The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-06-11
sl2,0OO,O0O STOLEN IN 1908.
Embezzlers Made Great Hauls Last
Year-Small Salaries the Cause
Of Dishonesty.

ne Vast army OF professional
thieves who rob by f':rce or otherwise.
steal but a tithe OF the millions Of
dollars that are taken unlawfullv
throughout the length and breadth
Of America each year. says the New
York Press. II j. The we'll educated,
carefully dressed : yentlemen who hold
positions Of tru~N. and whose only
too> are pen ana INK. who loot most
Of the treasure chests Of corporations
and Individuals. |Thev rarely are call
Fl thieves. but q Generally are referred
;y--when diSco% %ered-aS embezzlerS,
or defaulters. They stole last year,
50 far as the irecords show, nearly
sl2.OOO.O0O. The wear before they
col away with more than $9,000,00O.
If the embellishments during 1909
keep up the record for January, this
wear will be another record breaker
for dishonesty and loss. The record
Of defalcatiols for the first month OF
1909 shows that the enormous total
Of 81, ,2S5. 400 was taken during its 81
davs. This is at the rate OF more
than $15.000.000 a year. Burglarles
and other thefts amount to but about
S3,O00,000 annually.
The amount Of embezzlements only
can be guessed at. after all, and it is
more than likely that the figures given
are far below the actual. They are
compiled by one of the big New York
fidelity companies from official re-
ports that come in from agents all
over the country, from newspaper
clippings and other available sources
Of information. Yet, it is acknowledge
ed by everyone familiar with the sub
ject, that not more than half the en-
bezzlements that occur are ever heard
of, except by those most directly IN
terested. They are hushed up tor
fear they will injure the standing Of
the concern that has been robbed.
Sometimes the embezzler is caught
red handed and is forced to disgorge
most Of the money he has stolen. This
generally is before he has had a
chance to spend it, and usually fol-
lows a theft that is committed under
sudden and overpowering temptation.
In many other cases. however, 1t Is
discovered unexpectedly that a trust
ed employees defalcations have ex-
tended over period Of many months
or years. If he confesses and his
family and friends are able to make
up even the major portion Of the loss,
he frequently is allowed to 60 free
and unwhipped of justice. But there
are others whose cases are so flag
rant they cannot be hid. The bonding
company loses thousands Of dollars,
and then the punishment is severe
and certain.
II could stand on the roof of al
most any Of the tall buildings below
Fulton street, said an employee OF
one of the big private detective agen-
cies the other day, "and toss a stone
on the roof of one or a score OF places
where I, personally, know that heavy
defalcations have occurred that have
never been reported to the police, or
even limited at in the newspapers. In
some Of the cases the embezzlers
have been caught; in others they are
being hunted for in various parts OF
the earth. Their pursuit never will
end until death or capture gets the
thief. The known statistics Of loss
indicating s12,000,000 stolen last
year, are accurate, so far as they 60.
But the actual amount Of embezzIe-
ments might reach four times that
amount"
Banks and trust companies are the
heaviest losers, according to the pub
ished reports. Last year there was
stolen from such corporations the sum
Of $5,933,971, which"was S2,9Ol,970
more than in 1907. Last January the
,defalcations from banks and trust
companies amounted to $794,950. II
the embezzlements continue at the
same rate during 1909 it will bring
the total of losses for such instltu-
tions alone up to $9,539,4O0, which
is more than the total losses in all
lines Of business reported in 1907.
General business, which term IN
cludes commercial houses Of all de-
scriptions. lost s2,4o2,9S2 through de-
faulters in 190S-During the first
month Of 1909 the total Of the losses
that came to light was $35l, ,22O.
Public service corporations were
the the next heaviest losers, their to-
tai being S1,0444,74l in 1908. No one