The news-democrat. (Providence, R.I.) 1906-1909, 1907-05-10
HOW LINCOLN
TOOK $4,000
IN II YEARS

Auditors from Boston yesterday told
the directors OF the Woonsocket Electri,
Machine and Power company that up to
April Of last year. the cash deficit OF
Levi Cook Lincoln. the defaulting treas
urer was but s1i5oo: that this deficit by
Dec. 81 OF last year had increased to s2l,-
CO., and that between jan l OF this year
and the date of Mr.. Lincon's confession
OF wrongdoing on April %, the books
ly $4,000 in cash.
These amounts make a total cash de-
felt OF $4,000. as Mr.. Lincoln confessed
to the directors. and. added to the $4,000
that was outstanding I'm notes, either
forged or irregularly issued. az the time
OF his confession makes Mr.. Lincoln's to.
tai shortage with the company that had
employed him for % years. 500 which
is the amount Mr.. Lincoln admitted hav-
ing taken.
There are unsecured claims At present
against him that amount to $4,000. some
of this amount being merchants bills,
but the bulk of 1t being for money loaned
to him by bankers and other friends
The directors have present informatio2
OF secured claims held by Woonsocket
banks and by individuals amounting to
$4,000, so that at present, including tho
shortage the claims against Mr.. Lincoln
amount to at least Sll5.000. and TO pay
these a joint committee of the electric
light directors and of other creditors OF
Mr.. Lincoln. has property valued at APP
proximately $4,000. The surety bond OF
course. win be paid in its entirety to the
electric light company stockholders.
As far as IL now known, only one note
with forged counter signature of Presi-
dent Bachelor is out, and that is held
by the Eliot National bank OF Boston.
The reason Mr. Lincoln for years kept
the electric light companys bank books
showing deposits in his pockets and al
lowed no one 70 make deposits but hin'-
self Is now clear. The auditors report
showed that one OF Mr.. Lncoln's methods
of embezzlement was to take money In
amounts OF $500 at time. He would
make a deposit entry on his check book
stub. indicating that $3.50 had been de-
posted. would pocket $500 and deposit the
balance. In order that comparison might
not show discrepancies. etc, between his
check book stub and his bank deposits,
Mr. Lincoln, who. as director OF the Citi-
gems National bank. had access 10 deposit
slips after they had been put away. after
the recording OF amounts. would abstract
from the .flle deposit slips of the COM
pany. such slips as indicated fraud.
The books show that for several years
Mr.. Lincoln had contented himself with
taking money In $500 amounts, but that
since Jan. !. OF this year, he had, on two
! occasions since the company's 100000
stock issue, taken money in lots of $4,000
/ at a time.
The electric light directors ere after
more information relative to what Mr..
| Lincoln did with some of the money lie
took, and as to his methods OF getting
| rid OF such large amounts OF cash, al
| though the retiring OF forged notes with
| i'm the past few months might indicate
| what had been done with much OF the
| money taken.
The creditors voted 10 approve OF the
action OF the electric light directors In
| Immediately taking title 10 Mr.. Lincoln $
| property after his confession TO the board
| of April "A. and elected a committee com
prising F. S. Weeks. Charles H. Balou
Samuel p Cook TO cooperate with john
j. Heffernan, Henry +. Sayles,, r. Ia
| Walling and George r. Smith OF the cleo
trio light board, thus making joint com
mittee of seven creditors. empowered to
turn Mr.. Lincon's property into cash as
| soon as reasonably possible and TO divide
| the assets thus obtained pro rata amons
| the stockholders and other creditors.
There is said 20 be little prospect OF th'
home being saved for Mrs. Lincoln, un
less there are new developments.