The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-24
NO CHARGE AGAINST
ENTANGLED CASHIER
YOnkcrs Bank Satisfied With
Recovery Of $4,000
Taken by Marsden.
SHORTAGE BEGAN IN 1906

YoNKERs. y. Y. Aug. 23.--Charles =.
Hfarsden. who ceased TO be cashier OF
the yonkers Savings Bank when a si0.-
600 shortage was discovered. probably
will remain in Yonkers, free from prose-
cution. and cndeavor. with the aid OF his
two brothers and many prominent
friends, to reestablish himself. Relatives
hold a receipt for the full amount o.
the Indebtedness from the American
Surety Company. which bonded Marsdet.
and have promised TO make good ans
further shortage that may be found.
IL was learned to-day that Marsd"l
confessed to Benjamin W. Stilwell. vice
president Of the Westchester Lighting
Company and a trustee of the bank. that
his m"anipulations OF the mortgage ac-
count commenced in 1906. soon after his
appointment as cashier. At that time
he had been employed by the bank for
three years. His first shortage amounted
60 $500. II IL possible that other mort
cages affected are now in the names of
heirs OF the original persons. The bank
will commence at once to credit the
proper account with these payments. Il
full list OF which Marsden has furnished
win Not ne Prosecuted.
II was made practically certain to-
DAY that Niarsden will not be prosecuted.
Not only President James X. Weller and
Treasurer Charles +. Hulbe OF tho
bank. but Henry @. Wilcox, chief OF the
legal bureau. and II. ID. Lyman. chair
man OF the board OF directors of the
American Surety Company, 100 Broad
way. said that they were satisfied with
the settlement Marsden had made. No
request has been made for action by the
Yonkers police or District Attorney Fret
erick 4. Weeks OF Westchester county.
The Surety Company reimbursed the bank
Immediately upon receipt OF the cashiers
confession and was in turn reimbursed
within a day or two.
Marsden refused 10 see callers to-
day. Mrs. MIgsden said for him that
he had nothing TO say.
I'VE must refer you to the bank she
said.
II was learned from relatives. how
ever. that his brothers. William J. and
II. X. Marsden. and friends would stand
by him In his effort to retain the ex-
cellent position he has occupied in Yonk-
ere. So far nothing has been done
toslrd securing a new position. n. X.
Marsden first heard OF his brothers
difficulty when he read of 1t in this
mornings newspapers.
Lived Bcyond His Means.
Further investigation to-day served
20 verify the original impression that
Narsden's manipulations could he ac-
counted FIR only by the fact that he
was living beyond his means. With a
eailry OF $4,000 a year II seemed that
he believed that his position as cashier
required a somewhat higher scale OF
living He had invested some money In
real estate. which had caused the bank
officials to look upon him with an inqul--
Eng eye. lie also sent his oldest son
last year to stevens Institute at Ho-
boken. OF bad habits he had none.
however. Apparently he wished to do
more for his family than his salary
Justified.
The bank issued n statement yester-
day explaining that 1t had lost nothing
b. the ire suls rites. and that the re-
POI OF the State banking examiners
would he published son.
James Il. Howes OF the Westchester
Trust Company will assume on Septem-
boz | the position Marsden occupied.