Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-24
A BIG DEFALCATION.
The Third National Bank of st. Louis
A Loser to the Extent of
$15O,OOO by
Trusting Too Implicitly in its Teller
Specializing in Options the Cause
of the Trouble

ST. LOUIS, June 23-Mr. Obye E Oven,
teller of the Third National Bank of this
city, was arrested about II O'Clock last night
on the charge II having embezzled Sl50O00
of the funds of the bank. Very little is
known OF the affair at this writing but it is
said that Ovens operations have extended
over several years, and have been very care
fully concealed. Oven was taken to the
Chestnut street stationhouse about 12:45
o'clock am, and is there now, he not having
been able to obtain bail. Thomas E. Tut,
president OF the bank. thi1ks the actual sum
will amour, to about $40 600, bat this cannot
be definitely ascertained. Owen says he
thinks some $4,000 can be accounted for by
errors the books. There was $500 found
on Ovens person when arrested. Besides
beirg teller for the banS, he is a member Of
the commission firm OF Owen & Co, doing
business at 307 North seeond street, ont
whether he has used the money of the bank
in the operations OF this firm has not trans
pired.
Ldter.-The condition of the Third Ma
tioDal Ban will not b. disturbed or seriously
affected by the emhezzling OF its receiving
teller, Obye E Oven. It's president, Thomas
E. Tut, states that the net earnings of the
past six months, together with the standing
accumulated premium on United States
bonds and capital Of the bank, amount to
e l.GJO
There will he no interruption to business or
to individuals. The amount of the defalca-
ton is not yet definitely known, but will
probably exceed 100000. Mr.. Owen has
been with the Third National Bsnk fifteen
years, and has always ranked high as faith
ful and efficient officer. He was at one time
engaged in outside business as a partner of
his father, but he gave this up on demand of
the bank officers. 1t is stated, however, that
L IL i
speculated good deal in options and mining
schemes since then with the view of retriev-
ing his fortune, using the banks money for
the purpose, but his operations were unsuc-
cessful and his losses continuous.
A warrant was sworn out by President
Thomas E. Tut, of the Third National
Bank, this morning against Mr.. Owen. 1t
charges him with embezzling 100000.
President Tut also filed an attachment suit
in the civil courts against the property
owned by Owen, to the amount of $4,000
Ovens bond is for $4,000. His sureties
are responsible parties, so that the loss to
the bank will, after al, not be so great, al
though the entire $4,000 would not affect
the banks credit in the least degree
A heartrendiug scene occurred in the Gala
boose this morning when Ovens sister WIS.,
tied him. She broke down completely.
throwing herself on his bosom and weeping
bitterly. Owen was unnamed and tainted.
Physicians were called in, who said Owen
is Frustrated. 1t now appears Owen was
silent partner in the firm of Oven &
Co., in which his father was an active part
ner, and it is presumed the money was lost
through this firm. Ovens father, however,
states positively this morning that the money
was not used by the firm, and that he is
ignorant of how his son got rid of it.
Ovens confesses the defalcations have ex-
tended over period OF ten years.