New-York tribune., 1908-02-22

$5o0o or any part Of 81 he recovered it will be cred
tted 10 surplus. but meanwhile the directors have
decided TO charge the s14s37o - profit and loss
leaving surplus Of 81. S.o53 Il
BY means Of unauthorized -'treasurer's advances
the report says Snow was able to make it appear
that the i610 shares OF stock Of the issue of De
cerber. 1906. for which he subscribed paid for
in accordance with the terms of the subscription in
four equal instalnnents. One thousand of these
shares were issued TO Snow and for the other 679
eppoTuoned 10 T. G. Webb, clerk in Shows office
the treasurer receipted with the subscription IF. G.
Webb. per H s. :" Mr.. Webb believing that the
shares Of stock were to be used in the company's
interest executed blank powers of attorney 10 the
treasurer for the transfer Of the certificates. The
company's officials eXonerated Mr.. Webb from any
suspicion yesterday and made il plain that he
entirely innocent Altogether SHOWS 'treasurer's
advences' for which he had authorization
amounted 10 s139,S7o -. When he left the company
he also failed 10 SO 0l0 OF the company's
per cent gold bonds Of the issue OF 1890. On the
charge OF the larceny of these bonds which had
been given by him collateral for personal loans
Snow has already been indicted by the Kings
County grand jury
In explaining Shows methods the report says:
In December. 1906. the company made an offer
ing OF stock 10 stockholders. pro rata, par. in
January. ls51 under rights which accrued 10
chase in the open market. H. 5. snow. then treas
the new STOCK Tnder this Subscription certificates
d Ior 5gg shareS were issued 10 Nj. snow and for
90 shares 10 r O. Webb, a clerk IN Mr. Snow 5
office The certificates for the Webb stock were
states that al Nj SHOWS direction he executed
blank powers Of attorney for the transfer Of these
ders5andiilg they We're = be used in the companys
Snow. in his own name and that Of Mr.. Webb, was
1,s70 shares, par value S67O00.
Under the terms Of the subscription payment
70 be made in four equal nstalnlents, February
The Company Stock sibscTipifon record Pnd cash
books show payments as follows:
rsSsry 2s 1907 s5o ,o' o' ieS stock
assus: nsy 3 81 So iao7. 5000 iss5S s%S $50 $50
nent. HiT- Snow entered, or caused 20 be entered,
on sheet headed 'Treasurers Advances" and
the approval authority OF the board Of directors
executive committee or & any ol5eer b. r. OF the com
on MAY 3 cash pa yTnenIs made sufficient in
. unauthorized 'iadvances' 5000 and 70 credit
the two accounts with S55,el0 above indicated.
and transferred 10 other parties four hundred
shares OF the Snow stock and TWO hundred shares
SEQ gJoD The payments OF August 8! and Novenl-
Der 60 were offset by unauthorized advances
by Mr. Snow. both before and after those above
\ mentioned the aggregate Of all improper ''ad-
of his resignation. being sl$9. go p
Fve-v certificate issued was properly signed sealed
and registered No bonds We're Improperly issued.
IN anv va affecied were wholly in the cash ac-
count The bonds properly issued and properly in
The treasury were improperly appropriated and
By a vote Of the board of directors the maxi
and loss leaving the surplus 81 72ss s52 = What the
orr. VIII Be credited TO surplus.
To succeed Snow. who is still a fugitive H. T
Stevens Of Syracuse. experienced telephone
man has been elected TO the board Of directors, It
IS expected that he VIII be made treasurer Z A
Gurnee is filing the place temporarily