The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-04-03


WALL streets llatest sr~nsation-The Wasns
ington National Hank Closing and she
Reprehenslbie ond at President
sherman. which Rendered that Course
Neee~.ary-A vIgliant Directors DIE
covcry Avcrts a Conspletc Wreck.
NEW Yonk. March a5.-Foilowing
right on the heels of the conviction IL
simmons and Claascn. the wrcckers o.
the Sixth avenue bank. the news Of the
closing Of the Washington national
hank gave Wall street a sensation ~
the close Of business Monday. When
the facts all come out the sensation is
likely 10 bc much increased. Director
Tilghman. In a statement, blamed
severely Mr.. sherman for his manage
ment. The troubles were said - be
due TO unsecured loans 20 three men.
This morning Mr.. Tilghman gave
the names Of two Of these men. then
| gave Mr.. sherman such a scoring as the
| latter will probably not forget. ''Some
| Of the directors MIR. Tnghman said.
do not think that my condemnation 81
Mr. Sherman's methods was strong
enough. such incompctcncy in the
management Of a financial institution
is unheard Of" MIR. Tilghman then
gave the story Of the difficulties. start
ING with the statement tibet Mr.. John
:. Silver. formerly a trustee OF the de
funct American Loan and Trust
co.. was one of the depositors
with whom the bank was IN
trouble. Said he: Mr.. Silver was
accustomed 10 come here Nth drafts on
ont OF town banks. whick would be re-
ceived by order Of the president rs cash
and placed to his credit. As an exam
pie. one of these was fer $1,000 on q
bank in Colorado Springs Silver woule
draw against this money. In the mean
time the drafts would IL sent to oul
correspondents. with instructions II the,
went to protest not to push the matter
and in that case to hold them subject Z
our order. SO in many cases they coul'
be held indefinitely. II would look a
though il was known that the.
would be protested. The aggregate
OF these drafts Of silver is $4,000. Blu
there is more. On the 18th of Marc
came in on my own responsibility I
look over the books and see how man
beats we had as depositors- On tn
! 18th | found Silvcr's name with a ba
ancc to his credit Of s6i.6a. Immed
ately | gave orders to the paying tellt
4 not TO pay any Of his checks. His Al
. swer was thai he had just certified -
7 verss check for Sll.5O0. ! inquire
further and found that Silver had d
i posted an ~uncertifed check for II
Il amount on the Third national BAN
Y To anticipate a little, that W
y paid. | went to Mr.. Sherman al
- took HIM to task for It, and J
4 said il would be all right. The ne
a day. Thursday, | was further inform
II by the paying teller that he had on N
"a Sherman's orders certified Silver'sc che
n for $4,000. lie said that a deposit
- an uncertiied check on the Third II
- tional had been made. Then ! round
no the receiving teller for taking suci
Il check. and he said il was MIR. Sherman
81 orders. This check was paid TO I
amount Of sl2, 600, leaving $4,000 (
M fcit. Then | went TO the president
no am told that ] danced around nm
re- was angry. | told him should lay
re before the directors who were 70 meet
~. few moments. lie begged me not to
re il. saying IL would be all right -
lly said /. but you might do the sa
nj thing for $4,000 tomorrow did
~ the directors. and was put in supre
Bic charge. With some reluctance
Tilghman gave us the name Of mot
he depositor TO whom immense loans n
nd been made in the name Of Capt Il
l.r Norton. who lately went away in his
: i boat. Mr.. Sherman said Mr.. Iilghn
loaned Norton $4,000 on stock OF
,os. company. which is now absoiu'
worthless. With grim humor II
mar said that as Capt Norton was
Of town he did not think II wouif
ich any harm to give his name Norto
ery believed to nave been drowned.
hat third depositor lives in w
,ity Tilghman refused to give his name.
I Of said he owed the bank Sf.,CoO. OF WI
his only $1,000 was secured
/ To No business was being lone at
bank. A big crowd Of depositors
and in the Office doing little but taik
ladc Mr.. Tilghman will not advise ma
60, up the impairment lie Is thorouI
can disguised with things