Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-01-29
The New Hampshire Defalcation.

We find more particulars Of the bank de-
talcation at Exeter, New Hampshire, in the
Boston Journal Of yesterday. A despatch to
that paper says:
From an examination of the books of the
National Granite State bank and the Exeter
savings, it appears that N. Appleton Shute,
Esq, who is reported missing, is a defaulter
to large amount. Mr.. Shute was cashier
of the former institution and treasurer of the
latter. The deficit in the Granite State bank
amounts to thirty or forty thousand dollars,
which is about the amount of the surplus of
the bank. A large amount has also been ex-
tracted from the funds of the Exeter Savings
bank, bus how much has not yet been fully
| ascertained. His bonds given as security to
both banks, amount to $4,000. The bonds
| men are all good and men of abundant means
Mr.. Shute is about forty years of age, tall
| man, rather slender, about five feet ten inches
| in hight, of dark complexion and quiet, un-
| obtrusive bearing. 1t is learned that he had
been engaged in speculation in fancy stocks,
and to some extent in caal stock. His i'll
luck in these transactions and the loss Of pri-
vate property to the amount of several thou
sand dollars, doubtless lead to his drawing on
the funds of the bank and his subsequent
greater embezzlement and flight. His private
transactions with individuals appear upon the
whole to have been perfectly square and mon
ey and other valuables deposited with him for
safe keeping in the bank vault are found IN
touched.
On Monday night he was supposed to have
taken the evening train for Boston, but of
this there is no certain evidence; and 1t was
expected lie would return on the 2 P. NJ.
train the next day, rs was his usual custom
when taking passage for Boston on the eve
ming train. Not returning then nor on the
later trains it was believed that he had waited
to attend the meeting of the Boston Sto X
Board on Wednesday AMI thoughtlessly neg
lected to notify his family of his detention.
Not returning Wednesday it was feared he
had been fouily dealt with and early Thurs.
day morning Mr.. Benz. l.. Merrill proceeded
to Boston to gather what information he
could of his whereabouts, but was unable to
learn that he had been in Boston at all this
week. For years he had maintained repu-
tation far above reproach and was numbered
among the most trusty and Trustworthy of
men. An examination of the books and ac-
counts of the banks with which he was con-
nected proved him defaulter. The banks
each otter $1,000 for the arrest and convic-
ton of the defaulter.
am informed by one of the losing bonds
men that deficit of Sl23,0 has already
been positively estimated in the account Of
the Savings bank with more to come. The
total amount of deposits in the bank was
$500, 900 and the loss will doubtless wind up
the affairs of the Savings institution. The
examination of the books and accounts OF
this bank will be continued Monday morning.
Your despatch from Portsmouth stating
that the bonds or the cashier had expired and
the bank was without security is without
foundation in fact. The sureties are quite
small however, being S35, 900 with the Gran
lite bank and $4,000 with the Exeter Savings
bank. The bondsmen embrace % of our
leading and mos. well to do citizens.
| 1t viii not be surprising if the future devel
opments in this startling transaction should
involve parties prominent in State street,
perhaps as counselors If not occomplices.
The capital of the Granite State bank is $780,
| 600. yet this is but a fraction of the wealth
that shows a determination to ferret out and
thoroughly investigate this audacious and de-
liberately planned robbery.