The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-02-05
GILCHRIsT. WHITE & CO.
The Junior Partner Robs the Firm and
Absconds.

| A serious defalcation has been discovered
from the books of Gilchrist White & Co., ship
Chambers, OF No. So South street, New York.
Edward W. White, the junior partner of the
| firm, after having made ule of the credit and
| the money of the firm for the past two years
for his own operations, has fed from the city,
| and it is not known where he is. The firm
formerly consisted of George W. Gilchrist,
| Familiarity known as Capt. Gilchrist, and AL
bert W. White, cousin of Edward, in addi-
ton to the latter. Capt Gichrist is an old
man of Y, and has of late years left the de-
tails OF his business to the younger members of
the firm. Albert White retired from the firm
ayear ago, and has since then been living in
California for the benefit of his health Ed
ward White has consequently had every OBJ
portunity to carry out his plans. He issued a
great deal of paper and entered DO notes of it
in the books. Having charge of the money,
he was able to present to his senior partner
false statements of affairs. His losses were
occasioned by specuations in grain and in
mining stocks. AS his losses increased he
borrowed more and more money. The firm
went into business ten years ago. 1t did not
possess large capital, and did not do a very
lagge business, but had excellent credit. The
friends of the house were numerous, and to
these Mr.. White said that the concern was
taking interests in ships. On this prerext he
borrowed heavily, getting from one firm S"O-
600, from another $500, from third 81 500.
The total amount will foot up $4,000. The
greater portion of this money was borrowed
from personal friends of Capt. Gichrist It is
unlikely that the firm would ever have borrow
ed SO largely if the senior partner had been in
faRaG fahr
only $45, 900, with some undivided profits.
Capt Gichrist's friends, however, with whom
he is very popular, lent willingly, believing
that they Were assisting him to improve his
business.
Two weeks ago Mr.. White found himself
hopelessly involved, and started for Elmira, as
he said. SINGS that time nothing has been dis
covered in regard to his movements, except
that he did not go to Elmira. His long alb
sence aroused suspicion, and the books of the
firm were examined. 1t was found that the
house was indebted for $4,000, while its as
sets amounted to only SAT 900, with some
doubtful and bad accounts outstanding. A
| statement has been laid before the creditors
ana endeavors to effect settlement with them
| are being made. A great deal of sympathy is
felt for Capt. Gilchrist, whose reputation as
| an honorable business man is spotess, and it
| Is probable that he will be able 10 settle his
| troubles without suffering complete ruin. The
blow, however, is very severe to him, as begin
ming work again at the age of ~ in a serious
matter. Capt. Gilchrist is native of Maine,
and was formerly ship-builder and ship
master at st. Georges. He made several voyages
to California and South American ports. On
one of these trips he met ex-Mayor Grace,
who married his daughter He went into the
ship chandlery business originally with Mr..
o. Brien, also from Maine. O'Brien subse-
| quently retired, and Capt. Gilchrist took into
partnership the Messrs. White, whose partner,
Mr. Howe, had just gone out of business
The present firm of Gilchrist, White & Co.,
was thus formed ten years ago. and everything
went well until Edward White began the
speculations which resulted in his present He
was engaged to young lady in New York
His father lives in Elmira. White is native
of Maine