First National Bank (Albion, NY)

Episode Information

Episode UID
16601016
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
1660 national
Charter Number
166
Start Date
August 21, 1884
Location
Albion, New York (43.246, -78.194)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ef7e07c2d2c7cd00

Response Measures

None

Receivership Details

Depositor recovery rate
35.0%
Date receivership started
1884-08-26
Date receivership terminated
1893-04-19
OCC cause of failure
Fraud
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
20.8%
Share of assets assessed as worthless
53.1%

Description

President A. S. Warner absconded and vault found empty; receiver appointed within days.

Events (4)

1. December 22, 1863 Chartered
Source
historical_nic
2. August 21, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President A. S. Warner absconded with inner safe combination; alleged speculations and mismanagement of the Burrows estate prompted board to suspend and examine affairs.
Newspaper Excerpt
Owing to the absence of the president, the business of the First National bank of Albion is suspended by order of the board of directors, until an examination can be had of its affairs.
Source
newspapers
3. August 26, 1884 Receivership
Source
historical_nic
4. August 26, 1884 Receivership
Newspaper Excerpt
The Comptroller of the Currency has appointed Henry J. Anderson receiver of the First National Bank, of Albion, N. Y., wrecked by its president, Warner.
Source
newspapers

Newspaper Articles (22)

Article from The Indianapolis Journal, August 22, 1884

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An Absent President. ALBION, N. Y., Aug. 1.-Owing to the absence of the president, the business of the First National Bank of Albion is suspended, by order of the board of directors, until an examination can be held of its affairs. It was ascertained that President A. - S. Warner departed from Albion last Wednesday, taking with him the combination of the inner sate, and it is likely that his absence will continne for some time. The condition of the bank cannot be ascertained until a thorough examination is made and the safe opened. Great excitement prevails in the village, as it is feared the depositors will loose heavily. It is learned that early in 1879 Roswell S. Burrows, one of the wealthiest men in western New York. died, leaving an estate estimated at from $5,000,000 to $10,000,000. The executors were his wife, his son, Wm. R. Burrows, his son-in law, Alex. Stuart, and A. S. Warner, and it is thought there has been considerable crookedness in the management of the estate on the part of Warner. and fear of exposure and prosecution caused him to leave home. Warner, since 1879, has had almost sole charge of the estate. He has speculated in stocks, and is supposed to have lost considerable money in Wall street. Some time ago efforts were made in the courts to oust him as executor, and a legal decision to this effect was rendered on Monday. Nothing is known as to how much of the estate is left.


Article from Press and Daily Dakotaian, August 22, 1884

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Another Bank Suspension. Albion, N. Y., Aug. 22-Owing to the absence of the president, the business of the First National bank of Albion is suspended by order of the board of directors, until an examination can be had of its affairs.


Article from Fort Worth Daily Gazette, August 22, 1884

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BANK SUSPENDED. ALBION, N. Y., Aug. 21.-Owing to the absence of the president the business of the First National bank of Albion is suspended by order of the board of directors until an examination can be had of its affairs. ROCHESTER. N. Y., Aug. 21.-It is ascertained that PresidentA.S. Warner departed from Albion last Wednesday, taking with him the combination of the inner safe, and it is likely that his absence will continue for some time. The condition of the bank cannot be ascertained till an examination is made and the safe is opened. Great excitement prevails and it is feared the depositors will lose heavily. It is learned that early in 1879 Roswell S. Burrows, one of the wealthiest men in Western New York, died, leaving an estate estimated at between five and ten millions His executors were his wife, his son, William R. Burrows, his son-in-law, Alexander Stuart, and A.S. Warner, and it is thought that there has been crookedness in the management of this estate on the part of Warner and that fear of an exposure and prosecution caused him to leave home. Warner since 1879 has had almost exclusive charge of the estates. He has speculated in stocks and he is supposed to have lost considerable money in Wall street some time ago. Efforts were made in the courts to oust him as executor, and a legal decision to this effect was rend red Monday. Nothing is known as to how much of the estate is left.


