The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-10
WHERE HAS THE MONEY CONE
The Nyserious Disappenr"ne~ "r the Funds
Intsu,ted 10 Hnnker spencer.


OF all banking institutions that were over
plund"red 10y thieNing officers. u" state say
iugs driles rivalry in the rapldlty With when
It's depletion was a'omplshed ana me inys-
Four years ago the bank was IN ilrsi-cl'lss con
dt.on. Mr.. Sldwny's statement shows that
cnnrlusvrly. There w"r" then about - lunNWo
Of d"pue lts-n enormous hlSin"Nh al lll'.' iil,'
The hnnk had nearly t5,oOo,oOo nl assets. LIS
capital $40, slu1'Hu WIS N'Ih 81 MR. VI ~
MUM. and was held lN resi- 'n. ihl" men. II
had cash surplus of 100000, IT. "a tual 'NSh
in hand Was cons dcr"nly NOR than sl.e"'"o
H. much more IN StA" county, = "a ol. ana PARK
bonl,. nrafi"aily as goml IT, m"rltNH
81 81 oOO-M"rr all good. It's policy Was ip keep
from 80 To- 81 per cent. Of ca-il assets on hind.
There is reason tu believe Tint Tor two years
more the bank was all right. 1t y pretty GRAIN
begin Till after Spencer had rornpl, t. control
and Mr.. Subway thinks that the actual crooked
moss docs not date further than on" year hack.
What hecanc OF the money In q problem that
is now pu2tlng people who give Ia" matter any
thought. In round ilgnrrs about s2VW,ooo
of that immense sum within ynl or two
Admit that half Of it has been swallowed up IN
bad investments like Tia" Calumet swamp lands.
paper railroads. wilderness r"al estate ana so
ON, Low did spencer get away ,M,ih ia" other
miilHn Hs has mrkn3NlrGdGGd ,he T 1s ,h.;
amount but AT lonst 5000 900 more hay' been
stolen which he has not 'klowedsed, The
money he used TO pay for III, stock hc bought
cannot represent more than ;2u'uhO or s3ul,-
900, at most, for Is asserted pVa lNrly that nc
took with him Sl5ulW from th' tDph tNuNN
National Bank when he went over To IA" ~ t'
Savings. lie has not bcon rNtTtyagHnt III hl-
habits. and II h" had been. he could not wei
have spent s2OuOOO in Il year ur Two without
exciting lively comment. II has t'tn wills
p,rci thf he dnhbl"d in spruht'onS on M
Board of Trade; bat if he had engaged IN MAJ
Sor, ~ business 10 any great 'AlrAl' lhr ih'l
would nave begun To- munli'Ni l~,ll i"Ir now !,
the brokers he employed would nav" ,illd WhM
they know i.bOut his LOSSES. The only invest
ment of which there II any account l. me Iur-
chase OF homestead for his wife. Win cost
$50 900; but this sum j. like "A drop ni water IN
~. ocean ns compared with the bulk OF the
money he has taken. -
What lln- become of the money! The ques-
ton has some BEARING upon IN" investigation.
Is Spencer credited with having stolen more
than he really appropriated for himself and did
other men get their fingers IN nj the same time
Or has Spencer laid his steaiings 10y for a rainy
day MS the dcppsitors in the Sne Savings In
stitution thought they were doing? Has he been
taking cash and cash securities. and saving
them for the collapse which he knew was com
ing? Has he got away with half n million in his
pocket? The theory that he has taken "A large
sum with him H. sustained by the mystery which
enshrouds the disappearance of the as,rts and
also by the circumstance that certain collaterals
like diamonds which the bank ought TO have.
can hi found nowhere. In any case. spencer
must be regarded as the champion bank wreck
or Of the time.