The New York herald., 1870-06-09
4 WHOLESALE DEPAULTER.
AbscOnding A with a Quarter Of
Il Million.
stock Brokers and TobacconisS Left Lament
ing-A Whole Family Of Fugitivss-
Revenue Ring Revelations

Between one and two O'clock Yesterday afternoon
the tobacco men OF Water street and several wall
street brokers were astounded by the unwecome
news thaf large operator In tobacco had absconded
leaving debts In merchandise to the extent or
$150o00 alone In this city and probably about
$4,000 In Philadelphia and Baltimore Also that
forged checks TO the amount or $4,000 mad been
given to several brokers for coupon bonds. Ten
thousand dollars more OF bonds would have been
purchased from another Wall street arm had not
the defaulter asked the question OF the broker
"what do you charge brokerage an eighth or quar-
terN" The inference naturally was that men are not
generally In the habit OF paying more than they can
help. ana the broker promised 20 have the bonds
ready yesterday at two O'Clock; but in the mean
time,
INQUIRIES WERE INSTITUTED
to see that everything was right, and the whole
series OF transactions gradually came to light.
The alleged defaulter O. seitz, OF the nrm OF G.
+. A. Setz has been engaged In the tobacco business
for some years failed once, but retrieving himself
financially paid up In full. This re.estabished his
credit, and the rumor prevailing that he was deeply
connected with the internal revenue ring, and was
the agent In buying tobacco at half price from
lrandulent dealers whom he or the revenue ofncers
banks Oh which the
FORGED CHECKS FOR THE BONDS
mad been drawn. III Tact, SetZ Is said TO have made
SS0 900 by these revenue transactions IL Is Therefore
not astonishing that, with his reputation for wealth.
he could easily have purchased $4,000 worth OF
bonds from the following brokers without certified
checklist
Frank Il CAM. 81, 400; HeIser 4 Sons, sll 400;
Mccormack Burnett $500, and A. Frank &
Brothers, 400. The Chemical Bank on which the
checks were drawn, on presentation pronounced
them To be orgeries, and repairing 10 the place
sf business OF the frm,. No: 100 Water street,
no person was TO be found the premises,
ana only about $500 worth OF tobacco which seemed
To have been placed ready for cartng away Several
OF Setzs creditors hearing how matters stood I'M
medlatey proceeded TO get out attachments, and
before an hour after the discovery OF the checks
being forged the premises were IN the hands OF the
Sheriff meeting was then called at one Of the
creditors, Messrs schroeder IL Bon's, No. It's Water
street. when fifteen other creditors heard from,
representing $4,000.
SEVERAL DETECTIVES
were also sent for and the matters placed In their
hands lor investigation Some or the creditors sur
mise that Setz and his brother have chartered q
vessel In New Orleans for Honduras or some South
American port, with which and the United States
there now exists no extradition treaty. The most
probable story Is that g. +. A. Seitz had
this abscondng idea all arranged some time ago,
and threw the tobacco obtained on credit on the
market ut low prices The principal partner, Mr.. 9.
seitZ, Is married, and resides In Lexington avenue
but the officers on repairing TO his dwelling found
It devoid or everything valuable, and the nest de-
serted. II IL confidently expected that the fugtives
late as eleven O'Clock In the morning.
TELEGRAMs HAVE BEEN DESPATCHED
to various parties In New Orleans Philadelphia and
Baltimore, who have a personal acquaintance with
tectives the necessary Information. This Ii the
heaviest fraud ever perpetrated the tobacco
trade, and there Is not a single eXtenuang circum-
stance, as Setz already possessed Il fortune, was
purely from greed OF gold and the overpowering de-
sire 10 speedily obtain wealth.