New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-22
WHO ETHEREAL BENEFITi
TREASURER HoYr FORCED TO ASSIGN.
HOWARD s. JAFFRAY sAYs THAT THE DEPICIy
IN THE MERCANTILE BENEFIT AssOcIA-
TIoN is AMPLY sECUkEL-THE FIRMS

'''N 10 AMfLr StCCkED-THE FIRMS
CONFIDENCE IN MIR. R0Yr.
An account Was published yesterday giving cir.
eunstahtial details to the effect that a shortage
OF $4,000 had been .scoyered in the acc,mts Of
tue lr"ders and Travellers Accident Company OF
inns city, and that the manager, Russell T. Hoyt
iao resigned In reply TO inquiries made by "a
hib' NE reporter at the company's office Mr.
ooinervlile, the secretary denounced the story as
" sensational fabrication adding:
oe tue society was formed in April last Mr. Hoyt has
oesn associated with manager but he s connected vim
oher companies and sny for about An hour
each aay His 6usn has nothing do with the of
's company The story 10 a, silly asit maicions and t
may oetha hose who are responsible 1t will hay, eco.
sion to regret their folly.
AN OFFICIAL DENIAL BY THE COMPANY
Here IA COPY of letter written this morning by IN.
president To the oompanys lawyer;
NEw-YoRK. Jan. 2l, 1883
ABEL CROOK. esq, 93 SdssausL
MY DEAR SIR: have article In The stars
OF to-day regarding the dealeaton or shortage said TO
exist In the accounts Of the Traders and Travellers Aoc
ueh' comp any IL Is also stated that Mr. Russell P.
ioyt, general manager resigned month ago ETC. Upon
inquiry al the Office aud animation OF the books thl,
forming L am unable lind any trace OF lrreguarity
shortage or any thing that would lead suspicion OF
such thing
have never before heard OF Mr. Hoyrs resignation
and the secretary informs 50 far as he is aware
no such thing suggested shall be glad IT,
NJ counsel Tor this company, you will investigate
matter and advise the information OF the board
what legal measures you necessary and advisable
to establish the bnity for asehoos which
appear TO have been published with a view 10 wanony
inue the good reputation OF this company and punish
the guilty parties. Yours respectfully.
SAMUEL r. PERsoY. President
"ToO MANY IRONS IN THE FIRE
III transpred later IN the day that the institution
actually affected was the Mercantile Benefit Asso-
ciaton, of which Mr. Hoyt secretary, treasurer
A mn of
the Traders and Travellers Union. and besides
these positions, he had charge OF all the disturse-
mcnts and other business connected with force OF
forty or hlty travelling statesmen for the firm OF
L. >. Jailray q Co., with whom he has been for
many years.
}. Henry Smith, of the firm of Smith & Angel,
No. R2 lhomas-st., who is president OF the Board
of Trustees, and chairman of the Executive Conn
mittee OIL the Mercantile Benefit Association was
seen by the reporter at his house in St Jamcss-
place Brook yn, and gave the following account
of the difficulty:
This matter would not have been made public but
the ounder Of the paper which printed the sory about tho
came to us voluntarily and said he worried his
accounts as for some ne reason he could not make them
the association and my OWL, and declared that wha,e'"r
mined the society should suffer loss. We believe In
Mr. Iioyts integrity My own opinion that II there s
OF his subordnates 1t Is case Of too many irons In
Mr.. Hoyt has been trying to carry more than he was
able But his conduct 9 the case eonvinees me tha;
think discrepancy Of any consequence really EXISTS lie
lie for any shortage and offered to pae mis- properly
consisting Of house and lot In o SoG b st. ana sG %
the association until h; accounts co1ld De passed upon
self and Mr. trustees, assignment being per-
fected in due form OF law.
EXPERTS Ar WORK on THE ACCOUNTS.
