New-York tribune., 1879-04-08
RARE METHODS OF INVESTMENT.
Av. s. SMITHS TRANSACTIONS.

A. V. 5. SMITHS 1RANSACIlONS.
AS PRESIDENT OF SEWING MACHINE COMPANY
HE MAKES AWAY WITH THE FORTUNES OF TWO
WOMEN OBTAINS MONEY FROM SEVERAL
FRIENDS, AND THEN DISAPPEARS.
A. V. S. Smith resigned his position as
president of the Follett Sewing Machine Company
few days ago under somewhat peculiar circumstances
The company was organized in December 1876.
with capital stock of Sl,000,000. Among the
stockholders were General Frederick I. Locke
of Locke Munroe, John Downing, j. ii. Hcrrick
and Henry Shaw. Mr.. Smith. who is described
as n man with light hair and moustache, about
5 feet inches in height, and weighing 40 pounds
was introduced TO j. L. Follet, the inventor OF the
machine in the Spring of s77, when the company was
getting into working order aud in need OF presi-
dent. Mr.. Smith at that time was boarding III good
style at the Grand Central Hotel, and was universally
liked. He seemed TO be generous to fault, anaDie'
and had large circle Of friends. He smoked con-
tiuualy the coscs of Havana cigars but never drank
lie seems to have captivated every one with whom be
came III contact and have ds9rmed all suspicion lie
expressed himself mucn Interested in the machines
which the company were going to Introduce ana repre-
his wealthy friends lie <ld me machae eAan,lleu nl
cxpcrfs He subscribed for $4,000 OF the stock ana
paid 20 per cent down. lie was eleeteG WssuTIo PCS W.
hV unanimous VOiG OF me ulfec, ,0is, III hpIif 10 IL
took Mr. Folct to Washington, where his wife ana Two
children lived showed hlm through the departments,
and introduced him at the White House smith 7ald ne
q purchasing agent Of the Government, ara tnls
business
company. He explained bis inability To- secure subscrh
crs to the stock by saying that the Government owed
washington was tied MP in the Land Office When the
appropriations passed nv Congress all would be
settled As the agent OF the Government he purchased
II 900 worth of viscs Of the stephens Wise Company
in Dcyst and had them sent to the Navy Yard promis
ing TO pay for them soon as the Government PAD
him Mr.. STEPHENS, however, unable 10 get the
money He followed smith up closely however, that
the latter persuaded FOlett 10 let him have $lOOOO or
his stock to collateral for few days aud gave
this % Mr.. stephens. Foett let SInth nave INC @ioOVO
In stock expecting that it would be returned, but he
has never seen IL since. - . r,,..
was summoned 10 tine sturtcvant House where he met
Mrs l.. i. Meeker and l.r daughter, mis- Alice r.
Kctchum. Tncy told him that they bad STOCK IN no
Folet Company and were anxious Tor souc dYldeud'.
They had invested their money through smith, VINO had
promised them large returns FOllett was surprised.
Thername he said, not among the stockholders
of the COMPANY at which announcement they were
Nv sitb have nearly S14 900 10 invest together with
sxtv-sx shares from the Ninth National Bank OF this
$4,000 was in United States bonds which he promised
to invest in the FOet Company, guaranteeing her 90
per cent increase on ner investment He assured her
mat the other sums would bring high interest Mrs.
Meeker let him about 500 600 for similar purposes
with like promises. sGe even entrusted to hlm her
Last thursday Follett learned that Smith at the
ST. Stephen although lie had received letter IRON ma
Follctt went TO Mr.. Smiths armed. after Ryder
the proprietor OF the hotel had started 10 get warrant
for lis Ryder Interested "a his guest was
IN debt to about 81 O00 Foett told Smith that his
transactions with Mrs. ketchum and Mrs Meekcr had
come 10 light and demanded his resignation pres
dent OF the cOmpany, which he gave him. Smith was
much agitated when Follett accused him OF swindling
two out Of all then money, and finally took a
bundle and FASTENED of, saving that he was going To
Philadelphia and would return the next day Since
then he has appeared Mrs. Meeker received ele
will aI things up Letter by MALL Mr.. Stephens, who
lost 5000 his wise contract, received postal cara
from his son, who Is IN Washington yesterdy SAYING
that he called Smith Sunday, and mad an appoint
ment with him for last evening.