Year: 1874

AN ALLEGED PANAMA DEFAULT


A FINANCIAL AGENT OF THE PANAMA RAILROAD


COMPANY on TIE IsTHMUs CHARGED WITH MIS-


APPRopRIArING LARGE sUM-THE ACCUSATIONS


DENIED


Wall-st was taken aback yesterday by the
announcement OF alleged heavy defalcation IN the
Panama Railroad Company. Much TO the surprise OF
those who knew him, the culprt was alleged 10 be
Tracey Robinson who has been for over six years the
financial agent Of the Company at Panama. According
TO the statements OF the Directors and officers OF the
Company the affairs OF the road have been careessy and
even dishonesty administered by the resident 0ihclas
at Panama When the present Board Of Directors were
installed their first act 10 examine into the cond
ton OF the Company both here and upon the isthnus
In order to be sure OF the facts their Treasurer was
sent to Panama to make personal examination ana
report to the Company at New-Y0rk The result was a
sweeping change OF the principal officials Whie on
the Ishmus the Treasurer became aware OF certain o.
craiion Of Robinson which in the opinion OF the Board
justified the charge OF misapproprIation, and suit
for the amount claimed ordered to be begun From
official statements it appears that upon an examination
OF the daybook and ledg kept by Robinson there was
discovered deficit OF $1,000, as he had received that
amount and above what he had accounted for TO
the Company. Several methods said to have been
employed ID the alleged msappropuation


The receipts OF the Company from freghts and passen
gers are in gold and silver coin The minor aborers
are pad in SILVER, but the officials and me-
chanics sent out from New-York are paid In
gold. Gold is at premium OF from fou7 TO SIX per cent
over silver. Where this difference existed separate
should have been kept but It Is charged that
Robinson rendered statements I'm which gold and silver
were referred to indscrmiuately. By tas means
Robinson had been enabled sell the gold and pocket
the premium. When the present Board assumed con
tro Robinson began TO credit the Company "lth the
premiums which he thus received, aud from the TACT
that the premiums during June amounted to slOo they
assume that to be the and estimate Their oss
accordingly.


Furthermore IL was charged that Robinson had been
in the habit OF hiring portion OF the several
hundred men in the OF the Company at one
price. and charging the Company higher rate, the G-
ference going to his personal profit. How much the
Company has lost in this way is unknown but the de-
fault is estimated at very high figures.


A distinct and positive iiiayit has been made by
Field Penso & Co., Aspinwall bankers. They assert
that they bought 5000 gold from Robinson,
the premium which was never received
by the Company. After Robinson had retired
from the service OF the Company he came TO
NewYork, and few days since quietly arrested in


civil suit the complaint of the Company, but Civ
ing bail in 5000 he was released from custody. Iis
denies all allegations OF fraud, and claims that the
deficit in his grows OF the incompeency OF
his bookkeepcr who did not keep the books correctly


One of the officers OF the Panama Company said yes
terday that there had been great change for the bet
ter in the COmpanys service az Panama. Those WHO
had been suspected and proved guilty OF dishonesty or
incapacity had been removed. and proper men had
been substituted. The Administrator OF the Com
panys affairs Official VINO had held subordinate
position for twenty years and was honest ana thor-
ougbly competent. conference OF the joint Panama
and Pacific Mail Committees resulted yesterday IN the
unanimous adoption OF resolution TO refer the ques-
ton Of working arrangement between the two organ
cations to counsel with view To Obtaining tue best
legal plan accomplishing an arrangement that VIII
be mutually advantageous.