Evening journal., 1914-03-06
PROPOSAL TO BUY c. g D. CANAL RECALLS
DEFALCATIONS AND BOND ISSUE FRAUD

appearing happy and cheerful while
the canker was eating out my yitals.
am an old man before my time. and
only want to say that Mr. Lesley and
myself are responsible for all the
wrong there IS We deceived our.
friends and superior officers. Mr. Les
ley and I must bear II. as we alone
did it: and now ! must go, whether
far away to distant lands to live .
living death, old poor. friendless. or
to TO remain quietly near at home
until 7 rest-oh. Cod how J need
resti-and then como back to submit
to the penalty deserve, I have not
yet decided
Shortly after Mr.. Gillingham had
finished reading that letter, Samuel
b. Heuey entered his office. Heuey
said he represented Mrs. Wilson. He
added that Wilson had not been at
home on Tuesday night and that Mrs
Wilson was left without a dollar in
the world.
Il held an immediate consultation
with some Of our directors Mr. Gil
lingham said, "and decided at once
to notify the Investment Company Of
Philadelphia. which had guaranteed
the renewal of the whole loan Of ST.
9e3. $50 of the over-issue. and they re-
turned TO me the S1O.500 earnest
money which /, as president, had paid
them to carry out e contract"
He and the directors then issued the
following notice.:
"Defalcations by the treasurer Of
the company have been discovered
this day. The interest on the loan
due July l. 1886, will not be paid until
further notice, and the extension Of
the loan cannot be carried out in the
mode provided for. Holders of certi-
ficates of loan are requested TO pro-
duce them at once at the Office of the
company for examination. Transfer of
stock and loan will not be made until
further notice"
MIR. Gillingham was asked If he had
had any suspicion that Wilson was
doing crooked work
mo" he replied "The whole over
issue, / am satisfied, was made prior
to my election as president a year
ago on the 7th of June last. Lesley
was removed three years ago. his ac-
counts being about $4,000 short.
which. however, he repaid, and Wilson
was appointed to succeed him. The
board was reorganized at that time.
younger men taking the places of the
older men. who we're disinclined to
take further active interest. We have
been earning 100000 a year over our
interest payments and getting the old
concern back to a paying basis"
"Why was it the auditing commit
tee never discovered this over-issue
of bonds?" he was asked.
Because we had implicit confidence
in the man." the president replied.
The accounts we're audited once a
month. at which time he presented the
/ bank books and statements of tolls
received. Our accounts we're kept in
the Delaware City Bank. of Delaware
City. the Philadelphia Bank and the
Provident Life and Trust Company
An investigation showed that the Del
aware City and Philadelphia banks
accounts were correct. but the Provi-
dent showed that two books had been
kept. the one showed TO the auditing
company being fictitious and the one
with the bank being genuine"
Wilson lived in a handsome home al
the southwest corner Of Forty-hrst and
I Lombard streets, Philadelphia. He haC
boasted. shortly before his fight, thai
he owned not less than forty small
houses in varions parts Of that city. III
was regarded as an exemplary mora
man and an excellent musician. He was