Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1882-08-09
A CASHIERS CRIME.
From Franklin Pa. Ind. Press. Aug. 3.

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and all were shocked by the INTEL
gence that James n. Craft, cashier {
the Exchange Bank for the past te
years, was a confessed defaulter to
large amount. The report was a
first hardly credited by many, but
soon proved to be an ugly truth of ez
tensive proportions.
Owing to the length of time Gov
cred by Crafts speculations, and tn
extended nature of the Banks CORES
pondence, it was found imppossibl
to ascertain even an approximately ex
act idea of the amount of the defalca
ton. Rumors were flying early Sat
urday morning which placed th'
amount high in the hundreds of thou
sands. These reports were, however
met by the statement, based on the
partial examination already made
that the loss would not probably b.
much above 100000.
The event proved that the Exchange
Bank did not need any extra strength
to meet the crisis There was moth
ing in the nature of run. a few
persons appeared on Saturday ant
drew their deposits, but most of these
were returned as soon as it was re-
membered that the loss, whatever il
might be, fell upon the stockholders Of
the institution. The latter, of whom
there are thirty-two, collectively rep
resent very large amount of capital,
and all are Individually liable. Fol-
lowing is list F. W. Mitchell, Thos.
Fl. Martin, D. Boyles, VIM. Gates, D.
S. Dufield, w W. Duf6eld, l. M. Duff
field, HI. Dufield, j. D. Hancock, Jno.
L. Mitchell, w. Wenzel, G. Heydrick,
B. G. Stanton, r. H. Woodburn, Rich
ard Irwin, H. D. Hulins, Jos. Bell, J.
P. Byers, Thos, Nesbit, S. @. Steven
son, W. S. Devore, j. W. Brady, F. D.
Kinnear, P. McGough, D. Grimm,
VIM. Woodburn, P. W. Raymond,
VIM. Brough, n H. Payn, John Mil
ton, J. +. Hanna, David s. Smith.
With this showing it need not be
stated that the Bank is as solid as a
rock. 1t is one of the strongest insti-
tutions in the State
The manner in which Crafts defal-
cations were carried on for so long a
time, without exciting suspicion, is a
subject of curious inquiry. 1t seems
mainly to have been done by a care
fully guarded system of false entries in
the accounts with other banks. The
Exchange Bank keeps accounts with a
number of banks in the eastern cities.
The cashier would take money from
the Bank vaults. and then, to cover the
fraud, would make eqqiva lent false en-
tries in the accounts of the eastern
banks. Thus, in the Park Bank, New
York, the bank officials supposed they
had Sl4, 900, but are informed by wire
that the balance is only $3.05. AS the
investigation has progressed the pub
lie become convinced that Crafts man.
ner of carrying on his nefarious work
evinces wonderful tact and brain pow
er. Toward the last he was obliged
to carry a variety of business in his
head and keep track of and meet every
danger as it arose.
Crafts account of his defalcations, as
far as he has given any. is pretty much
the same old story which he and other
people have been reading for years.
He began by dipping in q little.
Loosing this in speculation, he took
more. He continued sending good
money after bad, with the professed
hope of retrieving. At last he got into
gigantic oil speculations, and lost by
the thousands. 1t is reported that he
invested largely in oil before the Cher
ry Grove excitement, and carried 300,-
600 barrels of oil from 80 cents down
to 60, thus sinking 100000. This
may be overstated, but 1t Is certain
Craft was deeply and ruinously in oil.
He was also extensively engaged in
the producing business, and likewise
had mining investments in Colorado.
Craft was an intimate friend of
State Treasurer Baily, having been
reared in the same town in Fayette
county, Pa. At Harrisburg it is
claimed they have receipts for $85, 600
of State funds deposited by Gen. Baily
in the Exchange Bank. Only $22, 900
are credited on the books of the Bank,
and The presumption 10 that the balance
was converted by Craft to his own use.
j. N. Craft came to Franklin about
thirteen years ago, highly endorsed,
and entered the international Bank
under Col. Bleakley, as cashier. He
had previously been teller in the First
National Bank of Uniontown. He re-
NAMED with Col Bleakley three years,
Some months after leaving his employ
he was sent for to take the cashiership
of the Exchange Bank, and held that
position for about ten years-which
was several years too many for his
own good or the good of his employers.
A Terrible Crime.
SHARPsBURG, Pa, Aug. IA lady
returning to her home about nine
o'clock, near Ross station, observed a
man stretched across the railroad track.
She procured assistance and bad him
removed. He was unconscious, but
when brought too, told this story /:
"My name is George Ringland. |
work at butchering for Mr., Walfegle
in Etna. On Saturday evening last l
drew SO due me with the intention OF
taking it to friend of mine in Ho
boken, near the workhouse. | was in
Sharpsburg on my way up between
seven and eight O'Clock After leaving
Sharpsburg I was followed by foul
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