The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1865-08-25
A VOLCANO IN WALL STREET.
Morris Ketchum G. Sons Failure

in the United States. There is apparently
10 cause fol- these forgeries, Edward B.
Ke,chum had everything in life to make
man satisfied. lie had fortune and good
reputation, cherished family, an elegant
and happy home, friends and books. But
he was a gold AID STICK gambler, and that
destroyed every better trait Of his charac-
ter, and now his name and family are
plunged into the darkest infamy:
STARTLING sCOU NDRELIsM IN WALL ST.
Among the weatbest and boldest
houses in New York was that Of Morris
ket, ham * Son. Its operations during
The past four Years have been enormous,
its gold billings embarrassing to the gov
ernrnent, and its credit, so far as mere
cash was concerned. almost unlimited
The concern has smashed-gone en,irsly
AID for the following reasons: The
junior member Of the firm, not content
with the legitimate line Of business in
which his father had made fortune and
a name, dealt largely in stocks, operated
heavily in gold, lost, made, lost, made
again, lost more, hypothetical tbs securi-
ties Of the house, continued to lose, forged
gold checks with which to supply a mar
gin, took up some Of them with the pro-
ceeds Of the stolen securities, continued
speculstious, lost, continued his forgeries,
lost, kept on forging and losing, until his
doomsday came, the discovery was made
pubic, and while his fathers house fell
crashing about his head, Mr.. Edward Ket.
chum took up bis bag and run
This, in brief, is The history Of crime
which yesterday agtated the banks and
brokers, and boards of the city beyond
anything since the surrender OF Lee TO
Grant. which caused the market to throh,
and the foundations of all that was deem
cd sound to shake. Public confidence
knew not where to rest. Already stock
holders of banks had worried the directors
and the directors had badgered the officers
concerning The way in which matters were
managed, and now, when everything was
upside down, and every body on the qui
uire for additional misfortune, came this
climax, absolutely terrible in its proper
lions.
On Monday afternoon there wererumors
on the street that certain forged checks
had been presented and passed at the Colo
Room. Examination revealed the fact
that rumor was correct, and that some
twelve or fifteen checks for $4,000 each
had been presented; where do they come
from, whose name do they bear-these
and other kindred questions agitated the
many who are interested in everything
ha. transpires in the money circles, but
othins could be ascertaiueG, and the few
ID brain Of many broker worried thro'
.lght impatient for morning
Early yesterday morning it was announ-
ced upon the street and at the Board OF
Brokers, that the firm Of Morris Ketchum
q Son had suspended payment. Intense
eagerness for facts followed the announce
meul, and the thousand tongues of rumor
wagged ceaseless y and with bitter tales
about the name and credit of men who but
a few hours before shared the respect and
confidence o:their peers at bank or board
1t was said that Ketchum & Son bad
operated largely in stocks and gold, and
having gone beyond their depth had failed.
1t was charged that young Ketchum had,
during his fathers absence, transacted out
side business for his own account, and
using the assets of the house as coliaterals,
bad been compelled by his stupendous
losses to succnmb, and that the first init
nation his father had of the trouble was
the announcement Of his CASHIER, who dis
covered the abstraction of the securities.
but these and scores of other matters
proved unavailing.
THE LAST SEEN OF r. B. KETCHUM.
Although the search for him was careful
and prolonged, the last .een of him
was about $50 o'clock on Monday after
noon, when be was observed going up Wall
street toward Broadway. lie had an arm
full of packages containing greenbacks and
carried them SO carelessly and exposed,
that a friend whom he met said "Ket-
chum, that is very careless way to carry
SO much money, could take a package
myself if | wanted to-"
ketchum said he would take care Of it.,
and wrapped the paper in which the pack
ages were iDclosed more tightly round
the buLdle.
The two parted near the corner OF
Broadway, and Ketchum went into the
trunk store of sir. Cattnach, in the base
men. on the corner. lie placed the money
upon desk in the coolest and most in,
different manner.
you've got pretty big lot af money
there" said Mr. Cattnach
"Oh, no, said ketchum. There's only
$50, GOO It's all in small bills.
We'll, that's no, very smaIl-that
package" said Mr.. Cattnach see IFS
marked $4,000; and there's another with
nothing but five hundred dollar bills in it.
81 want to get toilet bag" said Ket-
chnm.
lie was then shown some travelling tot.
let bags, but he said be would purchase
plain bag instead. He finally bought a
No. 4 Pelesier bag, about twenty inches
in length, foot wide, and with an expan
sve capacity Of abou, foot, and paid SIG
Tor it. Having selected the article, be
placed it on the desk beside the money
packages, and with the assistance of Mr..
Cattnach, put the money in one side Of
the bag, which it fled completely. There
were in all abou, fifteen packages, and Mr..
Cattnach thinks there must have been