The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1888-10-02
The Latest New York Sensation.

The extensive bogus mortgage business
carried on by Bedel, the clerk of law
firm, and Foster an employee OF the Gratuity
Fund, has caused the New Workers to open
their eyes in astonishment
1t has always been supposed that the big
concerns which lend their own capital and
the money of others on real estate see to it
that the securities are all right. The dis
coyeTy of the frauds practiced by BeIell and
Foster show that this assumption is entirely
groundless. The law firm employing Bedcl
placed implicit confidence in him, and it was
only by an accident that his forged mort
cages were discovered. The Gratuity Fund
trusted everything to Foster, and he pock-
eted money as rapidly as be could get his
bogus documents drawn up. These two
men embezzled about $3.50, 900, and their
employers and the clients back Of them never
once thought of looking after their own
interests by personally inspecting the details
of the business. SO long as the interest on
the loans was paid by Bedell and Foster
nobody was uneasy.
The fact that these two roaues were act
ing independently Of each other adds to the
gravity of the situation. How many trusted
employees in New York and other large cities
are now quietly engaged in similar dishonest
enterprises? The question may we'll give
us pause, but yet there is nothing very sur
prising in it all. 1t is the old story-men
are tempted, and they fall.
The remedy is not to hunt up set of
more honest employees. 1t is for employers
to be more business-like in their methods.
When they invest money for themselves or
their clients they should satisfy themselves
that the money has been properly applied,
and anything in the shape of securities
should be rigidly examined. Employers
and principals need not take it for granted
that their agents are thieves, but they should
keep an eye on their business and not
blindly trust everything to others.
Until the great real estate legal firms and
various fund associations in New York
satisfy the public that they cannot be i'm
posed upon by bogus mortgages, it would be
a good idea for investors and lenders of
money to transact their business personally,
and have nothing to do with third parties,
1.-THE Seed-Furnishing Business.
The able gentlemen who represent the
country in congress are in some trouble in
regard to the nature of the seeds which they
have been sending to their confding CON
stituents.
1t is a beautiful and timely habit which
these gentlemen have, of sending, if they
have no powerful speech to circulate in that
wonderful journal, The Record choice
! packages of seed to their friends and
acquaintance. 1t is on this account that
the agricultural department is to be ele-
waited into the cabinet.
On occasion we have ourselves received
agricultural courteses from various con-
| gressmcn. The packages were vaTiously
assorted. One containing cabbage seed
| developed into beautiful turnip patch.
Frauds of this kind, for which congressman
are not personally responsible, have become
so common that the American Sediments
| Protective league has been moved to make
some remarks on the subject. 1t says it is
| advised and has reasonable grounds for
believing that methods have been adopted
! in respect to the purchase Of seeds for the
I department Of agriculture by which seed
has been purchased at prices 50 exorbitant
/ as 10 be far in excess OF the prevailing mar
I ket rates for good seed. The seodmen
! further say that the seed supplied to the
! department have frequently turned out 10
/ be dead or worthless, and not true 10 the
description under which they were pur-
chased and distributed among the agricul-
I turists Of the country.
The congressman are also complaining.
Their constituents report to them that
squash seeds develop into pumpkins and
eucumbers, that cabbagos turn into euckle-
! burrs and turnips into red clover or mustard.
There is a loud cry for reform, but the