Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1891-10-08
STOLE HALF A MILLION.
The Utica, n. V, Savings Bank Looted
by the Officers.

10 doors and is in charge of Bank Su-
narintendent Charles NJ. Preston. tx
merit examiners have been at work since
Tuesday, and have found already that
the enormous sum of $685. CO has been
stolen by Treasurer Ostrande- ana
Matthew T. Trumpbour, assistant treas
nrer. and it is feared that the stealings
will reach over that amount. AL
midnight Supt. Preston swore to
complaint charging Trumpoour with
perjury in swearing to 1alse
statements contained in the July report
of the bank to the banking department,
and Trumpbour was arrested at his
house by Chief of Police Hood. lie
had his clothes all packed up ana was
preparing to leave town. he was
locked up in Jail. Ostrander was ar
rested about two weeks ago for emoeZ-
cling $4,000 and was under bonds 1or
500 900, and his bondsmen last night
turned him over to Sheriff Dill,
and he was also locked up
in Jail, When Ostrander was
arrested there was great
rush on the bank for three
DAYS. but the other banks came to the
rescue of the Ulster County Savings In
stitution, and the trustees made state
ment showing that there was surplus
of $247, 900. The statement being signed
! by such well-known men as Judge A. b.
Parker, Gen. George H. Sharpe, Judge
William S. Kenyon, Postmaster Noah
Wolven, John w. Soaring, of the Kings
ton Leader, and other reputable cltl-
zens, had a reassuring effect, ana the
| deDositors who drew out their money
| brought it back.
The system adopted by James b.
| Ostrander and Matthew Trumpbour,
the latter being fully cognizant of the
steal and assisting in concealing it for
| the purpose of swindling the depositors
and hiding the theft, which grew by de-
| prees. was most ingenious, and tor
| twenty wears has baffled the skill of ex-
pert examiners in the employ of the
state. In carrying it out, deceit and
perjury have been frequently and
| effectively employed.
| The statement, which was given out
on September 49,, after thanking the
| other banks for the assistance rendered,
said to the depositors:
We know that we cannot drive you.
| Our assets are intact and open to your in
| business:
Resources-Bonds and mortgages, $685.
694.4s. Securities as follows: United States
| government, 146, 900; Ulster County bonds,
| $780, 500; Town Of Kingston bonds S15 100; Cats
kill bonds, $4,000 Shandaken bonds, $1,000;
Saratoga bonds, $500; koxbury bonds, $1,000;
| West Troy bonds, $1,000; Town Of Parish
bonds, $4,000 Mount Vernon bonds; $25 900:
City Of New York bonds, $4,000; Poughkeepsie
| bonds, $4,000; Long Island City bonds, $4,000:
City of Kingston bonds, $4,000; City of Kings
ton certificates $685. 1924; Buffalo bonds, $4,000;
Ballston bonds, $1,000 Phoenix bonds, $500.
Par value S474 $780, "a; market value, $5l4, 1886 "a.
Real estate, Sl24 1881. Loans on collateral,
| SIS, 200; interest due July, S15.051.S4 Cash on
hand, s2O5, $3.50. Total So, 1874, 9S5.O2.
| Due depositors, 81. 1887, 1926
| Surplus, 5247, 1876.
| Interes accrued on the mortgages and the
securities since July is not included in re-
! sources above stated.
| Every dollar by which our liabilities
have been diminished has been paid from
| our own funds, without borrowing one dol
lar, and represents pass books paid and ac-
| crued advantage to the bank in interest,
from which it is now released. If there is
any safer place IN the county to deposit
money at moderate but sure rate of in
tereSt, and with undoubted security, we
do not know it. We are indemni-
fed against a good part of our loss,
and we hope to secure the remainder. and
the loss can in no way affect our deposit
tors. In times past we have been able to
assist you in giving accommodations to
conservative business men and we hope
that restored confidence will enable us to
to pursue this course so important to the
industrial interests of the country, with
out imperilling our depositors, which so
far has never been the case.
1t is impossible to tell or even coniec-
ture the effect that the closing of the
bank will have on the people Of Ulster
County. The majority of the depositors
are poor peoule, many of them depend
ing on the interest of the thousands of
dollars they have in the bank. The
feeling against the trustees who signed
the statement is bitter in the
extreme, and Parker, Sharpe and
others are characterized as thieves for
making the depositors believe the bank
was solvent when they should have
known its condition. That they are
guilty of criminal negligence there is no
question. First Vice-President n. 3.
Brodhead, who was in executive charge
of the bank, also comes in for
his share of censure in signing
the statement and in allowing the peo-
pie to re-deposit their money. Brod-
head was one of the most popular
young men in the county, being elected
county treasurer last fall, which position
he now holds, and everyone in the
county had the most implicit faith in
his trustWOrthlness, all OF which is now
shattered by the unfortunate turn in
the affairs of the bank.
There are two other savings banks in
the city, the Roundout and Kingston,
and the trustees Of these, after consul
tation, decided to demand the sixty
days notice from depositors should there
be run of any consequence.
The Ulster County Savings Institution
was incorporated by an act of the legis-
lature on April II, 1851. James E.
Ostrander was appointed treasurer in
1867, and had the office from that time
until his defalcation became known,
about two weeks ago, when he
was dismissed, and is now in iail.
Matthew I. Trumpbour, son of the first
treasurer of the bank, was made assist
ant treasurer about the time Mr.. Os-
trander was made treasurer. He con-
last NIGHT