National Republican., 1883-05-23
HE STRUCK OIL.
Tint is How Col Morrow Lost Hts Money
mud Thcn Duplicated His Pnv Accounts


and Then Duplicated His Pay Accounts.
In October last Col. A. p. Morrow, at that
time an aid-de-camp Of Gen. Sherman's
staff, attended q club dinner in Philadelphia,
during the course of which he was induced
by some friends to join pool for speculation
in oil. Col. Morrow's finances at this time
were not in a very good condition, but his
Philadelphia friends had held out such glow
ing inducements that he seems to have con-
cluded to procure by questionable means the
money necessary to make his fortune. There
is peculiar custom Of payment in the army
which makes It possible for an officer to hy-
pothecate his pay for long time in advance.
AL they are required to do to So
cure means is to draw up a re-
ceipt for their pay for certain
month. Numerous banks and brokers make
practice of discounting these receipts, the
rate being about per cent per month. The
receipts are cashod when due by any army
paymaster to whom they may be presented.
Col. Morrow, in order to secure the money
for the speculation, drew up several sets of
pay receipts, making out several for each
month, and disposed of them to different
oil at 60. The large spectators, with their
usual custom of breaking the weak holders,
pushed the market down to 45. Col. Morrow
was weak holder and lost all his money.
Then the market went rapidly up to 130 and
the big spectators inflated their Golfers ac-
cordingly.
In order to meet the duplicate pay receipts
as they fell due Col. Morrow continued dupli
eating them for other months. This was
continued until March, when the purchasers
of the paper discovered the state of affairs
and Immediately took measures to protect
themselves One of tho interested parties
was seen by a REPUBLICAN, reporter last
night. He said
"Col. Morrow is doing everything in his
power to wipe out his obligations. He is i'm
volved to the amount of about IS, 900 or $4,000,
and VIC feel confident that IL will be all re.
paid. He has cut down his expenses in every
way, and they are now under 800 month.
All the rest of his salary, which is Si35 per
month, is being paid to us and divided pro
rata. He thought from tho assurances he re-
ceved regarding the oil speculation that he
would be able to take up all the receipts in
two or three days"
as this thing of duplicating pay receipts
common practice here2 Have any other
persons been caught at it?"
"Why, my dear SIR" said the capitalist,
the town is literally honeycombed with
man not long ago in pay receipts, and when
they came due found that $500 worth of
them were fraudulent duplicates"
"Did Gen. Sherman know anything of
Col. Morrow's deception?'
mot word. Col Morrow, when he asked
to be returned to his regiment told Gen.
Sherman that he was heavily in debt, and de-
sired to retrench his expenditures"
"How about the order of Gen. Rochester to
all paymasters not to honor Col. Morrow's
orders p
"This was done at Col. Morrow's request in
order that we should have the benefit of hi
salary"
Paymaster General Rochester alao informed
The REPUBLICAN reporter that the order had
been issued at Col, Morrow's request. 1t is
probable that court martial will be ordered
to investigate the matter, but the gentle
man above quoted, who holds a
large amount of the paper, said
fore it, Col Morrow has very brilliant
record He entered the army as sergeant of
company X, 18th Pennsylvania infantry,
April 49, 1861. He was made second lieu
tenant of the 9th Pennsylvania infantry
March 81, 1862; first lieutenant, Nov. 20, 1862;
captain, Feb. 8, 1864 major, Feb. 10, 1866;
brevet colonel, March 10, 1866; lieutenant
colonel, March 30, 1865, and was mustered
out on Aug. z, 1865. July 20, 1866 he was
appointed captain in the 9TH cavalry,
and was regularly promoted until
he now holds the rank of lieutenant
colonel Of the 9Th cavalry. He was wounded
several times and was frequently men
toned in the general orders for conspicuous
galantry in action. During his residence in
Washington he gained many friends by his
rare social qualities. He has wife and two
children.