The New York herald., 1878-03-26
THE ROAD TO RUIN.

GEORGE II. sTETsON's DEFALCATIoN-ITs
CAUSE AND ITS coNsEouENcEs--IN JAIL.
Wall street for many days past has been exercised
over the rumor that Mr. George n. Stetson, manager
OF the New York Office of the Boston Marine Insur-
ance Company, was retired from his position for good
and sufficient cause at the instance OF the company's
president and directors. There was way, however,
to find the reasons that led Mr. Stetson's re.
moval until yesterday morning when, about eleven
O'Clock, he arrested under action brought BY
the company for alleged misappropriation OF their
funds to his own use.
HERALD reporter last night called upon gentle
man connected with the company, VINO furnished the
following iacts:--Ths Boston Marine Company have
81 Wall street, this city About Iour years ago Mr..
George H. sietson was given tho management Of the
age, came from Maine, ana had held positions OF
trust in the Maine Lloyds aud Union In-
their agent anu manager here He was Of gool family,
widely known ana very respectfully connected.
Shippers. underwriieSs aud all VINO came 10 Oas,noss
contact with him wcrc pleased with MIN. Tho Boston
company all we'd hun fall liberty, and there was
question to his management OF tho funds. He was
gwen good salary and every trust connded in ni.
TOO FAST.
II is believed he worked hard and industriousiy
uul within the last few mouths He was looked upon
as OF the most faithful Of officers. HIS accounts
correct, his patrons pleased and The US
affairs dsr his caro- and Satisfactory So
great was the esteem which ne held by his
employers that no later tDan last year his salary
was raised. Steison, however, II Is alleged, the
gentleman said, led last lie, lvcd above HIS salary,
spent money lavtshly ana ran in debt, when the
temptation to appropriate some of the company's
Office and chief officers In Boston, and keep there
most of their iunas They keep small amount OF
sdy money So.,nss IN thus CITY for the 'FAnsaS
dom average. over lew thousands at a
time. Toe Mechanics Savings Bank receives
their deposits. Within the last SIX mouths Stet. on,
II Is saId embeZzed So 900 or upward, his msappro-
prlaons ranging IRON 5000 up TO 81 900 and over at
d1 rent times HIS way oil getting tue money
md out at the end OF each month the amount
OF shortage, to credit himself with that shortage
the cash book in ms own name as being deposited In
the bank, then forward the statement TO the com
pany ana next day charge himself WIN The amount
and set 1t r,gnt back again.
THE FIRST SUSPICION.
The company has It's books audited once every six
months rhey noticed little inaccuracies in steson's
young man had until then proved aDle and trust
worthy. aud they scarcely believed he could
10 wuons sycoa nS ,b name wors sna ms m n n.y.
25th oil last February, alter being their
trusted manager for years, enjoying alike their ull
confidence and that Of their customers Stetson was
dismissed by the company. The assistant secretary,
Mr. Ward Williams, was sent on TO take charge OF
tho hnaaces and Mr. HerUert Frlcr became the
manager.
Mr. Stctson was allowed TO 70 free for tho time
being To aord him chance TO make up the loss that
kad been suctaned He was not touched until yes
terday He was seon and written 10, but he answered
acknowledge his guiit or make ameads. The COM
pauys mercy was exhausted and much against their
foengs they put the matter into the hands OF Mr..
SANFORD II. Steele, thor attorney, VINO caused
Stetson's arrest by the Sheriff. They would have,
had II been any one else commenced criminal
ceedngs; but they chose to prosecute civiIly.
UP to late last evening the accused was unable
to ball. II Is said that. Notwithstanding bis
popularity, those who have met him In business are
unwilling to AID MIN.
HERALD reporter called at Ludlow Street Jail last
night Mr. Stetson had not been brought there, but
lady, supposed TO be bis wie had called earlier
evening looking Tor him, under the preston that
he had been brought there by the officers OF the law
IL Is even now hoped taat Sotson Will exhibit
signs Of repentance