Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1900-04-20
TELLER STOLE $4,000.
The Money Was Lost in Speculation
In Stocks.

The Waterbury national bank doors did
not open Monday morning Pinned on the
front door was a card which read "Closed
for examination" Saturday afternoon
Cashier Charles Wells, in comparing some
footings of deposits, found they did not
balance, and called the attention of the
teller, John @. Farrar, to them. The two
went to work to ascertain the discrepancy.
They worked till o'clock and then went
to supper to return to resume the search in
the evening Cashier Wells returned but
the teller did not. The cashier worked
during the evening, but instead of finding
where the difference was matters continued
| to grow worse. The directors were mott
fled and an investigation was begun which
revealed a shortage of about $25, 600.
The bank has a capital of 500, 900 and a
surplus of $50 900. There are security
bonds sufficient to cover the shortage with
out drawing a great deal on the surplus,
and it is believed the bank will not lose
much if anything. 1t was only in Janu-
airy that a special bank examiner went
through the books and reported them all
right. Mr.. Farrar was also village treas-
urer and received some $1,000 last week
with which to pay outstanding village ord
ers, but it is thought most of these were
paid but it cannot be told until after the
| books are examined.
When Farrar disappeared he rode on his
bicycle to Montpelier, where he boarded the
south bound train at midnight, arriving in
Boston at 3 o'clock Sunday morning He
was arrested at the Quincy House in that
city Monday evening, by Inspector Robin
son of the Boston police force. Farrar
telephoned Monday from Boston to Water
bury, and arranged with his intimate friend,
G. +. Moody, to meet him, l.. II. Atherton
of Montpelier, Farrar's brother in-law,
and Deputy Sheriff Tracy of Montpelier at
the Quincy House Monday night.
Farrar carried out his promise, but tel
egram from ex-Gov, Dillingham; president
of the bank, sent to Chief Inspector Watts,
started an inspector after the young man,
and he was arrested by Inspector Robinson,
who accompanied the Waterbury friends
| to Farrar's room.
Farrar's intention was to go back 10 Wa
terbury, MAKE as much restitution as posi-
BILE and do all he could TO straighten out the
books of the bank Influential friends of
the teller had promised to provide a sufli
cient sum to make up the shortage, accord
ing to the statements made by Mr.. Moody
and Mr.. Anterior. Both gentlemen said
that they we're sure that every dollar Far
rar had taken would be returned to the
bank. The plan in the minds of Mr..
Moody and Mr.. Anterior was to have
talk with Farrar, arrest him, and have
Deputy Sheriff Tracy be his custodian.
Tho Boston officers, however, insisted
that Barrar was their prisoner, and after
eating supper and consulting with his
friends at the Quincy House in the presence
Of Inspector Robinson he was taken for the
night to a cell in the city prison.
Farrar's account of his peculations is the
story of an inexperienced young man be
coming enmeshed in the strands of the
stock market losing his own money aud
then resorting to the bank funds to recoup
his losses.
He dropped large sum and then grad
ually began to win until the shortage was
becoming smaller. 1t reached the point,
when, apparently all that was needed was
one successful turn of the market to en-
able him to restore every dollar he had
taken. At this crucial moment he was on
the wrong end and he soon became more
deeply involved than ever
Then came the recent rapid decline of
sugar, with the young Vermont teller bull
ing the market. AS a result of his indis-
erection he found himself long on this stock
at $780, His heaviest losses have been
within the last few weeks.
His method of concealing the shortage
was hardly concealment at all. All he did
to cover it was to raise the footing of the
deposits on the books. The balances Of the
depostors as itemized were correct, but
Farrar increased the footings. If anyone
had taken the trouble to total the deposits
and compare them with the cash the short
age would have been apparent. No one
seems to have done this carefully until last
Saturday. Farrar spent Monday in visit
ing the brokers in Boston,. with whom he
had had dealings.
Farrar said the shortage was about $780,
600. The entire sum had gone in specula
ton. He first began specializing about
: three years ago, before he was married
q using his own savings, which he lost. The
+ first sum which he took from the bank wa
q $500. He lost this, but won the second
q time, and then dipped into the market
3 deeper, with more losses.
n Farrar is "a years old, and has wife
q and a daughter a year and one-halt old
. His father, who is a respected citizen o.
a Waterbury, is connected with wholesale
! grocery house. Farrar's habits have al
II ways been good, and he was considered 4
very promising young man IN waterbury
Farrar left Boston Tuesday with Deput.
Sheriff Tracy of Montpelier, Mr.. Moody o
Waterbury and l.. II. Atherton. He de
IS clared that he would return without extra
ultlOn proceedings ~ 10 GAL '
ie Farrar will assist Examiner Fish and tn
"a officers of the bank, now engaged in exam
T. lining books behind closed doors. He ap
r peared perfectly willing to do all in hi
70 power to aid the officials in Strengthening
7. out his accounts and make restitution a
q far as able. While in Boston he called o.
10 several brokers with whom he had formerl
ot done business, and endeavored to recove
sums of money standing to his account.
Lorenzo G. Woodhouse of New Yor
sent an Easter gift of $4100 to pay the in
n debtedness of st. PauPs Universalist churc
10 at Rutland. The gift was memorial
a, Mr. Woodhouse's father and mother Rev