The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-01-28
RUlN In NEW BRUNSWICK.
A Result or SPECULATyN0 WITH
A COMPdNT'S MONEY.

Deficiency in the Accounts Of the Norfoik aud
New Brnnswick Hosiery .ompnny-A Ia.
ther Throwing the niame upon hi. Son.
In the latter part Of last August Mr..
Luclus p. Porter, President Of tho Norfolk and
New brunswick Hosiery Company, ascertained
that there was deficiency In the accounts OF
MIR. Jonathan Earle, the compsny's treasurer.
An examination uf the books showed that the
oclci ,ncy amounted TO $4,000. The directors
of the company were called together on
the lat Of Septcmber, and Mr.. Earle was
called on to explain the deficiency. lie
admitted that his accounts were snort
sii9.OOO In explanation. he said that his
son George Earle and not himself was the
- / defaultcr. Georee Earle was bis clerk and
,..,.a,cte1 most Of the bu.iness Of the New
y,rl onioe. His father usually gave him cheeks
on 49,, New York bank In which they KEEP.
,ho,r oo,o,.,.. eisned 10y himself In blank, snd
directed hin to "a. w, Tho cheek ! and used the
ull1. Ih' sou u lei "a. In spcculaions ~
money obf1ined on them was good, and
stocks. The ocmpanvs cscri, '-cas OF the
the New York bank houOred the Ca.
trsaeutcrs son without any question. - any
Mr. lrlo promised 10 secure the COW ~,
against any loss. aud offered 70 transfer tn L..
a cotton mil III Burlington. Vermont, wurtn
s2UOOD real estate IN New brunswick. valued
1T $4u,uD1, ana $l2 90 worth OF real estate IN
IIrnokiyn He told me directors that there was
an encu,nbranco of $4,000 on the mn, mort
rare OF $500 on the New Brunswick nropert ,
ana an cncumbrduce Of 5000 ON the BROOKLYN
real estate. Toe factots directed Presto ont
Porter and Mcssrs. johnson Lotsou ana Mahl m
Runyon To examine tue property and take any
steps nat they dcemed necessary To secure tho
Compauv.
1hey inspccted all of the property. found 1t
TO Toe A. Mr.. Earle ha toid them, and took from
Mr.. T. rlc an Hssign.cnt Of IL. before executing
the assignment Mr.. Eir.e eNdrtcJ from the COM
pany promise not To prosecute hi7 son. The
Committee then Transferred their account to
NJ % - i IA Nt4xx "a
wick. MI. Earle WAS permitted to be the npini.
nal Treasurer 81 the cumutnv. al hnugh the
duties II that ONCE have. since the discnycry of
the denclency. been discharged toy Mr.. johnson
LetsOu.
Al the annual meeting Of the COMPANY on
"wednesday. Mr. Poret, the Presi1cnt tnlI the
stOcAhuldcrs Of the discovery Of the deficiency,
ami Of what had been done IN secure the com
IHiy. He sure that the property obtained
from Mr. l. rle would moro than cover the de-
nci, ncv, aud believed that tho company could
meet without difficulty al IT'S obh1Ht Ons, ~
they hhd a surplus ample 10 meet any loss that
mi fht aiisc from the Gefalcltion.
The Presidcn;'s course WIS approved bv tho
stockholders. and "a committee WAS directed To
thoroughly cx anne the cnuptnV's books anu
eiship, and MI. johnson Letsun Was appoin ed
In his place.
Mr. Earle ia about 50 years q age and has
hithcrto ucen ltshly respected In the commu-
dty. His version oftht drtac upn is not cr, d
tied by all the residents ut New Brunswick.
" lie aud his son were both in tue New York
once. said "A New Brun-wickcr, And 1t Is
queer that the old man uidu't know what his
SON id with the COMPANY onecA-. Hui' shO.
pose, the company are sitish 4. they nave got
their MOI cy." Al the timc nf the discovery Of
| the uefalcatiop StOOU OF the conn nys stock
stood IN his own name. aud SlO,OD OF II In th5
name uf M son.
the company was organized in August. 1854.
| IN Norfolk. Conn, as the Norfolk Hosiery Com
| pany. In September, lSii tie comptnv W -
! reolganiLed under the name Of the Norfolk and
| New Brunswick liOsier, Company and its cdpi-
| TAI WIS Increased To- $5UIOO A new manuiac-
| tory was nmlt in New Brunswick, and the mead
| quarters OF the company were transferred 70
| AT city. The cnmyBny usually employ about
| 1O1 hands. Mr.. Earle was elected its Treasurer
| IA