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Run On the Bank. New Britain, Feb 11.-A. J. Sloper, president of the New Britain National bank, returned to-day from New York. His search for his brother-in-law was fruitless. There was a slight run on the New Britain Savings bank and it was feared it would develop during the day. The bank has deposits of $8,000,000.
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BANK OFFICER SHORT. Treasurer's Account Shows Shortage of $150,000. NEW BRITAIN, CONN., February 12.-A high officer of the Savings Bank of New Britain states that there is a big shortage in the accounts of William T. Walker, the missing treasurer of the bank, and that the bank's own auditors, up to noon, had discovered a shortage of $150,000. The examination of the bank's affairs will be continued, and this officer says that doubtless the shortage will be found to be much larger. The remaining unopened vault in the bank was entered to-day, and the above amount, in negotlable securities, was found to be missing. One of the directors of the Savings Bank said that he expected the depositors to-day would withdraw about $100,000 of their savings, The total assets of the bank are $6,707,322 Loans on real estate, $3,420,850, and holding in railroad bonds amount to $1,924,809, are the two biggest items, The deposits in the bank amount to $6,382,782, divided among 14,928 depositors. The president is Philip Corbin.
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Negotiable Paper Missing From Savings Bank of New Britain With Walker, WORTH ABOUT $150,000 INVESTIGATION ON AND DEFALCATION MAY BE LARGER. Walker Also Treasurer of the Funds of the Connecticut State Baptist Association for Many Years, Having About $75,000 in Securities in His Charge-An Inquiry Ordered-Run on the Bank Continues-Over $100,000 Withdrawn Thus Far-Family Believes Missing Official Mentally Unbalaneed-Letter From Him. New Britain, Feb. 12.-Negotiable securities to a very large amount are understood to be missing from the vaults of the Savings bank of New Britain, of which institution the treas+ urer, William F. Walker, mysteriously dropped out of sight in New York on Sunday last During the day Philip Corbin, president of the bank, stated that the bank auditors had been unable to locate securities of a value of $150,000, but were unable to find any other irregularity in the accounts or cash of the bank. The situation, according to Mr. Corbin, suggested abstraction of the securities from the vaults. un It is understood that Mr. Corbin ref ceived a letter from the missing man in which the statement was made that a defalcation would be found, and upon this information an examination of the S bank's collateral was begun, which is t still in progress. Not an inkling of f Walker's whereabouts has been obtained, and the return of his son, who has been searching in New York, is believv ed to indicate the feeling of the family e that the missing treasurer is not in that h city. e Mr. Walker has been treasurer of the e funds of the Connecticut State Baptist e association for many years, having about $75,000 in securities in his charge, and while there is no reason to suspect d any irregularity in these accounts, the president of the association, Rev. H. M. k Thompson, has ordered an investigation. Mr. Walker was not under bonds. t h The preliminary examination of the r officers of the savings bank indicates S that the entire collateral assets of the o bank were intact on October 1 last, when the annual return was made to S the commissioner of savings banks. The alleged abstraction of securities has been since that date, although the t bank officers say that no accurate statement can be made until the exam1, 9 ination is completed, which will take e another day, at least. Meantime great t sums of cash have been received at the bank to be used in paying off alarmed depositors, the total withdrawals yesterday and to-day amounting to over $100,000. The bank received offers of , I money from many sources, which were declined, as ample cash was on hand to h meet all the demands. e d The run on the bank to-day was a e lively one, mostly by small depositors, the great number of them being foro a eigners. Police officers were necessary t to keep them in check, especially the Polanders, who were thoroughly scared e into the belief that they were to lose e their savings, despite the reassuring words of a parish priest of their own n nationality, The alleged wrongdoing of Mr. Walk+ er has created a tremendous sensation. He was held in the highest esteem, was
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SHORTAGE $500,000 Run on Savings Bank of New Britain, Conn., Continues-Treasurer's Peculations May Reach Half Million. New Britain, Feb. 13.-It was learned today that the shortage in the Savings Bank of New Britain, thru the alleged peculations of the missing treasurer, William F. Walker, may amount to $500,000. The known shortage is already thought to be $350,000. The run on the bank, which started Monday, continued today. The Savings bank has stopped payment to depositors, and invoked a ninety-day clause, which closes the bank without notice for that period of time.
