New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-18
ALARGE DEFALCATION.

LARGE DEFALCATION.
A BRoAD-sT. BROKER ABsCONDs LEAVING 100000
OF DEBTs-A LARGE NUMBER OF PERSONS DE-
LUDED BY PROMISES OF HEAVY INTEREST
For several DAYS past rumors of frauds and
defalcations,h,v agitated Wal-st with depressing
effect The facts, far they can be gathered are as
follows:
Edwin X winship OF No. "a Broad-st has been engaged
for several years past In the purchase OF claims OF Gov
eminent employees, at 10 per cent discount and the
hiring Of money In large and small sums from all who
were willing to trust him. for which he engaged to pay
interest at the rate Of 81 per cent month"; pro-
Tossing 10 have ways Of investing the money so
probably to enable him to this heavy usury He
did large business in both branches OF his trade and
said that hundreds of the employees OF the Post
Office and CustoIn-house have been accustomed Tor
long time to apply him for advancements on their
salaries aud that other hundreds have intrusted their
savings to HIM in the hope Of realizing the large returns
he promised SO far as can be learned, Mr.. Winship
paid the interest with considerable regularity until
little more than two months ago, when even
the large sums which he continued TO receive
from depositOrs ceased 10 be sufficient
TO sustain the enormous drain OF interest the debt
which he had accumulated. No further dividends have
bee paid about two months 1t seems prob
able that he had money left with which to pay them
and that nearly all the moneys received by him on
deposit have either been expended or have been used in
paving interest.
Afew weeks ago Of his depositors became clam
for their and few began suits to recover
it, He therefore summoned his creditors to meet in his
office Wednesday afternoon, at which time he said,
be would show them that his sairs were in perfectly
satisfactory condition The creditors who assembled In
response TO the call represented. 1t Is said'
nearly $4,000; but their debtor did not meet
them. Instead. there was letter addressed to Mr.
Reed. his clerk and Mr.. Beaumont, who had boon as
hfu htaiu fran
saying that he was hopeessy nsovent and had been so
for four years. his life during that time having been
constant struggle with fate AS he had not been seen in
the office since early In the morning 1t was believed that
he had taken steamer that day for Europe
Mr. Winship lived with his family at Grantevile,
Staten Island, where he rented the house formerly
owned and occupied by Polly Bodue. This was fur
nsbed in a handsome manner. He also kept four valu-
able horses, and several carriages and lived like man
OF wealth be rented furnished room at No IS East
Hnthst whore he slept when detained In the city at
night.
On Wednesday morning last ne left his home as usual
and visited his office. After remaining short time he
went OUT telling his clerk that he was going TO the Jener
son Market District Court to attend to some suits 1t Is
confidently asserted that he has not returned since
That evening his wife received letter from him, in
which ne said II am ruined. have only few hun1
red dollars left, You will hear from Inc In few days
Good.by God bless you" This is the last she has
heard from her husband, so far as il known.
Deputy Sheriff Aaron Aarons levied yesterday on
what property could found Mr.. Wnships office. on
tyyo ind IN MS ono obtained b. Wellington W. Burdick
for Al o aud tho other for 800 obtained by another
creditor rne ofcs in charge Of young boy, who
denied any knowledge OF Mr. winship's movements
since Wednesday last
TRIBUys porter called last evening at No So East
Nnth.st, where Mr.. winship had lodgings and was
told by the andady that he had not been seen In the
city By any one so far she knew, since Wednesday
she said that there hundreds OF people who would
like 20 know where he was but 10 was generally be-
heved that he had gone to Europe She said that f. H.
Hotchtss had charge Of his affairs, and either he
OF Mr. Beaumont could tell more about him
than any one else. Neither OF these gentle
men could be found but early in the evening note was
taken to Mr.. wnsnips Office, addressed ~ Mr. Winship,
and signed T. II. H." saying that the writer was I'M
able 10 obtain O certain sum Of money. The boy who
acted a. messenger said that was from Mr. Hotchkss
bo had told him that he would meet Mr.. Winship az
,s ofce This would 10 indicate that the latter
ia ATM the CITY, or supposed to be last ming by
his friend.
Deputy sheriff Asrons told the reporter that he under
stood that the claims against Mr. Winship amount to
tOoO but that gentleman whom he owed $4,000 had
told him that he would Do willing to trust him with
$4,000 IL he should start in busne again. and that ne
rad tse UTMOST confidence in his Integrity.