The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-10-23
THE INVESTIGATION BEGINS
NATTER or INTEREST ON CITY DE-
POSITS BEING LOOKED INTO.

urer Mersich Heard nnd Questioned by
the Board of Finance Last Night-Ir.
Meysiclx Declines to Answer Some
Observation-Disclosures Session VIII be
Held Next Monday Night.
The board of finance last night held
the first of the meetings for the investi-
cation into matters connected with the
city treasurer's office ordered by the
board of finance.
When the session was called to order
last night number of citizens and
newspaper men were present. Inc
board first went into executive session
and on the motion of James d. DeWell,
jr. voted to hold a public meeting. The
citizens and newspaper men were then
admitted. Three stenographers were
present to take down the testimony Of
fered. At the opening of the session
it was decided to spend last evenings
meeting in ascertaining, if possible,
what, If any, amount in interest money
the city had lost by the alleged failure
city moneys in the Merchants bank,
the bank designated by the finance
board. as the bank of deposit after
that bank had offered to pay per cent.
on deposits. 1t was also decided to IN
yestigate at the next session, to be held
next Monday night, the action OF the
board which was in office in May 1899,
in failing to designate a bank of depos-
1t as required by the charter.
The first witness last evening was
City Treasurer Fresenius. In reply to
questions by members of the board he
said that he had received since he took
the office of city treasurer no official
notice that the Merchants bank had
been designated as the bank of deposit.
Mr.. Fresenius was then called upon to
state from his reports the amount of
monthly balance of city money which
was in his charge as treasurer since he
took office.
Ex-City Treasurer Mersick, president
of the Merchants bank, was also ask
ed to state the amount of the balances
of the city money in his bank on those
dates.
Since the first of April last these bal
ances were as follows: The total bal
ances as reported by Mr.. Fresenius be-
ing given first and those in the Mer-
chants bank as reported by Mr.. Mer-
sick following: April 1, ST. 171,5SO, $50, ,61S;
MAY 1. $147,914, $63,S56; June 1, $166,11T
$53,175; July l. $262,134, $41367; August
i, S110,S36, 1923, 334.
Mr.. Fresenius is a director of the
Tradesmens bank, and he stated that
the difference between the total bal
ances at the first of each month and
the balance in the Merchants bank on
those dates was deposited in the Trades
mems bank He said that he was un-
der bond of $4,000 to the city and
that being under such heavy bond
he did not feel that he could deposit
city money in a bank where it could not
be under his personal charge. He did !
mt see why Mr.. Curtis of the finance |
board had advertised that he (Mr. |
Fresenius) was short $1,000 in interest |
money due the city. He said that being |
under $50 900 bonds he was accountable |
to the city for the money, if any was |
due as interest.
Robert Foote, cashier of the Trades |
mems bank, was present and from the |
pass book of his bank read the amounts |
of the city balance in the Merchants |
bank on the dates for which Mr.. Mer-
sick had submitted report of the bal
ances According to the pass book
those balances were: April /, $96, ,748; |
May 1, $66,256; June 1, $62,S39; July /, |
$19,526; August /, $26,194 These figures
it will be seen differed somewhat from
Continued on Sixth Page.)