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announced to-day by the directors of the New Britain Savings Bank, and this led to the closing of the bank shortly before noon. The officials invoked the ninety-day clause, which closes the institution without further notice to the depositors. At the time the doors were closed the depositors were making a great demand for their money. New Britain, Feb 13,-A director and bank New an issued Britain officer before in of the official savings bulletin of shortly noon day announced that the peculations of William F. Walker, treasurer of the bank, who disappeared in New York Sunday amount to $450,000, this sum in negotlable securities is missing. The statement on the insince bank's vestigating is examiners based who the have report been of Kenan dall To-day and State Noble its Bank affairs started Examiners investiga- Monday tion. but it is not believed that their examination will reveal a greater shortage than the amount above stated, the directors stating that the books and cash balance up to a cent. Over one-half of the missing securities are in railroad bonds. Although treasurer of the bank. Walker seldom went near the books and the opinion that the directors have held since the treasurer disappeared, that he took no cash, was af firmed when the auditors made their tentative report to-day. In a bulletin posted at the bank to-day the directors advise depositors to leave their money in the institution, assuring them that it is absolutely safe. The statement is made that the bank is solvent and that there is no end of money at the disposal of the officials. The disclosure of the shortage of a expeeted lowing at nearly half by the those affair million who the dollars have bank been was during folthe er edge a is assertsecurities disposed last few is of days, this mystery. but fortune just It in how gilt Walked that all the bonds and securities of the bank were intact when the last examination of the bank was made on October 1. 1906, so It would appear that Walker made away with the big amount stated all within four months. One of the officers to-day thought that if Walker is found in some curities New York, would There perhaps had be found in of his the pos- senever was a session. intimation lator and to that say Walker that the directors been specu- any of the bank and his numerous other acquaintances in New Britain are shocked by the disclosures is putting it mildly It is the biggest sensation New Britain bas ever known A special meeting of the bank's directors was held this morning at which some of the board were in favor of posting a ninety-day clause on the bank. closing the institution for that length of time without further notice, but President Corbin was opposed to It as were other members of the board. At this meeting C. B. OIdershaw was appointed acting treasurer to assume the duties of the missing official until the present trouble is straightened out. A committee of three directors. Lester A. Vibberts, Henry E. Russell and Philip Corbin was named as an advisory committee to take charge at the bank for a few days, one of the members being present at the bank each day President Corbin stated after the meeting that he would make public the letter he had received from Walker Monday. in which the treasurer admitted a shortage at the bank. Further details of the note have not been published and Its contents are awaited with Interest. It was also announced at the close of the directors' special meeting that the directors would issue an official statement covering the details of the bank's affair since Treasurer Walker became "indisposed" during the presence of Bank Exami'ner Kendall last Thursday. At that time Walker said he felt ill and that he would go home early in the day to rest up. "I'll be down to the bank later" be told Mr Kendall. That was the last seen of him at the bank. so Mr Kendall put off his examination. "That was the time to die into the affairs of Walker' said one of the bank direc ors to-day. "not to wait until he recovered from bis 'sickness, The run on the bank which got under way early Monday morning was kept up to-day. a big line forming at the institution before the doors opened for business It continued all day and as before, a majority of the depositors were foreigners. For the most part the amounts were small, but they counted up and it is probably that nearly $100 000 will be withdrawn before the day is over. During the last two days nearly $190,000 has been taken out by the excited depositors. af fairs Those and interested the public in in the general bank's are awaiting eagerly the report of the
