The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-05-14
DEAD ROGUE.
Whose Long Continued Thievcry Is Jus
Discovered

Discovered
New GORK,'April y 30.-The Ninth Ma
tional bank is in trouble. There has
been a defalcation of nearly $5OO,OOO,
was the startling rnmor that circulated
about the city. 1t proved only too true
on investigation.
The late president, John II. Hill, who
died at his home in New Brunswick, n.
D., last month, was discovered to have
been defaulter for over 100000.
Ihe TACT was not known or dreamed
OF until an examination Of his own and
the banks affairs was made after his
death. lie died hOnored and respected,
with reputation untarnished. The
revelations of the last few days have as
tonished and shocked his friends and
brought sorrow and disgrace to the
family.
The actual condition of affairs was
learned when President Hills successor
was elected, in the person of &. Henry
Garden, who had been the acting vice
president for many years, and upon go
ing over Mr. Hills private papers and
the securities of the bank, which, dur
ing his life, President Hill took almost
sole charge of.
President Hills methods were peculi-
ar and very simple. He was the, eXecu-
tor and trustee for several large estates
in New Jersey, were his reputation for
honesty and ShrewdneSs as iinancier
was such that he was frequently select
ed for such Offices Of trust and RESPONSE
bility. AS executor he had the hand
ling and control Of large number of
securities of greater or less value,
which were held as investments. These
for convenience and SoTpt " Ina xunt II
the bank
His plan in brief was this: When
loans were made to customers Of the
bank they deposited collateral in the
shape OF bonds or stocks. These were
placed in envelopes and put away in the
| strong box of the bank, which was kept
| in the vault, and WAS under Immediate
| supervision Of the president. Subac-
quently when the loans were paid, uSu-
| ally by certified checks, the colIatrralS
| we've returned to the borrower.
President Hill, however, instead Of
marking the loan off on the books of the
bank would substitute some Of the Sc
curics he held as executor, replace the
envelope III the box, and pocket the
check. So far as was shown by the
| books of the bank the loans to the Gus
toner was still outstanding. The Gus
toner himself would know nothing of
this, and so far as appears none of the
people in the bank were any wiser. 1t
was an easy matter to arrange for any
Interest payments that might become
due.
In time it seems that Hill becam,
Dolder III his operations, or more dtSper
ate, for it appears that he did not ever
go through the formality Of substitut
ing his trust securities in the envelope
when the other securities were receive,
by the bank 8 customers, for many 0
the envelopes have been found to be en-
tirely empty. Hill carried on this form
of business for several years. tor SO ia
as can be learned his first act was com
mitted some four or five years ago.
His death OH March | caused the mos
profound sorrow. and his widow ant
four children had the sympathy Of al
the people Of tho city in which they
lived.
The defaulting president had beer
connected with the bank ever since it!
organization in February, 1864. lie wa!
first paying teller, then cashier, and fin
ally became president in 1877. He was
a man Of unsullied reputation up to the
time OF his death and the discoveries
following. AS 4 business man he wa.
considered careful, conservative anC
very Shrewd.