The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1885-06-04
HOW BUMM BRVkEA BANK.
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the Cashier IN Ignsvases-
Healthy Ovsr.DsaS0ss

PmrLADELrHIA,.Msy so.-Thsrs was
an early morning ssnsation ON Third
street yesterday when the announce
msnt ives mNie that tho Shackamaxon
bank had closed its doors, its accounts
having been overdrawn TO the extent OF
S2Oo,00O. In very short time IN or
cited. noisy, anxious, angry thronR
gathered about the institution.
The bank had . large number Of do
positors. Not only the largest carpet
manufacturers were customers, but
also butchers and drovers, and all the
small shop-kespers for mile around.
The late William Bumm, salt i'm
porter, who was also q leading politi-
nisn, and who Ter years represented the
Eighteenth ward In tho select council,
was the originator Of this bank, which
was opened about 10 years ago. Ever
since his death, o little less than q year
ago, the affairs OF tho m
stltution have been subject
Of w..chf1l concern on the part f. Of the
house, and more especially OF r. B.
Cummins, president OF the Girard bank,
which institution made all collection
for the insolvent bsnk. Mr.. Bumm
practically owned II. ThomasT +. Hug
gard was nomlnally the cashier, but In
reality the clerical drudge Of the place,
doing all the routine business OF the
accounts, while Mr.. Bumm managed
his own affairs with sort Of exclusive
care which precluded the possibility Of
any one else gaining an insight Into his
peculiar doings. Bumm's successor
had assumed control and the accounts
Of the instition could be overhauled. A
very critical state Of AFFAIRS was found
io n Committee salss Ten Of the board Of direc-
tors met ut the bank for the
purpose Of examining the accounts.
When cashier Huggard was called upon
to explain certain matters, 1t Is said that
he was taken suddenly Ill, 30 seriously
q to alarm the gentlemen present, by
whom he was removed to his home.
The directors howsyef srss yes
money had been obtained from the
cashier, OF which they had not been in
formed. They found checks indicating
that VIM. Bumm 81 Sons, salt mer-
chants, had obtained $4,000 and that
James Conklin, q street-C Gaming con-
tractor, the latter having no account in
the bank whatever, had obtained VS., 600.
The deficit discovered IL 500, 900, or $780,
surplus Of the bank. No entry was
made of these transactions. Upon the
discovery of these facts special meet
ing of the board of directors was called
Yesterday afternoon. Mr.. George
w. Bumm, who Is also
a member of the board
of directors, and also member of the
firm OF William Bumm n Sons, was
present at the meeting and has made q
statement, In whlon he pledged the
firm az liable for the money, which the
firm had drawn, and, in consequence,
his attorney confessed Judgment in
favor Of the bank for $4,000. The
directors unanimously, near midnight
Thursday. night, resolved to suspend.
and accordingly at 10 O'Clock yesterday
morning the doors Of the oank were not
opened for business. The stockholders,
it is understood, will pay of every aol-
lar OF the indebtedness. In addition,
tho directors themselves, it is said, have
100000 locked up in the bank, $4,000 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 bank about