Article from The Salt Lake Herald, August 22, 1884

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Bank Suspension. Albion, New York, 21.-Owing to the absence of the president, the business of the First National bank of Albion is suspended by order of the board of directors until an examination can be had of its affairs.


Article from The Daily Cairo Bulletin, August 23, 1884

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Forcing Open the Doors. ALBION, N. Y., August 22.-The work of forcing the doors off the inner safe of the suspended First National Bank is now progressing. But little hope is entertained that the securities will be found. One of the depositors has become insane. It is believed that Warner, the President, has completely gutted the Burrows estate, of which he was trustee, Ample proof of large speculations by him in Wall street have been discovered. A large amount of Warner's private paper is out.


Article from The Dallas Daily Herald, August 23, 1884

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iner has been sent here by the Comptroller of the currency. He proceeded immediately to the bank and took charge. William Corkhill and Asa B. Morcross, experts sent by Sargent and Greenleaf to open the vault, are drilling the door. Lorenza Burrows, jr., and Judge Burrows, of Buffalo, left Albion for New York last night. The correspondents of the suspended bank in Rochester were also correspondents of the Merchants' bank. of Monroe. When the Orleans National bank opened its doors this morning a small number of depositors drew but a small amount of cash each, and E. Kirk Hart, President, said the bank was ready to pay all dues. The Virginia coal mine belonging to the Burrows estate never paid a dividend. E. K. Hart said he thought the First National would lose a very small amount, if any. The vault of the First National bank will probably not be open for three or four days. Bank Examiner Williams is positive that depositors will all be paid in full. Cashier Coan is also of the same opinion. Williams states that no authoritative list of depositors will be given out until he knows where the bank stands. County Treasurer Wall has about $20,000 in county and trust funds in the First National bank. Williams will remain until the investigation is completed.


Article from Daily Kennebec Journal, August 25, 1884

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ALBION BANK SENSATION. No Further Developments-Warner's Property Attached. ALBION, N. Y., Aug. 23. The situation at the First National Bank of Albion remains the same. Nothing is know. or can be knewn, till that little steel chest is opened. The box, it is thought, will be opened today. The bank officials and the persons in charge will say nothing. The failure of the bank and Warner's disappearance are still the all absorbing topics of conversation, and those who had confidence in man and the bank are fast losing it. Depositors are offering their claims for 70 and 75 per cent., with no takers. E. K. Hart says the Orleans County Bank is prepared to pay all it owes, but there has been no run and none. is expected. The sheriff in the suit brought by W. A. Parmaly has attached everything that can be found belonging to Warner, which is not much, No provision was made by Warner for the support of his family, which surprises everybody, as he was thought to be very fond of his little boy Rossie."


Article from Savannah Morning News, August 25, 1884

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About 85 per cent. of the total number of failures reported during the week were those of small concerns whose capital involved was less than $5,000. Among the more important suspensions during the week were: M. Morganthau, soap and candle manufacturer, San Francisco, Cal.; Paul Populorem, tanner, Chicago, Ill.; Webster County Bank, Marshfield, Mo.; George C. Ware. cider and vinegar manufacturer, Cincinnati, Ohio; E. T. Stickney, hardware, Toledo, Ohio; M. Meyer & Co., dry goods and shoes, Selma, Ala.; Bliss & Elliott, lumber, Minneapolis, Minn.; The Kemble Coal and Iron Company, Riddlesburgh, Pa., and New York city; Warner & Merritt, fruit importers, Philadelphia, Pa.; First National Bank, Albion, N. Y.; Gibb & Gallow, wholesale provisions, Toronto, Can. ALABAMA. Selma.-M. Myer & Co., dry goods and clothing, assigned. This was an old and prominent house, with branch store at Felix, Ala. E. Stern'& Co., fancy goods, attached for $16,000. FLORIDA. Deland.-V. J. Erhart, baker, assigned. Liabilities $3,000; assets $1,600. Kissimmee.-T. A. Bass, general store, assigned. GEORGIA. Augusta.-J. F. McLaughlin, grocer, assigned to E. J. O'Connor. NORTH CAROLINA. Weldon.-F. Y. Cluverious, general store, reported assigned. TENNESSEE. Memphis.-A. C. Walden, groceries and saloon, attached for $419.


