The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-27
SAVINGS BANK.
THE OFFICIAL STATEMENTS NOT nEADY--As-
UNExPLAINED-THE Truth ABOUT SMALL

THE OFFICIAL STATEMENTS NOT nEADY--As-
SEDIMENTS TO TRUSTEES ANALYzED-A CHECK
UNExpLAINED-THE TRUTH ABOUT SMALL
SAVINGS BANKS. --~.~~
The accountants had not finished their Official ex-
animation OF the AFFAIRS OF tho Clarmons Savings Bank
AT u late hour yesterday, and General smalsy, the
receiver, with tho assistance OF M Swan, the vice
president we're busiy engaged assisting the proper
officers to unravcl the tangled sKen OF debts and
credits to present TO the dcpositors something like
clear statement OF tho assets and liabilities OF the
bank Mr. Swan stated to the HERALD reporter that
he felt confident that under economical administra-
ton of the banks affairs In winding up the depostors
would lose little nothing. An anxious deposition,
however, pointed out TO the reporter yesterday that
MI. swans assignments TO tho bank do not cover
his deficiencies by largo amount; what property he
has in Montcla,r is heavily mortgaged and canuot
now be told under the present depressed condi.
ton Of the real estate market. what it will bring
forced SALE A trustee said that many of the so-callcd
securities assigned to the banks trustees consisted Of
odds and ends about which there is at present little
known When this is taken in connection with the
position yesterday assumed by tho late president,
Sherman Broadwel that he should not bear the bur-
den OF the losses sustained by the dcpostors because
others equally Interested with him dlverting
the funds IRON legitimate uses and that he Broad
WE'LL, instead oil being possessed OF large property
In straitcned circumstance, the chances OF the bank
dcpostors beng paid dollar Tor dollar said to be
TRUSTEE woGLAM's CHECK
There was considerable discussion yesterday about
check OF oOO supposed an ovcrdrait OF Trustee
Woglam, above named. When this gentleman in
formed OF this overdrait he produced his handbook,
in which there were said to be no entries correspond
Ing TO tho the ledger OF the institution. This
very serious matter and led TO many surmses as TO
how far such an apparent fraud might have been
carried and after late showing OF official rotten.
II not surprising that the much duped de-
positors should have received this latest startling
suppositon the overdralt by Mr. Woglam was in
correct, ana was u mere error OF the bookkeeper,
and in this idea General Smalley, the recover,
seemed TO coincide. The latter gentleman stated
that the accountant he had employed, Mr. Siblcy,
would be ready with his statement IN day or two,
when the public and those interested could ascertain
how affairs stood. Mr.. Garrcttson, the accountan
employed BY the Committee Of Trustees had been
able so lar TO go through only one ledger and the d
ference he had iouni Tar but $500, and hud
not yet been proved from that roughly gwen by tho
vice president 10 the trustees. s.,. ,o,
One o the officers Of tho bank upon beng asked
whether restitution had been made In the matter OF
the forged bills could not say, but thought II was a
small matter and would all be made right Mr.. j. L.
Ball, VINO gave them To the bank, and Of course re-
ceivci the money Tor them, IS the exchange broker
doing bus ness Greenwich street, and Processes
to know the parties from whom they wore received
He bought them at premium from Mr. II. solomon,
shoe dealer, who previously purchased them sir
GABRIEL who has moved TO parts unknown. IL will
thus be seen what web OF strange irregularities has
been woven about the depositors in the ClaIrmont
Bank Where operations involving thousands OF
dollars were necessary TO accommodate the trustees
they we're made ana whcn ouiy a transaction IN
yolvIug a lew bank bills was TO atcd the
connding officers OF the savings bank the victims
OWING the illness OF the late President Broad
the trustees thrce OF wbom have been utcd an
examining committee, the Investigation has been
post poned until Friday or Saturday oi this week.
Messrs. Cornell and Knapp are convinced that tho
condition OF Mr. BrosdwclI is such that he cannot
undergo the trying ordeal Of thorough examination,
but Is snrmscd by many impatient dcpostors that
"a comp omlsc is desired with the sick Official rather
than any pressure DO brought to bear which should
place Broadwe 10 felon's dock
TRUE IxwARDNEss.
Major 0rvis the Bank Examiner yesterday was
absent in Albany also tho Chairman Of no Committee
of Trustees ana far as learned their joint presence
was IN relation tos consultation with tho Attorney
General regard TO the ciasnng regard 10 thc re-
ccivcrship OF tho Carmont Bank. 1t rs to be hoped
all interests may be hsrmonized with the view TO nu
economic administration of the banks affairs In lquI
dltiUn. An ox.o1icial OF ono OF tho small saviug'
banks said to the reporter yesterday In answer TO
question -"l will tell you why the press ana public
take such lively interest In tho AFFAIRS OF tho Clair
mont Bank 1t is one OF a number OF small institu
tons which have been making directors fat the &C
commodaons re- dersd officials for all sorts OF wild
specuiatons. In word, Inc savings Of poor people
have been rccSlessIy used TO foster all sorts o
schemes and TO benefit trustees At the expense OF the
dcpositors Now all tho small banks will be rigidly
examined md Tho hidden rascstos Will DO dragged
light No small bank can pay depositors SIX pcr con
interest and speculate. Look out Tor OF h'
same sort in lew days"