7700be81Full suspension, Books examined
Other: Receivers appointed; later discovery of embezzlement by a bookkeeper.
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Buffalo Bank Suspends. Buffalo, N. Y., Oct. 15.-At 2 o'clock this morning the directors of the Bank of Commerce, one of the leading financial institutions in this city, announced that owing to heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. Nothing can be learned as to the assets and liabilities.
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BUFFALO BANK FAILURE. Owing to Heavy Withdrawals, Bank of Commerce Suspends-One of the Leading Financial Institutions of Buffalo. Buffalo, N. Y. Oct. 15.-At 2 o'clock this morning the directors of the Bank of Commerce, one of the leading financial institutions of this city, announced that, owing to heavy withdrawals, the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. The withdrawals have recently been quite large. The directors expect the bank to be able to resume business in a short time. The bank was organized in July, 1873, and is quoted as having $800,000 surplus and a capital of $400,000. It was supposed to be one of the soundest financial institutions in the city. BANK FAILURE IN ILLINOIS. Washington.-The comptroller of the currency has received a telegram announcing the failure of the Second National bank of Rockford, Ill. Bank Examiner D. A. Cook has been placed in charge. The bank has a capital of $200,000 and at its last report its deposits were $320,000. Inability to realize on assets is given as a cause of the failure.
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CLOSED THIS MORNING. Unexpected Failure of the Bank of Commerce of Buffalo. BUFFALO, N. Y., Oct. 15.-At 3 o'clock this morning the directors of the Bank of Commerce, one of the leading financial institutions in this city, announced that owing to the heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. "Withdrawals from the Bank of Commerce have recently been quite large, and at a meeting of the board of directors it T as deemed expedient to place the bank in the hands of the banking department for examination, which will be made at once. Pending this examination the directors have decided to suspend business. The directors expect that the bank may be able to resume in a short time." That was the statement given out by Myron P. Clark, attorney of the bank, at 2:30 o'clock this morning. The Bank of Commerce was organized in July, 1873, and is quoted as having a surplus of $300,000 and a capital of $200,000. The officers are: President, George W. Miller; vice president, Wm. H. Gardner; cashier, William P. Reed; directors, James Tillinghast, George W. Miller, James F. Chard, William H. Gardner, William H. H. Newman, William H. Gratwick. The bank was supposed to be one of the soundest financial institutions in the city.
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Business Failures. Buffalo, N. Y., Oct. 15.-The Bank of Commerce has suspended business pending an examination into its affairs by the banking department. The directors state that on account of large withdrawals they decided to take this step. Rockford, III., Oct. 15.-The Second National Bank, the oldest financial institution of the city, has gone into voluntary liquidation. The result is due to a steady shrinkage of deposits since July 1. The clearing house states that depositors will be paid
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Forced to Suspend. BUFFALO, N. Y., Oct. 15.-At 2 o'clock this morning the directors of the Bank of Commerce announced that owing to the heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination.
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A BUFFALO BANK GOES UNDER. FORCED TO CLOSE BY HEAVY WITHDRAWALS NO RUN ON OTHER BANKS. Buffalo, Oct. 15. - The Bank of Commerce of this city closed its doors this morning pending an examination by the Banking Department. Withdrawals from the bank have been recently quite large, and at a meeting of the Board of Directors last night it was deemed expedient to suspend and place the bank in the hands of the Banking Department. The directors, however, expect that the bank may be able to resume in a short time. The Bank of Commerce was organized of in $300,000 July, 1873, and is quoted as having a surplus and a capital of $200,000. The officers are: Prestdent. R. R. Hefford; vice-president, William H. Gardner: cashier, William P. Reed: directors, James Tillinghast, R. R. Hefford, James F. Chard, William H. Gardner, William H. H. Newman and William H. Gratwick. Cashier Reed resigned a fortnight ago, ill-health being given as the cause of his retirement. There was no run upon any of the city banks as A result of the suspension of the Bank of Commerce. At several banks visited this morning deposits were being made as usual. The presidents and cashiers united in saying that the embarrassment of the Bank of Commerce had not been felt by them at all. There was not even a suggestion to of withdrawals anywhere. They attributed this the fact that the trouble in the Bank of Commerce was due not to present business conditions. but to affairs of long standing. which have been known inside banking circles for some time. Colonel Rochester, cashier of the Third National Bank, and a member of the Clearing House Committee. said: "Our committee desires to state that the reports of all the banks of the city to the Clearing House last Friday showed them to be in an exceptionally strong condition. None of the banks, so far as I know, and I think I can speak from accurate information, are in any way involved with the Bank of Commerce, either by loans to them or by exchange of any securities. The Bank of Commerce did not call upon the Clearing House Committee for assistance, but the directors and stockholders decided to suspend until they could ascertain exactly how they stood, as the officers and directors had no wish to make themselves criminally liable in receiving deposits when their capital was impaired."