Article from The Indianapolis Journal, August 26, 1884

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The Albion Bank Vault Empty. ROCHESTER, N. Y., Aug. 25.-The inner safe of the First National Bank of Albion has been forced. Although those present at the opening made no authoritative statement, it is generally understood that nothing of value was found. Mrs. Eliza Glennhas begun action against Louise C. and William R. Burrows, each individually, as surviving executors of the will of Roswell Burrows, deceased, upon a note for $2,750 given by Warner as executor of the estate, and asks for 1 receiver pending the determination of this aclion. Bank Examiner Williams refuses to enighten the depositors as to the condition of affairs.


Article from Seattle Daily Post-Intelligencer, August 26, 1884

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Nothing In 11. ROCHESTER, Aug. 25.-The inner safe of the First National Bank of Albion was foreed open. Although those present at the opening made no authoritative statement, it is generally understood that nothing of any value was found. Mrs. Eliza Glenn began an action against Louise C. and Willliam R. Burrows, each individually as surviving executors of the will of Roswell Burrows, deceased, on a note for $2750, given by Warner as executor of the estate, and asks for & receiver pending the determination of the action of the bank examiner.


Article from The Dallas Daily Herald, August 26, 1884

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The Burrows Estate. ROCHESTER, Aug. 25.-A schedule of the Burrows estate at Albion, as it existed in 1879, the date of Burrows' death, shows an estate of $175,000,000. The safe of the bank was opened to-day. Examiner Williams refused to reveal its contents. Eliza Glenn commenced action in the Supreme Court for the appointment of a receiver of the First National bank. The inner safe of the First National bank of Albion has been forced. Although those present at the opening made no authoritative statement, it is generally understood that nothing of any value was found. Bank Examiner Williams refused to enlighten depositors as to the condition of affairs.


Article from The Evening Critic, August 27, 1884

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Criminal Proceedings to be Begins Against A. S. Warner. Judge Burrows, of Buffalo, has issued instructions to the district attorney to begin criminal proceedings against Albert S. Warner, the missing president of the First Na. tional Bank of Albion, N. Y. Mr. John S. Langworthy, Deputy Comptroller of the Currency, has appointed Henry J. Auderson receiver of the sus spended bank. It is stated on good authority at Albion that Warner has 18sued notes of the Burrows estate to an amount exceeding the value of the estate. It is now thought that the depositors will realize nothing. County funds to an amount not divolged were on deposit in the bank. A warrant has been issued for the arrest of Warner, who is thought to be in Canada.


Article from Richmond Dispatch, August 27, 1884

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Receiver Appointed. [Bytelegraphto the Dispatch.] WASHINGTON, August 26.-The Comptroller of the Currency has appointed Henry J. Anderson receiver of the First National Bank, of Albion, N. Y., wrecked by its president. Warner.


Article from The Daily Cairo Bulletin, August 28, 1884

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Appointed Receiver. WASHINGTON, D. C., August 27 --John S. Langworth, deputy Comptroller of the Currency, has appointed Henry J. Anderson receiver of the First National Bank of Albion, N. Y.


