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A Bank Suspends. ELMIRA, N.Y., Feb. 9.-The First National bank of Watkins suspended today. The failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000, all the bank's cash. He left a letter eaying that he is insane.
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Failure Caused by a Dishonest Cashier. ELMIRA, N. Y., Feb. 10.-The First National bank of Watkins suspended yesterday. The bank failure was caused by the absconding of the cashier, John W. Love. He took $50,000. all the bank's cash. He left a letter saying he was insane.
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CASHIER RUNS AWAY. National Bank of Watkins, N. Y., Suffers to the Extent of $50,000. WATKINS, N. Y., Feb. 9.-John W. Love, the president of this village and eashier of the First National bank, has absconded with $50,000 of the funds of the bank. The greatest sensation that has been created in Watkins and the surrounding country in years was caused today when the doors of the First National bank were closed, and the following startling announcement posted on them: "Closed, because the cashier has run away." It has been learned that Love left Watkins some time last night, and the amount he took with him from the bank vault is estimated at $50,000. For some time Love and others of this place have been interested in a city boom at West Muncie, Ind., and it is generally believed that he became involved through speculation there. Love is thirty-five years of age, and has a family. The bank has many depositors in Watkins and vicinity, and groups of men are to be seen every where discussing the matter. Love left a letter for his brother James, stating that he was insane and would kill himself by jumping into the lake; but this is thought to be a bluff on account of his taking the bank funds. It is rumored that there were $10,000 of state money in the bank. The funds of the town of Dix were also there. The excitement has been intensified by the finding of Love's coat and hat on the dock at Magee's boathouse.
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LOVE AND MONET Love Was Cashier of a National Bank at Watkins, N. Y. PROBABLY $100,000 IS MISSING. He Was the President of the Village, but Used the Bank's Funds to Boom Western House Lots and Lost-His Threat to Commit Suicide Not Taken Seriously. WATKINS, N. Y., Feb. .--The greatest sensation that has been created in Wat kins and the surrounding country in years was caused when the doors of the First National bank were closed and the tol st. lowing startling announcement was on them because the cashier has run away. was John W. pres Closed The of cashier village Love, several the ident the and for years It one of the leading men of the place. has been learned that Love left Watkins some time Thursday night, and the amount which he took with him from the bank's vaults is estimated at about $50,000. For some time Love and others of this place have been interested in a city boom at West Muncie, Ind., and it is generally believed that he became involved through speculation there. Love is 35 years old and has a family. The bank has many depos itors in Watkins and vicinity, and groups of men are to be seen on every corner discussing the matter. left a letter for his James, that he was insane and kill stating Love brother would into the himself or jumping but this is thought to be a on lake, by shooting bank's bluff funds. account of his taking all the It is reported that there was $10,000 the of state money in the bank. The funds of town of Dix were also there. The excitement has been intensified by the finding of Love's coat and hat on the dock at McGee's boathouse. It is rumored that a Watkins girl to whom Love was attentive is also missing. Said He Would Commit Suicide. When James Love went to the postoffice his mail, he received a letter from his John Love, who years had been cashier of the bank, and brother, got for saying the 10 books that his accounts were short; that had been falsified; that he was unable any longer to bear up under the strain; that no was to blame; that he had brought the trouble entirely upon himself, one else commit and that he was going away and would suicide by jumping into Seneca lake or by shooting. James Love quickly communicated the to the bank officers, and a hasty ex amination news showed that there was less than $5,000 in cash in the bank. Further quick running over other books indicated a shortof $100,000. The comptroller by of age was notified, and he the bank closed, ar ordering currency of upward pending replied done. the rival of an examiner, and this was John Love succeeded his father in the bank, and the family has always had entire considerable stock in it. He had the confidence of the officers and was given exclusive control. A few years ago he became largely interested in the West Muncie (Ind.) Improvement and this is believed to have a the money. The company hotaken tract company, mammoth bought of land, erected a efbuilt some factories and made an fort to up a land boom. tel, get Hard times drug and the lots, it is said, were a Love came, in the market. It is believed that carried them as long as the bank's money disheld out, and then, seeing inevitable covery at hand and knowing that. he was criminally responsible, he decamped. Kissed His Wife and Disappeared. Love attended to business Thursday as usual and was home to dinner, after which he affectionately kissed his wife and Penn baby goodby and said that he was going to Yan to attend a Red Men's banquet. Later some acquaintances saw him walk- said toward the depot, and to them he ing was away. This was the last of but there are few people seen he took the train, as was believe that he him, that going Central he who to all the Northern and none can well railroad known employees, be believed found who saw him on the train. It is of he went away that he was driven out think if and there are many who his town, friends of his could tell more about whereabouts than they do if they were willing. bank had many village depositors and The a large patronage from the farmers. It is claimed by officers that the concern able to pay 100 cents on dollar, conservative men shake but will be their the heads more and predict that the disaster will be widespread than is now surmised. Love was a popular young man and apdevoted to his family. He never fast drank, parently and beyond the owning of a he is not known to have had any ex horse travagant habits. If he gambled or specu- do not lated in stock, the people of Watkins the know it. In fact his disappearance and revelation following were a complete surSince the receipt by his brother of of prise. letter mentioned not the least news but the whereabouts has been obtained, all his this is not surprising, as he had an night start, and it was not until afternool. the authorities woke up and telegraph and that ed 8 description of him to New York other cities.
