The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-03
rLllRNONT BANK R0GUERY.
rer mr. OfFyrfrS V!DE FREE NTH
YnIIR III "Osf ORs' MONEY.

,.t '. counts ~v.tc "inti.niiy raI-tGcd
pe. Tru-frr~ srnorr'nt ~ the F-aud~
,rsD nf prshnt rnallvc,i. ~ the
). C..r ..Nt StNu.a 'Huf. .- 80 Voc pro-
,..t Cful jury Of ,A. General s.
CN4l suits are to hr 'u-i tu'rl
.r.t .on .huli col tine .wndol
H.-.f.r. NtHr dNti'nis iliH-uiy paid.
v.tf" r'r0ly'r hUs rade tho
Ifuu5.r Iltrof Sow. 90:
its'Nl Sri' gISrr.,DrNr OF
tI..,.u- ,onr|ot,dmy um'ua-
f.is of lc Cairm.ui SN.u..
t' 1..'o' t- q 80. u insolvency hY
nH. lr,u on ,hD 18TH 90 s,ntemh r.
f.-i. l.t. t.'l nnorto max my report there
,n i4 .ttfHl iN thu report to me of the nc
rli'.rt. 'fr. N. II. Ws,N! ~ whom employed
..' in t'a investigation 81 the books and
..Nn' ID iAN bank. ths book, of th' lni,
o.. I.0u GI i,id. and much left from them.
required scar IA through many auxiliary
I'- memoranda. accounts. You hers. & ..
a. thn analysis Of each transaction To- nriny all
l. t"ir proper pla -. And | beg to aid that
rurl nlor mad time bcyond or linury work If
U- lnrl.i'r has been necessarily given 60 this
s,.opntrc."
r. Ciarnon, Savings Bank was Organized
unI0ra src 'iu az OF the Legislature passed
AIrl % 1870. and amended April H. 1871.
Very lrie business wis lone by tho bank under
IT. uhIiV hntll ultNf Jan. L. 100. inc Nllmu r
of depo-tors 1T that date hoing very small. and
The gross earniuls lut si03I7. oi which s2Loi
Wtrr paid in Dividends to drp'sfor- From
illi date until July / 1875. the hani. appears To
have boon solvent. thou .N tho sworn statements
Of It's OH ,ers to The Bnkin- Drp1rtm nj dill
not truly represent its condi, On IN the lst If
January, 1875. nor at any tine subsequent.
From tho LIST of July. 1875. it would appear that
The officers Of tho bank tried to- as 'crtain by
practice how much they could do IN violation
pi their charter anil tho Savings Bank law. and
how little they could do In conformity with
WNm The clause in their charter requiring
that no PrcsidentVic President trustee. on
ger. or servant Of said corporation shall directly
nr indirectly. borrow the funds ot said corpora
sumo or any part thereof. except to pay nccossa-
r. current expenses under the direction Of said
INnri of Trustees. has been repeatedly and
t,-frmuticaily violated. The REQUIREMENT In
the charter that no money dcpus ted IN the
sail say ngs institution shall b. invested. tx
O. ~ BOO fhr securities and stocks mentioned in
a. rs So ilNn, or on bonds and mortgages of un-
eu'umhrrrd real estate. worth ut least double
ih' amount of the loan to be- secured thereby"
W.. ariHrnty ignored or at least was persist
Without tie slightest authority under its chnr-
torlui" - IN couiravcnt on OF it and OF the
klVIngs Bunk law tue bank carried On "a dis
grant violation ol law. entered into tie business
O. money chanscr tnrnish the in-rumeninl-
~ ~. party 10 whom IL made dliy advances
iHrfte iury' sc oi dealing in un"urreni money
d 3D. ] - Z
r'iurn- o. ne bunk and d vidins the profits.
portion 90 the fruits Of the transactions under
d. la.rr novel line Of business for "A savings
ip, oi eleven notes II Canadian bank Of
$50 = wih i9is l. si-nidur,s. M.ioh wer,
fDrN lNrf DOL fhc assets Of tho bank.
7 Pr tent OF the bank was ono Of ts
I..u Re- moving spirit through the period II It's
r.i-i na. arl upon him larger portion of re-
sp"n-.h.liy ,er lis present condition. and for
ID witch
q ,lHnl IL Is proposed 10 takr prourr legal
ei..- 10 irnc tn nnrtirs re.fr,n- Nln Ion ID
~ nttA lHpls tor, TO q ll,rt ~ eouutahilty
So r' brought % Rover from the Trustees
Nu 'iul- "i LA.d .nds paid Co dDpo~ tors
th .itry. 1870. VII. wrr" not earned by
N' '"uN' .hi proceed hEs ,wiIl DE taken
IN ZEE NhN tr0tiN ihr iinutu' NJ or
-h ID non ~ me Oh ''rs 81 The bank
conn nm e'.,n IL ~ H. r. II 70 slalr at me
li' lui'.'s n ne q, I's tors
.Ih.N'4 Nus hllFi 'h'Y uf'ir dN, Nt
.' ~ IA h.7 r.W.f. i'In- ass tn .d 'N
e., r' ~ a., w u H. "''.
O. nH t',' ~" li, &C., -'Hn o. h' "at
'' ,t do " ~ i.t'' ,l'7, l.' I'd Gus
r'tM h' "W iN'.r '.i .."' irt4si ms
.aa, ma 40, sat-iI',d that r. has i.''n1
la Il,i .t ,Nh'ts III NIohE-d'Ih~ lAhh
,"' ts'i wi2', tho Examiner olos.l ,ho
4meoi r. Isl a'e Ss . 5 ana mfpme,Ts Of
H. M q. fg a s., on , =, .; Isok; H.
a...r.n, is l,',''i 9 1' ' wsrc '' hiy,
si"-75 though As lat. as last April h, ,hal
'.t.o on deposit ~ the bank. VITA
-.l a. % ps were ignorant OF Tho Lank's
M 'hi ~, aIN,l.,h, a .i',s IN tl.
t'f eopos.io?rs have been roebed5 in
u,n- pi vi'hi' hs wen a. the Bank
eeNA o' lle pa ,crs Of The bank. Neyerthe-
"-lee I" ihe depositors requires that div
n' y, -al, pad should be- refunded by