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DABBLED IN STOCKS How Ruin Came to Joseph W. Mabee, of Tarrytown. HE WAS A TRUSTED BANK CLERK His Defalcation of $10,000 Made Good by Himself and His Friends. The State Bank Examiners Discovered the Shortage in a Recent Research of the Books--He Will Not be Prosecuted-Depositors Threaten a Run on the Bank --The Money Lost in Luckless Speculations. TARRYTOWN, N. Y., Jan. 14.-It was made public yesterday that Joseph W. Mabee, a trusted clerk of the Westchester County Savings Bank of Tarrytown, was a defaulter. Mabee was one of the most prominent citizens of Tarrytown, a village trustee, and oue of the trustees of the Asbury M. E. Church. He had þeen in the employ of the bank a great many years. and had the implicit confidence of all the trustees. A week ago the State Board of Bank Examiners visited the bank and examined the books. They found a number of discrepancies in the ledger, showing a defalcation. When President Ferris ordered Mabee to assist the examiners he broke down and confessed that he was a defaulter, telling how he took the money and falsified the books. He said that his peculations had been going on from 1876 to 1888 and he was willing to sacrifice everything he had to the bank to make restitution and begged him not to expose him to the people of Tarrytown. President Ferris promised this and on Monday the directors of the bank, Mabee and some friends held a closeted meeting which resulted in Mabee deeding to the bank his home, while some of his friends made up the balance of the shortage which amounted during the twelve years to $9,451.37. When he paid the money over to the directors he handed over his resignation which was accepted. The board allowed him to go to his home without being arrested. The bank officials will not prosecute Mabee. Mabee said to a reporter yesterday that he overdrew his account at the bank and used the money in unsuccessful speculations in Wall street. Hd said that he intended to pay the money back to the bank very soon. When the bank opened yesterday morning many depositors were on hand and it was soon circulated through the village that there was a run on the bank. People who had money on deposit in the bank began to flock there, and when the bank closed at 3 o'clock in the afternoon $2,000 had been withdrawn. The officials are not alarmed as to any serious trouble from a run.