Article from The Austin Weekly Statesman, August 28, 1884

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Bank Suspended. ALBION, N. Y., August 21.-Owing to the absence of the president, the business of the First National Bank, of Albion, is suspended by orders of the board of directors, until examination can be had of its affairs. It is ascertained that the president, A.S. Warner, departed for Albion,


Article from The Kenosha Telegraph, August 29, 1884

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responding period of 1883, the clearings showed a decrease of 24.7 per cent. ON the 25th Secretary Folger called in $10,000,000 in three per cent. bonds. The East. ON the 21st reports received in Boston from 325 points in New England indicated that the hay crop this year would be about thirty per cent. less than it was a year ago. THE President of the Irish National League of America, Patrick Egan, de clines to receive the $3,000 salary attached to that office, preferring to give his serv ices the cause gratuitously. A.X. PARKER has been renominated for Congressman by the Republicans of the Nineteenth New York District. MANUFACTURING companies at Lowell Mass., have decided to shut down for a week, commencing September 1, by reason of the accumulazion of goods and low prices. THE officers of the Greely relief expedi tion were received by President Arthur at the Fifth Avenue Hotel, New York, or the 21st. Secretaries Chandler and Lincoln and General Butler were present. LIZZIE WATSON, a young girl, was brutally assaulted and then choked to death while returning to her home from market at Yorkton, Salem County, N. J. a few evenings ago. Three colored mer had been arrested on suspicion. THE Sprague Manufacturing Company's property at Augusta, Me., which fifteer years ago cost $2,000,000, was sold a fev days ago at auction for about $200,000. ON the 21st the directors of the Firs National Bank of Albion, N. Y., were forced to suspend business, owing to the continued mysterious absence of the Presi dent, Albert S. Warner. The deposits ag gregated $154,000. WHILE tunneling recently in a mine a Shamokin, Pa., seven men and elever mules were killed by the fumes of gas. A COLLISION between two freight trair recently in the yard of the Pennsylvani Railroad at Columbia destroyed four car filled with sheep and hogs. The wrecl caught fire and upwards of eight hundred animals were killed. THE Executive Committee of the Na tional Labor party met in New York City on the 22d, and the Committee on Legisla tion reported that the principles desire by the National Labor party had been in corporated in both the Republican an Democratic platforms, and they recom mended co-operation in each and every Legislative district with one of the regu lar parties for the election of men pledge to legislate in the interests of working classes. THE recent burning of a temporary stag ing used by the carvers in Cedar Hil Cemetery, at Hartford, Conn., ruined th elaberate Italian marble column at th grave of the late Govern Edwin D. Mor gan, of New York. SEVERAL houses were struck by light ning in Lansingburg, N. Y., during a hail storm the other afternoon. At Greenbusl lightning struck the house of Clark Lape and Miss Ida Lee, one of the inmates, wa badly burned. The house of John Matti son, at Cambridge, was struck, Sarah Al len killed, and a daughter of Mattison fatal ly injured. A FEW evenings ago the United State steamship Tallapoosa, with one hundre and forty officers and men, was sunk o Martha's Vineyard, by collision with tb schooner James S. Lowell. The lives of a but four persons were saved by other ves sels. The Tallapoosa was on her way t Newport to take Secretary Chandler o board. MANY cattle were killed during a recer thunder storm at Dover, N. H., and mile of telegraph and telephone wires wer torn down. Considerable damage wa also done to the crops in the Connecticu Valley. AT the session of the American Bar A sociation at Saratoga Springs on the 22 John W. Stevenson, of Kentucky, wa elected President, and Edward Otis Hinl ley, of Baltimore, Secretary. I ON the 22d Examiner Williams too charge of the First National Bank of A bion, N. Y. It was learned that Alber S. Warner, the absconding President, ha been speculating in stocks for the past fiv years. CLARK W, SANDERS, inspired by insan jealousy, a few ago entered the store ( Daniel Carr, at Montpelier, Vt., and sho him dead. When the murderer was take in charge he expressed no regret, and sai he was prepared to atone for his crime o the gallows. ON the New York & New England Rai road a train was thrown off the trac near Quinebaug, Conn., a few days ag One smoker and a passenger car fe down an embankment a distance of twent feet. Many persons were seriously i jured. AT Emsworth, Pa., ten miles from Pitt burgh, a well bored for gas was on tl 24th flowing oil and salt water, and B tracted hundreds of visitors. WHILE laboring under delirium tremer the other day Fennimore Clayton, of Coo erstown, N. Y., shot and killed his on son, aged two years. ON the 24th Captain Pratt, Superi tendent of the Indian training schol a Carlisle, Pa., returned from New Mexic bringing seventy-seven young Indians . the Pueblo tribe, ranging in age from nir to twenty years. The next term of tl school will open with four hundred pupil ALL the bodies, seven in number, ha on the 24th been recovered from the burr ing coal mine at Buck Ridge, Pa. AT Pittsburg Po. texas welking


