Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-04
GRAND SCOUNDRELS,
They Are in Jail Now in Kings
ton, New York.
GIGANTIC SAVINGS STEAL.
Nearly a Half-MiIIion Dollars fiIched from
Poor Men and Women.
Leading Citizens of Ulster County Put
Their Names to Document Which
Cruelty Deceives the DePositors.
A Run on the Other Banks
A Huge Steal.

KINGSTON, n. Y, Oct. 3.-The Ulster
county savings institution has closed its
doors and is in charge of Bank SQperiu-
tendent Charles NJ. Preston. Expert ex-
aminers have been at work since Tuesday.
and have found already that the enormous
sum of 1863 900 has been stolen by Treas
urer Ostrander and NJ. T. Trumpdour,
assistant treasurer. and it is feared the
SteailngS Will reach over that amount At
midnight Superintendent Preston swore 10
4 complaint charging Trumpdour with per-
jury in swearing to false statements con-
tanned in the July report of the bank 10 the
banking department, and Trumpdour was
arrested at his house by Chief Of Police
Hood He had his clothes all packed up
and was preparing TO flee from town. He
was locked up Ill jail.
Ostrander was arrested about two weeks
ago for embezzling $4,000 and was under
SO 900 bond and his bondsmen last night
turned him over 10 Sheriff Dill and he was
also locked up in jail. When OStrander
was arrested there was great run on the
bank for three days but the other banks
came to the rescue of the Ulster county
savings bank and the trustees made a state
ment showing that there was surplus OF
S241, 900 The statement being signed by
such well-known men as Judge Alton s.
Parker, Gen. George H Sharpe, Judge
William S. Kenyon, Postmaster Noah VOL
ven. John w. Soaring of the Kingston
Leader and othe reputable citizens, had a
reassuring effect and depositors who drew
out their money put it back. The
system adopted by Ostrander and Trump
dour, the latter being fully cognizant Of the
steal and assisting in concealing it for the
purpose of swindling the depositors, was Il
smooth one.
This scheme for hiding the thefts, which
grew by degrees, was most ingenious. and
for twenty Years has baffied 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 Sep
TENDER 10, after thanking the other banks
for assistance rendered, said to the depoS-
itors: I'VE know that we cannot deceive
you. Our assets are intact and open to
your Inspection. We have tonight at the
close of business, resources in bonds and
mortgages of Sl.259, 594.4S. The securities
are as follows: United States government
bonds, $4,000; Ulster county bonds, Sl36,
800: town OF Kingston bonds, SIS, 100; Cats
kill bonds, $1,000: Shardsken bonds, $1,000;
Saratoga bonds, $500; RoXburg bonds. $1,000;
West Troy bonds, sll,0OO; town of Parish
bonds, 5000; Mt. Vernon bonds So, 900;
city of New York bonds, $4,000: Pough-
keepsie bonds, Sl5,0 900: Long Island city
bonds, 500 city of Kingston bonds, SIS
500: city OF Kingston certificates, S35. 49,
Buffalo bonds, $4,000; Balston bonds,
$1,000; Phoenix bonds, $500 Par values,
S47i, 1873. Market value, S5f4. SD "A
Real estate, Sl34 16S. 81; loans on collateral,
$l5,2O0; interest due July, Sl5,O39 SO; cash
Due depositOrs, 81, So, 73l 20; surplus, S2ts,-
2j3 80. The interest accrued on the mort
cages and the securities since July is not
included in the resources in the above state
ment. Every dollar by which our liabilities
have been diminished has been paid from
g.,
lar, and represents pass-bookS paid ard ac-
crued advantage to the bank in the interest
from which it is now released
If there is any safer place in the country
to deposit money at Il moderate but sure
rate of interest and with undoubted secur-
ity. we do not know it. We are UNIDENTIFIED
against good part of our loss, and we hope
to secure the remainder and the loss can in
no way affect our depositors. In times past
we have been able to assist you in giving
accommodation to conservative business
men. and we hope that restored confidence
will enable US to pursue this course so i'm
port ant to The industrial interests of the
country, without imperiling our depositors
which so far has never been the CASE
1t is impossible to tell or even conjecture |
the effect that closing the bank will have on
the people of Ulster county. The majority |
of the deposltorS are poor people, many of |
them old men and women, and dependent |
on the interest of the few dollars they had |
in bank, and such men and women with |
tears in their eyes can be seen everywhere |
about the city The feeling against the |
trustees who signed the statement is bitter |
IN the extreme, and Parker, Sharp and |
others are characterized as thieves in max |
ing the depositors believe the bank was
solvent when they should have known its
condition. That they We're guilty of crimi-
nal negligence there no question.
Y
who was in executive charge of the bank. |
also comes in for his share of the censure
for signing the statement and allowing peo-
pie to redeposit. Broadhead was one of the |
most popular young men in the country.
There are two other savings banks in the
City of Rondout and Kingston, and the !
trustees of these, after consultation, de-
,ided to demand sixty days notice from de-
Dositors should there be a run i'll conSe-
luence The trustees of the Kingston say
nes bank, whose banking house is on Wall |
street almost opposite the closed bank, held |
meeting early this morning to adopt pre-
measures to meet any run which
might be made upon them. The run was
quite heavy all along the line of depositors,
who We're paid as fast as possible. Should
he run continue on Monday the bank trus-
.ees Will probably be compelled TO require
sixty days notice. The trustees of this
Institution claim it can pay depositors in
full.