Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1888-10-12
A GREAT SWINDLE.
Lawyer W. r. Foster, of New
York, Steals Over $16S, 900,
Robbing a Gratuity Fund by Means
of Forged Mortgages.

William r. Foster, Jr., who was counsel
for the trustees of the New York Produce
Exchange Gratuity Fund, has robbed his
clients out of S168, 900 in precisely the same
way Forger James E. Bedell recently swindled
Shipman, Barlow, Larocque & Choate, the
New York law firm. When Alexander
Mum, one of the trustees of the fund, read
of Bedells forgeries he decided to have an
examination of the mortgages in which the
81, 1913, 3O4.69 belonging TO the fund were sup
posed to be invested. 1t never occurred TO
Mr.. Mum that any one connected with the
guardianship of the fund was guilty of
wrong doing, but being q clear headed bust
ness man he thought it might be well to have
the funds securities looked over. He spoke
to Duncan r. Norvell, the secretary, on the
subject, and the result was that it was re-
solved to consult Mr.. Foster, their counsel.
Foster exercised practically the same powers
with regard to the investment of money be-
longing to the fund that Bedell had given to
him in the matter of investing the funds
of the clients of the firm by which he was
employed.
Mr.. Norven sent word to Mr.. Foster to call
upon him. Foster, however, was out of
town when the message was delivered, but
the next day he put IN an appearance in the
offices of the fund, where he met Trustees
Mum and Lockwood and Mr.. Norvell. He
said he would be glad to have eXamina
ton, but suggested that as he was not feeling
well he would like to have it postponed until
Thursday, at nine lock, when he would at
tend upon the trustees and go over the affairs
of the Iund with them.
This was acceeded to by Trustees Mum
and Lockwood, and a couple of members of
the Produce Exchange subsequently coming
in to see Foster about the execution of q rail-
road mortgage which they desired him to at
tend to- the conference was terminated. Eos
ter went with the callers up stairs to the
Offices of his firm in the Produce Exchange
building, and that was the last that was seen
of him by the gratulty fund people.
Foster failed to appear at the time
ranged, and Alexander E. Orr, the Chairman
of the Board of Trustees, and Secretary
Norvell took number of mortgages to the
Registers Office. and then it was found that
thirteen of them were forgeries, and that the
amount stolen was S16S, 000
The services of Pinkertons Detective
Agency were al once called in requiSitiOn to
arrest Foster.
That individual, however, had succeeded
in making himself scarce, and no trace Of
him can be found.
William r. Foster, Jr., is the son of Will
lam r. Foster, Sr., the millionaire -four
merchant of New York city, and a brother
of James P. Foster, President of the Nation
al League of Republican Clubs. He is a law
yer by profession and member of the legal
firm OF Foster & Wentworth. He was in the
receipt of a good income (S75O0 per year,
from his law practice and was counsel for the
Gratuity Fund of the Produce Exchange and
for the Maritime Exchange as we'll More
over, he was well known socially, and as
member of the Union, University and the
Downtown clubs had the entree to some of
the best houses of the metropolis. He is also
a member of the West Island Club, Newport,
r. l.
About forty years of age, of fine address
and personal appearance, genial and pleasant
in manner and with reputation for honor
able business and professional dealings, he
was well regarded by all his associates and
looked upon a rising man.
Now he is a fugitive from justice and
charged with stealing nearly 100000
The Gratuity Fund consists of 100000
All of this amount except $3.50, 900 was in
vested in bonds and mortgages before Foster
began to rob the fund. The visit of
the trustees to the Registers office de-
veloped the fact that Fosters methods were
exactly like those of BedelL Forty mortga-
ges were supposed to be recorded in the New
York Registers office, including the thirteen
forgeries. They date back from 1888.
This is the third time that the Produce Ex-
change has suffered losses. About ten years
ago Benjamin G. Bogert, the treasurer de-
frauded the Exchange out of $3O,00O Eos
ter took an active part in helping to discover
the crime. The most difficult
and Foster distinguished himself Bogert
afterward shot himself. Five or six years
ago w. j. Phillips, another officer, went off
with a large sum of money, and Eos er,
counsel for the Exchange, became familiar
with crime and the methods of the dishonest
members of the Exchange.