Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1891-10-07
STOLE HALF A MILLION.
The Utica, n. Y, Savings Bank Looted
by the Officers.

KINGSTON, n. Y, Oct. 3.-The Ulster
County Savings Institution has closed
its doors and IS in charge Of Bank SUI
perintendent Charles NJ. Preston. EX-
pert examiners have been at work since
Tuesday, and have found already that
the enormous sum of $463, 900 has been
stolen by Treasurer Ostrande-, and
Matthew I. Trumpbour, assistant treas
urer, and it is feared that the stealings
will reach over that amount. At
midnight Supt. Preston swore to
complaint charging Trumpbour with
perjury in swearing to false
statements contained 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
locked up in jail. Ostrander was ar
rested about two weeks ago for embez-
cling $4,000 and was under bonds for
$1,000, 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 great
rush 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 state
ment showing that there was a surplus
of $247 900. The statement being signed
by such well-known men as Judge A. B.
Parker, Gen. George H. Sharpe, Judge
William S. Kenyon, Postmaster Noah
Wolven, John w. Soaring, Of the Kings
ton Leader, and other reputable citi-
zens, had a reassuring effect, and the
depositors who drew out their money
brought it back.
The system adopted by James E.
Ostrander and Matthew Trumpbour,
the latter being fully cognizant of the
steal and assisting in concealing it for
the purpose of swindling the depOsitors
and hiding the theft, which grew by de-
grees, was most ingenious, and for
twenty years has baff1ed 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
on September 10, after thanking the
other banks for the assistance rendered,
said TO the depositors:
We know that we cannot drive you.
Our assets are intact and open to your in
spection. We have tonight at the close of
business:
Recommendations and mortgages, $685.
594.4s. Securities follows: United States
government, 146, 600; Ulster County bonds,
S1S6500; Town of Kingston bonds. SIS, 10e Cats
Kill bonds, S., 000 Shandaken bonds, $1,000
Saratoga bonds, $780, Roxbury ponds, $1,000
West Troy bonds, $1,000; Town of Parish
bonds, $1,000; Mount Vernon bonds. S25 ,G00
City of New York bonds, $4,000; Poughkeepsie
bonds, $4,000; Long Island City bonds. S200 900;
City Of Kingston bonds. $4,000; City of Kings
ton certificates S35 1856 24 Buffalo bonds SlS 00O
Ballston bonds, $1,000; Phoenix bonds $780,
Par value S474, $50. q; market value S514 S35 d.
Real estate, SPA 1881. Loans on collateral,
S15.200; interest due July, S15.03l.84. Cash on
hand, sos, 539.55. Total 50, 134, $500
Due depositors Sl,SS7, 1926
Surplus, S247, 1913. 76.
Interest accrued on the mortgages and the
securities since July IS not included in re-
sources above stated.
Every dollar by which our liabilities
have been diminished has been paid from
our own funds, without borrowing one dol
laI, and represents pass books paid and ac-
crued advantage to the bank in interest,
from which it is now released. If there is
any safer place IN the county to deposit
money at moderate but sure rate of in
terest, and with undOubted security, we
do not know it. We are indcmni-
fed against a good part of our loss,
and we hope to secure the remainder. and
the loss can in no way affect our depOSi-
tors. In times past we have beer able to
assist you IN giving accommodations to
conservative business men and we hope
that restored confidence Will enable us TO
to pursue this course SO important to the
industrial interests Of the country, with
out imperllling our depositors, which so
far has never been the case.
1t is impossible to tell or even conjec-
ture the effect that the closing of the
bank will have on the people of Ulster
County. The majority of the depositors
are poor peoule, many of them depend
ing on the interest of the thousands of
dollars they have in the bank. The
feeling against the trustees who signed
the statement is bitter in the
extreme, and Parker, 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 are
guilty. of criminal negligence there is no
question. First Vice-President n E.
Brodhead, who was in executive charge
of the bank, also comes in for
his share of censure in signing
the statement and in allowing the peo-
pie to re-depOsit their money. Brod-
head was one of the most popular
young men in the county, being elected
county treasurer last fall, which position
he now holds, and everyone in the
county had the most implicit faith in
his trustworthiness all of which is now
shattered by the unfortunate turn in
the affairs of the bank.
There are two other savings banks in
the city, the Roundout and Kingston,
and the trustees of these, after consul
tation, decided to demand the sixty
days notice from depositors should there
be a run of any consequence.
The Ulster County Savings Institution
was incorporated by an act of the legis-
lature on April y, 1851. James E.
Ostrander was appointed treasurer in
1867. and had the office from that time
until his defalcation became known,
about two weeks ago, when he
was dismissed, and is now in Jail.
Matthew I. Trumpbour, son of the first
treasurer Of the bank, was made assist
ant treasurer about the time Mr.. Os-
trander was made treasurer. He con-
tinued in that position until his arrest
last night.
HAS SLEPT EIGHT DAYS.