Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-08-10

NAscnnsrgg, \, H., Aug. e-The war
rant i>>s,e,. t.s ,he arres' az Saar'es =
Morrill,, III, missiag cashier 81 the Ma
tsonal Bank Of the Commonwealth
CHARGES him, with having "wiifutiy 40
strsc ,eSi. .llsap. led sad embezxled tis.-
30 from the funds Of the Commonwealth
bank"
IL was y-eeraiiy understood that the
charge would be for making false entries
The warrant was plseea in the hands OF
United St.ses Marshal Pierce OF Dover
Yesterday sss~raoon. and the prediction
was made by An official IN position 10
know tsa, Merrill will he apprchendsd In
y weck Ut t@sA
As ,hs Stockholders Of the Common
wealth hank contemplate the possibility
that ,,.7 only VIII they lose their eatre
inyes, 1.eu., b,st al ,.so Liable to AN a>sess-
uent. their indignation is increasing
anal, It he officers OF the First National
lanl Aho. s .ey calm, knew that Morrill,
WAS a,r.rr "a rlon,l when he left The FIRST
National bank, and still gave him 50 high
A Misrepresentation For iroeity.
When Morrill, retired to accept the posi-
lion of cashier of the Commonwealth oanh,
the following resolution WAS unanimously
,,ln,,te,t bv the directors OF the First Ma
,ionai hank:
Resolved, That, in accepting the resignation
| II ,haris,, r. Morrill, as cashier. We desire To
expres. our regrets AT losing his valuable ser
vices, and 60 put on record our thanks Tor MS
j.tnv and faithful administration OF the re-
,pousihle tositton he has filled. We wish him
all success and prosperity in the new position
10 which he Is called.
A heavy stockholder in the Common
| wealth said that he for one did not think
| il any of the officers Of the First National
bank knew that Mr.. Morrill, was unsound
that il was right for them or any OF them
| to let the above recommendation 20 out.
| He stated his determination TO bring the
matter before his fellow stockholders.
Bank Examiner Gatchell in an inter
view was asked what caused the downfall
| Of this bank.
bad management That there WAS
demand for this bank was apparent. 1t
Was Doing . Fine business
and had All excellent class of depositors.
| and had its affairs been conducted legiti-
| mateiy it would have been running today
| and would not have felt in the slightest
degree the present financial trouble"
Mr. Gatehell further stated that while
there was "A shortage in the bank 10 wasn't
| Of an enormous amount The books have
been badly kept, the investments reek-
ess'v trea and the certificates juggled
considerably.
"iu utu,r words" he continued, "the
| business has been very loosely managed.
| Then there is considerable bad paper In
| the bank"
As illustrating the fact that Treasurer
| Morrill, know the Derrytield Savings bank
was Illegally holding stock in ...e Ma
| tionai Bank of the Commonwealth, the
| following letter. dated Concord, Feb. 8,
| 1883, from Bank Commissioner Heard. Is
made public:
An Interesting Letter.
NV Dear Mr.. Morrill, -bn referring TO my
| examination Of your bank Dee. :, lS't, ] find
hat You had ~ an asset i0n shares ut the cay
ltai stock of the National Bank of the Com
| monwcalih of Manchester. At the time oi
the examination Il did not orcur to me thai
you could moi LEGALLY hold 1t.
| II you will lurk AT chap. ldi. sec, IA, par
| II the laws yun will observe that all savings
institutions are forbidden to invest ia The
stock of any corporation within New ErE,an!
| which has not earned and regularly paid dtsi-