New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-06

examination We had no evidence OF any real wrong
doing nothing appeared but careless methJds IL wa
our duty not to bring suspicion upon the lnsuuVoh
upon which such large interests rested, ana 10 "oh
we may say that all the other financial institutions
OF Ulster County were attached. The discovery OF
two items that seemed to have been diverted led to
the treasurer's seing charged with wrong ihe
assistant treasurer pretended to make eonleeSon'
and 10 put before the board the vouchers aoounus
ana checks Of the treasurer which haa pee4l pau oNe'
the counter and carried in the cash lor io"s
stD they were removed and the accounts paance1' %
the assistant treasurer claimed, py MS suP0ii O0S'
without Ms knowledge.
Tbi led 90 Tho Immediate removal Of the treasurer
the asss,ant treasurer while under suspicion being
retained in order 10 aid US in further eXa4nlnnuon
The removal of the treasurer brought on e run ppoh
fhe hank durtng which between S-VVoVV ana SoVV'VVO
was pod ont and between 500 ana ooo OF the pass
-, - 4ho deposltors were brought in for payment.
nrrino the run some OF the trustees were busted In
nrovdInr fnds and others were engaged In carern
,.t;on of our assets. " had three accounts In
- vors and an account with nearly every National
-, 30 discount In Ulster County amounting TO several
Ssrd +bousand dollars Of cash These we proceeded
>. yer;fv on the Saturday after the run began. In
toad of closing at the law permitted, We Kept
onen until O'Clock and when that time we had
arsed our assets and all accounts With other
hanks Our securities were untouched. and were as
Won have seen of the highest character. Our cash
balances were found 10 be intact and the only other
ouestion for to know. admitting that had lost
SIS GOO. was what the amount we owed to de
pOsitoIs. The amount returned under oath In the
July report to the banking department agreed with our
depositors ledger and during the we had received
between 800 ana 600 passbO0ks which had been com
pared with the dspOsitOrs ledger and found to agree
In every particular. We did not know nor could we
learn OF any other method OF cheating the bank.
the institution was solvent IL was our duty 70 stand
by il: aud we theTeupon made the statement OF our
assets and liabilities
our expert first vice president all the time con-
tinuing his examination and no further defnlcntoD
discovered than that proved by the vouchers SUB
rnitted assistant treasurer, which did not impair
our ability 10 meet all demands. Having made the
statement, and 10 bring about a return 10 fuil con
fdence we called upon the superintendent OF the bank
ing department to send his most expert examiners 70
20 through all affairs. AT the end OF a weeE-and
cannot say how long before, because the examiners
did not report 70 the trustees not being pernued 20
do so by lawthey discovered method OF false ngres
heretofore unknown In the history OF examinations o.
the banking department Of this state and which they
admit had for twenty years bafed the skin OF tfeI
preceding examiners. 80. =,
And now. Mr.. Editor. we are charged with crimlhaI
negligence. When 7 stated these facts this rforninl
10 several officers OF the largest banking institution o.
New-York they said. "What more could you nave
dOne97 Another said. II your action has merttfc
such criticism as you have met with, how can we takf
cure Of our reputation . 49,.
VIII YOU not DO kind enough. Mr. Ed1tor 10 HOOK over
the reports Of yonr representative at Kingston
do not mean unnecessarily to iniure citizens who have
tried to do their duty What more could We nave
done Very truly yours. GEORGE II. SHARPE
New York, oct. 3, 1891.