The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-27
CASHIER SHORT S145, 900
MERCHANTS NATIONAL BANK OF
RUTLAND, VT, CLOSED.
And One Of It's officers Under Arrest
Charged with EmbezxIemcnt
of the Banks Funds.

RUTLAND, VT, March 26.-Wfth its
doors closed fast, and its cashier Charles
w. Mussey, in jail. defaulter for $145.O0O.
the Merchants National Bank OF this
CITY, formerly one of the strongest in
situations in the State, stands tonight on
the verge of ruin, unless its stockholders
come to it's assistance and help the re-
naming assets to pay off the $S51,0O0 due
its depositors. Mussey confessed his
guilt to the entire board of directors. hav-
. ing come back from Albany at the solicit
tation of a local detective, who traced him
. To that city when he failed TO appear be-
fore his employers late Saturday after
noon. He remained I'm close detention in
the bank all day. practically under arrest
in civil suit brought by the bank for
$4,000. but tonight the United States
authorities, after an examination into the
banks affairs. formally arrested him on
charge of embezzlement and lodged him in
the county Jail. 1t is understood that the
United States Circuit Court has placed
his bail at 100000 Coincident with Mus
sey's confession came the closing of the
music store of III. A. Mcclure. jr.. the
business of which. according TO the confess
sion of the cashier, has been supported
Mussey's populations begin six years
ago and were so we'll covered up that the
national bank examiner was deceived by
the cashier only few months ago. the
entire deficit being made to appear good
through a large number of forged notes
which Mussey inserted. Mussey told the
directors to-day that he loaned Mcclure
5000 six years ago and that the amount
was returned. Since then, however. other
loans were made without the knowledge
Of the directors. until the sum became half
much again the entire capital stock
OF the bank. Still the directors remained in
the dark and would have remained so if
one OF their number last week had not
heard from an outside source of Mussey's
loans to Mcclure. The inevitable day ar
rived last Saturday when Mussey was
called before the board and asked for the
banks assets. Mussey put a bold face
and at once offered to go across the street
70 the safe deposit vault for the securities.
The directors waited an hour for him and
sent for detective. The cashier went from
the bank to his house where he took a few
hundred dollars and then left the city.
The detectives caught up with him yes
terday In Albany and persuaded him to
directors In the meantime had learned OF
the shortage, but none was ready for Mus
seys statement that the total amount was
$4,000. While the directors had already
decided to close the bank. none of them
was prepared for such large shortage,
and Mussey's statement was received With
CONSERVATION.
This afternoon. after Mussey had made
his confession. the directors instituted a
suit against him for $4,000. attaching all
his property, which, however, Is not ex-
tensive- In the meantime the bank exam
liner arrived and spent the remainder of
the day in examining the books. This aft
ernoon sufficient evidence was found to
lead to arrest and warrant was issued
by the local court Mussey was taken
quietly to the Jail and will be arraigned to-
morrow before the United States commits
sioner.
Late this afternoon Bank Examiner Mutt
was appointed temporary receiver of the
bank.
The closing OF McClure's music store ac-
counted for part of Mussey's shortage, but
IL Is generally admitted here that the store
had been run on far less than $4,000 dur
Ing the past six years. Many persons found
themselves unable 10 reconcile MIssey's
statement that the money had gone into
the business with what was known OF the
volume OF that business. Additional expla-
nations are looked for within a few days.
Following Is the synopsis OF the report
OF the condition Of the bank made TO the
controller OF the currency under the call
OF Feb. 13. 1900:
Liabilities-Capital. 100000 surplus and
profits. 1883: due TO depcsitors. banks and
bankers. S55l.549; circulation. S2ls70.
Resources-Loans and discounts. 1851 .S63;
other assets. including cash. S1l5 4SS
Two Savings Banks in Trouble.
KEENE. N H.. March a6.-The bank
commissioners for New Hampshire have
filed petition with the clerk OF the Chesh-