New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-08-31
BANKs AND BROKERS.
Mumfsrd Discharged from the
Revelations of Wall.st. Finance-h'""
Banks Certify Checks in Advance Oh


Banks Certify Checks in Advance Oh
Deposit.
Mr. Peter X. Mumford, the Wall-st. gold
broker charged with procuring. through worthless
checks eco 600 in gold from the bankers ureehieai
Norris Co.. was further examined yesterday morn
inc before Justice Bowling at the Tombs Police Court
According 10 the complaint Mumioid received the
90. 600 os stated. giving therefor check the
Mechanics Bank for s25 600 but having nothing TO his
credit in the bank on presentation OF the note. The
case however has been dismissed showing that on
,he day in question Mumford deposited in bank sum
more than sufficient 10 cover the check.
THE PRISONER MUMFORD
Mr. Mumford according to a statement which he
made in Cont, halls from Rhode Island, and is aoont
so years of age His face gave'unmisakabe signs OF
care and nervousness attributable to the anxiety and
depression which even brief Imprisonment has pro
duced.
ABANDONMENT OF THE CASE BY THE PRoSECUI loN'
Mr. Milliken. the counsel for the prosecution, adj
dressed the Justice stating, in brief that he had found
on Saturday, the day when the checks were drawn
from the bank large sum had been deposited; and he
had been unable upon digent trial. 10 gain any evil
dence or testimony, except such as might be
REGARDED as mere hearsay This he thought due 10 the
an amount more than enough cover the check, and
his Honor would understand that any further testi-
opy which might be adduced would only reiterae or
corroborate what had already been brought forth.
While the deposits made qjterrdrd TO Mr.. Mnmfords
credit in the Mechanics Bank would not change the
moral bearing of the case stin they would affect le
gally Mr. Mumfoids credit stood well with the bank,
and fhore was, therefore nothing more TO say.
Justice Bowling regarded the speech of the prosecu
Tor as an abandonment Of the and desired to e' m
inc the papers and evidence, promising that If the
Dstrict.Attorney should consider it wanting in proof
70 convict. he should dismiss the case at once.
Mr. RoDMANs DEFENSE.
Mr.. Rodman. one Of the counsel for the prisoner.
rad compliment to the fairness of the opposing coun
sell No one had ever been convicted in a case like the
one disclosed. He urged upon the Court the yndica'
ton Of the character OF the prisoner which since the
loss of rroperty involved in his failure all that be
could rely upon. 1t was abundantly proved that
S63 600 had been deposited in the bank by Mnmford
on the day of the delivery of the check No thief would
do that Mr. Rodman begged to show that Ivy testimony
present, Mr.. Mumford lad always good credit with
the banks and could prove that il had been the habit
the bank to certify checks Of Mr.. Mumford wheT
there was no deposit TO meet them. He would make
plain that Mr.. Mumford had good reason for relying
On the credit which lie enjoyed at the bank, although
he might have had present amount TO sustain ii fully
The counsel explained how brokers iranaced tbeii
business at the banks and with what facility OF favor
the banks contrived to accommodate the brokers. a
broker might come to bank aud get $4,000 or sOOOOo
On promise to render it before o'clock of the same
day. and yet have no previous deposit. In rea1y al
cases the paid.
Justice Downing decided to hear testimony so I'm
portant and SO Mr. Edward Cook, the Paying-Tehe
of the Mechanics Bank for 90 years, was called Mr.
Cook knew Peter t. Mumford in relation with the Ban
for two years. keeping heavy account but not so grea
q balance, as his money going and coming. III
deposits Aug. l2 amounted to s234, 0OO-baiance a
The beginning of the day sl,099 Mr. Cook witnesse
further that he did at different times certify Mr. Nun
fords checks when the instant amount 10 his credit vi
not enough to meet them-the amount of such certi
Gates depending on Mamfords creGit and good chara
ter sometimes on his security. They amounted
$4,000 and were all made good prior to the LIST
August On the morning OF the 18th the bank proi
Used to certify Mr.. AIumford's check to the value
&2e 600 in advance of his deposit
DISCHARGE OF IHE PRISONER.
Justice Bowling decided the case on its abandon
ment by the prosecution. and the evidence submiu'
that the banks were in the habit Of certifying Il
checks Of the prisoner, when he had no money on d
Jost This revelation is deemed highly important
tie money.savng community.