The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1884-08-29
GONE TO JOIN EMO.

GONE To JOIN EMO.
PRESIDENT Warner of the First National
Bank OF Albion, n. ", Takes Refuge in
Canada After Despoiling the Burrows Es.
tate, of vi 'ch He Was Managing Execu.
tsr-fhe Doors Of the Bank Closed In Con.
ssqusnee-Stock Gambling the Cause.
ALBION, N. Y, August g.
Excitement over the suspension of the
Fist National Bank runs high, Cashier
Coon Is not very hopeful as to the result
of the examination of the inner safe when
II Is blown open. This safe should con.
tain all the banks securities, but IL u
suspected that President Warner has not
left them intact. MIR. Coon says, how
ever, that in any event the depositors
will be paid in full with interest. There
were over $3.50, 900 on deposit July lst
PRESIDENT Warner left on the
evening Of the 18th inst, saying
ne was going to st. Catharines, and
therce to New York City. 1t is believed
that he Is still in Canada. During the
past month he has transferred all his
property, but it will be claimed that the
assignments are void for want of actual
consideration. MIR. Warner has lately
completed fine roller rink, on which
there Is a 5000 mortgage In favor of Ii.
ID. Warner, of Rochester. The deeds and
mortgages were not placed on rec.
ord until after his departure. War
ner's wife and child are here, and,
so lar as known, not provided
for by him. His absence is generally
connected with his unsatisfactory man
agement of the Burrows estate. Al
though five executors were appointed, it
became nee essary that Warner, owing to
his business qualifications, should have
general charge of affairs. The estate
was estimated at from eight to ten mil
lions, and as no inventory was ever fled
or complete records made, it will be
some time before the result of Warmers
management can be known, as most of
the bank stock Is held by the estate.
Lorenzo Burrows, President of the Uni
versity, an old and feeble man,
Is one of the executors, and it
is no secret that he has long been dis
satisfied with the way i'm which Warner
was administering affairs, but no at
tempt was made to bring Warner to
account until recently, when Burrows,
son of the deceased millionaire, through
W. r. Calkins, of Boston, who held his
power of attorney, obtained an order
from the court requiring HIM to show
cause why he should not fill an inventory.
Warner paid 10 attention to this, and an
order was then issued requiring the in
ventory to be filed on the 18TH As
Warner Jailed to appear on that day,
the Surrogate revoked his authority as
executor. and what had before be n mild
suspicion became a certainty. There is
no doubt entertained by those who knew
Warmers habits, that he has sunk great
deal of money in Wall street. Rumors
that he had heavily overdrawn his &C.
count are pronounced unfounded. The
bank has Always been considere very
solid, and was a favorite depository for
farmers and laboring men, as we'll as
business firms. Warner is young man
OF fine appearance, and while not having
numerous personal friends, he was looked
upon as honorable and capable. As boy
he was great favorite with the deceased
banker, Burrows, who rapidly promoted
him, and finally made him one of the ex-
ecutors of his immense estate, a position
probably worth $4,000 year. He has,
as almost sole manager of the property,
engineered its affairs much to his own
liking, the family apparently not caring
to offend him by demanding an account
Of his stewardship. A few months ago
young Burrows lay at the point of death
kins, at Boston, and il was
during this period that Mr.. Calkins
began the action to require an accounting
from Warner. 1t soon transplred that q
conspiracy had been made against CaiKins
Wi hn 70
ner and the relatives of Burrows with q
systematic attempt to poison the invalid
with arsenic. The matter was brought
before the Grand Jury, who found no
bill. Young Burrows was removed by
his friends to a hotel, and subsequently
to his mothers home in this village, af-
ter having been induced to revoke the
power of attorney given to Calkins.
LATER.
The safe at Warmers house was opened |
yesterday afternoon, and in it were found |
some papers which throw light on his |
Transactions. Ii appears he has used all |
that was available of the securities be- |
longing to the Burrows estate for his own !
benefit. The real estate he could not dis |
pose of. The estimated amount |
of securities he has made |
away with is several hundred thousand |
dollars, possibly half million. From |
his accounts, it has been discov-
cred, that he has been gambling in stocks !
ever since he assumed the management |
of the estate in 1879. He began iInme- !
diately to buy and sell stocSs to an
amount of several hundred thousand dol
lars monthly. The real estate seems to
be all that Is left of the property.
OF the 100000 of capital stock of the
bank, upward Of $4,000 belongs to the
Burrows estate. IL looks as if Warner
has absolutely squandered all that he
could get hold of, not only that BE- ong-
ing to the estate, but all that had been put
in his hands by others who had confidence
in his integrity.