Daily Kennebec journal., 1902-01-07
SHORT $4,000.
Bristol County Bank of Taunton
the Victim,
Cashier Harry H. Townsend Amits
That He Is the DefauIter.
Bank Has Plenty Of Resources and Can Stand
the Loss.

Taunton, Mass, Jan. 6.-Harry H.
Townsend, cashier of the Bristol
County National Bank, is reported t.
be 49,, 900 short in his accounts, the de-
fcit having been found, tonight, by
Bank Examiner Ever. The breach of
trust is said to have been due to spec
ulation in cotton futures. The cashier
IS Under the eye of United States Off
Ger until the banks affairs are further
looked into. The bank is considered
to be one of the most conservative in
the city and county and it is stated
that the alleged shortage of $4,000 in
no way will impair its standing. The
bank has a capitalization of 100000
and by it's December statement the
surplus fund was shown to be $150,00O
and undivided profits $4,000.
One of the directors, tonight, stated
to The Associated Press that the $685.
900 shortage is the outfgure of the
defalcation and that the banks sur
plus will amply protect all interests.
The director also said that Cashier
Townsend, when Irregularities were
called to his attention, admitted that
he was short in his accounts to the
amount stated.
Bank Examiner Ewer's visit, tonight,
was entirely Unexpected and it is un-
derstood that it was prompted by IL
suspicion that everything was not jus
right when he made an examination Of
the accounts a short time ago.
Cashier Townsend had worked in the
bank in various capacities since he left
school some 25 years ago. In him the
banks officers had placed great trust.
In his private life he was not known
to be eXtravagant or other than an eX-
emplary citizen. The facts developed.
tonight have shocked the directors
more than can be described.
The banks president is F. L. Cush-
man and the directors VIM. E. Walk
er, Herbert NJ. Staples, John H. Ell
dredge, Thomas L. Church, Joseph E.
Wilbar, Abbott F. Lawrence, Fred S.
Hall and Enos d. Williams.
one of the directors when asked as to
the period covered and by what
method the defalcati0n was made pos
s,ble, said it was apparent that it had
been going on for two years and Town
send admitted this. The figures jug
glcd were in balances with correspond
ing banks, presumably in New York
and Boston. This director said
I'm no way is the bank impaired, as
the deficit is a mere bagatelle compared
with the resources available to the
bank, and to the men who are behind
it. The directors are men of wealth
and business ability. There should not
be the slightest uneasiness in Taunton,
although the shock, tomorrow, will be
a disagrceable one" Il
A meeting of the board of directors
has been called for tomorrow morning
and at it's conclusion it is expected that
an official statement will be issued
Most of the directors were in consulta-
ton, tonight. At a late hour, they
united in stating that the deficit will
surely not exceed $4,000, which Mr.
Townsend says is the extent of his
defalcation.
Mr. Townsend entered the bank
when quite young man and worked
Up to the office of cashier, which he has
held for II years. His fall was entire
ly due to speculation in cotton futures
and for two years he had been play
ing a losing game. He was member
of several orders in the city and moved
III lI1t bhSI pl SctlttN- Ills Dollb " tilt
bank is an individual one, signed by q
Taunton men, each qualifying in $1,000
Townsend, two years ago. married 4
young woman of Fall River. The meet
ing between the husband and wife, to-
night, was very pathetic but his wife
is bearing up well.
Townsend will be taken to New Bed
ford and arraigned before the United
States commissioner A. NJ. Goodspecd
If the commissioner is not at home h,
will then be tkcn to Boston and ar
raigncd there. lie is expected to waiv,
Il hearing and will go to Charles Stree
Jail until the matter of bail is settled
His ease probably will come up fo
trial at the February term of the Unit
Ell States circuit court.
Taunton. Mass, Jan. 6-Unitcd State
Deputy Marshal Waiter arrived at
O'Clock. this morning, and took Townscn
to the police station, where he will spcn