Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-08-09
STOCKHOLDERS MAD.
Commonwealth Bank
MiSIed by Merrill.
WARRANT FOR HIS ARREST.


MANCHESTER, y. H., Aug 9.-The war
rant issued iir tie arres Of Charles +.
Morrill, to-, missing cashier of the Ma
tional B INK of the Commonwealth,
charges him with having "wilfully alb
stracted, mi 'pplied and embezzled $i5,-
900 from the funds of the Commonwealth
bank"
IL was generally understood that the
rharge would be for making false entries.
The warrant was placed In the hands OF
United States Marshal Pierce Of Dover
yesterday afternoon, ard the prediction
was made by an nicial In n position to
know that dorriliwill be apprehended In
a week or two.
As he stockholders of the Common
wealth bank contemplate the possibility
that not only will they lose their entire
investment, but are also liable to an assess
ment, Their Indignation Is increasing
against the officers Of the First National
bank, who, they claim, knew that Morrill,
was under cloud when he left the First
National bank, and still gave him so high
A accommodation For Irobity.
When Morrill, retired TO accept the POSI-
tion OF cashier Of the Commonwealth bank,
the following resolution was unanimously
adopted by the directors Of the First Ma
tional bank:
Resolved, That, in accepting the resignation
Of Charles r. Morrill, as cashier, we desire TO
express our regrets at losing his valuable SER
vices, an 30 put on record our thanks for his
long and tan h III administration Of the re-
sponsiDle position he has filled. We wish him
all succo,s ahi prosperity In the new position
to which he Is called.
A JeaVy st ckholder I'm the Common
wealth said that he for one did not think
II any of ,h- officers of the First National
bIuk ai"y thr, Ne. Morrill, was unsound
that IL WAS r.. c for them or any of them
to let the owe recommendation 20 out.
He stated his liberalization to bring the
matt e'ors his fellow stockholders.
Ba' k Fix n'ner GAtchell in an inter
view i ked what caused the downfall
of this banK.
"Bad management. That there was a
demand for MS bank was apparent. 1t
Was Doing u Fine business
and h Il AN eXG leut class of depositors,
and had its gfla.rs been conducted legiti-
matey it would have been running today
and would not have felt in the slightest
degree the present financial trouble"
MIR Gatchell further stated that while
there WIS sh rage in the bank it wasn't
Of an enormous amount. The books have
been badly kept, the investments reck-
TO- = 's'' md the certificates juggled
considerably.
IA osn 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, knew the Derryfield Savings bank
was Illegally holding stock in the Ma
tional Bank OF the Common wealth, the
following letter, dated Concord, Feb. 3,
1893, from Bank Commissioner Heard, is
made public;
An Interesting Letter.
My Dear Mr.. Morrill-On referring to my
examination OF your bank Dec. Z, lsl2 find
that you had NJ an asset 100 shares of the cap
ital stock of the National Bank of the Com
monwealth of Manchester. At the time of
the examination IL did not occur 10 me that
you could not legally hold IL.
II you will look at chap. l05, sec. IA, par 7
OF the laws you will observe that all savings
institutions are forbidden to invest in the
stock OF any corporation within New England
which has not earned and regularly paid divi-
dends during the two years next preceding
such investment Very truly yours,
w. A. HEARD, Bank Commissioner.