Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-04-29
The Last DefalcatiOn.

New York, April %. F. L. Taintor, cash
Ter of the Atlantic National Bank voluntarily
confessed yesterday to the chairman of the
clearing house committee that he had robbed
the bank of S400, 900 and asked for an ex-
animation of its affairs, which was imme-
diately had, and the actual deficit found to be
$6o4, 900 or nearly quarter of million
more than its entire capital and surplus.
Taintor also stated that he had spent all the
money in speculation on Wall street. extend
ing back over the past five years. and the in
vestigalion showed that he had lately appro :
priated $4,000 of the banks specie and
Sl62, 900 of securities placed in its keeping
by depositors. The bank was promptly plac-
ed in charge of United States examiner
Melgs, and Taintor committed to Ludlow
street Jail. The stockholders of the bank
will lose everything and the depostor have a
| small prospect of saw ing fifty cents on dol.
lar. The largest single deposit was that Of
the State, being $4,000 of canal tolls
though the Western Union Telegraph Com.
pany had an account on which $4,000 was
due, against which several unpaid checks
have been drawn. The immense defaication
was possible only through the carelessness of
the directors and the implicit confidence with
which they trusted the cashier who had
the whole management of the affairs of the
bank. The bank examiner and the president
of the clearing house committee both say that
the case is one of the most extraordinary
ever heard of, and the bold thefts of the
cashier show a gross and outrageous neglect
on the part Of the president. Taintor had
been able to avoid discovery up to yesterday,
and even during the official examination of
the bank last summer made out to obtain
from some quarter loan of securities and
collaterals with which to keep up appear
ances. Yesterday, however, a special meet
ing of the directors was to be held, and know
ing that discovery was inevitable, Taintor
went round to the president Of the clearing
house examining committee and with the ut
most GOODNESS told him what had happened,
suggesting an investigation end protfering his
aid in finding out the true condition of affairs.
Both returned to the bank, and with the as
sistance Of Taintor, who offered every facil-
ity and courtesy, the condition of things was
found as above stated. Dispatches had mean
while been sent to Washington, the United
States district attorney had obtained a war.
rant, and when the investigation was compile
ted Taintor, as cool as ever, was arrested.
Even after his confession the bank continued
business, receiving deposits as usual up to
three o'clock-a proceeding which has elicit
ed the most severe criticism. The bank is
about twenty years old 1t has never stood
very high, and lately has done but small
and decreasing business. Its weekly state
ment of the 10Th gave its capital at $500, 900;
loans, S725, GOO; specie, Ss5 900; deposits,
$437. 200; and circulation, 500, 900. Taintor,
the defsulter, is a son of Niles Taintor of
Windham, Conn, who is very wealthy and
one of the largest owners Of tie Gallatin
National Bank. He married niece of Mrs.
August Belmont, and lives with his family at
New Rochelle. lie began business as clerk
in the Union Bank, was afterward teller in
the American Exchange, and seven years ago
entered the Atlantic Bank as cashier. lie
says he means to help the bank out of its
trouble to the best of its ability, and is read,
to take his punishment.