, 1874-01-05
ANOTHER FINANCIAL IRREGULARlTY,

pefa1catio11 AT Concord, n. H.--SG5, ZOO
Misapurop14ntcd from the National
Savings EanlI.
Concord, Il Il. {D<s a1>, Correspondence Of the Boston
For some weeks past there have been various
r11mors aGoat concerning the financial condition.
OF the National Savings Bank OF this city. Soon
after the panic commenced - run = was begun
UPON tue institution By the more sim!d deposit
ors, and, after paying out some $25, ,0G0 the baak
shut down, except for small sums III extreme
cases. all of the other savings institutions i'll
Concord. with one exception. adopted the same
course Soon after these banks gaYe informal
notice that they should open Jan. !, and pay oil
then on hand. This arrangement generally
nuieted those who bad placed money there.
As the time for reoreninG the institution drew
gear. mysterious movements were noticed in add
about the building OF the National Savings Bsnk,
which las apartments in common with the First
National Eank on Main street, opposite tho
Phcni1 Hotel: Trustees, lawyers. and 1ntluen-
tial mopcycd men were frequently seen in con-
Euitatiou 10 the inner rooms OF the building, and
their conferences were, on Monday and Tuesday
evenings held to such T. late hour that suspicious
Of something wrong naturally suggested them-
selves. Explanations we're given, to the elect
that there Was general examination being
made Of the papers aud securitics'of tho bank.
preparing for Is per cent dividend TO deposit
ors on New Years day. This WAS literally true.
but there was something tzauspi1ing more I'M
Iortaut than outsiders were dreaming of. Tho
trustees aud other officers were sorro~fuily pro-
caring to make known to the dePosit'rs and the
public that the Cashier was defaulter IN the
sum Of from $4,000 to $4,000.
It vas well-known to the public that the Ms
tional Savings Bank, az well as many. other
kindred Institutions wzs pressed fdf ready
money. but the Trustees maize frequent. and, as
they eaid, thorough ex an:inatioEs OF its affairs.
and xp1csscd themselves convinced TINT moth
ing was amiss with the bank, and that it's
s.raitened condition was tho result OF the
panic, and would soon be relieved. On Friday
last the Trustees held their usual session IN the
private room Of the bcnk. ..
While they were looking over notes and papers,
.nd coneratulating themselves on their ability
to ray on THURSDAY quarter part Or the cepcEl-
tors' ACCOUNTS, tho Treasurer, 1Ir. ". W. S;orrs,
came into tho room. There Was an anxious ex-
preston upon his coun 1enance, which attracted
1heir attcuutiop. Ho stood moment without
speaking, aud tt 81 said, with volco trembling
With emotion: Gentlemen, there ls de-
ficioncv in my account With the bank. I think it
viii reach from IS 400 to S75. COO"
The as1ouish1nenss Of tho officials at this an
rouncemaut cannot well be descrlbrd. II bolt
iron, tho sky had struck the building on that
winter day. their disn1ay could not hare been
greater. No Treasurer Of savings bank IN
New Hampshire had ever been more trusted or
contided il by the Trustees than was Mr.. Storrs.
For soma moments there was scarcely word
spoken. Then Mr. 6sorrs went INTO the bank
1rouer. arI, returning With books and papers,
fald that he WAS prepared to explain the whole
matter. -,
remember that about three years ago Robert :.
Nebstcr. OF this city. who had been largely
ENGAGED in lumber operations i'll EI1enberg, n.
E, nado freqn mt applications to ron for the
loan Of money His requests were by you
carefully cont Il: ::,red. and you finally de-
cded that it was ucs for the interest OF the bank
10 let Mr.. Webster have money upon the secu-
r;t;ea that he Lcd offered, Some months after
ward he came tn me and bcsou5h: me, as 1Hs
personal friend, to ioaa him $4,000. He referred
to his recent financial misfortunes, and SAID
small loan would set him on his feet and give
him business standing and financial character
referred to tracts of land that he owned In
Northern New York, upon one of which was =