The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-04-28
McNAIR SHORT
!; In ACCOUNTS.
Took $4,000 From VIII.
mington Savings Fund :
Society. But Makes
- Good the Amount.

President William NJ. Candy OF the VII.
mjngton Saving Fund Society yesterday
afternoon announced that Ernest b Nice
Nair, whose resignation from the bank
was announced In yesterdays REPUBLI. !
CAN was short In his accounts to Tbs ex-
tent of So 100 Mr.. Candy further said
that the shortage was discoveredb by Joseph
A. Richardson, the auditor o. the snciety.
on APRIL IL, and MoNair confessed 8, MT.
Richardson OIL the same evening and latcr
to MIR. Candy on the advice Of Mr.. Rich
ardsop, McNair has been III the employ Of
the society for fifteen years and the pecu. !.
lations have been going on for ten years!
The la rgest amount taken IN one year was
g., 600, and In one wear of the time but &lCO
WINS taken. At no one time were larger
amounts taken, The total amount Of the
shortage 40 far as the society has been abls
10 asceri ain, is $40, 100. The society has
received fr,m him all of his prope't o.
which the O ure MOI tgagss OF $4,000 n8
Ia bonded Nv tho Guarantee Company OF
North America for H2 00U. From the bond
and the property which has been turned
over toit the society will realize abouS
sc, 00O leaving an actual loss to the society
of from q, 900 to a. 100. 81
The plan pursued by Mr.. McNair in abb
stracting tho funds CT the bank was this.
Suppose depositor should deposit $ll0.
On the slip which McNair kept Of the de-
posits he would mark $40. He would then
take out tho 500 and keep it. The amount
which was received from the deposition
would be correctly marked on the deposit
book Of the deposltor and also upon the
ledger Of the society. The books would
therefore appear correct and the amount
on the sin OF all deposits for the day
would correspond with the cash which he
turned over.
In addition to the one large slip McNair
kept small slip of deposits which went
to Joseph A. richardson, the auditor of
the society, who keeps separate set OF
books In order to deceive MI Richards
son McNalr wonld withhold enough de.
posit slips altogether from those sent over
TO make the amount of cash on hard corr
rect The slips would be counted and the
amount shown to be correct but tho
number of slips was hot taken into con-
s!deration until the auditor WINS caused to
Suspect that something was wrong by his
books repeatedly failing to agree With the
fore counted the slips. which are numbers
oil, and found two Of them missing.
The books of the society, were, OF course
correct, and so were tho book, Of the de.
positors. At the end of tho year, when the
society makes out its report 1t would D9
necessary for MoNair to adjust the cash. X
the books Of the institution were allowed
to go as they were they WOuic, OF course,
show the shortage In cash. At this time
the accrued interest due the society from
its investments Is due, and from this no
would substract the amount OF his short
are, and thus mako the books balance. ID
was therefore impossible for the society to
find out the shortage in any other way
than that in which 1t was found out.
While tire loss o the bank will DO 81 0)O
the dopositors will lose nothing.
Mr. Candy added that he WAS sorry this
story had become public No action had
boon taken toward prosecution, and the
officers had decided to allow McNair to
any business in which he might engage.
He only made the statement for tho benefit
of the public and to allow the 1900 de-
pnstors at tho institution to understand
exactly how the matter stands.