, 1870-06-11
4 WHOLESALE DEFAULTER
AbArondEng with II Quarter OF n
Million,
From tAe Stu lIork Herald, Jun, Q.

Ifc1n thf -seU foFk Herald, Jun: Q.
Eetwoeu and o'clock, yesterday cfte~-
noon, the tobacco men OF Watct street and
several Wall street brokers were astouniel Ly
the unWelcome news that large operator III
tobacco had abscondel, leaving debts in mer-
chandiEe to the extent Of $3.50, 900 alone in
tins city, and probably about csc, 900 in phila-
delphia and Baltimore. Also, that forged
Checks to the amount Of s40, 600 hsd boen given
to several brokers for coupon bonds, Ten
thousand dollars moro Of bonds would have
been purchased from another Wall street firm
Lad not tho defatlter asked tho question Of
tie broker, "Wllat do you charge brokerage,
III eighth or qnarter7" Tho inference
naturally Tss that men are not generally in
the habit Of paying more than they can help,
and the broker promised to have the bonds
ready yesterday at 2 o'clock; but, in The
meantime, inquiries were Instituted to Ece
that everything Was right, and the whole So
ries Of transactions gradually cpme to light.
The alleged detaulter. c. Seitz, of the iirm
Of c. l. F. A. Scitz, has been engaged in the
tobacco business for some yea1s, faded once,
but On retrieving himself financially paid up iu
full. This re-c.tatlBhed his credit, and tho
ru1nor prevailing thht be YVES dooply connected
~ith the Internal Revenue ring, and was tho
agent IN buying tobacco at half price from
fraudulent dealers whom he or the reyenus
officers discovered Indicating the government,
his credit, Of course, was all the more en-.
hanced at various banks on which tho forged
checks for the bonds had been drawn. In
fact, seitz is said TO have made $4,000 by
these revenue transactions. 1t is, therefore,
not astonishing that, with his reputation for
wealth, he could easily have purchased over
$40, coo worth OF bonds from tho foiJoTinr
brokers without certified checks:
Frank i Ganz, s11, 400; Heisor i Sons,
*11 400 Mccormack Burnett, ss,7O0, and
4. Frank d Hrothers, sl1, 100. The Chemical
Bank, on which tie checks were drawn, On
presentation pronounced them forgcries, and
on repairing to the plaoo OF busipess OF the
firm, No. $50 Wator street no person waa to
be found on tho premises, and only about $500
worth OF tobacco, which seems to have been
Seitz zscrcditors hearing how matters stood i'm
mcdiately proceeded TO get out attachments,
and before an hour after tho discovery OF tho
checks being forged, the premises we're Ia the
hands Of the sheriff. a meeting was then
called at one Of the creditors, Iessrs schroeder
other creditors were heard from, representing
a65. GOO. Several detectives were sent for,
and the matter placed in their hands for in
restigahoD. Some Of the creditors surnise
that seitz aud his brother have char-
tered vessel in New Orleans for
port, with which, md tho United States
there now exists no c1tradition treaty. The
most probable story is that c. 4 F. 4. Scitz
hal this abandoning idea all arranged some
time ago, and threw the tobacco obtained OH
credit on the market at low prices. The prin-
c:rsl partner, Mr.. c. Stitz, is married, 3nd
resides in Lexington avenue, but the officers
on repairing to his dwelling found 1t devoid Of
everything valuable, and tho nest deserted.
II is confidently expected that tho fugi.i7es
will be detected, as Seitz w-s seen il Wall |
street as late as II o'clock in the morning.
Telegrams have been dispatched to various
parties in New Orleans, Philadn1phia, and |
baltimore, who have personal acquaintance
with the absconder, and who may give the |
provincial detectives the necessary fnformc-
tion. This is the heaviest fraud ever perpc-
t1ated on the tobacco trade, and there is not n
ready possessed a fortune, was not an e1trav-
agant liver, but becsme m outlaw purely from |
greed Of gold and the overpowering desire 10 |
speedily obtain wealth,