, 1877-09-16
SPENCER'S WRECK.
Fxnert Dayie Furnishes an Abstract
Of His Report.
The Absconding President Did Not
Have Much with Him.
Everything Indicates that He Ex-
pected to Pull Through.

Mr.. Davic, the expert. did not make his final
report to the Dcpostors' Committee yesterday
morning for the reason that the COMMITTEES
cuuld not. or at least did not, come tosetner'
Jotn Wentworth was out Of town, ana tnc o'l9
member who put in an appearance At the uanh'
in ans,y,r tn Mr.. Davies notices, was AH' Deeh-
cr who was too busy to hear the report
Ta,nrsr reporter, however, persuaded ~,
n,r;,. that +be best possible audience ne eoa'0
1a,.,, won,d be the public, and Tor tnat put-
7,osc offered him the requisite ahaoon1 ~
s7,ace i'll these columns Inc oAei was
a',cc,to,i in so far that Mr.. Darle consenteu W
furnish the following abstract oi MS !ons' 'noi-
our1,. and exceedingly minute INVESTIGATIONS:
~ harr first cad.ayorcd,'' said Mr.. Dav1e,
t.1o ascertain, the nature Of Spcncer's accounts
xhrn he first commenced his transactions "1th
,,e Institution. he opened deposit account
r. Anil, 1873, the amount OF his deposit pc1ns
en- 900. On tho same day he drew out s=''i,-
~, leaving about $4,000 to his credit. From
t,1t time o1. during the first three months VI
II. copncrtion with the bank, his balances were
sy-f,o. sd 900, 5000, $4,000, ss,000, ',oa'
s1,1. S214,0 ,0c0, aud S1E.00o.. Latterly his
sc.,uut was small savings account H..
4 Another question was the amount OF MS
-+r,nsartions in loans aud notes. My statement
n TINT shows that, from October. 1877 up to the
time Of the failure, he had 1000, $4,000, S64,-
MI sl7,0oo, $4,000, S21,0oo, :29e,o00, s26l,-
n,l s1a.OOo. $4,000, S2l3,00o, $4,000. s2;',No'
s1A,ooo, 5000, $50, 900, $4,000, $4,000, Sl15,-
m and s47D,ooo; amounting, in all, tt, s., 5D,-
nj which covers the renewals as well as the
smonnts outstanding. OF these notes there arc
4mo on hand-the one for s33oo, 600, and
he other for $479.000, ountlng 10 s5le,Wp:
~ 1,,ve failed to find anything else in the way OF
ABSOLUTE DEBT Or DEFALcAT1oN-
Tho ouestiou as to how much the hank rs
snfeTed by his bad management, BY his bad in
sast.ucnts in bad securities, don't touch unou
hrrausc that il patent to EVERYBODY ana cues
t,n for calculation, which the Eccelyer VIII nave
n fix in his own way. Ny report goes INTO Inc
h:sfory of these transactions, and traces them up
will ;hcy become very large, and have resulted
in a very large amount outstanding.
Nov, as 10 the 600 transaction. have
very little to state in addition to what mas
ae4dy been ths sn nut nut
hs rheck into til: vault for it.. He also put MS
note. as President. On the books Tor the amount
P.r1 OF that amount appears to haEc been paul.
and oart was transferred to Gullt', bulHley,
tue stock, by means OF those m;erpo'atcat
e4 e4'f'eS spc,:et ;e III 1s7, already pointed OUT,
vas charged to capital stock and to profit ana
loss, TINS relieving MI these parties IRON re.
spo:s=ibil:ty Tor the STOCK anu tae lepousAD'''5
for the loans ON 1t.
..Sptnvcr's transactions were unnel 'al'ets
of SCRIPTURES or titles. For instance, hc ap-
rcars Us D. D. Spencer. D. y. Spencer q -
Spencer & Dobbins, y. y. spencer, & aEust. l1ir,.n
~ +hrse various names were made so as TO coser
diiIerrnt interests. The Dobl,ins transagt'ons
went On the books in the name OF u. u.
