The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-26
PRICE TWO CENTS
SPECULATING In U.S.. BONDS
n CRIPPLED VIEW YORK BRoKER IN
LUDLOW STREET JAIL.

Tho Voluntary Return Of r. II. EccIes fts,-
Canada-His Agency for two Wheeiina
Banits-Whst is said By Both sides.
+. II. Eccles. the Wall street broker who
suddenly disappeared from this city two weeks
ago, returned on Wednesday, and was sent TO
Ludlow street Jail on complaint OF officers Of the
Third National Bank. In June last Eocles OBJ
tained a loan Of t125,O00 from that bank, leaving
40 security an equivalent In gold. When tho
loan matured, on the Sd ofJuly, Eccles Informed
the Stock Board that he was going TO Toronto to
see bis mother. He went OF the next day, and
boy took to tho Third National Bank oheoks for
the amount Of the loan, signed by Eocies and
certifoo by the Mechanics Banking Asso-
citation. Eccles's note requested the on
GERS Of the bank to deliver tho gold In
his ONCE in Broad street. The bank messenger
was instructed by Mr.. Jordan, the cashier, not
to deliver the gold TO any one except Ecoles in
person. The messenger did not Ind Eccles and
when he returned % tho bank II was ascertained
that Eccles's checks were irregular, as he had
not money enough on deposit to cover tho
amount called for. The Stock Board then sus-
on the sSth of October Eccles sold out bis scat
IN the Stock Exchange for $3.50, and gave up
his ofice In Broad street, and thereafter oper-
ated outside broker.
Two weeks ago 4 wa, wa, rum2red that he had
Third National Bank, said that Ecces had de-
faulted to the Bank Of the Ohio Valley OF Wheel
ing to the amount OF $4,000. That bank had
gin a quantity OF bonds. Eccles did so, and was
then instructed TO sell the bonds, satisfy the
margin, and deposit the Wheeling Banks money
to its credit in the Fourth National Bank. II
was also said that another bank had been vio-
iimized, and the amount stated was $4,000.
Eccles says:
Previous TO my failure 1 was indebted to the
Bank Of the Ohio Valley and the Commercial
sum OF $4,000, Of which my dc ebt to the Bank Of
the OHIO Valley was $4,000. These banks bad
| sent me margins to carry the bonds with
| and to speculate. when 1 was called on to
pay the margins found could not do 40. anu
fsled. have wealthy and influential friends
| iu Canada, and at once went there to raise as
| sets TO pay my debts, ] telegrapbed from To-
| raising assets and would pay my creditors. I
telegriphed to tho same orcct to the banks. and
| Mr.. Chandler OF the Ohio Valley and Mr.. Hi
dreth OF the Commercial Bank came on and
spent three days with mo IN Canada On tho
dw m before Yesterday l ,elesraphed to them;
| came on TO New York Of my own free viii.
Intending to act honOrablY, and Intended to
pay over the thirty per cent, and then return to
| Canada ard II possible raise the remainder. I
| came here and paid the thirty per cent. into the
Fourth National Bank TO the credit Of the Onio
Valley and Commerclal Banks. Mr.. Chandler,
Nj. Hildreth, and myself walked up TO the AS
tor House, and there was arrested on capas
sued out by the OHIO Valley Bank. Mr.. Hildreth
said TO me: Eccles, you must not think have
ANYTHING to do with this l wash my hands Of
the affair consider you have acted like gem
tlemar and a man of honor have sued tho
Bank OF the Ohio Valley for 10000 damages
for illegal detention, and the papers served
| on them BY my lawyer to day"
Eugene Pomeroy, the counsel OF the Ohio
Valley Bank ana Mr.. Hidreth, of the CONNER
| cia Bank of Wheeling, say that Eccless defence
| Is only partly true. MIR. Ecces received from
them $4,000 TO he used as "A margin M the pur-
| chase OF 100000 worth OF bonds. Instead OF
employing the money as instructed, he pocketed
II and went to Canada. MIR. Hildretn acknowl-
| edged that Eccles rad paid him and MIR. Cnand-
| Ter about 80 per cent. Of his indebtedn ness. but
he denied that he told Eccles that he washed
| his hands Of the arrest, and did not remember
telling him that he Osccles) had acted like n 90 n
| tleman aud man OF honor, for he considered hts
| conduct decidedly improper.