The Conservative. (M'connelsville, Ohio) 1866-1871, 1868-07-09
6enerdl Sntrlliornte.
An EXTRAORDINARY SWINDLE.

L." --
A Young Merchant OF PittsbnrR Dis
appears--He. Negottatep Fraudulent
Notes FOR one Hundred and Twenty
Thousand DOllars--Hts Father-in-
From the Pittsburg pa Dispatch. June 2il
A few days ago, considerable excitement
was created in business circles in this city,
by the publication Of an assignment mo-
tice by which a young and enterprising
grocery merchant, largely in-the retail
trade, made over all his property TO two
~assignees, for the benefit of his creditors.
Since the publication Of the notice facts
have come to light, showing some %extraor-
binary financial and business operations on
the part of the young grocer. We give q
statement Of them az they reach us, from
reliable sources, but refrain from making
public the names Of parties, because legal
PROCEEDINGS have not vet been commenced
against the dishonest merchant ~
Some years ago, the young man in ques-
ton, being then only about twenty-five
years of age, succeeded to the business of
his father tthen deceased), who had been
for many years one OF the most extensive
retail grocers in the city. He had built up
q lnrge trade in the central part OF the city,
and had aeunred and maintained during his
business career the respect and confidence
of the public. The son, succeeding on the
death Of his father TO the management Of
the store, Immediately .branched out in
business in the most extensive manner.
He had control of considerable capital, but
not enough to warrant such reckless opera
lions ns he INDUCED in. He purchased
LARGELY, and sold without Judgment, clang-
ing his lucrative business as much an pos
sible TO an extensive wholesale trade.
He seemed anxious to do q large business
without regard to whether IL paid or not
He would sell goods to retail merchants In
the city at less rites than the same articles
could be purchased In the Eastern markets.
One instance related IL the sale of a large
invoice Of coffee to one of the closest and
best buyers in the city, for a lower figure
than thes nme article commanded in Balti-
more, Nor did he confine himself 10 this
, suicidal course, but ~imprudently aided a
number Of Young men, personal friends, in
enibarllng In business in this city and else
where. One young man he set mp in a
trimming store, and aided others not only
in the grocery business, but in other de-
paftnients Of business. Of course, he lost
largely 10y these opcrationBi They required
large sums of money; but he seemedt to re-
gard his resources as inexhaustible, aud
continued his course until he was compell-
ed 10 close his doors week before last, and
make IN assignment for the benefit of his
creditors. ..H .
The young man, while apparently in the
high tide Of success as a merchant, mar
fied the accomplished daughter Of a men,
bsr Of one Of the heaviest iron manufacture
ing houses in the city. Some months be-
fore he failed he had been il tine habit Of
procuring his iather-in-luw'3 Enforcement
"a nams well and favorably known on
'Change-to negotiable notes for sums rang
ing nom S400 to 5000 and $500. When
the failure took place the father-in-law pre-
sumed he was involved by endorsements
on his s~on-in-lav's paper TO about $4,000.
But a closer examination into the financial
operations of the young man by the banks
and private parties, his paper showed a far
different condition OF affairs than was
dreamed of by any one with whom the
Ihyoung merchant had business connections.
It appears that he had been in the habit
OF preparing the notes ON which he desired
20 secure his father-in-law's endorsement
IN a peculiar manne Say the note was
for fnur or Ave hundred dollsrs, he would
leave in the body Of the note, where the
sum was stated in full, ample room to write
in, before the specified amount, other hg-
ures. His fatherin-law would endorse a
note ior 5000, but after the endorsement
was procured aud before the note was ne
gotiated, the amount would be raised by
the enterprising grocer 10 twenty-five,
! thiTty-hve, forty-ive, and, in one instance,
, he got il up 10 eighty-fye hundred dollars.
He did this by simply prefiXing TO the sun
4 named in the original note, an amount nee
essary TO bring the note up to his wants
He would write thirty, forty, or nifty be-
fore the small sum named in the note when
submitted to the oodorser, and thus get
t~hirty-hve hundred on ftty-ive hundred
I Aallam.. ~. WaaaIW La IA Nod no
difficulty in negotiating the notes. His
reputation as u business maj was good,
and his own relationship TO the endorser
allayed all suspicion, If any existed. Then
he distributed his financial favors very inn
partially among all the moneyed institu-
tons and private bankers and bll-brokers
Of the city.
/. This was the way our young grocer was
enabled 10 conduct the reckless business he
managed for so long a time. After the as
signnment, week before last, both lie and
his book-keeper disappeared from the city.
An investigation into the business opera
tons of the young men developed the
facts above stated as 10 his method of
"doctoring" negotiable notes, and showed
that his father-in-law, instead Of being On
endorser in ten thousand dollars, as he
supposed when the failure took place, was
1 hh AA1 BuBNA VI ~ lhNhB NUN RbPAA
one hundred and twenty thousand dollars
The fatheT-in-law had endorsed TO about
ten thousand dollars, but the son, in the
ingenious m we have stated, raised
the amounts set forth IN the various notes
10 a sum that aggregate one hundred and
twenty thousand dollars. Of course, the
banks and private parties holding the notes
made a demand, when the young man dis
t appeared, on the endorser, and in this way
J the fact of the son-in-laY's dishonesty was
! first made clear to the father-in-law.
The banks, we understand, have all got
q sprinkling of the bogus paper, and some
, Of the street brokers succeeded in getting
/ a very considerable amount. One gentle
man, formerly in the tea business, negotia-
ted sl2, 900 for the grocer, and this, we be-
: lieve, is about the heaviest amount held by
s any one concern. One Of the gocer's
operations was taking up a note by the
I Manchester Savings Bank and giving a
S check for the amount (S3, 500 ON McVay
0 j Co., private bankers, Of this city. BY
0 this operation, although he rendered him.
d self amenable to a criminal prosecution,
under a late act Of the Legislature, the
young grocer very generously and consid.
srately relieved the endorser from all re
~sponsibility. b
n A Young Lady Burned TO Death by the
Explosion Of a Can Of Kerosene.
From the oquRwka Illinois SPECTATOR
A dreadful accident happened in Keiths
burg on Friday last, resulting in the death
. of Miss Hannah, a young lady about ff
teen years Of age. She had kindled a Ar,