The sun., 1898-12-23

q Boston caFltallsC WHO nau aDOuC poOV,.
600 tied up in it, and he believed that
he would come out all right. While he
had faith on $500, 900, there was no rea-
son why they should not have faith on
$57, 900. From time to time they derived
benefits until the amount was reduced to
ISL 900 in round figures and carried as
bank asset. The losses sustained by
Colonel Raymond, both in his private
capacity and as president OF the bank,
unneryed him completely, and ne went
away to sanitariuln, where he re-
mained for many months secluded from
the world and not until year or two ago
did he return to his former home. Mean
while Hon. John H. Hofecker, Con-
gressman-elect, had succeeded him as
president, and SO remains to the present
time.
About three months ago the Boston
capitalist gave up hope of receiving any
more money from the bridge affair, and
the directors of the Fruit Growers Ma
tional Bank, as soon as they knew OF his
REIMBURSEMENT of all that remained in
Pandora's box, decided to cut the gor-
dian knot by charging the $3O,9OO, or
whatever it was in exact figures, to profit
and loss, and, by the elimination of this
rotten asset, the surplus was OF necessity
reduced to about 81, 100.
Meanwhile President David j. Cum
Minis, of the First National Bank, died:
| It is understood that the presidency OF
the bank was rendered to Cashier Wilds,
of the Fruit Growers Bank, and its
acceptance held under advisement by
him for three weeks. 1t must have.
been declined, for Cashier Janney, OF
the old bank, became its president, and
Teller Eugene Davis, a son-in.law OF Mr..
Cummins, the deceased president, was
elevated to the cashiers desk.
This was followed by the publication
of the statement showing to the public
the sudden, extraordinary and unex-
plained shrinkage OF the surplus. In
quiry of critical character ensued and
the whole story of the bursting OF the
bubble ON the Missouri became public
property, and for several days it has been
the absorbing topic of conversation.
There has been no run on the bank, be.
cause the loss does not in any manner
impair it's solvency. 1t is, if anything,
in better shape than it has been for eight
wears pass. COl1lc uCpOcluOio NCiO A16hS
ened at first, but they were soon reas'
sured, and no deposits of considerable
amount have been withdrawn.
To add to the complications of the sit
uation the old bank has now reduced its
interest on deposits from to pei
cent.
A day or two ago Colonel Raymond,
the president, called on James P. Hof
fecker, member of the present director
ate of the Fruit Growers, and asked
him whom they blamed for the loss. He
was told that he was held responsible be-
cause he acted without the authority Of
the board OF directors. Then Colonel
Raymond told Mr.. Hofecker that the
idea of making the investment orig ginatee
: in the mind of Cashier Wilds, and thai
for three weeks he withstood the impor
tunities of the cashier before finally civ
ing in and consenting to it being made
He declared that he was willing to stano
his proportionate share of the loss, witt
the other directors, but no more. This II
not satisfactory to Mr.. Hoffecker and som'
others who are interested and there il
: talk OF civil action to recover the amour
: from the ex.president and present
cashier, that being the only recourse. il
being admitted on all hands that neithe
made tine investment with criminal in
tent.