Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-12-20

Young Foerstel's EmbezzIement Amounted
to Over go. 900.

Michael J. Foerstel has been deposed from
his position IS city treasurer of ST. Louis with
a shortage of s63 029.i As announced in yes
terday's STAR Edward Foerstel. first assistant,
and son of Michael J. Foerstel. city treasurer,
al o'clock Yesterday morning shot himself
through the head. There came yesterday morn
ing about i've minutes after o'clock the an
nOuncement that fire had been kindled shortly
before IN the city treasurers Office where, with
the doors OF the vaults wide open. too appar-
ent attempt had been made to destroy every
thing in that Office and so forever conceal the
guilt Of any one who should be guilty of wrong
doing. Scarcely two hours later came the news
of Foerstel's suicide.
Prompt discovery of the fire enabled its
quick control. with the destruction. so far az
known, of ouy some old papers and furniture.
Immediately upon the controlling Of the FIRE
the police were placed in charge of the city
tressurers Office until the proper officers could
make investigation. When Treasurer
Foerstei reached the Office and discovered the
stuatiOn almost his first words were: when
Eddie comes down we will count the
cash. although l don't think there was much
there"
\ few minutes later the suicide of his son was
announced to him.
When the full import Of the news was grasped
by Foerstel he looked at the safe, turned pale
and then ashy in color He did not speak or
look up. The only outward sign Of the grief
which he was undergoing was that he seemed to
grow twenty years older.
The treasurer paced the Office minute. his
handkerchief to his eyes, and then by a violent
effort suppressed all emotion and went to the
controller.
When will you look into things here with
me? he asked.
As soon as you are ready" replied the con-
troller.
In few minutes the work was begun under
the direction of Controller Stevenson and his
assistants. As result of this searching in
quIry an embezzlement Of S63, 020. l6 was dis
covered. But little except sympathy for ex-
Treasurer Foerstel is heard. Ii is settled By the
inquiry that he personally is innocent of wrong
doing His son sunk the whole sum in real
estate deals. the extent of which it will take
weeks To unraveL
The city has $500 600 in 81 per cent bonds
IN New York and Boston now. The develop
ments will undoubtedly affect their value and
perhaps injure the credit of the city for some
time TO come. Charles Parsons. the banker
appointed TO succeed Foerstel as treasurer tenn
porarIly is ex-president of the American Bank
ers Association and one of the best known
hnanciers in the United States.
Young Foerstels record is that Of wild
young man and plunger on horses. He was a
heavy better. placing a thousand more at a
time. He was also interested in real estate
deals beyond bis capacity to handle. as is shown
BY recent Developments in court proceedings in
the nature of injunctions. He was generally
liked. lie was about twenty-three years of age,
but old in experience. and especially in finan-
cial matters, for his years. In his capacity as
assistant treasurer for the city of St. Louis over
$40. 0G0 600 in city funds and securities passed
through his hands each year. lie was treasurer
Of two large building associations the Phoenix
and Home Comfort. but his accounts with these
are known TO be all right He vas also senior
member Of the firm of A. Foerstel 4 Saxton.