The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-12-29
NEUTRALITY-SUSPICIOUS.
Failure Ofahe Bank OF FredeEieI<tOWn
and Arrest OF its Cashier.-Trenaend-
GUS Exeftement.


and Arrest OF its CRshier.-Trenaend-
GUS Exeftement.
Our entire community We're startled on
Saturday last by a report that the bank
of Fredericktown had closed its doors and
suspended the payment of its debts. The
news spread ike wildhre,' and IN very
briel space of time Fredericktown was fill
ed by an excited crowd, mostly composed
of gentlemen who had money on deposit
In the bank. The most intense excitement
prevailed, and it was with great difficulty
that the infuriated people were kept from
putting mob law into operation against
the bank and its cashier, William L. Mer-
rim, who it was claimed. had acted fraud
ulently and dishonesty in his management
of the affairs of the bank.
As hundreds and perhaps thousands of
people are interested in this case we have
taken pains to collect the following facts,
which are driven from renable sources:
The bank of Fredericktown wa sorgan-
lied about April 1st, 1868, the stockhold-
ers then being n. NJ. Young, D. Struble
and William L. Memin 1t was not a
regular bank, being merely a partnership
for brokering and banking business, In
April 1869, Young and Struble retired,
and John Beers, William L. Merrin, Lu-
ther Smith, and William Gilmore, have
since composed the partnership. The
capital stock was $51, ,000-all paid in. By
offering and paying interest at rates rang
ing from six to twenty per cent. they had
secured deposit, from which certificates
are now outstanding, amounting to about
$40 900: and the deposit upon account
unpaid, amounts to about $37 ,000 These
amounts ($79, ,000,) together with all the
capital stock 1851 ,OO0) in all $3.50, ,OOO, have
disappeared William L. Merlin, the
Cashier, says it has been lost in Wall street
speculations in which he entirely unknown
to the other partners, has been engaged
for months. -
The bank paid out on Friday last, all
day. and did not open on Saturday.
On Tuesday, a warrant was sworn out
at the instance of Luther Smith, one of the
partners, and-the premises of various
parties suspected, searched, resulting in
the discovery upon the premises of Wm.
i. Merrin, the Cashier of 81, 600 in gold,
and about 800 in surrency; book on
the premises of L. G. Ewers, in which it is
said are entries made by him, and imphca-
ting him in some of the Cashiers specula-
tions. About $4,000 in securities, We're
surrendered to the searching officer by
John Beers at the same time.
About $l4 800 is due fo the Bank from
various parties who have overdrawn their
| account which amount, added to the Sc
curities surrendered by Beers, the gold
and currency discovered at Merrin's house,
the value of office furniture, safe &c, in
creases the assets to about $36, 1000. The
liabilities of the Bank, over and above the
capital stock of the partners, amounts to
about $4,000.
The stockholders all reside IN this coun-
ty, with the exception of Gilmore, who
resides in Marion county, where he owns
some 800 acres of land, and had all their
property invested IN the Bank
Several attachments have been issued
against the concern and its stockholders
Merrin was arrested on Tuesday, on the
affidavit of Luther Smith, one of the part
ners, on a charge of embezzling $1,000 in
money. He was lodged in jail, but was
soon afterwards discharged son bail. Jacob
Merrin and William J. White, his father
and father-in-law having become his Sc
curities in a bond of $4,000. He was
again arrested on Wednesday, on an afida-
Wit of William Gilmore. another partner
on the charge of embezzling $1,000 in U
S. Bonds, and was admitted to bail in the
sum of $35, 900, Messrs. ]. C. Devip D. w
Chase, John NJ Rowe, John c. Merrin, anc
| Joseph Merrin, becoming his securities
These bonds are on condition that he viii
appear for examination befor ESQ. e. Reeve
on Wednesday next at 9 o'clock.-Mt
Vernon Banner