The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-04
HALF A MILLION STOLEN.
THE ULSTER COUNTY SAVINGS IN
SIITUTION LOOTED.

It's Treasurer and His Assistant Dip.
ping Into Its Funds For Twenty
Years-A Run on the Institution a
Few Weeks Ago Quieted and the
True Condition of the Bank Un-
known to ANYBODY.
KINGSTON, N. Y. Oct. 3.-The Ulster
County Savings Institution has closed its
doors and is IN charge of Bank Superinteud-
ept Charles NJ. Preston. Expert examiners
have been at work since Tuesday, and have
found already that the enormous sum of
S46S. 900 has been stolen by Treasurer
Ostrander and Matthew L. Trumpbour, the
assistant treasurer, and it is feared that the
stealings will reach over that amount. At
midnight Supt. Preston swore out a COM
plaint charging Trumpbour with perjury in
swearing to false statements contained in
the July report of the bank TO the banking
deDartment, and TruInbour was arrested at
his house by Chief of Police Hood. He had
his clothes all packed up and was prepar-
ing to flee from town. He was locked up in
Jail.
OSTRANDER ALSO IN JAIL.
Ostrander was arretted about twoweeks
ago for embezzling SIS, 600 and was under
bonds of $40 900, and his bondsmen last
night turned him over to Sheriff Dill and
he was also locked up. When Ostrander
was arrested there was a great run on the
ban for three days, but other banks came
to the rescue of the Ulster County Savings
Institution, and the trustee made state
ment showing that there was surplus Of
S247, 900. The statement being signed by
such we'll known men as Judge AI.on Is.
Parker, Gen. George Fl. SharI Q, Judge Will
lam S. Kenyon, postmaster; Noah Wolven,
John w. Soaring of the Kingston Leader.
and other reputable citizens. had reassur-
ing effect, and deDositers who drew out
their money brought it back.
STEALING FOR TWENTY-FIVE YEARS.
Ostrander was appointed treasurer in
1867, and held the Office from that time un-
til part of his defaloation became known,
about two weeks ago. when he was DIS
missed, and is now in jail Matthew I.
Trumpbour, who is a son of the first treas
urer of the bank, was made assistant treas
urer about the time Ostrander was made
treasurer. He continued in that position
until his arrest last night. The pair have
been carrying on a system of falsifying the
books for twenty years, lncreas-
ing their defalcation constantly
and carrying on continuous system
of deceit and perjury. They issued q state
ment Sept. 10, which, after thanking other
banks for the assistance rendered, said to
the depositors: 1--WE know that we cannot
deceive you. Our assets are intact and
open to your inspection. We have to
nght at the close of business" Then fol-
lowed a statement which showed surplus
of $3.50, 900.
MANY ROBBED OF THEIR ALL.
1t is impossible to tell or even conjecture
the effect that the closing of the bank will
have on the people of Ulster county.
tv Of tho 1apOeitoro ora rnoo- TaoYNlo
many Of them old men and women de-
pendent on the interest on the few thousands
of dollars they had in the bauk,
and such men and women, with
tears in their eyes, can be seen
everywhere about the city, fearing loss of
their savings. The feeling against the trus-
tees who signed the statement is bitter in
the extreme, and Messrs. Parker, Sharpe
and the others are characterized as thieves
4 for making the depositors believe the bank
was solvent when they should have known
Its condition. That they were guilty Of
criminal negligence there is no question.
THE VICE PRESIDENT ALSO -CENsURED.
The wee president, n. E. Broadhead, who
WAS in executive charge of the bank, also
comes IN for mis- share of the censure in sign
ing the statement and in allowing the peo-
pie to redeposit their money. Mr.. Broad
mead was one of the mostN popular young
men in the county, being elected county
treasurer last fall, which position he now
holds, and every one in the county had most
impAoic faith in his trusEwurthiness, all
#ot which is now shattered by the
unfortunate turn in the affairs of
tne bank. There are two Others savings
Dank In the city; the Rondount aad Kings
ton, an1 the trustees of these, after consul
tatlon, decided to demand sixty days nos
tice from depositors should there be run
ol any consequence. A run has already be-
demand