The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-04-30
The Atlantic Bank DefalcatiOn.s.

FINANCIAL SENSATION IN NEW YORK
| ADVENTURES or A FINE YOUNG MAN
| EPEcULATISGE ON STOLEN MOMENTUM
| AND DISGRACE-IN JAIL, &C.
The sensation Of the day in New York Is
| The dctaelation Of Francis l.. Taintor, cashier
| OF the Atlantic National Bank, TO the amount
OF half million, more or less. The trouble
| Is the old story OF stock speculations by the
| cashier, constant heavy losses. and final ruin.
He seems to have enjoyed unusual immunity,
| however, as he managed to run his specula-
| tons through period of five years, mean
time enjoying all the advantages of the best
| society, best as he was with millionaire re-
| lations, good looks, good health. and IN ati-
daclous slayity that made him at home every
where. As stated in the DISPATCHES pub
! ltShed Yesterday, Inc r0olIy assisted the Clear.
| tDS-house Committee in their investigation
| OF his accounts at the bank after he had made
| his confession, and with equally cool resigna-
ton accompanied the officer 10 Ludlow
Street jail Here he was placed in an ordi.
nary cell, and insisted upon taking only the
| ordinary fare; but this exhibition of alb
| Stemlnous reserve Is said to be usual TO
rogues Of his class when they first get in
Jail, and is succeeded in time ny hearty ap-
probation of all the good things rich friends
may bcStow.
HOW THE NEWS CANE OUT.
The New York Herald gives the following
account oi how the news came out
About baf-past II O'Clock on Saturday
air. +. L. Taintor, the cashier of the Allan
tic National Bank, walked into the Galatin
National Bank and asked to see MIR. TappaD,
the president of the latter. He was shown
into the Office, and both gentlemen greeted
each other civiIlv. s
"Mr. Tappan," said Mr.. Taintor, calmly,
sitting down, Il have come to tell You
rather unpleasant news, which may possibly
astonish you. | am cashier of the Atlantic
Bank, and an dcluqlcr to the extent of
S400,0C0.'
Mr.. Tappan started from his chair. 1t
almost took his breath away that man
should tell such a thing in so cool IL manner.
"You are dctaulter!" exclaimed Mr..
TapIan, "and to such an amount! You
| rather astonisl me, as you say. But why do
| you come to ME with such statement"
II come TO you," said Mr.. Taintor, still
quite impasSiye, "because you are the chair
man of the Executive Committee of the Clear
ing-houSe, and l wish you 10 take charge OF
my keys ana Ol the Dank.
| "Of course you have communicated these
| laci> to the officers of your bank 2" said Mr..
| TapIan.
Not word Of this is known excepting
| 10 YOU" went on Mr.. Taintor. II don't
| WISH the officers of the bank to examine into
NY affairs. Imuch prefer some higherpo
should do it."
| Mr.. Tappan's curiosity was excited to the
| highest. pitch. He wanted to know why the
cashier came to him and confessed such a
terrible state of affairs. He asked the ques-
| ton.
"Well, you see,' said Mr.. Tanior, "the
directors pay their visit to-day TO the bank,
and then some Of the facts may come out.
| They probably wouldn't know the whole
truth, but quite enough to put me into bad
box. Now. don't want any scene about it
nor any reproaches; these people are old
fogies, and it would be unpleasant. There is
a much easier way Of fixing it--that your
| committee should come up to the bank and
make an examination then you may see how
things really are, and verify my statement.
That's the better way, | am sure
But do you know to what you are SUBJ
jecting yourself by this confession?" asked
Mr.. Tappan.
i
| fully alive to it. AS they say in the papers,
1 realize my position. But the best thing to
| do, l should judge, is to make an immediate
examination. Every moment that business
goes on in the bank is moment too much
| now
The committee was then called and pro-
cccded to the bank, where Taintor, who was
attending to his duties and ordering the
clerks around as usual, joined them and
went with them into the Ollie of the presi-
dent. The president of the bank, Mr..
Southworth, is a gray-headed. oary-Oeard-
ed, tall, old man. and when be saw the
three gentlemen from the Clearinghouse
Committee accompanying Mr.. Iaintor he
seemed to have 4 sort OF presentment that
something was wrong. He extended his
hands and said, in trembling voice, "What
is the matter, gcntlcmcn:"
One of the gentlemen then explained the
facls Of the case. and when the President
heard the news he simply sank back in a
chair, and tears came in his eyes. IT was
evident that of all news in the world this
was the last he would have expected. For
a few moments he remained Spccch!ess. tic
said nothing to Mr.. Tailitor, and did not even
look at him. When the gentlemen from the
| Clearing house Committee said that perhaps it
were better to close up the bank ilmedi-
ately, Mr.. Soutbworth rcsained his courage
| Immediately, and said he would never con
sent to it, The bank stood well in the eyes
of the community. and he was not obliged
to close up until the facts which were alleged
against the bank were proved.
| In the mean time the ruHlnrs got abroad
and run upon the bank ensucd, which was
kept up Until the closing hour, 3 o'clock.
| THE EXAMINATION
proceeded and after cursory examination
It was estimated that Taintor's dctalcatlon l.
something between 100000 and S425,000
1t is divided as follows: $4,000 i'll gold
which he took from the vaults OF the Dunk
$4,000 of property which had been placed
| in the bank for sait-keeping the balance
was in securities which had been in the ba"h
as collateral on loans. .. .s-
1uintor said that he had lost a great deal OF
this money in February last, and that the
decline in Pacific Mail had hurt him very
badly. 1t is believed he lost also in the late
panic. The committee finds that not only
the capital of the bank but also its assets
have completely vanished, owing to Mr.
Taintor's skilful maripulations. Mr.. Tap
pan says, however, that the dcpositors will
in all probability not suffer any loss, as the
| Stock holders are reSDOuSible 10 the last dol