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BANK'S FINANCES ARE SOUND. Buffalo Bank Closed Because Its Offleers Were Shorthanded. BUFFALO, Oct. 15.-No statement of the assets and liabilities of the Bank of Commerce, whose directors decided to suspend business today, has yet been made. The bank was supposed to be one of the soundest financial institutions in the city. The indi vidual deposits were $1,659,960; bank deposits, $547,490; loans and discounts, $1,788,920. It is hoped by the directors that after examination by the State Banking department the Bank of Commerce will be enabled to resume business. It is learned this afternoon that President R. R. Hefford of the Bank of Commerce resigned that office October 1 for two weeks. Therefore the bank had been without a presdent or cashier. Attempts at reorganization having failed, there was nothing honorable left to do but close the doors. The following statement has been given out: The doors of the bank have been closed, not because it had not money to pay out, but because it was desired by the officers of the bank to do full justice to its creditors and not make themselves criminally liable in case it was found that the bank's capital was impaired.
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SHUT DOWN FOR REPAIRS Cincinnati Brokerage Firm and a Buffalo Bank Closed Temporarily. - Cincinnati, Oct. 15.-The brokerage firm of E. L. Harper & Co. closed their books last night, being compelled to make settlements. This caused reports today_ that Harper had assigned but these reports are incorrect. The doors of the firm were opened today and they were doing business as usual, but a stock company is to be formed with Mr. Harper as president end manager and the affairs of the old firm are to be closed up, as it was unable to carry any more unpaid open accounts. Buffalo, N. Y., Oct. 15.-No statements of the assets and liabilities of the Bank of Commerce, whore Hose a of directors decided to sucpend Churiness today. has yet been made. The bank was supposed to become of the soûndest financial institutk in the city. The individual de-
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Big Buffalo Bank Suspends. BUFFALO, Oct. 15.-At 2 a. m. the directors of the Bank of Commerce, one of the leading financial institutions of the city, announced that, owing to the heavy withdrawals, the bank was compelled to suspend business and place their affairs in the hands of the banking department for examination. Nothing can be learned as to the assets and liabilities.
