Rensselaer Republican, Volume 18, Number 46, Rensselaer, Jasper County, 22 July 1886 — UNSAFE SAYINGS. [ARTICLE]

UNSAFE SAYINGS.

A ( ashler of a St. Lou in Bank Absconds with $40,000 of Depositors’ Money. The Customary Promise that All Debts Will Be Paid in Full Speedily. [St. Louis dispatch, j The Provident Savings Bank of this city has closed its doors and made an assignment, Almond B. Thompson, the Cashier, having absconded. Carlos 8. Greeley, a heavy depositor, filed a petition for the appointment of a receiver over the bank, alleging that Cashier Thompson had not been at the bank since the 12th; that a partial examination of his books show a deficit of over $40,000, and that it is believed a fuller examination will swell the amount to a much larger sum. The court appointed W. H. Thompson, of the Commercial Bank, receiver of the institution. Until to-day no outsider imagined for a moment that the bank was embarrassed, and no run was made upon it. The investigation of the books had been under way since Tuesday morning. At noon to-day the Directors decided to close the doors." As soon as this action became known throughout the city, large crowds of depositors congregated around the bank, anxious to know the nature of the embarrassment, and calling upon some one to inform them. No one answered the call, and the excitement increased until it became necessary to call the police, who are now upon the scene to quell any possible disturbance. The largest number of depositors are clerks j and poor men and women, so that the fail- j ure will not affect to any great extent the commercial interests of the city. The President of the batik, J. S. Gar- j land, has been absent from the city for about six months and the cashier has as- ! sumed hi 3 duties as well as his own. The bank' statement of yesterday shows total assets of $1,166,829 and total liabilities Of $985,782. The amount of the deposits is j $426,649. The directors of the bank say that they will not be able to realize on their apparent assets to their full extent. Thompson, the absconding cashier, is a graduate of Harvard College, and since he has held his responsible position in this city has been regarded as a man of sterling integrity. He is President of the Harvard I Club of this city and of the Light j Cavalry, and a prominent Knight Tem- j filar. He announced his intention the \ atter part of last week of accompanying the Light Cavalry to the State Encampment at Sweet Springs; and it was generally supposed that he was there. Advices from that point, however, state that he has never been near the camp, and it is supposed that he has joined the army of defaulters in Canada. No cause for his defalcation can be assigned other than fast living, for he has never been known to speculate. •<••• The amount of Cashier Thompson’s bond was $30,000. The bond was signed by Carlos S. Greeley and the cashier’s father, who is a wealthy retired liquor-dealer. W. H. Thompson, the reoeiver, says that the bank has been carefully managed, and that few, if any, bad loans exist. It is nis opinion that the depositors will be paid in full. Many of the stockholder say they are willing to turn their stock into a fund with which to pay the depositors dollar for dollar. j