Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-19
SCOOPED IN $4,000.
The Aged Treasurer Of a Bank De-.
velops Into a Defaulter.
HIGH LIVING PROVED HIS RUIN.
Stealing for Years to Keep Up His Ex-
tremely Prineely Gait.
THE BANK WILL NOT LOSE ANYTHING

ESPECIAL TELEGRAM TO THE DIsPATCH.l
KINGSTON, N. Y, Sept 1S.-This COM
munity was startled to-day by the announce
ment that James E. Ostrander, for many
years Treasurer of the Ulster County Sav-
ings Institution and one of its best citizens,
was defaulter in a large sum. At meet
ing of the Board of Trustees of the institu-
tion last evening, which lasted until nearly
midnight, Treasurer Ostrander was deposed
and Nicholas E. Broadhead the First Vice
President of the savings institution, and for
several years cashier of the Kingston Ma
tional Bank, was appointed his successor.
The bank has on deposit. over $3.50, 900,
which is mostly invested in negotiable Sc
curities and first mortgages on real estate.
1t has a surplus of $500, 900 and if the run
warrants it, all other banks will come to
its support.
One of the trustees of the bank said the
amount taken by Ostrander was secured by
his bondsmen. The Jansen Harbouk estate
and Augustus Fl. Bruyn are on his bonds
for the amount of $4,000 The amount of
the defalcation is estimated to be $4,000.
AS soon as the bank was opened depositors
began to flock in, principally women, with
their bank books and continued for some
time, but being paid in full they soon be-
gan to return with their bank books in their
hands.
READY TO PAY DEPOSITORS.
this evening and will keep open until the
are willing for depositors to draw their
money, as there is a large surplus on hand,
the bank reports $500, 900, which they have
in New York City, which will be brought
here by express if the run should demand
it. Notices we're posted on the bank to-day
that it would remain open as above stated,
and later, even, tomorrow, if necessary, for
the convenience of depositors
1t is said that Ostrander has been living
extravsgantly for man who received
salary of only $4,000. He maintained two
colored men to care for his three horses and
carriages, and his hired help in the house
cost good round sum each year. He was
also fond of going to watering places and
lived high His family reside in an old
fashioned house on Main street. The house
contains costly furniture and the grounds
bear evidence of having been well taken
care of. Persons who visited the cellar of
the house declared it was sight to see the
choice wines in abundance, and everything
around had an air of wealth and luxury.
ALL TRUSTED osTRANDER.
Ostrander is about 60 years old, and for
20 years has been the treasurer of the insti-
tuition. Prior to that time he was
cashier of the First National Bank of King
ston, and at one time was cashier of bank
at Prattsville, Green county. and was also
connected with the State Banking Depart
ment at Albany. He is connected with
several of the most influential and promi-
nent families in Ulster county. He has
been a member of the Board of Education,
of the Common Council, Board of Health,
and also held various positions of trust. He
was universally respected by the community
and regarded as safe and conservative
banker
1t is not believed that he has speculated
n stocks, but that the populations cover a