The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-29
TEE CEARA HOLT DETALCAliON In CON-
MEG iECJE.
Liabilities Over n Quarter of Million
Widows and Orphans the Sufferers.

From the Hartford Courant Sept. 2S.]
The 'lnancia Irregularities OF Clark Holt, of
Rockville, have already been referred to in several
papers, but as yet no complete and trustworthy
account has been given to the public. In order to
sary to notice somewhat the business career OF Mr.
Holt who first came IN public way before the peO-
pie OF I0lland county as secretary OF the ROLAND
County Mutual Fire insurance Company. He was
the first secretary OF the company and served lii that
capacity with so much acceptabity for a few years
that he was ten or twelve years ago. elected pre5i.
dent anu treasurer. Soon after he engaged in the
manufacture OF thread In Rockville, be rlnning In
a small way, and gradually worked up large and
apparently profitable business. Meantime no
ret aimed his position us the responsible ocer of the
fire insurance company. He was not man who
boosted any manner OF his success in life, and his
quiet unassumng way of managing his AFFAIRS
perhaps was one reason why people generally gave
him the credit OF doing prosperous Business AT
all events, he had the unDounded confidence OF all
classes. No IN TOlland county has stood higher
rally applied to CLARK Holt to have hun her
banker. Nothing whatever appeared In any Of his
transactions to warrant the slightest breath OF sus
pIcon that he was not FULLY worthy OF this great
confidence until a very recent date, when the RAPID
extension OF his business operations led some Of his
most intimate acquaintances to fear that he might
whisper OF this was heard. These men now say that
they suspected trouble was coming, though said
nothing about It, thus confesslng to serious doubts
as to their suspicious being well founded.
ASSETS or THE INSURANCE. COMPANY.
The annual meeting OF the fire insurance company
was held in June last and little lnslrust began to
70 .eo s e aSng on e a. t
Mr.. Holt IN oflce. One director at least held out
the last and finally cast his vote against reelectng
him. When the auditors came TO examine the
accounts of the treasurer-which they had aways
done with the caution OF prudent mei-the securi-
ties OF the company which were kept In small tin
trunk, were not opened III the business Office but In
another rooin These securities amounted to
IN government bonds. which were exhibited, counted
ana found correct Not the slightest evidence Of
anything being wrong was discovered
ABOUT THE BONDS.
It has since transptred that these bonds were bor
rowed for the occasion BY Mr. Holt TO cover up his
deiacat.on. He came to Hartford just prior to the
annual meeting OF the company, and while here
endeavored 10 secure the loan Of bonds from DIFF
Ierent parties, going, In one instance, to wen
cashier OF bank. but IN both cases the accOmmo.
dation was refused. He succeeded however else.
where in getting the amount required ~ make up
the securities for the time being. 1t Is known that
he had In his possession, as trusts, q large amount
OF money placed In his hands by various parties,
and portion Of this fund, as wI hereafter appear
was In United States bonds, which he could use as
"blind" In his irand upon the auditors. Possibly
only few thousand more would be necessary to
cover the whole amount needed IN that transaction.
BUSINESS IN NEW YORK.
Mr.. Holt established business Urn IN New York,
under the name of o. Holt Co., his brother being the
Silent partner and the general manager. During
the illness of the latter the business became coDsd.
erably mixed and suspension followed, which pre-.
cipitated the developments here at home. IL Is said
that Mr. Holt turned over The $4,000 IN bonds to tue
deep game he was playing should become exposed
and he should appear IN the light OF criminal ne
transaction under the plea that as the custodian of
the funds OF the insurance company he had right
to reinves its securities IN such manner AS he saw
lit.
EXTENT OF HIS OPERATIONS.
Those who have examined into the extent OF his
operations believe that his liabilities exceed quar-
ter OF million OF dollars, and may go as high as
100000. In taking O sudden departure 1t Is not
supposed that he has gone penniles, as nothing
the money IN his hands. His property Is all heavily
mortgaged, ana all OF 1t put together would not
divide ten per cent among the general creditors.
CASES OF HARDSHIP
The worst feature about his transactions is
the Sss Which ss upon gs
In many respects his operations have been similar
to those which preceded the failure OF Curtis
when brought ruin to Hundreds and caused q pro.
found sensation throughoutithe State Innumerable
inhumanity OF the man II 1t shall finally turn out
that he had not sense OF honor enough to provide
for those who were entirely dependent upon his
honesty. One case Is reported OF family OF
maiden ladies, who HAD 81 900 IN government bonds,
and about $4,000 in other securites-all that they
placed in his keeping. A young man who had ac-
cumuiated about 81 800 let Mr. Holt have 1t because
he a. ss Ssu Sd sns s s
falca;lon came 10 light nothing can be found Of
these trust funds. The abscOnder has evidently
ofer some redress hereafter. As the matter now
stands, however, the hardship entaed Is of the Sc
yersst character, and Is widespread throughout the
widows and shop girls. The business community
also suffers largely as individual alone Is on his
paper to an amount exceeding $4,000.
DISTINCTION WITHOUT DIFFERENCE
The Legislature OF Connecticut, In its wisdom, has
declared that If man snail appropriate The funds OF
bank or an insurance company he shall suffer for
his offence DO u term OF Imprisonment IN the state
Prison. But II he accepts sacred trust the hard
earnings OF the poor and absconds he is only guilty
OF breach OF trust aud the law cannot touch Aim.
Mr.. Hots worst offence Is his ropoing OF the poor.
who can have no satieiaction: corporations robbed
lisDOSeu felony.
often the case-empoy detectives and bring the
criminal to justice. SO far MIR. Holt has pursued MS
travels unnoiested, and If he returns Will do so VOL
uptary.
SECURITY OF THE COMPANY.
IL should be stated here that the loss 10 the insur
ance company does not affect Its s0undness In the
east. There still remain assets amounting to
$4,000 or over anu its policy holders need not give
themselves any uneasness whatever.