Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-02
THE OLD STORY.
The Latest DeRaIcaIiOn ia New
XOrk-The Merchanis' Exchange
National Bank Hoses at feast
SI5O.OOO.

The Latest DeRaIcati0n ia New
YOrk-The Merchants, Exchange
National Bank loses at least
SI5O,OOO.
From the New York Sun, Dec. %.
An extensive defalcation has been dis
covered in the accounts Of the Merchants
Exchange National Bank, at No. PSI
Broadway owing to the peculatiOns for
two years past of Edward T. Oakley,
cashier of the institution. The amount
alleged to have been distracted by HIM is
$3.50, 900, and the mode Of concealment
was the making of false returns in the
books. OF these his position gave him
entire control, and his frequent perusal of
them at his own desk, rather than at
those Of the different book-keepers, was
far more constant than was customary
with bank cashiers.
The suspicious of several directors were
aroused last week, and for several days
and evenings examinations have been car
ried on until late hour by Mr.. Calender.
the Government examiner. 1t is hoped
that in two or three days the fun extent
of the loss may be ascertained 1t may
be much more than the sum stated. The
capital Of the bank is 81, 235, 900, and the
last quarterly exhibit on the 9th of Oct.
showed a surplus of $215, 459. The last
half-yearly dividend was 4 per cent.
Oakley does not deny the charge, and
is daily at the bank assisting In unravel-
ling the maze into which the accounts
have been drawn. Considering his readi-
ness to acknowledge his fault, and taking
into view his long services, he may per-
haps escape prosecution, especially as no
chance exists of recovering more than
the moderate amount of his security.
which may be $50, ZOO. The President,
Mr.. Samuel. E. Sprouts, processes not to
know the amount or the names Of his
sureties.
Oakley entered the bank as 2 Junior
clerk, thirty years ago, and after passing
through various grades in rotation, became
cashier in 1852. His salary, until re-
Gently, was s., 200, but has been raised
to 81, 200. He is married, but chiIdless.
and lives in handsome style at No. 2O6
West Thirty-fourth street In the sum
mer he Tefreshes at Long Branch. He is
temperate, and his business capacity is |
good, but he has never been popular with
the clerks under his control, on account |
of his ill-natured bearing toward them,
and his frequent suspicion of their integ-
rity. His age IS forty weight. !
The money pUlOined by him is stated |
to have been lost in stock operations in |
conjunction with his brother, Cornelius
Oakley, tobacco manufacturer of Water
street, who failed on Monday for a large
amount. He overlrew his account in the |
bank by several thousand dollars on that
day with the concurrence of the cashier |
1t is asserted that upon the rumor
leaking out last week Of the dcfalcatiOn,
the President, when applied TO, indig-
nantly denied all knowledge of it. Mr.
Fisk, of the firm of Fisk & Hatch, on re
ceiying a reply of thisdescriptiOn, threat
ened, unless information were given
him, to dcncunce the rumor of defalca-
ton in the mercantile and banking COM
munity as a fact. The President, it is
said, then confessed to a few "small |
The evening newspaper
Of his replyhe excitedly |
denies, as also the story that Committee
of Bank Presidents called upon him for a
Of affairs.