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THE NEWS. Compiled From Late Dispatches. DOMESTIC. Gen. Edward S. Bragg, of Wisconsin, has been appointed by Attorney-General Harmon especial assistant to the United States district attorney for the eastern district of Wiscons:n. For the first time in the history of New York state courts women were appointed receivers in supplementary proceedings of insolvency in New York city. A statement prepared by the bureau of mints shows that during the month of September last the mints of the United States coined 2,700,100 silver dollars. The Cooperative Fruit company of New Castle, Cal., failed for $100,000. The notorious Bill Green gang of desperadoes. composed of Bill, Edward and Arthur Green, was found near Oologah, I. T., and Bill and Edward were killed by the officers. The barkentine Thomas J. Stewart, of Boston, was lost at sea with her crew of 11 men. An organized effort is being made in South Dakota to boycott the hard coal combine throughout the northwest by inducing as many consumers as possible to substitute corn for fuel. Later advices from the storm on the Atlantic coast say that the property damage at Coney Island and other places in the vicinity will amount to over $500,000. Six lives were also lost. The Sherburne (Minn.) bank robbers have been identified as Lu Kellihan and his brother Hans, the latter, who was killed by his captors, being only 18 years old. Knights of the Golden Eagle from nearly every part of the United States met at Reading, Pa., in annual convention. The first irrigation fair in the history of the west opened at North Platte, Neb., with many thousands in attendance. George Harris, William Smith and Charles Jones were killed and two citizens were wounded during an attempt to rob the bank at Meeker. Cal. The Marine national bank at Duluth, Minn., suspended with heavy liabilities. Cummings Bros., exporters of hardwood lumber and logs at Houston, Tex., failed for $100,000. The J. & P. Coates company of Glasgow, Scotland, has bought Clark's MileEnd thread mills at Newark, N. J., for $1,250,000. Three men were fatally injured and 20 others were more or less seriously injured in a trolley accident at a railway crossing in Hazieton, Pa. The Second national bank. the oldest financial institution in Rockford. III., closed its doors, having gone into voluntary liquidation. James Michael, the Welshman, broke the world's five-mile bicycle record on the Garfield park track in Chicago, his time being 9:17 1-5. The annual report of the third assistant postmaster general for the past fiscal year shows that the total expenditure for the year was $90,626,296 and receipts $82,499,208, leaving a deficiency of $8,127,085. or a reduction of $1,679,956 less than the preceding year. J. A. White shot and killed Richard M. Adams and William Jackson, police officers who were trying to arrest him at Columbus, Ga., and was himself shot dead. Michael Boyd and a man named Murphy were asphyxiated in a large gas tank at Syracuse, N. Y. In a wreck on the Florida Central road near Swansea, Ga., Baggage Master Lines and Mail Clerk Thomas were pinned down in the debris and burned to death. The Bank of Commerce, one of the leading financial institutions in Buffalo, N. Y., suspended because of heavy withdrawals. The Military Order of the Loyal Legion of the United States at its annual meeting in Philadelphia elected Rear Admiral Bancroft Gherardi, U. S. N., commander-in-chief. Settlers in Ontonagon and Gogebic counties, Mich., were meeting with heavy losses by forest fires. The president has appointed Robert A. Smith postmaster at St. Paul, Minn. The appointment ends a long contest over the office. Four members of the volunteer fire department of Blue Island, III., have been placed under arrest charged with burning the principal business block in that place some time ago.
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Editorial Otherwise. The Democratic Gibraltar-Mississippi A New York mill makes 18,000 pies daily. Queen Victoria's railway car cost $30,000. The Vicksburg Exposition closed Saturday. It was dollars against sense, hence the defeat. It is sometimes very hard to flag a train of thought. Many man thinks he can sing when be can only howl. Men always bow to fate, but not as a matter of courtesy. Mark Hanna spent $200,000 in Nebraska, but it didn't work. Major McKinley will now have a chauce to get new lawn. Soft soap very useful article, especially in conversation. At the last election many a voter got an X for making an X. Most people like to be called bad in a laughing sort of way. What an awful change must be for the iceman when he dies. Mrs. Lease should now give her tongue that much-needed rest. It is opportunity that makes some men and not their own merit. The man who parts from the right is reasonably sure to get lett. When man begins to raise the devil he always lowers himself. Some people are better when they are sick than at any other time. The majority of people who want to be coax. ed, ought to be clubbed. Where the wages of sin is death, there is no striking for an increase. his The original McKinley man is packing grip for trip to Canton. Kentucky