The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-06-14
ELMIRA'S BANK DEFAULTER.
WHAT CASHIER BEADLE DID WITH THE
DEPOsITORS' MONEY.
Over 100000 Gone-The Den.uiter surren.
de-s-" Mr. sheriff. am Your Prisoner.
am Tired Out, and Want to Lie Down"

Over 1900, 900 Gone-The Def.uiter surren.
der--" Mr.. sheriff. i nm Your Prisoner.
am Tired Out, aud Want TO Lie Down"
ELMIRA, June 1.-THE Bank OF Chemung
was established here In 1850. by DIR. Tracy
Beadle. who had been member OF Assembly for
this county and was member Of the Consitu-
tional Convention Of 1866. In 1862 the bank
became national one. but since 1870 1t has
been conducted as a private enterprise by
Henry W. Beadle. u son OF DR.. Bcadlo. whose
name appeared on the paper Of the bank as
cashier. The institution possessed the conh-
dence OF the community and its line Of deposits
was very large. On March %, 1877. DIR. Bcadle
died. On March % last. the doors Of the bnnk
we're closed. and an examination into its affairs
showed that II had been doing business on no
capital. depending entirely upon the funds OF
its dspositors. The fortune Of Or. Dcadlo had
been withdrawn excepting about $4,000 which
was deposit there. and invested in other
ways. The assignces reported that the labli-
ties OF the bank were nearly 100000, t25O.O00
OF which was due to depositors. and its assets a
little over $4,000. The cashier Henry w.
Beade. had borrowed the funds and employed
them in certain stock operations that had
turned out disnstrously. Among other invest
menis. no had entered Into partnership In u
wholesale drug business here. whose account
on III. books of the bank was oycrdrnwn
$4,000. 4 brother. who il hardware mcr-
chant. was also overdruwn S26 900. and Beadle
himself was overdrawn 100000 There WAS
sl5U.OOO ot discounted business paper. OF which
less than half was good. A gas company that
had been organized to furnish Rochester with
natural gas from a well nj Bloomfield. thirty
eight miles distant. absorbed $4,000 Of the de-
positors' money. making no return asilycr
mining operation took so. 0O1 more; the Elmirn
Driving Park Association. the property OF which
WAS lutey sold under mortgage foreclosure.
took $4,000. and the purchase 81 an unre-
muneraIive public hall swallowed $4,000 more.
At the time of the Investigation. Col. j. G..
THOMPSON. one OF the wealthy men of Spring
field. Mass. Bendlc's brother-in-aw. offered TO
the creditors to compromise for 33s prr cent.
but the offer WIS not accepted. The assignecs
found TINT they were able TO pay 10 per cent.
The failure created intense excitement here.
involving great nu ffher of persons. who were
represented in the liabilities in sums ranging
sting much hardship. A number OF failures of
business men followed on the heels OF the bnuk
failure. II would have been unsafe for Mr..
Bsadlc to have been seen on the streets for
many days nfter the hank wgs closed So deep
was the feeling against him that MS two little
daughters wer. asshil"d with stones by some ~
the poorer creditors who casually met them. and
one otthe local newspapers suggested thut those
whom he had wr2nged should lynch him If he
Mr.. Beadle. who is a widower. was engaged
20 be married TO his cousin. daughter ~ tho
Rev. DIR. Beadle. n conspicuous Presbyterian
clergyman OF Philadelphia. the wedding day
having been appointed for the week after the
failure Mr.. Beadle went 10 Philadelphia. the
weddinG was postponed, and he has since. un.
vi last sunday. with one exception. remained
out OF the State. H. came here in the night
time six weeks ago. but some OF his friends
learning OF his presence. took him in a carriage
by an unfreQuented road 10 Sayre Pa. distant
twenty miles from here. anu thence sent h IN to
Wilkesbarre. whore he has been since. II ia
reported that he has been drinking deeply.
On saturday last he came again to Elmira.
and on Monday afternoon the Chief OF the Po-
lice with two OH ,ers, went TO his house for the
purpose OF arresting him on the complaint Of a
man to whom he had given IA draft on the Met
ropoitan Bank OF New York for SIS 900, when
hv had no money there TO meet il. The officers
were unable TO obtain an entrance 10y any of the
doors. and took out a pane Of glass 10y which
means they raised a window sash and entered.
Mr.. Beadle was found in an upper room. and
when told TINT the officers held AN order Tor ms
arrest. answered that " he had come home to
stay. and was ready 10 attend to ANYTHING re-
CURED" Being told that he plust 10 before the
He was admitted to 5000 bail. easily obtaining
the sureties required. and WAS driven home.
In the evening the County Judge issued m
order for Beadles arrest In civil action based
The Sheriff found him in bed and being as
sured that he would appear this morning. left
him there. This morning he WAS served with
the order. the bail having been fixed by the
Court at $4,000 Ho was permitted To- be at
liberty for "a few hours To confer with friends.
They said that there would be no difficulty in
securing the, bail required; ami even larger
amounts. but his release might only be followed
BY another arrest. and continued indefinitely.
Al noon to-day Beadle entered the Sherin's
ONCE and said Mr. Deputy have come 10
tired out. and want 10 lie down." While being
taken 10 the jail h. said: have not dollar in
the world. Everything | had hav,. turned over
%o %yd iT In Ey gI Ea{ rn1m IA i
them. ! am penuiless. ! took nothln with me.
All hal they have got. and now. they want my
body. which give 10 them"
- He was locked up 10 await the action Of the