Article from Huntsville Gazette, August 30, 1884

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GONE TO JOIN ENO. First National Bank President of Albion, Warner N. of Y., the Takes the Burrows Refuge Es- in Canada Which After Despoiling He Was Managing Closed in Execu- Con. tate, of Doors of the Bank the Cause. sequence-Stoc tor-The Stock ALBION, Gambling N.Y., August of 22. the suspension First Excitement National over Bank hopeful the runs as high, to the Cashier result Coon is not very of the inner safe when the examination safe should contain it is all the bank's securities, Warner has of blown that open. President This but how- it not is suspected them intact. Mr. Coon the says, ever, that in with interest. be paid in full on deposit $150,000 left on were left will over Warner any event depositors July saying There 1st. the President the 18th inst., and evening of to St. Catharines, is believed he was going York City. It the he is still in transferred that month he has will be claimed that past thence to New it Canada. During of all actual the his property, but void for want has lately assignments are Mr. Warner on which consideration. fine roller rink, favor of $5,000 a mortgage The deeds is a of Rochester. placed on completed there H. Warner, not in War- rec- and H. mortgages after were his departure. here, and, ord until and child are provided as known, is for so by him. His his ner's far wife with absence unsatisfactory not estate. generally man- Al- it connected of the Burrows were appointed, to agement five executors that Warner, owing affairs. The though became his business necessary qualifications, of should ten estate have filed milgeneral charge at from eight to ever was estimated inventory was will be lions, and as no made, it Warner's or complete before records the result of as most some time can be the management held known, by the estate. Uni- of Lorenzo old and the bank Burrows, stock IS President feeble of and man, it an the executors, been disis one of that he has long is no secret way in no versity, satisfied with the affairs, which but Warner at- to administering to bring Warner tempt was was made recently, when Burrows, through until millionaire, held R. Calkins, obtained an to of court requiring fill an W. son account power of the attorney, deceased of Boston, who him inventory. order show his from cause the why he should attention not to this, the and in- an Warner paid no issued requiring 18th. As order ventory was to then be filed to appear on the on authority that day, as Warner failed revoked his a mild the executor, Surrogate and became whathad a certainty. by before those be who There n a knew is doubt that he has money in Wall overdrawn his Warner's no suspicion habits, entertained street. sunk Rumors great The ac. deal he of had heavily unfounded. very that are pronounced been considered for has a favorite as well as count solid, bank and and always was laboring men, is depository a young man farmers Warner having business and he was of fine appearance, firms. personal friends, capable. while not As looked a boy upon as favorite numerous and the deceased he was a Burrows, honorable great who with rapidly one of promoted the exof banker, him, ecutors and of finally worth his immense $10,000 made him estate, a year. the a property, position He has, sole much to his caring an engineered probably as s almost the family its affairs manager apparently demanding not account own aga of his lay Mr. liking, offend stewardship. him by at A the few point months of death CalBoston, Mr. during to that a kins, at to young the the Burrows this at action residence period soon requirean that transpired of and accounting it Calkins Calkins was began Warner. It made against by Warwho were with and the to poison was and conspiracy ner from his wife, had relatives been of accused Burrows the brought invalid a The matter found systematic arsenic. attempt who no by with Grand Jury, removed before and friends to home in to revoke his bill. Young mother's the Burrows a hotel, was this subsequently village, the afpower of attorney LATER. was to ter his having been induced given to Calkins. opened The safe at Warner's and house in it light were on found his yesterday afternoon, which throw has used all some papers It appears he securities bereal was the Burrows estate he could benefit. that transaction longing to The available The estate estimated of the has for thousand amount his not dis made own of pose away with securities of. is several half he hundred a million. been discov- From accounts, has been the that ne assumed began ered, his dollars, possibly he it has gambemanagement He in stocks imme- to an dol- to ever diately of the since estate to several buy in and 1879. hundred sell estate stocks thousand seems the amount monthly. of The of real the property. stock of lars be all that 18 left 000 of capital belongs to the Of the $100, of $90,000 looks as if Warner that he bank, upward estate. squandered It that all belongBurrows absolutely of, not only had been put in in his his integrity. could has ing to get hands the estate, hold by others but all who that had confidence MARCH