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TREASURER WRECKS BANK Gets Away With Half Million. WALKER HAS DISAPPEARED Connecticut Baptist Church Badly Crippled by Defaulter. Savings Bank of New Britain Has to Close Doors on Account of Peculations of Trusted Officer. New Britain. Conn., Feb. 13.-More than half a million dollars worth of securities were taken from the vaults of the savings bank of New Britain by R. the missing treasurer, William Walker. according to a statement issue! by the Board of Directors of the institution this afternoon following the examination of the collateral in the bank by State Bank Examiners Kendali and Nobie. There is left a surplus of about $143,000 over and above the amount due to depositors. the actual shortage being $565,000. The directors believe the greater past of the securities will be recovered. As the Bank Commissioners were preparing a statement to give to the directors, Mayor George M. Landers sent a letter to Governor Woodruff asking that Commissioner Kendall be removed from office on the ground of of duty and general incompeHe out in Kendall began that neglect tency. when Mr. pointed this an exam- letter affairs of the Treasurer Walker, on a Thursday, nation of the and bank Commis- plea last of illness, left the bank sioner Kendall did not continue his work. but returned home to await Walker's convenience, knowing at the time that the latter did not return home that day. Did Not Take Cash. The examination of the bank apparently shows that Walker did not touch any of the ready cash or the book accounts and that the shortage is purely an abstraction of bends. No one in New Britain has been able to reason for his members of his his bonds, give as a bank need family, and of the his fellow employes in the partner in an outside business enterprise declare that they never knew of any speculative dealings on his part. That he was interested in some sort of an outside investment was made almost certain this evening by information obtained that Walker last week had conside. able telegraphic communication with parties in New York and to learn the source of this the directors'. committee went to New York last night. was the run today on the of New Savings no great Bank Britain, have from emwhich Walker is alleged to bezzled atmost half a million dollars, that the bank posted a notice saying it was necessary to stop payment and invoke the ninety-day clause. directors and officials of the a bulletin issued fore announced that bank, The noon, in the shortly amounted pecula- be Treasurer Walker this sum in missing. tions securities to $450,000. of being The negotiable statement is based on the report of the inbank's auditors who have been vestigating its affairs. Today State Bank Examiners Kendall and Noble started on investigation, but it is not believed that their examination will reveal a greater shortage than the amount above stated, the directors saying that the books and cash balance up to a cent Over one-half of the missing securities are in railroad bonds. So far today .10 word has been recelved of the committee of directors which went to New York last night to hunt for the treasurer, and, if possible, to locate some of the bank's securities.
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Conneticut Savings Institution Closes Doors Today After Finding Shortage of Half Million CULPRIT LEFT NOTE TELLING OF SHORTAGE William F. Walker, For Twenty Years Treasurer of Bank and Church Society Missing Hartford Conn., Feb. 13. - William F. Walker, the missing treasurer of the Savings Bank of New Britain, made big inroads into the $75,000 fund of the Connecticut Baptist convention, of which he was treasurer. This was positively made known today as the result of a special audit of his accounts. President Thompson of the society said a large number of railroad bonds that were placed in Walker's hands are missing. Bank Shortage Grows. New Britain Conn., Feb. 13.It was learned today that the shortage of the Savings Bank of New Britain through the alleged peculations of its missing treasurer, William F. Walker, may amount to half a million dollars. The shortage already is about $350,000. The run on the bank which was started Monday continued today. Doors Are Closed. New Britain Conn., Feb. 13.The Savings bank has stopped pay ment to depositors and has invoked the ninety day clause, which closes the bank without notice for that period of time.
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HALF MILLION DOLLARS. Shortage of Bank May Run Up to Those Figures. New Britain, Conn., Feb. 13.-It was ascertained Wednesday that the short. age at the Savings Bank of New Britain, through the alleged speculations of the missing treasurer, William F Walker, may amount to. $500,000. The run on the bank. which started oMnday. continued Wednesday, the corridors of the bank being filled with men and women when the doors were thrown open at 9 o'clock. The majority of those withdrawing their savings were foreigners. There was considerable disorder around the bank and an extra force of policemen was sent to check it. About $170,000 had been withdrawn up to noon Wednesday. At 11:30 o'clock Wednesday the Savings Bank of New Britain stopped payment of money to depositors. Acting Treasurer Oldershaw made the statement that to protect the interests of the bank It was necessary to stop payments and invoke the ninety days' clause which closes the bank without notice for that period of time.
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Growing. New Britain, Conn., Feb. 13.-The shortage at the Savings Bank of New Britain, through the alleged peculation of the missing treasurer, William F. Walker, may amount to $500,000. The known shortage already is about $270,000 according to the statement bar's auditors, and it is still The run on the bank which Monday, continued. The maof those withdrawing their savare foreigners. The bank stopI' payment of money to depositors and issued a statement saying that to protect interests of the bank it was necessary to stop payment and invoke the 90-day clause, which closes the bank three months without notice.
