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A RECEIVER NAMED Thomas Daniels to Handle Bank's Affairs. Appointed by Judge Brown Yesterday Evening ---Shortage Amounts to at Least $75,000. Yesterday morning Mr. J. O. Ellington, the State Bank Examiner, who had taken charge of the affairs of the Farmers and Merchants Bank of New Bern, under direction of the Corporation Commission and with the approval of the officers of the bank, reported to the Commission, stating that the bank was insolvent, the shortage amunting to at least $75,000, and that the cashier, T. W. Dewey, was ab. sent and his whereabouts could not be ascertained. Upon receiving this report the Corporation Commission, through Judge T. B. Womack as counsel, applied to Judge George H. Brown, who was in Raleigh yesterday, at chambers, for an order appointing a receiver. He did so yesterd ly evening, naming Mr. Thomas Daniels, of New Bern, fixing his bond at $30,000. Mr. Daniels was at once notified of his appointment. Judge Womack will go to New Bern this morning with the original papers in the case. WHAT IS THE DEFICIT? There were many inquiries yesterday as to the amount of the deficit. There was a report in Raleigh that it was $35 .000, but a member of the Corporation Commission was quoted as saying that it would reach $75,000-the exact amount of the capital of the bank. A telegram was sent to State Bank Examiner Eilington and he sent this answer: "New Bern, N. C., Aug. 5, 1903. "Jos. Daniels, Raleigh, N. C.: "All accounts not in. Cannot state the amount. Will be large. "JNO. O. ELLINGTON." HOW IT WAS DISCOVERED. It seems that one of the directors of the bank had suspicious that the books had been changed, and he wrote or telegraphed to State Bank Examiner Ellington to come to Morehead City to meet inm. En rcute to Morehead, Mr. Ellington stopped to examine a bank and said that it had re-discounted for the Farmers and Merchants Bank of New Bern a $5,000 note for a New Bern concern. He went on to New Bern and examined the Farmers and Merchants. In the exhibit and statements given him there was no record of this $5,000 that had been rediscounted by the last bank examined. The explanation did not satisfy the Bank Examiner. In the statement given him or examined by him he also saw that there were claims of money due by other banks. Investigation proved that instead of some of those banks being indebted to the New Bern bank, that bank was in fact indebted to them. Mr. Dewey, an expert banker himseli, saw that he could not longer cover up his shortage, and decided to leave before the storm broke. TOLD NONE OF HIS FRIENDS. He left North Carolina without telling any of his friends of what he had done or appealing to them for help or sympathy. He is a secretive and reserved man. He has devoted friends and relatives who would have advanced large amounts to cover the shortage. He evidently determined to bear alone the punishment of his wrong-doing, and not permit them to know of the shortage until it was too late for them to undertake to bear the burden of his wrong-doing. He passed through Goldsboro on Saturday night. He did not let his brothers 0,* relatives there know of his plans, though he had doubtless already matured them. He came to Raleigh that night to see his wife who was visiting relatives here. He told her that he had been speculating with the bank's funds, had lost heavily, and must leave at once. He left that night-nobody knows where. APRIL STATEMENT. The following is the statement of the bank as given in the report of the Cor poration Commission at the close of business, April 9th., last: RESOURCES. Loans and discounts $138,158.09 6,747.10 Overdrafts North Carolina State bonds 8,400.00 Banking houses, furniture and fixtures 7,800.00 All other stocks, bonds, and 4,800.00 mortgages 7,800.00 Demand loans Due from banks and bankers 76,227.72 6,037.38 Cash items 550.00 Gold coin Silver coin, including all minor coin currency 1,714.08 National bank notes and other U.S.notes 9,023.00 Total
