St. Landry democrat., 1886-07-24
MORE VICTIMS.

/
Suspension OF the Provident Savings Eank
| OF st. Louis, Caused by a Heavy EmDe~
element by the Cashier-The Bank III the
| Hands of a Receiver.
ST. LOUIS, July 14.-Great excitement
| prevailed on Change and in other COM
mercial circles when it was announced az
noon to-day that the Provident Savings
bank had closed its doors, and the excite
ment became intense when it became
known that the cashier, A. B. Thompson,
had left for parts unknown. The wild
| est kinds of rumors prevailed, and it was
at one time stated that the shortage
| would amount to over 100000, but this
was afterwards cOntradlcted, and it was
stated by broker who is acquainted;
with the business of the bank that
the amount could hardly be more than
half that amount. Very few business
houses had accounts with the bank, and
the majority of the persons hurt will be
small depositors, who can not afford to
lose even the small sums they had on de-
post. 1t was at first stated that large
manufacturing establishment that had an
account with the bank was the cause of
the failure, but this was also contra
dicted and the head of the concern
referred to, said that he had
no collateral at all with the bank. The
stock of the concern has stood well on
the market, and the failure comes like
thunderbolt, and was as much surprise
to the brokers on the street as to the
smallest depositor.
Many of the school teachers now on
vacation will loose all they have in the
world. Never since the failure of the
Citizens bank has so many small depos-
itors suffered by a failure.
On the application of Carlos S. Greeley,
the largest stakeholder of the Providcnt
Savings bank, filed in the Circuit Clerks
office shortly after noon to-day, Judge
Lubke appointed William H. Thompson,
President Of the Bank of Commerce, re-
ceiver of the Provident, and fixed the
bond therefor at 81, 100000.
The bank was organized January 81,
1884, with capital stock of $500, 900,
and has since done quite an extensive
business among the non-commercal
classes. The defendants in the suit are
James S. Garland, Almon r. Thomson,
Thomas II. Swain, VIM. p Mullen. Geo.
Scott, Carlos S. Greeley and Charles H.
Smith.
The officers of the bank are at present:
James S. Garland, presidents; A. B.
Thomson, cashier; and Thos. II. Swain,
vice. president. The affidavit filed in the
application alleges that by the charter
the directors were fixed at nine, but in
fact there are but seven; that atfant
holds a larger number of shares than
any other stockholders; that the other
stockholders are widely scattered;
that in February, 1856, J. S. Garland,
president, became i'll and was forced to
abandon the banks management, and for
six months was absent from the city;,
that by reason of his absence and failure
of attention to the business, Cashier
Thomson assumed the duties
in his stead; that on July
IL, Thomson did not appear at the bank
and has not appeared since, and he does
not believe he intends to again appear,
neither is his whereabouts known.
A partial investigation it is alleged dis
closes the. fact that A. B. Thomson has
embezzled and appropriated large sum
of money, believed to be $40, GOO, and
that investigation will disclose a still
larger amount embezzled.
Current deposits as shown by the books
at close of business, July 10, $4Ss, 236.29;
time deposits, $426,6l9.17; cashiers
checks heretofore issued and not yet paid,
SIS, 594.96; unpaid dividends, $1,000;
other Indebtedness, $4,000.