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WARRANT IS ISSUED. Treasurer Walker's Defalcations Exceed $600,000. New Britain, Ct., Feb. 14.-A message received from New York late this afternoon by the directors of the Savings Bank of New Britain contained, it is understood. a clue to the whereabouts in New York of William F. Walker, the missing treasurer of the bank, but the nature of the clue could not be learned. No clue as to the lecation of the securities which Walker took from the bank has been found in spite of a very active search in New York and several other cities. The bank situation apparently rests on the apprehension of Walker. for the run of depositors has ended and the instituiton practically could resume business without delay. The board of directors of the bank nist early this evening to discuss the present phase of the situation. Nearly every member feels certain that a large portion of the missing securities will be secured intact. The belief is held that a greater portion of these securities has been hypothecated, as inquiry among the financial interests in New York City brought out the fact that Walker would have been unable to dispose of the securities except at a considerable sacrifice, owing to the state of the market, but as their quality was excellent, he would have been able to borrow money on them without much difficulty. The development of the day was that Prosecuting Attorney McChael, on his own initiative, drew up a warrant for the arrest of Walker on the charge of appropriating to his own use two bonds of $1000 each belonging to the bank, and sent Chief of Police Rawlings to New York to inform the police there of the fact that the missing treasurer was wanted on a criminal charge. With approximately $40,000 missing from the Baptist convention fund the defalcation of Walker appears to exceed $600,000. The only realty that he had was his modest home, which was assessed at $3500, and against this mite an attachment for $500,000 was levied today in favor of the bank.
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WARRANT FOR WALKER. Bank Directors Have Clew to Missing Treasurer, Who Stole $565,000. NEW BRITAIN, Conn., Feb. 15.Prosecuting Attorney Mitcheil on his own initiative has drawn up a warrant for the arrest of W. F. Walker on the charge of appropriating to his own use two bonds of $1,000 each belonging to the bank and sent Chief of Police Rawlings to New York to inform the police there of the fact that the missing treasurer was wanted on a criminal charge. A clew to the whereabouts in New York of the missing treasurer of the Savings Bank of New Britain has been received by the bank directors. No clew as to the location of the securities which Walker took from the bank has been found in spite of a very active search in New York and several other cities. The bank situation apparently rests on the apprehension of Walker, for the run of depositors has ended, and the institution practically could resume business without delay. With approximately $40,000 missing from the Baptist convention funds the defalcation of Walker appears to exceed $600,000. The only realty that he had was his modest home. which was assessed for $3,500. and against this mite an attachment for $500,000 was levied in favor of the bank.
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HALF A MILLION IN SECURITIES TAKEN FROM THE NEW BRITAIN, CONN., BANK VAULT BY THE MISSING TREASURER. Run on Institution Forces it to Stop Payment. NEW BRITAIN, Conn., Feb. 13.More than half a million dollars' worth of securities were taken from the valuts of the Savings Bank of New Britain by the missing Treasurer, Wm. F. Walker, according to a statement made by the Board of Directors of the institution late today, following the examination of the collateral by State Bank Commissioners Kendall and Noble. There is left a surplus of about $143,000 over and above the amount due to depositors, the actual shortage being $565,000. The directors believe the greater part of the securities will be recovered. At 11:30 o'clock the bank stopped I the payment of money to depositors. Acting Treasurer Oldershaw made a statement that, to protect the interests of the bank it was necessary to stop paymeny and invoke the ninetyday clause, which closes the bank without notice for that period of time. The run on the bank, which started Monday, continued today, the corridors of the bank being filled with men and women when the doors were thrown open at 9 o'clock. The majority of those withdrawing their savings were foreigners. There was considerable disorder around the bank today and an extra force of police men were called to check it. As the Bank Commissioners were preparing a statement to give to the directors, Mayor George M. Landers sent a letter to Gov. Woodruff, asking that Commissioner Kendall be removed from office on the ground of alleged neglect of duty and incompetency. He pointed out in this letter that when Mr. Kendall began an examination of the affairs of the bank last Thursday, Treasurer Walker, on t. a plea of illness, left the bank and Commissioner Kendall did not continue his work, but returned home to await Walker's convenience, knowing at the time that the latter did not return home that day. The examination of the bank apparently shows that Walker did not touch any of the ready cash or the book accounts, and that the shortage is pureit ly' an abstraction of bonds. No one in New Britain has been r able to givera reason for his need of the bonds, as members of his family, el his fellow employes in the bank and of his partner in an outside business declare thta they never knew of any of speculative ventures on his part. That 1- he was interested in some sort of out side investments was made almost cer e tain today by. information obtained e that Walker early last week had con c- siderable telegraphic correspondence with parties in New York, and to learn the source of this the directors' com
