The sun., 1898-02-21
STORY OF TIE DEtAlCATION.
A Steal That Carried off the Entire
Capital Stock OF n National
Bank.


Capital Stock OF n National
Rank.
William n. Boggs is charged with mis-
sppropriating 100000 while rWying
teller cf the First National Bank Of
Dover. The first inti,nati,n of the short
age was received by the public on June
3rd, 1897, when, after Boggs had been
absent from his pos for five days, a
hasty examination OF the books was
made, and it was given out that he was
defaulter to the extent Of $SS,OOO. A
careful examination was at once com.
menced, and, on July l4th, the official
announcement was nade that the short
age aggregated 100000.
Boggs tleft Dover on Saturday after
noon, Nav 29th, the impression being
that he would return to Dover on the
following Tuesday. 1t was not suspected
that anything was wrong until his fail.
ure to return at the time specified, and,
as he was not IL the bank on Wednes.
day, the suspicious of some OF the bannk
officials were aroused and an invest.
CATION was commenced. On Thursday
morning it leaked ont THAT Roggs was a
defaulter. On tlsat day letter, which
was s>erpposcd to IEspe been written by
Boggs, was received ut the hank, in
which there WAS an acknowledgment OF
the shortage and ia which directions
were given by which the officials could
Discover the methods used in eluding the
bank examiner The letter exo,orated
all others connected with the bank The
letter was written ON letter sheets of the
St. Cloud Hotel, New York City but sub
sequent inquiry at the hotel failed to
show that anybody answering Boggs'
description had been there.
Harry A. Richardson, presi,lrnt Of the
bank, as soon as he defalcation became
known, tclegrapled the government au-
thcrities. besides M'tifying the American
Surety Company, OF New York, which
was on Boggs' h,nd for SlO,0OO. The
agent OF the surety company at once
went to Dover, ia order to obtain definite
information.
ON the following Monday morning
rln on the bank was threatened, sevtra.
FARMERS who were among the depositors
becoming appIehensiye. President Rich
ardson succeeded IN assuring most of
them, however, that there was no ncces-
$ tv for anxiety and they departed. A
E 'nsiderabe sum was Withdrawn, but the
b INK was abundant y able to meet every
d Amand made without asking assistance
from outside. The directors had, after
the trouble became known, deposited
something like $l5O,0O as an evidence
pf their faith in the institution weather.
ing the storm. At noon on Il at day
President Richardson, in speaking Of
The NATTER Md the following statement:
''You can say for me that should any.
hing like run take place on this bank |
i will have to break me first. am
oack Of the institution to my last
lollar.'
On Tuesday, June Sth, a warrant was
sworn out by Bank Examiner Francis n.
Buck before Uniied States Commissioner
J. Redmond Smith, in the United States
court, in this city, for the arrest Of
5oggs, charging him with embezzlement
~ falsifying the books OF the insttu.
ion. The warrant was placed in the
lands OF United States Marshal Lannon
Who made a rong effort t, locate Boggs,
t was notknuwn at the time which way
lc had gone. Some supposed that he
vas in Canada, while others thought he
lad gone to South America, the latter
pinlon being pretty general. His family
ernaincd in Dover for some time, finally
)cating in the West with relatives.
On July 18th the stockholders of the
ank held meeting to determine what
cton to take, with respect to the defal-
alton, which resulted in the apprc val,
y unanimous vote Of a plan of rcor.
which was recommended by
ne board Of directors, The plan was to
,ver the defalcation by reducing the
lpital stock of the bank 80 per cent. or
'om 500, 200 to $4,000. This cut in half
,e investment of each shareholder, Us !
lille the par value OF the stock was to I
'main at 500 the holders of each were 7
} be reduced one-half. Manlove Hayes d
as called to the chair and George Mas. !
" Jones appointed secretary. Secretary |
mes read Il statement of the condition d
the bank at the close of business on d
me Both, which had been prepared by |
ems, Lybrand Il Co., experts, of Phila- |
hia, and which, showed tho followinp !