The New York herald., 1879-07-31
A CASHIERS CRIME.
He SINKS sIxTY-roUR THOUSAND DOLLARS OF
HIS BANKS MONEY IN MINING STOCK CON-
FEssION AND ARREST

He SINKS sIxTY-FoUR THOUSAND DOLLARS OF
HIS BANKS MONEY IN MINING STOCK CON-
FEssIoN AND ARREST.
LAWRENCE. Mass, July 80. 1879.
The business community startled this fore.
by tho discovery of heavy defalcation.
the cuprit being Prescott G. Pillsbury.
cashier of the Lawrence National Bank, and
the amount S64OOo. 1t is another case of
speculation with other peoples money. the failure
of the speculation. the confession of the crimeand
the ruin OF heretofore excellent reputation.
Colonel Daniel Needham, Bank Examiner, brought
the matter formally before the directors yesterday
IN tho following note:-
To. PRESIDENT AND DnEcross or THE LAWRENCE
In examination Of your bank find Prescott G. Pills
$ Ten thousand dollars Of this amount appears
in abstraction from tho vault OF United states four
n cash Of tho bank: am gratiaed. however, in
tho hS deae, the Of the has
been made good and loss whatever viii to tho
ner in which you dealt with this You have
in detail Of condition Of bank tho bush
s As NATIONAL aH
The bank is ono of the soundest in the State its
capital stock being 900. and its directors and
officers being men of wealth and influence in the
community. The bank examined last March
and found all right. Since that time Mr.. Pillsbury
has been unfaithful to his important trust, fact
which fully revealed on tuesday. when Colonel
Needhanl, upon request OF the directors, again
visited the bank. In the cash drawer Colonel
Necdham found memoranda representing S5a. 900 in
cash and SO i'll United States per bonds
S6i Oy0 in ALL none OF which could be found in tho
safe vault. Circumstances soon led to the dscov-
cry that the missing funds had been appropriated
by Mr.. Pilsbury to his own use and had been to
large extent lost through speculations in mining
stocks. The culprit made full confession OF his
crime, and under the weight OF his guilt presented
the appearance of thoroughly broken down man.
THE BANK SOUND.
T.aat discovery.
the entire amount made good to the bank, SO
there will result possible loss either to 1t or
to its stockholders. Pillsbury has passed over to
the bank mining stocks OF the valuation OF about
S2S OOU. His speculations began about four weeks
ago, and. judging by the amount OF money taken to
carry them on. must have been quite heavy.
A COMPLAINT FILED.
Colonel Necdham has made formal charge OF
defalcation and theft against the cashier and he will
be brought up before the United States Court
promptly, Pilisbury is widower, about thirty-six
years OF age and has enjoyed the entire confidence
OF the president, Mr. Stearns. The only complaint
that has ever been made against him was simply an
visits to Boston than appeared justified by
the business OF the bank. His unfortunate
speculations in California mining stocks commenced
about four weeks snce On Monday last he in
formed Mr.. Stearns that he had been unfortunate
and made u clean statement OF the affair The direc-
tors at subscribed pro rata according to the
amount of stock they personally held and made up
the deficiency, thus relieving the bank from any
loss The total deficit S6l. .OO0 The market
value OF the mining stock since sold $685. which
reduces the amount $4,000 His bonds for 1000
perfectly good, leaving as uencit, which tie
directors have assumed. $4,000. The deposits in
bank the present time amount to Sl75OCO and the
bank is every way in prosperous condition. Tho
bondsmen who will be called upon to make good
$2OOUO. the amount OF their liability. are as fol-
lows:-John Smith. of Andover; Morris Knowles.
of Lawrence; DIR. Crowell, of Haverhill. and Mr.
Kelley, OF Haverhill. One-half OF the mining stock
turned to the bank by the defauting cashier to
make good the deficit was sold yesterday xor aDous
S15,OJU.