The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-10-04

KINGSTON, KY, Oct. 3-The Ulster
County Savings institution has closed
its doors and is in charge of
Bank Superintendent Preston. Elk
aminers have been at work since
Tuesday and already have found S46S, 600
has been stolen by Treasurer Ostrander
and Matthew T. Trumpbour assistant
treasurer and it is feared their stealings
will reach over that amount At midnight
last night superintendent Preston swore
10 complaint charging TrumpOour with
perjury IN swearing to ia Sc statements
contained 1t the July report of the bank TO
the banking department, and Trunpbour
was arrested. He vas Just preparing TO
fee from the town. Ostrander was ar
rested about two weeks ago Tor embezzlinor
SI5,OOO and was under bonds for so, 600.
His bondsmen last night turned him over
TO Sheriff Dill and he was also locked up in
jail. When OStrander was arrested there
was run on the bank for three DAYS. but
other banks came to the rescue of the
Ulster County Savings institution and the
trustees made a statement showing a sur
plus of S247, 600 AS the statement was
signed by number of prominent men in
this city who were directors of the bank.
1t had reassuring effect, and depositors
VINO drew out their money brought 1T back
The system adopted by Ostrander and
Trumpbour was most ingenious, and for
twenty years batf1ed the skill of expert
examiners in the employ of the state In
carrying 1t out deceit and perjury were
frequently and effectively employed. The
statement showed resources, S2.l35. 600.
due depositors, 81, SIS, 600; surplus, S247 600,
1t IS impossible to tell, or even TO con-
lecture, the effect the closing of the
bank VIII have on the people in Ulster
county. A majority of the depositors were
poor people. There are two other savings
banks in the city, the Rondout and King
ston, the trustees of which have decided to
demand sixty days notice from depositors
should there be run of any CONSEQUENCE,
The feeling against the trustees who
signed the statement is bitter in the ex
IRENE, and they are characterized as
thieves for making depoSitors believe the
bank was solvent when they should have
known its conditions. First Vice-Presi-
dent Brodhead, who had executive charge
OF the bank, also comes in for his share of
censure IN signing the statement and in al
lowing people to deposit their money.
Ulster County Savings institution was in
corporated by an act of the legislature
April II, 1851.
The people had great confidence in the
institution. 1t is said number of bonds
mentioned in the statement by the trustees
were hypothecated in New York bv
AnOthnr
method mentioned was that deposits in
many cases were entered on the banks re-
gisuer for only half and a third of the
amount received, while entries in deposit
tors books were for the full amount the
difference being taken by the thieves
The streets of Kingston are filled with
people and depositors are arriving on every
train and by all manner OF vehicles. Occa-
slonally some of the excited farmers
threaten to break into the bank bulldIno
and get their money, while others suggest
a lynchlng party be formed 10 hang Ostran
der and Trumpbour. business Is yirtuallv
suspended. A man who had 81 600 on de.
post developed symptoms of insanity and
1t is feared it may be necessary to take him
to the asylum.
The city officials fearing threats to burn
the jail where Cstrander and I'rumnbonr
are confined will be execute summoned
the fire department members of which are
now watching the bank building. CONT
house and jail opposite
The pr soners were arraigned this after
noon. Their examination was set for
Monday morning. 1t was stated on the
street to-day that after its affairs ara
wound up the bank will pay depositors
seventy-tive cents on the dollar.
There was quite run on the Kingston
savings bank, which is opposite the closed
bank. The trustees of this institution
claim they can pay its depositors in full
Should the run continue Monday the bank
trustees will probably compel the giving of
sixty days notice by depositors.