The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1880-08-12

some two or three weeks ago five line
notice in the personal column Of the
STATESMAN saying that matters and
things were not as lovely and serene with
the Austin Home, Building and Loan As
ISOLATION a. they might be, created quite
a stir In the city among those connected
with the Institution. Atthat time an eX-
animation of the books Of the concern by
experts had commenced, and
Ugly RUNoRs
were quietly floating around town, and OF
course reached the STATEsMAN's report
er, who Immediately set to work to as
certain the truth or falsity Of the charges
being circulated. He had great difficulty
in getting AZ the facts, az the members OF
the association approached by him were
inclined to be silent and not disposed TO
give information. They stated, however,
that few of the members Of the a-sOcia-
tson were little uneasy and desired the
books examined, which was one Of the
rules Of the association, and which Oc-
CURED annually This annual examine
ton Of the books had been deferred from
some cause for over three months, hence
the uneasiness Of certain members, who
demanded a thorough overhauling of the
books from beginning to end. Three eX-
perts were appointed who ret out TO per-
form their task, hoping it would be lin
ished within three or four days. At this
time the general impression prevailed
among the leading members OF the ASSOC
citation that if any errors were discovered
at all they would be of minor Importance,
and they were astOunded TO learn after
the experts had been at work some time.
that defalcations running up
INTO THOUSANDS
of dollars were being unearthed. The
report Of the committee was read at n
public meeting. 1t stated that the work
of examination was intricate. and re-
quired a most careful and cautious scru-
tiny. Several errors were found in the
fOotings Of the book for cash receipts
but all but one were of minor import
ance This one was for 500, and was in
favor of Il. 4. Blandford, the secretary.
The following entries were found by the
committee in the journal, which they say
''are unintclligable, except as to their
Importance and effect on the cash ac-
count" Folio o., journal MOL, secretary to
sundTies, cash SO 81 loans, $3.50. Folio
10, journal No. ., treasurer to cash paid
him, $1,000; loans TO treasurer, No. 14S4,
$1,000. Folio 10, ledger, September, 1873,
loan account is charged with S5l00, and
folio 30, September, 1873, cash account is
credited with $500. The effect of the
first entry Is to relieve the cash on hand
with the secretary and charge the same
to loans while no number is given to the
loan. The effect of the second entry Is
TO relieve the cash of $4,000 by charging
IL TO the treasurer. The third entry is to
relieve the treasurer and charge TO loans.
The fourth is to relieve the cash OF 5000
by charging ii 10 loans without any entry
in the Journal. No number Is given to
identify this as a loan, and il was totally
uninteiligible to the committee. Another
entry of S547 was discovered which foots
up the total amount of defalcation ascer-
tanned definately thus far to
EIGHT THOUSAND,
six hundred and seven dollars. Other
amounts are coming to light daily
through the pass books that each member
of the association carried that is believed
will run the defalcatiOns up to nearly
$4,000. The stockholders of the asSo-
citation. will lose about 10 per cent upon
their stock but it will in no way impair
the stability of the institution and it re-
mains intact and will continue business
upon as firm foundation as ever. 4
few of the members hope to realize from
Mr.. Blandford's real and personal prop
erty about $1,000, others think all Of his
property is covered up by outside encum-
brances and that the association will not
realize a cent. At the very best possible,
the association will loose about $1,000.
X. 4. Bradford has stood high in this
community and was well known through
out the state as a prominent Odd Fellow,
having at one time been Grand Master.
The unfortunate circumstance in which
he has involved himself and which he has
absolutely failed TO explain is to be re-
GREETED and is deplored by all who knew
him. No criminal action has yet been in
stituted against him.