The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-05-08
Half a Million Dollars Stolen by a
Cashier,

National Bank suspended this afternoon,
in consequence of the defalcation of the
cashier, /. l.. Taintor, who has lost S40O,-
900 of the money of the concern in stock
specnlations, principally in Pacific Mail
The bank will pay fifty cents on the dol
lar to depositors.
A regular meeting of the directors Of
the bank was called for l O'Clock this
afternoon. About that hour T. L. Tain
tor, the cashier, visited the Clearing House
and approaching Mr. Tappan, president
of the committee, handed him the keys of
the safe and vaults of the bank saying
that he wished to deliver them up. Mr..
Tappan, very much astonished asked him
why he did not deliver them to the Off
GERS. Mr.. Taintor replied mo, want
the Clearing House committee to 90 at
once to the bank and examine its affairs :"
He was so perfectly cool and collected
that Mr.. Tappan did not know what to
make of him. He inquired what the mat
ter was. ''Defalcaton," was the laconic
reply. "Whose ?" asked Mr. Tappan,
still more astounded. "Mine," was the
placid answer. He added, II will 60 up
with the committee and assist them to the
best of my ability. | have no intention of
running away" Mr.. Tappan Immediately
summoned the committee and sent them
to the bank at II Nassau street Mean
time the directors were holding their
meeting and the entrance OF the committee
astonished them more than the cashiers
visit did. Mr.. Tappan stated the object
of their coming, and the directors listened
in blank surprise. Mr.. Taintor having
hung up his overcoat and hat, announced
that he was ready to make explanations
and he was asked the amount of the detail
cation He replied it was 100000, of
which $4,000 was in gold, Sl62 900
securities left in the bank for safe keep
ing and the remainder securities deposited
as collateral. GLOW long has this been
going on?" was then asked Five
years." was the reply. "Have you any
thing left ?n asked one Of the directors
''No' answered Mr.. Taintor ''What has
! become Of it ?" ''Speculation. Mr. South
worth, the president, was so affected at
this disclosure that he burst into tears
The directors and the committee retired
to the private office to await the arrival of
Mr.. Tappan, and the cashier, going be-
hind the desk, went on transacting busi-
ness just as if nothing had happened
When the committee learned this they
characterized it as y gross outrage. After
Mr.. Tappan's arrival the committee, as
sisted by Mr.. Meigs, the National Bank
Examiner. began thorough investiga-
ton, which lasted until a late hour this
evening. They were greatly aided in their
| investigation, by the defaulting cashier,
whose GOODNESS under the circumstances,
was perfectly enchanting. He moved
about here and there, looking up evil
dences of his crime. and pointing them out
with the utmost nonchdlanCG.
The result of their joint labors showed
a deficit S604.000, as follows: Realizable
assets, S549 ,00O liabilities, Independent
of capital, $315. 900 securities left in bank
for safekeeplng, of which the cashier
acknowledges stealing 1852 900 worth
leaving an actual deficit approximately
estimated at $22S,000. The capital was
$500, 900 and the surplus S76 900. making
the actual deficit S604,0OO, of which the
cashier acknowledges having embezzled
100000.
This stal ament was telegraphed to Mr.
Knox, Comptroller of the Currency, at
Washington, and he telegraphed back
appointing Mr. Meigs receiver. The bank
is to be stricken from the clearing house
list on Monday. 1t is hopelessly bank
rupt. The stockholders lose all their in
vestments and surplus. The depositors
may receive fifty per cent, while those
who placed their securities in the bank
for safe-keeping have no redress. The
clearing house committee are especially
severe on the bank officers. They say
that nothing short OF the grossest care
lessness would permit such an immense
do ia ]oatInp fn ha fi,l11 ont
over such q long period.
On complaint of the directors Taintor
was locked up in Ludlow street jail His
father is Il resident of Windsor, Conn
He is reputed to be worth a million and a
half, and is one of the largest stockhold-
ers in the Gallatin National Bank Of this
city. 1t was to this fact that young Tain
tor owed his being placed in the position
of cashier of the Atlantic six years ago,
without having previously passed through
the intermediate grades. The prisoner is
a small man, about thirty years of age,
married and owning a fine residence at
New Rochelle, although his family have
been living in this city during the past
three months. He has always been steady
in his habits and had the fullest confidence
of his superiors. Your correspondent had
an interview win MN Tonight IN the
course of which he offered the following
explanation:
"When took charge found the bank
in a very weak and impoverished condi-
tion. formed the idea OF strengthening
it and | did succeed in getting rid Of a
a vast deal of comparatively worthless
securities at good prices. then tried
Pacific Mail and luck went against me.
l did not intend to make cent for myself
Had succeeded the bank would have had
the entire benefit"
New Orleans had, recently. baby show,
with nearly two hundred contestants