The San Francisco call., 1896-01-18
GRANGERS' BANK LOSSES,
Another Theft of $4,000 Dis
covered in the Ledgers
Yesterday.
Payment of First Dividend Disclosed
No Sign of Uneasiness-M
Inns Story.

The directors of the Grangers' Bank
were astonished yesterday when informed
by the expert accountant that another
defalcation amounting to $4,000 had been
found in the accounts. The ledger was
short that amount when compared with a
passbook in which William Wittland. the
absconding teller, had entered the item
As in all the other instances of crooked
ness in the banks books it was apparent
here that Wittland had avoided taking
note of the deposit on tags for that pur-
pose, and which used to be passed to the
bookk eeper.
After a review of the books had been
taken week ago the directors believed
they had learned the worst, but this $1,000
steal has shattered all hopes held a dav
before. The Changers Bank had a large
country patronage from men who came to
town only at long intervals with their
deposits. 1t is feared by Mr.. La Rue, the
president, and the other members of the
board of directors that many losses viii be
found in these country paSsbooks when
accounts are balanced with the led gers.
So how much in all Wittland may have
stolen in the six months of his heaviest
operations can only be surmised.
Up to date the total amount of his de-
falcations is $14 Coz.
The story that Wittland might have
committed suicide was not taken seriously
by any OF the directors. President La
Rue placed no faith in it whatever, and
stated, on the contrary, he believed that
Wittland had taken away a large portion
OF the stolen money to some place of safety
Payment OF the first dividend in liquida-
tion go per cent? commenced at 10 O'clock
Thursday morning and continued until
noon. The expected rush did not come
nor was there a heavy demand yesterday
between the same hours. Another divi-
dend of probably 20 per cent may be made
within a month.
Yesterday: at has been over three years
since | severed my connection with the
bank, and nearly all the money [ owe was
loaned to me as to other customers after |
ceased acting as teller.
Nv When | left the bank, | owed less than
$4,000. This sum was not advanced to me
till had given security which was passed
upon by the board of directors and the
finance committee, of which Mr.. La Rue
was chairman. If, therefore, any one was
to blame for the loans not being sufficiently
secured, it was Mr.. La Rue and his COM
mittee, since they accepted the security.
"Now, as to those loans, | would say
that there was nothing unbusinesslike in
the way they were made. There was
property valued at SIS ,0G0 securing my
loan of LEGS than $4,000 al the time / retired
from the bank
Naturally, l remained a customer of
the bank after left it. l wanted TO borrow
more money some time after | had left the
institution. l received $4,000 in checks
and notes for which | gave my notes, Sc
cured by $12, $50 worth of the Bella Vista
Vineyard stock $4,000 worth of the stock of
the Yolo Orchard Company, and the
Mojave desert land, which cost me $1,000.
"Mr. La Rue passed upon the security in
his double capacity as chair man of the
finance committee and director, and ap-
proved it after it had been accepted by the
management.
Then $4,000 more was borrowed. This
was borrowed not by me but by the Bella
Vista Vineyard Company, of which I was
the president and in which 1 held 1T of
the 200 shares of stock. This vineyard
cost $685. 900 and was considered ample Sc
curity, and was such at the time
"All the money | borrowed was used in
improving the properties given as security.
The bank officials knew this was to be the
case. They did not figure, nor did l, upon
the depreciation of land values and stagna-
tion of the market"