ABSTRACT
It is now ascertained beyond a doubt that Edward Nicoll, late Secretary of the New York Life Insurance and Trust Company, has feloniously appropriated to his own use large sums of money supposed to exceed Two Hundred Thousand Dollars.1 Mr. Nicoll has been absent since the departure of the last Liverpool steam-ship; and it is almost certain he went out in her. At a meeting of the directors and officers of the Company held on Tuesday last, it was resolved “that any loss which the Company may sustain, will not impair its capital, nor will such loss exceed the sum of Two Hundred and Forty Thousand Dollars.” These disclosures will be the severest shock to continence in corporate institutions, which has been felt for a long time. The Trust Company was supposed to be above the common ills of our condition. Its stock was quite above par, and accounted better than old gold. Whatever else might go wrong, it was never doubted that in this powerful institution everything would be right. No man ever possessed the confidence of his associates more fully than the delinquent Secretary. Well, riches had wings in old times, and certainly the experience of the past five years has proved that they have not forgotten how to fly. Depreciation in prices, bankruptcy of debtors, mismanagement of agents, blunders, embezzlements, and frauds of every possible device, have dissipated the surpluses of the rich, and the little savings of the poor. Moth and rust have been to [sic] slow in their movements to participate in the spoils. The thieves have carried all off, but have not enriched themselves.268
