis-
ing, and with him whatever small sum in
cash that might previously have been in
the "vaults" or safe of the institution,
leaving but four dollars in change behind
him.
Mr.. David Tidball, formerly Postmaster
at New Castle, was examined before the
Board, and gave q detailed statement of
what he knew of j, N. Wagenseller's de-
parture. Wagenseller, the Cashier, it
seems, induced the Board to send William
7. Carter, the teller, east on business, on
Monday; on Wednesday he sent the chief
clerk to n director residing at some dis
tance: to notify him of meeting of the
Board-leaving no one in the Bank with
him but young man not very well ac'
quainted with Banking business. He then
removed from the cash drawer sundry
slips and memoranda Of money he had pre-
viovsly taken out; amounting to some $50
900 charged himself with the amount or
took about $4,000 of notes of the Bank
charging himself with the money-and
then squared the account by placing in the
safe his note for twenty, eighteen and
twenty thousand dollars, payable in two,
three and four months which Ulten pail
will square his accounts with the institu-
ton.
On Wednesday evening he left New
Castle in company with Mr.. Tidball, for
Enon Station, intending to take the night
Train for Pittsburg, Being too late, they
got on the freight train at two o'clock
Thursday morning, arrived in Allegheny
at five, and took breIkfast-after which
Wagonseller came over to Pittsburg, and
took the morning boat for Brownsville.
The runaway Cashier was arrested in
Philadelphia on Wednesday last by officer
Patterson of Pittsburg, and one Of the
Directors of the Bank, they having met
with Wagenseller on the Street. The ac.
cused was taken tn pittshnro for trial