Evening star. [volume] (Washington, D.C.) 1854-1972, 1856-10-30
EVENING STAR.
ROMANCE OF RoGuHRy

'lohS which, luouSn beginning ana ending In
rascality, are not without that peculiar ro.
nance so often linked with roguery:
THE HUNTINGTON FoRGERIES
HOw the Frauds tcere PsrpetrGtsd and tie
Proceeds Sguandered-LOose Mode of
doing Business i,a Wall Street The BiH
Shavers trfcksd by one of ofthsnsetUes-High
Life Up Toscn, at the Fashionable Water
ing Places, and an TIE TOmbs
Since the immense frauds perpetrated by
Charles B. Huntington on brokers in Wall
street have come to light, there is no small
share of curiosity in the public mind to learn
how it is that he could have been 50 success
ful in his rogueries in that place Of sharpers
The frauds committed by Schuyler, a couple
Of years ago, were easily oufrehended lie
was the President of a Railroad Company.
and entrusted with the issue of its stock snd
the simplest mind could understand bow with
implicit confidence repOsed in lin, he could
Overissue stock to almost any amount But
Ia the case Of Huntington-w hose name has
been for the last two weeks before the public
it is difficult to comprehend how he, who
was unknown in financial circles a year or
two eSn, could have succeeded in victimizing
the note shsvers Of Wall street to the amount
| Of some half n million Of dollars. The mode
by which he did so VIC will try to explain:
The first trace that we can find of Mr.. Hun
| t'ngtOn's connection with financial matters
dates back only 80 far as 1852 when he and
two CT three other individuals fell into the
hands of the police Of this city for the share
which they had in getting up fraudulent
shinplaster concern under the title Of the
"Anacostia Bank Of Washington, ID CO.
Indictments were found against him and his
accomplices on that occasion, but they were
never brought to trial, on accOunt-as ap-
pears from an endorsement on the bill-Of
some informality OF incompleteDess in the
proof
We next find him. shortly thereafter, hav-
ing a little box Of an office in Wall street,
where be purported 10 carry on the business
Of a bill broker in a small retail style. This
business CO pslsts in acting as sort Of agent
or g0- -betwee> for brokers on a larger scale -
that is, he wouli go to n broker and find out
what he would SET certain notes for, and then,
if he found he coulS realize any profit by the
Transaction, he would buy from one and sell
to another At this tins he boarded up town
with his wife a modest scale. lie agreed
to pay SIS weok for their board, but ever
this moderate sum lie did not, 1t is said, find
it convenient to pay. He left t0at boarding
house and went to the MetrOpol tan Hotel,
where he stayed for some time but lie did
not here indulge in any Of the extrav Sgances
into which he afterwards launched lie
subsequently went to the New York Hotel,
where it seems he commenced to be more lit e.
him occupying part of house in Fifteenth
street, and recently owning two or three
houses in Twenty-sec street.
Nothing is more strange In connection with
HuntingtOn's career than the fact that he was
so little known in Wall street or commercial
circles
Our reporter conversed to-day with some of
the principal brokers on the street few Of
them had dealings with him, and most of tn EN-
had never heard Of him until the time IF his
arrest. And yet he could raise half million
Of dollars among that Fraternity on forged
notes, wherein the signatures did not even
pretend to be limitations
The suppOsition is that it is only within the
last eighteen months that Huntington COM
menced to operate on forged paper 1t may
not be even so long. He had now al office at
No. 50 Wall street, and professed to carry on
the legitimate business Of a note broker As
most of our readers are in blisSful ignorance
Of the business Of note-shaving, We will briefly
describe it Commercial firms, even though
they may have large capital, are constantly
compelled to pay by notes on time instead of
cash. The accommodation given by banks is
limited; and when they decline to make more
advances on the notes of firm, bill brokers
are resOrted to. These charge more or less
discount on the bills, depending upon the
credit of the drawer and the length Of time
they may have to run before they mature
The bills on houses in first rate standing (tech-
nically known as gilt edged paper will be
discounted at the rate OF ten per cent per
annum, while on others not So well known or
trusted, the brokers charge a discount of two
or three per cent. per month. 1t follows,
therefore, that in times Of ordinary CONNER
cial prosperity, when bankruptcies are rare,
these shavers make quite a handsome profit
by their operations Huntington was engaged
in this capital business.
The profits os the trade, large as they must
have been, did not satisfy him, or were insult
fcient to enable him to crafty his extravs-
CANT taste for fine houses, costly furniture,
splendid equipages, fast horses, and dashins
women; SO he resolved To try his hand on that
branch of the profession which has conducted
him to cell in the Tombs. He went to work
Systematically, aid used at first good deal
of caution TO evade detection. lie was il the
habit of going to the ofice Of broker in high
Standing and purchasing from him notes Of
firms sometimes to the amount of 500 900 or
$50 600 in a week. For these he always paid
il ifed checks lie was an easy, dashing
looking fellow-said the brOker-had always
q cigar in his mouth, and was perfectly cool
and nonchalant in his manner, so tnat he
might very well impose on one; but there
was something about him that could not IN
derstand L could not comprehend why he
should come and buy our EOtes, as We did not
divide the discount with him, and he could
make nothing by them. He afterwards let
out the secret of it. Huntington would buy
these notes, duplicate them, sell the notes
again, and use the duplicates as collateral Sc
ourity in raising money. At first, however,
he used only the genuine notes, aud as they
were always found to be correct he gradually
gained the confidence of those with whom be
had dealings When he had thus completely
disarmed men of all suspicion, he began to
use the duplicate or forged notes. HIs plan
was this-he would go into note brokers',
say he wanted to borrow $40, 600 for month
or so, for which he would give his own note of
hand and certain other bills of such and such
dates and amounts as collateral security, and
he would leave a memorandum Of these bills.
If the broker wanted to satisfy himself that
all was right, he would send to the firms pur-
porting to be the drawers, and inquire whether
they had out the notes described. They would
refer to their books, find that they had issued
such notes, and consequently the broker, not
doubling that those offered by Huntington
were the real ones, would advance the none y
asked upon them With the money thus
raised, Huntington would make speculations,
mr. wnuld Ia ka IN other hills heenmipu ,iua