The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-11-16

work In the bank. The examination Of
the ledger accounts required two or three
days. The fyotines Of the various no.
counts vera taken CT on other sheets Of
paper In order that they might be added.
The fnal footing always came approxi-
matsly right and agreed with the cash.
10 is evident that Mr.. Stearns In the
absence Of the trustsss ERASED figures here
and there on the sheets after they had
been set down tor adding. Even II act-
ing with suspicion they had locked up
their sheets still he might have altered
the ledger footings for the time being.
Then thsre would have been no other
way to come at . true estimate OF the
banks affairs than 10 call In the books
and run around to each man whose
name was there on note and ask him
II that 10 really his signature. That
IL Of course out Of the question.
Another sensational feature Of the af-
ternoon has been the loss or the disap-
pearance Of the common law bond Of
60, 600 given BY Treasurer stearns.
A bond given By she treasurer Of
savings bank 10 supposed to be PLACED
with the president Of the bank for safe-
keeping. II not with him. then with
some ons OF thu trustees. President Cy-
rus Tucker Of the Norway bank was the
custodian of Mr.. Stesrn s's bond during
the five years that it held In force. Then,
as il statei In the reports the treasurer
secured a new bond, this time from
surety company.
IL was quite natural for Mr.. Tucker to
consider that the old bond having ex-
pired was no further uss-of course, feel
log confident thar the affairs Of the bank
were all right. Therefore he gave IL into
the hands of Mr.. Stearns to put away In
the bank vault.
Whom 1t was discovered that there was
q serious discrepancy In the accounts OF
the treasurer search commenced for the
bond. 1t could not be found. OF course.
there commenced TO be great inquiry
for the document from those whose
names wers thereon. They wanted to
we 1t era they paid over the sums al
legged to be due from them. To some OF
them It had to be explained that although
the bond had expired, still 1t covered all
populations during the period fur which
It was given. The books showed that
during the five years covered BY this
,o,p mon-law bond the treasurer had tax
IN nearly 5000 and that therefore the
bondsmsn between them were holden for
This sum.
That there has been such . settlsmen
In this case speaks well for the Norway
bondsmen and their honesty and also for
the parties who have treated with them
in the delicate matter.
I the report Of Examiner Undertake Is
Nc follows:
STATE OF MAINE.
Norway, November. II, 1899.
In Re Norway Savings Bank.
In matter OF Norway Savings Bank the
o undersigned trustees and treasurer OF said
bank make the following REPORTS
Acting under order Of this court Au-
gust %, 1899, . notice was sent to the
last known address OF each deposition In
said tank and published In the Oxford
County Advertiser, o newspaper printed
At Norway, requesting Zach dspositor to
Ths total number Of open deposit ao-
counts in this bank at the time 81 d
order was issued was 1,sas. OF this num-
Der all but % have been received, vsrI-
fed, and corrected. The total amount
due on the % books not vsrinsd. as ap-
psars by the books Of the hank, 10 but
made to obtain each book. and it Ia be-
lisved that large part OF thsss books
now outsta nding will never be found or
ted for payment. IL 10 also be-
Iieved that . vertncstien OF these accounts
would make but little II any difference
In the astuAl liabilities Of the bank. A
careful auditing Of all Of these accounts
shows the true amount due depositors to
be eSoS. 3iS.0l. making differences OF
BIZ. Sa2 u between the liabilities OF the
bank as herstofors carried and the prss-
ent actual liatiiitiss
or this difference Of sl7, S32. 90 IL has
been ascsrtainsd that 4,2i6 Ga resulted
from ira sections OF the former treasurer.
Seward Il. Stearns. between May 10. 1894
and May 10, 1899, that being covered by
the first bond given BY him as treasurer
Of the bank. On Asosrtaining this the
officers OF the bank, acting toi ntly with
the bank examiner. com menc5d TO nego-
tiats for q settlement with the ,reasurer's
estate and the auretiss on his bond. Az
ating with 30 many different parties, the
relatives If the treasurer. including three
Of whom wsre suretiss on this bond, paid
into tho bank the sum OF q, 900 to make
up In part for the amount mentioned as
res ulting from tran saotions during the
life Of the bond mentioned. The balance,
%, 246 90 was apportioned among other
suretiss on the bond. and an effort WAS
made to settle with each for his proper
tionats part which was SAG. 81.
All but three Of these sureties have
already paid this sum toward making up
the amount necessary to protect the de-
positors for the shortages occurring dur
Ing the period covered By said bond.
The balance Of this differences, %, 0s6. so,
resulted from transactions between May
Is, 1899. or prior to the time when he
was elected treasurer and gave bond as
such. he having been employed AZ clerk
and had general charge OF the Institution
for some time before his election. The
bond given May Is, 1894, expired by the
terms OF the bond itself. May is. 1899.
ct which time . surety bond WAS OBJ
tainsd Of the Union Safe Deposit and
Trust Company Of Portland. This COM
pany very promptly paid the sum Of $500
to cover any differences that may have
resulted from transactions of the troasur-
or while guaranteed by that company. IL
Is believed that this amount will fully