The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-05
ALLEGED BREACH OF TRUST.
The Widow Of Moses Y. Beach Charges a Pine
Street Firm with Swindling
Her Out Of $4,000.
James s. Myers, One Of tho Firm, Arrested and
the Other Partner-How Missouri
State Bonds are Converted
Statements Of Both Parties.


Statements Of Both Parties.
Mrs. Julia A. Beach. lady Of about forty years Of
age, handsome IN person and very ladylike in man.
ner. is the second wife and widow Of Moses Y.
Beach, at one time the proprietor Of the
sun newspaper, Of this city, Mr.. Beach died in
1868, and left the sum OF $4,000 in trust with
his widow for the beneft OF his son, George w.
Beach, lad now in his eighteenth year. In addi-
ton to the sum left in trust for his son the deceased
editor lett very comfortable property TO his
widow. The property left to George A.
Beach consisted in part OF thirty-twO Missouri
State bonds, which were valued year ago at about
$4,000. These bonds were deposited for safety
with the Safe Deposit Company corner of Broad
way and Liberty street. by Mrs. Beach. At the
same place other property Of Mrs. Beach was
locked up. MIR. Frederick Foster is the Secretary
of the Safe Deposit Company.
In September, 1871, there was firm OF brokers
doing business at 20 Pine street. This firm con-
sisted of three persons-namely, A. Vaughan
Dimock, James s. Myers and Edward d.
Weston. Mr.. Frederick Foster was on friendly
terms with this nrm of brokers.
cousin of Mr.. Dimock, OF the Pine street firm, Mr..
Anthony Dimock, and who had considerable busi-
relations with them, was President OF the late
Atlantic Mail Steamship Company, which has re-
Gently failed. Mrs. Beach reposed considerable
confidence in Mr.. Frederick Foster. Mr. Frederick
Foster was intimate with the Pine street firm of
brokers, and, naturally enough, he informed the
Pine street brokers that Mrs. Beach had large
sum of money at deposit in the Sale Deposit
company, Of which he was secretary. Broker
Myers Broker Dimock and Broker Weston were
introduced to Mrs. Beach, at her residence In this
city. They proceeded to do business with Mrs.
Beach Immediately after the mutual acqu aintance
bright and sharp lad for his years, Just home from
school, was referred to in conversation which
took place at Mrs Beach's house.
"Why not" said Myers, in his most cOn1ding
manner to Mrs. Beach-"why not have George
enter into business in our frm, and we will instruct
him and make good business man OF himY"
Mrs. Beach thought well OF the matter and as
sented to the proposition but Mr.. Myers needed
some security, and Mrs Beach was induced to
offer security the $50 900 worth OF Missouri State
bonds. Mr.. Myers and MIR. DmOck offered cOat-
eral for the security very full and rigid agree
from September l, 1871, until September i, 1872.
The signers on the part OF the firm to this document
s. RaSgh ne D wGo and
George w. Beach, her son, also signed the docu-
ment, and there was one witness, Mr.. Spencer H.
firm gave as security for the Missouri State bonds
which were to be returned according to agree
sna IF ar p
Mr.. Anthony V. Dim0ck, President OF the Atlantic
Mail steamship Company. Let 1t 1t be observed
The President of the Atlantic Steamship Gem
pany Myers e
in that beautiful metal amounting to 100000
were sometimes made by him with the firm. Mr..
A. Vaughan Dimock was gathered to his fathers in
the May of 1872. Mr.. E. d. Weston withdrew from
the firm subsequently, and Mr.. Myers was lett
alone to conduct the fortunes of the house. Events
came thick and fast, the Atlantic Mail Steamship
Company vanished balOOn-like on the 18th OF De-
1871 to say on the 18th
Company went under with fearful crash
Mr.. Myers found himself in bad place little
fortune. He drew up document In the form Of
special partnership, In which, Tor the slight con-
sheraton OF $4,000 IN cash MRS: Iua A. A Beach
Dimock, Myers Co. This document was sent
per bearer-George W. Beash-to Mrs. Beach to
sign. Mrs. Beach, on consultation with her lawyer,
declined to sign this document 1t should be stated
here as Mrs. Beach alleges, that the Atlantic Steam
Mrs. Beach was anxious to sell 1t. She states that
the firm induced her TO part with their note, and
IN return they gave mer note not made By the
quently she states that they induced her to part
with this note for 800 shares of the New York
cannot dispose Of. Mrs. Beach, believing herself to
have been swindled out Of the money which she
held in trust ns for her in ADDITION
special deposit with the firm, made complaint
before Judge Noah Davis in the supreme
arrested by Deputy Sheriff Mclaughlin and brought
before Mr.. Judson Jarvis. who held him in bail In
the sum of $4,000. A like summons has been Is
sued against +. D. Weston, but as yet it has not
been served. Mr.. Myers up to Jour O'Clock yester-
day afternoon had not succeeded In finding bail,
low Street Jail. number OF friends called upon
him at the Sherif7s ONCE yesterday, but did not
In her afldavit Mrs. Julia A. Beach states expll-
city that the agreement between herself aud
Dimock,. Myers Co. decreed that the 5000
wOrth.Of Missouri bonds were to be retained only
during the year in which her stepsOn was employed
with the Pine street brokers. The AFFIDAVIT also
states that George W. Beach was to receive $500
n
that she demanded from the defendants, James $.
Myers, Edward u. Weston and Amelia Dimock,
Administrative OF the estate Of E. Vaughan
Dimock, that they should return to her the said
thirty-two bonds OF the State OF Missouri and that
they have refused and still refuse to return to her
the said bonds, which are now valued at $4,000,
and she charges them with converting said bonds
to their own use and purposes unawfully and that
the said firm have failed In business and are insol
vent; and furthermore, she prays that the said de-
PENDANTS be arrested and held to bail according to
the statutes in such case made and provided.
reporter Of the HERALD called upon Mr.. Myers
at the office of Mr.. Judson Jarvis Deputy Sheriff,
in the New Courthouse, yesterday afternoon, and
Of about thrty-nve years OF age OF tall and sInewy
Frame dressed In the height OF fashion and wearing
q very handsome gold ornament IN his scarf RI
brown kid gloves, across his knees he made his
statement as tollows:-
Ny name is James S. Myers, Of the firm Of Dim
ock, Myers Co., Of No. rs Pine street Mrs. Beach
did not deposit these Missouri state bonds with
our firm as security for the good behavior OF her
son, but made US loan of them, and in considera-
ton OF her making this loan we tookher son into
our employment which the agreement in my hands
shows completely. We gave her our note for
$780, 600 and other securities which she still holds.
She afterwards commenced specializing in
stocks, all kinds Of railroad and other stocks,
in our office, upon which speculation she made
losses Of about fifty thousand or sixty thousand
dollars. The fact OF 1t is that, instead or our owing
her money, she owes us a very large sum OF money,
the balance OF her dealings with our firm. I am
very willing to return her the bonds when she re.
turns us the amount due US by her. In my opinion
the entire proceedings are malicious prosecution,
and have ample evidence in my possession TO
prove what say to be true and correct.
Mr.. Myers, with that peculiar Wall street express
sion that the majority Of brokers have, looked up
IRON the floor.
REPoRrER-will you allow me to look at the
agreement that you have-I believe 1t Is the Orgi-
nal one-that will clear up everythingS
Mr. MYERs-No, can't do that II will all come
out In coed time. Please ask the public to suspend
their opinion, won't you? Just suspend public