Mr.. Smith said that Mr. IIoyt was one OF the
association and had always stood high among it's
members. He had been manager for over ten
years. lie received about $4,000 year for his
services. lie has submitted his resignation,
ana viii Withdraw permanently from the manage
Ui the society as soon as his accounts are
adjusted. Experts at work at the Office Of the
company, No. 3I9 Broadway, and Mr. Smith
complete tie eXaminati on. Lite last evening
Mr. Sni III received message from the officers Of
the Traders and Travellers Union, OF which Mr.
iloyt is general manager saying that the affairs
OF the Union were in perfect order. An eNanna-
tOn, it stated, had been instituted yesterday
in consequence of the rumOr which appeared in
the morning, and such was the satisfactory re-
suit
Mr.. JAFFRAY's FAITH IN Mr.. HoYr.
f. s. Jafiray the head OF the firm Of T. \.
Jafray & Co., said to the reporter at his house,
No 615 Fifth-ave., last evening that he was un-
acquainted with Mr.. lIoyts troubles in connection
with the Mercantile Benefit Association, the
raiders and Travellers Union or any other com.
pany that Mr.. Hoyt might be interested IN, but
that he i.-d been in the firms employ many years
that Le considered him trustworthy man; that
Alf. llOSJ sui nelu Ills lOstlOn III tnc ROeis
house and would remain there unless he choose 10
leave ii, as his Cr. Ja!raysJ confidence in lioyt
WAS mistaken.
the other member of the firm, was found at his
house, No 20 West Fity-sccond-st, last evening
and said:
matter Of Mr. Hoyt's has been greatly exagger-
atcd. The amount Is nothing 800 900 has been
stated. | have thoroughly examined into the entire
business and feel fully competent to talk about It. Ten
thousand dollars will more than cover the whole amount o
alleged deficit This is secured by the bond given
by my father John Ii. Reed, formerly with Bates,
Reed & Cooley for 10 900 each The association viii
lose dollar. BY giving Mr.. Hoyt time he Is sure
pay up every cent due know exactly how he gos
into this trouble and can explain 1t in few words
The collections which passed through his hands
amounted large annually Last year 10 exceeded
sle0OOO Mr.. Hoyt received cent OF this amount,
say $4,000 for his services but out OF this he paid three
clerks might appear that he ought TO save at least
$4,000 yearly for himself out OF this but his books show
that after paying hire and other expenses which
he assumed 800 tho largest sum he received In
one year and sG5 the Lowest
CARRYING MANY ASSESSMENTS.
As Mr. HOyt able give his attention TO the OUT
side business only in the evenings his time during ths
day being wholly occupied with US, he was Obliged TO
trust largely others. owing to this he was some time
ago robbed OF $4,000 Besides this lie has been carrying
the assessments OF other people There are men In THIS
town and elsewhere who owe him siC0 and 5000 each
enough to make up the balance Of the deact He has
been working along with these things weighing upon him.
trying straighten them up, and now that uhe u"uD
has come out the press he Is all cut up ana eNea
and hardly what he is doing admit that he may
have been and TO some extent careless pra
but he has done nothing dishonest or criminal He Is
doing ALL that man can In his state OF mind 10 get mat
ers into shape the directors can pass upon hs
accounts They may assured that everything VIII
come out right
Mr. Hoyt has been with us Twenty-Five ycars-ever
snce he WAS tventy-four years oldsnd more upright
STRAIGHTFORWARD man cannot b. found in New-York to-day
lie has risen step step until he is now at the head
our travellers bureau, with salary OF $4,000 year
He b., under his control no Two oil whom are
- n ,ha .arse town for consecutive nights yet he
tn.w. where put his hand any ono OF them day or
nI,ht We have every confidence in him and intend Z"
tsep him. know that he Is honest because ne
nd x.hsi 20 be otherwise he has had abundant opporun
a., % r,ats uonsy-more thaG would cover his alleged
wv " nd ei hay