New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-21


,,vndreAs of thousands of dollars OF tle paih
,nonev Inv the president, c. +. UPTON "ho
,ooa II to sneculate in oil. The amount "
1enos;ts in the bank is stated to be Sooo'Voo'
ond the amount of paper held by the Danh 10
~ ssoo 600 The story of Mr.. Upton's wrong,
do;na. Is told by one of the directors oho "
the firss results of the failure Ill hoches'I,
the suspension of the William u Mooio
inc House in Victor, n. \. Inc "eoon"
tional Bank of jefferson, OHIO, mas susionr n,'1
because of the defalcations OF the cA'"i'-
assistant cashier.
THE STORY OF -UpTONS CRIME.
DIRECTOR or THE CITY DAM N.,.s,n
MESr OF now TUE RUIN WAS ca oAI .bo nm
PocnrsTE8. N Y, Dsc, 20-Because OF 'Ho o %p
.roori ,t,on of about S350.0OO OF the iunu' T.
Civ Bank of Rochester by It's piesi, .h;o
Up,oD, to carry on specuiatlohS' 'u sono.;,s
morning closed its doors. The amount u r'p fnor
.1atoted =, he $500 OOO and the amount Oh p"P'i
ia No The bank $500 900. Upton was treasure, .,
-. western New-York Episcopal Diocese anu h'u
:4s fr,,as IN the bank, The savings oauks VI 'N0
;., bod large sums on deposit IN the pah"'
7 Rrcclx Pc -kins. the attorney OF the CltS p"nN
and one of its directors. made the loilo"i"s ~
,oant this morning 81 tclegraphed iast eNeii'"S
,ha Attornev-Gener 10y direction CT inc boaiu oi
D.-,etorg asking permission to apply 10 'no Ooui
for the appointment OF q receiver Juuse D"'s'
seia be would grant the application as Soo" q"
,ord wa, received from the Attorney-Uener"i, VA
,ec,ed an answer last night but MI husseh was
>, xoru;ch shall have 10 go TO Albany TO see
hno month ago I considered the bank perlec'N
sor,d The cause Of the failure was speculation III
-, ;th the funos of the bank by the president -
+ Jr.ton Lately he has speculated to the amount
oshonsopds Of barreis-200 600 barrels, II is salu'
,or himself and great deal moIe for persons no'
conneeted with the bank. Two or three weeks "s'
there was heavy fall in prices lie TOOK inc liooS
.,o-n tbe h INK 10 carry thus. Immediately aiter
,b,t we the directors, were informed that tho
checks of tho CITY Bank had psen
thrown out by ths American LAcha'e'
Bank in New-York, Its Correspondent
we then began an Investigation to gtt "na' n- 1l-
formaton we could, and found everything 't III c"n
fnsiou We wished Mr. Upton to make sba5 5,d nnn
aud he finally sad that he owed about SIV000000'
snd had properfy of the value OF a0out ,$loooVo'
sxbrh ~ PaSpcrd secure to the bank His state
men, was indctinite as to the amount OF te 1eo.,
nnd th + was apparent equ,vocaIslo%n % tho a. oficeps
md mvself went to Newly Urk ana saw the oIn0olS
nj the Amercan Exchange Bank. 1ey SdNo US Us
suca Information as they could ana auv seu ro 10 ~
try and carry Upton trough anu eet III & ' ,
~ Gould we came back and got IN what money
we could We tired to furnish ourselves WIN 1 ioaS
money On Sunday at meelug Oh the uito0'ois os %
Mir Itoton agreed t. eX cute various convey my ~
on Monday at 10 O'clock lie did moi 90 ~ io
stated that his house rasy,ave was oeeded ~ 1 i
wife years ago, originally an % ~ ono of
ami VIC lihd this TO be facl and thaI @iV,ouo VI
stock in he Charlotte Iron Works was Ill hoI hanio 40
On Tuesiay morning the directors aSreea 10
Ealse 500 900 60 on Nang Win tat amoaSt would
enable the bank 10 continue business. We nn1 moy
again at o'clock ofa;oa In tbat 5nf aSri WT Wptons
liabilities to the bank were, IN his own halie ,Nu -
the names of other persons who'e names ollS VI
resented ms, p330JO0. Mr.. Upon then eTeeureG St
V.