whisky seems to have lost its delicious Democratic courage. The Hawaiian government has granted full pardon to Queen Liloukalini. The milk of human kindness is not very heavily enameled with cream. Sockless Jerry Simpson was elected to Congress, after rest of two years. Do good to all men. Some day they may have chance to do good to you. A man's temper is very often dependent upon the temperature around him. A man in good spirits ought to be for long time well-preserved person. The talk of a duel between Senator Black burn and Logan Carlisle is revived. A dentist is man who pulls people's teeth. A lawyer is one who pulls their legs. If it wasn't for the fools in this world wise men would have to work for living. Morris Brown, of Columbus, Ohio, committed suicide because Bryan was defeated. A secret society has been formed in Canada to work for that country's independence. The Bank of Commerce of Buffalo suspended business with deposits of over $2,000,000. It is far better to have one hand on post office than both eyes on foreign mission. A false balance is abomination to the Lord; but just weight is his delight.--Solomon. a The judge on the bench is sometimes wiekeder man than the prisoner in the dock. The resources of the Treasury are severely taxed to meet the demand for paper currency. A Russian electrician has discovered means of telephoning a long distance under the sea. The tendency of our day to intense individunlism is weakening both in the church and the State. While criticising your neighbor's character it might be well to glance at the diagram he has of yours. A woman never knows what an unprincipled scoundrel she has married until her husband runs for office. A female high kicker can make one hundred times as much money as the best woman school teacher. The Republicans will retire the greenbacks gradually and replenish the circulation by the coinage of more silver. General Weyler has just laid in his wint supply of pencils and paper. So look out for H lot of Spanish victories. Be careful in your table talk. Do all your biting at the table in biting your food. Don't be biting in your remarks. In speaking to men be brief; with women go into detail with humanity in general be direct, truthful and convincing. A woman would never be successful in running for office; she would have to stop too often to see if her hat was on straight. In the Venezuelan matter, a trenty of arbitration has been agreed upon between the United States and Great Britain. Breckinridge was defeated for re-election to Congress. The chances of Madeline collecting the amount of that small judgment seem more remote than ever. A manover in Alabama claimed to be man of destiny, therefore could not be beaten. The returns brought him out 4190 votes behind-so much for destiny. The man who always helps himself before he assists anybody else, may expect every. body else to take care of themselves before they give him lift, when the time of his need comes. The influence of woman, either for good or evil, on the heart and mind of man is omnipotent. Vain are the struggles to resist it. In misfortunes, it tempers the energies; in prosperity, adds grace to them. Noble county, Indiana, claims as citizens t four unique characters. It has within its borders the smallest married couple in the United States, and also the largest and smallest men n from a physical standpoint in Indiana; the former weighs 560 pounds, the latter is but 3 feet 3 inches in height and weighs only 75 pounds.
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Certain to Be a Receiver. Buffalo, N. Y., Nov. 23.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and stockholders of the suspended bank cannot agree now among themselves any more than they could before its affairs reached such a shape as to compel suspension.
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DAY'S LIST OF FAILURES Schedules in the Assignment of Hilton, Hugbes & Cc., Filed. New York, Nov. 23.-Schedules in the assignment of Albert B. Hilton, who conducted business under the firm name of Hilton, Hughes & Co., successors to A. T. Stewart & Co., were filed today. The schedules shows liabilities to the amount of $1,891,376; nominal assets $1,600,347, and actual assets $732,174. Buffalo, N. Y., Nov. 23.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other banks are not inclined to assist and the stockholders of the suspended bank cannot agree now among themselves. Detroit, Mich., Nov. 23.-Mably & Co., one of the leading retail clothing firms of the city, this morning filed a chattel mortgage for $150,000 to the Union Trust company as trustee for their creditors. A blanket mortgage covering the entire stock of clothing, boots and shoes, men's furnishings, etc., was also made to the Union Trust company. In the circuit court Judge Donovan appointed the Union Trust company receiv er, with power to at once take possession of the store and carry on the business in accordance with the terms of the chattel mortgage. The indebtedness of the firm is a IIttle less than $400,000. Bruce Goodfellow, president of the company, said later that he hoped that the firm would be able to reorganize and continue the business.
