New-York tribune., 1903-05-23
STOLE QUARTER MILLION.
Southport Bank Cashier Led Fast
Life in This City.
BROTHER SAYS HE WON'T RETURN
IRY rELEGRAPH TO TIE TRIBUNE.l


Bridgeport. Conn. May 22--The defalcation Of
Oliver T. Sherwood. cashier Of the Southport
National Bank will amount to at least quar-
ter of a million dollars This is learned upon
the best of authority. Investigation yesterday
of some of Mr.. Sherwood's transactions in New
York revealed a startling condition OF affairs
The magnitude Of his transactions was lar great
er than any of the bank directors suspected
Many OF these deals the directors refuse 10
speak about.
Mr.. Sherwood was until a short time ago
vestryman in the Episcopal Church OF SOUTH
port He was musician. and frequently acted
as orgauist In the church. The reason for the
defaIca ton at first given was that Mr- Sherwood
used the funds Of the bank and Of everal es-
tates Of which he was trustee. to tide over the
affairs of the Mount Wilson Mining Company
of Colorado the stock OF which was owned al
most exclusively by Southport people But
later DEVELOPMENTS Indicate that the misuse OF
the funds was due TO the fugitfve's method OF
life for the last four FIVE years
II ia known that he led a double life mostly
In New-York City: but since his disappearance
many stories are told of his carousins III the
cities of Connecticut. and even Is close 10 MS
home as this city. sherwood's wife had frnphci'
confidence in her husband. and she was not
told of any OF his acts Of Improperly uriIi las'
Saturday When Francis P. Sherwood
brother, told Mrs Sherwood she was DUN
founded and has since been on the verge OF
nervous prostration-
Sherwood has foated bonds and notes OF the
town of Southport to the amount OF eIVo'V0'
and he took from box left in his CUSTODY III
the bank for safekeeping bonds TO the amount
Of So 900. These he disposed of in New-1o orA'
and Is supposed to have taken the money oo-
tanned On them This is a severe blow for the
local Methodist Church Sherwood was trustee
of the Francis Jellif estate and under no bonds
How much he used Of this estate cannot be as
certain ed
Wednesday noon the Southport National Bank
was closed by order of the Controller Ellis
Pepper, cashier Of the Pinchon National BANK
of Springfield, Mass, was appointed receiver
Not word has yet been heard Of the fugitive
from Justice. His brother Francis declares that
he does not believe Oliver will ever come oacA
alive.
Acouafntances of Sherwood in this city said
yesterday that he had been spending much
money in the support Of young woman, who
rosed as his niece. and kept millinery store IN
Fffth-ave The young woman and Sherwood
went out riding in an automobile frequently and
she had an electric runabout with her initials
on it. which she kept in storage room in West
Fortv-ffth-st where Sherwood kept some ma
chimes.
Edward Blakely. driver of automobiles SAID
Yesterday that he and Sherwood organized the
New-York Automobile Company at No 145 west
Forty-third-st in February, 1902, for renting
stalling and repairing automobiles biaheiS
managed the business and Sherwood put up the
money to start IL. Sherwood sent Blakely 10
Newport IN May last to start branch there,
and sold out the New-York business 10 Louis
Fehr Later Fehr was sent to Newport, and
in his absence creditors of the company stepped
in and took possession Of everything in the shop
1t was said yesterday that when Sherwood dls-
arTeared he left on storage in two three
/ places in this city half dozen automoo1les
valued at from $1,000 to $4,000 each Some OF
Sherwoods acouaintances in the city said he
was an fnveterate smoker Of cigarettes and tnat
his daily average was about one hundred