Richmond planet., 1897-03-27
mr.. WARING
HEARD FROM
He Takes A Statement OF
tiis Troubles.
WHAT CAUSED THEFT
Mr.. Stanley, Late Book
Keeper of the Bank,
ALSO MAKES A STATEMENT.

EverettJ Warine. president and
cashier Of the defunct Lexington Saw
ings Bank. is in Washington. He saws
he will return TO Baltimore perma-
nently this week, that he will resume
his law practice and real estate busi-
ness, and will devote his whole ener-
gies to paying of his debts.
When he arrives he will probabl
find a detective waiting for him to
make him prisoner When he came
to Baltimore last Friday night he was
told the police wanted him, and he
not only called at Marshal Frey's Of
fee, but woke up the Marshal, Deputy
Marshal Farnan and Captain of Detec.
tives Freeburger, who were at home
in bed, and told them he was ready 10
| give himself up
The police did not want him then,
but they do now. A.warfant has been
| iFsued for his arrest by Justice Sultzer
and has been given TO Detrctive o.
fDonnell to ssrve..S In n Wsfing is
charged with embezGling %7o0of the
banks money. Detective O'Donnell
has been detailed TO arrest Waring
The amount named in tie warrant is
| said TO be the sum Withdrawn by him
from the banks deposit with the Drov.
ers and Mechanics National Bank.
w Waring was authorized to Withdraw
the money, and the only question is as
To the use he made OF it
He expected yesterday that he
would return to Baltimore tomorrow.
/ His troubles seemed 60 have broken
his health Yesterday ne made a de-
| tailed statement TO q reporter of the
| Sun as co his financial troubles Sew
II -. -, L.. l. =.
keen the bank going and his pride in
cried.
Ia May, 1895, when a number of
other persons and myself opened the
bank" be said. ''the field seemed to Of
fer good business Inducements. The
Iexpenses incident to the business were
very heavy, amounting to about $23OO
/ year outside of my salary. which
was fixed at 1920. We arranged TO
have available about $1,000 at the time
| the bank was opened. We thought to
utilize this money with other accumu-
lating funds to earn the necessary ex-
penses. The deposits, however. failed
TO increase as rapidly as anticipated
and in short time the earnings de-
creased, thus deceasing profits.
Slowly accommodating deposits made
L ~ 0iAAC0At W ltdlll VIC INSTITUTION. d.
1t was realized, however, that general
business depression prevailed and it
was hoped that with renewed business
activity the prospects of the bank
would improve.
Il struggled TO maintain the bank. ]
ceased drawing salary for myself, and
often the salary charged against me on
the books was paid Lack TO the bank al
interest and commissions that the
bank might earn running ex penses.
was compelled to use my private funds
for this purpose, as it became more
difficult to average the $500 per month
needed to pay necessary expenses.
| These expenses generally we're
Rent, $540 per annum clerk hire, $468
interest ON deposits and on loan from
national bank and dividends on stool
of the bank, aggregating $1,000. Incl
dental expenses we're also TO be added
'Inasmuch as | was compelled Il
pay interest and commissions to max,
lup expenses there were some loans
, made by the bank, the proceeds o
, which, as the books will show, Injured
TO my use. It seemed nothing NOR,
than right that q man should have tn,
, use of the money upon which he wa
paying interest and commissions Ha,
this method not been adopted tn
bank could not have shown any earn
ings.
I'VE closed our first year June
1895, with very satisfactory results
Unfortunately, in July 1896, rumor
! were circulated of the instability c
n the Northwestern Family Supply Con
= pany, a cooperative grocery organizt
: tion among the coiored people. Ihi
T company failed in the September fol
lowing 1t proved almost an instaI
Ideathblow to our bank, as so many &C
r lOred people of the city were intereste
in it. From that day on we we're III
= able to sell another share of stock
e the bank. For several weeks thereai
ter we underwent a seveFesrua success
p fully. People stopped depositing an
h new accounts almost fell of entire !,
Thus the struggle TO keep the institl
h Jlon atioat was intensified. / succeed
,. ed in overcoming the banks trouble
II by using my own private resources al
70 by careful management.
e I'm the six weeks Immediately DR.,
n ceding the close OF the bank there W,
is a decided change for the better. d.
It posits increased, there was again il
n quiry for the stock and new accoun
+ were being constantly opened. Durin
r, the week which ended March 8, ! nj
d ticed accounts being closed. Tn
aroused my curiosity and anxiety.
'. continued until Saturday, the 9Th. CT
= cumstances evidenced clearly to n
Ie mind that some person was instigatiI
the withdrawal of funds. This perso
d l was convinced was none other tina
n our boOk-keeper. George L. Stanle
T. During Saturday, he not only preven
)f ed persons from depositing, but su
m ges I'd that they withdraw their none
s Our directors began to drop in oI
by one on Saturday night, March 8. I
n unusual thing. as two Of them had ne
IN er been in the bank at night befor
l. About five minutes before 10 o'cloc
s. the hour for closing, the boOkkeep
threw down his resignation and demi
On ded an immediate acceptance. / d
ne clined to present it to the board, te
Ill ing him that no legal meeting of &
ne board had been called, but that 1 wou
tn present it at the regular board mee
ing on the following Monday.
tn then very bluntly charged irregnla
ar ties. 1t was not his duty or privile
r, to be present at board meetings unlC
ne he was called in. His conduct and
titude toward me and the bank CO.
pletely unnerved me. saw at or
that the end was possibly near, COZ
not find strength nor courage to sta
behind the window the following Nc
,r- day and say that the bank had suspe
.al ed payments thing we had ne'
re done.
THE heavy Withdrawals had co