The Superior times. [volume] (Superior, Wis.) 1870-1912, 1873-08-02
WAS IL SUICIDE .

-.
President of the Brooklyn Trust Conn
pany-DIscOvery of a DetatcatiOT of
Quarter of IL MiIlion-Unfortunat
Land SpecuiatiOns.
The circumstances of the drowning
of Ethelbert S. Mills, President of the
Brooklyn Trust Company, were singu-
lar enough to excite suspicion of sui
eide. Careful inquiry dispelled this
| Tor time, but 1t is now revived by the
discovery that he was defaulter to
large amount of the funds of the Com
pany OF which he was President Mr.
| Mills was very large operator i'll real
estate, and several large ventures had
not turned out we'll Since his death
1t was stated that his account
IN the Brooklyn Trust Company
had been overdrawn to con
siderable extent in his endeavor to
carry his speculative ventures. and
his general administration of the Com
pany was of the lowest description,
The collaterals accepted by him on
loans OF very large amounts being un
sale. The directors are engaged IN
examining the various books and
| papers connected with the institution,
and endeavOred to straighten up the
accounts, and obtain a clear under
| standing Of the exact status of the con-
| Germ. A brief examination brought to
light Irregularities, and it was ascer-
tanned that collaterals, on which large
advances were made, were worthless
Since Friday the examining committee
have worked each day, except during
banking hours, when the books are in
use, and until midnight each night. Of
the loans and collaterals there are two
| large items, which go far towards
making the discovered Impairment of
| the capital The first Is a loan of $3.50
| 900 on 5000, 900 bonds of Georgia.
issued III aid of railroads in that state,
and which are better known as "Bul
| lock bonds" having been issued by
| Gov. Bullock. The second item is an
other loan of $50, 600 on first mort
gage bonds of the New Haven. Middle
town and WIlllmantic Railroad C0mpa-
ny. built as an independent road, but
now proposed to he link in the new
airline between New York and Boston.
| There are some other cOllateralS OF
small amounts that may prove loss,
but these, III the aggregate, do not foot
| up a large amount. Tie estimated
embezzlement is 800, 900 There are
overdrafts of Mr.. Mills to the amount
of about 500, 000 What he has done
with this large amount does not ap-
pear. When the last dividend was de-
ciared the surplus Of the company was
set down IN round numbers at $780,
600. This, of course, has gone. The
impairment of the capital may reach %
per cent. This, however, was taking
the worst possible view Of the case, and
throwing aside altogether the deprecl-
ated and worthless collaterals.
The Company was organized a little
more than SIX years ago, with a capital
of $500, 900 Mr. Mills was one Of the
chief organizers, and was chosen Pres
1dent, which position he has held ever
since. 1t Is known that some of Mr..
Mills real estate speculatiOnS resulted
dlsastrously to him. Two years ago he
butt seven handsome houses on Main
avenue, leading to Prospect Park, and
Il short distance from the main en-
trance They must have cost from
SD, Gee To $50, 600 each. Not one has
been rented, nor can be sold for any
thing like cost. He also built Il row of
five brown stone front houses OF Gin
1t
streets. These cost not less than 500
900 each. None were rented or sOlu. in
each case the houses were uusuited to
the neighborhood in which they were
built, and could neither be sold to ad-
vantage nor rented for a sum sufficient
to pay the interest on the Investment.
1t WAS believed by many that Mr.
Mills committed suicide because of the
peculiar circumstances connected with
his disappearance, no one being with
him when he was drowned, and the
first intimation of his disappearance
being the clothing found near where
his body was afterward recovered.
Since the defalcatlOn 1t has become
known there are those among his ac-
quaintances who are inclined to believe
that he made away with himself be-
cause he knew that an exposure was in
evItable An intimate friend of Mills
has since closely examined the locality
where Mills was drowned, at all hours
Of the DAY, more especially when the
tide is the same as at the time when
Mr.. Mills entered the water, and he is
firmly of the opinion that it was an ac-
cident. This theory is strengthened by
the bearing of Mr.. Mills on thepreyious
evening. He seemed to be in unusual
ly good spirits and discussed the plans
of the morrow with more than usual
zest. His manner was always pleasant,
and, with those with whom he was in
innate, even Jovlal.