Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-11-20
Assistant Cashiers Delalca-
tions Become Known.
100000 HAS BEEN TAKEN
Practically Ruins the German Nation
al Bank, of Newport, ky.-His Faith
er on His Bond for an Indefinite
Amount.

closed by order of the comptroller of
the currency. (Signed) o. p. Tucker,
national bank examiner" This notice
was placed on the doors of the Ger
man National bank, of Newport, KY,
before time for opening this morning.
The salient facts and the cause of the
notice have ben known since Sunday,
therefore there were none of the usu-
al scenes accompanying run on a
bank by it's depositors. The alleged
defalcation of the assistant cashier,
Frank NJ Brown, to the amount Of
about 100000 was fact SO over
whelming that no depositor was fool
ish enough to suppose that any good
could be accomplished by attempting
to get money from the bank today.
Examiner Tucker, in an interview
today, said the alleged defalcation was
not discovered by him until Saturday
night and both he and the banks own
experts had been unable to lind any
thing wrong until that time. 1t was
found Brown had been forcing bal
ances from day to day until a total
of $4,000 had been withdrawn from
the funds of the bank. The examiner
further said the matter for a criminal
proceeding had been referred to the
United States District Attorney Mil
ter, of Louisville, who would cause a
warrant for Browns arrest to be is
sued. The only bond which the bank
holds is that of Paris G. Brown, faith
er of the assistant cashier, who is q
well known river man, and president
Eof the Consolidated Boat Store com.
pany. This bond is an open one,
conditioned to cover any shortage
of his son. 1t is said the father has
voluntarily offered his entire property
to meet its obligations. Not more
than $4,000 can be realized from this
lsource. The examiner stated the
ilstOck was of no value, as double the
liability assessment must be made.
IDepositors may receive dividends as
lsoon as the comptroller of the cur
Irency authorizes it, but this may be
weeks and even months.
The bank was the depository for
nine building associations and of ad.
Joining corporations of Bellevue, Day.
ton and other towns, as well as fifteen
hundred individuals and firms. There
are no indications of an accomplice
or any one knowing about Browns
departure or destination.
Another Account.
Cincinnati, O., Nov. 19.-United
States Bank Examiner Tucker has TAX,
en- possession of the German National
bank at Newport, KY, and posted a
notice that the bank would remain
closed pending an examination.
Examiner Tucker also announced
unoficially that Frank M. Brown, the
; individual bookkeeper and assistant
cashier, was missing, and that par.
tial investigation showed that Brown
was short about $2O1,O0O. Brown had
been with the bank eighteen years
: and was one of the most trusted men
ever connected with this old bank. II
is stated by the experts that his opera
tions extended back as far as ten
years.
Loss Twice Amount of Capital.
The capital stock of the bank is only
100000. Browns alleged shortage is
double that amount and more than the
: reserve and all the assets, including
: the real estate. While Alvord goi
away with 100000 in New York, he
l did it in a large bauk, but Brown die
! not have so much to go on and seems
to have gone the full limit for small
bank in city of less than 10000 in
habitants.
The comptroller OF the currency or
, dered the bank closed this morning.