New-York tribune., 1893-10-29

| 10 the officers of the Continental. and in rev
| days the receipt of collections from the country
| correspondent restored its credit balance 10
| substantial figures.
| FRAUD AT LAST DISCOVERED
The delay in uncovering Sanford's rascality
after his discharge. on September .. Is easily
explained in view of the ingenious methods he
practisei to conceal his thefts. the Conu-
nental's officers instituted careful invesiga-
ton of Saaford's accounts after he left the
| bank but for a long time could discover no
trace Of wrongdoing. Only after careful cor
| respOndencc with all its out-of-town cof1e-
| spondents i'm which the accounts current as
| they stood on the books Of the Continental
| were compared with the statements received by
these country institutions were DISCREPANCIES ,,,:
discovered between the true balances ana the
| book balances of the three banks whose names
were used by Sanford. These led to the dis
cOvery of enough evidence TO satisfy the CONT
| mental Of the methods by which their former
| correspondence clerk has perpetrated MS
swindles SUIT was then begun IN the supreme
Court by the Continental Bank to recover 500
900 from Harris & Co., receivcrshp OF the ilrin
was obtained and an order secured lor the ar
rest of Sanford
B. G. Sanford was arrested Friday after
noon and taken to Ludlow Street Jail by
Deputy Sheriff Walghan. Apparently he had
made no attempt 10 escape from the city aiter
his discharge from the bank last month, al
though il seems curious that he did not realize
that. once out of the bank. his frauds were
certain to be discovered some time. 1t was said
at the jail last night that no attempt had yet
been made to secure bail. 1t is understood
that the bail was fixed al "A heavy amount.
THE TALK IN BUSINESS CIRCLES.
In downtown circles it is said that Harris
& Co. netted a handsome profit when they
closed out their operations on September %.
The share due to Il. G.. Sanford is reported
to be from $4,000 TO $50 OOO If this idea Of
Wall Street proves to be correct. there is
prospect that the Continental Bank may be
able to recover money TO reimburse itself for
Sanford's steangs. The money has been put
in some place of cOnceament, 1t is said. and
Sanford is thought TO have been unable TO
get his share Of the copartnership profits. San
ford's rascalities in the Continental Bank COW
cred a period Of about three months previous
to his discharge, when the officers discovered
that he had been violating the rules OF the
bank. A banker, in discussing the features
of the yesterday, said that in addition
to the clever methods used by Sanford to hide
his frauds. the Continental people must have
been lured into security by the high standing
of the Mechanics National Bank in which
Sanford made his deposits to the credit Of
Harris & Co. with the checks fraudulently
obtained from the Continental Bank. The
Continental would have good reason TO expect
some warning from neighboring institution
which knew of Sanford's connection with Harris
& Co.. and the large deposit Of checks Of his
own bank in the account of that concern.
Alfred c. Sanford, the father of benjamin,
Is believed TO have been ignorant of his sons
operations. He formerly president Of a Ma
tonal bank in Nashville, Tenn. but has had lit
tie means OF his own in recent years. H. 6. San
ford is about thirty-five years old. small in
stature and somewhat WcaZencd in appearance.
He was in the employ of the Continental Bank
for eighteen years. and was regarded as a val
liable clerk. He was married. and lived at No.
1.1S5 Irxington-ave His tastes were not ex
travagant and he was not suspected of any
fast habits which might lead him to inccase
his income by improper means.
Percy NJ. Harris. SanfOrds partner. who had
apartments at the Alpine Thirty-third-st. and
Broadway, moved on October !. and did not
leave his new address with the people in charge
of the Anime