New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-24
PRICE FOUR CENTS.
ROBBED BY A TRUSTED CLERK
THE CRIME OF JOHN B. MARsTON.

THE CRIME OF JOHN B. MARSTON.
STEALING FROM THE EQUITABLE TRUST COMPANY
| FOR SEVERAL YEARS.
| defalcatlon has been discovered in the Equta-
| able Trust Company to the amount OF about
$4,000. The defaulter is John B. Marstnn, a SON.
in-law of Roswell G. Ralston, president of tho
Farmers Loan aud Trust Company. He is also .
brother of Edwin s. Marston the assistant secretary
and treasurer of the Equitable Company. The dis
| covery was made by Marston leaving the employ of
the company about the close of Its fiscal year, He
promised to make up the amount of his populations
through the assistance Of his friends but failing TO
dos promptly, the facts of the were put in
the hands of the Distrct-Attorney 1t is not known
where Morston is bur it is expected that he will bs
| arrested, II he can be found
When the Equitable Trust Company was organized
In 1872, John b. Marston entered its employ ia an
humble capacity He rose gradually by promotion
until he was made interest clerk. He had charge
of the payments of interest to the company from
! loans on Western farms aud lands The lending of
money on this class of property was the prin.
cipal business of the company. Marston held
his last position for more than four wears,
and it was during this period that he carried on his
misappropriation of funds He was completely
trusted by the company's officers, having made a
good record in lower positions and by omissions
and falshcations of his accounts he was able to
conceal his operations. IL appears from the ex-
animation of his books that he took the money i'm
small amounts at time. 1t is believed that only
small part OF the total sum distracted can be re-
covered. The bulk Of it will be lost except IN the
improbable event of Marston's friends making up
the deficiency.
The first knowledge Of the defalci ton came to
the trustees of the company from person to whom
Marston confessed his wrong-doing. MarstOn re-
gfor ,oI Il, -.
pany curtailing expenses preparatory to tho
beginning of its fiscal year on March / last
when the resignation vent into effect. 1t was iuti-
mated to Marston that his services would not really
be required during the new year, but beyond this
suggestion his resignation voluntary.
After his confession he seen by
officers Of the company, and after admitting
that he was defauter, he stated that he thought
that he could pay back all the moneys he had
taken. This was late last week, and since that
time he had not been seen by Preslden, Elliott of
the trust company. After consultation of the
Executive Committee, and when the extent of the
defalcation was ascertained by an investigation,
circular WI issued to the stockholders informing
them briefly of tho facts
When Marston left the employ of the Trust Com
pany he intended to engage in stock operations,
anu new firm, styled j. 3. Marston 81 Co., occn.
pied Office on the eighth floor Of the
Mills Building The name of |. III. Ayres appeared
below Mr. MarstOns on the door of the Office No
responded yesterday to the rafting Of the door.
Neither Mr.. Marston nor Mr.. Ayres is a member Of
the Stock Exchange.
THE CONDITION OF THE COMPANY.
II is only within few years that the business OF
the Equitable Company became Improbable
that 1t began TO curtail expenses For about year
the company has done new business. There
were preparations to wind up its affairs but the
trustees deemed it advisable simply to wait for sn
Improvement in its Geld of operations. The pre.i-
dent of the company is Frederick b. Elliott, who.
Z bout nine months ago, succeeded Jonathan Ed
wards, deceased. Its capital is $1.5O0OO0. Tho
present members of the Executive Committee,
who, with few exceptions, were interested
in the organization of the company,
are Adrian lsein Samuel Wi,lets, Eugene Kelly
Gustav Steliwag, James A. Roosevelt Charles But
er William Remsen. Adrian Iselin r., and Francis
\. Parker
The officers and counsel of the company are men,
bers of the Executive Committee by virtue OF their
positions The Ia st annual statement OF the fnan-
nal condition OF tho company showed the following
condensed balance sheet :