The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-08-16
News from The Great Eastern
THE CABLE A FAILURE.
GOLD LAST NIGHT t4l IL
Associated Press RepOrg.
FKOaG NEW YORK.

NEW YORK, August 10.
Further particulars of the forgery of
gold certificates have been made to-day.
1t appears that Mr.. Edwin Ketchum, OF
| the firm of Morris, Ketchum, Son 81 Co,
has been in charge of the business of Chas.
Graham, broker in Exchange Place, dur
ing the illness of that gentleman. Upon
his return to his office he discovered that
several checks were missing from his check
| book. This fact has led to the suspicion
that Mr.. Ketchum is concerned in the forg-
ing of several fraudulent checks that have
within few days past been brought to
light. At all events he is absent.
1t is said Mr.. Graham has been victim
ICED to the extent of $2S5, ,OU0. This morn
ing the firm of Ketchum & Co. suspended
payment and Graham & Co. have also
announced their inability to meet their
engagements. Mr.. Graham stated at the
board that he hoped 10 be able to settle all
his stock contracts at to dsys prices.
Another statement in explanation of the
suspension of Morris, Ketchum 81 Co, is
that Mr.. Ketchum's son had distracted
bonds and other securities from the vaults
of the banking house to the amount Of
$4,000, 900. Another statement is that
young Ketchum forged gold certificates to
the amount of $4,000, 900, which had been
passed into the Golfers of the banks, which
will be the principal sufferers.
Sitting various rnmors, it seems, estab
lished that young Ketchum is guilty Of
robberies to the amount of not less than
So O00,O0O He had for some time taken
the place of his father in the arrangement
of business and possessed the fullest conf
dence of all who knew him. He left his
home last evening, and has not been traced
since. The partners did not suspect their
losses yesterday, SO adroitly were his ope-
ratiOns conducted.
Jenkins, the Phoenix Bank robber, waived
an examination this morning, and was full
ly committed.
The Evening Post says concerning the
gold failure; The failure of Ketchum "
20. has produced more pr ofound sensation
than any similar event which has occurred
for some years, attended as it Is by the fight
of one of the junior members of the firm,
L. B. Ketchum, who has atIstrscted securi-
ties TO very large amount. besides draw
ing out of bank IS much as possible OF the
available funds of the drSn. On the dis
covery Of these facts, Mr.. Morris Ketchum
this morning ordered payment to be
stopped. In few days he viii!
be resdy to submit totheir creditors a prop.
osition for liquidsting. Meanwhile all re-
mittsnces are deposited In the bank to the
credit Of the remitters. The large capital
of the firm, and the wealth OF the senior
partner make it probable that the loss to
creditors will not be rs heavy as at first re-
ported. 1t is yet premature to attempt to
state the amount of the defslcstioD, but 1t
is vsriOusly estimated a.. from 100000 TO
100000.
Edward Ketchum, who has absoonded,
is rs years of age, has been married two
or three years, and has one child. Before
departing he left . lett et for his father, IN
which he admitted his guilt, and asked his
father to provide for his wife and child,
saying he had provided for himself. 1t is
reported he distracted fu nds from the safe
of the firm, but to what extent 1t IS not
now known. The Fourth National Bank,
it is now stated, is involved by transactions
S2550OO, having negotinted come of the
firms certificates. The last seen Of ketch
um was In q trunk store In Broadway,
when he had some fifteen packages OF
money, thought, at glance, TO be as much
IS 100000, and where he bought travel
ing bag - a-
A card from the President of the Fourth
National Bank says it is perfectly sound
earning for the last six months largely.