The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1865-08-22
PRICE FIVE CENTS.
wall-Strect COnvuIScd.


wau-Street COnvuIscd.
FAILURE OF ONE OF THE LARGEST FIRMS IN TuE.
BANKING oUARTER-FORGING AND ABscoSD1No OF
THE JUNIOR rARTNER-HIs DEPARTURE WITH
S2,500,GU0.
The latest excitement in Wall-strcet. and proba-
bly, the greatest for number Of years, is the all
nounccmcnt Of failure in distinguished financial
circles. The old and honored firm of Mcssrs. Nor
amount of money, and Edwin B. Ketchum the late
manager OF the concern, and the of the senior
partner, has suddenly disappeared, and funds
to the amount of So 500 600 found to bc missing
at the same time the conclusion is that the young
man has abscondcd with the money or its cQuiYa-
lent in bad debts.
and was telegrnphed night before last by Mr. Bclk-
nap OF the firm, that his presence was required in
town: MIR. Ketchum arrived yesterday morning,
and for the first time learned the character and
extent Of the astounding frauds which had been
pcrpetrated by his son. He Immediately directed
the house to suspend payment, and make an in
e ,stigation shows that the frauds were perpc-
trated on the house to great extent BY abstract
ing the collaterals, which bankers and brokers had
which advances had been made. As far as aseer-
tanned, the members Of the house are of the opin-
ion that they will be able to pay fifty cents on the
All the remittances received yesterday morning
from their correspondents, MIR. Ketchunl directed
to be specially deposited in one of the city banks
to the credit Of the parties concerned.
MIR. Ketchum is thc senior and has hcen csti-
mated to be worth from s5O0O,OOO to s6,OOO,o00
CHARLES GRAHAM co.'s LOSS.
Mr.. Edward B. Ketehuna is said to have forged
gold-checks upon the Bank of New York to the
amount of s26O,OOO, which rumor increases to the
possible amount of S25O,O00. The gold-chccks
were taken from book procured in juno last, o.
having made deposit, drew o check or left their
signatures with tho Bank of New York, which
acted as the custodians gold for speculators and
brokers' The checks were numbered from Sc, sol
to SO 900, both inclusive, and for $4,000 each,
and it is supposed oil used, making an aggre-
gate of s250,000. The entire filing Of tho checks
was forgery, and they were used as coilaterals
or course, they we're not presented for payment
They were not well executed, and their appearance
riod. They we're mostly used among country and
German houses and the Fourth National Bank
loaned upon them to the extent of 1925 600, to par
ties outside OF the banks of both Ketchum and
Graham 1t is stated that in addition to this for
gerry of gold-ehecks, Mr.. e. B. Ketchum has robbed
tho firm of which he was partner and active man.
ager of large amount Of securities. The sum is
placed rs high as s2,OOO,000 Mr. Graham, whose
business has been manged by Mr.. E. 3. Ketchum
for the past two months being ILL., is loser to the
The street was filed with rumors of other losses
and failures, and general panic prevailed. Very
low quotations were consequently made in tho
stock market and there was little buying Mt the
close of the day. The principal character in this
case, Mr.. i. b. Ketchum, is q youthful, dashing
man, md was entrusted with large sums of money.
be traced. Living daily in the atmosphere of Wall
street, he became infatuated with the gambling
spirit OF that locality. He cast and lost Little
by ittle he was led in deeper and deeper, until,
to crafty his gambling propensties, he went at
any length and al lengths, swindling not only the
concern over which ho had sway, but oven commit
ting the crime Of forgery to accumulate the means
for fresh gambling. Yet he carried this load upon
his brain and conscience 30 quietly and skifplly
that no one Of those who were in every day contact
With him dreamed Of his guilt He was seen, on
Sunday night, to leave his fathers house with g.
small black carpet-bag, which, now that he is gone,
is remembered to have appeared stuffed full OF
bank notes, Government bonds, or something Of
the kind. He has departed, and may neyer bear
rested, but his punishment will be great wherever
he goes, and the dark close OF his is merely
drama that has been enacted in Wal-street, where
gold is sver the soul Of tho plot.
THE LAST EXPLOSION.
Morris Ketchum has for many years-pehaps
torty-been shrewd, observing, cautious, thrifty
private banker in our city. Hehas grown gray in
devotion to money-making, and has been general
ly supposed quite successful. No one who knows
him has deemed him worth less than 81 ,G00, 600
any time these ten years; and if we had been asked
to name the private banking houses OF our city in
the order Of their wealth and stability respective
y, we should probably have placed Morris Ketehnm
| Suddenly, there is crash There are fraud
ulent gold certificates afioatl Some one must have
forged theml A good many "smel woolen," and
who arc and who are not "stuck." The younger
Ketehum turns up missing; and the father, sum
moncd post haste to the city by telegram, arrived
yesterday morning TO learn that his son has forged
gold certificates, and sold hypothecated stocks, and
overdrawn accounts, and swindled right and left to
the tune Of some two millions OF dollars or more
nearly all of which he ia presumed to have lost in
| reckless, luckless stock speculations; and that
Ketchum Co. have no choice but to stop pay
ment :;
We trust that the first aspect of the case is the
worst We hope to hear within week that the
| house Of Ketchum 4 Co. has resumed payment,
and that its respected head can and shortly Villre-
tire with enough to support him in comfort for the
| rest of his mortal me.-N. Y. Tribune, 16th.