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 decided
 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 practices
 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 separate
 from the business of earlier date.®® And,
further, after the bank was closed Stickney withdrew
 the Rost Home Colony fund and carried
it to a new bank—“The People’s Bank” —organized
 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.

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