Article from Sacramento Daily Record-Union, April 21, 1888

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HEAVY SUIT. New York Brokers Sued for a Quarter of a Million Dollars. [Copyright, 1888, by the California Associated Press. I NEW YORK, April 20th. - -Receiver Anderson of the First National Bank of Albion, N. Y., has brought suit for a quarter of a million dollars against Whitney & Co., brokers, of this city, to recover that amount, which President Warner, of the wrecked bank, placed in the brokers' hands for speculative purposes. The ground is that the brokers knew that it was the bank's money that Warner was speculating with. The checks they received were signed by him as President.


Article from Seattle Daily Post-Intelligencer, April 27, 1888

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Verdies is a Bank Case. New YORK, April 26.-In 1886 the Ns. tional Bank of Albion, N. Y., failed and was is the hands of a receiver. President Warner had run away to Canada after having lost $225.00 of the bank's money in stock speculation, through Kissam, Whitney & Co., stock brokers of this city. The receiver began & suit against Kimeam, Whitney & Co. for the recovery of this amount. and today the jury brought in a verdictin favor of the back for $103,000 and $46,000 interest.


Article from Los Angeles Daily Herald, April 27, 1888

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LEGAL GRIST. Judgment of the Courts-Verdict for the Albion Bank. NEW YORK, April 26.-In 1886 the National Bank of Albion, New York, failed, and was in the hands of a receiver. President Warner had run away to Canada after having lost $225,000 of the bank's money in stock speculations, through Kissam, Whitney & Co., stock brokers, of this city. The receiver began suit against Kissam, Whitney & Co. for the recovery of this amount, and the jury to-day brought in a verdict in favor of the bank for $103,000 and $46,000 interest.


Article from The Cheyenne Daily Leader, April 27, 1888

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Judgment Against Stock Brokers. NEW YORK, April 26. -In - 1886 the national bank of Albion, N. Y., failed and was put in the hands of a receiver. President Warner had run away to Canada after having lost $225,000 of the bank's money in stock - speculations through Kissain, Whitney & Co., stock brokers of this city. The receiver began suit against Kissain, Whitney & Co., for the recovery of this money, and to dav the jury brought in a verdict for the bank for $103,000 and $46,000 interest.


Article from The Emporia Weekly News, May 3, 1888

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Squeezing the Brokers. NEW YORK, April 27.-In 1882 the National bank of Albion, N.Y., failed, and was placed in the hands of W. Anderson, receiver. The president, Geo. H. Warner, had run away to Canada, after having lost $225,000 of the bank's money in stock speculations through Kissam, Whitney & Co., stock brokers of Wall street, this city. The receiver began suit against Kissam, Whitney & Co. for the recovery of this money, claiming that they had guilty knowledge of Warner's peculations and knew that he was using the the bank's money in speculating. For ten days past the case has been on trial in the United States circuit court before Judge Wal-