St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-17
A Tennessee Savings and
Trust Company Driven
Into Bankruptcy.
The Cashier Uses $65,000 Of
Its Funds in Playing
Bucket Shops.
Two Men Killed in a Bloody
Battle Between italians
and Hungarians.
The Latter Become Dismayed
and Flee Preeipitately
From the Field.

NASHVILLE, Tenn, April 16.-Th1S
the fact that John Schardt, cashier of
the Mechanics Savings Bank and Trust
Company, was short in his accounts
from $4,000 to $4,000. Schardt is sick
at his home and not allowed to talk.
The directors of the bank have been
In session all day and are still in ses-
sion behind closed doors. and will
not talk, From one, however, it
is learned that it is believed
the shortage is s65,0OO. Immediately
after IL o'clock tonight the bank will
make q general assignment, which is
now being prepared. 1t is a case of
stealing, and affects none of the other
banks of the city. Schardt has been
cashier about three months. Before
that he had been the teller of the bank,
and was thoroughly trusted. 1t is
stated that a discovery of a prob
able shortage occurred yesterday, when
a check for $4,000 was present
cd and the teller could find no credits
for the amount. Schardt at the time
being at his home sick, the president
and directors were notified, an eXamina-
tiOn entered upon, and 1t was discovered
that there was shortage. The plan he
worked was this: He would take de-
posts, enter them upon the pass book
and not put them upon the books of the
bank. 1t is also stated that Schardt
had confessed to having used
$40, 900 of the banks money. He Is under
bond for $4,000, and carries $780, in
surance, which, it is also stated, has been
transferred to the bank. Until the as
signment has been filed and the direct
ors talk. nothing more definite can be
obtained. During the financial furry
recently, caused by the failure of the
Commercial National bank. this bank
suspended for one day paying deposit
Ors. Upon an examination the di-
rectors became satisfied it was
sound and resumed business. No
trouble is anticipated tomorrow
with the other banks, as they have
passed safely through the ordeal of the
past few weeks. Schardt lost the money
he took specializing in bucket shops. He
was heavy speculator, and lost heav-
lily. He is about thirty years old and
has family. 1t is understood the
Guaranty company, which made his
bond. represented here by Theodore
Cooley. will have him arrested tomor-
row. There is current a report, and
quite generally believed, that Schardt
will not recover from his sickness.
A director said tonight that if the
stealings did not go over $4,000 tine
bank would pay depositors in full, as
the bank holds the bond of the Guaran-
tee Company of North America for
$4,000 on Schardt. and there are un-
divided profits of $4,000. Schardt's
populations have been going on
for over year, but he was
clever enough TO keep them covered
up. and was never seen around bucket
shops. This bank was organized under
state laws five or six years ago, with a
capital stock of $4,000, and had about
$4,000 deposits. 1t was always until
three or four days ago looked on as a
safe institution, and the stock sold in
the market from 130 to 150. Schardt
succeeded in pulling the wool over the
eyes of the officials when they made an
of the Commercial National bank.
NASHVILLE, Tenn, April 17.-2 a. m.
1t is reported that Schardt, the cash
ier, has committed suicide, but the
rumor has not yet been confirmed.