New-York tribune., 1873-09-06
ANOTHER ROTTEN RING CONCERN.

COMPANION swINDLE TO TIE BRoohLYN RING
BANK-wHERE TIE TRUST COMPANY AND CITY
TREASURY FUNDS WENT To-THE "ATHRoP
COMBINATION sEwISG-MACHINE COMPANY" FAILS.
The mystery as to where the money of the
Brooklyn Trust Company and the City Treasury OF
Brooklyn went 10 is rapidly being solved.
1t Will be remembered that among the men who in
duced E g. Mills TO invest money III the New-Hsven,
Middletown and Willmantic Railroad one iona
than A White OF No. SO BrOadst man whose character
WAS none Of the best but who did various and appar
emily prosperous business and who passed for a
wealthy man, although IL is now suspected he
was desperate speeulator only and has been de-
pounced az such. II is stated that White received
$4,000 OF the bonds of the road above named bonus
for loaning the Company $4,000 It's stock to the
amount of saOO oOO when it appears In fact that IL
the money Of the Trust Company which White had sd
yanced Subsequently, IL appears that he raised loan
from the Trust Company on the bonds he had OBJ
tanned for making the loan to the railroad company.
II now appears that White had also sewing machine
company with capital Of 100000. or, at least, pro-
fessng to have such capital He selected for and has
published ON the cards Of the company the following
list of directors:
The Hon Alexander McCue. Brooklyn.
l.. &. Mills president Brooklyn Trust Company.
G. A Sprague (MulfOrd & Spraguel.
NJ T. Rodman Secretary Of Brooklyn Trust Company.
Jonathan A. White (So % Brosd-st' York;.
will be that here is the old gang OF the Trust
Company come agsni
The factory OF the company located AZ Frankfort,
suburb of Philadelphia and about 40 or 50 hands have
been and are still employed. But they have not been
paid for four weeks past The Trust Company had no
sooner failed than the sewing machine company stopped
payment OF Its hands The men have grown clamOrous
for their money! and promises longer satisfy them.
The machines have never sold to extent. and the
concern has been struggling from the first
AT late hour yesterday information, was received at
THE TRIBUNE oce OF the embarrassed condition OF the
Compapv and reporters were at dispatched 10
learn the actual facts White had gone to Philadelphia
mcCue had left Brooklyn, Rodman silent, and only
snrasne could be induced 10 talk the subject. In
,ormation was obtained however, from another trust
vortby source that the was Ring affair and
that II was q total failure. The whole OF the
capital which notwithstanding the reticeDoe OF
sprague aud Ropes ia believed 10 nave
heen taken from the Trust Company with only the
honds of the Lathrop Combination Sewing Machine
as collateral for the loaD has been sunk In
formation from Philadelphia puts the loss at s2oooco
The following statements may throw some light upon
this new Ring swndle and reveal TO the Trust company
and the peoplo of Brooklyn where portion of their
money has gone 10.
A1RBuSr reporter called last night at Mr spragues
residence 10 inquire Of him whether he wHs director OF
the Lathrop Combination Sewing Machine Company
and what the history OF that enterprise was. Mr..
sprague SAID that he had been director IN the com
pany and supposed he was He took 10 interest In
the matter. 1t was a scheme gotten up by Alis ana
Rodmsn, and now that one was dead aud
the other under a cloud, he Thought that WAS
sufficient 10 make funds short and perhaps
might account for the fact that the workuen we're un
maid lie knew nothing OF The financial condition 0i the
company in fact took interest in is Affairs what
ever. lie would prefer not 70 sve the fuh hst"Fy OF