The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-06
RESULTS IN THE CLOSING OF THE
NORTHWESTERN Rank AT
GREAT FAILS.
MIsAPPRoPRIATED $4,000
THE CASH INTO BANK
STOCK.
SENSATION is PROMISED
Cashier Claiming to BE Innocent Of
WrOngdOing-Myste in the
Affair.

l., -
Northwestern National bank, one Of
the oldest institutions in the state.
posted notice announcing it's suspen-
sion this morning. The board Of d.
rectOrS and officers charge that the
trouble is due to a defalcation on the
part Of Cashier Benton D. Hatcher, Of
$180,000. The comptroller of the cur
rency has wired Louis G. Phelps 10
take temporary charge of the bank
pending the arrival of the bank exam
liner. The asset of the institution are
given out by the directors as $3.50, COO
liabilities of about equal amount
Cashier Hatcher is lying Frustrated
at his home here. All day long he re-
fused to say anything. This evening
he was seen. in his bed chamber and
commenced to teN his story. He had
proceeded but few words, when he
clasped his hands to his head and ex-
claimed: ooh, / cannot talk to YOU
now. My head is buzzing. Wait until
I am myself, and when 1 tell my story
the world will not think 1 am a dis
honest man. Say for: Inc that none of
our correspondents or depositors will
lose a dollar" The charges made by
SGnSa-
tional character. 1t is believed here
however, that In the wrecking Of the
bank more than Cashier Hatcher are
implicated. On Dec. IL last the Conrad
brothers, who were the organizers of
the bank in the early sos, offered their
stock, amounting to $1S0,0O0 for sale.
as they were retiring from all active
business. The entire holding was pur-
chased by Cashier Hatcher, who in
formed the directors of the bank that
he had friends in Boston who wanted
to purchase the stock Mr.. Hatcher
went East in December, and on his re-
turn Informed the directors that he
mad sold the stock to his friends The
correspondent Of the Northwestern In
the East is the Globe National bank If
Boston. Cashier Hatcher, it is alleged
pelng unable to dispose Of the stock
as ne had agreed to do, drew from the
Glope National the amount of the pur-
chase price Of the stock, $3.50. OOO This
was over a month ago, and no sus-
plclon OF where the money came from
was entertained until Just before o
mortgage for reorganization was re-
ce1Ved on Jan. IL.
n6
that they were unable to be here for q
i!iohtn. In the meantime an investtoo~
tlon was put on foot, but no knowIa1ga
OF II was possessed by the officers Or
4iieetors mere until the arrival of
PRESIDENT James A Coram from Ros-
ton, last night He at once called q
meeting Of the directors and for Tbs
irst time was 1t known that the Globe
National bank did not have on denosIt
the amount reported by the North
western books here, $3.50, The direc-
TORS decided to suspend and this morn
ing wired the comptroller to that eff
feet. eA-
cashier Hatcher charges that he
dreW the money from the Globe Ma
tlonaI at the direction of President
Coram. Who had with other friends
agreed to take up the stock sold nv
the Conrads and reimburse the draft
from the Globe National He also saws
that PRESIDENT CoTam called at his
mouse this morning and assured him
mat ne had perfect confidence in his
honesty. The last statement given ont
Dec. II, last, showed total assets 81 DIS
S2O.07. Liabilities deposits s59s 1S6 OS.
other liabilities $419,65401.
one or the sensational features of
the trouble is told by Vice President
klepetko, who says that on Saturda "
last Hatcher sent "a message to the
Globe National, asking that Institution
TO advise the bank here that II had
more money On deposit than 1t really
mad. On receipt OF this telegram Mr.
Coram started at once for Great Falls
The bank Is owned by the Boston g.
Montana and Butte and Boston people