New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-22
A BANKS DOORS SHUT.
DISAPPEARANCE OF ALBERT s. WARNER.
TIE FIRST NATIONAL OF ALBION susFhNps ,.n ~
'"A ,,,~rs--rrARs FOR THE MONEY OF THE BUR
ROWS ESTATE

yur FIRST NATIONAL OF Ahpi'" ''' -
MyyTs-rEARs FOR THE MONEY OF THE BUR-
ROWS ESTATE.
10y TELEGRAPH To THE rRIsUNEl
.,n1ov Auq. 2l-Great excitement W as createu
.n This village this morning by the appearance Va
che following notice on the doors Oh tho ins'
National Bank of Albion:
owing to the absence of the president the M rs
,hs bank suspended by order OF the posra oi uiio
nntil an examination can be had OF It's anhrs :,
This hank was established in 1899 by hosWel
g Rnrrows under the name of Burrowss BANK, anu
in 1864 was reorganized as the First Natioha Dam
of Albion. Under the management OF Burrows 'ilo
sanl rvas prosperous and had a good share OF the
husness of the town and surrounding country
Roswell s. Burrows died in 1877, leaving property
Xalned at about 81 000, 900. which after the oea'
Sc his wife who survived him, to be DIVIDED
into four equal parts and distributed among HIS
children and grandchildren. Five executors
- loft in charge of this trust fund. OF these
one failed TO qualify, being nonresident, another
d;od Suddenly. and two others the infirm and aged
,ife of the deceased and his dissipated son. gave
rovers of attorney to Albert S. Warner, who was
The fifth executor-thus leaving him IN sole cohtroi
NJ the immense estate, for which no bonds were
required.
Warner had been in the employment of MI Bur
rows for many years and for some time previous W
tbe latter's death was his business manager, ana
sfterward was elected president OF the panh'
which the estate virtually owned. Since the deauh
of Mr.. Burrows accounting OF the estate mas
been made or statement given to the heirs; Warner
refusing 10 do so OF postponing il from time
70 time. Recently, however, steps were
taken by some of the heirs, who were dis
satisfied with his administration of their inter-
ests to compel Warner to file an accounting
of his trust in court and citations were issued lro
the Surrogate Court setting the time for the same
on Monday, August 1S. This action probably pre-
cipitated the disappearance of the president ana
the consequent failure of the bank warner de-
narted from Albion on the evening train on We'd
nosdoy Angust 13 ostensibly on a business trip to
ST. GATHERINGS, Ontario, whence he was 10 proceeu
to New-York and return to appear before the Sur
rocate on Monday Since his departure nothing
has been heard from HIM or of him, although teIe-
grams of inquiry sent to different parts OF the
couutry Suspicious were first excited by his fali-
ureto appear in court to file his account on Monday
AT this time on his not appearing the letters tes'a
mentarv issued to him as executor were revoked
Theoffcers of the bank still kept the doors open
until this morning, when they were closed presum-
oblv for lack of funds to meet demands. The
large safe in which the securities were deposited
and TO which Warner only had the combination
was left locked by him.
Warner before he departed had executed deeds and
mortgages on all his real estate follows; Deed
dated July 26. 10 w. A. Parmely, consideration
80. 5OO 10 Alexander Tyler. of Rochester, conSld-
Grafton 81 and sundry Indebtedness; two deeus
dated August 0, TO George Newell, consideration
81 ,45O; and mortgage 10 H. H. Warner. the patent
medicine man of Rochester, to secure payment OF
$4,000 he secured recently borrowed money upon
the property decided to Parmey as aforesaid Ihese
deeds were not recorded in the county clerk {
Office until August I6, three days after Warmers
o,,J nj w
tlon not TO publish them. IL VIII be noted tnat al
these deeds and mortgages were fed but the Satur-
day before the Monday on which he was 10 appear.
The officers of the broken bank are rencent' lhey
express no hope of resumption but say the deposl-
tors may be paid III tull ~ -, !,
No estimate of the amount OF the loss can ne
made until the locked safe in which the securities
OF the bank and OF the Burrows estate were KEPT
can he opened. Experts were here to-day 1Toln
Rochester but failed to secure an entrance by pick
ING the lock- Tomorrow the sale VIII be drilled.
It's feared that the hanks money Is gone ana that
great inroads have been made upon tine Burrows
estate. Mr. Lorenzo Burrows, trother 91 the de-
ceased millionaire aud former Controller OF thls
State was found much pTostlated by the ShOGh. lie
institution. Hc loses $25 600. il is reported lie
stated that neieher he nor any of The depositorS
cOnd ascertain the state of affairs until the locked
safe il openeJ He expressed great indignation at
the conduct of Warner, whom his family had raised
from subordinate position only 10 petIay mn ana
them He said that the holdings OF the estate III
the Piedmont AR Line system of railroads haGlbeen
sold within the year for SlOQOOO cash' ana thls
doubtless gone with the rest II IL Ie!oilcOil
that Mr.. Gilbert Of Medina, was depositor OF
$1,000. A Mr.. Chpp, depoSitor, is reported 10 be
insane in consequence of the failure, e..
The town and county funds were all deposited III
the broken bauk-to what amount is unknown. AT
the last bank statement, dated June 20,
loans and discounts were gwen at SlSO,9lo;
bonds and mortgages, 100000 cash. $4,000;
liabilities of deposits and certificates $l5i,SOO ;
capital stock SiOO,Oo0; surplus, $4,000 and un-
divided profits, st. 500 he directors were a :.
Warser president Il. +. Coan, cashier, Mrs. Ros-
well ). Burrows and Clement Bliss. OF the stock
$50 600 Is held by the Burrows estate The re-
lnainder is divided into small holdings. No is
willing to express an opinion that depoSitors Will
be- paid and no doubt exists that the convertible
property of the Burrows estate has been taken.
Warner leaves behind him his wife and infant son,
with no provision for their support so far as known,
and also an aged father, and dependent sister. lie
isa man of fne appearance and quite popular III
Masonic circles and among business men. He was
reported TO have speculated heavily IN stocks but
the result Of his sDeculatIOns is unknown.