The Superior times. [volume] (Superior, Wis.) 1870-1912, 1872-05-25
ROMANCE OF A FAST YOUNG MAN.
A Startling story of Wall street Life.

surfing story of Wall street Life.
From the New York Star.
Since the days of young Ketchum's
trauds-by the way where is Young
ketchum now?-Wall street has had
no really first class sensation, with the
| exception OF the ''Black Friday " panic.
A few days since, however, it transpir-
Ell that young man, named j. Elmore
Davis, Junior partner of the firm of
DAVIS " Gum, one door from the cor
nef OF Wall street and Broad, had been
regularly engaged during several
months past IN raising money on Sc
curlties. which did not belong to him.
As has been said, young Davis held a
small proprietary interest in the firm
OF which his father was senior partner.
MI. DAVIS, senior, is gentleman we'll
known on the street and in New York
social circles, living in handsome STYLE
In Iwenty-seventh street, and keeping
his horse and carriage His family
consists of himself, wife, two daughters
| tone of whom was to have been mar
RED next week., and one son, the young
man spoken of.
For the past two years Young Davis
had led very fast life, having. besides
two fast horses and the ct ceter0 of
fashionable frivolty, share in pri-
yate theatre situated UP town. In
these ways his money-liberally SUP
Piled him by his father-has gone, and
the money of others with it.
The first intimat1on he had of the
crash was some six days ago, when a
prominent Wall street man, residing in
Brooklyn, who held some $50, OOOworth
OF securities from young Davis, drew
| upon tie firm in the ordinary course of
business for the money. It so hap
pened that the real securities, IN the
possession of another broker, had that
same day been presented to Mr.. Gunn.
the second member of the firm. An
embarrassment ensued, and it was
speedily discovered that the securities
were forged
Who did you get them of ?'' asked
old Mr.. DAVIS.
g Your soh, sir replied the broker
My son john Impossiblel"
But 1T was not only possible, but
true. John Elmore Davis was on
that morning engaged with friend out
OF the city. He had not the remotest
idea that the crime was discovered, and
did not return home to Twenty-seventh
street till late Arrived there, how
ever, he found his poor old father who
had borne an honorable reputation on
Wall street for forty years sitting up
for him. The young ff1an was slightly
intoxicated, but the bitter reproaGles
OF his father brought him to his senses.
But the worst was rot vet know.
Thlrty-tive Thousand dollars was but
a small drop IN the financial bucket.
| The next day fresh frauds we're digcov
cred, amounting, including the forged
| securities, to over quarter of a mil
lion Of dollars The broker who had
held the original $50, 600 worth of secu.
rites had friends who also held securi-
ties, obtained from Davis, and the mo-
ment the whisper went round that they
were mot good, the office of Davis &
| Gum was besieged. 1t is stated that
no less than thirteen prominent houses
IN Wall street were bitten, and every
one declares that it was the reputation
of the house, and not young Davis
himself that led to it. The firm. of
course, became responsible for the full
amount of the frauds, and TO the credit
of human nature be it said, Mr.. Gum,
the second partner, expressed his will
! lingness that the whole OF the losses
shall fall upon the house, the partners
to share alike Ill supplying the deficit.
Old Mr.. Davis, however. would not
hear of it. 1t is said that when Mr.
Gum made his proposition he declared
that so long as his private fortune held
out, he would "pony up himself.
Already over 100000 of the debt
has been wiped out, and Mr. Davis ex-
presses his willingness to redeem the
whole of the forged securities within
three months. The young man has
made full confession, and has, it is
reported, departed for Brazil At all
events he has left New York, leaving
behind him legacy of fraudulent debts
and ruined home.