The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-04-20

Total appraised value OF assets distributed sd5ss7o
There is evidence 70 show that n good deal of
NE assets was appraised under its true value NJ
ine Tine Accepting, however the figures given
u m, above table the Union Companys in
urplelncss 10 the State may be ascertalned in
Tie following manner:
'ial asset, distributed . .... 60 $50 10
Le,' amount Of pun,ipal deductng 1921
shares held by company itself 2,3sa $50
Total lroat, distributed ............ ~. 1927
lax "a, At r5,s o. :, ml on capital for each per
L.si tax ON capiiai stock held by company it.
sell .........,. ..''.',.. 1907
STATE claim against comuany.......... siDIoj
All the foregoing is necessary TO clear UNI
uei7tahdlng 81 thc story Of rascnity that will
how be- told. The methods by which some OF
VIZ phd servants Of the State turned this claim
VI W1 SUITE 10 their own pecuniary advantage
aus ihe inside workings Of the South Caro-
ma h'hg. Tho facts in this particular case
tt" ,r,1 a.ilrntally come 70 light. How much
iurth.r the system extends can only be deter
,y ''nsu Wlrh th9 Legislature goes honestly to
WIN 70 investigate the departments, and this
h "n ony Ds when the people have elected an
NJ /. olnisted contnned to act n. Cor
nn"tthHnn Clerk under Auditor. General Allen
I ai,ii Anen went ont Of Office in May, 1873 Then
p,ntel ms son-ln-law W. j. Bayard, 10 b. Cor
h"inIlon Clerk. Bayard was and is n close per
',Ral freud ~ Ohnsted's.
Olmsted carried out Of Office an intimate
hh1Wle1He Of the States relations with the cor
fpauo44s. Among 6ther things he knew Of the
I'e r3Ieclion q which he himself had neglected
erVsuu,or'', All the experience gained in the
,.rlhl' oi me state. and ali the secrets learned
Nui'e Ia Olllrcus Corporation Clerk. he seems to
t"tn regarded as so much stock in trade for
iI'"iH hoEpNallou. When he LETT the State
= use ne ISSUED a circular to all the corpora
"'n' 81 pennsylvania setting forth his know-
t,s'p ~ coruoration affairs, gnined during his
WIW" uller, ana inviting business. He nom
W".l entered himself as Il law student with j.
~, o,nphlon OF Harrisburg. but confined his
"""l'luh 10 corporation matters. He has boon
,'P'NS'u ny many companies to settle their
Hinlits with the State.
hVhfi made Ia attempt TO recover tho
nnipy ,Iue tho treasury by the Union Com
I".i, he subsequently denied under oath
w." !'n anew Ofthe existence Of this company.
y, II was shown that at the end Of 1876 the
i",.n 'ul 10 me Corporation Clerk n declara-
;,"u my thry had made no dividend. accom-
tr'',.uu ny sworn upprAsnIcnt of the value OF
tt nNplAt STOCK, and mat this paper was
blHS "ANS N"N'''S"4e''' va 40
n rms, then, was the situation OF affairs in
Gcn1nsr OF lns, year: The State had Il valid
n,, ,'n Hshlhht responsible corporation.
amounting To about t2UO'OU0. Bnyard the Cor
bIhllDn Clerk. whose business ii was To know
l., tuW claim and 10 collect il, either did not
tnoW OF IT, through shameful negligence, or
aneW o. lt and crimlnally suppressed bis knowl-
49, ,Olnslcd, who had learned Of the claim
n miti'u ~ NE cmployo the State. and who had
"an negected 70 enforce Il. was now outsidoihc
thpu' turning TO personal account the kh0wl-
Inc o Which tho State had paid him for acuuir-
oldor those circumstances the swindling be.