, 1869-08-05
Heavy Failure in Southern Ncec
York.
From The Ptnn Tan tlTa:es CouHsy) Chraniels,
nh,

Jnl3 %, ... -
On Saturday forenoon LAST tho people Of this
place we're startled by the announcement thht J..
T. Rapttes hank NAs flose1t II soon became
Known ttat Mt. Rar!ee hal1 left town, TINT h1s
the jazz vas Il | esst II stste % Of snspenss @ .
Throughout the day shcre VAS much anxious In
quiry IND soici:udc. and the ~o7u new quickly
Monday cane, and the town was full Of people
tnqulYtnE after thc.r absent deposits and gather.
Ing IN nile knots to discuss the situation and gain
what light they could In reEarl to the failuty.
That It wns failure. clear aud.i~rfeGt. there WIS
no room et ro7 douht. The nepos!tors could nad
nothing 70 crcoErsFe The hope inst their to:s was
The lsc,s Of tie case are, that j. 7. Rapec. who
had started Nh individual bank at Dundee some
Yates County Bank IN 1s54 md tnovct, his oank
into i. on the lsth tsy 81 July Of that ycar. The
STOCK OF hts bark Tas $a,tsD. lie soon found esU-
poynect for nj bis resources In legitimate bank
ine, ard, nat he conEuct himself to thai business,
would rerer hare lacked fos Customers nor fA.r
and reasonable profits. Bur, Ike urnT other men,
invested! IL = ool and otter rrplEce Operated N
E,oeis, hopeht coid, and nnalJ purchased a Goa,
Dins. The lni:e! entespr1se, II Is ssid hAd ao-
Eo.ted fse,'oo, ard, 1t Is clsned, was not an nn-
prottab!e speculation. Sui, = hok!s money that
ought pcyer 10 have been Withdrawn from the re-
sources Of the hank. Tht l,,sses s5 other opera.
Il claimed By these vino asaume to kuow-aui
these no4tlr Years ago, They enEenderet a fatal
weakness IN the a1oitz ot the haok4 rendering II
liable II collapse Ill any cf3sla.
The cr.s,s came. II Was FASTENED BY the faiare
OF the Cascsslc Paper Company, and that Was
superndueed By the fire which destroyed their
mil IN March las That failure tuTolved the
nnaoc3al hight Of one Of the most substantial
monettd men Of TIE snEr. Tases County credit
was trr krn. and tne besr names Mr. Rap!ee could
get asuIlrtl him nothing TO get discounts that
.uu!d carfJ httl 6ateiy ofef the ts!tnS rotnt.
there IVES urth.ng but Fuln betote hin, end 60
Mr. Nlrlee :u7Ee-! his back on the sccac Of his
eleven Years !afcr, as 4 nnk1upt, AID
left, to let what remained take care OF
AkeH Nj. Raflee L pED11-Eru1sed nan, md
ne co cot wnltier r. NJ hr fond 1t more than he
cuCid DO to meet bis dcpos.pss, particularly those
Who had left bnufs with hin for alE-kreptug. and
the poor women and others whose cherished sav-
ings we're LETT IN hts hands As h most Racred Hust
II i4 cluel aCstr. blt the legitimate result Of
right 10 rke The nnneg OF his depos1'ots In any
n ~ bet the regular cnur-e Of his tanktny opern-
tons To do Otherwise was 10 gamble win money
not his Own- No doubt he expected to replace #.
but he found h!nAelf p1salle ~ do So The result
Is oEe o! those terrible lessons that Eate been 70
ofsen repeated and ret never seem 70 be sutlcteut
u lmpre to prefent II Occasional recurrence.
The losxes fall in ererf direction. snd gone Of
them arc qrlte heavy. James BIrn1, the C1onty
Treasurer, tt reported !cser 10 the amount Of
alcut tl9,Un mostly trust funds belonging 10 tue
eetAtes OF oEphana- Mrs. lienrt Wellcs, II Is sal
1otes 3ase&; GeeTTe Nells ut lptter, $aga1; q. q.
Eoea1mnn and John Lewis, gram buJera, H.Sps;
Knt7cJ norrmAu, g.,N9; Cashier scheet1,
$4NN: Edwin Il Randall, t1,9nn, and otners,
amounting u Charlie. = Baker. Esl.. informs u.
sery aoon By Nj. T. ". Koss, tho lase assistant