The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-01-07
A HEAVY MISAPPROPRIATION OF
BANK FUNDS AT CON
CORD, N. II.

The trustees OF tho National Savings
Bank at Concord, New Hampshire, were
profoundly astonished a. their regular
meeting last Friday, when the treasurer
Of the bank, Mr.. w. w. Storrs, walked In
aud said: Gentlemen, there is q de-
aciency in my account with the bank.
think it will reach from $4,000 to $751;
000." Tho trustees had just been con-
graduating themselves on the banks re-
covery from the repression Of the panic
times, and 30 dense was their ignorance
Of the existence of the deficiency to which
Mr.. Storrs had 90 tersely alluded, that
hey received his confession almost with
iucrsdulity. But he speedily convinced
them by reference TO tho accounts, and
then he told his story. Three years ago
he loaned two thousand dollars of the
banks monsy to Robert s. Webster, Of
Concord, . Spectator engaged in extern
sive lumber opei stions in Ellenberg, New
York and he had only dono this after
mosturgent solicitation, as tho bank had
previously refused to accept Mr.. Web
ster's security, but the man was 4 personal
friend Of his and relative by marriage,
and only wanted the sum for month or
two, just to set him on his financial logs
again. In less than that time Webster
came for more, saying he
must have i. to &c. back what he
had already expended, and Storrs, with
many misgivings, of course, accommodate
ed him with $4,000. And go it went on
The Unsuitable Webster continually cried
more, and tho weak Storrs gave it, re-
ceivipg as collateral deeds of land in
Ellenberg. which he was assured were
valuable. At length he became go deeply
involved with tho bank that no rosolv cd
to ascertain the character Of the security
| he held. He sent a lawyer to Ellenberg
who returned with tho information that
the Ellenberg lands and his securities
were worthless. Thon no resolved T.
confese, and throw himself upon the
mercy" fthe bank officers; he .olemnly as.
,ured them upon his "highes, honor tina,
he had never taken dollar OF tho fund.
for his personal gain, or with any inten
ton Of defrauding the bank. 80 h,
asked their lsniency. Mr.. Storrs chsrsc
ter, previous to this revelation, was irro
proachable--any man in Concord woulC
have vouchod for his integrity. lie la
been cAshier Of the Fret National Bsnl
TOR eight years, coming from Vernon
bank with high reputation, and upol
the establishment Of the Savings Bank, /!
1869. he was made its treasurer. Th
two banks occupied the tame building
and by his own admission, /, wa
his position ~ cashier of one and treas
JUROR Of the other that enabled him TO can
eel bis misuse Of the funds so long. TIL
deficiency stands, ss far as this eIamina
tion has boon conducted, at s47, 900, and i
10 most strange tina. so large sum should
have been loaned in the manner stated
One account has II that the loans lggre
gate $50 900, and that Storrs speculate,
the rest away, but his manner OF life La
furnished no ground for such suspicion
The dsfslcatiop was lrst made public
yssterdsy morning, and when the de
positors gathered 10 receive an expected
dividend, and were told that acne would
% paid, there was grost excitement
Ltorrs' bond Of 100000, signed by hesvy
csp,tslists, secures the bank from loss