New-York tribune., 1908-02-14
SAY SNOW USED STOCK.
PHONE CONCERN CHARGES
Suspicion Of Irregular Deals Led to
Treasurers Resignation.

Inability to explain a discrepancy in his ac-
counts of sum approaching $4,000 is said
20 have caused the resignation last Monday
OF Henry Sanger Snow. of Brooklyn, from the
,reasurership Of the New York and New iJer-
sey Telephone Company Though one of the
directors of the company said last night that it
was Of his own volition' that Mr. Snow had
resigned from the Office which he has held for
fifteen years, he admitted that that officials
action had been forced by the results of the in
vestigation which was instituted last month.
and that there little else that Mr.. Snow
could do under the circumstances.
Though the apparent discrepancy is supposed
10 have existed for more than year, it prob
ably would not have come to light had not the
usual periodical examination the company's
books been for some reason shifted to an earlier
date than usual last month. The examination
revealed that almost S1J0oo0 which was sup
posed have been paid into the treasury of
the company for portion of the issue of
urv stock issued in 1906 could not be accounted
for Mr. Snow. when called upon to explain,
admitted that he had taken the stock into his
own possession. and said il had been recorded
as being paid for. but further scrutiny of the
hooks failed to reveal the payment of the
amount involved in the transaction. 1t was
then learned that Nj. Snow had some 100000
of the stock deposited as collateral with the
had been a regula- customer for dozen or
more years. Some $4,000 OF the stock is also
said 10 have been given TO the Peoples Trust
COMPANY as collateral for loan made to Mr.
Snow
Union " BetheT. president Of the New York
and New Jersey Telephone Company. gave OUT
a statement last night which he said that the
auditors who had been at work the books
had completed their examination OF the stock
books and had succeeded in finding short
age The examination Of the other accounts Of
Mr. Snow has not yet been completed.
Mr. Bethelrs statement that there had been
no improper issue Of trea sury stock and that it
had all been accounted for was confirmed last
night by director OF the company AS treas
urer Of the telephone company Mr. Snow
handled the stock. and in this way he sup
posed 70 account for its sales. In this way it
was comparatively easy for him TO assign
OF the issue. which amounted millions TO his
own account, and up to fortnight ago it was
supposed that full payment of the stock re
corded TO his account had been made to the
company
James Jourdan, one of the directors of the
New York and New Jersey Telephone Company
said last night that Mr.. Shows resignation had
been practically forced by the investigation
which had been begun by the directors That
the examination had revealed that H-r. Snow was
~ 'bted 10 the company in a large amount he
: rot prepared say. Mr.. Snow. he inti-
mated had made an offer make up Cor any
shortage that might be discovered, but Mr..
Jourdan said no action had yet been taken
pending the completion of the examination of the
eudtors
Mr. Snow denied himself callers at his home.
No 27e Henry street. Brooklyn, last night, and
the members Of the family said he had no state
n7er- 10 make IL -egard to the alleged shortage
his accounts.
The former treasurer Of the telephone company
vas born in Brooklyn ffty-one years ago ami
has been prominent in the social life of the
Heights section. At one time he president
OF the Polytechnic Institute, from which insu-
tuition he received the A. B. degree in 1875, and
he is still a member of the board of trustees
After cornrleting his course at the Columbia Law
School he was admitted to the bar in this city
il 1880 and practiseG his profession in this city
until his appointment as treasurer of the tele-
phone company
Of the New York Civil Service Reform Associa-
ton and belongs to the Hamilton. Marine and
Field and Dyker Meadow golf clubs He is a
trustee OF the Nassau Trust Company, of Brook
l.n and a director of the Ottawa & New York
Railway Although among his business assoc
fTecUla-or in the stock market. he had the repu-
tation Of being shrewd investor and his fortune
was estimated to be Of considerable proportions