THE COLLAPSE OF THE BANK { 
THE BANK IS CLOSED 
In a few days it was found that the bank as a 
business institution was dead. The trustees de- 
cided on June 28, 1874, to close the doors and to 
nominate commissioners to wind up affairs. But 
even the last days were not free from queer prac- 
tices on the part of the officers. On June 30, 
1874, the day after closing, we find that one 
Juan Boyle borrowed from Stickney on slender 
security, $33,366.66. Stickney later explained 
this by saying that Boyle had the money already 
but that the bank had no evidence of the debt. 
Consequently on June 30 he had accepted 
Boyle’s note and any security that the latter 
was willing to give. This, he thought, was better 
than nothing. Later the commissioners found 
that Boyle had been employed by Alvord to sell 
securities for the bank and that out of each 
transaction he had kept back money until he 
was due the bank $33,366.66. But this matter 
like several others was never fully cleared up.® 
Stickney and the bookkeepers also violated 
the law of June 20, 1874, by not keeping all 
deposits made after the passage of the law sepa- 
rate from the business of earlier date.®® And, 
further, after the bank was closed Stickney with- 
drew the Rost Home Colony fund and carried 
it to a new bank—“The People’s Bank” —organ- 
ized by himself.’ 
15 Bruce Report, pp. 140, 157, 181. 
18 Bruce Report, p. 15. 
17 See above, p. 34. 
18 Douglas Report, pp. 77, 78, 182, 187. 
gq”