, 1877-09-24
His Huge I" Operation in West
Philadelphia Railroad
Stock.
A Million Dollars Secured by
Overissulng Shares.
4 Sick and sniveling Drool from the Great
1rrigator.

Jnrbfk tn-iAv In tho ntpat Stnrtot, nvprIxsnn 0f
tnorr th.n &1omun worth IT sink havc
brought tn tl,e .nrfaee .he fact tba, s,tck
snect1latinn, In thc frat n,occ werc ,he r.r.c nf
tbs oyerssue of Tho Market street nai,road .,ock
hv p,r,farn, Mnrt,n A dr,.t,r. NJ M, sh,rn
on ! coo slsres Of reading gas mora than Nor.
ton could ,neet. anJ the fra,ti,,1rnt .trk was
issued in order to ncoottatc a loan 10 nee, Dr.
dcIsnctrs. william r. EIbcrt. Of tht, ri,y. vas
htt hrtker. Elfwrt,. nro,r,r N;,hniaA. nhout
four years svo. was mixed I'm in
TIE NOTORIOUS CENTRAL INSURANCE. COMPANY
roNoEHr
OF bonds for the purpose of convincing the
State Insurance Commissioners ti4at the Com
pany was 10 q sound condition. Nicholas, by
the advice OF Ills uncle, turned statc's evidence,
and was put under $4,000 bali. Mt. Morton
signing tue bond. Through Elbgrt's testimony
the President vi the Company was sentenced to
seven and a hall years. inprtsonu,cut, while
.ns .e'aal .o'get Eot .ea seals' ana ~ ne'h ao
no" IN prison. Tue tniormcr getting OIL scot"
Tree. Tile uncle ciains that s1F. Morton hns
wufuliy deceived him, and has brought him to
min hu hts tr,ndnI.nt nver.ks,,cx NJ etf,ct anil
~. ~, 49,. ...'.,I. I.<,... -, 49,. ha.s,,. ahas
toa' Ae "as 'ota.l5 1soof@ot ol toe "ogus eoaf'
acter OF the stock.
and, for The t,rst ttu,c, ciyrs An i1ea ~ to who
h. ..,,n,ots. T., vi. frau, ~. n .ov.. ~
A'a astoeaates III t"'e 'sauu a3e' nc says'
at' not "n't su5prleeo that Mt. E!beft enou'd
make such statement " yuu for publication;
hut he Ia the last man ysht, should hare done no.
ri, tcl1 vo, frant,v thu. NJ nj, th,. rcn.,cmrn
who I,avc rcceIvrd m, nj N. over;,s.,c of thc
stock, be s the only one that, from certain CIR
cumstaneca which are not necessary to repeat,
could hare hal the sl.rhtest IDEA Ut thcrc being
onv f,.v, o- .r,,,,, i, tbo ,,,,ta-
MY 'S ~ ', wv. "s ~ ~ -n.n ~. -rsa ~, nut
there: WIS m oseFssuu OF stock III 70 tnAny
words, but he must hare knovn 1t. lie could
not haye helped It, ~ busIncas man. lie must
~. .,, ,.,.,,t... , s,, .. 1T -, +,
.!asc na4'e nqaA'es "oa 'oana oat a4i sooua H.
siy mt transaction IN tne stoek wss WIN h,m IN
1871. He held for me 1000 shares Of flcadlug,
which hxu purchased ut Aotnewhera
between ~ md ssta share. was at Capo
ho5 a. tue '1ae WED the war otoke out ~,
tween France md Prussia, and Reading tumbletl
about elo share; rEE loss was greater than
eas1y % # for e' n 70 ~, ny stok WIS foseei aa t6s
market and sold The sceursttcs ! Ind placed
in Mr. Elbcrt's hands we're not al my ow", Or l
should havs bec1 perfectly willing to let them
=. sud stood IT, h1s part ri them bad been
LOANED TO w Br 4 ta,1xp,
and, hoptng that would soon be able to nay OF
my tntlebtedness, ! did that which should not
bare donc,-l madu tue oyerls.uea oi stack, nnd
| lssucd about l0,0oo fraudulent shares, a,ld Ar.
Elocrt hotds 3,00o Of these now at tlis mumcnt,
! together with number ol buntls. have never
been &bIe to get ai.y statement fr,n MIR. Elbcrt
| a. to how we ktood. liz would always promise
! to prepare ons, but would uarcr hnvo it reudy.
/ was
CAUTIONED 1T FRIENDS 70 HAVE NOTHING 70
no WITH HIM,
and gct my securities uu. of Ills possession. !
l,ad yirldcd to ull OF hls demands On me for
money, 1t waa always u cry fur money!
| must mise him money. At cue time 1t would
| lie for commissions, another tine TO meet in.
tercst, but At all times Il was money, money.
an satisfied now that, stncu 1871, he has
LIVED SOLELY orr OF NE.
but fof nc. When ho asked mo to Ru bull iur
Ills nephew MEX, did 1t, athoush knew u
tile tinie wAs hurting myself in tlle cyca Ut tho
people and mr. friends. WHY, Ais: Elpert was
| sued several ycar4 a{,o mud Judgment for $5,Uu
| obtained saainst hiul. lie came to inc anil
asked mo to become Its surely. did 10, aII,
| Iii consequence, I had It tu pAy out Ut my own