Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-10-25
gard Mr.. Dawson's silence as a matter
Of considerable import.
THE w0RsT CASE OF ALL.


ordinate employee of leading bank
there had looted the establishment to
the tune Of over one hundred thousand
dollars, wiping out both capital stock
and surplus and leaving the institu-
ton stranded financially, so far as
original resources were concerned. The
details conveyed the rather astonishing
fact that this clerk, on a salary OF
sixteen dollars per. week. had fbam-
boozled the bank officers, directors ana
government bank examiner through
series of years, and had virtually run
Things to suit himself, spending tens
of thousands of dollars upon woman
and other tens of thousands In fast
living generally. The case was writ
ten up as a most remarkable one, its
chief and notable feature being the
ease with which the money had been
taken, despite supposedly careful ex-
aminations Of books, securities and
cash at frequent Intervals.
But IL that case of systematic ras-
cality was remarkable, what Shall be
said Of the tremendous robbery OF the
First National Bank of New York City,
reported in our telegraphic columns
yesterday morning? The bank Is one
of the largest in the metropolis, al
though it's capital stock is but half
million dollars. By its last statement 1t
had a surplus of $5,000,00 undivided
profits of $4,114,25O, deposits of $685.
s97. 1853. demand loans and cash $685.
S79. 276. time loans $5,654,610, stocks
and bonds amounting to $40, ,4o9,
and total resources of $50. 663, 294. The
par value of shares is 500 each, but
on the books of the bank their value
is listed at $3,105, and as high as So
500 has been bid for shares. For
many years the annual dividend has
been 100 per cent. on the par value OF
stock. Located at No. Wall street.
at the corner of Broadway, just OPP
posite old Trinity church, 1t was In
the very center of the business and
commercial life of the great city, and
naturally was supposed to be run upon
the strictest basis. And yet G. l.. AL
ward, the note teller, an employe OF
the institution for twenty years, has
been stealing from the funds OF the
bank through long period, and MS
embellishments, or robberies, as they
ought to he properly called, foot up
the astounding sum Of seven hundred
thousand dollars. And yet this bank
was examined" by the National bank
examiner, the cashier Is supposed to
have attended to his duties, and the
directors overlooked all. That is the
supposition, but the facts must be that
the cashier was perfunctory in at
tending to business, that the board
simply dropped in and out, looking
over paper submitted for discount and
gloating over the fat balance on the
right side of the profit and loss ac-
count. while the bank examiner PROB
ably called around once in while,
looked at balance sheets prepared FOR
him or of record, and then went out To
luncheon. And meanwhile the indus
trious Mr.. Award continued to ABB
stract ten thousand dollars here and
fifty thousand there, doctoring up his
books in the meanwhile. and taking life
easily, for things were coming MS
way. His salary was $1,000, yet his
household expenses alone were $4,000
a. year, and his personal expenses as
much more He paid $500 per day for
hotel accommodations at Saratoga,
last summer, and his wife wore many
expensive Jewels, and on late occa-
sion a $3.50 gown, yet it never occur
red to anybody that this could not be
done on a $1,000 salary.
This latest case of crookedness will
cause several enquiries. One of them,
why do not bank examiners really ex-
anime the banks? and another, how
many other institutions are being
slowly or rapidly, as the case may be.
robbed by officers and employees? The
stealing must be going on continually
and continuously, for every once in a
while a case comes to light.