New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-10-08
LOCAL MISCELLANY.
A HEAVY DEFALCATION.

fnE BooKREEPER OF ISAAC SMITHS son CON-
pANY REPORTED TO HAVE ABsCoNDED WITH
100000.
Isaac Smiths Son & Co.. manufacturers Of UNI
brelas at No. 4O5 Broadway, the Oldest house
An the trade. reported yesterday 10 be
seriously embarrassed by the defacation of
Robert W. Steele, their late bOokkeeper,
who has disappeared. having. it is alleged.
taken money of the firm to the amount of 100000.
James i. Smith. the senior partner Yesterday de-
clincd 10 anything whatever in relation 10 their
reported embarrassment the detalcatlon, hat from
other sources il was learned that the bookkeeper
disappeared suddenly several weeks ago, ana
that he has not since been heard FROM
having been connected with the house lor
manv years. and from 1872 10 1873 partner.
Implicit confidence Was placed IN hun. ana he was
not suspected OF any rreg lihrites uhth altei ms
sudden departure. when his books were examined,
disclosing il Is sand. many questionable transac-
tons. Ii WAS currently reported ia the trade TWO
weeks ago that there had becn deialoation, the
amount being placed at $4,000. hut Mr. Smith
then assured n0uirers that the amount was q mere
trtc. and would not affect the firm at all lie ful-
Their stated that he felt sorry for hc man and ms
family. who were highly respectable, that the hrm
would not prosecute him. Al the Ninth National
Bank, where the firm kept their bank account. II
was learned that the bank was not creditor the
firms line of discount having lusi run odt. ne
rumor that Mr. Steele had forged checks by raising
the amounts from small 20 large ones was dsWoNcd
by the bank officials far rs the checks received
~ them were concerned, 10 itrcgulauteS having
ben found IN any presented. Nh. Hlu, the
president. said That Nh. Smith had come
10 the bank saturday and informed him
that the buokkeepeT had delrcuded the finn
and he feared the amount would be 10000; he
thought II unvise to 90 on paying nOies until he
saw how mats crs stood and asked that anybody
prescntug their paper Dee referred 10 the firm. lie
had not made further inquiries, as the banA was not
a creditor.
Il wa reported in the trade that tie firm was en-
dcaNor'ne o. compromise win Their c,,clioi-.
Ameng thc creditors are W. H.. Deiorcst
d Co.. J.. T.. b iamn n Co.. and Fletman y
Co 10 Is said they owe considerable n lianchesttr
where they had branch. Bra.s.iccts r.por
state the lvu-, ua, establish y ~. lou2 by James
Thomas SMITH. I'm PeaIi-st.. ard mon ms death
the style W., changed to smith. Bclde y smith,
who were succeeded by Isaac Smith, VINO located
on Warren t., and then removed o. No. 400 ljs al
the present locati0n. Isaac Suith oicd IN lN9s.
way. and the style Of the firm became i.a3c SMITHS
Son n Co.. the present partners being James J..
Smith, ID ming r. smith and Isaac y. strong. They
ALWAYS endowed excellent credit, although tn"lr
capital was not large; they advertised cXton-
slvey, and sold their umbrellas largely through
four tail stores 40 Nos CCurlau lt-s.., SIS lu-
t0m-st. and 1OI and Los Broadway. under the
style OF T.. X. smith ( Co.. james l. Smith being
the company. hut ON September lH q notice oi the
mutual dissolution OF the firm of l.. X. smith y Co.
was published.
An effort was made last evening 10 see james T.
Smith but nc had gone 90 Philadelphia. lis son,
Dcning b. Smith, who IS In business with hi- father,
although not Of the firm, declined 10 make any
statement or 10 confirm or Ccly any reports con-
CcruIug the firm.