The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-08
DEACON EELLS AS A BANKER
THE pLtrNDERTNG or THE ROCKLhND
COUNTY SivINGS BANK
Another ucvcintion OF the Reckless Misuse NJ
ricpo.itors' Moncy-rvcrty Thoup"nd Dol
Laws Tnkcn-A Grand Jury ut it, Work.

Another vrvcintion or the Reckless Misuse or |
pcpo.itors' Money y-rwcr,y Thousand Dol |
lars Tnkcn-A Grand Jury ut IT, Work. |
Tho ROckland County Savings Bank, in |
Nyack, WIS or,nnizcd in 1871 10y Samuel W.
Canneld. Ezra B Weston. Richard L. Eulls. y tn
Il. Cole. and nine others. and il apparently did
n paying luRincss w,th dcpOsis running ~
high ns i50O00 a ycpr until 1874. Then de-
n,irncy of $4,000 wns discovered ON the pnrt OF
Els who was the SECOND Nicc-rr sidcnt, Srcrc-
trv. AMI in reality sole manager. He Kept tho
books and all the money pussed through nus
hands. T. lis Acknowledged his wrong doing.
an offered TO- give to the bank in PREPARATION
rrop,rty valued at thrumouut he had nprro-
pirate in lu ling % build n. ihat might h. ufcd
for banking purposes. one Of the trustees pro-
posrd that u search be- mat todie' 'ov whether
! Irr. .wnsnny nrumhrlnoo outN' ptopcrtythus
! offered, lut Cannoll. SO Whlum u. Collins.
! iru4trc. snid yce.crily. declared tina, he had
| examined The tito dccda. aud that the property
WIS r~cc ana clcAr. II WIS accordingly hkrn'
without further examination. in lieu Of the
! 10000 appropriated Ia l. lie. who WIS allowed
t. con,inu, the sole manager oi the bank.
e was the bank" us v II. Avery. The re-
colyrrs counsel, snya. At that time. and during
the thrcc years ensuing. Bank superintendent
Ellis made periodical Visits hut In ever, case
was satisfied with the ropr, srniatons made by
the officers that the institution WAS prosperous.
Nrur the end OF last year Ellis dis ovcrrd n
deficiency In the hunks accounts. and directed
that securities he furnished to make gopd tho
amount. His order was complied with To an cA-
tent that seemed sufficient 10 him. anu ne per
mitied the hunk TO go on. This stnte of things
continued till June last. when the hank, HX,
aminnr who came 20 Nyack IN place oi Fms
found an acknowledged deli i'ncy IN ih' Hs-'t,
o; 800 900 The act Bank Supcrut 'nIyn'
| instructed the Mtornry-t t'nrral tpeht'r 'uni
paint agains, the bank Whirh was uoho' uhe
; ", j. Green was appointed receiver. -, :.
Mr. Green VINO IL rvM vs.',r nyin', H, tn ,b
Z | jnu depositorS, in round numbers. sJS.Nou
, | while the cash assets were f939. oi othrr "
4 sets there are a first mortgage. gooi Tor sVVu
: | and three second mortgages. nominally aggre
i gutine 5000. but whose real value l. cstihhtr'
I ine III ur two. which were surrendered 10y Lell
= in tho sln.O0O drinlrntion, ana wet" dr'ar"
, hy Garfield to be- free from incumhrauccs. prov
+, ~ IL. n,ntt,,a.,nd H. the Mutual Life lnsuranc
n Company for $4,000 with interest Tor yea
+ duc. II is al'ulated That. could purrhaser ,
# found IN. whole might be- sold for the anoni
n of the mortgage aul interest hr sum 9l vi
Green's investigate rs, as given 10y Gen. ANrrl
l. hs attorney, il that Irll- has either taken Zen
or lost over s"u.onO uf IA" d"posiors mnn,l
& ior which the bank Inns IA s',uriiy; or th'
:, amount. .iw, or three thousand was borrnw
10y Garfield and another oi tn" trustees hul
"A said Gen. Avery. there L. no cNidrn'" ~
j. Cannell has improperly used a dollar.9i vi
l. banks money. only IN Aprh ne raiII s.up {
m his lnilohtrln,-- which was then 81 5J6. ana d
.r doubtless inirnde to pay the r,-i,
n sp3p the books as kept hy E'll- showed a pr
,a tended cash balance Of s21.oVu. L"il- bad
ig Fv.rv timc he appr"prt,aT ia. banks mon
j. | hr drew "A check for a curr"-lnn iins ahou
u, | nm thn Eneknnl County National Bank II
AZ | deposit in tuW bank IT. said y have nrN
~ amounted To- over 4 600. Will" tn checks I'M
m drawn upon it asgresaie nearly the amount ai''l
@r the bank = safe, wher" they wer iguni ny NJ
at Green. on 'nch 9r'n-lon M MtiiHt MfnHI n",.r n"uo