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AN ELMIRA BANK EURSTS. Elmira, N. Y., Feb. 9.-The First National bank, of Watkins, suspended today. The failure was caused by the absconding of Cashier John W. Love. lie is said to have taken $50,000, all the bank's cash. He left a letter saying he was insane.
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Said He Was Insane. Elmira, N. Y., February 9.-The First National bank of Watkins suspended today, The bank failure was caused by the absconding of Cashier John W. Lowe. H: is said to have taken $50,000, all the bank's cash, and left a letter saying he was insane.
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Over $100,000 Stolen. WATKINS, N. Y., Feb. 10.-The First National bank closed yesterday by order of the comptroller of the currency. A hasty examination shows that there is less than $5000 in cash in the bank. Further quick running over books indicates a shortage of upward of $100,000. Cashier Love has skipped.
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CASHIER LOVE'S DEFALCATION. Kt To Now Thought That It May Exceed $110,000-No Clue to His Wheresbouts. ELMIRA. Feb. 10.-The affairs of the First National Bank of Watkins. which closed its doors yesterday. owing to the defalcation and flight of the cashier. John W. Love, are still in a muddled condition. and nothing definite will be known until the bank examiner from Washington has made his report. The story that Love has committed suicide by drowning in Seneca Lake is disbelieved. It is thought that he left his hat and coat near the boat house to throw the officers off the track. There is no clue to his whereabouts. His defalcations may exceed $110,000. Much excitement prevails in the village and runs have been made on the other village banks. but demands have been met in all cases quickly. BENGER AND LOVE'S NEW YORK AFFAIRS. It was learned yesterday that John W. Love. the defaulting eashier of the First National Bank of Watkins. and William Benger. the manager of the Western Development Company of West Muncie. Ind., in which both were heavily interested. were also joint owners of the apartment house at 151 West Thirty-fifth street. Benger came to New York from Watkins last summer. The property was purchased in November from James G. Sanderson of Englewood. There is a mortgage on It of $175,000 held by Jordan L Mott & Co. The interest and taxes, amounting to $2,000. were paid by Mr. Love in December. On Feb. 1 Mr. Benger assumed the management of the property and lived in one of the apartments. The janitor said yesterday that he had heard nothing from Mr. Benger since his hurried departure on Friday evening. He did not know where Benger had gone or when he would return. According to the last statement made in March. 1898. the directors of the Western Development Company of West Muncie were John W. Love. cashier of the First National Bank of Watkins. and George W. Love and William Benger of Watkins. Mr. Benger was the general manager. So far as can be learned the company never had offices in New York. A good deal of West Muncie realty was traded for the property at 151 West Thirty-fifth street, and it was understood by the agent that Mr. Benger was in the business of promoting land companies.
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WATKINS BANK AFFAIR. Love Thought Not to Have "Suicided"His Defalcation, $110,000. ELMIRA, N. Y., February 10.-The affairs of the First National Bank of Watkins, which closed its doors yesterday, owing to the flight of the cashier, John W. Love, with the funds, are still in a muddled condition, and nothing definite will be known until the bank examiner from Washington has made his report. The story that Cashier Love suicided by drowning in Seneca lake is disbelleved. It is thought that the placing of his hat and coat near the boat-house was merely a blind to throw the officers off the track. His defalcation is estimated as high as $110,000. The greatest excitement prevails in the village, and runs have been made on the other village banks, but the demands have been met in all cases quickly. The story that Love went away with a girl is not true, the girl having returned. Love's wife is prostrated with grief.
