New-York tribune., 1877-09-19
LOCAL MISCELLANY.
THE RUINED SAYINGS BANK.


THE DErICIESOY INCREASED Sl3.OOO BY fAiSt
CERTIFICATES or DEPOSIT.
Further examination into the affairs of the
Clannont Savings Bank. the doors OF which were
closed by Bank Examiner Orvis on Saturday, doea not
tend 10 encourage the hope that s condition has been
Judged too unfavoraby Accord ng 70 the staiemens OF
j. O. Hoyt Of the trustees, Mr. swln The First VICE
President and Secretary, has been rnnning the con-
cern. he was the man who "woud have brought u ouV
all ri ht aud whose chef misfortune Is, accord ns 10
Mr. oyt thai the examiner chencei in at the bank on
SATURDAY.. "Why" slld Mr.. Hovt TO Mr. Orvis, ryon
cOud have come at worso tinH We arc ~, w W,
side down now hut II YOU will wait few days, we shal
have everything IN nice order FOR you" Mr. Qrys re-
ucd that that tho case. he wfa very ga al nc
came lust when he dd II s,ways liked to put 'hnsS
Mr.. Hoyt admits that there were certain ifrcgn1ttts
coJuct of the bank lie acknowledges tna II .aa
doing exchange business and defends II on re
ground tha this enabled II 70 go through several tIn'
Scotland by stating that they were guarantee g1on
rs1 IN L psrt % o $500 600 win Witch scotch
company abontto purchase landn Colorado inrongh
tin. got The drafts discounted at the Prodrce
Bank, perhaps securing himself commission, ,1n ;
mention varions Other casT items" which usually
not rccLOned These cash items said eet-
sao b orc Gna eysr@Ss he ' MIR m Hor chief con-
cer since the bank has seemed to be FOR
with ~ 900 900 without rceut and whom he declares
to have been roughly treated u is, perhan only iar
victm' rather than victimiz~r" lie believes that
he would not Of his accord and for his own adyan
or the bonds ana NOR found in the assets, and
vared by Mr Orvs at 81 43o nearly s2s 600 has been
already pledged collateral secnrty for borrowed
money. Al OF the United states bonds now worth more
than their face value have been pledged. and Sl975O
IN" collateral held for call loans Is likewise pledged III
Prrhaps the most exfraordinary development that
made yesterday II found that false certi1cates OF
depsit to the amount OF $4,000 had been issued by tne
hank to J. O. Hoyt This was done entirely without the
trustees.
states, would issue certificate. signed usually by the
Secretary AssistanSocrctary. TO the effect that j.
@ Hoyt had denosed certain named in the certh
cate, bank. which he could have given date by
Hoyt would draw note and get II endorsed by friend
OH he strength OF the certificate and heu on tne srengn
OF the endorsement and the certificate he wo1u e1s rho
te discounted at bank, often at the Prodnce Bahh
He thus obtained tue full value OF the cerilhccates c
$4,000, without having 10 reality doosi'e IN to Ci
mont Bank dollar Of their flcc value These ceftr
Gates duly signed are however slll hrd agSnhst M ,e
Orvs AZ SG4,014 20, to S77014 20 The endcrsers OF
aud john W Cheeyer of the NewhorK Betting ana fach
reetug Of The trustees o, the bank was called yes
teTday nv several of tn IN number, a the bauk
pa'lor. There present Robert J. c rncll Hasey
W. Knapp, 4. ID. DisCsway, George A. Moss. {. X. VIII
mrr, H"nTy Parsons. Samuel Marsh and DaNlG I. az
Mr Ogyia also IN r., ~ he request Oi ne trustees
Tne MEETING lasted from 1890 q. m fO nearly D. M
Tdc tees expressed the utmost a., enlistment at TIE
deveio and al frs could net be hdnceu . Pneye
the end of Tho meeting however and ir Use false e1r
fcaes shown 70 nave been issued theN were redf
to admit Mr. Orvs figures nearly, If not quite correct
A letter was read by the Secretary, SIR. Swan, which
addressed TO bun in July by John @ ioyi. hr.
Swan had previous written Mr HOyi, urging MIN 70
mako good deficiency. Mr.. Huyrs letter was q reply
10 this The substance II n tna Ill w0u come out
right. IL Mr.. Swan would only stick bv him" lie pro-
csscd utmost consideration for his lar Dlyy re-
minded him bow the writer had previously htllfd NM
aioug and how much ne had dcnc 10 carry the bank
through hard times. The t.u5tres finally apnolutcd a
comm tr COZ sisung OF Mcsss Marsh, Moss aud Knapp
investigate fairs of bank iu.t cr and 10 as
certain. If be, whittier all tue money hud gone re
trustees disposed blame SIR hoyt severely Mt
II VI present dur ne part 0f tfe afternoon. ne
declared tlat everything was all reht and on thr
aQuare' ana even attempted 10 defend the cash items
and fbe certificates above described. flegrih was re-
CriNcG yes trday. stating that the AuOrncy-Genrrl
wouli make application FOR the appointment oi y Re-
ceiser
A. Mckinney, whose name appeared several times in
Mr. OWES statement, declares that tie published &C.
coEn do nD great Injustice lie says: The bank at
quest, soOuntcd the bI Of exchange referred TO-
amounting t1 $500 for the account ~ ir Dewiug,
with the express understanding iha tioy should be r
ntcd rom time 10 lime unil. fixed date m the Fa.
1ney viii be promptly laid in accordance vi h Tire orig
mai uud- -rs.andng" james Pye, N ntontd rs one ui
tAc directors (lis name v.s taken from the bank isO,
states HAT accepted the Office mover attended
meeting, and knew nothing about the banks matters