The daily Argus. (Rock Island, Ill.) 1873-1877, 1876-01-25
DAVENPORT FINDS A DISnoN-
EST CASHIER.
The First National is the Victim,
AND D. c. PORTER THE THIEF.
From the Gazette, 25M.

For three or four days past gossip has
been busy, in our banking, commercial
and business circles, with a name which
has long been associated with an honored
position in one of the banks OF Davenport.
The principal facts involved were known
to us last week, but publication was then,
and has been until this day, delayed in the
hope that later developments would place
a better aspect on the case. and, also, from
a desire to spare, if possible, the innocent
and already suffering relatives and friends
from the attending notoriety OF the ex-
posture of the guilty. But rumor, ever
busy, aud ever of multitudinous utterance,
is, we find, magnifying the facts and mis-
stating the results Hence we print, yet
reluctantly, and with regret, the unvar-
nished and sad tale of misused and Violated
trust.
Last week, on the occurrence ola change
in the presidency of the First National
Bank, Mr.. James Thompson retiring and
Mr.. G. E. Putnam taking his place. the
new president discovered indications that
all was not right with the cashier. Mr.. ID.
C. Porter On the first slight mention of
the fact to that gentleman he Immediately
asked for meeting of the directors, at
which he freely made a clean breast OF his
departures from the path of official recti-
tude. Mr.. Porter stated that about three
years ago he entered upon speculatione in
grain options" in Chicago, investing about
$4,000. He lost on his venture. Thence
followed the old, old story of misuse of the
bank funds, until the total of his en- bezZel-
ments footed up, when the denouement
came, to between $4,000 and 10000
At least one item of this amount was
made up of direct appropriation OF de-
| positors money, the certificate of deposit
being entered at one thousand dollars less
than the sum actually paid in to Mr.,
| Porter. The amount of bank funds di-
rectly used was very adroitly covered up
in continuous mis-stataments, by Mr. Port
er, of the state of the Chicago accounts OF
the bank. Mr.. Porter gave all these par.
ticulars. and more, with marked explicit
ness of detail, showing how he had been
led on, from step to step, by the ever de.
ceptive and delusive hope Of retrieving his
losses and making all correct again. This
is the whole story All rumors Of large,
losses, and from other causes, are without
! foundation in fact.
The bank is secured by the bonds giver
by Mr.. Porter.whose sureties have already
been legally notified of the loss and O
thear liability. 1t is due to truth to state
also, that the present trouble really began
when the bank was under the old manage
ment, three years ago. Also, that 20 par
of the loss has been in any degree charge
able to fast living, either in Mr.. Porter
himself or his family; as both have beer
plain in their habits and economical il
personal expenditures. General sympath,
is expressed and most heartily felt for Mr.
Porter's interesting little family, thu
brought into intense suffering.
Ii is fortunate for the bank, aud for on
business community, tina: at this luncture
the able management Of the board of di
rectors is reinforced by the clear head an
upbendiug, and every where acknowledged
integrity Of c, 4. Putnam, Esq, as presi
dent. To his rare business qualities MI
Putnam, fortunately, adds a legal know
edge and professional skill that will prov
OF immense value TO the bank. The resul
is that the else possibly damaging affai
leaves the bank itself rooted in the trust c
its friends, and the public with confdenc
! unim paired, The bank officers and tn
bondsnen, and, doubtless, the latter NOR
particularly, because on them the loss wi
really fall, will have the sincere sympath
Of cur community generally.
1t should be added that Mr. Porter ha
been in the employ Of the bank for abou
| twelve years; first as confidential clerk
, then as teller, and next, from April 1916
until last week, with the exception OF
= few weeks in the fall of 1873, as cashier
He deservedly won the reputation of bein
e a first class banker, and was regarded as
very efficient aud trustworthy officer, III
fall Is indeed great.