The Barre daily times. (Barre, Vt.) 1897-1959, 1910-08-15
Bank Doors Closed at Bidde-
ford, Maine
FALSE ENTRIES ARE MADE
i. II. Ingerson, Trusted oaicer Of 50
Years Service, Believed 70 Have
Mudsiea Service 10 Conceal
Pocr Investments.

Biddeford Ne, Aug. i5.--Prlde ia the
financial standing Of the institution q
which he had long been treasurer and
fear lest the announcement Ct poor in
vestments in western securities would
h,uh that standing, led Richerd Il. In
reroN to make isl.e entries IN the
hooks Of the York County saving bank
AZ Bdbsiord a quarter q q century ago,
and to continue the faisiacation through
AT the years without detection, each
year getting deeper in The muddie Of
false figures. This Is the explanation
given by the treasurer following the
closing Of the doors Of the bank Fri
day. after discovery q shortag,
IN the funds had been made BY bank
examiner, That lngcrson himself did
not profit By manipulation Of the ac-
counts Is the belief Of bank Officials
Tie had bsen Treasurer Of the hank for
50 years For many years be had per
sistently declined to take vacation.
A month ago the directors Of the bank
voted to adopt a suggestion Of the state
hank examiner and advertise the &C.
counts BY number in local paper, re-
quosting depcsitors to compare The
amounts with their passboeks and Re.
port any discrepancies. On Wednesday,
hank examiner William b. SHELTON Of
Lewiston. appeared no the bank and
started to make an investigation. AIr.
Ineersol worked with him throughout
the day. but THURSDAY did not appear
al the bank, beiue taken suddenly IL
from what is believed to have been an
overdose Of heedacha powders. That
day the discovery WAS made that the
books were mol straisit but it was NOT
until Saturday ter the clusing Of the
bank was generally known Treasure
IugersoH himself was AZ the point Of
death Saturday night. He had been IN.
conscious for two days
In statement issued Saturday night,
President Charles H Prescott Of the New
York County Savings bank, declared
Mat no other bank and banking insti.
tuition Is IN the least affected BY is
closing, and he urged depasitors IN other
local banks to refrain from starting
run. Mr.. Prescott has been president
Of the bank only about year. The
dspo.itors in the bank number about a.
600 and are largely Gotten mfa en-.
ployes. The last statement Of the bank,
issued April IS, 1910, gives the follow
I ing hgures; Deposits. 81 2o9s3hf3i re.
sources, $1,000; undivided profits, 81,
5nls; total liabilities, $l,2ss 41s.e0i
estimated market value Of resources
above deposits earned dividends and
state tax, 500 405.27.
A sensation was created in Biddeford
and saco yesterday when i became
known that the York county savings
bank had closed its doors because 81
alleged Irregularities 10 the accounts Of
Richmond II. Ingerso4, for SO wears
treasurer Of the institution and one Of
the leading citizens Of Biadeford. The
bank is now in the hands 81 state bank
easminer William b. skeleton Of lewis
ton. who with his assistant, Mr. Mlisi
President G. II. Prescott and The tznS
tees. had been examining the books for
several days. The banks doors We're
closed at / oeloit Friday afternoon and
a notice posted to that effect. Not.
4 withstanding the posting Of the notice,
the public had no suspicion that the ae.
counts Of the institution were III tam
gled condition. Treasurer IngersoA, in
a letter which he left at the bank be-
fors he went to his home Friday, adj
nitted discrepancy in his accounts.
The officials Of tie bank are as yet nm
able to state the exact amount Of the
shortage and Il viii probably be some
time before its extent il known.
President Prescott IS one Of the most
highly respected citizens Of Bidiefond
and is prominent in public affairs He
has been president only since 1909. Mr.
Prescott is the publisher Of the Bidde-
ford Journal. Treasurer lngersaa was
present ia Tie bank Wednesday the first
day Of the examination but made Nc
statement then In his letter he said
that no part OF the shortage is due to
any use Of the banks funds fer himself
but that it comes from false method
Of bookkeeping adopted By him years
ago to save the bank temporarily from
losses made At shat time On western
securities bought before the present in
ve.tment laws were enacted
The security compartment Of thu
vault was opened Briday afternoon an0
J the securities owned BY the bank founs
intact. ri i hoped that the loss to De
positors VIII not Be large but is exacf
amount cannot be ascertained until thu
yeriacatIon Of the passhooks is complet
elk At one tims the deposits exeeedec
f. 81 600. 900. W-ken treasurer IngersoA die
ssyzgs-4.s EEszssSzuss
-vsT TONIGHT