Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1890-02-06
THE BANK WRECKERS.
PRESIDENT CLAASSEN APPEARS BE-
FORE THE COMMISSIONER.

He Will Have a Hearing To-day-Broker
Pen Arraigned and Held for Exami-
nation-His Bail Placed at 5000.
Compelled to Pass the Night in Lud-
low Street Jail-The Equitable Bank
Closes its Doors Temporarily.
New YORK. Feb. 1.-George H. Pell,
the broker who was arrested for the part
he took in disposing of the gilt-edged
securities of the Sixth National bank,
was taken before United States Commits
sioner Shields yesterday and held in
S25, 900 bail for examination on Tuesday
next.
Commissioner Shields, upon the for
NAL arraignment of the prisoner before
him, stated to Pell that his arrest was a
charge of aiding and abetting a bank
director in having unlawfully embezzled
and sbstracted certain securities. at is
a criminal CHARGE" added the commits
sioner, land you are entitled to an ex-
animation and to bail. 1t is also discre-
tionary with you to make a statement
or to refuse to do so. Anything you
may say will be used against you, so
perhaps you had better say what you
have to your counsel for the present"
Pell nodded in acquiescence, and then
told the commissioner that he wished to
have an examination. He said that he
would be prepared for hearing next
Thursday, and the examination was set
for that day at II a. m.
Bail Fixed at $4,000.
Assistant District Attorney Rose then
addressed the commissioner on the sub
iect of bail. He said that while Pell was
not arrested as principal, but for aid
ing and abetting, his crime was quite as
grave. A like punishment was provided
for him as for the principal five
to ten years imprisonment. 1.-The facts
show that this man assisted bank Off
cial in transferring to his own use over
S43O, 900 worth of securities belonging to
bank. Eight days ago." he said, 1.-The
bank stood in the highest rank. 1t had
the confidence of the stockholders and
the perfect faith of its depositors. In a
few days $500, 600 worth of its securities
were gone, and only by the most streDu-
Gus and prompt measures taken by the
bank examiner was any of it saved.
Two hundred odd thousand of dollars
have been returned by these prompt
measures" He then insisted that the
bail should in any event not be for less
than $4,000
Several friends of Mr.. Pell appeared
later in the day and offered to go on his
bond, but the amount of their real estate
did not satisfy the district attorney, and
Mr.. Pell had to pass last night in Lud
low street Jail.
President Claassen Shows Up.
About o'clock President Claassen ap-
peared before the United States COM
missioner with his counsel and two
deputy United States marshals, and the
warrant charging him with embezzle-
ment and misappropriation of funds was
read to him. 1t was arranged that Mir.
Claasson's examination should take
place at 10 a. M. to-day, and, mean
while, he was paroled in custody of the
marshals and his counsel. This was in
accordance with an arrangement made
in advance that, if Claassen would give
himself up last night, he should not be
put in Jail.
The EQUITABLE Bank Closed.
At 10 o'clock small card was placed
on the front door of the Equitable bank,
bearing the announcement: 'This bank
is temporarily closed" 1t was reluct-
antly placed there by Cashier Courton,
who had been hoping against hope all
the morning that the bank could remain
open for business.
State Bank Superintendent Preston
met Mr.. Courton at the bank an hour
earlier and told him that the bank should
not resume at 10 o'clock, the usual OPEN
ing hour, unless President Tallman had
made good his promise to produce $780,
600 in cash by that time.
Cashier Courton said: president Tall
man is a retired builder and man of
wealth. He is determined that the bank
shall not go under. After talk with
State Superintendent Preston, he and
Mr.. Meyer, one of the directors, started
out to raise the money. But $50, 200 in
cash is a great deal of money to raise
even on good securities. and they have
doubtless been delayed. 1 have no
doubt, however, that we shall again open
for business this afternoon or tomorrow
morning."
An Anxious Director.
Amos Goodhart, attorney for the Len
nox Hill bank, as well as a director,
called upon State Superintendent of
Banks Preston and said he was anxious
to know the exact condition of affairs at
the bank, as well as if the cashier, Mr..
Van Zandt, was criminally liable for
the certification of the two checks for
$50, 900 each, given on the Sixth National
bank.
Preston told the lawyer that he was
not sufficiently conversant with the law
on that point, and that he was conse-
quently unable to answer the question
just at present. Besides, it was not
question, he thought, that he would be
called upon to answer. 1t was rumored
that the cashier, Mr.. Van Zandt, was
being watched by the police.
Examiner Hepburn was seen at the
Sixth National bank at noon, said the |
bank would not lose more than S740, 900; |
of this amount S400, 900 was represented |
by bonds and securities which had been |
already sold, and the other $3.50, 900 rep |
resented checks which are held against |
the Equitable and Lennox Hill banks.
Burning Corn to Keep Warm.
LINCOLN, Neb., Feb. 1,-Goyernor |