, 1873-10-13
=. MASSACHUSETTS,
Special Dispatch to The Cascaao Tribune.

THE LOWELL. BANK DEFALuAT1oN.
BoaroN, Oct. 11.-A formnl statement was
mado today by Col. Needham, the Dank Exam-
iner, Of tho extont Of tho dofalcaton: iu tho
Merchants National Bank, Of Lowell, and John
L. piorce for tho defaulting Cashier, was mr.
rainged in tho United statcs. Commissioners
Court, in this city. Col. Neodlam reports a loss
to the bank Of nearly &C., 1000. Which will
leave tho capital nnmpaircd, and q sur
Directors Of rierce after p'tu Woraies
Eealously tho past forty-eght hours with Col.
Ncodllam and tho bank officials Investigating
himBolf, aiding hiH coworkera to find out how
great thief 6o has been, now takos his placo aa
thiof, under arrest, under bonda to appear
when hia case iH called for examination. !io up
peared in court To-day, ably supported by tho
law, respecting his teelings and recognizing hiu
ject him to tho modification Of
common vulgar arIost but agreed, to
Gen. Dutlor kept tho Court waiting two hours
and o half, mud then occupied tho time further
by objeoting to an excessive bail. Ho carried
his point, howover, and tho bull being finally
in tho beginning a5o, ,6oo. Gen. Butler detnilel
tho circumstances Of tho defalcatiou, and maio
m effort for capital for his client by dwelling on
the tacts That lie had not run away when the
sts'"s1o sass te Discovery 1s lad f e9ou 'hn
not only Iii lis own property, IN
Guiding his life inauranco policy, but also tile
house and other property bolonging to his wife,
and heid In hor name Tue ComnssonSr ao e1l ~
noao too ass sm ssHs Gs Ss Ba.ef s',r
pFised tho Court aud quite start1ed tho aovorn-
not tako tho S25.000 the examination proceed
at once. Tho Government counsel demurrel,
saying that It did not know enough Of tho caso
to proceed insatanter. Con: nutler then said
inc. as his client should not 60 to JUL
when lo was ready for examination. Thofo was
q consultation. and then DutierB point WAS car-
ried: dcp. D. further said,. during tho briet
did not loso dollar through piorce, and that
Col. Needham's examination would show that
Pierce did not appear very much dcpros Hcd, WIS
round aud ruddy, though n tritle cafoworu, prob
ably moro the effect Of the late houls indulged
Just ceaaod, than Of tue stings OF conscience.
There ia still some curiosity to understand
how it happened that tho discovery Of tho do
facaton wes mado Lowo! gop paPSr 1Sn ot to night
planned, but It ia said to be In consequence OF
chocks OF tho house of II. ,. Clatlin having to
be paid, The standing Ct the house has not oc-
ssson9a @ sy sy say an as eso eenasR 6Rs Of the firm a
origin Of tho difficulty, and tho rumor is getting
to bo more current thut there iB, in connection
| with cAecks and other matters, something that
| promises
A BTARTL1N4 DEVELOPMENT,
but tho facts cannot DO 1uuo!, longer kept from
the public, aud tho Hood of ruulors about tho
city at the present timo shows TINT the bank
will gain by tho earliest aud fullest revelation
Of tie true stato OF affairs. This paper further
aaya it is probable TINT aB ..Boon as the present
excitement Subsidies au examination Of the ac-
counts Of all tho other banks will take place, but
to do 80 now would disclose suspicion that de-
faloatious In those banks bad beou discovered.
| LovErT, THE ntNaMAM DEtAuLTER,
has hoen hold IN 100000 for examination. Tho
| Directors OF this bank have triod to reduce the
capital of the concern to 9140,000 and have
elected now Cashier, and business will be re-
sumcd on Monday. by tho statement Of the con-
dltion of tue bank, with -itB reduced capital, q
surplus Of about $4,000 10 exhibited.