Mr. Trautman, however, was a shrewd business man, and he did not like the appearance of things. He left the bank apparently satisfied, and within thirty minutes he had called up three different members of the Traders’ Board of Directors. At three-thirty there was a hastily convened board meeting, with some stormy scenes, and late in the afternoon a national bank examiner was in possession of the books. The bank had not opened for business on Tuesday.
At twelve-thirty o’clock the Saturday before, as soon as the business of the day was closed, Mr. John Bailey, the cashier of the defunct bank, had taken his hat and departed. During the afternoon he had called up Mr. Aronson, a member of the board, and said he was ill, and might not be at the bank for a day or two. As Bailey was highly thought of, Mr. Aronson merely expressed a regret. From that time until Monday night, when Mr. Bailey had surrendered to the police, little was known of his movements. Some time after one on Saturday he had entered the Western Union office at Cherry and White Streets and had sent two telegrams. He was at the Greenwood Country Club on Saturday night, and appeared unlike himself. It was reported that he would be released under enormous bond, some time that day, Tuesday.
The article closed by saying that while the officers of the bank refused to talk until the examiner had finished his work, it was known that securities aggregating a million and a quarter were missing. Then there was a diatribe on the possibility of such an occurrence; on the folly of a one-man bank, and of a Board of Directors that met only to lunch together and to listen to a brief report from the cashier, and on the poor policy of a government that arranges a three or four-day examination twice a year. The mystery, it insinuated, had not been cleared by the arrest of the cashier. Before now minor officials had been used to cloak the misdeeds of men higher up. Inseparable as the words “speculation” and “peculation” have grown to be, John Bailey was not known to be in the stock market. His only words, after his surrender, had been “Send for Mr. Armstrong at once.” The telegraph message which had finally reached the President of the Traders’ Bank, in an interior town in California, had been responded to by a telegram from Doctor Walker, the young physician who was traveling with the Armstrong family, saying that Paul Armstrong was very ill and unable to travel.