Weekly Watertown leader. [volume] (Watertown, Jefferson County, Wis.) 1908-1909, 1908-07-31
RACINE BRINK IS
SHORT $4,000
BANK EXAMINER FINDS BIG DIS
CREPANCY IN ACCOUNTS OF
TRUSTED EMPLOYE.
FIRST NATIONAL WON'T LOSE.
Alleged Defaulter Was Bonded and De-
positorS Are Protected-Sensa-
ton in City.
MISSING MAN BELLE CITY LEADER.

RACINE, Wis, July 29.-[SpeciaI.
One of the biggest sensations in the
history of Racine's financial circles de-
veloped this morning when it became
known that there was shortage of
$4,000 in the accounts of John Schultz,
paying teller of the First National bank.
The shortage was discovered by Bank
Examiner Charles Mertens who made
his semi-annual visit to the bank yester-
day afternoon for the purpose of audit
ing the banks accounts and checking
up the funds of the institution.
Schultz Is Missing.
How the shortage occurred is unex-
planned as Schultz disappeared from the
city on the 40 o'clock northbound in
terurban car and has not been heard
from since.
National Bank Examiner Charles
Mertens went to Milwaukee this after
noon to have a warrant issued by the
federal authorities there for the arrest
of John Schultz. 1t was reported here
late this afternoon that Schultz has been
dealing in mining stocks.
Schultz was bonded by the American
Bonding company of Baltimore, so that
the bank does not lose one dollar. The
bonding company and also the federal
authorities have been notified and every
effort will be made to apprehend Schultz,
Examiner Finds Shortage.
Bank Examiner Mertens arrived early
in the afternoon to make his inspection.
He found all of Schulte's accounts cor
rect upon completing his examination in
the paying teller's cage, and was then
shown to the vault by Assistant Cashier
Fred Erickson to count the cash on
hand.
1t was in the vault that the shortage
of 5000 was found. Mr. Erickson, re-
lying upon Schulte's past record with the
banking firm, felt certain that there had
been a mistake made in the counting.
and recount was requested.
Schultz Gets Away.
Shortly before the recount was made
Schultz walked out of his cage and put
on Ais hat and coat He told Cashier
George Frat who happened to be pass
ing that he was going out for a few min
utes but would be back Immediately.
That was the last seen of him by the
bank officials. but an acquaintance saw
him board the interurban car.
The recount made by the examiner
showed that his first count was correct
The shortage was an even $4,000. Mr..
Mertens then communicated with the
police department and demanded that a
search be instituted for the paying teller.
The Milwaukee authorities were told Of
the facts. and detectives are now search
ing that city for the man. 1t is possible
that he boarded one of the Lake Mich
igan boats and is now on his way to
Canada.
\ note from Schultz saying that he
was going to leave the city for a short
time is all that his wife knows of the
affair.
Mrs. Schultz. when told of the short
age in the bank. was shocked almost 20
the point of prOStratiOn to know that
her husband is under suspicion. She is
unable to account for anything.
Sensation in Racine.
The news of the defalcation was a
profound sensation among business men
in Racine. Schultz was a quiet man.
never gambled and did not drink or use
tobacco in any form. He was married
but year and Il half ago.
Schultz had been employed in the
First National bank for about twenty
years. the last year and a-half of which
he has been the paying teller. The rest
of the time he worked on the books
He is 40 years old, and Il brother of
Prof. Henry Schultz. leader of the
Schultz band here. He is also brother
of Theodore Schultz. agent for the
IocuIllZ rev IIIS COLipdHg III tulS city.
His parents are German pioneers of
Racine.
Another Shortage?
After the defalcation at the bank be-
came known. officers of the Racine
council of knights of Columbus ordered
an examination of the books, Schultz
being the treasurer of the organizations
and was entrusted with about 500 of
the councils funds. The books could
not be found at once. and if is imnnS-