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the body, is supposed to be Jacob Lanfred of Cedarburg, Wis., was found at Vandalia, Mo. At Gades, Tenn., Thursday night two unmasked white robbers shot and killed Henry Snodderly and wife and robber their house. No clue. The large planing mill and carpenter shop owned by the Calumet and Hecla mining company at Calumet, Mich, burned. The loss $80,000. The First national banks of Watkins, N. Y., suspended. The bank failure was caused by the absconding of the cashier, John W. Love. He is said to have taken $50,000. Deputy United States marshals have been as yet unable to locate Frederick Marvin, the ex-cashier of the Third national bank of Detroit, who is wanted for embezzlement. The Hon. Wayne MacVeagh, the newly appointed ambassador to Italy, and secretary. arrived in London and visited the United States embassy. He will report at Rome about March 1. The Ute Pass paint works burned at Colorado City. Loss $70,000 with insurance $17,750. The company was in the hands of a receiver and was capitalized a year ago for $150,000. On application of Frank A. Wilcox, president and large creditor, he was appointed receiver for the Akron (0.) electrical manufacturing company. The company is incorporated for $100,000. At Kansas City a jury in the circuit court rendered a verdict that the whisky trust cannot enforce the conditions in its rebate vouchers that require customers to purchase all of their goods from it. Excitement runs high in Bell and Harlan counties, Kentucky, over the killing of John and Will Turner by Dr. Nolin at Harlan court house Tuesday, as they fear the Howard-Turner feud will break out again in all its fury. The king of Saxony is suffering from a serious hemorrhage of the bladder. In the reichstag, during the discussion of the colonial estimates, Prince Arenburg demanded the removal and unishment of Governor Leist of the Cameroons colony. Ten manufacturers of tin-plate at Swansea, who employed 3,000 hands, have closed down. Despite the passage of the Wilson bill in the American house of representatives the depression in the tin-plate industry seems to increase.
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Bank Receiver Appointed. The controller of the currency today appointed John W. Warner of Reading Center, N. Y., receiver of the First National Bank of Watkins, N. Y., which suspended payment on the 9th instant. -
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Receiver for Watkins Bank. W ASHINGTON, Feb. 27.-The comptroller of the currency has appointed Dr. John W. Warner, of Reading Centre, N. Y., receiver of the First National bank of Watkins, N. Y., which suspended on the 9th inst.
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APPREHENDED. DEFAULTER Cashier Love, After Much Wandering, Caught in Chicago. WATKINS, N. Y., July 31.-Officer White, who arreated John W. Love, the defaulting cashier of the First National bank, states that he received definite word on June 20th that Love was in Chicago, having arrived there on June 15 from Memphis, Tenn., and he at once had a conference with Receiver John W. Warner of the bank and District Attorney E. O. Berlin. Mr. White left here on July 22 for Chicago. Arriving there he located his man and telegraphed home. Deputy Sheriff J. W. Kameman at once went to Albany after the requisition papers and secured them, got Governor Altgeld's indorsement and arrived in Chicago Friday morning. Officer White arrived there Monday evening and asked the sheriff of Cook county for help, which was refused him. Hoswore out a warrant before Police Magistrate Kellogg Tuesday afternoon. Then, of course, Borrow and White located their man at the Hawthorne racetrack. They placed him under arrest. He told White that he went from here to Burdett, to Philadel phia, New Orleans and to Memphie, and took the name of John W. Williams. registering at Memphis, Tenn., as from the Hotel Waldorf in New York. Love has been turned over to the United States authorities by District Attorney Beolin. He is charged with embezzling money belonging to the bank, obtained by the issuing of certificates of deposit. Bail was fixed at $25,000, and the prisouer committed to the charge of the county jail at Elmira, where he will be taken unless bail is given. He will be taken before the grand jury at Buffalo on September 17th, and if indicted there will probably be tried at Auburn in November. His shortage is now fixed at $70,000. Leve claims that he had no accomplices and the money was lost in speculation.
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DEFAULTER RELEASED FROM PRISON. Watkins, N. Y., Dec. 16.-John W. Love, the defaulting cashier of the defunct First National Bank of this village, has been released from Auburn Prison, having completed his five years' sentence. The time served was about three years and a half. The bank is still in the receiver's hands. Dividends amounting to 35 per cent have been paid.