The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-08-30
CITY INTELLuGENC NCE.
DEFALCATIOy.

The Philadelphia Watch Company Oue Of the
Victirns-A bscondins of Its Secretary aad
Treasurer-The sheriff Called Into the Case.
Philadelphia has again been visited with
defalcation, and on this occasion, as ia the case
of Thomas Hilsen, the parties implicated occu-
pied good positions in the mercantile world. At
No. ia Chestnut street is located the Office of
the Philadelphia Watch Company, and until
last Wednesday its officers were as follows =
President, E. Paulus; Secretary Celestin yacott;
Treasurer, Hector yaeott, The Jacott brothers,
in addition to their Official connection with the
organization, carried on the business of manufac-
turing watch cases, their factory being on the
upper floors of the building No. ia. They
were Welshmep, and known as experienced
workmen in this country. They have been
in the United States some thirty-fve years, aud
during all that time they have enjoyed num-
ber one reputation for industry and integrity.
They were reputed to be wealthy men, and on
this belief they could obtain sums in unlimited
amounts. Latterly they became involved in
financial difficulties as firm, and permitted
some of their notes to go to protest. This OF
course damaged their credit, and cases have
come TO light where they have paid enormous
interest for loans-the figures going as high as
20 and 25 per cent.
These facts came to the knowledge of the
company with which they were connected, but
it was thought that their difficulties were of
only a temporary nature. But 1t now turns out
that they are heavy debtors to several New
York houses, the firms of which hold their
paper. 1t also came to light that they recently
became very anxious about some gold that was
deposited in the Mint, but generous President
conceived this to be the anxiety occasoned by
q desire to meet some of their obligations.
Their reputation for honesty remained unim-
paired, and very recently they negotiated heavy
loans,
1t was not believed that they could he uu-
grateful until last Thursday morning, when
Hector failed to put in an appearance at the
Office of the company, as it had been his usual
custom to open this and their own establish
ment. The doors remained closed until the
arrival of Mr.. Paulus, the President, who insti-
tuted immediate inquiries. He sent to their
homes and was informed that they had gone to
New York on business However, late in the
day. Mr.. Paulus became suspicious, and hearing
no word from the absentees, made up his mind
that they had absconded. On Friday he put the
Sheriff in charge of the workshop and what little
real estate was owned by Hector. On the same
day Mr.. Paulus repaired to New York, and being
unsuccessful in obtaining any knowledge of their
whereabouts, remained until Saturday, when the
steamer City of Washington was TO sail for
Europe. He went on board the vessel, and not
only scrutinized the passengers but examined
the hands and was unable to identity either of
the brothers. He then returned to this city and
commenced an investigation. The books of the
company were examined and thus far it has
been found that the brothers made use of notes,
which were in the possession of Hector as trea-
surer, which they had discounted some in
banks and others on the street. The amount
taken has not been definitely ascertained, but il
will not be likely to interfere with the opera
fjoua of the com mDany.