The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-03-03
Lechmere Bank Of Cambridge.
DEGRADATION OF THE cApHIER.

tits now matter of positive proof that the
grave suspicious against. the cashier of the
Lechmere Bank of Cambridge, to which cur
rency was given Thursday morning, were well
founded, and the blow has fallen like thun-
derbolt on the friends Of the defaulter, among
whom have been numbered all of the
business men of his own city and many else
where with whom he has had transactions DUR
ing his stay in the bank. 1t has been q COM
mon remark among the residents of Cambridge
for the past few days that there was not more
honest man living than John Savage, Jr., and
that any suspicion against him was to be scout
ed at once as wholly improbable and NOV
worthy the slightest consideration.
The investigation was begun by the directors
and Bank Commissioner on Thursday evening.
though, as one of the directors remarked to
the writer, sIt was only to satisfy the public of
the falsity of the ridiculous story that had
been sent out by the PAPERS" Mr.. Savage
seemed as anxious as anybody that the truth
should be made known, and assisted with all
his powers in the investigation. Every bundle
and package belonging to the bank was taken
o t, ard its value determined by the half dozen
gentlemen sitting around the table in the Di-
rectors room. All were confident that Mr..
Savage would be cleared and the work went
quietly forward. Daniel Needham, ESQ.,. the
National Bank Commissioner, noted every
I'm in the state off affairs, and the matters of
the national portion of the Lechmere Sank
kept the assembled gentlemen busy until late
in the evening. Between 10 and II o'clock the
faces around the table began to look grave, and
soon it became evident that there was a large
deficit IN the bank deposits. At about IL
o'clock the painful truth was made known, and
the Commissioner announced that he found
there was mi sing the sum of 81, 66S.37-
Probably more astonished body of men were
never gathered than sat in that room Thursday
night They looked wonderingly at each other
and almost doubled their own sanity. titt
That MIR. Savage, above all men, should have
committed this act was shock to every one
The defaulter himself was questioned, and with
flushed face and ashamed manner pleaded gull
ty to the charge of having abducted these funds
for his private use. There was nc longer pos
sblity of mistake. The associates of the gull
ty man in the bank would have accepted almost
any explanation that mloht have been offered
But there was none. The Cashier stood con-
victed OH his own testimony, and he was dis
charged immediately from his position He
was then urged to make full statement of the
matter, and complied.
WHAT MIR. SAVAGE SAYS.
Mr. Savage said that his populations had ex-
tended over period uf ten years, and that the
sums he had taken were in small amounts. He
had been unable to support his family on his
salary, aud had appropriated the money to this
purpose. 1t may be stated here that the COM
bined salary of Mr.. Savage as Cashier of the
National and Treasurer of the Savings Bank
has been $1,000 per annum, and that his living
has always been considered quite moderate and
unassnmng He offered to do all he could to
make restitution, aud made over to the bank
his real estate in Somervile, which it is thought
will nearly or qnite cover the loss. In tn case
it is improbable that Mr.. Savage will be sub
jected to criminal trial. No one feels willing
as yet to propose such course, audit is unlike
~ that he will receive greater punishment
than the loss of his position and character,
which is by no means a light one to man sit
uated as he has been.
ABOUT TUE MISSING BONDS.
1t will be remembered that the real cause of
the investigation that has resulted in ascerta n
ing the condition of the Lechmere Bank was
securities belonging to private individuals de-
posted in the vaults for safe keeping. were un-
accountably missing. Among these was a
bundle placed there by X. S. Chaffee one of
the directors, and which belonged to an estate
in which that gentleman was interested. There
was also government bond for $1,000. placed
with AIr. Savage for safe keeping by Mr.. Viii
liam Jefferson, an emplOye of the Union Glass
Works, who stated that this bond was all the
property he possessed. This man missed his
bond on January LIST, last, and was told that it
had probably been lost and sold as waste paper
He naturally made some stir about his loss, and
consulted awyer, who told him that Mr.. Saw
age would be obliged to reimburse him.
w netner MI. fSetterSOu Will receive anything
now, as the bond was held by the cashier, and
not by the bank, is rather doubtful The bun
die lost by Mr.. Chaffee has not been heard
from as yet. Mr.. Savage, after confessing that
he had taken the sum missing from the bank,
solemnly denied that he had taken these bonds,
or even knew what had become of them
THE IRREGULARITIES OF THE CASE
are not few in number In the first place it is
matter of wonder that man, considered by
I everybody as undoubtedly honest and upright,
should have been induced to commit such an
act Mr. Savage is member of a prominent
church, and has been in the service of the Lech
mere Bank since 1854. His name has been q
synonym for honor, and it will be thought
strange that, living as he did in a moderate
way, he should have needed over $4,000 a year
to support his small family. 1t will also seem
strange to most people that he could have kept
the secret ten years from the Bank Examiners,
bot one of the officials of the bank said that
anybody connected with hank could steal
from it, and cover it up, if he chose" 1t is
peculiar again that after committing the deed,
with certain detection staring him in the face,
the Cashier di. not fly from the investigation,
as he had abundant time TO do, i1ste ID of re-
naming to assist in il, and afterward making
over his property to make good the loss-Bos-
ION .Tonro01 - 4.l 1901 : -.+J f