The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-08-18
A HEAVY DEFALCATION.
William Gray. Jr.. Treasurer Of the Atlantic
Mills, Half Million Short.

BosToN, Aug. 1.-THE publication OF the fact
that William Gray, ir.. treasurer of the Atlantic
and Indian Orchard Mills corporation, is de-
faulter to an enormous amount has created great
excitement here. 1t is believed that his steal
ings will amount TO over half million of dollars
Gray was deposed from the treasurership of both
corporations several days ago, and William
Hooper was chosen temporary treasurer of the
Atlantic and Edmund Dwight of the Indian
Orchard mill. The assets of the two corpora
tons amount to more than q, 000, 900. and it is
not believed the solvency of either is impaired
by Gray's operations. The capital of the Allan
tic mills is 81 100000, and its assets, according
to the last annual statement. exceed So 100000
The capital of the Indian Orchard mill Is
100000 The assets are nearly three times that
sum. Mr.. Gray has been treasurer of the former
for ten years, and of the latter corporation for
eight years. He has occupied q foremost posi-
ton in business and social circles. he has lived
magniicently, and he was regarded as very
wealthy. He owns the fine cutter yacht Huron,
and he has been commodore of the Dorchester
Yacht Club several years. Mr.. Gray is about
fifty years old and has a wife and two sons.
The managing directors of the Atlantic Mills
Company still engaged upon the books of
the corporation in relation to the shortage Of
Gray, but at present the exact amount of his de-
falcation cannot be learned with certainty. In
an interview this morning with two of the prin-
cipal directors, who are anxious that their names
should be withheld, the following facts were
learned: Last Friday the deficiency was dis
covered by an examiner appointed by the d.
rectors, and on Saturday Gray came to the office
ana was confronted with the charge. He, after
a moment or two. confessed the crime and ae
knowfedged that he had embezzled the funds of
the corporation to the extent of between 5000 900
and $500, 900. but to the to which he put
the money his only reply was, Building
operations" This accounting Is believed to
be true by the directors, who say
his operations of this character in Roxbury, have
been notorious 1t 10 also believed that Gray
has told the truth regarding the amount enbez
zled, and the directors do not expect to find that
it will exceed 100000 On Sunday Gray, ac
companied by his brother-in-law and party of
gentlemen friends went on board his yacht. the
Huron, and cruised about the lower harbor and
bay during the day. and spent the night below,
On Monday morning the yacht came up to the
city and landed Gray and his companions on
Central wharf. Gray ordered the captain to get
ready to sail again at P. NJ, at which time Gray
stated he would be on board. The captain had
not seen Gray since, aud the Hnron still lies at
her anchorage. 1t is known that Gray has left
the city, and it Is thought is making his way for
Cana a with horse and buggy. 1t is not be-
lieved that ne has carried any of the stolen
money with him, as he is believed to have spent
most of it.
LATER. 1t now seems tolerable certain that
the defaulter Gray has committed suicide his
horse and buggy having been found in lonely
place. where they had evidently remained all
night in drenching rain.