The Portland daily press., 1898-12-30
BANK II S REcEIv r..
examiner Carol Has Been Placed In
Charge of CoIebrook Institution.

Colebrook, December 29.-Bank Ex-
aminer Carol is in charge of the Cole
brook National bank and has been ap-
pointed temporary receiver. He declines
70 give out any statements at the present
time and will not do so until complete
examination of the books has been made.
All that Mr.. Carol would say was that
he had been appointed temporary receiver
TIE bank officials, however, stated late
this afternoon that National Bank FIX
aniner Carol in his examination had
found Irregularities on the books which
covered period of five years. They also
announced that Cashier Bailey had been
ulaced under arrest pending the conf
nlevion of the Investigation. Mr.. Bailey
vii, be- arraigned late this afternoon here
The amount of the shortage is now placed
at So, 900.
PRESIDENT Van Dyke of the Colebrook
National bank who Is in this city. WAS
in close touch by telephone and telegraph
with the officials of the bank. the bank
examiner and the state authorities all Gay
today and was not unpreparej Tor inc
action of the Comptroller of the Currency.
When the i ssociaUed Press despatch from
Washington announcing the failure OF tne
bank was shown him this afternoon, Mr
| Van Dyke stated that he presumed Inc
government officials had taken the
possible action under the circumstances.
President Van Dyke stated that ne "ouia
go to Colebrook as soon as posslpIe ai1er
he has made provisions here for meeting
any claims which may fail upon the COS
ton correspondent of the Colebrook BANK.
| Further than this President Van Dy ke
woulu not discuss toe situation. saying
| that he told all be knew OF the affairs iast
| light when he said that Cashier Bailey
| had permitted certain depos1tors 10 over
| draw their accounts because be could not
| say s9no He thought that about S3o. Jul
was the right amount.
| It.is generally understood that Casnler
| bailey will not be given hearing nntll
saturday. 1t is also announced that III
Bailey will waive examination ana Iuf
nish bail for his appearanse at future
| hearing when tire affairs OF the oanK nave
| become thoroughly asceria1ned by ene
hank examiner and officials and Others
| interested in the case. George Van Dyke,
the president of the bank IS expected te
reach here from Boston on Saturday ano
will adopt measures for the protection OF
| the depositors of the bank. ln the nj an
| time the interests OF the officials and de
| pusitors are being looked after by hon.
| Irving w. Drew OF Lancaster. 1t is gen.
| orally believed in Colebrook that tho
| rough examination will not disclose q
| shortage in the accounts of Cashier Bailey
OUTSIDE of the oserdrafts he has allowed
| to be carried on. Arrangements have
already been made by several OF the par
] ties who made oyerdrafJs to make theli
accounts good and it is thought the en-
tire NUN Der will settle with the bank IN
few days. Savings Bank Examiner
| aker is expected here tonight and 1t II
| Thought tomorrow will be taken up III
the examination of the savings bank.
BANKS FAILURE ANNOUNCED.
| Washington. December 70. The con
| troIler of the currency has received In
| formation of the failure of the Colebrook
| National bank of Colebrook, N. FL. On
the date of the last report. Decen Der 4,
| 1898, the capital of the bank was s75, 600
surplus and undivided profits, $39, 74i; due
TO banks SIG. 245; due to depositors, $i5,
Inn 4 F<~.. al x