The New York herald., 1877-10-28

TOTAL. $57] l0S 67
II should DO stated In explanation OF the claim
the estate OF f. Southworth, the late treasurer,
against the hrm OF Dunbar " Co., OF which no was
member, that both estates are much involved that
tho amount 10 be realized on tho claims $533lS ~
VIII be very small Add 10 inns probable loss
personal and real estate loans tho loss 10 the
dcpositoIs Will amount to $4,000.
now TIKI APPARENT HAS GROWN
In explanation OF The difference between tho present
exhibit and the apparent condition Of the bank a tho
time oi tho death OF Mr S0uthw0rth u must be said
that the amount OF $27 457 49, well as the conliu-
gent amount OF S4,s96 AZ did not appear upon the
books OF tho bank Add 10 the apparent deficiency OF
ton. a probable additional loss Of something
over $40, 600 on securities, IN which. al
be was directly Interested, and we have the total
loss OF $S0,00o as above stated During time
doing brokerage business member OF the nrtn OF
Dunbar Il Co. About seven years ago OIL GER o the
BANK dIscoverea that dunbar Co.. who had an oiioo
Ia the bank building were rocelvlng deposits wIcn
they were paying SIX per cent Interest," wlo the bank
was paying only i've per ccnt People were led 10
believe that when they deposited ,hcir money
with Dunbar Co. and received a book
their deposits were a. SECURE II they
mad been placed In tho bank. Tho arm issued
three OF books to dcposltors ono oil which was
a regular North Bridgewater Savings Bank book with
the letter II" marked on IL; another was styled tho
NORTH Brdgcwater Savings and Loan Once u.
Southwortn, treasurer" and tho third Dunbar 4
Co." Al the time OF the death OF Southworth these
to what extent the transactions Of the Arm car
riod is unknown as botn parties are doad-
WORrHLksS INVESTMENTS.
The first business tho hrm shaving notes.
but subsequently they Invested la mortgages ia la
kota aud Wisconsin. Their invesimeu In the West
amounted to $4,000 or $4,000. neariy all o; when
was lost irrctrieya0y. AT the deccase o Dunbar Mr.
Southwortn settled his estate assuming Western
investments 10 be good and payn heirs thor por-
tons. TIE securities proved 10 bo almost worthless
and Southworth was obliged to look tor aid.
HELPING HIMSELF
He went 10 the bank, the FUNDS OF which ne used,
deposing AS security tho notes OF Dunbar Co. and
other notes, tho makers and sgncrs OF OF which
are unknown, 10 tho amount OF about $50 0J0s
The ranN NcatiOnS ol ma. business EXTENDED TO real
estate operations at Marha's Vineyard ana slate quar-
ries IN Pennsylvania.
now WAS USED sourHwoRTn.
The bank has never paid anything more than tho
simple Interest Of i've and per cent 10 dapostors
and u has beeu estimated that during tho time OF the
treasurersnIp OF Soulhworth the bank has earned
$l50000 which has not boon accounted Tor by bim.
HIS custom TO take notes, running 10 the bank for
q certain per cent Interest," accompanied " other
notes TOR an additional interest, which was 10
be paid instruments when Tho interest
ON the banks notes was paid. In this way
he obtained extra interest," winch he put la his
pocket whiie paying dcposiiors hvo per cent ho re-
eight and ten per cent on us loans, besides
bonisea The books of the bank aro mystinod that
IL Is impossible To determine tho extent o the opera
tons OF the defunct Al the expiration OF
every SIX months ne credited to 'Intercst account,
Tho amount depostors at the OF interest
bank was paying, without regard 10 tn. amount
earned, tho surplus gong into his own pocket An
examination OF the securities OF tho bank being
made aud when their value ~ agcerained the amount
winch depositors viii receive VIII bo determined.