New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-23
WARMERS DEFALCATlON.
HALF A MILLION DOLLARS TAKEN.
.rocK GAMBLING DIsCLosED-LossEs OF THE BUR-
ROWS ESTATE AND THE ALBION BANK
TIE

Warner president of the suspended flTsl N"t'oi'"'
Rank Of Albion, and people are beginning 10 re"iIo
,he full significance of his departure Many via
minors have been adoat but careful investiga-
zion shows many Of them to he without louhua-
tiOn. ,r
loci factory at Rochester has been working on the
Iocked safe of the bank TO force il open Inc woIk
cannot be finished for many houis' H. l.
Coau cashier Of the bank, made statement
correcting the erroneous reports which nave leu
On the impression that the bank continued 10 'iahS
oct business after the condition of It's affairs ne
came known. Mr. COan said /" | wish to correct
these reports as they convey the idea that business
was done here after the truth became known, and
,bot I DELAYED in informing the Controller OF the
r,aosprv of the condition of the bank. The facts
are that the prolonged absence of the president eA-
,;tsd nv suspicions deemed il my duty to call
meeting of the directors. j did so. lhey hel
on wednesday evening at o'clock. stated
,o them that the absence of the president so
proonped created grave doubts in my mind as 10
his return. and that ne had the sole knowledge ol
tbe combination Of the inner safe containing tne
seeurities and surplus funds and that so far ~
lneys his whereabouts could not be asceftalned.
Ar Warner was then removed from his Office ~
,,esidept NV a unanimous vote The Boatd of III
,aetnts then instructed tnp that no further bust
,ess sbontd bs done aud then adjourned hhtH
Thursday morning when they again mot hhu I'
soiyad to suspend business until tho condition 90
che bank could be known by hh examination 90
its funds. They instructed me 10 anhohhee ~ the
Controller 1T the Currency ~ Washington The Sua
pension of the bank, That did"
MI Coan believes the depositors of the bank WIZ
be maid in full Mr. Thomas Williams United
STATES bank examiner arrived few hours ago hhd
has assumed charge of the bank MI Williams
said to-day Il can say nothing 0f the cohdlloh"i
the bank until the safe upon which the expert Is
now working is opened and its contents, II any
examined and the books Overhauled' Inc sale
upon which Sargent and GTeeneafs men are at
work is one of McNeall Il Urbans Cincinnati
make. 1t is a large double safe with two doors and
a aburrlar proof inside. 1t will be matter OF hours
work TO get access to the interior. The New-Iork
correspondent of the suspended bank Is the Ihlrd
National Nothing Is to be learned OF the balance
there but 1t Is thought Warner has touched IT,
The Rochester correspondents OF the BANK
were the Bank of Monroe aud the Merchants Bank
The officers of both say that they will
not be affected by this failure.
wAKNER's STOCK GAMBLING REVEALED
It's fact that gambling in stocks was the cause
otWamer's downfall. His private safe at his resi-
dence was opened last evening and an examination
made of its contents. Letters from New-l ork
brokers showed that he had been engaged III
heavy stock speculations ever since he assumed
control of the estate, and that he had disposed ol
about $500 600 worth of securities by sale and as
collateral security. Among the items thus ganDied
away were 800, 600 in Piedmont Air Line STOCK
and S37 shares III the Suspension Bridge Company,
of which Warner was secretary by virtue OF ms
office Of executor How much more be has taken
cannot now be ascertaned. but he has beyond all
doubt made away with everything upon when
money could be raised. Nothing can be OF IS known
of what ready cash Warner took with mn. lie
probabilities are that he has considerable sum III
his possession The reports of the amount ot W al
pers deialcation cannot be trusted, for 10 lnyen-
torv of the estate has ever been filed All specula
ton, as to the value of the estate are imaginary
They run from 81 100000 to S1O,0OOOOO.
II can De authoritatlycly stated that the worth
Of the estate on the death of Mr. Burrows was
nearly ifuot quite S4OOOOOO, personal and real
Hisnow known that Warner has disposed of large
tracts of Western lands of the estate lac having III
his capacitv Of executor full power to sell it.
W r. Burrows, one Of the heirs aud an executor,
who had resigned his trust 10 Warner, arrived here
last week from Boston IN g special car in charge OF
his physician and two nurses. aud accompanied 10y
b. mother Dissipation has made hln physlcW
wreck Mr. Roswell Burrows grandson OF the de-
ceased millionaire. and of his heirs, said tc-dayi
a was al Niagara Falls when the news OF the sGs-
PENSION and the absconding of Warner reached me,
through aucwspaper report at 8 o'clock last night.
Ialrived here this morning. know nothing about
this matter except that it IS great surprise to all
Of Us was preparing to go into business at Buffalo
and when / last saw Warner he sad the money
would be- all ready 10 enable me to do so. ] kn0"
nothing of his intentions or whereabouts, except
that heard tina man had seen him IN st. Caho-
rnes. Ontario. don't know how lac
left his family OF if he made any
provision for them. l is all hearsay TO me
Itispositvcly stated by one who knows but does
not wish ms name mentioned that the furniture
Of Warmers residence was present to his wife FROM
be- father. and cannot he levied upon BN"nu
tbfs he lett nothing Tor hls iamllY t!at rs kH'Wu
except the equity ~ his residence decided 10 ne
bfothet-in-l law in trust for the family On thus
place There IS y mortgage Of $4,000. The purchase
money and the property would bring at sale lttlc
n ans more. Nj lytlcL warner m0ihei-
h-'aw sad thal Wnnct ~ transferring ihr
jrt flpnrd that his sprrulhiOps in bis individual
capacity had been uniofluneic aud WIN tbc otPrr
iaioH that hiH personal Ctrdiiots would ftoWd ma
hr WISHED 90 do what lac tonld j." lie laih'P
WABAfhs PROPERTY hfiltb'
lhis morning attachments were put by ile htiiH
Of thc burrows estate upon the property ~ war
Hef. 1lns was followed by second attachment by
". A. Parmaly. further attachment has been
flied aud will be made tomorrow morning The
deeds 10 w. A. Parmaly, Alexander Iytler and
George A. Newell and also the mortgage to ii. H..
Warner of Rochester. are not signed by Warmers
wife which may enable her TO hold her dover estate
and shows cOnclusivey that She has had no knowl-
edge of her husbands affairs. Whether the trans
fers of the property Will hold good is question to
be decided. Much litigation Will probably elsue.
Werner had doubtless medltated his departure tof
long time and only deferred IL III Order 10 SpsoID
a. much as possible. The revocation by the Surro-
gate of his letters testamentary on Monday last
was evidently expected by him from his inability 90
make good showing of his administration OF the
estate. 1t brought the wnOle thing to focus and
caused his disappearance al this time.
A significant Circumstance the fact that the
deeds for and mort cages upon the property were