St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-30
CRIME RECORD.
SUSPENDED.

PHILADELPHIA, Penn, May 29.-There
was an early morning sensation on Third
street to-day, when the announcement was
made that the ShackamaXim bank had
closed its doors, its accounts having been
overdrawn to the extent of $500, 900. In a
very short time a great, excited, noisy,
anxious, angry throng gathered about the
institution. The bank had large number
of depositors. Not only the largest carpet
manufacturers were creditors, but also
butchers and drovers and all the small shop
keepers for a mile around. The late
William Bumm, salt importer, who was
a leading politician. and who for years
represented the Eighteenth ward in select
council, was the originator of this bank,
which was opened about ten years ago.
Ever since his death, little less than a
year ago, the affairs of the institution have
been the subject of watchful concern on
the part of the officials of the Philadelphia
clearing house, and more especially of d.
B. Cummings, president of the Girard bank,
which institution made all collections for
the
INsoLvENT BANK.
Mr.. Bumm practically owned it. Thomas
L. Huggard was nominally the cashier, but
in reality the clerical drudge of the place,
doing all the routine business of the bank
and keeping up the ordinary daily accounts.
Mr.. Bumm managed his own affairs with a
sort of exclusive care which precluded the
possibility of anybody else gaining an
insight into his peculiar doings. Bumm'S
successor had assumed control and the ac-
counts of the institution could be over
hauled. A very critical state of affairs
was found to exist On Monday the audit
of %hn orH of flIrnO Offl1c
met at the bank for the purpose of examin-
ing the accounts. When Cashier Huggard
was called upon to explain certain matters,
1t is said that he was taken suddenly i'll, so
seriously as to alarm the gentlemen present.
by whom he was removed to his home. The
directors, however, succeeded yesterday in
discovering that large sums of money had
been obtained from the cashier, of which
they had not been informed. They found
checks indicating that William Bumm
& Sons. salt merchants, had obtained the
sum of S115, 900, and that Joseph COnklin,
q street cleaning contractor having no ac-
count whatever in the bank, had obtained
$500 The aggregate deficit discovered
was S2O3, 600, or $50, 900 more than the
combined capital and surplus OF the bank.
No entry was made of these transactions.
Upon the discovery of these facts a
special meeting of the board. Of
directors was called yesterday afternoon.
MI. George w. Bumm, who, as member
Of the board of directors and also q mem
Der of the firm of William Bumm & Sons,
was present at the meeting and made state
ment, in which he pledged the firm as liable
for the money which his firm had drawn,
and in consequence his attorney confessed
a judgment in favor of the bank for S115,-
600. The directors unanimously, near mid
night last night, resolved to suspend, and
accordingly at 10 o'clock this morning the
doors of the bank were not opened for
business. The stockholders, it is understood,
will pay off every dollar OF the
Indebtedness. In addition, the directors
themselves, it is said have S110,OOO locked
up in the bank, $780, 900 of it having been
deposited but few days ago. The bank
was made one of the city repositories last
June, and the city had deposited in the
hank about SO 00O