The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-05-15
OCEAN BANK ROBBERY.
An Iowa Rank Receivers $4,000 TOT
stolen Bonds-A Verdict Important
to Bankers.

An Iowa Bank Receivers $4,000 TOT
STOLEN Bonds-A Verdict Important
to Bankers.
From the New York Herald report
we notice that the First National
Bank Of Lyons has recovered a YER.
dict against the Ocean National
Bank OF New York, amounting 70
$53, 900. AS Iowa men have figured
pretty largely in this case. it may
not be uninteresting to our readers
to know something o: Its history.
In June, 1869, the Ocean Nation
al Bank was broken into by burg
lars. and nearly million dollars OF
securities taken. A large portion OF
these belonged TO different customers
of the bank, and among these "nn-
fortuna.es" was the First National
Bank OF Lyons, which had there tor
safe keeping $4,000 OF government
bonds. Samuel Rand, its President,
had alsc $4,000 government bonds
which were also taken. The Ocean
Bank telegraphed to the Lyons
Bank the fact Of the robbery, and an
officer OF the bank was immediately
dispatched to New York to examine
into the matter. On his arrival there,
he placed the case in the hands OF an
attorney. but, after long months OF
delay, nothing could be accomplish
ed, and it seemed pretty certain that
the bonds OF the Iowa bank would
have TO b. charged to its profit and
loss account, as among the inevlta
bio disasters that sometimes occur in
banking.
Aftet all hope had been pretty
much abandoned, the bank finally
placed the case IN the hands of our
former citizen. Mr. Austin Corbin
now private banker at 81 Broad
way, New York, who, being on the
ground, knew the circumstances OF
the robbery, and believed a claim
against the Ocean Bank for its neg
ligence could be enforced. Mean
time the Ocean Bank had failed, and
its assets passed into the hands of a
Receiver, Mr.. Theodore NJ, Davis, al
so an Iowa man, formerly partner
OF William Pcan Clark. at Daven-
port. OF course the Receiver and
the stockholders of the bank repudi.
ated any claim on the part Of the
Lyons Bank for remuneration.
Mr.. Corbin caused suit to be in
stltuted, and the case has been hang
ing there in the courts for nearly
two years, waiting for trial. In
January last, one was reached, but
not concluded, one of the defend.
ants counsel being suddenly taken
sick, but in March last, after a te.
dious trial Of ten days duration, the
case was given to a jury. After be.
ing out all night, they failed to agree
and were discharged, standing nine
for the plaintiff and three for the de-
fendant. About three weeks ago
the case was, for the third time, put
upon trial, and this time the result is
for tho plaintiff, with verdict for
tho full amount Of the bonds inclul
ing premium and intsrest, something
over $4,000. The case throughout
has been holly contested, Judge
Birlscye, = leading member OF the
New York Bar, conducting the case
for the plaintiff, and several well
known lights Of the same Bar, fight
ing for the defendant, and the YER
dict * a great triumph for the Iowa
bank and Waterloo defeat to the
Ocean"
knowing Mr.. Corbin well and In
timately, and that hc had it in
charge, and the claim being largo,
and OF a peculiar character, we have
watched its progress with good
deal OF interest, and are exceedingly
gratifisd at tue result, not on account
OF the bank, which deserves its sue
cess, but also on account Of the
proof it gives Of the indomitable
pluck" Of our former fellow citizen,
neishbor and friend, Mr.. Corbin.-
We have known him for nearly
twenty years, and long ago learned
that there was no such word as "iail"
in HE vocabulary, and felt certain he
would succeed in this matter, if sue.
. 'ss were possible. It would seem
that he has lost nothing OF his old
time prestige by transferring himself
and business to New York, and the
result plainly shows that our Lyons
neighbors had the right man in the
right plcce.
From the New York Herald re-
port, which 10 headed "a verdict I'm.