The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-21
STEALS A FORTUNE
Montana Bank Cashier Gets
Away With a Large Sum
Of Money.

Great Falls, Mont, Jan. 20.-Herbert
H. Matteson was arrested in Helena
this morning charged with the en-
bezzlement of $4,000 from the First Ma
tionaI bank of this city, having used
the banks money in heavy speculation
in Amalgamated Copper stocks
Matteson's exact shortage is a mat
ter of doubt, estimates varying from
$25,000 TO S1S0,000
The shortage has been known by the
bank officials for several days but had
been kept a secret until fuller investi-
CATION of the crooked work had been
made.
The money appropriated by Matte
son was on deposit with correspondents
in the east and was lost in stock gam
bling.
Matteson made a full confession to
Bank Examiner Lazear this morning
and stated that he had made consid-
cradle money on rising copper stocks,
but when the slump came he attempt
ed to cover on long deals until ne be-
came hopelessly involved. His trans
actions were made in Boston and New
York.
Besides losing money belonging to
depOsitOTs Of the bank he claimed to-
dav that he lost also $4,000 which had
been left him by his father who died
several months ago.
His wife went east four days ago in
ar effort to secure money to make her
husbands deficiency good, but failed
and the arrest followed.
Matteson was secretary Of the Great
Falls Business Mems association, a
prominent society man and a member
of one of the leading churches. He was
never known to live eXtraVagantly and
was considered one of the most exem-
plary characters.
Before leaving the city this morning
ne turned over the property and money
which he had estimated to be worth
about $4,000
Arrangements have been made
whereby the loss win be made up and
/ the standing of the bank sustained.
! MattesOn was not locked up in a cell
| but was permitted to remain in the Of
| fee, that courtesy being secured for
| him at the request of Sheriff Benner.
4 of Cascade county. 1t has leaked out
! that the amount of Matteson's defal-
/ cation is much greater than the sum
named in the complaint. One man who
! is believed to have some inside infor-
| nation says the amount is about $l75.-
/ 600
This evening Matteson was locked W
/ in the county jail. He has refused to
make any statement, and when he tries
! to talk his emotion is such that he
/ breaks down and cries like a child.
It is believed the detalcation Of Mat
/ tesOn will reach close TO $780, 900.
I "MattesOn went into stock speculat-
| ing" said an officer. and when there
was a drop in the markets he was car
rying a heavy load. in connection with
| some one else. whose name am not al
/ liberty to reveal All Of his embezzle-
ment was by drafts he drew on the re-
serve agent of the First National in the
/ east. These drafts were sent to Matte
sons broker TO cover his margins The
bank examiner noticed an irregularity
/ when he was examining the bank. and
he started an investigation which led
| to a report from an eastern reserve
agent Then it was shown that Matte
son had been using the funds of the
bank in New York in his private specu-
lations. He was confronted with his
! shortage Sunday night and have beer
! given TO understand that he confessed
The First National had a capital OF
S2O0.0e0 and surplus of $4,000. Among
the published list Of stock directors i.
H. W. Cannon. of the Chase Nationa
bank of New York.
II was given out late tonight by tn,
officials of the First National banI
that Matteson's defalcation may be es
/ timated in the neighbOrhood OF $40, 600
Cashier MatteSon, when confronted
with the charge. confessed the short
age.
II have been thinking over this 70
several days" he said. and I hav'
come TO the conclusion 10 acknowledg,
my error AMI do all ] can TO repair
by stating the exact conditions an,
giving myself up to the government t.
do with me as they viii"