The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-10-04
Sum of S463, 900 Stolen from the Ulster County
(N. " Savings Institution Officers De-
nounced for Misleading Report
Only $40 Left in the Chrisman Bank
Vault by the Ascending Standifords.
Their Liabilities Now Placed at Over $4,000
Reward of $1,000 for Their Capture
Banker Dill Advised to Stay in Jail
SAVINGS BANK WRECKED.
Nearly Half a Million Stolen from an Inst
tution at Kingston, N. ".

Nearly Half a Million Stolen from an Insti-
tuition at Kingston, n. ".
KINGSTON, n. Y, Oct. 3.--The Ulster
County Sayings Institution has closed its
doors and is in charge of Bank Superin-
tendent Charles NJ. Preston. Expert ex-
amIners have been at work since Tuesday.
and have found already that the enormous
sum of S463, 900 has been stolen by Treasurer
Ostrander and Matthew L. Trumpbour,
assistant treasurer, and it is feared the
steallngs will reach over that amount. at
midnight Superintendent Preston swore to
a complaint charging Trumpbour with per-
jury in swearing to false statements con-
tanned in the July report of the
bank to the banking department. and
Trumpbour 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 was arrested about two
weeks ago for embezzling S75, 600, aud was
under bonds for $40 0OO and his bOndsmen
last night turned him over to Sheriff Dill,
and he was also locked up in jail. When
Ostrander was arrested there was a great
run on the bank for three days. but the
other banks came to the rescue of the Ul-
ster County Savings Institution, and the
trustees made n statement, showing that
there was o surplus of S247,OOO. The
statement, being signed by such we'll
known men as Judge Alton Is.
Parker, Gen. George III. Sharpe,
Judge William S. Kenyon. Postmaster
Noah Wclyen. John w. Soaring, of the
Kingston Leader. and other reputable citi-
zens, had reassuring effect and the depos-
ltors who drew out their money brought it
back. The system adopted by Ostrander
and Matthew Trumpbour, the latter being
fully coenizant of the steal and assisting
In concealing it for the purpose of swim
ding the depositors and hiding the theft,
which grew by degrees. was most ingenious,
and for twenty years has batfied the skill
of expert examiners in the employ of the
State. In carrying it out deceit and per-
jury have been frequently and effectively
employed.
The statement which was given out on
Sept. 49, after thanking the other banks
for the assistance rendered, said to the de-
positors:
We know that We cannot deceive you Our
assets are intact and open to your inspection.
We have tonight. at TIE close of business. re-
sources. including bonds, N ftgages. real estate,
loans on collateral and cash, TO the amount of
SO, "a, ,9S5.02. There is due depositors Sl.ss7.-
73l.26, leaving surplus Of S24I.2o3.l6:
Every dollar by which our liabilities have been
diminished has been paid from our
own funds, without borrowing one dol
lar, and represents pass-books, paid and ac-
crued advantages to the bank in interest from
which it is now released. III there is any
safer place in the county to deposit money at
moderate but sure rate or interest, and with
tad rifx- do or Enny NO
indemniied against good part OF our loss and
we hope TO secure the remainder, and the loss
can in no way affect our dcpOsitors In times
past we have been able to assist you in giving
accommodations 10 conservative business men,
and we hope that restored confidence will en-
able us To pursue this course, so important to the
industrial interests Of the country, without i'm
perillng our depositors, which, SO far, has never
been the case
DEPosIToRs WERE POOR PEOPLE.
1t is impossible to tell or even conjecture
the effect that the closing of the bank will
have on the people of Ulster county. The
majority of the depOsitors are Door people,
many of the old men and women depend
ent on the interest of 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. they
fearing the loss of their savings The feel
statement is bitter in the extreme.
and Parkers, Sharpe and others are
characterized as thieves for making
the depositors believe the bank was
solvent when they should have known its
condition. That they were guilty of GRIM
inal negligence there is not question. First
Nlce-president n. T.. Broadhead, who was
in executive charge of the bank, also comes
IN for his share of censure IN signing the
statement and in 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, winch position he now holds, and
every one in the county hadethe most i'm
plicit faith in his trustworthiness;b but this
is now shattered by the unfortunate turn
in the affairs of the bank.
The people had great confidence in the
institution, and the deposits from S5i6,-
S75. a. in 1867. ran mp TO S2.l96. OIO.33, In
1873. No matter what the state of the
money market might be, il was always
conceded by everyone that the Ulster
County Savings Institution was sound. 1t
is said q number of the bonds which the
trustees mentioned In their statement were
hypOthecated in New York by Ostrander
and TrumpbOur. Another method men,
toned was that deposits, in many cases,
were entered on the banks registered for
only half and one-third the amount re-
ceved, while the entries i'll depOsitors'
books were for the full amount. the differ
ence 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 devices. Men
and women wander aimlessly about, and
occasionally some of the excited farmers
threaten to break in to the bank building
to get their money. while others suggest
that a 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 of three
weeks ago. which showed surplus of a
quarter of a million dollars. A man named
McAndrews. who has $1,000 on deposit, has
developed symptoms Of insanity, and ii is
feared that it will be necessary to take him
to asy ylum. The city officials, fearing
that threats 10 burn the Jail where Ostran-
der and Trumpbour are confined would be
executed, summoned the lire department
who are watching the bank building. and
| the courthouse and Jail opposite. The
prisoners were arraigned before Recorder
Hussey at las o'clock this afternoon. They
asked for examination. which was set
down Tor Monday morning, at 10 o'clock.
The trustees made this statement to
the public this evening:
4 comparison o. $50 pass-boOks from every
| part OF the country wltl the depositors ledger
at the time OF the run OH the bank failed TO show
| anY discrepancy between tie pass-books and the
records OF the bank. This strong corroboration
of statements Of Mr. TrumpbOur. ana ell the evil
| dence then in our possession satisfied us that
| the general ledger accurately stated the amount