The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-03
NEW WORKERS DEFRAUDED.
THE BiLTTJfOBE UNION BIHKING COM
PlNYS siCIfONS.
Business Venture with bankrupt Con
ccrn and n Consequent Indictment The New
York Manngemcnfs Unweicome discovery.

Busine.s Venture with n bankrupt Ccn-
ccrn ands Consequent Indictment The New
York Homogeneous Unweicome discovery.
baltimore, Dec. 2--Thc arrest yesterday
OF three wcll-known Baltimore merchants.
formerly officers in the Union Banking Com
pany. together with the cashier Of that concern.
was n surprise to the men themselves and 70
business circles Tho presumption Is tha, tho
transfer OF the bank to New Workers lust before
its failure was dishonest Since the bank
closed its doors. on OF. 3. equity proceedings
have been in progress. but thoy have no>
brought to light the workings Of the institution.
and 80 some OF the dopOsitors went before tue
Grand Jury and made revelations that justified
the extreme measures that have boen resorted
TO. The prcscntmcnts were found against
Samnel Barth President OF the bank a wholc-
sale liquor dcalor OF this city Charles Harvey,
who inherited largo fortune from tho csta,c of
his father. formerly partner with VIM. Il.
Walters; VIM II. Strauss one OF tho directors
OF Strauss Brothers & Boil extensive brewers;
and the cashier. f. A. Suvin. who was recently
City Council candidate. When the concern
suspended. stucmonts were made placing iH
liabilities at about 100000 and assots at .75..
900. None Of the lattor have boon found. The
bank had boon involved for long time. and. on
the 2Gth ~ September. It passed into tho hands
OF New Yorkors. who obtained control by buying
the stock. IL was proposed to build up the in.
siituton by putting In money enough 10 carry
IT Through but that project was never executed.
and tho Now Workers went home and lelt tha
bank to take care, of itself.. IT reverted g. tha
original Officers. who kept IL open n few days.
and then ciOscd its doors.
The company was inc2rpor.ied IN 1873 With
never moro than 900 was paid in. The
shares were placed ut $40. md $, Bnrh WINS
elected PRESIDENT. with the other on GERS namcd
ABOVE. Inn directors consisted OF the Prtai.
dent Vice -rrgsdent W. II. strauss, and james
mostly in the direction Of dsc0nnts ps ,nonrS naS Mn
had u list Of drpositors. Tho concern nppa-
renily prospcrcd. Three dividends Of i2 per
subsequently ono Of per cent which was the
la.t, The depositors, received their s per cent
c,s sH''r asEpsd EpTdPm%'n BY "Ht York ts. soI
Banking Company, as sOmeof its time ccrtin-
Gates Of deposit had been offered in Now York
inr , 1alr. rms ms inct Deoonihg known. me On.0n
causes that lod to the failure arc stated 10y Mr..
sayin as general depression in financial
regarded ns solvent, and inability of Other
debtors TO liluid,ate their p9Icr; Mr. McLauch.
the practice oi allowing renewals of out
standing stand rso nopSr Aynogt Aygt Sept ~ the mep
4 T"er na""s 1 are B. ofS Bas S'n w9WrG Wnr.
ner Il. j. Church. J.C. De ~ Mare. who was
,hsiT H.. auqrneyi and n. y. Savin; presdept %
brother Of I. 4. Snyin. the cashier. Their plan
was to buy in sto k sum 'ient 70 control, OF tha
deemed. leaving s3s.0OO outstanding, $4,000 OF
which was bought at 81 so per share. The
T6S msn '@S% nSS slS an ssG &
ter WIS chosen President. and Col. A. NJ Fonts.
son5 Of MMWs Ws4ncr 81 the n na: S
board. placed in the position Of cashier. In
payment for this stock. however. the new inter.
y in % Pss I'm Ensaeer IL:
Central Transit Company of New York. who was
amount of real estate
The Now York management Mt once entered
upon the control of the bank and the business,
after that time. was cnyelQped in mystery. In
less than week Mr. Burkmastcr returned to
New York. and it is said TINT he subsequently, rc-
pudated the purchase on the ground Of mis-
represe sentlton rs 10 the actual condition of tho
bank when they took possession. The explana-
ton of Cashier Savin at the time was as fol-
lows; "M Mr.. Barth and myself remained In the
rank 10 protect the interest q ourselves and
promised that 10000 should 80 into the banks
vaults to carry on its business. II
suspicious that something was wrong. Prior
to that Mr., Buckmastgr, who WINS represented
learned he never held handed me a check ior
si5, drawn On that bank but written on an, or:
T. but it came back protested. / called Mr..
uckmast.r's attention 70 this, and he took the
check and said, Oh. made mistake. II
ing4 Bank of New York' rhcn he tore up the
drawer gsainrt lin. On Ffiiay he t Went mt away.
nnd today he teleGrapn"i mo from New York to
i'Hrn h9w VIM murh nSede1 e. continue business.
S4vin and baldwin are said this evening to bs
on 'nrT wg his" ec r9 Nw ta SSrE5 Fiat sovoro
at St@ T%t y, & tcan,iG rin i The @ Gnea I% n'n9% @
S@@% @ fi oa S" he a:' & 4s.@a @ lIg lS .' 'nss
{, D. Ia Mare, BdiNin ana Marcus, d sa'in wcrs
~