The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-11

site funds there therefore and although the rate Of inte
est allowed was lowfve per cent and under-yet tns
circumstances there constant and almost dsy up
plication to place money in the Company, ana 70
acerti6cate Of deposite The sums were usually
and always received by Mr. Ncol n person, why
gave the certificate Of deposite. This was hs sPecai
business and always attended to by him. WINE re.
ceving these large sums and deposting them oauy
found that although the parties are creditea al
through the books OF the institution ana are even placed
the margin of the check book, with the amount car
re out to with the deposited yet that he
put portion Of these large sums in his pocket and made
forced or false additions force the carried ont in the
check book to correspond with the bank book Thus the
amount in bank always correct and the parties had
credit the books OF the Company to correspond with
their certificates.
Another mode of frauds also practsed Mr.. Nicoll
the trustee agent and manager of several large es
tates When he received the funds of these trusts he
would credit their accounts the Ledger but no where
else while the real amount he applied to his own use
We presume this will raise the question to loss whether
it shall fall on the trust estates or the company
Now although the loss to the company large by the
fraud yet they will not leopard in the least any funds
placed there. The company have large capital and
large surplus ample and abundant to meet any and every
claim.
Mr.. Nicoll is a native of this city. His father was
highly respectable merchant For twenty or twenty five
years he has held very responsible situations He was
first teller in the Merchants Bank for a series of years
and for the last fifteen years. he has been Secretary
of the Trust Company. During this same period, few
have had larger sums pass through their hands
From his amiable Manners great talent and uniform at
ention to business he the confidence of all who had
years. four thousand dollars salary, and much larger
sum from trust estates making his income not much
any, short of ten thousand dollars a yeer sum that
ought to satisfy any ordinary mind particularly in these
times.
For several years he has been large operator in real
estate and he is possessed of number Of very fine
houses and many valuable lots The day before his resg
nation he contracted for the building Of four houses
The which first led suspicon the receipt Of
anonymous letter, followed up by another that Mr.
Ncoll was large operator in lottery tickesand that
at particular hour in the afternoon he could always be
a n
matter the charges were found to be correct meeting
of the Board OF Directors called and Mr. Ncho was
did not deny but the right to do which he rather vndca
ted On its being ntimsted to him after this that he had
he instantly resigned his situation left the Office and new
er returned to it. This was Friday, the 2Sd December
II is believed he is still in the city He has fine family,
consisting of wife and five children; and all have always
lived very genteelly and rather extensively.
NFrom the Journal of Commerce.
Mn. NIcoLI.-On the evening after Mr.. Nicoll had
been dismissed by the Trust Company called on rea
tive and in great apparent agony told what had happen
entered upon the Office which would disclose def
cheney his accounts His relative, overwhelmed by SO
they both repaired to the residence of mutual friend
lawyer, and there Mr. Nco after having stated that his
denquencies would fall upon the Trust Company and
executed assignment of his property for the beneh OF
the Company and power of attorney for the execution
Of any other papers which might be found necessa.
airy to the security, far practicable OF all the
interests with which he had been connected He has not
been that evening; but from the conversation
which then took place. agitated it his friends do
not believe that he bias destroyed himself The reports
which have circulated of immoralies the part of Mr.
NJ besides in money matters, we have reason to think
without foundation
The manner accomplishing his embezzlemsnts with
the Company to receive money and apply it to his
carrying to the credit of the proper party IN
the ledger, but without any entry in the cash book
facilitated by the fact Mr. Nco agent for vsrious
estates made frequent deposits himself The frauds run
which published as the one beyond which the deal
cation could not extend was the product of the ascertain
pany is million Of dollars and the assets in its
which have all been found corresponding with the re-.
cord, to over FIVE millions The four millions consist Of
| deposits in trust.
| from the New York Expressly
| FRAUDS IN THE CRY DURING THE PAST YEAR.-The
astounding and it is hardly to be credited that large
amount could have been distracted in single year.
| find on examination has been.
First in the list of frauds the disclosure OF the is
sue of large amount of bills not accounted for by the
Cashier of the Commercial Bank which bank went into
lar OF stock amounting to about five hundred thousand
dollars The fraud in the issue OF bills was about fifty
] thousand dollars. - ,. ,.,.,n 81
the former Comptroller and Corporation This individual
was permitted to rob the Treasury of full one hundred
thousand dollars, and this too, in from
hundred dollars This robbery falls every tax
paying citizen about ten per cent Of whose 90
| make up the deficiency.
The third was that of James s. Schermerhorn Score
tary of the Ocean Insurance Company who took more
than third OF the capital being hundred and
MY Thousand dollars which loss in many instances has
The fourth was the case Of Mr. John Ahern, Mayors
Clerk, who has taken no one knows how much, but
the amount will range from fifty to hundred and
fifty thousand dollars. Fifty thousand at the least.
The NTH is the case of James Ward the Mayors First
Marshall but formerly receiver of Communication money
| lars.
The sixth the fraud of Pollock, clerk in the
Bank Of America who absconded after having distracted
about fifteen thousand dollars from the Bank and much
| from individuals.
The seventh is the late case of Mr.. Nco Secretary of
the New York Life and Trust Company whose decien-
cyis reported to be only under quarter of million OF
Here is exhibit of frauds disclosed within the last
twelve months, altogether unparalleled in the history
believe, OF any city These frauds have seen committed
under the eyes OF men who presidents and directors
stand high for their proby and honor and who in their
own private affairs, manage all their concerns with
Hfrauds of the above magnitude be perperated in
our very highest and best nstutions the funds of the
widow and the fatherless in banks
in them7
Such exhibition of the extensive frauds during the
together with those that might be added for
the few years past is cacuatedo make deep impression
upon the public mind 1t at least strong manifestation
that there has been improvement in public morals In
deed when we contrast the management of the public
funds and Of chartered institutions thirty years ago. when
Charles Wilkes, Mathew Carkson, Henry Remsen, Ri
chara varck Lynde Catlin and similar men, at the
head Of our institutions, struck with asonshment
at the different of things that exists. Then
clerk officer who defrauded the public bank Of
hundred dollars, a ruined man. He would not
dare to show his face in the public streets, did, he
would be frowned down by an insuted community =
Then the standard f morals high that but few had
the courage to face the rebuke OF outraged and ndg
nant community.
This fall in the public morals and these Developments
however, impress all who have the manage
ment OF money, not all their the duty and necessity
OF watching 1t as il their Every honest off,
Ger, in any corporation in any public employ, will
court the most rigid scrutiny and the alarming of
defalcation often hear impose il duty that the
honest should be shrewdy watched as if the disgrace
OF dishonesty rested upon them. Again. becomes neces
sary to observe the private life Of all subordnates handling
large sums of money for is in wrong doing there that
temptation is created to do wrong elsewhere The
that does not respect himself and his family will long
respect other peoples property
Such is picture of the morals of the monied in
stintions in Wall street, drawn by their own or.
gans and editors. Is it not enough TO sink the
whole community as deep in gull of fire and brim-
stone as ever Sodom and Gomorrah were1 Yet the