The Baltimore County union., 1886-12-04
Correspondence baltimore County Union.
LETTER FROM SHREWSBURY, PA.
The Glen Rock Bank Trouble-Arrest of
the ex-Ofdcers-Som Crooked Finan-
ciering, &C., sc.
SHREWSBURY, PA, December 1st,

SHREWSBURY, PA, December lst, 1850.
Messrs Editors when l wrote you of the
Herbst failure, with others, and the embarrass-
ment of the Glen Rock National Bank, I had data
to give all the particulars that now crop out on
the arrest and examination of the parties by the
U. S. authorities. To have given them at that
early date before the disastrous effects of their
crookedness had time to work up public opinion to
its present pitch, would have brought doubt and
censure upon the head of your correspondent, so
I contented my self with waiting further develop
ments, of which the daily papers are full every
day. It is to be regretted indeed that these
two old men and the Herbst boys, enjoying the
confidence which they did of the whole community,
should be guilty of such conduct is shown since
these investigations have taken place. To i'm
prison the whole party is but warning to others.
But this does not bring back the money. What
has become of this immense sum of money! The
banks loss it is estimated, will not be less than
from sixty to seventy thousand dollars in bad or
worthless paper. No banker that havo spoken
to yet has been able to see how the bank can
bridge their losses and continue to do business
Confidence is destroyed to begin with, so far as
business is concerned, and it will take long time
to restore it.
The question is, how is it that this state of
affairs can happen to bank and no public knowl-
edge be had Of it? Why, this is easy Syn enough
knowledge or capacity to discover them, you may
soon be in position to do things and they not
discover it. Had the auditing committee been of
the right kind of material for that purpose and
handled all the paper and examined closely into
the workings of the bank, the crookedness could
not have extended beyond six months. 1t seems
the whole scheme was managed by the president
and cashier so far as the bank is concerned The
conduct of the two young Herbsts seems to have
been mostly confined to wrecking their own mer-
camille business. AS to the result of these trou-
bles l withhold my opinion for the present.
Things are bad enough.
When Redsecker Young bursted Kolter & Lati
mer, of this place, by his confession of judgment
in our court for $4,000, the Glen Rock people
were severe in their comments on Shrewsbury's
citizens for their troubles, which extended to Glen
Rock and took with the crash one of its best and
most enterprising citizens The whole blame for
that trouble was put upon Kolter Latimer be-
cause they neglected their business, &C., and it
was their place to do so and so. The question
with those people of our place, who were affected
by this kind of talk then, who is to blame for
Glen Rocks misfortunes now? Why did not these
wise people of Glen Rock, who pointed the finger
of scorn at Shrewsbury then, discover these trou-
bles which they now have on hand?
I must confess that 1 find public opinion get
ting somewhat shaken on the safety of banking
institutions as repositories of money. When poor
people, widows and orphans, come into possession
of little money they used to think when they
had it in bank it was safe beyond doubt, but not
30 much so now.
The winter seems to have come to stay. The
weather is so very changeable and unpleasant as
to tie up all kinds of outdoor work for the winter
Mr.. Geo. P. Everhart is rapidly disposing of his
stock here with view of moving to Woodberry,
Baltimore county, where he intends to conduct the
general merchandise business. You will gain
good citizen and we will lose one.
New Freedom is now becoming our nearest
grain market. The old Staber mill, tho best grain
market at Railroad borough, is for sale cheap
Here is chance for enterprise to take hold and
make money. X.