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LOCAL MISCELLANY. HOW A SAVINGS BANK WAS SWINDLED. AN OFFICER TAKES THE BANK'S MONEY FOR SPECULATION ON INFORMATION FURNISHED BY AN ASSEMBLYMAN. The sait of John 11. Platt. receiver of the Market Savious Bank, against Matthew P Benus and William Van Name, was brought to trial yesterday. Mr. Van Name was the President of the Market Savings Bank. H. R. Couklinz, the Secretary of the Bank, was a defendant. but his death has withdrawn him from the suit. The charge of the plaintiff is that in 1869 the defendants touk from the bank $100,000. with which to speculate in stocks ou a margin. and failed to return 01 account for $37,000. the interest now swelling the amount to about $60,000. The living defendants, by their coursel. throw all the blaine on Coakbing, who is dead. The story told by their counsel is that Bemns, then in the Legislature, and in the Spring of 1869, an arranzement with a gentleman in New-Jersey, now dead. by which he supplied the points" and his friend the money, and they specialed in New-York Centraland Hudson River Railroad stock. Coakhing came to Bemus and suggested that he had persons who could furnish money to operate on a larger scale ou his information, and Beinus tinally consented to transfer his information to Conkling The person for whom he was acting required that the transactions be made in the name of Van Name and Bemos, and Mr. Benus acceded, after some hesitation, to that. Some transactions were entered upon, and a profit was made In July, 1869, Mr. Bemus had information that the stock of the New-York Central would surely rise, and an arrangement was made that 5,000 shares of the stock should be bought. On July 9 Mr. Conkling went with Mr. Bemus to the brokers, and gave all order for 1,500 shares, depositing it margin of 20 per cent. On July 13 Mr. Coak lung ordered it further purchase of 1,500 shares, and on July 13 of 2,000 shares, depositing margins These orders were executed. and the mar was composed of three checks on the Market Savings Bank aggregating $100,000. Later in the same month the present defendants desired having been realized, and they gave orokers to close out to orders draw to out. their a profit the whole matter, but they had previously given to Conkling the management of the pool. After they had sold out 2,000 shares, came back and insisted that the stock was going and not stopped still Conkling higher, only the stock sales but held bought until back the shares already sold. The was Black Friday," when it suddenly fell, and the brokers insisted that unless $250,000 more was at once put up, sall the stock. Then learned from was ing they defendants must Conkling for the that first the time bank the livinterested that Conkling had used weeks ned by the President. Van Name, 111 blank for the ordinary business the necess and aside of speculation: the bank, to secure that, from margins what moneystue TV on bank the had on account of this speculation, there would be a deficiency of about $59,000. There was no time to call a of the the money or being and 80 the required meeting al once, trustees, three bank agreed should securities that be $250,00 deposof the negotiable securities of the ited with the brokers. The bank nitimately got back in its $250,000 111 that then and through $22,000 the rise of the money prices appeared securities hopelessly and lost. It was urged this story. if true. made neither of the living defendants unite to the bank. Matthew P. Benus was the first witness called for the defense. and on his direct testimony substantialiv told the story narrated by his comsel. On his cross-examnati 11 he stated that the became a legislator in 1867. in 1866. In was net remember on having in a railroad. been elected He could 1866 be what interested committees be served; be thought the Railroad Committee and the Com Littee on Cities, but he could not tell in W at years of his legislative life. The information given to his first partner Maynard. and afterward to Coukling, never came from his knowledge acquired as a legislator, but always from private information. He neve had any idea that the bank's money was being used until Could ling confessed 11, when $250,000 auditional margin was called for. The case will be continued to-day. Man & Parsons appear for plaintiff; Nelson & Cook for the defendants.