IN the Rochester Hydraulic COMPANY anu 'aalUu' ~
other D eces of property which my pernaapSS W.
cate in value between S50OO0 ana 9tuU'ouUU, W. w. w.
,uderst,nI from the statement made 10 us mat tue
ueno,its amount IN round numbers 10 T3Vo,coO.nu
that the bank holds about $cOo,oVo GA paPoi'
winch outsde of Mr.. UptOn's amount, we consl9c,
elcd " iuld have be n collect Die at lace F"iue luz
1ns bank had not been compel ca 10 closo 10 Wv ,
Ne have examined the books as eiCse,y 10 "I" ""
s,onld ike to- not having had time, but we MINK
tie f,re.oiug hg1Tes are true ieiAe9'N'"''" -
tDe 81, uatlOil" A., .o,,o borl,o
settle up with each o,her the bank OWING ne otncI
n balance gives draft on New~ior for the alhoaDS
About three weeks ago the City Bank gave a dralt
10 another bank Of tls CITY IN udh'ao'loh Va tio
KIND mentioned, and tue drA1t went 10 pIotc9t-+
that is, it was plseed III the hands OF hoS.S G
was paid before II protested. AuolNeI
oralt lor $4,000 of tine city BANK IN
favor of the bank alluded to YaS thI9%n ESJ yrs on.
because tho remittance from me ClV Dahk
ald not arrive in time TO meet IT, 1he preslueht'
Ioweyer sent the amount III time 10 save pro est.
Abont tnis time Tho banks of this city declded to
I'm Observation-Disclosures Messrs > h. Bre wster Patrick
Barry and ii. 4. Huntington were appointed COM
,uutee 10 further the objects. Several uect!hHs
Were held, bAt 10 report was mace III tlhl7 10 III
clude he City Bank before It's future
Il is id that Upton drew $|o,O0o last Iign' ao'
>his ,rIvate use. lie drank heavily iast evening
The cty has no funds lii The bank, bat the cOuuly
Is badIy Involved
40 ACTION BY THE AIToRNEY-GENERAL
ALBANY. n Y, Dec 20.--No action has yet been
taken by tic At omcy. Generals office III reference
70 the failure of the Rochester City Bank Attor-
pey-General Russell being absent at Norwich at
tenaing to the proceedings for the dissolution OF
TIE Boston, Hoosac Tunnel ami Western Railroad
BOSTON. Dee 2O.-The Traveller says: " In rela
ton 10 the failure Of the City Bank OIL Rochester
4 IL is stated that Charles 81. Up Oh. tht
nte.aes,f. has made important transfers o
real estate 10 his wife within tho past iew DAYS
Inc bank has been the subject OF some gossip her
Tor some time past. Co.'s deraple o. tEe paper
undoubtcdly held 10 this part OF the country.
BANK AT VICTOR, n. Y, CARRIED DOWN.
ROCHESTER, n. T., Dec. 2O.-lhe William c
Moore Banking House, at Victor, n. y suspended
payment to-day. The suspension is in consequence
OF the failure OF the City Bank OF Rochester
The American Exchange National Bank, tn
Eew-York correspondent OF the Rochester bank thre'
out yesterday $4,000 in checks, for the paymen
which there 40 funds TO the credi, OF the chc
t,r bank The officers OF the bank in this city said ye
ter,lay that the bank WOO lose nothing probably b
the failure IT has loans to the extent OF $4,000 {
$4,000, which were made 10 the Rochester bank o
pledge Of mercantile paper considered good Uniess tn
fullre slOHId result embarrassing the business
aocnesic tne officers expressed tnelr belief that IL
notes would be pad at maturity
AN ONO BANK SUSPENDS.
JEFFERSON, Ohio, Dec. 20.-Thero is muc
Excitement here over the dealcatons OF s. J. Fuller al
H. L. st. John, the cashier and the assistant cashier
the Second National Bank, and the Suspension Of I'll