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Other Business Troubles. PHILADELPHIA, Nov. 23.-A bill in equity was filed in the United States Circuit Court to-day by George A. Lee, of New York, against the Pennsylvania Traction Company, of Lancaster. Lee says he is a holder of $10,000 of the bonds issued and secured by the mortgage of Jan. 5, 1894, and of bonds to the aggregate amount of $700,000, issued under and secured by the mortgage of April 5, 1894. Lee claims the company has defaulted in the payment of interest, and he asks that a receiver be appointed. BUFFALO, N. Y., Nov. 23. - That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and the stockholders of the suspended bank cannot agree now among themselves any more than they could before its affairs reached such a shape as to compel suspension. WASHINGTON, Nov. 23.-The Controller of the Currency has received information of the failure of the Dakota National Bank, of Sioux Falls, S. D. The bank has a capital of $50,000. and at the time of the last report it had a surplus of $50,000 and liabilities amounting to $230,000, exclusive of stock. Bank Examiner Zimmerman has been placed in charge. NEW YORK, Nov. 23.-Schedules in the assignment of Albert B. Hilton, who conducted business under the firm name of Hilton. Hughes & Co., successors to A. T. Stewart & Co., were filed to-day. The schedules show liabilities to the amount of $1,891,576; nominal assets, $1,600,342, and actual assets of $732,174. LONDON, Nov. 23.-The failure is announced of Webster & Bennie, warehousemen, with liabilities estimated at £180,000 ($900,000) and estimated assets at £120,000 ($600,000.)
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Bank Will Suspend, BUFFALO, N. Y., Nov. 23.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and stockholders of the suspended bank cannot agree among themselves, any more than they could before its affairs reached such a shape as to compel suspension.
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Unable to Reorganize. Buffalo, N. Y., Nov. 25.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless.
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Receivers for Buffalo Bank. Buffalo, N. Y., Dec. 3.-Justice Childs has appointed Henry H. Persons of East Aurora and John R. Hazel as rereivers for the defunct Bank of Commerce. A bond of $100,000 will be reguired from the receivers.
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committed suicide in Philadelphia. It is proposed to present an address to Rev. Dr. John Watson (Ian Maclaren) before his departure from New York for England in a few weeks. Leadville, Col. The report of a probable sympathetic strike of miners in other camps in aid of the Leadville strikers is declared to be unfounded. Buffalo, N. Y.-The Bank of Commerce will go into the hands of a receiver. Other bankers are not inclined to assist the stockholders. Washington Consul Weisike reports from Managua, Nicaragua, to the state department that the duty on lard has been suspended for six months. Gen. John B. Gordon announces that the next annual reunion of the United Confederate Veterans will be held at Nashville, Tenn., May 5, 6 and 7, 1897. A monument to New Jersey troops who took part in the battles of Chickamauga, Chattanooga and Missionary Ridge was dedicated at Orchard Knob, Tenn. Senator Chandler, of New Hampshire, while on a visit to New York, spoke in favor of short-term notes to raise revenue to pay government expenses. Captain J. M. Mitchell and L. C. Bryan of Chicago were probably fatally burned by an explosion of gasoline which wrecked their boat Pilot at Cairo, Ill. Thomas S. Jones was arrested at Birmingham, A'a., on the charge of embezzling $19,000 while holding the office of sheriff and tax assessor of Augusta, Ga. The funeral of Frank P. Arbuckle, of Denver, who the police believe was murdered, took place at St. Chrysostom's Protestant Episcopal church, New York city. Patrick Meagher, a justice of the peace at Gilbers, a suburb of Elgin, Ill., and his mother were found dead in bed at their home. Their deaths were caused by asphyxiation. Chairman Bynum of the national democracy who is in New York, stated that the sound-money democrats intend maintaining their organization throughout the country. New Haven, Conn. General E. E. Bradley has been nominated for mayor by the gold standard democrats and the republican nominees for auditor and city clerk are indorsed. At Newark, N. J., Miss Elizabeth Smith, daughter of United States Senator James Smith, Jr., was married to Peter Hauck, Jr., son of the millionaire brewer of Harrison, N. J. Assemblyman Abell, of Brooklyn, intends introducing in the New York legislature a bill to place all