Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-10-22
Worst Fears Regarding Young
Man Who Disappeared From
Muscatine Realized
FINANCIAL RUIN FOR SEVERAL
Shortage of $4,000 Found Whom the
Books Were Examined by Experts
- Mckay's Whereabouts Still I'm
known - Embezzlcment Charge May
Not Stick.
necia, TO Times-Republican.

IL
Muscatine, Oct. 22.-Twelve thous-
and dollars gone, q wake OF hnanclal
ruin left behind, five men hit hard and
a tale OF reckless plllnging was the net
results of the investigation of the
books Of Harry Mckay, the missing
manager Of the III. j Toher grain COM
pany's office in this city last night.
The owners Of the concern, IL. j..
Toher and A. Anderson, Of Davenport,
with their attorney, Charles d. Fullen,
cana In last evening on the Fdrehy
and made an examination Of the safe
and of the books later In the evening,
Attorney Howard Bartlett appeared
indirectly for the creditors.
Open the Safe.
The safe was opened by an expert
who was brought with the Davenport
people and the books taken out and
examined. 1t was found that the per-
iod of peculatfon extended from last
March until the day Mr.. Mckay lieu
the city. During the week preceding
his flight his losses were as high as
$1,000 day. 1t is declared he invest
ed the money entrusted to him, ana
then when the margins began grow
ing closed all his creditors deals out,
not telling them of it and continuing
to pay little profit TO them. 1t IS
said in this manner he rapidly sunk
the funds entrusted him. This Is ac-
cording to the statements Of Attorney
Howard Bartlett, who has official
charge of the affairs in the city.
Five Men Were Hit.
Attorney Bartlett says hasty ex-
animation Of the books showed that at
least $4,000 has been taken, altho
it may be more and it may be trif1e
less. Five men We're hit hard, he said,
two heavily, three moderately and as
for the others he says they have
hardly any cause to complain as their
loslngs are very light. No list OF the
creditors is extant, so he says. and
their names will become public only
as they sue the Toher grain company
in case Of nom settlement.
How it Was Done.
Attorney Bartlett gives the follow
ing official statement of the case:
when the books We're opened and ex-
aminad 1t was ascertained that Man
ager Mckay had taken the money of
his cred tors ant, had used it to make
personal deals, having sold q large
Quantity of securities on a rising mar
ket. The market continued low and
he lost as high. as $1,000 day. The
money was nearly all lost to the
Hammond Grain Company, of Ham
sol, ic, r.
ed by Toller & Co. Mckay used about
$4,000 for his personal. expenses and
possibly for gambling.
Left q Letter.
Manager Mckay left letter among
his effects In the safe in which he said
that he had used the money of his
creditors on personal deals and that
he had been OF era ting under the name
Of w. E. Bir6sa]I. He had about thirty
deals Of his own under operation, so
the letter said. The period of pecula-
ton extended from last March UP to
the day he left the city. He had but
little money, SO 1t is said, when he
left, having about 5000 in his possess
sion, giving 500 to his wife. Between
Aug. IA and Oct. II, his losses were en-
ornous and often totaled $1,000 a day
for days at time
Will Submit Proposition.
Mr.. Bartlett says that a proposition
will soon be submitted to the creditors
by the Toher firm, Mr.. McKay's father
will help settle, so 1t IS understood and
the matter may be adjusted before
long.
Attorney Fullen has gained a repu-
tation for himself as attorney for Chi
cago bucket shops and will undoubted-
ly arrange matters satisfactorily on
this occasion.
Is Embezziement.
Altho the law does not protect
the creditor from, the manipulation Of
a bucket shop manager, few direct
deals will make his crime that of en-
bezxlement and such a manager can
he held for this, so Mr.. Bartlett says.
Several persons bought stocks OUT
right and paid Mr.. Mckay the money
and we're to receive them as soon as
they could be sent for. This would
be embezzlement pure and simple, so
Mr.. Bartlett saya.