Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-10-23
A sTUPENDOUs FRAUD.
Organization OF an Insurance swindIt
ON Large scsIe-A Seveniy-hve
Dollar Basis for ~ Capital of s2OO, 900
Forgery by the Wholesale.

ON "a Large scsIe-A Seventy-five
Dollar Basis for ~ Capital of s2OO, 900
Forgery by the Wholesale.
The Central Fire Insurance Company Of
Philadelphia, whose collapse occurred not
many weeks ago, seems to have been fraud OF
stupendous proportions from its inception.
We CLEAN the following particulars from
Eastern papers of a recent date;
In order the better to deceive The community
magnificent offices were rented in the bust
ness part Of the city, the frescoed walls of
which were adorned with exquisite paintings,
which We'd in effect with the splcndOr Of the
furniture and the rich luxuriousness Of the
earpeting of these offices. Well-dressed men
stood behind the desks, and, to leave nothing
to be desired, the Directors and chief officers
were universally regarded as men Of wealth
and large financial credit. The company was
duly organized under charter, in accorndnee
with the laws Of the State of Pennsylvania.
The capital represented S200,0O0 and the cash
book showed $4,000 paid in on account,
checks for that amount which were never in
tended to be honored being counted as cash.
Thus successfully launched the company
foated in smooth water, and with every ap-
pearance of prosperity until the State COM
missioner of Insurance paid the concern an
official visit. He found the assets to consist
Philadelphia & Reading Railroad stock,
valued at $2S,S75 800 shares of Lehigh
Valley Railroad stock, valued at S35,OOO; 800
shares of Delaware, Lackawanna " Western
Railroad stock, valued at S26, ,S44; 300 shares
of Central Railroad, New Jersey, valued at
s31, ,s75; 100 shares Of United States Railroad
Companies Of New Jersey, and 1000 shares
of Lebanon Paper Company, all Of which ap-
peared to be the absolute property Of the
company. The Commissioner regarded these
securities as genuine, but took numbers OF
the certificates of stock, and, to make assur-
ance doubly sure, called at the Reading Rail-
road office to see if the shares Of that stock
corresponded with their record. The result
of these inquiries showed that the certificates
of the Philadelphia u Reading Railroad Com
pany, representing POO and 300 shares, as
shown on the face Of the documents in pos
session of the Central Insurance Company,
had been originally issued for one share each.
1t became evident at once that something
was wrong, and upon subjecting the docu-
ments to the microscope 1t was discovered
that the original writing IN the certlncates
had been erased by the use Of chemicals ana
that 200 and 800 had been substituted for the
original amount 1t Immediately became
manifest that all the certificates had been
thus altered. The officer also found that the
stock Of the Delaware ~ Lackawanna Rail
road, which appeared in the name of w. ID.
Halfman, had been issued not TO him but TO
another party, and representing but one
share each, though examination showed their
value to be increased five hundred fold. Sub
sequent investigation showed that the forgery
was undoubtedly perpetrated by Elbert, the
Managing Director, and very soon that gentle
man turned up missing. Detective agents
we're placed upon his track, and by watching
the movements Of his relatives he was finally
discovered going to the residence of one of
them in Philadelphia and was arrested
about the middle of last month. He then
made known where he had been hiding
since the exposure, and confessed tl at the in
surance company and all its pretended stock
was fraud; that the company Lad been
started on the price (S75) of one Philadelphia
& Reading Railroad share; that the figures
had been erased by the use Of chemicals and
made to represent 200 shares, and from this
had been obtained from the Union Banking
Company the $4,000 with which the COM
pany was hoated, the clerks paid and the Of
tices furnished.
Elbert also stated that the President and Di.
rectors Of the company were fully eognlZanl
of and were aceomplices in the transaction
that the man who had done the erasing and
forging was a party whom he had met in
Jersey City and been introduced to by Mr.
Louis French, of the notorious fraudulent
Palisade Insurance Company, OF Jersey City
that he only knew this man by the name OF
Charles Ripley, and was in the habit OF ad
dressing him to the care of a saloon in Bridge
officers of the company were thereupon ar
rested and held in $4,000 bail.
After shadowing the Bridge street saloon
for several days, the detectives found Ripley
quietly reading his newspaper and drinking
his wine, and placed him under arrest HC
was Immediately recognized by the officers a'
none other than Jack Canter,n nOtOriOu:
| forger and counterfeitsr, who has only beer
out of Sing Sing prison two years, and hi
| last sentence there was for fourteen years
which he served. He was the party who, il
Warden Nelson's time, kept the books Of tn,
prison, and, by the use of chemicals, altered
| the sentences of notorious criminals who wer'
sentenced for long terms, and letting out il
| five or seven years many who had term o
| fifteen or twenty years TO serve.
The detectives had discovered his residence
| TO be in Washington street, but one blocl
| from the station. On searching his room
| there the officers discovered lot Of counter
| feiting tools and implements, the most com
| plete that could be imagined. Everythin!
] possible for his ingenious and dangerous trad
was there. Even the experienced officers
| who are not easily astonished at ingenuity o
| this sort, were thoroughly amazed at the fin
| ished completeness of the set of implement
| displayed before them. There was fin
nickel plated press, complete, with lever ant
stand, rollers, dies inks, plates, lithograpl
stones, and an entire set Of the most delicat
| fine-edged tools.