The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-07-22
Bad Day for the Wicked.
NEW YORK.
The Brooklyn Trust Co. Defalcation.


ment is caused in Brooklyn financial circles by
the announcement that Judge Alexander Nc
Cue, the largest stakeholder OF the Brooklyn
Trust Co., and on whose application 1t was
forced to suspend payment, has since Mills's
DEATH been transferring his real estate in
heavy blocks to his wife, to secure himself
from loss in case the company proves insolvent
The transfers, which embrace one lot valued at
500, 900 on Montague street, are first made out
by McCue to Edgar NJ Cullen, then by the lat
ter to McCues wife. In addition to deposits
hitherto reported, the United States govern
ment had $500, 900 with the company, n. H.
Clement, $13, 900, and Dr. Bryant, So, 800. The
more searching the investigation the worse the
condition of the concern appears to be.
Secretary NJ 7. Rodman Indignantly denies
that he is defaulter, asserting that the Con-
necticut town bonds furnished as security will
fully cover his loan of $4,000 from the COM
pany Mills friends deny the suicide theory,
or that he acted strangely and was not cheer
full as usual up to the night of his drowning. 1t
is reported that his will, to be opened to-mor-
row, leaves all his property to bis wife and
children. He did not use any of the finds OF
the Long Island Historical Society, of which
he was Treasurer. The Trust Go. was original
ly started as family concern, many OF the
Board of Managers being related by blood or
marriage to President Mills
Later About the Brooklyn Trust CT.
The following are the latest facts and ru-
mors as to the affairs of the Brooklyn Trust
Co. The capital stock of the company is
$500, 1000, and it is said has all been absorbed.
There is $300,000 worth of what may be con.
sdered worthless loans. The defalcation of
Mills is between $3.50 600 and 5000, 600, and Mr..
Rodmans loans are 1874 900, so that the pros
pect of the depositors realizing anything for
some time is not considered very encouraging.
Last Friday or Saturday Mills stated to his
son that he felt worried about his account in
the Trust Co., and that it wassoverdrawn. His
son then saiu to him: 'Father. you had better
attend to that at once, something might hap
pen to you,' He replied: Il will look into it
right away" He accordingly made arrange
ments with a capitalist, a relative, fora loan to
cover his account with the Trust Co.. which was
to have been settled Tuesday, the fday of his
death. 1t is stated that three months since
Mr.. Low resigned the Vice Presidency on the
score of ill-health. A few weeks ago it was
suggested by Messrs. Chauncey, Rockwell and
others, that it would be well to investigate the
affairs of the Company in order that some de-
csion might be made on the Georgia and Rail-
road bonds and their true value ascertained.
Mills objected and tried to postpone the inves-
tigation, although at this time no defalcation
on his part was suspected. In this objection he
was supported by Rodman, the Secretary.
There appears to have. been occasional dissen-.
sions among the Directors and the minority
were called by Mills and Rodman ''the Me-
chanic's Bank gang Monday, the last day
before his death, the former requested that the
investigation be postponed. ROdman says he
the following day, aud the directors are OF the
opinion that on Monday he would be dlsap-
pointed, when it was discovered that irregulari-
ties existed. The Secretary admitted that
Mills account was overdrawn, but said that
$4,000 would cover the dafalcation. He said
that when the Irregularities commenced he re-
monstrated with Mills who replied invaribly
that he did not want to hear anything about it
as it would be all right before long. The Com
pany have also loaned further sums of money
IN doubtful cnpuritinS hnt the s Inv no
means so large as either the Georgia bonds or
the Connecticut Railroad loans The opinion
is pretty generally entertained that Rodman
will be removed from his Office of Secretary of
the Trust Company as we'll as from the Deputy
City Treasuryship. Some go further and say
that he ought to be punished as criminal for
permitting the city to deposit weekly with the
Company from 100000 to 100000 OF
course his Chief, City Treasurer Sprague, and
his sureties were responsible to the city for the
safe keeping of the money As against the
theory of the suicide, the real estate agents of
the deceased say that one hour before he left
for Coney Island Mills agreed to a contract to
finish two houses which had come into his pos
session by 1.-THE failure Of their builder to repay
money advanced, and that Mills was certainly
as cheerful and genial as he ever seemed.
They transacted all the real estate bust
ness for him, and say that from this
source Mills income was 81, 900 per an
mum. The value of his real estate is put at
$473000 including mortgages of $136, 900. Sec
retary Rodman said to day that various emil
nent New York firms hold the Georgia bonds
and that the Broadway Bank holds $300,00O-
He believed that the company will pay every
dollar it owed to depositors without calling on
the stockholders for cent. The assets were
reasonably good, though some of the securities
were Slow The amount of Brooklyn city funds
on deposit with the Trust Company was $685.
1903.
There is a rumor in circulation in Brooklyn,
tonight, that the East river bridge company is
among the list of sufferers in the defalcation
of Mr. Mills and the suspension OF the bank The
bridge company declare however, that though
at one time they had large deposits in the
Brooklyn Trust Co., the funds of the bridge
company had recently run out, and said compa-
ny had overdrawn it's account in the Brooklyn
Trust Co., to the amount OF $30.O00.
THE assets of the Brooklyn Trust Co., are
stated as follows: y. 5. Bonds and md. securities
$6O1 900; bonds and mortgages, sos, O09; call
loans 81 955 00U; bills receivable, S94 450; total
81, 459. Liabilities unknown, but amount
due to depositors is $2,3O0,0O0 The Tribune
will publish the following tomorrow: The
endorsements of the bank were known by some
depositors for two months, and several with
drew their accounts. One, upon advice from
stakeholder, drew almost his entire deposit
month ago. The stock of the company, lately
125, sold on Saturday for fifty
Counsel of Kate stoddard.
Ex-Gov Lowe and D. & b. Thompson were
to-day associated with VIM. Dewitt for the de-
fence of Lizzie Lloyd King, alias Kate Stod-
dard. To Messrs. Lowe and Thompson will be
assigned the labor of preparing for the trial of
the prisoner, and it is understood that Lowe
will be the leading counsel
Arrest of the Russian Murderer.
John Pitt, the Russian deserter in pursuit of
whom Deputy Marshal Stephenson lost his life,
was arrested this morning by deputy marshal
in brick yard at South River, N. j., where
he had obtained employment. A number of
Russians employed in the yard made desper-
ate attempt at rescue, but were cowed by the
determined demeanor of the marshal.
Various Matters.
Rev. Charles f. Delms, of the Church of the
Stranger, will assume editorial control of the
new religious unsectaran Newspaper, the Chris
tian Age, the first number of which appears
next week.
Thomas Condor, John Lumis and Joseph
McLanchim, were stabbed this morning while
defending woman from the insults of drunk
en- German named Elk CLERK.
The weather is warm and clear.
Frigates Lancaster and Ticonderoga were at
Rio June 10Th. The latter was to leave in
few days for the River Platte
Kate StOddard's father and mother have fail
ed to put in an appearance much to her disap-
pointment.
John Bridger and Timothy Mccarthy set
tied discussion of a game of poker yesterday
morning, by shooting at each other several
times. Mccarthy was fatally wounded. Bird
ger fled.
A new Catholic daily paper is projected
here.
The excise law was enforced on Staten Island
yesterday, and 40 saloon keepers sent to iail.
Isaac Logan was stabbed and killed with
pitchfork to-day by Michael Kerew, at Lin