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WARRANT FOR WALKER. Bank Directors Have Clew to Missing Treasurer, Who Stole $565,000. NEW BRITAIN, Conn., Feb. 15.Prosecuting Attorney Mitchell on his own initiative has drawn up a warrant for the arrest of W. F. Walker on the charge of appropriating to his own use two bonds of $1,000 each belonging to the bank and sent Chief of Police Raw. lings to New York to inform the police there of the fact that the missing treasurer was wanted on a criminal charge. A clew to the whereabouts in New York of the missing treasurer of the Savings Bank of New Britain has been received by the bank directors. No clew as to the location of the securities which Walker took from the bank has been found in spite of a very active search in New York and several other cities. The bank situation apparently rests on the apprehension of Walker, for the run of depositors has ended. and the Institution practically could resume business without delay. A current report that a portion of the missing securities had been found resolved itself into the fact that $45,000 worth of bonds were on deposit in a New York bank and were allowed for in striking the balance to determine the actual shortage, which remains unchanged at $565,000. The board of directors of the bank met to discuss the present phase of the situation. Nearly every member feels certain that a large portion of the missing securities will be secured intact. At the meeting a second statement was drawn up, which was signed by all the directors, repeating what was said In the first statement given out, that the bank is solvent and guaranteeing that it will pay all depositors in full. The statement warns depositors not to be induced to sell their passbooks at any discount. With approximately $40,000 missing from the Baptist convention funds the defalcation of Walker appears to exceed $600,000. The only realty that he had was his modest home, which was assessed for $3,500, and against this mite an attachment for $500,000 was levied In favor of the bank.
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Connecticut Bank Suspends Payment A run on the Savings Bank of New Britain, Conn., following the announcement that the fleeing treasurer took bonds worth $565,000, caused the institution to suspend payment of depositors.
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New Britain Bank Suspends. The Savings Bank of New Britain, Conn., suspended, announcing that Treasurer Walker had stolen $565,000 in securities.
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SHORTAGE OF HALF MILLION. Savings Bank Treasurers' Defalcation Serious. New Britain, Ct. (Special) .-More than half a million dollars' worth of securities were taken from the vaults of the Savings Bank of New Britain by the missing treasurer, William F. Walker, according to a statement issued by the board of directors of the institution, following the collateral in the bank by State Bank Commissioners Kendal and Noble. There is left a surplus of about $143,000 over and above the amount due the depositors, the actual shortage being $565,000. The directors believe the greater part of the securities will be recovered. As the bank commissioners were preparing a statement to give to the directors Mayor George M. Lauders sent a letter to Governor Woodruff asking that Commissioner Kendall be removed from office on the ground of neglect of duty and incompetency. He pointed out in this letter that when Mr. Kendall began an examination of the affairs of the bank last Thursday Treasurer Walker, or: a plea of illness, left the bank, and Commissioner Kendall did not continue his work, but returned home to await Walker's convenience, knowing at the time that the latter did not return home that day. Bank Suspends Payments. There was no little excitement in and about the savings bank building during the day, owing to the uneasiness of hundreds of depositors, who suddenly found that they could not get their deposits under 90 days, the bank, upon orders of Attorney General Holcomb, having taken advantage of the by-laws requiring notice of withdrawal. The examination of the bank apparently shows that Walker did not touch any of the ready cash or the book accounts, and the shortage is purely an abstraction of bonds. The directors' statement follows: "The officers of the Savings Bank of New Britain, working with the bank commissioners, have examined the assets of the Savings Bank of New Britain and find that there is an apparent shortage of about $565,000. After charging this amount off there will be still about $143,000 of a surplus, which makes the amount due the depositors safe.
