The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1865-08-22
Wall Street FRAUDS.

Villainy seems to be rampant in the
financial circles of New York. 1t was
but the other day that the robbery Of
the Phoenix Bank Of S25o,0Q0 to $780,
900 by one of its employees was dis
covered. Yesterday the most serious
fraud known for many years was de-
yeloped in one of the oldest and sound o
est houses in the city. The facts in
the latter case, as nearly as they can
now be given, are as follows: Edwin
Kctchum, of the firm of Morris Ketch-
um & Son, and son of the senior mem-
ber, had temporary charge, Of the busi-
ness of Charles GrahalA, during the
illness of that gentleman. Upon the
return Of the latter to his office he dis
covered that several checks were mis-
rsinc from his check book, which fact
led to the suspicion that iNctchum was
concerned in issuing fraudulent checks
Just brought to light. II is said that
Graham loses $235,QQ0 Ill tlis way,
Young Ketchun has also had charge
of the business of Morris Ketchuw "
Son, and it is stated that he has ab-
stractcd cash and bonds belonging to,
that firm to. the amount OF at least two
million dollars. He has absconded,
leaving n note stating that he hoped
his father would take care Of his wife
and child, and that he had provided
for himself The last seen of him be
was in a store, where he was purehas-i
ing trunk, sew 800
! Morris Ketohum yesterday morning.
ordered payment o'be stopped by his
firm, with the intention of submitting
to it's creditors a proposition for settler
ment within few days; meantime re-
mittances will be deposited in bank to
the credit of remtttrs. 1t is hoped
that the large capital of Mr.. Ketchum
. will save the creditors Of the firm from
as heavy loss as st first apprehended,
1t is said the Fourth National Bank
cf New York has suffered by this at
fair to the amount Of S256,oo0. la Tf
The cypress says; 81
The operations of Morris Ketchum
Sons 81 Co. arc linked very closely
, with Chas. Graham & Co.; in fact the
latter concern was generally understood
f TO mean the former, They were en-
r deavoring to sustain the huge gold and
. stock speculation, and were carrying a
: heavy load of checks Forged by young
: Ketchum, issued In the name of sever
: al leading firms, including Virm and
v Co., Ilolgarn & Hermfield, Bracklemer
o & Unger, Lockwood ~ Co., Einstein
@ & RosenfeIt, and appeared to be used
v only as colatcrcl for loans, With the
!, express understanding that they should
: not be allowed to go upon the street OF
n upon deposit. There was also n spe.
O. cial agreement that in each case good
y check should not be sold. This extra
" shave was of course submitted to-
l. The check book from which Edward
IS Ketchum obtained the BLANKS for these
@ forged gold checks has not been re
9 covered. 1t was obtained by him IL
N June last, professedly for Chas. Ora
ct ham, WHO denies that he ordered it, o.
te has any knowledge of it. lie claim
nt TO have been tho innocent tool @
r. Ketchum. The checks in the book arr
= numbered 5s,50I to $4,000, and a
n three hundred and eighty-iiv of then
&c are believed to have been used, it wa
n supposed the amount would be 900,
" 600. Some of the checks, however
D. arc for small sums, several as small a
ie $500. The number Of checks have al
IL so been withdrawn and cancelled
at The signatures are such imperfect I'M
,o itations as to deceive no one accuston1
ne cd to the scrutiny of paper, thoug
rs they might fail to he detected by
b. gold clerk. The officers, Of the firl
have ordered all drafts arriving fror
depositors in the country to lie place
in the bank to the credit OF the SEND