The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1909-05-06
BANK CASHIER FRED WOOD CHARGED
WITH BIG SHORTAGE OF BANK FUNDS
is Removed as Cashier and
Taken Into Custody. BY
An Officer.
FUNDS ARE LoANE0
By Him to Friends on Worth
les Paper Confession
Made By Him.

Fred B. Wood. until last Saturday
Cashier of the West Virginia bank,
was placed under arrest Monday.
charged with making false entries on
the books of the bank. He volutar-
lily surrendered upon warrant Is
sued from the court of Justice G. H.
Gordon.
Until the question of the amount
of bond can be settled. Mr.. Wood
will be held in jail. He was COM
mitted ut II o'clock.
The complainant asks that the
bond be fixed at not less than $685.
900.
The complaint on which Mr.. Wood
was arrested by Constable r. E.
Kidd was made by George L. Dun
can. the president of the bank. IT
recites that on the Sth day of July.
1908, Fred B. Wood made an entry
| in the daily balance for that day
upon the general ledger OF the West
Virginia Bank, showing deposit by
the West Virginia Bank in the Mel
Ion National Bank of Pittsburg, Pa.
on that day of IS, 900 as an asset OF
the West Virginia Bank. and that
the said entry was totally false and
was made by Wood for the purpose
OF defrauding the. said banl, and OF
enabling him to convert to his own
use, bullion. money. bank notes, Sc
curities for money and other effects
and property of the West Virginia
Bank to the value OF $4,000.
Upon the discovery of the defal-
cation the board of directors .mme-
diately removed him from the CASH
iership of the Bank. and the board
and officers of the bank spent Sat
urday examining the books to dis
cover thu amount Of the shortage.
The president OF the bank assum-
ed personal charge of 1t and Morde-
cal Lewis was employed temporarily
as assistant to the president. The.
board of directors also Immediately
gave Its attention to the affairs of
the institution.
Cashier Wood is said to have con-
fessed to the board of directors to-
defalcations amounting to 100000.
He explained the shortage by stating
that he took care of friends by adj
vancing them money on what
proved to be worthless
paper, and he concealed from the
board of directors the transactions
by making false entries on the
books. Mr.. Wood claimed he had
not used any of the money personal
ly, but officers Of the bank say he
has not accounted to the satisfaction
OF the banks officers that all the
money went that way. He claims
he has not gamtbled or specutlated In
stocks or in any way used any of the
shortage for his own purposes.
There are two charges against
him-one for making false entries
and the. other for ENLIGHTENMENT.
either or both OF which he may ibe
prosecuted on. The warrant as
stated contains the charge Of false
entries.
Mr.. Wood is under bond of $780,
900 with the United States Fidelity
& Guaranty Company, of Baltimore.
as surety. and this bond covers the
shortage to that amount. The ev-
act amount of the defalcation is not
yet known.
The bank is perfectly solvent and
has much wealth behind it. Among
those who are stockholders are R.
T. Lowndes and the Lowndes estate,
DR.. w. p. Golf. George Il. Duncan,
Alexander Duff, the Irwin estate,
DIR. R. A. Haynes and R. s. Dougless,
which personnel is a rock-ribbed
guarantee of the Institutions solven-
cy.
Officers of the bank announce that
all customers will be taken care of
as heretofore and no customer will
be placed to any Inconvenience either
as depositor or borrower, notwith-
standing this very unfortunate oc-
currence.
Every Woman viii Be Interested
II you will send your name and adj
dress We will mail you FREE pack
age of Mother Gray's AUSTRALIAN.
LEAF, a certain, pleasant herb cure
L for.