New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-05
HALF A MILLION GONE.
WRECK OF THE KINGSTON SAVINGS INsTITU-
TIoN COMPLETE.
THE AMOUNT STOLEN GROWS LARGER AS THE
EXAMINATION PRocEEDs-PUBLIC GEN.
tBY TELEGRAPH TO THE TRIBuNE-r r


SURE OF THE TRUSTEES.
IBY TELEGRAPH TO TRIBUNEr
Kingston, N Y, Oct 4.-The excitement over
the robbery and wreck of the Ulster County Saw
inps Institution is undated here. In fact, the
indignation of the people increases as the details
become known. 1t is considered fortunate that
Sunday intervenes to afford time for calmer
thought and disperse the crowds in the streets,
and yet it is the absorbing topic in every house.
Nothing in the history of this place has
so thoroughly aroused and excited the
people, save, perhaps, when the old colonial
town was burned by the British or
when President Lincoln was assassinated. The
thieves are both safely in Jail, and there is good
reason to think they will be justly punished. but
that is little consolation to the hundreds of poor
people who fear they must suffer the loss of saw
ings of o lifetime, and there is disposition to
find others upon whom share in the rascaity
belongs. Many think there must be Others con-
nected with the bank who are implicated IN
some way in the affair-if not directly IN the
stealing, then by reason of deceitful statements
and positive assurances regarding the conoitioh
of the bank while the expert examiners were oe
tectng and tabulating the embezzements' ana
when :hey knew or should have known chdO the
amount of the robbery was hourly plIlng up ana
exceeding the hank surplus
The air is full few rumors to-day. and it is
darkly limited that other arrests will soon follow
It is said that John Sterns. carpet weaver on
Union-ave. deposited $4,000 just before the
bank closed for the last time on Friday afternoon,
on the assurance of Treasurer Brodhead that the
bank was all right while Brodhead knew the
examiners were disclosing new rebberies at that
time and had been since Tuesday morning. VI
course all such knowledge on the part Of any one
of the trustees is denied by them in their state
ment last night, but the public are not fully
coutented with that document. The trustees
say the examiners did not report any further
shortage to them until Friday night and could not
lawfully report to any one except the Bank Super
intendent
Ostrander and Trumpbour both insist that the
amount of the robbery is much overstated, and
they say that the examiners have made mistake.
in an interview with General Sharpe, one of the
Oldest trustees, this afternoon, he stated that En-
aminer Judson told him on Saturday afternoon
that the bank would probably be able to pay 10
cents on the dollar at least. This without
reckoning the interest loans since the last July
dividend, estimated at about $4,000. the bonds
Of the two guilty officials, 100000 which are
perfectly good and about $4,000 worth OF real
estate held by Ostrander and his wife, which was
paid for directly from the money stolen from the
hank. In behalf of the trustees, General Sharpe
saws certain members of the board, without sus-
pectng any malfeasance on the part of any Official,
several months ago resolved upon making some
changes. The board finally instructed Treasurer
Ostrander 10 discharge one Schutt who had been
employed Us collector for some time. This was
not done, however, on certain pretexts This
aroused some suspicion, and the supplanting of
Ostrander was subsequently agreed upon, not from
any suspicion of his integrity, but TO
infuse younger blood and more energy, as
9strander was rapidly declining in health and
had asked assistance. n. r. Brodhead was Thus
-rE-A-~-s orueI executive o1icer, OStrander being
left nominal treasurer. This made him angry.
General Sharpe says nothing in Ostrander's mode
of living had awakened any suspicion except
the carrying of heavy life insurance for himself
and friends, which cost him $4,000 annually. As
matter of fact it should be stated tslt the
graphic stories of Ostrander's luxurious living
are largely imaginary. The great wonder eX-
pressed on all sides is how all this money was
spent, though it now seems that he was gambling
in stocks for time
General Sharpe says that when Brodhead took
charge the first intimation of the stealing was
had. Then, when the trustees felt sure the full
amount of the theft had been found, the state
ment to depositors was made as published He
thinks everything the trustees could do to protect
the bank was done, and he now asks a conserva-
tive Judgment on their official acts, hoping that
the old bank will be able to reorganize and pay
100 cents on dollar. The total
robbery Is now estimated to exceed half mill
ion. The $463, 900 reported yesterday was the
amount found up to May l, 1890 The examiners
will continue their work tomorrow. The AttOr-
ney- General arrived tonight and will receive an
application for receiver for the bank tomorrow.
The prisoners will be examined before Recorder
Hussey tomorrow. In answer TO the charge of
Trumpbour against Van Nostrand, the book.
keeper. it seems apparent that the latter knew
nothing Of the stealing or impending wreck be-
cause he and his family had some SlS, 600 on
deposit there, where 1t still is.
The Kingston Savings Bank paid out about
it and the Rondout Savings Bank will take advan.
tage Of the privilege of sixty days notice The
Kingston Bank has requested full investigation
by the examiners as soon as il can be made, as a
means of assurance 10 the public. Runs are ex
pected also upon the National banks of this city,
for which they are fully prepared. The city will
doubtless be thronged with anxious and excited
people tomorrow from the surrounding country.