Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-27
Geo. P, Sheldon, Dsposed
Phenix President, Dead.
N When Indicted and Lost mlnd
Through WorrIment.
Company Said to Be impaired to
The Extent Of ST, 900, 600.

Greenwich. Conn. Dec. 26.-Death
beat Justice in claiming George Pres
ton Sheldon, the deposed president Oh
the Phenix Fire Insurance Co. smell
don died here Saturday morning WITH
out knowing that he was under indlct-
ment in New York.
| He had passed all last summer al
| the Naples. hotel here. and when the
disclosures of his Acknowledgement OF
the fire insurance company became
| known he was too i'll to be told of the
| charges against him.
| He was indicted Dec. s, charged with
| larceny of s45, 900, and bench warrant
was issued for his arrest.
| When it was learned that he was too
| i'll to be arrested requisition papers
were applied for and placed in the
hands Of the Connecticut authorities.
Sheldon has since been under surveil-
lance. and if his condition had i'm
| proved he would have been arrested
and brought here to face the indict-
| ment.
Sheldon's death was expected. 1t
| had been known ever since Supt.
| Hotchkiss of the insurance depart
| ment exposed the mismanagement of
| the insurance company that he was a
very sick man. He was taken i'll a
month before the facts relating to the
company were made public, but mas
much as he knew the insurance de-
| partment was making a thorough eX-
animation Of the company he no doubt
| had no doubt had an inkling Of what
would follow
The fear Of what the examination
would bring forth is believed to have
| preyed on Sheldon's mind 50 much that
| he lost his reason. In the last two
weeks of his illness he went out of his
mind.
Sheldon was taken i'll in November
with ptomaine poisoning, brought on,
! it is believed, iy eating scallops. He
| vas w and about five days later, APP
parently in his usual health. Then he
| vas taken i'll at the Greenwich Coun-
| try Clut and removed to The Naples
| The poison in his system from mis-
! tirst attack affected his kidneys. Shell
don also suffered from q dropsical at
;iiction.
His illness became serious and New
| York specialists were consulted daily
until he died Sat urday morning. Shell
Ions family W,re at his bedside when
ne died.
| a widow. his second wife, five chill
| iren, three daughters and two sons
survive. The sors, Waldo and George
| live in New York. Two of the daugh
tiers are students ut Smith College. The
third daughter is married.
| Sheldon's family has been greatly
worried about the charge hanging over
he sick man and his friends have fire..
| 1uently wished that death might pre-
| vent the disgrace cf having to stand
trial for his Wrongdoing in the man
| igcmcnt of the company of which for
| Il wears he was the head.
| His death viii be relief to more
| persons than his intimate friends. 1t
| will lie particularly welcome news to
| chose ex-ofiIcials of the insurance de-
| partment Of New York who borrowed
| money from the Phenix Insurance Co.
while they were supposed to be watch
! ing and examining regularly the com
| pany which Sheldon controlled. She:-
| dpn's death will quasn the indictment
against him.
| Sheldon was removed from office as
the president Of the Phenix Insurance
CO. Dec. 6, at the instance Of the insur-
Ance department of New York. 1nves-
| tigation cf the company'S affairs, the
| first that has been made of his COM
| panv by the insurance department in
| many years, revealed that Sheldon
had been specializing with the money
of the company for long time and
lending it's money in violation of the
law
| In addition to the accusation brought
against Sheldon individually. charges
were brought against the company of
making false reports to the insurance
department.
Supt Hotckkss seemed to think that
the company Sheldon controlled had
| been impaired to the extent of nearly
81 100000 under his management. He
practically ran the company in 1898.
Then directors passed resolution per-
hitting him, as president, to pledge its
securities for loans to the company.
This resolution was never rescinded.
Sheldon made such loans as he saw fit.
and the various directors who served
under him never thought to question
his uoings
Sheldon was born in New York in
1S47. He was graduated from Yale in
the Glass of 81. He was a member o.
The University Club, the New York,
the Indian Harbor Yacht Club, Green
w'ch Country Club. He lived quietly
and playing golf was his principal rec
reation.