St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-04
WRECKED BY RASCALS
A Kingston, N. j., Bank Is
Robbed Of Nearly Half
a Million.
Highly Trusted Officials Had
Been Stealing Very Freely
for Years.
The Standiford Bank Looters
Get Safe Away With
100000.
Banker Dill Lives in Nice
Style in Jail, and Will
Not Suffer.

KINGSTON. n. Y, Oct. 3-The Ulster
County Savings institution has closed
its doors and is in charge of Bank
Superintendent Charles NJ. Preston.
Expert examiners have been at work
since Tuesday, and have found already
that the enormous sum of 1868, 900 has
been stolen by Treasurer Ostrander and
Matthew L. TrumpbOur, assistant treas
urer, and it is feared that the stealings
Will reach over that amount. At mid
night Supt. Preston swore to a COM
plant charging Trumpbour with per-
jury in swearing to fa4ge statements
contained in the July report of the
bank to the banking department., and
Irumpbour was arrested at his house
just as he had his clothes all packed up
ami was preparing TO flee from town.
Ostrander was arrested about two
weeks ago for embeZZling $4,000, and
was under bonds for $4,000, and his
bondsmen last night turned him over to
the sheriff and he was 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
in stitution, and the trustees made
statement showing that there was
A Surplus of S247,OOO.
The statement, being signed by
such Well-knOwn men as Judge AL
ton B. Parker, Gen. George Ii.
Sharpe, Judge William S. Kenyon, Post
master Noah Wolven, John w. Soaring,
of the Kingston Leader, and other rep
utable citizens, had reassuring effect,
and the depositors who drew out their
money brought it back.
The system adopted by James T.. Os-
f7.ap
the latter being thoroughly cOgnZant of
the steal and assisting in concealing 1t
for the purpose of swindling the depos-
ltors and hiding the theft, 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 eff
feetiyely employed. 1t is Impossible to
tell or even conjecture the effect the
closing of 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 dependent
on the interest on the few thousands of
dollars they had in the bank, and such
men and women, with tears in their
eyes, can be seen everywhere about the
city bewailing the loss of their savings.
The feeling against the trustees who
signed the statement is bitter in the eX-
IRENE, and they are characterized as
thieves for making the depositors be-
lieve the bank was solvent, when they
should have known its condition. That
they were guilty of
Gross Criminal Negligence
there is no question. First Vice Presi-
dent n. E. Broadhead, who was in ex-
ecutiye charge of the bank, also comes
nj in, ct.
the statement and allowing the people
to re-deposit their money. Broadhead
was one of the most popular young men
in the county, being elected county
treasurer last fall, which position he
now holds, and every one i'll the county
had the most implicit faith IN his trust
worthiness, all of which is now scat
tered by the unfortunate turn in the
affairs in the bank.
The Ulster bank was incorporated by
an act of the legislature April IL, 1851.
James E. Ostrander was appointed
treasurer in 1867, and held the Office
from that time until his defalcatlon be-
came known, about two weeks ago,
when he was dismissed, and is now in
jail. Matthew L. Trumpbour was made
assistant treasurer about the time
Ostrander became treasurer, and con-
tnued in that position until his arrest
last night.
The people had great confidence in
the institution and the deposits. from
S546,S73. IA in 1867, went up to 81, 1885,
070.33 in 1873. No matter what the state
of the money market might be, it was
always conceded by every one that the
Ulster County Savings institution was
sound.
IL is said number of the bonds
which the trustees mentioned in their
statement were hypothecated i'll New
York by Ostrander and TrumpboUr.
Another method mentioned was that
deposits IN many cases were entered on
the banks register for only half and
one-third the amount received, while
the entries in depositors' banks were for
the full amount, the difference being
taken by the thieves.
The streets OF Kingston are filled
with people, and depOsitors are arriving
on every train and by all manner of
vehicles. The men and women wander
aimleSsly about and occasionally some
of the excited farmers threaten to
break into the bank building and get
their money, while others suggest that
lynching party be formed to hang
Ostrander and Trumpbour. Business
is virtually suspended, and nothing else
is talked about, as the general opinion
for years was that the bank was as solid
as the rock of Gibraltar, and especially
so after the statement of the trustees
three weeks ago, which showed a sur
plus of quarter of million dollars. A
man named McAndrews, who has s., 600
on deposit, has developed symptoms of
insanity, and it is feared that it will be
necessary to take him to an asylum.
The city officials, fearing that threats
to burn the Jail where Ostrander and
Trumpbour are imprisoned would be
executed. summoned the fire depart
ment, who are now watching the bank
building and the court house and Jail
opposite.
The prisoners were arraigned before
Recorder Hussey at l 40 o'clock this
afternoon. They asked for an examina-
ton, which was set down for Monday
morning at 10 o'clock. 1t was stated on
the street to-day that. after its affairs
are wound up. the bank will pay depos-
itorS Is cents Oh the dollar.
The trustees of the Kingston and
Rondout Savings banks held meeting
early this morning and took precaution-
airy measures to meet any run which
might be made upon them. The run
was quite heavy all the morning, there
being long line of deposltors, who
were paid as fast as possible. Should
the run continue Monday, the bank
trustees will probably compel the Civ
ing of the sixty days notice by deposit
ors. The trustees of this institution
claim that the bank can pay its deposit
OrS in full,