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NINETI-DAY NOTICE REMOVED. Savings Bank of New Britain Ready to Pay on Demand. New Britain, April 24.-The directors of the Savings Bank of New Britain at a meeting to-day voted to remove the ninety-day notice rule under which payment on deposits was stopped in February when a run on the bank was started following the public knowledge of the defalcation of William F. Walker, the then treasurer of the bank. Bank Commissioners Noble and Kendall, who began an investigation of the bank's books and securities yesterday in anticipation of to-day's action by the directors, and this afternoon reported that the examination disclosed satisfac. tory results. The vote removing the rule was then taken.
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WITHDRAW 90-DAY NOTICE. Action Taken by New Britain Institution Before Time Expires. New Britain, April 25.-At a meeting of the board of directors of the Savings bank of New Britain yesterday afternoon after listening to the report of the bank commissioners, Charles H. Noble and George F. Kendall of their thorough examination of the books and assets of the bank, which showed the bank was in a sound and satisfactory condition and prepared to resume the normal conduct of its business, the following resolution was unanimously passed: Whersas, The directors of this bank February 13, 1907, on account of the excitement, and run upon the bank. occasioned by the defalcation an flight of William F. Walker, former treasurer, caused to be put in force the rule requiring 90 days' notice of intention to withdraw deposits, which rule with slight modification is still in force. And whereas, we believe the excitement and alarm has entirely subsided and there is now no danger of a continuance of the run, and abundant provision has been made to meet all demands upon the bank, Resolved, That April 29, 1907, the rule requiring 90 days' notice for withdrawal of deposits be discontinued, and on that day and thereafter all payments on account of deposits be made upon demand.
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DEATH OF PHILIP CORBIN AT NEW BRITAIN LAST NIGHT. Founder of the Corbin Manufactories, President of American Hardware Association. New Britain, Conn., Nov. 3.-Philip Corbin, founder of the Corbin manufactories here and president of the American Hardware corporation, died at his home here tonight from an affection of the heart after an illness of two years. With him at the time of his death was his son Charles and his grandchildren, Philip, Mrs. M. C. Kohn and Mrs. William Beers. Mr. Corbin was born in Willington Oct. 26, 1824. In 1844 he came to New Britain, where he entered what is now the Russell & Erwin Manufacturing company, where he became a skilled lock maker and contractor. He later entered the factory of North & Stanley, where he remained until 1849. During his minority Mr. Corbin gave his father all his earnings except the amount required for his support, the sum the last year amounting to a thousand dollars. On leaving the Stanley & North company he and his brother Frank and Edward Doen formed a partnership to manufacture hardware. After a year the Corbin brothers absorbed the share of the business held by Doen and the firm of P. & F. Corbin was established, the name under which the business is carried on at present. Up to within a very few years the details of the business have been personally conducted by Mr. Corbin. The American Hardware corporation was formed in 1902 with Mr. Corbin as president, a position he has held since that time. Mr. Corbin's business career covered a period of sixty-six years, sixty-one years being given to the development and management of a single enterprise. In that time the capital invested grew from $900 to $10,000,000. Aside from his business, his financial interests were extended. He has been a director of the Hartford National bank, the Hartford Steam Boiler and Insurance company and the Mechanics' National bank of this city. As president of the New Britain Savings bank he saved that institution from a disastrous run at the time of the Walker defalcation by his personal word that he would insure depositors against loss. At the time of his death he was president, of the New Britain Machine company, the Foster & Dyson company, the Calumet Building company, the D. €. Judd company, the H. R. Walker company and the Whiting Land company. Interested in politics, he held several city offices and in 1884 was a member of the state legislature and in 1888 a state senator. The funeral will be held at his home on Maple street Monday afternoon, the services being conducted by the Rev. Herbert Jump, pastor of the South Congregational church. The body will lie in state from 11 o'clock that morning until 1 in the afternoon, and the Corbin factories will be closed from Saturday night until Tuesday morning. Of a family of ten, three survive him, a brother. Elbert A., and two sisters, Lois and Anna Corbin; his son, Charles F. Corbin. with his two children, Philip and Mrs. Minnie C. Kohn, and a greatgrandson, Philip Kohn, and an adopted daughter, Mrs. Nellie C. Beers.