gas, electric light, telephone and telegraph companies under state supervision. The liabilities of the assigned firm of Hilton, Hughes & Co. of New York are $1,891,576.18. The nominal assets are $1,600,312.47; actual assets, $782,174.70. The employes have been paid. Chillicothe, Ohio Steps have been taken by Joseph S. McKell and other capitalists for the organization of a company for the purpose of operating a factory for the manufacture of beet sugar. Fort Wayne, Ind. A. C. Hollibaugh, who was arrested here a few days since by the government officials has been identified as the man who passed forged checks at Logansport and Plymouth. Countess Jarocke, who for twenty years has vainly pressed a claim for $2,000,000 held by the government belonging to her ancestor, Gen. Pulaski, has wearied of the struggle and threatened suicide. The president has filled the vacancy in the chief justiceship of the court of claims, caused by the death of Judge Richardson, by the promotion to that office of Judge Charles C. Nott, now a member of the court. Washington The commissioner of patents has issued an order directing that any person disbarred from practice before the patent office by order of the commissioner be denied access to the files of the office. Topeka, Kan. John W. Breidenthal, chairman of the democratic state central committee, has announced his candidacy for the United States senate, to succeed William A. Peffer. Senator Peffer is a candidate for re-election. Captain J. H. Stickle, at one time a candidate for United States senator, has been sentenced to two years in the penitentiary for embezzling $800 of the funds of the defunct Blue Valley bank of Hebron, Neb., of which he was president. Mrs. Swearpier, wife of a rancher, living near Tacoma, cut the throats of her three little girls, aged respectively 5 years, 3 years and 9 months. She then used the knife on herself, inflicting a severe but not necessarily fatal wound. Mrs. Nat Godwin in her suit for a share of her husband's income claims that he is the owner of several plays from which he receives an annual in-
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NEWS OF THE WEEK. -A $700,000 electric light combine is the latest addition to the forces of light and power manufacturing in St. Louis. -Justice Childs at Buffalo appointed Henry H. Parsons of East Aurora and John R. Hazel as receivers for the Bank of Commerce. A bond of $100,000 will be required from the receivers. -Bound to iron rings anchored in the walls and caged like a wild beast, Grace Solomon, the daughter of a wealthy pawnbroker of Denver, has raved for the past seven months in a condition and under surroundings the most terrible. -By the arrest of Charles Rubinsky at Pottsville, Pa., the federal authorities say they have broken up a daring gang of swindlers, who during the past five years have obtained goods valued at many thousands of dollars from merchants of New York, Boston, Chicago, Philadelphia and other cities. -Mrs. William Aitken and her 16year-old sister were in a crowd near the Grand Opera house at Kalamazoo, Mich., when an unknown young man made an insulting remark to the girl. Mrs. Aitken resented it, and backed her feelings by her strong right arm, much to the discomfiture of the young man. -Jeff Paget, aged 22 years, and Albert Ells, 21 years, have been arrested at Kansas City, Mo., for supposed connection with the Chicago & Alton robbery on October 23. They were scene shifters at a local theater. Paget admitted having planned to rob the Missouri Pacific passenger at Leeds with Oscar Bridges, leader of the electric car robberies. -By the first of the year every flour mill in St. Louis will be running full blast. This is the prediction on 'change. -The United States gunboat Bennington has finished taking on coal at San Francisco and will sail for Callao in the wake of the Philadelphia. -Natural gas wrecked the $10,000 residence gf V. A. Weaver at Moundsville, W.V. The inmates of the house escaped with slight injuries. -The Postal Telegraph-Cable company and the Commercial Cable company directors took action in New York in regard to forming a closer alliance. -The Cincinnati chamber of commerce has passed a resolution petitioning Congress to create a new cabinet position, that of commerce and manufactures. -The canals of the state of New York were officially closed by order of the superintendent of public works. Active work on the improvements is to be begun at once. -At a meeting of the Royal society at London medals were presented to Prof. Roetgen for his ray discoveries, and to Prof. Moissan for his discovery of the isolation of the element fluorine. -A dispatch from Rome says that a great sensation has been caused in that city