New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-25

him to join their clubs and go with them. but
he invariably declined their invitations because,
ne says he preferred To be home and could
not afford to contract expensive habits. He was
not church member. though think his wife Is.
But he attended service quite regularly at the
Central Congregational Church. OF which Or. \.
j. F. Behrends is pastor. lie was we'll thought
Of at the church. and was regarded as a member
by many no doubt. He paid for a pew at Dr.
crazy since her husband fed. lie told her that
he was in trouble at the bank but did not reveal
the extent Of his defalcaton.'
j. :. STOUT AsTONIsHED.
Joseph S Stout. one Of the directors Of the
Shoe and Leather Bank. spent the afternoon at
the bank. assisting President Crane in the work
of sending out kilograms and mailing letters
TO depositors and correspondents. In speaking
Of Seev e said IT'S the unexpected that al
ways happens If ! had been asked week ago
which OF our employees bore the best record for
attention to duty and all-around faithfulness /
should have named Seely among the first half-
dozen. When the Chemical Banks officers dis
covered Taits populations this week was IN
clined TO condole with them, and felt Ike CON
graduating the Shoe and Leather on It's good
fortune in having nothing OF this sort going on
within It's walls. Seely's manipulation of figures
during the last eight years has been something
extraordinary. He must have been like man
with his feet on volcano. ] should think his
hair would be white with worry. His methods
must have required the closest attention To his
business to have enabled him t. steer clear Of
detection. II his balances would not prove he
would make them prove by putting down as many
and as large figures as were necessary tie kept
doing business on list OF ,ver hundred large de-
pOsitors by trading on their balances. Nhen MS
confederate wanted L. draw out "A few thousand
he would credit his confederate's account so as
to facilitate the transaction When the balances
Of the accounts he lad borrowed from were
wrong. he would borrow the credit from other
accounts. and 50 kept over hundred accounts
running in this manner all the time. he sad
his game up as soCr as we decided 10 change
system OF bookkeeping. The impairment OF
our capital is about $4,000. This will require
Il per cent assessment in order 10 make 1t
good. our stock has been selling at about $40
recently In 1898 the capital stock OF the bank
was increased from $4,000 to SlOOoOOO. with
the 100000 we put M this new building ana
what did not use in the building we put into
the bank business"
THE FUTURE OF THE BANK.
what effect will seely's defaIcation have on
the future Of the bank?'
"Wel. Of course the loss is a serious one. but
we have been in the business too long and have
too good a standing in tn banking world To
throw up our hands now. We have fine new
building here and our site Is superb Tn" action
of the Clearing House people shows mat WeNe
got "A good. stiff backbone. We shall 20 rght on
M the old stand Fortunately. our directors are
mostly men OF large wealth. some - them milton
aires They are determined that me credit ~ me
bank shall not suffer. Everything Is H''',,t
around in good shape and We are not discoui-
aged"
What about catching the thieves ,,
we shall catch them II the best detective skin
OF this country can ID II. We are not on the
trail II the guilty persons
II would Ike 10 say said Mr.. stout tnat We
1iseo,.ernd mis- defalcation ourselves. II Is erro
neously reported that Mr.. KimbaI, the lhlted
States Bank Examiner. discovered H. we iou'u
traces Of II Tuesday. and called the examiner III,
did Seely or his partners commit forgery III
connection with the defalcationE
80 far | know neither Seely nor MS con-
federate committed forgery
when was Secly's supposed confederate last
seen In this city,?
"He was In town on Thursday
Neither Mr.. Stout nor his f".low-clrectors ap-
neareI al all ratified" by their loss Every
courtesy was shown % reporters by PRESIDENT
Crane. Mr. Stout and Mr.. Pcase, ana Information
asked for was chcerfuy given