New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-05
FLIGHT OF A MILL TREASURER.
ALBERT E. BOSwORTH. OF THE STAFFORD
MILLS, MISSING.
HIS RELATION WITH THE TWO FALL RIVER
BANKS THAT ARE NOW BEING
INVESTIGATED

BANKS THAT ARE NOW BEING
INVESTIGATED
Fall River Mass Oct ALBERT f. Bosworth.
treasurer Of the Stafford Mills corporation, has He'd
His absence is causing great deal of trouble. lie
was also treasurer of the Bcattie Zinc Company and
interested in several speculative enterprises The
flight of Mr. Bosworth is due to the disclosures made
In the affairs Of the National Union Bank and tho
Union Savings Bank The first OF these was an IT.
regular loan Of $23O0o which was discounted by
Cashier Chaplin without the knowledge OF his directors
when this disclosure was made, Treasurer Bosworths
management Of the affairs Of the Stafford Mill was IN
Quired into by his directors, and at special meeting'
held Tuesday afternoon, his resignation was asked
for and presented, but was not then accepted
A few hours after the meeting Treasurer Bosworth
said he going Boston business and took the
afternoon train. This did not occasion any anxiety
at the time and none was felt until this morning,
when his continued absence excited alarm. Then
another special meeting of the directors was called
for this noon, at which the resignation Of Bosworfh
was accepted, and Samuel W. Hathaway was chosen
treasurer pro TEN. To the directors on Tuesday last
Mr. Bosworth stated that the finances of the mill were
in no way impaired by his management Experts are
now examining the books, but up TO a late hour to-
night nothing irregular had been discovered, and
nothing positive be stated until the examination
of the books is completed. An investigation OF the
condition of the firms bank balances to-day showed
they all right The Stafford MIL has surplus
Of about s30O,OCO and subscriptions to the Increased
capital stock Of S250,O0O are now being received, SO
that Treasurer Bosworth had a large sum OF money
under his control.
The affairs of the Beattie Zinc Company are some
what involved. Before his sudden departure from
town. Bosworth had asked that special meeting OF
the Zinc Company directors be called for the afternoon
This done, and all were on hand. Mr. 8osworth,
however, did not put in an appearance Pending MS
expected arrival, the directors made some lnvestigar
tons on their account, and discovered that the
$23 900 Of paper held by the National Union Bank
which they had been trying to fix UP since saturday,
was not the lot they supposed 1t to be, but an
entirely different set, which Mr. Bosworth had nego-
tiated without their knowledge. At the meeting
last night 1t was found that the stock books and
other important documents were In an inner safe, TO
which BOsworth had the key, and they could not
be got at. To-day, some Of the directors searched
for Mr. Bosworh in Boston, but without success.
No trace Of him be found, and he is supposed
either to have gone to Canada or to have sailed for
Europe on the City Of Rome, which left New-York
Yesterday Tonight people coming up who say
they paid for stock in the company and have not
yet received certificates, Mr.. Bosworth having put
them off, the plea that he did not have time to issue
them safe expert has been sent for to open the
inner safe and It is expected that the
books will be obtained tomorrow. and an
examination begun. 1t is not expected that In any
event the credit of the Stafford Mills will be affected,
as 1t has a large surplus which, so far as can be
ascertaned, appears TO be intact -
Meantime tho affairs Of the Union Bank are being
Strengthened out The different members of the Mich.
OILS family have made an assignmnt for the benet OF
both banks. Bank Examiner Chaplin said tonight
that he had practically completed his examination OF
the affairs Of the concern, and had not made an, any
The bank held only $4,000 of Nicholss paper, and
that will be covered by the securities now held and
by the assignments There also $50 900 In sus-
pended checks In dispute.