by the attempted murder of an English lady who wrote for the press under the nom de plume of Comtessa Lara. -Admiral Walker has gone to Portland, Or., to arrange for the completion of lightship No. 67, which was under construction by John F. Steffen & Co. of Portland at the time of their failure some months ago. -Consul Ridgely at Geneva in a report to the state department says there is a small demand in Geneva for American tin plate, more especially for the raw material packed in boxes, also for block sheets packed in bundles. -Interest in Ohio Southern first mortgage 6 per cent. bonds has been defaulted at New York. Payments of June coupons have recently been completed. The default is attributed in part to a strike in the coal regions through which the road traverses. -Oscar Hammerstein, the New York theatrical manager, has made a proposition to his creditors, offering to pay his outstanding indebtedness of $75,000, in full with interest during 1897 in instalments and to give a collateral mortgage on all his property as security. -The Postal Telegraph Cable company announces the completion of its new connecting cable, known as the United States and Hayti Cable company. This connection with the Postal company causes a reduction in rates to points in the West Indies and South America from 10 to 30 per cent.
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Henry H Pearsons and John R. Hazlas are arpointed receivers for the Buffalo, N. Y., Bank of Commerce.
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A CLEVER SWINDLING SCHEME. HOW A BOOKKEEPER ROBBED THE BUFFALO BANK OF COMMERCE Buffalo, Dec. 23.-Edwin J. Smith, individual bookkeeper of the Bank of Commerce, was arrested last night on the complaint of the receivers of the bank, who charged him with falsifying the books, effecting a practical embezzlement of between $2,500 and $3,000. Smith confessed and said he had no accomplices He was not arraigned in police court to-day, his relatives having agreed with the bank receivers that a settlement of the shortage should be deferred until to-morrow. If this settlement is made and bonds are given to cover any additional stealings discovered, Smith may not be prosecuted. Smith did not forge checks nor take cash out of the funds of the bank, but simply used his personal checks collected through other banks. These checks in the course of banking went through the clearing house. and were returned to him at the Bank of Commerce, As head individual bookkeeper. Smith always opened the clearing house envelope. Therefore, it was a simple matter for him to take the checks which he had drawn and had secured money on, and to destroy them. But there was the danger of having to explain the clearing-house accounts. He must have money from somewhere to account for the check charges which would appear. He did that by charging up the amounts of the checks he had drawn himself. and on which he had got money against the accounts of depositors in the Bank of Commerce. In that way Smith managed to keep his books apparently straight and to avoid detection. Then, when there was danger that one of the depositors whose accounts he had falsified might bring in his bank book to have interest added, or to have it written up. Smith resorted to other methods to make the depositors appear to be al! right. In one case he wrote off $1,000 from the interest account of the bank and placed it to the credit of a depositor whose account he had robbed by charging it against his personal checks for over $300. Placing the money stolen from the interest account to the credit of the depositor made the account appear to be straight, so far AS the depositor was concerned. It also would have prevented the discovery that the depositor had been robbed, had he happened to send In his passbook, because the account would have balanced. In the process of winding up the affairs of the defunct bank, Smith's stealing came to light through the writing up of the passbook of one of these "sleeping" accounts. The depositor was charged with having drawn fourteen checks, which he disputed, saying he had drawn only three checks against his account in ten years. That started the investigation which led to the discovery of the embezzlement and Smith's arrest. In another instance Smith charged up 142 checks against a "sleeping" account. amounting to $927. Last night. when Smith confessed, he said that he knew he would be found out. and intended making a statement to the receivers, but deferred it 80 as not to "spoil Christmas for his family." He produced a paper. containing memoranda of his stealings, which agreed with the discoveries made by the receivers. The emblezzlement, so far as discovered, amounts to $2,838 11.