Savannah morning news. [volume] (Savannah) 1868-1887, 1883-08-02
A TELLERs SPECULATION.
How He Made Over $50 900 for Himself
out of the Banks Money.

'ts @@Vefo TtCCe- De0lOcTdf.
An interesting story is told of the wav
IN which paying teller of one OF the city
banks, OF shrewd and prOvident turn of
mlhd, was able to acquire a competency
in snort time and then retire from his
position without the bank having been
any the loser by the operation and
without having his own reputation
blasted. The story is that the
bank carried a heavy cash balance TO
meet such calls as might be made upon it
from day to day. and to draw upon in case
OF run. This was intrusted to the
paying teller. Instead of allowing this
sum to remain in the banks safe. as was
the intention of the directors. and as they
supposed to be actually the case. the tel
Ter invested largely in 6 per cent bonds
and early issues of the government 4 per
cents. These were substituted for the cash.
the investor cutting off the coupons and
getting the money on them as they be-
came payable. The prospective calls upOn
the cash could be readily estimated, and
anything beyond that limit was converted
into bonds. This state of affairs went
along smoothly for about two years. the
enterprising teller enjoying all the privi-
leges as to coupons Of a blOated bond
holder.
soon after the Oby owen defalcation be-
came public, the Directors had a sudden
spasm of vigilance, and one day. without
B moments warning, they called upon the
teller for his keys, and were about to in
stitute count of cash. With an assur-
ance and nerve that struck the investigat-
ing Directors fairly speechless, he said:
''Gentlemen, YOU cannot have the KEYS: |
viii give you my written resignation, ac-
cOrdlng to the terms of our contract but
you shall not have the keys to the safe.v
The gentlemen We're taken completely
by surprise, and knew not what to say or
do. Arrest was threatened. but the teller
was Obdurate, and the directors finally
withdrew to talk the matter over. This
] gave HIM his chance, and slipping out
with the surreptitiOusly purchased bonds,
he speedily converted them into cash, and
the right amount was deposited in the
vaults. BY that time the objection to the
surrender of the keys was removed, and
the directors and bOndsmen. who had
been thoroughly nOnplused and thor
Oughly frightened by the refusal, found
their heaped up thousands secure
and the bank on as sound financial bed
rock as it had ever been. The fact that
tue teller had just disposed of a large
( amount OF bonds, however, led to the dis
+ cOyery Of the way in which he had been
using the funds of the bank for his own
emOlument. and the resignation went into
effect. During the time between the pur-
Z chase and sale Of the bonds they had
/ largely appreciated in value. so that
during the transaction the teller had
/ cleared between $4,000 and 100000 from
\ the rise in value and the coupons. The
/ bank was none the poorer from the opera
ton, and attempts made to compel the
emplOye to disgOrge his profits were
unaVailing. Public prosecution would
have given the affair unpleasant nOtOriety
for both parties, and the story has cOnse-
quently been closely kept.