The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-07-28
ANOTHER CASHIER RUINED
A $4,000 EMBBzzLEMENr IN TIA
CITY OF ELIzdBETH.
what Followed too Much CcnHdcpcs IN .
Merchants Inteeritv-Whv the state No
ttousi Bank will Pass Its Usual Dividend

What Followed too Much Conddcpcs IL 3
Merchants Intceritv-Whv the state No
tiousi bank will Pass Its Usual Dividend
Rumors affecting the stability Of ths
State National Bank Of Elizabeth. were In cir
culation In the streets OF that city YESTERDAY
morning, and soon 1t was ascertained that the
assistant cashier, jeremiah Fairbanks, was az
em mbexzler to large amount.
Three days ago Mr.. W. p. Drew, the Govern
ment bank examiner, visited Elizabeth to ex
anime into the condition OF tho State Nations
Bank. His appearance seemed to surprise Fair.
banks. and II became evident to ono or two OF
the attaches that the cashier was either I'll o.
was suffering from some nervous disorder. II
overhaulins the bank books several serious dis
crepancies we're early discovered, but were kep'
quiet by MIR. Drew for the time being 10 hopes
that they would be explained. Gradually ss tht
labor progressed, thoy 80 RAPIDLY incroasod thai
be Informed Fairbanks. The latter made vart
Gus explanations, and promised to account fos
the deficiencies, but as he failed to do so anl
the total showed $38,3l41s deficiency, tho exam,
iner at once Informed the President OF tht
bank.
That oficial was astonisbed, and suggested
that there cert1inly must have been a mistake
THIS necesstated another searching examinA
tion, but the same result syas reached.
Fairbanks seemed to be greatly troubled ID
mind yet such was the confidence OF the banE
officials 10 his integrity that he permitted IA
go home on Tuesday nigbt, after promising Mr.
Drew TO return on wednesday and balance hn
accounts
Fairbanks appeared at the bank earlier than
usual on Wednesday morning and met MIR,
Drew, and. after a short conversation with him,
sat down at his desk and began writing. boo1
afterward he hurriedly quit the building, and
was seen walking down Broad street IN the d.
rection Of Elizabeth avenue. When Vice-Presi.
dent Kellogg arrived. q few minutes afterward,
he found note from Fairbanks saying that he
was going away, and that his accounts were ~
muddled that he did not know what to do.
A meeting Of directors was called, and ths
discrepancies were explained. Tho Board de-
cided that Fairbanks either meditated suicide OF
of Police to offer reward Of $500 A telegram
giving Fairbanks's description was sent out. but
on thursday morning Fairbanks boldly walked
into tho bank, and said to the directors that he
attributed his misfortunee TO his own foolish
ness, as ne had paid out t2S,0O0 Of the bank'a
money unauthorized on the cnecks and drafts
OF Z. z. Williams, q merch mt OF Elizabeth.
that Mr. Williams would arrange things salts
factorily, but as he did not, he continued on
bindly hoping against hope. He professed great
sorrow for his acts, and promised to make good
the deficiency II the bank officers would give
him an opportunity. The directors, In view OF
his honorable record OF nearly twenty years,
consented, and the ex-cashiers friends are
w.rking hard to help him.
The merchant Williams has gone into liquida-
ave cents on the dollar from his property. He
has for years been a conspicuous trldesman OF
Eliz ibeth. Tue loss to the bank does not Affect
its stability. but IL falls at a time when dvi
dend was to have been paid, and Will prevent
the payment OF II.