Spencer, Trustee .a.e,,-
3;on for the purchase from Dobbi1ls, which was
c.rrlt.d IN by lin for long time nn inc ooohs,
in lie name uf D. ID. Spencer, trustee, he4n
1arl,, a1nouu. Of stock In March, 1919, lc nau
brcpmc possessed Of '59 shares, 70 "ln,l e!T ~
a,,cty from time to timc until he hcld 9;o' !:
Thai rsurcsents par amount OF s59t,ioo o.
stn.k lie wound up by holding '@3 shares,
h;ri, he left il, the vault apparently us security
ft,- this 's54S, 900 Of uotes II ms naule. ine
a,ost;on whether Spencer bought the stock
the original stock III ILLS o"n As'Ae
OF tic bank is q
Ills not impossible that he may nave TO-.
from the vault have gotten tue none out ~
thr hank in various ways, and, At consiuetaus ~,
s,hscn,,ent period, converted that dept INTO t.'s
:n,,o If notrs. How he and Bulkley Goule
hind the CLERKS aud carry these oepls 1lou ~,
and then consolidate them into notes, ''as' Nv,
a'rcsdy explained to the Cohfnatsce' A'o ,o'
have explained to the public as
.sSnw- rs to Spcnccr's private account. -
,,,rc t,f',rc stated, during the latter part OF II
n,r,,c*tion with the bank hc kept sn'ati 5as ).
ir9s aoun On s lst q b. 9u1y ,c,t nnt s3s : i
bis erea1 5 about ait IN Aususi leaving to hi
crrl;t SI.19 On the 18th Of August nc ors'
!, rssh. a:,par,ntly for his salary to Tue is !2t
Of 1usust, $al6:os B1's'e' .hs same ane time tune
drew theirs about 1.,.sc 'ne naSties St drc,
rs;hlc NJ, the books. 1t is possible, howere1
that auy or all of them may 4 nasS M use1 ~ ~,
draft on t}lt, London ba:sk Tor ::ia W..
ay possibly navG 'hcr 1olsnis Iapscrs in New York
a''uas ,o "a qa;se funds Tor getting away. As IL
u cheu.ai ~ ..'e National OF New York b, bash u
answered the question put 10 ane4n lt,tn :"
Assignee with regard x 70 tne verT O,
ths t!;,o afeoun9 ~ a banker not to do:
and as nan.r has been protested ny 1hat uan a.
!; Iooks as il some surrcptitiuls drn1ts W. ues
drawn in that direction have pfc',1hI;H3 RI r
pressed the opinion tnat the1c N.s ,hn 6th
ibIc on the books Us 70 opcoeei 4'"u 'NS
cnSE AWAY WITH MUCH MosEf,
+oren inst nreyious to the collapsc,-that.
" irr.s7:f;iyc OF What is Owing Int oauh ,,, ~ .
books find that all the scsul'tsa az, ~. of Il
betwccn tic date OF the run anu INC aate - ..
rf,i,.n,.. ap,,yar to be .c'ountco 1ol %
in.ks. That might he proscd in tE's 1oflh'
~ C,.h and casl, items OH hand at the u'ac ~ n
n --s-'- 49, % n
col|cr:;ous made subsequent to the rsn-. 1g,' y,
Ellis nayable -.."-"' -'''' sts,' Il
Proceeds Of bonds .......--... -..--''''' ~
sss4, c
This,;s accounted for the rough as follows; ) !,
1ucrcaA Of deposits upon the bo'ks- -..'''S I'd n
Rena;usneciai loans Chemical National 20. I
sslrr;c* cxncnscs, and miscellaneous IN Z
Items H... -..-'''-'' ~
Cash remaining on hand. d..--.~. '''-., ~
.uis accounts, as nearly it 1S possini;c ~ ~
conn,- for the whole amount. Upon II1s 80, ..
of.3acts it is impossible to sec tat " t M NJ
could have taken much money ots ~ ~ 40 ~. IT
between the date Vi the run anu Ine oa'' ~
Il Now. as to those South Park bonus nohh' ~
is IN i,u,'resson that those notcs o. uuJd nn'5
for $130.O(0, for whicl, these bonas aie IT. 't ~
collateral in New York, did not belong ~ ~
bauk, and that Spencer gra1ultous.9 u p ,,ot :.
the banks securities for tue pay ~ T., :
which The bank had no interest. out ~ i,ol -
from outside sources that the notes w. w. ~
to the bank and were sold to kobeFt e s.1,i, d.,
New York, for the same amount %. o. s1u t.rn g
bonds, with the understanding 1nu' the -,
should be given before reai:zinE u ont,11,teTal
bonds, which formed the oE1s1i1a1i "a Sa,,, i
those notes. Consequently, the o0utn ~ 4ta 1,a
bonds. though carried on tho ooohs " S'i Ra1
,ns ,tSa1- 1,pycr in their posscsslou~ ~