New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1911-08-16
Shortage over Nine Thousand
Dollars.

Dollars.
The State Bank of Golden, avillage
west of Sleepy Eye, was temporarily
closed Monday by Bank Examiners
Snyder and Bradvold of the State
Department and it will remain closed
until the Irregularities are Strengthened
up. R. M. West, cashier of the bank,
is under arrest, the charges. preferred
against him being larceny in the first
degree. The arrest was made at
Sleepy Eye early Monday morning at
about l o 'clock.
The two Bank Examiners Snyder
and Bradvold, made thorough
examination of the banks affairs last
Saturday when the Irregularities and
q shortage of 80, 1877. 04 we're disco yered.
A meeting of the stock holders, prin-
cipally Sleepy Eye business men, was
held all day Sunday at the latter
place and it was decided to take
action against the Cashier r. M.
West. Kelsey Chase, supt. of banks,
was notifid and he at once went to
Sleepy Eye attending the conference of
the directors and stockholders of the
bank. Mr.. West was also informed
to appear before this meeting aud it
was not until late in the evening that
Mr.. West appeared. A warrent for
his arrest sworn to by Supt. Chase,
was issued by Municipal Judge &C.
schwind and the defendant was placed
in tho Sleepy Eye jail. At the pre-
liminary hearing, held Monday fore
noon. the accused man waived exami-
nation.
Mr.. West was heavily engaged in
the automobile business and the
irregularities discovered are funds of
the bank said to have been used by
Mr.. West in discounting the bills he
owed the factory. For over a year he
had been agent for the Ford Automo-
bile Company with Brown and Red
wood Counties as his territory. APP
parently MIR. West has had pheno-
minal success in disposing of over one
hundred cars, paying cash for samesat
the factory and in many instances
taking notes from his customers who
paid him on the installmept plan. In
this way, it is believed, Mr.. West was
carrying on the automobile business.
Mrs. West, who acted as assistant
cashier in the Golden Bank, was not
aware of the irregularities and the
first intimstions of her husbands
troubles we're given her by himself
over the phone when he was arrested.
The case is being prosecuted by
County Attorney Erickson while the
services of Pfaender and Flor of this
city have been secured by the defen-
dsnt Mr.. West.
1t now developes that Mr.. West had
also borrowed money from private
parties. One instance is related where
Mr.. West had taken up $500 from q,
Mankato business man on his per-
sonal note.
AT conference held between County
Attorney Erickson and the attorneys
for the defendant (Piaender and Flor
of this city, the former agreedeto a
bond OF $4,000. At this writing
TUESDAY afternoon), the required
amount had not been secured and the
defendant was given over to sheriff
Julius, who brought Mr.. West to the
county jail at New Ulm. AS soon IS
enough bondsmen are found, applica-
ton for bail will be made.
Mr.. West is we'll known throughout
Brown County and his many friends
sincerely regret his downfall, which is
due, rather to wild speculation and
the fact that he was an all around
good fellow, than to dishonesty.
The bank was organized about Eve
years ago with q capital stock of
$40, 10000 and, according to the last
reports the resources are about
$40, 100000.
Mr.. West owns property and
accounts that will pay the irregulari-
ties many times over.
q