New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-05-09

A small portion OF this may be recovered, but the
Directors propose TO meet the evil at once by writing
of C. per share or fl20000 from the capital, which
was increased to that extent bya bonus in July last
by appropriating the existing fund f00 600
and by doductng Gao, 900 from the diysibe profits OF
the twelvemonth ending on the 30h Of June next
This will leave the concern with its original capital
intact, and also with sufficient surplus 10 declare
per cent dividend at the next meeting, which, with
the per cent already paid will make l2l per cent for
the year. As there is no reason TO suppose that the
bank will lcse a single customer from this unhappy
event. it may be hoped that the confidence expressed
by the Directors that few years vii restore u 70 NS
natural state of prosperity, may be fully realized;
II ia with deep regret tha the directors have W com
municate 10 the proprctos that they have discovered
very large frauds committed by their late chlei cashier,
William George Pumger, and, with as ltte delay Us
uossble they Law before the propret0rs statement oil
The facts and submit the course which, upon careful
consideration of the circumstances, they recommends
for meeting the loss which has been sustained William
George Pullineer was appointed a cashier OF !his
bank in April 1889, having previously held riinliir
situation in the bankinghouse of Sir Claude Scott
Co. and after sixteen years Of most efficient, Jealous,
and it is still believed faithful service III subordinate
capacities, was, about five years ago. raised 10 the
sitiation of chief cashier, and such was the commence
reposed in him by the directors and manager and their
satisfaction with the manner in which he discharged
his duties that about three months since they vontar-
iy raised his salary to ECO per annum.
His duties chief cashier were to superintend the
other cashiers to procure checks for money TO keep
their tlls supplied and it devoyed upon him to pay all
checks gold and silver coin, bank-notes, &c. which
were not required for the purposes OF this bank to the
Bank of England, accompanied by docket, specify
ing the particulars of each payment and by the pass
book OF the Bank of England, which was necessa-
rily in his official charge and account OF these pay
ments was also furnished by Punger to the principal
ledger-keeper. In the ordinary course OF business,
Pulnger daily sent junior clerk for the pass-book,
which contained the acknowledgment by the Bank of
England of the cash paid in, and it the duty Of
Pulnger TO deliver the passbook to the ledgerkeeper,
whose duty il would then become 10 check the entries
in it against the Bank of England by the items IN hIs
ledger. The edger-keeper on finding his account tay
with the pass-boOk would report the Bank OF England
balance the accountant to be posted in the general
edger, when any error in the Bank OF England bal,
ance would disturb the general balance OF the DAY, ana
become the subject of investigation.
On Thursday last, the 18th instant, IN consequence
of some information application was made TO the BANK
Of England for their statement OF the balance Oh t'
bank when deficit OF no less than t2o5,oIV was aus
covered Pulinger who was absent at the time at
tending a funeral of a relative, was immediately ioi-
lowed by director and the manager, and brought
back when be AT confessed that, from losses on
the Stock Exchange, he had from tlne 70 tlme' slce
sums from the charges taken TO the Bank OF En-
gland which he had concealed from the ledger keeper
by exhibiting 10 him fabricated pass-book, in which
the balance agreed with what II appeared in the ac-
counants general ledger. lie then given into
custody.
The London Duly Neics, says:
II il naturally asked how has Pullinger contrved
to get rid of 30 vast a sum OF money! Considering
tie responsible position which he held his salary was
manifestly inadequate. This is the common error of
employers from which join-stock banks, despite their
enormous dividends not exempt. But the present
no petty care of bank officer exceeding his income
and apprOpriatng sufficient to meet his enbar-
easements. Pullnger gigantic speculator on the
Stock Exchange. lie operated largely in the secur-
ties which present the greatest scope for luctation
especially in ConsOls, Lombardo- Venetian railway
shares and Turkish and Mexican bonds Of the lat
ter he is known to have taken off the market at onces
no less than 600 600, and even 10000 stock paying
for in bank notes II will be point for the direct
ors twho have already taken steps to make the delln
quents small property avaabe) TO ascertain whether
he Las any concealed assets OF this kind.
speculative Stock Exchange firm which failed IN
the panic in MAY last being obliged 10 pay o. Sd in the
pound before its partners could be rendered eligible for
readmsson gave bls for the amounts and il is stated
that Punger himself recently met these bills to the
extent in one instance, of $4,000. IL is, perhaps the
most astonishing feature of this extraordinary case
that he could long be regarded man of steady hab
its IN Princes street, while he was known 10 many per-
SONS connected with the Stock Exchange an habitua
SPECTATOR. Pullngcr had other expensive tastes. He
AN Iace-horses, in conjunction with a well-known
rainer and occasionally represented to his agents III
be Stock Exchange that some of his transactions were
or ac, cunt of that individual. Ii Is said that Punger
also shareholder in the Union Bank but II il not
10 be imagined that the fact OF lfis being partner in
The will screen him from the punishment due
10 his Migrant crime.